Aercap Holdings N.v. · NYSE:AER

Aercap — Q4 2025 Earnings Presentation

22 slides from Aercap's earnings presentation, Feb 6, 2026

  1. Slide 1: Fourth Quarter 2025 Financial Results

    FOURTH QUARTER 2025 FINANCIAL RESULTS AERCAP HOLDINGS N.V .

  2. 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

  3. Slide 3: 2025 Key Highlights

    2025 KEY HIGHLIGHTS GAAP Net Income of $3.8 Billion, Adjusted Net Income of $2.7 Billion $3.9 Billion of Sales; 27% Gain -on-Sale Margin, 2.0x Book Equity Multiple Added 103 Aircraft (including Options) to Order Book Returned $2.6 Billion to Shareholders through Share Repurchases and Dividends FY 20

  4. Slide 4: Significant Activity Across All Business Lines

    SIGNIFICANT ACTIVITY ACROSS ALL BUSINESS LINES AerCap leased, purchased and sold 705 assets in 2025 ENGINES AIRCRAFT HELICOPTERS TOTAL 194 TRANSACTIONS 410 TRANSACTIONS 101 TRANSACTIONS 705 TRANSACTIONS 106 194 71 371 LEASED LEASED LEASED LEASED 53 71 21 145 PURCHASED PURCHASED PURCHASED PURCHASED 3

  5. Slide 5: 4Q 2025 Net Income Walk

    4Q 2025 NET INCOME WALK 4Q 2025 Adjusted Net Income Net income of $633 million, Increase or $3.79 per share ($ million) Decrease (5) Adjusted net income of (43) 74 $660 million, or $3.95 per share Purchase accounting adjustments include: 633 660 $25 million related to lease premium amortization affe

  6. Slide 6: 4Q 2025 Financial Drivers

    4Q 2025 FINANCIAL DRIVERS Basic lease rents were $1,688 million, and were negatively impacted by $25 million of lease premium amortization Maintenance rents and other receipts were $225 million, and were negatively impacted by $36 million of maintenance rights assets amortized to revenue Net gain on

  7. Slide 7: Full Year 2025 Net Income Walk

    FULL YEAR 2025 NET INCOME WALK FY 2025 Adjusted Net Income Net income of $3.8 billion, Increase or $21.30 per share ($ million) Decrease 262 Adjusted net income of $2.7 billion, or $15.37 per share Purchase accounting (1,490) 184 adjustments include: 3,751 2,706 $104 million related to lease premium

  8. Slide 8: Strong Liquidity Position

    STRONG LIQUIDITY POSITION Next 12 months’ sources -to-uses coverage of 1.8x, with ~$ 21 billion sources of liquidity Sources vs. Uses (Next 12 Months) (as of December 31, 2025) Adjusted leverage ratio of 2.1x 22 4Q 2025 operating cash flow ($ billion) 20 of $ 1.2 billion 18 ~$5 Excess 16 Coverage Se

  9. Slide 9: Continued Strong Growth in Book Value Per Share

    CONTINUED STRONG GROWTH IN BOOK VALUE PER SHARE AerCap’s book value per share has increased by 68% since 20 22 AerCap Book Value Per Share Growth Book value per share of $112.59 as $120 of December 31, 2025, an increase $112.59 of 19% from December 31, 2024 $100 Over the past three years, AerCap’s b

  10. Slide 10: AerCap Guidance 2026

    AERCAP GUIDANCE 2026 © AerCap

  11. Slide 11: 2026 Guidance Walk

    2026 GUIDANCE WALK Estimated 2026 adjusted EPS of $12.00 - $13.00, not including any gains on sale Walk from 2025 Adjusted EPS to Estimated 2026 Adjusted EPS $16.00 Increase Decrease $14.00 ~1.80 $12.00 ~(3.95) $10.00 ~(0.45) ~(0.30) $8.00 $15.37 $12.00 - $13.00 Not Including $6.00 Any Gains on Sale

