Slide 1: Q1 2025 Earnings Supplement
FTAI AVIATION Q1 2025 Earnings Supplement
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: Financial Highlights
Financial Highlights 3
Slide 4: Q1 2025 Key Highlights
Q1 2025 Key Highlights Strong financial performance driven by differentiated business model sustains momentum into 2025 $502 Million $90 Million $269 Million Revenue Net Income Adj. EBITDA(1) 691 Engines 138 Modules 36% Leasing Portfolio & Aerospace Inventory(2) Refurbished to Serviceability Adj. EB
Slide 5: Q1 2025 and Business Highlights
Q1 2025 and Business Highlights Strong First Quarter Performance Strategic Capital Initiative (SCI) Update Business Highlights $89.9 Million • Announced OneIM Equity Partnership • In Advanced stages to close on Rome MRO JV(2) Net Income Attributable to Shareholders • Recovered $30 million of Russian
Slide 6: Strategic Capital Initiative
Strategic Capital Initiative Targeting FTAI Strategic Capital Initiative (SCI) to deploy up to $4B+ for inaugural partnership(1): • 2025 Aircraft Leasing SPV is focused on acquiring On-Lease 737NG and A320ceo Aircraft powered by CFM56 and V2500 Engines • Financed through existing equity commitments
Slide 7: Capital Structure
Capital Structure Significant growth in generation of Adj. EBITDA(1) creates operational leverage: • Net Debt / Run-Rate Adj. EBITDA(1) multiple of 3.7x in Q1 2025 • Total liquidity of $312 million including $200 Million of Corporate Revolver Facility available as of March 31, 2025 • Leverage expect
Slide 8: Portfolio Composition
Portfolio Composition Portfolio concentration focused on CFM56 and V2500 Engines to support sustained growth of MRE pipeline(1): • Accelerated growth of V2500 Engine asset count from 77x in Q1 2024 to 195x in Q1 2025 • Q1 2025 CFM56 Engine asset count of 446x versus 425x in prior year(2) • Aircraft
Slide 9: Q1 2025 Adjusted FCF Update
Q1 2025 Adjusted FCF Update(1) On-track for FY 2025 Target of $650 million – Sale of Seed Portfolio to Generate Significant Cashflow in Q2 2025(1) • Generated approximately $268 million in adjusted free cashflow from recurring operations • $195 million net outflow related to timing of SCI minority i
Slide 10: Aerospace Products
1 0 Aerospace Products
Slide 11: Aerospace Products Results
Aerospace Products Results Innovative Maintenance Solutions for the CFM56 and V2500 Engines • Annual growth of 86% in Adj. EBITDA(1) versus Q1 2024 • Produced 138x modules in Q1 2025 (Montreal 77 / Miami 61) • Transition to module specialization in Montreal now complete – significant production ramp
Slide 12: Aviation Leasing
Aviation Leasing 12
Slide 13: Aviation Leasing Results
Aviation Leasing Results • Generated $162.0 million Adj. EBITDA for Q1 2025 versus $104.8 million in prior year(1) • $30.1 million in recoveries from assets written-off from Russia/Ukraine War included in Q1 2025 • Q1 2025 Adj. EBITDA excluding gains on sales and recoveries grew 24% YoY(1) Statement
Slide 14: Aviation Leasing KPI Metrics
Aviation Leasing KPI Metrics Providing Flexible Green-time Power to Airline Customers • Acquired 23x engines & 13x aircraft during Q1 2025 • Q1 2025 annualized Adj. EBITDA yield of 22%(1) • 41x Aircraft remaining to be sold to inaugural Strategic Capital Initiative Partnership(2) Q1 2025 ENGINES AIR
Slide 15: Corporate & Other
Corporate & Other
Slide 16: Corporate & Other
Corporate & Other Strong financial foundation of substantial liquidity and low cost of capital to support sustained growth: • Redeemed in full $125 million Series B Preferred Equity Shares generating significant savings • 6.5% weighted average cost of $3.5B Senior Notes • Robust financial position w
Slide 17: End Notes
End Notes Slide Footnote Description 1) This is a Non-GAAP measure. See Reconciliation of Non-GAAP Measures section in Appendix for a reconciliation to the most comparable GAAP measure. 2) A CFM56 Engine is comprised of three module components, numbers disclosed include 95 engine equivalents held as
Slide 18: Appendix
Appendix Statement of Operations by Segment Comparative Statements of Operations Condensed Balance Sheets Reconciliation of Non-GAAP Measures Glossary 18
