Ftai Aviation Ltd. · NASDAQ:FTAI
Ftai Aviation — Q3 2025 Earnings Presentation
43 slides from Ftai Aviation's earnings presentation, Oct 28, 2025
Slide 1: Q3 2025 Earnings Supplement
FTAI AVIATION Q3 2025 Earnings Supplement OCTOBER 2025
Slide 2: Disclaimers
Disclaimers IN GENERAL. This disclaimer applies to this document and the verbal or written comments of any person presenting it. This document, taken together with any such verbal or written comments, is referred to herein as the “Presentation.” The information contained on, or accessible through, a
Slide 3: Our Mission
Our Mission Leading provider of aftermarket CFM56 & V2500 77% YoY Growth in power for the world’s most widely Market Leaders Aerospace Products(1) used commercial jet engines Differentiated Maintenance, Repair $22B Industry Total 3 MRE Facilities and Exchange (“MRE”) product Addressable Market(2) 9
Slide 4: Q3 2025 Key Highlights
Q3 2025 Key Highlights Strong performance driven by differentiated business model Statement of Operations USD MILLIONS Q3 2024 Q2 2025 Q3 2025 $667 million Revenue Aviation Leasing(1) $136.4 $199.3 $134.4 Aerospace Products(1) $101.8 $164.9 $180.4 $114 million Net Income Corporate & Other(1,3) Adjus
Slide 5: Accelerating Aftermarket Adoption
Accelerating Aftermarket Adoption • Completed fundraising for inaugural vehicle with $2 billion of equity Strategic commitments Capital • Including debt financing, the vehicle will now deploy over $6 billion of capital MRE • Q3 2025 Adj. EBITDA of $180M with 77% YOY Growth(1) Growth • Adj. EBITDA(1)
Slide 6: Strategic Capital Initiative
Strategic Strong Reception for Inaugural Vehicle Resulted in Oversubscribed Capital Fundraise with Total Equity Commitments of $2.0 Billion • 2025 SPV held its final closing in October with 20+ leading institutional investors Initiative • Upsized vehicle size will now allow for deployment of $6.0+ b
Slide 7: MRE Adoption Accelerating
MRE Adoption Annual CFM56 / V2500 Commercial MRO Demand(1) Accelerating 9% FTAI’S CURRENT Total ~$2B 9% Market share of CFM56 ANNUALIZED MARKET SHARE $22B & V2500 aftermarket(1) 91% Aerospace Products Adjusted EBITDA(3) Market share 77% annual Diverse global $180 doubled in last earnings growth cust
Slide 8: Strong Momentum in Global Production
Strong Momentum in Global Production Module Production by Facility(1) Annual Production Outlook(2) Capacity Capacity Capacity 2025E 2026E Montreal Miami Rome 900 450 450 1,000 Q1 77 Q1 61 Q1 -- Q2 91 Q2 64 Q2 29 200 Q3 100 2025 Target Q3 71 2025 Target Q3 36 2025 Target 750 +33% YTD 268 400 YTD 196
Slide 9: ATOPS Acquisition to Expand FTAI MRE Operations
ATOPS Acquisition to Expand FTAI MRE Operations(1) • Engine MRO with 2 locations • Miami location 5 miles from FTAI test cell • Portugal location expands European presence • 10+ years of CFM56 operations • FTAI capacity expanded by 150 modules • Serve as field service hub and • Approx. $15 million f
Slide 10: Launch of Accessory Repair Joint Venture with Bauer
Launch of Accessory Repair Joint Venture with Bauer FTAI is adding value by developing in-house accessory maintenance capabilities(1) – 50/50 partnership with Bauer captures best-in-class industry expertise – Enhances FTAI cost efficiencies and repair operations – Initial $10 million investment to g
Slide 11: Aviation Portfolio Composition
Aviation Portfolio Leasing Assets ($M) Composition Aircraft Engines (30%) • Closed on 45 aircraft seed $2,326 portfolio sale to SCI in 2025 $1,740 $1,867 $1,624 48% • Strategic decline in leasing 45% Pivot to Asset-Light Strategy 40% 66% asset base by 30% vs. 2024 60% 55% 52% • Aircraft-to-engine mi
Slide 12: Adjusted Free Cash Flow Update
2025 On Track to Achieve Target $750M Adj. Free Cash Flow in 2025(1) Adjusted Free • Generated Adj. Free Cash flow of $638M in Q3 YTD 2025(2) Cash Flow • High Free Cash flow conversion driven by increasing operating leverage Update(1) • Use of proceeds includes reinvestment in growth and M&A opportu
Slide 13: Outlook
Targeting Further Growth and Strong Earnings Next Year(1) 2026 • Aerospace Products growth of ~48% versus mid-point $675M 2025 target range(1) Outlook (1) • SCI expected to generate meaningful servicing fees and investment income • Target growth of ~33% in Adj. Free Cash Flow versus $750M 2025 targe
Slide 14: Capital Structure