  12. Slide 12: 2026 Projected Income Statement

    2026 PROJECTED INCOME STATEMENT ($ billion, except per share amounts) Projected FY 2026 We expect to generate Basic Lease Rents $6.7 adjusted EPS of $12.00 - Maintenance Revenue 0.7 $13.00, not including any gains Other Income 0.2 on sale Total Revenue $7.6 Assumes cash capex of Depreciation & Amort

  13. Slide 13: Q&A

    Q&A © AerCap

  14. Slide 14: Supplemental Information

    SUPPLEMENTAL INFORMATION © AerCap

  15. Slide 15: Adjusted Net Income and EPS Reconciliation

    ADJUSTED NET INCOME AND EPS RECONCILIATION 4Q 2025 FY 2025 Earnings Per Earnings Per ($ million, except per share amounts) Net Income Net Income Share ($) Share ($) Net Income / Earnings Per Share $633 $3.79 $3,751 $21.30 Net Recoveries Related to Ukraine Conflict (43) (0.26) (1,490) (8.46) Amortiza

  16. Slide 16: Full-Year 2026 Adjusted EPS Guidance

    FULL -YEAR 2026 ADJUSTED EPS GUIDANCE Projected FY 2026 ($ billion, except per share amounts) Net Income / EPS Net Income $1.7 Amortization of Maintenance Rights and Lease Premium Assets Recognized under Purchase Accounting 0.3 Income Tax Effect (0.0) Adjusted Net Income $2.0 Adjusted Earnings Per S

  17. Slide 17: Book Value Per Share

    BOOK VALUE PER SHARE (million, except per share data) Dec. 31, 2025 Total Shareholders’ Equity $18,323 Ordinary Shares Outstanding 166.9 Unvested Restricted Stock (4.1) Ordinary Shares Outstanding (excl. Unvested Restricted Stock) 162.7 Book Value Per Share $112.59 Note numbers may not add up due to

  18. Slide 18: Capital Structure

    CAPITAL STRUCTURE Adjusted Debt/Equity Calculation ($ million) Dec. 31, 2025 Dec. 31, 2024 Debt $43,565 $45,295 Adjusted for: Unrestricted cash & cash equivalents (1,379) (1,209) 50% equity credit for long -term subordinated debt (1,125) (1,125) Adjusted Debt 41,061 42,960 Equity 18,323 17,185 Adjus

  19. Slide 19: High-Quality & Well-Diversified Portfolio

    HIGH -QUALITY & WELL -DIVERSIFIED PORTFOLIO New technology assets comprise 76% of total fleet AIRCRAFT TYPE NUMBER OF ASSETS OWNED % NET BOOK VALUE NUMBER OF ASSETS MANAGED NUMBER OF ASSETS ON ORDER TOTAL ASSETS Airbus A220 Family 19 1% 6 - 25 Airbus A320neo Family 433 31% 31 161 625 Airbus A320 Fam

  20. Slide 20: Forward Orders and Purchase/Leasebacks

    FORWARD ORDERS AND PURCHASE/LEASEBACKS AIRCRAFT TYPE 2026 2027 2028 2029 2030 THEREAFTER TOTAL Airbus A320neo Family 30 36 31 27 17 20 161 Airbus A330neo Family 1 5 - - - - 6 Boeing 737 MAX 39 20 15 15 3 - 92 Boeing 787 11 3 - - - - 14 Embraer E195 -E2 5 - - - - - 5 Other - - - - - 5 5 Total Passeng

  21. Slide 21: Endnotes

    ENDNOTES SLIDE 4 : Significant Activity Across All Business Lines Annual transactions shown are for AerCap’s owned and managed fleet excluding SES transactions. SLIDES 5 AND 7 : 4Q and Full Year 2025 Net Income Walk Purchase accounting adjustments consist of the amortization of maintenance rights an

  22. Slide 22: Never Stand Still

    NEVER STAND STILL PROPERTY OF AERCAP ©2026

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