Willis Lease Finance Corporation · NASDAQ:WLFC
Willis Lease Finance — Q1 2026 Earnings Presentation
17 slides from Willis Lease Finance's earnings presentation, May 5, 2026
Slide 1: Q1 2026 Earnings Call
Q1 2026 EARNINGS CALL Date May 5, 2026 Time 10:00 AM EST Presenters Austin C. Willis Scott B. Flaherty
Slide 2: Disclaimer
DISCLAIMER This presentation does not constitute an offer to any person or to the public generally to subscribe for or otherwise acquire any securities. This presentation has been prepared solely for informational purposes and is not intended to serve as the basis for any investment decision. Under
Slide 3: Key Takeaways
KEY TAKEAWAYS Vertically Willis Aviation Capital Core Leasing Business Services Strong Balance Sheet Integrated Platform (WAC) ENABLES LEVERAGES CAPTURES ACCELERATES SUPPORTS differentiated offerings strong aviation leasing growing maintenance and a flywheel effect across long-term growth and and st
Slide 4: Q1 2026 Financial Results Build on Strong Track Record
Q1 2026 FINANCIAL RESULTS BUILD ON STRONG TRACK RECORD REVENUE NET INCOME TO SHAREHOLDERS BLENDED UTILIZATION (4) $194.3M $23.7M 86% Return on Equity of 19% (2) With on-lease lease rate factor of 1.04% per month (4) ASSETS UNDER MANAGEMENT Adjusted EBITDA NET DEBT / EQUITY $4.1B(1) $123.8M(5) 2.68x(
Slide 5: Consistent Growth Across Entire Platform
CONSISTENT GROWTH ACROSS ENTIRE PLATFORM Driven by continued strength of the aviation marketplace 14% $77.4 $159 $67.7 1% $54.9 $55.5 232% $48 $18.2 19% $21.7 Q1 2025 Q1 2026 Q1 2025 Q1 2026 Q1 2025 Q1 2026 Q1 2025 Q1 2026 LEASE RENT MAINTENANCE RESERVE SPARE PARTS & EQUIPMENT SALES PORTFOLIO ASSET
Slide 6: Profitability & Cashflows
PROFITABILITY & CASHFLOWS Net income, EPS, and adjusted EBITDA $23.7 20% $123.8 53% $103.3 $15.5 $2.21 48% $3.26 Q1 2025 Q1 2026 Q1 2025 Q1 2026 Q1 2025 Q1 2026 Net Income Diluted EPS Adjusted EBITDA $23.7M of Net Income representing 53% growth YoY Adjusted EBITDA of $123.8M up 20% YoY $3.26 d
Slide 7: Platform Offers Differentiated Capabilities to Customers
PLATFORM OFFERS DIFFERENTIATED CAPABILITIES TO CUSTOMERS Engine & Aircraft Leasing Institutional-backed Capital at Scale Engine Maintenance & Disassembly (US/UK) Regional & Specialty Assets Leasing, Loans & Loan-like Products CFM56-5B/7B Test Cell (US) – Coming Soon! Engine & Aircraft
Slide 8: Willis Aviation Capital Enhances WLFC Portfolio
WILLIS AVIATION CAPITAL ENHANCES WLFC PORTFOLIO Transforms WLFC from balance-sheet lessor to scaled aviation asset manager Blackstone Credit & Insurance Willis Aviation Capital (WAC) Engine leasing >$1.0B REVENUE VOLUME ORIGINATION Liberty Mutual Investments Up to $600M Generates recurring income In
Slide 9: Scaling a Capital-Light Asset Management Platform
SCALING A CAPITAL-LIGHT ASSET MANAGEMENT PLATFORM Leveraging our industr y -leading Willis Platform ® to bring attractive returns to our par tners and enhance enterprise value AUM: $4.1 as of 3/31/2026 B+ (1) $1B+(2) $1B+ (2) $600M(2) (2) $2.8B+ committed and managed capital $392M $86M(4) $707M $2.9
Slide 10: Unique Opportunity in Aviation
UNIQUE OPPORTUNITY IN AVIATION The right platform in the right market at the right time Right Platform Right Market Right Time Proven leadership team with deep aviation ~$4.1B AUM(1) in high-demand assets Visible pipeline driving near-term earnings leasing track record growth Broad diversifi
Slide 11: Appendix
APPENDIX
Slide 12: Consolidated Quarterly Statements of Income
1 Consolidated Quarterly Statements of Income
Slide 13: Consolidated Quarterly Statements of Income
Consolidated Quarterly Statements of Income (unaudited) in (000s) Q1 2025 Q1 2026 Lease rent revenue $ 67,739 $ 77,385 Maintenance reserve revenue 54,859 55,512 Spare parts and equipment sales 18,240 21,687 Interest revenue 3,934 2,788 Gain on sale of leased equipment 4,437 17,959 Gain on sale of fi
Slide 14: Consolidated Balance Sheets
2 Consolidated Balance Sheets
Slide 15: Consolidated Balance Sheets
Consolidated Balance Sheets in (000s) March 31, 2026 (1) December 31, 2025 Cash and cash equivalents $ 24,554 $ 16,441 Restricted cash 196,023 530,500 Equipment held for operating lease, less accumulated depreciation 2,760,517 2,801,683 Maintenance rights 30,576 30,632 Equipment held for sale 14,764
Slide 16: Reconciliation of Non-GAAP Measures
3 Reconciliation of Non-GAAP Measures
Slide 17: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation (unaudited)(1) Q1 2026 and Q1 2025 in (000s) Q1 2026 Q1 2025 Net income attributable to common shareholders $ 23,661 $ 15,476 Add: Income tax expense 11,755 8,385 Add: Interest expense 32,633 32,094 Add: Preferred stock dividends/costs 1,422 1,393 Add: Loss on debt ext