Significant growth in generation of Adj. EBITDA(1) creates operational leverage: Capital • Net debt / run-rate Adj. EBITDA multiple of 2.5x in Q3 2025 (1) Structure • Total liquidity of $910 million including $400 million of corporate revolver facility available • On-track for target net debt / run-
Slide 15: Business Segment Highlights
Business Segment Highlights
Slide 16: Aerospace Products
Innovative Maintenance Solutions for the CFM56 and V2500 Engines Aerospace • Annual growth of 77% in Adj. EBITDA(1) versus Q3 2024 Products • Quarterly Adj EBITDA margin increased from 34% to 35% in Q3 2025(2) • Q3 2025 includes $58.7 million in MRE Contract Revenue from SCI Statement of Operations
Slide 17: Aviation Leasing
Continued Mix Shift Reflects Long-Term Focus on SCI and Engine Leasing Aviation • $134.4 million Adj. EBITDA for Q3 2025 including gains on sales of $8.3 million(1) Leasing • Sold final 8x of total 45x Seed Portfolio Aircraft to SCI during Q3 2025 • On-track to generate target $600 million Adj. EBIT
Slide 18: Aviation Leasing KPI Metrics
Aviation Leasing KPI Metrics Providing Flexible Green-time Power to Airline Customers • Aviation Leasing portfolio continues to shift its mix towards engines vs. aircraft • Q3 2025 annualized Adj. EBITDA yield of 28%(1) Q3 2025 ENGINES AIRCRAFT TOTAL # Assets(2) 275 48 323 Leasing Assets $1,065 $559
Slide 19: Corporate & Other
Substantial Liquidity and Low Cost of Capital to Support Sustained Growth Corporate • $400 million Revolving Credit Facility undrawn as of September 30, 2025 & Other • 6.5% weighted average cost of $3.5B Senior Notes • Robust financial position with no corporate bond maturities through May 2028 Stat
Slide 20: End Notes
End Notes Slide Footnote Description 1. This is a Non-GAAP measure. See Reconciliation of Non-GAAP Measures section in Appendix for a reconciliation to the most comparable GAAP measure. Year-over-year growth of 77% reflects Adjusted EBITDA Q3 2025 of $180.4 million compared to Q3 2024 $101.8 million
Slide 21: End Notes
End Notes Slide Footnote Description 1. This is a forward-looking statement. ATOPS acquisition subject to customary closing conditions. See disclaimers at beginning of presentation. In-place agreement represent understandings and arrangements in place. There can be no assurance that we will be succe
Slide 22: End Notes
End Notes Slide Footnote Description 1. This is a Non-GAAP measure. Calculated as Q3 2025 Adjusted EBITDA excluding gain on sales of $8.3 million annualized divided by the aggregate of average Net Leasing Equipment. See Reconciliation of Non-GAAP Measures section in Appendix for a reconciliation to
Slide 23: Appendix
Appendix Statement of Operations by Segment Comparative Statements of Operations Condensed Balance Sheets Reconciliation of Non-GAAP Measures Glossary
Slide 24: Appendix
Appendix Statement of Operations by Segment Comparative Statements of Operations Condensed Balance Sheets Reconciliation of Non-GAAP Measures Glossary
Slide 25: Statement of Operations by Segment
Statement of Operations by Segment (unaudited) For the Three Months Ended September 30, 2025 ($s in thousands) Aviation Leasing Aerospace Products Corporate and Other Eliminations Total Revenues $ 149,195 $ 517,869 $ — $ — $ 667,064 Expenses Cost of sales 34,769 328,153 — — 362,922 Operating expense
Slide 26: Statement of Operations by Segment
Statement of Operations by Segment (unaudited) For the Three Months Ended September 30, 2024 ($s in thousands) Aviation Leasing Aerospace Products Corporate and Other Total Revenues $ 152,266 $ 303,469 $ 10,059 $ 465,794 Expenses Cost of sales 20,684 198,812 — 219,496 Operating expenses 9,995 2,617
Slide 27: Statement of Operations by Segment
Statement of Operations by Segment (unaudited) For the Nine Months Ended September 30, 2025 ($s in thousands) Aviation Leasing Aerospace Products Corporate and Other Eliminations Total Revenues $ 472,174 $ 1,373,203 $ 4 $ — $ 1,845,381 Expenses Cost of sales 106,517 874,377 — — 980,894 Operating exp
Slide 28: Statement of Operations by Segment
Statement of Operations by Segment (unaudited) For the Nine Months Ended September 30, 2024 ($s in thousands) Aviation Leasing Aerospace Products Corporate and Other Total Revenues $ 472,013 $ 737,726 $ 26,343 $ 1,236,082 Expenses Cost of sales 111,542 456,615 — 568,157 Operating expenses 26,984 16,
Slide 29: Appendix
Appendix Statement of Operations by Segment Comparative Statements of Operations Condensed Balance Sheets Reconciliation of Non-GAAP Measures Glossary