Slide 19: Appendix
Appendix Statement of Operations by Segment Comparative Statements of Operations Condensed Balance Sheets Reconciliation of Non-GAAP Measures Glossary 19
Slide 20: Statement of Operations by Segment (unaudited) Q1 2025
Statement of Operations by Segment (unaudited) For the Three Months Ended March 31, 2025 Aviation Leasing Aerospace Products Corporate and Other Eliminations Total ($s in thousands) Revenues (1) $ 137,013 $ 365,063 $ 4 $ — $ 502,080 Expenses Cost of sales 19,959 228,755 — — 248,714 Operating expense
Slide 21: Statement of Operations by Segment (unaudited) Q1 2024
Statement of Operations by Segment (unaudited) For the Three Months Ended March 31, 2024 ($s in thousands) Aviation Leasing Aerospace Products Corporate and Other Total Revenues $ 135,310 $ 189,057 $ 2,327 $ 326,694 Expenses Cost of sales 31,889 110,915 — 142,804 Operating expenses 8,207 7,470 9,640
Slide 22: Appendix
Appendix Statement of Operations by Segment Comparative Statements of Operations Condensed Balance Sheets Reconciliation of Non-GAAP Measures Glossary 22
Slide 23: Consolidated - Comparative Statements of Operations (unaudited)
Consolidated - Comparative Statements of Operations (unaudited) Three Months Ended ($s in thousands) 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 Revenues Aerospace products revenue(1) $ 189,057 $ 245,200 $ 303,469 $ 342,095 $ 365,063 Lease Income 53,240 74,774 67,455 66,626 68,471 Maintenance
Slide 24: Aviation Leasing - Comparative Statements of Operations
Aviation Leasing - Comparative Statements of Operations (unaudited) Three Months Ended ($s in thousands) 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 Revenues Lease income $ 50,913 $ 60,817 $ 57,396 $ 66,326 $ 68,467 Maintenance revenue 45,790 51,187 59,917 43,915 49,607 Asset sales revenue 38
Slide 25: Aerospace Products - Comparative Statements of Operations
Aerospace Products - Comparative Statements of Operations (unaudited) Three Months Ended ($s in thousands) 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 Revenues Aerospace products revenue(1) $ 189,057 $ 245,200 $ 303,469 $ 342,095 365,063 Total revenues $ 189,057 $ 245,200 $ 303,469 $ 342,095
Slide 26: Corporate and Other - Comparative Statements of Operations
Corporate and Other - Comparative Statements of Operations (unaudited) Three Months Ended ($s in thousands) 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 Revenues Lease income 2,327 13,957 10,059 300 4 Total revenues $ 2,327 $ 13,957 $ 10,059 $ 300 $ 4 Expenses Operating expenses 9,640 13,894 1
Slide 27: Appendix
Appendix Statement of Operations by Segment Comparative Statements of Operations Condensed Balance Sheets Reconciliation of Non-GAAP Measures Glossary 27
Slide 28: Condensed Balance Sheets
Condensed Balance Sheets (unaudited) ($s in thousands) March 31, 2025 December 31, 2024 Gross Property, Plant and Equipment (PP&E) $ 120,023 $ 115,867 Accumulated Depreciation on PP&E (11,969) (8,416) Net PP&E $ 108,054 $ 107,451 Gross Leasing Equipment 2,607,189 2,963,452 Accumulated Depreciation o
Slide 29: Appendix
Appendix Statement of Operations by Segment Comparative Statements of Operations Condensed Balance Sheets Reconciliation of Non-GAAP Measures Glossary 29
Slide 30: Adjusted EBITDA Reconciliation by Segment (unaudited)
Adjusted EBITDA Reconciliation by Segment (unaudited) For the Three Months Ended March 31, 2025 Aviation Aerospace Corporate and Other Eliminations Total ($s in thousands) Leasing Products Net income (loss) attributable to shareholders from continuing operations $ 77,026 $ 106,643 $ (86,775) $ (6,95
Slide 31: 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 March 31, 2025 and 2024: (i) depreciation and amortization expense of $59,562 and $49,920, (ii) lease intangible amortization of $3,206 and $3,976, and (iii) amorti
Slide 32: Appendix
Appendix Statement of Operations by Segment Comparative Statements of Operations Condensed Balance Sheets Reconciliation of Non-GAAP Measures Glossary 32
Slide 33: 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