Ftai Aviation Ltd. · NASDAQ:FTAI
Ftai Aviation — Q4 2025 Earnings Presentation
42 slides from Ftai Aviation's earnings presentation, Feb 26, 2026
Slide 1: Q4 2025 Earnings Supplement
FTAI AVIATION Q4 2025 Earnings Supplement February 2026
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 FTAI (NASDAQ: FTAI) B737NG & A320ceo CFM56 & V2500 ~$9BN of Aircraft & Engine Assets(1) combines advanced turbine technology and asset ownership to power CFM56 Aeroderivative 4 MRE Facilities Remanufacturing 9 Locations(2) the world’s most essential markets 250+ Global 1,000+ Customer Ba
Slide 4: FY 2025 Key Highlights
FY 2025 Key Highlights Strong performance driven by differentiated business model Statement of Operations $2,507 million Revenue USD MILLIONS Aerospace Products(1) FY 2023 $160.0 FY 2024 $380.6 FY 2025 $671.3 Aviation Leasing(1) $467.4 $500.1 $608.9 $477 million Net Income Corporate & Other(1,2) $(3
Slide 5: Powering the World's Most Essential Markets
Powering the World’s Most Essential Markets Strategic • Largely completed deployment of capital for SCI I with $5.3 billion invested Capital • Began fundraising for SCI II with anchor equity investor commitment FTAI • Launch of CFM56 converted Aeroderivative Gas Turbine(1) Power • Engineered to deli
Slide 6: Strategic Capital Initiative
Strategic Began Fundraising for SCI II with Anchor Investor Commitment Secured as Deployment for SCI I Nears Completion with $5.3BN Invested(1) Capital • Expect to complete deployment of SCI I in the second quarter of 2026 with distributions beginning in Q3 2026 Initiative • SCI II is targeted to be
Slide 7: MRE Adoption Accelerating
MRE Adoption Annual CFM56 / V2500 Commercial MRO Demand(1) 2025 2026E Accelerating 10% +14% 10% Industry Growth Market share of CFM56 & V2500 aftermarket(1) $22B $25B 90% Targeting 25%+ 76% annual New and repeat Aerospace Products Adjusted EBITDA(3) $195 market share(1) earnings growth diverse globa
Slide 8: Accelerating Global Production Into 2026
Accelerating Global Production Into 2026 Module Production by Facility(1,2) Annual Production Outlook(2) Montreal Capacity Miami(3) Capacity Rome(4) Capacity 2025 2026E Q1 77 900 Q1 61 600 Q1 -- 450 1,050 Q2 91 Q2 64 Q2 29 +39% 200 Q3 100 2026 Target Q3 71 2026 Target Q3 36 2026 Target 757 Q4 109 52
Slide 9: Strategic M&A
Successful Execution positions FTAI for Enhanced Capabilities & Scale Strategic • Invested $264 million across six Aerospace investments since 2023(1) M&A • Accelerated M&A activity in 2025 through disciplined, targeted approach • Pursuing robust pipeline of additional strategic M&A opportunities in
Slide 10: Rapid Data Center Demand Exceeding Power Supply
Rapid Data Center Demand CFM56 Engine will add supply to Exceeding Power Supply proven Aeroderivative market(4) Unprecedented A.I.A.I. Unprecedented Investment Investment Legacy Aeroderivative Market CFM56 Aero Engines 8,800 $6.7T Data center investment through 2030(1) Unprecedented Power Unpreceden
Slide 11: FTAI Mod-1 Path to Production
FTAI’s CFM56 Converted Gas Turbine Solution for Industry Needs(1) • World’s most proven engine with over 1B flight hours since inception • Mobile mounted unit delivered and installed in under 2 weeks FTAI Mod-1 Path to Production: 100 Units in 2027 Turbine Feedstock • Increase CFM56 inventory to ens
Slide 12: Adjusted Free Cash Flow
2025 $724M Adj. Free Cash Flow Before Additional Growth Investments(1) Adjusted • Strong Free Cash Flow conversion from $1B+ Adj. EBITDA(1) Free Cash • Use of proceeds included SCI investment, M&A and development of FTAI Power Flow(1) • Balanced strategy aligned with target leverage ratio of 2.5x –
Slide 13: 2026 Adj. Free Cash Flow
2026 Adj. $915M Adj. Free Cash Flow Target Accounts for Growth Investments Free Cash • Expect to generate ~$1.2 billion of free cash flow before new growth initiatives Flow • • Deployment of co-investment in SCI II expected to begin in Q3 2026 Continued investment in feedstock for FTAI Power needed
