Slide 1: 2025 Final Results Review
2025 FINAL RESULTS REVIEW MARCH 2026
Slide 2: Disclaimer
Disclaimer This presentation contains information about BOC Aviation Limited (“BOC Aviation”), current as at the date hereof or as at such earlier date as may be specified herein. This document does not constitute or form part of and should not be construed as, an offer to sell or issue or the solic
Slide 3: 2025 Overview
2025 OVERVIEW © Boc AVIATION
Slide 4: Record Underlying Earnings in 2025
Record Underlying Earnings in 2025 Key indicators 2025 2024 Change US$ million US$ million Total revenues and other 2,619 2,557 2% income Core lease rental contribution1 706 584 21% Profit before tax 936 1,039 10% Reported net profit after tax 787 924 15% Underlying net profit after 746 633 18% tax2
Slide 5: Total Assets in Excess of US$26 billion
Total Assets in Excess of US$26 billion Key indicators 2025 2024 Change Total assets (US$ billion) 26.3 25.1 5% Net assets per share (US$) 9.86 9.17 8% Total equity (US$ billion) 6.8 6.4 8% Total liquidity (US$ billion) 6.9 6.5 7% Gross debt-to-equity 2.5 2.6 Stable (times) Achieving our growth targ
Slide 6: Dividend Payout Lifted to 40%
Dividend Payout Lifted to 40% US$ 0.47 0.45 0.39 0.35 0.31 0.27 0.30 0.28 0.27 0.31 0.26 0.22 0.27 0.18 0.18 0.19 0.12 0.17 0.18 0.12 0.20 0.13 0.14 0.14 0.15 0.10 0.11 0.11 0.09 0.06 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Interim dividend Final dividend Total dividend per share of US$0.4
Slide 7: Robust Cash Flow Generation Drives Capital Allocation
Robust Cash Flow Generation Drives Capital Allocation Dividend policy last raised Higher dividend payout in 2017 recommended 01 06 Dividend payout of up to 35% of full Paying up to 40% of full year NPAT year NPAT Dividend yield Strong operating cash flow 02 Dividend 05 Generated record cash flow net
Slide 8: 2025 Highlights
2025 Highlights 1 2 3 4 5 Best Record 100% aircraft Strong future A new high in underlying operating utilisation committed aircraft value NPAT in our cash flow3 maintained capex pipeline premium4 history1,2 throughout 2025 US$746 US$2.2 100% US$19.1 US$3.4 million billion billion billion A strong fo
Slide 9: Continued Strong Momentum
Continued Strong Momentum Revenues Core lease rental contribution1 US$ million US$ million 706 2,461 2,557 2,619 569 584 2023 2024 2025 2023 2024 2025 Operating cash flow net of interest2 Net profit after tax US$ million US$ million 2,175 924 1,851 764 787 1,643 633 746 547 2023 2024 2025 2023 2024
Slide 10: How We Invest
How We Invest Operational and financial flexibility drives aircraft investment across multiple cycles Global European Opportunistic PLB Financial Covid-19 Crisis acquisitions in the Crisis down cycle 120 120 Estimated value of industry aircraft Number of aircraft delivered1 100 100 deliveries (US$ b
Slide 11: How We Divest
How We Divest Aircraft sales strategy contributes to a young average fleet age Global European Financial Covid-19 Crisis Crisis 43 3 37 34 35 33 Number of aircraft sold 30 2 4 11 28 29 6 2 23 21 20 2 40 17 32 6 12 12 31 27 26 6 27 10 10 1 5 2 6 19 14 3 2 11 11 7 8 4 2008 2009 2010 2011 2012 2013 201
Slide 12: Total Portfolio of Aircraft and Engines
Total Portfolio of 815 Aircraft and Engines Our portfolio Asset Type Owned Managed On Order1 Total Airbus A220 family 23 0 0 23 Airbus A320CEO family 57 7 0 64 Airbus A320NEO family 155 0 206 361 Airbus A330CEO family 8 0 0 8 Airbus A330NEO family 6 0 0 6 Airbus A350 family 10 0 4 14 Boeing 737NG fa
