Aercap Holdings N.v. · NYSE:AER
Aercap — Q4 2024 Earnings Presentation
24 slides from Aercap's earnings presentation, February 2025
Slide 1: 4th Quarter Financial Results
AERCAP | TH QUARTER 4 INANCIAL JRESULTS AERCAP HOLDINGS N.V.
Slide 2: Forward Looking Statements and Non-GAAP Financial Information
FORWARD LOOKING STATEMENTS AND NON-GAAP FINANCIAL INFORMATION This presentation contains certain statements, estimates and forecasts with respect to future performance and events. These statements, estimates and forecasts are "forward-looking statements’. In some cases, forward-looking statements ca
Slide 3: 2024 Key Highlights
2024 KEY HIGHLIGHTS AERCAP ! See Supplemental Information - Endnotes. © AerCap GAAP Net Income of $2.1 Billion, Adjusted Net Income of $2.3 Billion $3.1 Billion of Sales in 2024; 27% Gain-on-Sale Margin, 2.0x Book Equity Multiple Continued Organic Growth; ~$9 Billion of Orders Placed Across All Busi
Slide 4: Significant Activity Across All Business Lines
SIGNIFICANT ACTIVITY ACROSS ALL BUSINESS LINES @ ahs Ey ENGINES AIRCRAFT HELICOPTERS TOTAL TRANSACTIONS TRANSACTIONS TRANSACTIONS TRANSACTIONS 130 288 78 LEASED LEASED LEASED LEASED 49 92 9 PURCHASED PURCHASED PURCHASED PURCHASED 48 108 10 SOLD SOLD SOLD © AerCap
Slide 5: Strong Demand for Used Aircraft Continues
STRONG DEMAND FOR USED AIRCRAFT CONTINUES Aircraft shortages continue to drive high extension rates and secondary sales across a range of buyers and assets AerCap’s Aircraft Extension Rates Increasing Sales Volume by Buyer Type 80% 75% 100% Saleat an! patentee l TT 80% 10% 70% 60% 65% 50% 40% 60% 30
Slide 6: Balanced Capital Allocation Strategy
BALANCED CAPITAL ALLOCATION STRATEGY Significant investment and capital return while improving balance sheet over past two years >$12 Billion Organic Returned to Investment Shareholders Direct OEM orders, sale- Share repurchases and and-leasebacks and dividends engine deals See Supplemental Informat
Slide 7: Consistent Capital Allocation
CONSISTENT CAPITAL ALLOCATION AerCap has deployed over $12 billion in cash capex and returned over $4 billion to shareholders in the last two years Quarterly Cash Capital Expenditures Impact of Capital Return Strategy $4,500 $12,000 || $3,750 $10,000 | || $3,000 $8,000 25% reduction in share count |
Slide 8: 4Q 2024 Net Income Walk
4Q 2024 NET INCOME WALK eee lusted Net income > Net income of $671 million, or $3.56 per share Increase a Decrease , ; 5 Adjusted net income of $624 2 112 million, or $3.31 per share (168) 8 Purchase accounting adjustments include: $30 million related to lease premium amortization affecting basic le
Slide 9: 4Q 2024 Financial Drivers
4Q 2024 FINANCIAL DRIVERS Basic lease rents were $1,619 million, and were negatively impacted by $30 million of lease premium amortization Maintenance rents and other receipts were $106 million, and were negatively impacted by $22 million of maintenance rights assets amortized to revenue Net gain on
Slide 10: Full Year 2024 Net Income Walk
FULL YEAR 2024 NET INCOME WALK FY 2024 Adjusted Net Income Increase a Decrease = ge Gr) (42) 475 GAAP Net Purchase Net Recoveries Income Tax Adjusted Net Income Accounting Related to Effect Income Adjustments* Ukraine Conflict* EPS $10.79 $2.44 ($1.00) ($0.22) $12.01 *These items are presented pre-t
Slide 11: Strong Liquidity Position