Slide 14: Aviation Portfolio Composition
Leasing Assets ($M) Aviation Portfolio Composition Aircraft Engines (36%) $2,326 $1,740 $1,867 48% $1,501 Pivot to Asset-Light Strategy 40% 45% • Aircraft-to-engine mix shift 65% reflects long-term focus on Announced pivot away from on-balance 60% 55% 52% Aerospace Products segment sheet aircraft le
Slide 15: Capital Structure
Significant Growth in Generation of Adj. EBITDA(1) Creates Operational Leverage Capital • Leverage multiple of 2.6x in line with target 2.5x – 3.0x range for FY2025 Structure • Total liquidity of $700 million including $400 million of corporate revolver facility available • Strong BB Credit Rating w
Slide 16: Business Segment Highlights
Business Segment Highlights
Slide 17: Aerospace Products
Innovative Maintenance Solutions for the CFM56 and V2500 Engines Aerospace • Annual growth of 76% in Adj. EBITDA(1) versus FY 2024 Products • Quarterly Adj. EBITDA margin of 35% in Q4 2025(2) • Q4 2025 includes $106.9 million in MRE Contract Revenue from SCI Statement of Operations Adj EBITDA(1) Q4
Slide 18: Aviation Leasing
Continued Mix Shift Reflects Long-Term Focus on SCI and Engine Leasing Aviation • $609 million Adj. EBITDA for 2025 versus $500 million in prior year(1) Leasing • Targeting large increase in SCI contribution in 2026 to offset pivot from On-Balance Sheet Aircraft Leasing(2) Statement of Operations Ad
Slide 19: Corporate & Other
Substantial Liquidity and Low Cost of Capital to Support Sustained Growth Corporate • $400 million Revolving Credit Facility undrawn as of December 31, 2025 & Other • 6.5% weighted average cost of $3.5B Senior Notes • Robust financial position with no corporate bond maturities through May 2028 State
Slide 20: End Notes
End Notes Slide Footnote Description 1. Includes approximately $3B total aircraft and engine assets owned by FTAI Aviation and a target AUM of $6B managed and to be managed through the Strategic Capital, including assets that will be acquired in the future by SCI. This is a forward-looking statement
Slide 21: End Notes
End Notes Slide Footnote Description 1. Estimated annual maintenance spend on the CFM56 and V2500 engines approximately $22 billion, per Aviation Week. Market share of ~10% is derived by annualizing Q4 2025 Aerospace Products revenue of $563 million and dividing it by the estimated total annual main
Slide 22: End Notes
End Notes Slide Footnote Description 1. This is a Non-GAAP measure. 2025 Adjusted Free Cash Flow comprised of net cash used in operating activities of ($287.3) million, net cash provided by investing activities of $699.8 million plus adjustment for 50% joint venture investment in QuickTurn Europe of
Slide 23: Appendix
Appendix Statement of Operations by Segment Comparative Statements of Operations Condensed Balance Sheets Reconciliation of Non-GAAP Measures Glossary
Slide 24: Appendix
Appendix Statement of Operations by Segment Comparative Statements of Operations Condensed Balance Sheets Reconciliation of Non-GAAP Measures Glossary
Slide 25: Statement of Operations by Segment
Statement of Operations by Segment (unaudited) For the Three Months Ended December 31, 2025 ($s in thousands) Aviation Leasing Aerospace Products Corporate and Other Eliminations Total Revenues $ 98,987 $ 563,041 $ — $ — $ 662,028 Expenses Cost of sales 2,834 365,991 — — 368,825 Operating expenses 8
Slide 26: Statement of Operations by Segment
Statement of Operations by Segment (unaudited) For the Three Months Ended December 31, 2024 ($s in thousands) Aviation Leasing Aerospace Products Corporate and Other Total Revenues $ 156,424 $ 342,095 $ 300 $ 498,819 Expenses Cost of sales 40,435 217,292 — 257,727 Operating expenses 8,511 7,308 18,7
Slide 27: Statement of Operations by Segment
