China Aircraft Leasing Group Holdings Ltd. · HKEX:1848
China Aircraft Leasing — H1 2025 Earnings Presentation
34 slides from China Aircraft Leasing's earnings presentation, August 2025
Slide 1: China Aircraft Leasing Group 2025 Interim Results
China Aircraft Leasing Group Full value chain aircraft solutions provider 2025 Interim Results August 2025
Slide 2: Contents
01Results Highlights 02Financial Highlights CONTENTS 03Operation Highlights 04Industry Outlook
Slide 3: Robust financial results in H1 2025
1.1 Robust financial results in H1 2025 HK$ mn ((unless otherwise stated), as at 30 June 2025 Stable Revenue Strong Operating Profit Growing Net Assets Stable Total Assets 481 5,826 58,240 58,613 5,328 2,528 2,405 +76% 274 1H2024 1H2025 1H2024 1H2025 2024 1H2025 2024 1H2025 Strong Core Net Profit &
Slide 4: Quality assets and well-performed core businesses
1.2 Quality assets and well-performed core businesses Quality Fleet Assets Creditworthy Clientele Strong Leasing Record Trading 181 aircraft 41 100 % 19 aircraft Fleet size Airline customers Best utilization rate2 Portfolio trade 151 owned1+30 managed (owned fleet) 89 % 22 102 % 21 aircraft Narrowbo
Slide 5: Tailwinds and strategy align to unlock profitability
1.3 Tailwinds and strategy align to unlock profitability Asset Appreciation & Capture Trading Opportunities Revenue Growth Uphold China Market Leadership to Expand Managed Fleet Accelerate Global Presence • Improving trading gains • Increasing asset management • OEM deliveries miss expectations ? fe
Slide 6: Contents
01Results Highlights 02Financial Highlights CONTENTS 03Operation Highlights 04Industry Outlook
Slide 7: 1H2025 results overview
2.1 1H2025 results overview HK$ mn 1H2025 1H2024 change Total revenue 2,405.2 2,528.1 -4.9% Profit for the year 481.0 273.5 +75.9% Profit attributable to shareholders 140.5 131.7 +6.7% Earnings per share (basic) ( HK$) 0.189 0.177 +6.8% Interim dividend per share ( HK$) 0.12 0.12 +0% 2025 Interim Re
Slide 8: Aircraft trading become key revenue driver
2.2 Aircraft trading become key revenue driver HK$ mn 1H2025 1H2024 change Total lease income 1,908.1 2,222.5 -14.1% Finance lease income (1H2025: 49 aircraft vs. 1H2024: 47 aircraft) 333.3 300.2 +11.0% Operating lease income (1H2025: 102 aircraft vs. 1H2024: 125 aircraft) 1,574.8 1,922.3 -18.1% Net
Slide 9: Reduced operating expenses
2.3 Reduced operating expenses HK$ mn 1H2025 1H2024 change Interest expenses and payments to trust plans (1,104.4) (1,340.1) -17.6% Interest expenses ( As at end-June 2025, total interest-bearing debts decreased to HK$ 48.8 billion from HK$ 54.8 billion at end-June 2024, representing an (981.3) (1,2
Slide 10: Enhanced profitability of key businesses to drive earnings growth
2.4 Enhanced profitability of key businesses to drive earnings growth Higher leasing margins Stronger trading gains Surge in operating profit 100.0% Average Net Gain per Aircraft Sold Increased (HK$ mn) (HK$ mn) 481 15.5 1H2025 1H2024 274 42.1%39.7% x19 aircraft -57.9% -60.3% 5.1 1H2025 1H2024 1H202
Slide 11: Broad recognition in onshore and offshore bond markets
2.5 Broad recognition in onshore and offshore bond markets 210 540 bps RMB 1.5 bn bps 161 bps 109 bps 114 bps US$ 200 mn Perp. 388 bps 230 bps 3-yr MTN RMB 1.5 bn RMB 1.2 bn LIBOR+margin US$ 100 mn coupon rate 4.4% 3-yr Corp. Bonds RMB 500 mn 5-yr MTN US$ 160 mn Dec 2020 3-yr MTN 3-yr Corp. Bonds 3-
Slide 12: Diversified financings continue to optimize debt and capital structure
2.6 Diversified financings continue to optimize debt and capital structure Lower financing costs Rising unsecured debts Increased RMB financing Deleverage & strong liquidity 9.8xx 5.69% 1H2025 PDP financing 5.69 bn 32% 9.1x （12%） 5.50% 8.4x 5.34% Aircraft loans 2024 20.01bn 28% （41%） Working capital