Slide 13: Global Lessor With a Highly Diversified Portfolio
Global Lessor With a Highly Diversified Portfolio Lease portfolio diversified by customer1 …and diversified by geography1 American Airlines 14.0% Middle East and Africa 9.8% Americas JetBlue Europe 40.0% 6.2% 14.5% Qatar Airways Others 6.0% 65.4% IndiGo Asia Pacific 4.7% Chinese Mainland, Hong (excl
Slide 14: Lease Rental Income Drives Revenue
Lease Rental Income Drives Revenue Lease rental income drives total revenues and other income US$ million 2,557 2,619 Interest, fee income and others1 20% 589 516 118 213 1,850 1,890 Net gain on sale of Total Lease rental income aircraft revenues 72% 8% 2024 2025 Lease rental income Net gain on sale
Slide 15: Gains on Aircraft Sales Deliver Additional Business Value
Gains on Aircraft Sales Deliver Additional Business Value Average appraised values > aircraft NBV Gains on aircraft sales margin 18% 15% 15% 11% 11% Long run avg 8% 2023 2024 2025 Average 2023 2024 2025 age of aircraft 6+ 9+ 9+ sold (years)1 Aircraft market value premium of US$3.4 billion represents
Slide 16: Improving Momentum in Lease Yields
Improving Momentum in Lease Yields Operating lease rate factor1 Net operating lease yield3 +30bps +30bps 10.0% 10.3% 10.4% 10.3% 7.5% 7.6% 7.5% 7.2% 2024 1H 2025 2H 2025 2025 Cost of debt2 Stable 4.5% 4.6% 4.5% 4.5% 2024 1H 2025 2H 2025 2025 2024 1H 2025 2H 2025 2025 Notes: 1. Calculated as operatin
Slide 17: Long-Term Leases A Key Feature of the Company
Long-Term Leases A Key Feature of the Company A long average remaining lease term1 Well-dispersed scheduled lease expiries2 Number of years 400 72.0% 80% 8.1 7.9 7.8 300 Avg aircraft remaining lease term of 7.8 years 60% 200 40% 100 6.5% 7.2% 10.4% 20% 0.6% 3.3% 0 0% 2027 2028 2029 2030 2031 2032 an
Slide 18: Record Cash Flow Generation
Record Cash Flow Generation Collection rate above 100% for the fourth year Net cash flow from operating activities running US$ million 101.3% 100.8% 100.5% 2,938 2,566 2,283 2023 2024 2025 2023 2024 2025 Operating cash flow net of interest rose 17% 2025 operating cash flow net of interest in 2025 US
Slide 19: Diverse Funding Channels Utilised in 2025
Diverse Funding Channels Utilised in 2025 Sources and Uses of Cash US$ million Sources Uses 1,000 89 (4,240) 6,915 1,432 2,610 Undrawn committed (1,859) 6,515 credit facilities 2,175 (635) (556) 671 (288) Cash & cash 400 equivalents Cash and Operating 1 Bank loans Asset sales Bond Others Capex Bond
Slide 20: Flexible Capital Structure
Flexible Capital Structure Sources of debt1 Fixed vs floating rate leases1, 2 Loans 8% 11% Loans 46% 53% 92% 89% Bonds Bonds 54% 47% 2024 2025 2024 2025 Fixed rate Floating rate Outstanding debt maturity profile Fixed vs floating rate debt US$ billion 27% 28% 4.2 3.5 2.7 3.0 1.9 1.9 73% 72% 2026 202
Slide 21: Strong Orderbook Pipeline Supports Long-Term Growth
Strong Orderbook Pipeline Supports Long-Term Growth Orderbook delivery schedule1 Total future committed capex of >US$19 billion Number of aircraft US$ billion 206 2 50 42 39 11.4 11 7 206 2 50 31 32 2026 2027 2028 2029 and beyond Purchase and leaseback Orderbook 4.5 Highest capex since 2020 US$ bill
Slide 22: Conclusion
Conclusion Strong net profit Higher dividend payout Robust core business US$746 million 40% US$2.6 billion Highest underlying profit in From up to 35% of full year’s Record total revenues history1 1 NPAT previously 2 3 Leading orderbook High embedded equity Strong portfolio quality value 337 aircraf
Slide 23: Appendices