Statement of Operations by Segment (unaudited) For the Year Ended December 31, 2025 ($s in thousands) Aviation Leasing Aerospace Products Corporate and Other Eliminations Total Revenues $ 571,161 $ 1,936,244 $ 4 $ — $ 2,507,409 Expenses Cost of sales 109,351 1,240,368 — — 1,349,719 Operating expense
Slide 28: Statement of Operations by Segment
Statement of Operations by Segment (unaudited) For the Year Ended December 31, 2024 ($s in thousands) Aviation Leasing Aerospace Products Corporate and Other Total Revenues $ 628,437 $ 1,079,821 $ 26,643 $ 1,734,901 Expenses Cost of sales 151,977 673,907 — 825,884 Operating expenses 35,495 23,818 56
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) 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 Revenues Aerospace products revenue $ 342,095 $ 264,425 $ 420,686 $ 459,206 $ 456,139 MRE Contract revenue — 100,638 69,585 58,663 106,902 Lease income 65,973 68,440
Slide 31: Aerospace Products Comparative Statements
Aerospace Products - Comparative Statements of Operations (unaudited) ($s in thousands) 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 Revenues Aerospace products revenue $ 342,095 $ 264,425 $ 420,686 $ 459,206 $ 456,139 MRE contract revenue — 100,638 69,585 58,663 106,902 Total revenues $ 342,
Slide 32: Aviation Leasing Comparative Statements
Aviation Leasing - Comparative Statements of Operations (unaudited) ($s in thousands) 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 Revenues Lease income $ 65,484 $ 68,440 $ 62,439 $ 55,072 $ 49,259 Maintenance revenue 43,915 49,607 73,104 52,370 43,418 Asset sales revenue 46,183 18,939 47,915
Slide 33: Corporate and Other Comparative Statements
Corporate and Other - Comparative Statements of Operations (unaudited) ($s in thousands) 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 Revenues Lease income $ 489 $ — $ — $ — $ — Other revenue (189) 4 — — — Total revenues $ 300 $ 4 $ — $ — $ — Expenses Operating expenses 18,768 19,325 14,250 1
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 ($s in thousands) December 31, 2025 December 31, 2024 Gross Property, Plant and Equipment (PP&E) $ 145,206 $ 115,867 Accumulated Depreciation on PP&E (25,138) (8,416) Net PP&E $ 120,068 $ 107,451 Gross Leasing Equipment 2,057,624 2,963,452 Accumulated Depreciation on Leasing
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 December 31, 2025 ($s in thousands) Aviation Leasing Aerospace Products Corporate and Other Eliminations Total Net income (loss) attributable to shareholders from continuing operations $ 46,283 $ 159,527 $ (86,922) $ (7
Slide 38: Adjusted EBITDA Reconciliation by Segment
Adjusted EBITDA Reconciliation by Segment (unaudited) For the Year Ended December 31, 2025 ($s in thousands) Aviation Leasing Aerospace Products Corporate and Other Eliminations Total Net income (loss) attributable to shareholders from continuing operations $ 271,352 $ 548,346 $ (319,375) $ (22,829)
Slide 39: Notes to Non-GAAP Reconciliations
Notes to Non-GAAP Reconciliations - Adjusted EBITDA ($s in thousands) (1) Total Includes the following items for the three months ended December 31, 2025 and 2024: (i) depreciation and amortization expense of $55,721 and $54,678, (ii) lease intangible amortization of $817 and $4,117 and (iii) amorti
Slide 40: Notes to Non-GAAP Reconciliations
Notes to Non-GAAP Reconciliations - Adjusted EBITDA ($s in thousands) (3) Total Excludes the profit elimination of $7,036 for the three months ended December 31, 2025, respectively, for sales of aircraft to the 2025 Partnership, within the Aerospace segment. Excludes the profit elimination of $22,82
Slide 41: Appendix
Appendix Statement of Operations by Segment Comparative Statements of Operations Condensed Balance Sheets Reconciliation of Non-GAAP Measures Glossary
Slide 42: 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