Slide 30: Consolidated - Comparative Statements of Operations
Consolidated - Comparative Statements of Operations (unaudited) ($s in thousands) 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 Revenues Aerospace products revenue $ 303,469 $ 342,095 $ 264,425 $ 420,686 $ 459,206 MRE Contract revenue — — 100,638 69,585 58,663 Lease income 65,450 65,973 68,440
Slide 31: Aviation Leasing - Comparative Statements of Operations
Aviation Leasing - Comparative Statements of Operations (unaudited) ($s in thousands) 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 Revenues Lease income $ 57,322 $ 65,484 $ 68,440 $ 62,439 $ 55,072 Maintenance revenue 59,917 43,915 49,607 73,104 52,370 Asset sales revenue 34,953 46,183 18,939
Slide 32: Aerospace Products - Comparative Statements of Operations
Aerospace Products - Comparative Statements of Operations (unaudited) ($s in thousands) 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 Revenues Aerospace products revenue $ 303,469 $ 342,095 $ 264,425 $ 420,686 $ 459,206 MRE contract revenue — — 100,638 69,585 58,663 Total revenues $ 303,469 $ 3
Slide 33: Corporate and Other - Comparative Statements of Operations
Corporate and Other - Comparative Statements of Operations (unaudited) ($s in thousands) 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 Revenues Lease income $ 8,128 $ 489 $ — $ — $ — Other revenue 1,931 (189) 4 — — Total revenues $ 10,059 $ 300 $ 4 $ — $ — Expenses Operating expenses 14,246 18,
Slide 34: Appendix
Appendix Statement of Operations by Segment Comparative Statements of Operations Condensed Balance Sheets Reconciliation of Non-GAAP Measures Glossary
Slide 35: Condensed Balance Sheets
Condensed Balance Sheets (unaudited) ($s in thousands) September 30, 2025 December 31, 2024 Gross Property, Plant and Equipment (PP&E) $ 134,487 $ 115,867 Accumulated Depreciation on PP&E (20,536) (8,416) Net PP&E $ 113,951 $ 107,451 Gross Leasing Equipment 2,169,514 2,963,452 Accumulated Depreciati
Slide 36: Appendix
Appendix Statement of Operations by Segment Comparative Statements of Operations Condensed Balance Sheets Reconciliation of Non-GAAP Measures Glossary
Slide 37: Adjusted EBITDA Reconciliation by Segment
Adjusted EBITDA Reconciliation by Segment (unaudited) For the Three Months Ended September 30, 2025 ($s in thousands) Aviation Leasing Aerospace Products Corporate and Other Eliminations Total Net income (loss) attributable to shareholders $ 41,612 $ 148,594 $ (72,289) $ (3,908) $ 114,009 Add: Provi
Slide 38: Adjusted EBITDA Reconciliation by Segment
Adjusted EBITDA Reconciliation by Segment (unaudited) For the Nine Months Ended September 30, 2025 ($s in thousands) Aviation Leasing Aerospace Products Corporate and Other Eliminations Total Net income (loss) attributable to shareholders $ 225,069 $ 388,819 $ (232,453) $ (15,793) $ 365,642 Add: Pro
Slide 39: Cash Flow from Asset Sales
Cash Flow from Asset Sales For the Nine Months Ended September 30, 2025 ($s in thousands) Total Cash flows from operating activities Net income (loss) $ 385,502 Adjustments to reconcile net income (loss) to net cash used in operating activities: Gain on sale of assets (294,761) Change in Accounts re
Slide 40: Notes to Non-GAAP Reconciliations - Adjusted EBITDA
Notes to Non-GAAP Reconciliations - Adjusted EBITDA ($s in thousands) (1) Total Includes the following items for the three months ended September 30, 2025 and 2024: (i) depreciation and amortization expense of $55,278 and $56,775, (ii) lease intangible amortization of $534 and $3,720 and (iii) amort
Slide 41: Notes to Non-GAAP Reconciliations - Adjusted EBITDA
Notes to Non-GAAP Reconciliations - Adjusted EBITDA ($s in thousands) (3) Total Excludes the profit elimination of $3,908 for the three months ended September 30, 2025, respectively, for sales of aircraft to the 2025 Partnership, within the Aerospace segment. Excludes the profit elimination of $15,7
Slide 42: Appendix
Appendix Statement of Operations by Segment Comparative Statements of Operations Condensed Balance Sheets Reconciliation of Non-GAAP Measures Glossary
Slide 43: Glossary
Glossary Adjusted EBITDA In addition to net income (loss), the chief operating decision maker (“CODM”) utilizes Adjusted EBITDA as a key performance measure. Adjusted EBITDA is not a financial measure in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). This performance me