Willis Lease Finance Corporation · NASDAQ:WLFC
Willis Lease Finance — Q4 2025 Earnings Presentation
16 slides from Willis Lease Finance's earnings presentation, Mar 10, 2026
Slide 1: Q4 and Full-Year 2025 Earnings Call Presentation
Q4 and Full- Year 2025 Earnings Call Presentation
Slide 2: Disclaimer
Disclaimer This presentation does not constitute an offer to any person or to the public beyond WLFC’s and WEST’s control, which may cause actual results, performance we expressly disclaim any obligation, to update or alter any forward-looking generally to subscribe for or otherwise acquire any secu
Slide 3: Key 2025 Takeaways
Key 2025 Takeaways Record financial Willis Aviation Strong and flexible Core engine Assets Under performance Capital (“WAC”) balance sheet leasing and Management of reflects strong creates scalable, through record services platform $4.1B, and 11% aviation demand fee-based growth $3.4B of capital ope
Slide 4: Delivered Strong Q4 and FY 2025 Financial Results
Delivered Strong Q4 and FY 2025 Financial Results 2025 revenue 2025 Net Income Attributable Blended Annual Utilization to Common Shareholders $730.2M $108M 85% With Q4 revenue of $193.6M 2025 Adjusted EBITDA $459M With over 1% On-lease rental factor Asset Under Management Return on Equity Net Debt /
Slide 5: Consistent Growth Across Entire Platform
Consistent Growth Across Entire Platform $95.5M Driven by continued strength of the aviation marketplace 22% 8% $291.6M 44% $238.2M $213.9M $232.0M $37.7M $26.1M 2024 2025 2024 2025 2024 2024 2025 2025 LEASE RENT MAINTENANCE RESERVE SPARE PARTS SALES • Growth driven by increase in average size of th
Slide 6: A Pioneer in Aviation Solutions
A Pioneer in Aviation Solutions Vertically integrated platform of aircraft engines, loan products and services businesses to solve airline planning, financing and maintenance needs Principal source of revenue from 40-year history of consistently delivering profits Leasing and Maintenance Reserve rev
Slide 7: WAC Asset Management Capabilities Enhance WLFC Portfolio
WAC Asset Management Capabilities Enhance WLFC Portfolio New division transforms WLFC from balance-sheet lessor to scaled aviation asset manager Generates additional Increases volume Expands origination recurring income streams of aviation assets opportunities by Blackstone Credit & Insurance servic
Slide 8: Scaling a Capital-Light Asset Management Platform
Scaling a Capital-Light Asset Management Platform Leveraging our industry-leading leasing and services platform to bring attractive returns to our partners and enhance enterprise value of WLFC $1B+ (2) Willis $600M(2) Aviation $438M Capital AUM: $4.1 as of 12/31/2025 B+ (1) $2.7B+ of deployed, commi
Slide 9: A Unique Opportunity in Aviation
A Unique Opportunity in Aviation Pioneer and market leader with seasoned leadership team in the most desirable sector of commercial aviation Growing $4.1B (1) AUM portfolio of primarily modern aircraft engines servicing the most in-demand aircraft in the industry, diversified across OEMs, engine and
Slide 10: Appendix
Appendix 10
Slide 11: Quarterly and Full Year Statements of Income
1 Quarterly and Full Year Statements of Income 11
Slide 12: Consolidated Quarterly and Full Year Statements of Income
Consolidated — Quarterly and Full Year Statements of Income (unaudited) in (000s) Q1 2025 Q2 2025 Q3 2025 Q4 2025 YTD 2025 Lease Rent Revenue $ 67,739 $ 72,268 $ 76,552 $ 75,074 $ 291,633 Maintenance Reserve Revenue 54,859 50,743 76,054 50,324 231,980 Spare parts and equipment sales 18,240 30,354 5,
Slide 13: Consolidated Balance Sheets
2 Consolidated Balance Sheets 13
Slide 14: Consolidated Balance Sheets
Consolidated Balance Sheets in (000s) December 31, 2025 December 31, 2024 Cash and cash equivalents $ 16,441 $ 9,110 Restricted cash 530,500 123,392 Equipment held for operating lease, less accumulated depreciation 2,801,683 2,635,910 Maintenance rights 30,632 31,134 Equipment held for sale 20,509 1
Slide 15: Reconciliation of Non-GAAP Measures
3 Reconciliation of Non-GAAP Measures 15
Slide 16: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation (unaudited)(1) FY 2025 and FY 2024 in (000s) FY 2025 FY 2024 Net income attributable to common shareholders $ 108,066 $ 104,378 Add: Income tax expense 46,849 44,033 Add: Interest expense 132,060 104,764 Add: Preferred stock dividends/costs 5,692 4,234 Add: Loss on deb