STRONG LIQUIDITY POSITION Sources vs. es (Next 12 Months) (as of December 31, 2024) Adjusted leverage ratio of 2.35x 22 3 20 (rors ccc 1 > 4Q 2024 operating cash flow 5 of $1.3 billion eo 8 ! | 16 ! Excess ! . H Coverage | > Secured debt-to-total-assets ratio % ~$10 of ~12% 2 $3 10 eee Average cost
Slide 12: Guidance 2025
AERCAP GUIDANCE 2025
Slide 13: 2025 Guidance Walk
2025 GUIDANCE WALK Estimated 2025 adjusted EPS of $8.50 - $9.50, not including any gains on sale $12.00 [Decrease $10.00 0.40 EE —<<< $8.00 ~(2.85) ~(0.35) ~(0.20) $6.00 $8.50- $9.50 $4.00 Not Including Any Gains on Sale $2.00 ° 2024 2024 Gains on Sale Other Income Discrete Tax Items in 2024 All Oth
Slide 14: 2025 Projected Income Statement
2025 PROJECTED INCOME STATEMENT (§ billion, except per share amounts) Projected FY 2025, > We expect to generate Lease Rents $6.6 adjusted EPS of $8.50 - $9.50, Maintenance Rents 0.7 not including any gains on sale Other Income 0.2 Assumes cash capex of ~$5.6 Total Revenue $7.5 billion Depreciation
Slide 15: Q&A
Slide 16: Supplemental Information
Slide 17: Adjusted Net Income and EPS Reconciliation
ADJUSTED NET INCOME AND EPS RECONCILIATION 4Q 2024 FY 2024 one Earnings Per Earnings Per ($ million, except per share amounts) Net Income Share (§) Net Income Share (8) Net Income / Earnings Per Share $671 $3.56 $2,099 $10.79 > Net Recoveries Related to Ukraine Conflict (168) (0.89) (195) (1.00) > A
Slide 18: Full Year 2025 Adjusted EPS Guidance
FULL YEAR 2025 ADJUSTED EPS GUIDANCE Projected FY 2025 (§ billion, except per share amounts) Net Income / EPS Net Income $1.3 > Amortization of Maintenance Rights and Lease Premium Assets Recognized under Purchase Accounting 0.4 > Income Tax Effect (0.1) Adjusted Net Income $1.6 Adjusted Earnings Pe
Slide 19: Book Value Per Share
BOOK VALUE PER SHARE (million, except per share data) Dec. 31, 2024 Total Shareholders’ Equity $17,185 Ordinary Shares Outstanding 186.8 Unvested Restricted Stock (5.1) Ordinary Shares Outstanding (excl. Unvested Restricted Stock) 181.7 Book Value Per Share $94.57 See Supplemental Information - Endn
Slide 20: Capital Structure
CAPITAL STRUCTURE Adjusted Debt/Equity Calculation (§ million) Dec. 31, 2024 Dec. 31, 2023 Debt $45,295 $46,484 Adjusted for: > Unrestricted cash & cash equivalents (1,209) (1,627) > 50% equity credit for long-term subordinated debt (1,125) (1,125) Adjusted Debt 42,960 43,732 Equity 17,185 16,589 Ad
Slide 21: High-Quality & Well-Diversified Portfolio
HIGH-QUALITY & WELL-DIVERSIFIED PORTFOLIO New technology aircraft comprise ~74% of aircraft fleet AIRCRAFT TYPE NUMBER OF ASSETS OWNED %NET BOOK VALUE NUMBER OF ASSETS MANAGED —_ NUMBER OF ASSETS ON ORDER Airbus A220 Family 19 1% 6 = 25 Airbus A320neo Family 414 31% 22 143 579 Airbus A320 Family 392
Slide 22: Forward Orders and Purchase/Leasebacks
FORWARD ORDERS AND PURCHASE/LEASEBACKS AIRCRAFT TYPE 2025 2026 2027 2028 2029 THEREAFTER TOTAL Airbus A320neo Family 26 41 52 24 - - 143 Boeing 737 MAX 26 37 46 7 - - 116 Boeing 787 3 10 S) - - - 16 Embraer E195-E2 13 3 - - - - 16 Other - - - - - 5 5 Grand Total 119 126 111 31 - 5 ludes 138 engines
Slide 23: Endnotes
ENDNOTES SLIDE 3: 2024 Key Highlights $9 billion of orders includes aircraft, engine and helicopter purchase commitments signed in 2024, including SES engine orders. SLIDE 6: Balanced Capital Allocation Strategy Organic investments of >$12 billion reflects AerCap cash capex, excluding SES, from Janu
Slide 24: AerCap
AERCAP | =R STAND STILL PROPERTY OF AERCAP ©2025