Slide 13: Interest rate risk management
2.7 Interest rate risk management A new round of rate cuts expected in 2H2025 Interest risk exposure As of Jun 2025, among the HK$ 48.8 billion interest-bearing • U.S. Nonfarm Payrolls released on 1st August turned out debts, excluding relatively stable RMB debts and after hedging, significantly bel
Slide 14: Currency risk management
2.8 Currency risk management Limited long-term RMB appreciation pressure RMB exchange rate risk exposure The long-term RMB appreciation risk remains manageable, with most changes being non-cash translation effects that have minimal impact on • Accommodative Monetary Policy: In 1H25, the PBoC operati
Slide 15: Contents
01Results Highlights 02Financial Highlights CONTENTS 03Operation Highlights 04Industry Outlook
Slide 16: Prudent fleet management
3.1 Prudent fleet management Maintain stable owned fleet while enlarging managed fleet 1H2025 2H2025 151 ~158 aircraft 38 10 1 aircraft 15 159 6.7 -6 Changes in Owned Fleet Size aircraft -19 yrs Signed SPA/LOIs Avg. age (New aircraft leasing fleet1) 6.3 21 aircraft 10 aircraft 19 aircraft Avg. remai
Slide 17: Quality fleet and orderbook assets ensure sustainable growth
3.2 Quality fleet and orderbook assets ensure sustainable growth As at 30 Jun 2025 Order 100 OEMs Series Type Owned1 Managed book Utilization rate2 % （owned fleet） Airbus A320 CEO series NB 67 21 - All owned fleet on lease Airbus A320 NEO series NB 50 5 88 89 Airbus A330 CEO series WB 12 1 - Narrowb
Slide 18: Accelerate global presence with a focus on creditworthy clientele
3.3 Accelerate global presence with a focus on creditworthy clientele 33 41 Others Greater China % Overseas customers (incl. HK, Macau and TW) 32% 16 airlines 13.2% Asia Pacific (Ex-China) Airlines1 68 61 67 13.2% North & South America % % % Flag/Top-tier carriers1 25 Overseas airlines Greater China
Slide 19: Upward trend expected in lease rate
3.4 Upward trend expected in lease rate 77 Lease expiries for owned fleet 10 % 30 Rental yield1 (adjusted, 1H2025) 19 8 9 4 3 Benefit from rising lease rates 2H2025 2026 2027 2028 2029 2030 2031-2040 92 % 8% ~30 Orderbook placement2 % Flag/Top-tier carriers Others 2H2025–2027 Avg. lease expiries + n
Slide 20: Leveraging aircraft trading strengths for multiple benefits
3.5 Leveraging aircraft trading strengths for multiple benefits Proven track record Tap market opportunities Record-high trading activities Multiple benefits ~ 225 Number of aircraft sold in past years Previous growth cycle New growth cycle 1 Enlarge managed fleet 10 21 aircraft aircraft Total P-tra
Slide 21: Regional leading engine player via multi-platform synergies
3.6 Regional leading engine player via multi-platform synergies ~ 120 engines 30 engines 4 types Total engines transacted1 Full-year projected engine deals2 Cover key engine transaction channels worldwide Booming engine business Active player in engine market Expanding global partnership network in
Slide 22: Strive to promote China-made aircraft in overseas market
3.7 Strive to promote China-made aircraft in overseas market Strategic alliances to support national strategies CALC, under the support of China Everbright Group and in partnership with COMAC, has launched a major initiative to advance the overseas commercialization of US$ 82.9 mn China-made aircraf
Slide 23: Contents
01Results Highlights 02Financial Highlights CONTENTS 03Operation Highlights 04Industry Outlook
Slide 24: Global aviation market to grow throughout the year, led by APAC
4.1 Global aviation market to grow throughout the year, led by APAC • Global aviation market is expected to keep growth momentum 9,565 +5.8% bn US$ 979 +1.3% bn • with record-high PLF and industry-wide total revenue in 2025. In 2025, global air passenger demand is expected to grow 5.8% YoY. The Asia