APPENDICES © Boc AVIATION
Slide 24: The BOC Aviation Journey – 32 Years in 2025
The BOC Aviation Journey – 32 Years in 2025 Ownership Total assets 1993 SALE established with 50:50 joint ownership US$ billion between Singapore Airlines and Boullioun Aviation Services Temasek and GIC each became 14.5% 1997 >0.3 1997 shareholders 2000 >1 2006 Bank of China acquired 100% of SALE on
Slide 25: About Us
About Us Bank of China Listed on HKEX Ownership 70% owned by BOC (2588 HK) Top 5 87 customers in 46 countries Market position Global aircraft operating lessor1 and regions3 32 years US$8.0 billion Profit track record Of unbroken profitability Cumulative profits since inception US$26.3 billion D/E ra
Slide 26: Our Management Team
Our Management Team Steven Townend Wen Lan Tom Chandler Paul Kent Max Qian Chief Executive Officer Chief Financial Officer Chief Operating Officer Chief Commercial Chief Commercial & Managing Director Officer Officer (Asia Pacific & the Middle East) • 35 years of banking • 27 years of banking • 29 y
Slide 27: Core Competencies - BOC Aviation Track Record
Core Competencies - BOC Aviation Track Record Since inception in 1993: •• Purchasing Purchasing More than 1,300 aircraft purchased totalling more than US$76 billion •• Leasing Leasing More than 1,500 leases executed with > 200 airlines in > 60 countries and regions •• Financing Financing 1 More than
Slide 28: Delivery Value to Exceed Pre-2019 Levels in 2026 For First Time
Delivery Value to Exceed Pre-2019 Levels in 2026 For First Time Total aircraft deliveries All aircraft1,2 Narrowbody Widebody 2,500 2,217 2,118 2,006 2,000 1,886 1,553 1,620 1,500 1,452 1,409 1,155 1,200 1,129 1,080 1,000 858 1,870 1,707 1,810 650 1,594 1,232 1,345 1,103 1,037 1,185 500 963 991 812
Slide 29: Growing Lessors' Share of the Market
Growing Lessors’ Share of the Market Proportion of fleet on operating lease 25% 29% 42% 48% 50% 1990 2000 2010 2020 2025 Lessors own 50% of the aircraft market today Source: Ascend, BOC Aviation’s analysis as at 31 December 2025 based on aircraft of 100 seats. Fleet data in 2020 included aircraft in
Slide 30: Lease Yields At Highest Levels Since 2019
Lease Yields At Highest Levels Since 2019 (%) Covid-19 10.8 10.7 10.3 10.5 10.3 10.0 10.0 10.0 Lease rate factor 1 9.7 9.2 8.5 8.6 8.4 8.3 7.9 7.6 7.5 7.0 7.1 7.2 Net lease yield 2 4.0 4.2 4.1 Average 7Y UST Bills 2.8 3.0 2.2 2.0 1.6 1.2 0.7 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Lease yi
Slide 31: Orderbook Increasingly Consolidated
Orderbook Increasingly Consolidated Number of airlines/lessors with order backlog Airlines (RHS) Lessors (LHS) 220 70 Forecast 200 60 180 160 50 140 40 120 100 30 80 20 60 10 40 20 0 2005 2010 2015 2020 2025 2030 We have 337 aircraft on order, one of the largest orderbooks among global lessors Sourc
Slide 32: Record Aircraft Valuations – and Rising
Record Aircraft Valuations – and Rising Source: Cirium Core, passenger jets only, 6 March 2026 32
Slide 33: Record Airline Industry Profits
Record Airline Industry Profits IATA global airline industry net post-tax profit Estimated / Forecast by IATA Economics, US$ billion 50 35 38 38 40 41 34 0 -50 -100 2026F 2010 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2011 2025E Source: Global Outlook for Air Transport (Decemb
Slide 34: www.bocaviation.com
www.bocaviation.com BOC Aviation Limited 79 Robinson Road #15-01 Singapore 068897 Phone +65 6323 5559 Incorporated in the Republic of Singapore with limited liability Company Registration No. 199307789K