Slide 1: Second Quarter 2024 Financial Results
SECOND QUARTER 2024 FINANCIAL RESULTS AERCAP HOLDINGS N.V.
Slide 2: Forward Looking Statements and Non-GAAP Financial Information
FORWARD LOOKING STATEMENTS AND NON-GAAP FINANCIAL INFORMATION This presentation contains certain statements, estimates and forecasts with respect to future As a result, we cannot assure you that the forward-looking statements included in this presentation performance and events. These statements, es
Slide 3: Key Highlights
KEY HIGHLIGHTS Strong 2Q 2024 Results: GAAP EPS of $2.28, Adjusted EPS of $3.01 Robust Sales Market Continues; $1.7 Billion of Sales in 1H 2024 Entered into an Agreement with Airbus to Purchase 36 A320neo Family Aircraft, to be Leased to Spirit Airlines upon Delivery in 2027 and 2028 Ratings Upgrade
Slide 4: Significant Activity Across All Business Lines
SIGNIFICANT ACTIVITY ACROSS ALL BUSINESS LINES AerCap leased, purchased and sold 246 assets in 2Q 2024 ENGINES AIRCRAFT HELICOPTERS TOTAL 74 TRANSACTIONS 148 TRANSACTIONS 24 TRANSACTIONS 246 TRANSACTIONS 47 94 21 162 LEASED LEASED LEASED LEASED 20 25 2 47 PURCHASED PURCHASED PURCHASED PURCHASED 7 29
Slide 5: Upward Ratings Trajectory
UPWARD RATINGS TRAJECTORY In June 2024, AerCap was upgraded to Baa1 by Moody’s and to BBB+ by S&P, as well as moved to positive outlook by Fitch A3 A- A- Baa1 BBB+ BBB Stable Stable Positive JUN. 2024 JUN. 2024 Baa1 UPGRADE BBB+ UPGRADE BBB+ FEB. 2023 OCT. 2019 MAR. 2023 UPGRADE UPGRADE UPGRADE Baa2
Slide 6: 2Q 2024 Net Income Walk
2Q 2024 NET INCOME WALK 2Q 2024 Adjusted Net Income Net income of $448 million, Increase or $2.28 per share ($ million) Decrease Adjusted net income of $592 (25) million, or $3.01 per share 169 Purchase accounting adjustments include: 592 592 448 448 $32 million related to lease premium amortization
Slide 7: 2Q 2024 Financial Drivers
2Q 2024 FINANCIAL DRIVERS Basic lease rents were $1,568 million, and were negatively impacted by $32 million of lease premium amortization Maintenance rents and other receipts were $180 million, and were negatively impacted by $99 million of maintenance rights and lease premium assets amortized to r
Slide 8: Strong Liquidity Position
STRONG LIQUIDITY POSITION Next 12 months’ sources-to-uses coverage of 1.7x, with ~$20 billion sources of liquidity Sources vs. Uses (Next 12 Months) (as of June 30, 2024) Increased sources-to-uses target to 1.5x 20 Adjusted leverage ratio of 2.4x ($ billions) 18 ~$5 Excess 2Q 2024 operating cash flo
Slide 9: Raising Full Year 2024 Guidance
RAISING FULL YEAR 2024 GUIDANCE Full year 2024 adjusted EPS guidance increased to ~$10.25, not including 2H 2024 gains on sale 2024 Adjusted Earnings Per Share Guidance Key drivers of outperformance include: $11.00 ~$10.25 $10.00 ~$1.25 ~$9.20 1H 2024 gains on sale of $289 1H’24 gains $9.00 $7.50 –
Slide 10: Q&A
Q&A © AerCap
Slide 11: Supplemental Information
SUPPLEMENTAL INFORMATION © AerCap
Slide 12: 2Q 2024 Adjusted Net Income and EPS Reconciliation
2Q 2024 ADJUSTED NET INCOME AND EPS RECONCILIATION ($ million, except per share amounts) Net Income Earnings Per Share ($) Net Income / Earnings Per Share $448 $2.28 Amortization of Maintenance Rights and Lease Premium Assets Recognized under 169 0.86 Purchase Accounting Income Tax Benefit (25) (0.1
Slide 13: Full Year 2024 Adjusted EPS Guidance
FULL YEAR 2024 ADJUSTED EPS GUIDANCE Projected FY 2024 ($ billion, except per share amounts) Net Income / EPS Net Income $1.6 Amortization of Maintenance Rights and Lease Premium Assets Recognized under Purchase Accounting 0.5 Net Recoveries Related to Ukraine Conflict (0.0) Income Tax Expense (0.1)
Slide 14: Book Value Per Share
BOOK VALUE PER SHARE Book value per share of $89.47 as of June 30, 2024 (millions, except per share data) Jun. 30, 2024 Total Shareholders’ Equity $17,016 Ordinary Shares Outstanding 195.2 Unvested Restricted Stock (5.0) Ordinary Shares Outstanding (excl. Unvested Restricted Stock) 190.2 Book Value
Slide 15: Capital Structure
CAPITAL STRUCTURE Adjusted Debt/Equity Calculation ($ million) Jun. 30, 2024 Dec. 31, 2023 Debt (including fair value adjustments) 45,697 46,484 Adjusted for: Unrestricted cash & cash equivalents (1,436) (1,627) 50% equity credit for long-term subordinated debt (1,125) (1,125) Adjusted Debt 43,136 4
Slide 16: High-Quality & Well-Diversified Portfolio
HIGH-QUALITY & WELL-DIVERSIFIED PORTFOLIO New technology aircraft comprise ~72% of aircraft fleet AIRCRAFT TYPE NUMBER OF ASSETS OWNED % NET BOOK VALUE NUMBER OF ASSETS MANAGED NUMBER OF ASSETS ON ORDER TOTAL ASSETS Airbus A220 Family 13 1% 6 6 25 Airbus A320neo Family 390 30% 23 173 586 Airbus A320
Slide 17: Forward Orders and Purchase/Leasebacks
FORWARD ORDERS AND PURCHASE/LEASEBACKS AIRCRAFT TYPE 2024 2025 2026 2027 2028 THEREAFTER TOTAL Airbus A220 Family 6 - - - - - 6 Airbus A320neo Family 27 47 35 41 23 - 173 Airbus A330neo Family 3 - - - - - 3 Boeing 737 MAX 10 31 47 33 - - 121 Boeing 787 2 6 9 - - - 17 Embraer E190 / 195-E2 8 18 - - -
Slide 18: Endnotes
ENDNOTES SLIDE 6: 2Q 2024 Net Income Walk Purchase accounting adjustments consist of the amortization of maintenance rights and lease premium assets recognized under purchase accounting. SLIDE 8: Strong Liquidity Position Cash Capex includes expected cash payments for aircraft deliveries and pre-del
Slide 19: Never Stand Still
NEVER STAND STILL PROPERTY OF AERCAP ©2024