Slide 25: China civil aviation: rising traffic with improved efficiency
4.2 China civil aviation: rising traffic with improved efficiency Steady Growth in China’s Air Passenger Traffic Steady growth in passenger traffic 370 671 • In 1H2025, China’s civil aviation passenger traffic reached 370 million, up 6.0% YoY. International routes saw a net increase of 123 routes, w
Slide 26: Bright long-term prospects for China's civil aviation market
4.3 Bright long-term prospects for China’s civil aviation market • According to Airbus, from 2025–2044, 23% of global new aircraft deliveries, or over 9,500 new aircraft are expected to be delivered to China, 84% of which would be narrowbodies. 9,570 aircraft • By 2044, China domestic market will ha
Slide 27: Robust global demand for single-aisle aircraft
4.4 Robust global demand for single-aisle aircraft • According to Boeing, global single-aisle market share is • Both Boeing and Airbus project more than 33,000 new expected to further increase to exceed 70% by 2044. single-aisle deliveries worldwide between 2025 and 2044. Global fleet forecast by 20
Slide 28: Supply chain snag persists as engine issues exacerbate aircraft shortage
4.5 Supply chain snag persists as engine issues exacerbate aircraft shortage Global aircraft supply chain challenges Engine troubles exacerbate aircraft shortages • Data from Cirium shows around 730 aircraft parked due to PW1000G engine problems, with 20% of A320s out of service for more than 24 mon
Slide 29: Underperforming aircraft deliveries
4.6 Underperforming aircraft deliveries • In the first half of the year, Airbus deliveries fell 5.3% YoY, achieving only 37% of its annual target of 820 aircraft. • Cirium projects 2025 full-year deliveries at around 1,380 aircraft where only 40% of the revised target completed in 1H. • IATA forecas
Slide 30: OEM backlogs reach record high, further extending delivery lead time
4.7 OEM backlogs reach record high, further extending delivery lead time Aircraft delivery lead time Delivery lead time for narrowbodies • According to IATA, supply chain bottlenecks and capacity • IBA data further indicates that the expected delivery lead time constraints – exacerbated by higher ta
Slide 31: Aircraft market values continue to rise, led by narrowbodies
4.8 Aircraft market values continue to rise, led by narrowbodies Aircraft values are rising Narrowbodies outperform • Based on constant-age and fleet-weighted market value index, only • Despite a mid-2024 benchmark value (BV) increase, the market narrowbody aircraft have surpassed pre-pandemic (end-
Slide 32: Lease rates keep climbing where narrowbodies lead the way
4.9 Lease rates keep climbing where narrowbodies lead the way Lease rates trend up Single-aisles lead the rise • According to Cirium’s MLR index (constant age, fleet-weighted), • Among single-aisle models, the 737-800, A321ceo, and A320ceo both narrowbody and widebody lease rates now exceed have rec
Slide 33: Lessors have limited OEM slots open in the next two years
4.10 Lessors have limited OEM slots open in the next two years • Aircraft leasing remains a key source for airlines’ capacity expansion plan as lessors are gaining power with expanding fleet portfolio that take over 50% global commercial fleet market share by either number or indictive market value.
Slide 34: Thanks / Disclaimer
THANKS THANKS 【Disclaimer】 --------------------------------------------------------------------------------- This document may contain "forward-looking statements“, including, but not limited to, statements regarding strategic initiatives and execution statements relating to the Company's future bus
China Aircraft Leasing Group Holdings — H1 2025 Earnings Presentation on 6ix