Research Reports

Q4 2025 revenue: record $193.6 million, +27% YoY (CEO)
FY 2025 revenue: record $730.2 million, +28% YoY (CEO); core lease rent $291.6 million, interest revenue $14.1 million (CFO)
FY 2025 EBT: record $160.6 million (CEO)
FY 2025 adjusted EBITDA: $459.1 million, +16.6% from $393.7 million in 2024 (CFO)
FY 2025 net income: $108.1 million attributable to common shareholders, +3.5% from $104.4 million in 2024 (CFO)
FY 2025 diluted EPS: $15.39 vs. $15.34 in 2024 (CFO)
Portfolio size: $3.0 billion at year-end 2025 (CFO)
Equipment purchases (incl. capitalized shop visits): $524.6 million in 2025 (CFO)
Gain on sale of lease equipment: $54.0 million in 2025, from $269.7 million of gross equipment sales (~20% margin) (CFO)
Leverage (debt/equity net of cash): 2.97x at year-end 2025, down from 3.48x at year-end 2024 (CFO)
Dividend: declared $0.40 per share recurring dividend; returned $8.7 million to shareholders in 2025 via common dividends (CFO)
Fee-related revenue (other revenue): $17.2 million in 2025, up from $9.1 million in 2024, driven by management fees from joint ventures (CFO)

"The aviation market has become engine-centric. Engines are a critical constraint to both new aircraft deliveries as well as maintaining an operational aircraft fleet." (CEO)
"Our adjusted EBITDA of $459 million... gives investors a look at the immense cash-generating capability of our enterprise." (CEO)
"These funds are not a shift in focus, but rather an expansion of our focus on to both on and off-balance sheet aspects of managing assets." (CEO)
"When the engine tested, it achieved approximately 51.7 degrees of EGT margin at high thrust, a testament to the quality of the product we are producing." (CEO)
"We see an unrecognized market value in excess of our balance sheet book value of approximately $700 million." (CFO)

Metric	Value	Speaker/Context
Q4 2025 Revenue	$193.6 million	CEO, +27% YoY
FY 2025 Revenue	$730.2 million	CEO, +28% YoY
FY 2025 EBT (Earnings Before Tax)	$160.6 million	CEO, record
FY 2025 Adjusted EBITDA	$459.1 million	CEO/CFO, +16.6% YoY
FY 2025 Core Lease Rent Revenue	$291.6 million	CFO
FY 2025 Gain on Sale of Lease Equipment	$54.0 million	CFO, from $269.7M gross sales
FY 2025 Net Income (common)	$108.1 million	CFO, +3.5% YoY
FY 2025 Diluted EPS	$15.39	CFO
FY 2025 Equipment Purchases	$524.6 million	CFO
Portfolio Size (year-end 2025)	$3.0 billion	CFO
Leverage (year-end 2025)	2.97x	CFO, down from 3.48x
Utilisation Rate (FY 2025 average)	85%	CEO, up from 83% in 2024

Topic: Blackstone投资组合的种子资产注入及采购渠道
Key points:
- 不会披露具体注入资产规模，但会有一个较小的种子投资组合转移给Blackstone和Liberty Mutual；基金主要资产将从市场新增采购。
- 种子资产出售会产生收益，收益水平与市场其他资产销售一致。
- 采购来源包括：（1）与OEM关系及CFMI LEAP发动机订单；（2）从其他租赁公司收购（飞机换发动机策略）；（3）高量低价资产项目（帮助客户长期递延维护）。
Mgmt stance: 中性偏积极，认为资产出售收益具有市场一致性，且采购渠道符合现有商业模式。

Topic: 基金杠杆、资产估值差异、维护收入、回购及俄罗斯索赔
Key points:
- 关于Willis Aviation Capital与Blackstone：所说的“10亿美元以上”指金属（资产）价值，股权出资额低于10亿美元，且该金额已考虑杠杆；不排除未来类似历史结构使用ABS融资。
- 账面价值与评估价值：账面权益约6.62亿美元；设备维护调整后市场价值比账面价值高出约7亿美元（未包含长期租赁发动机的额外价值、或订单簿中折扣LEAP期权价值）。
- 长期维护收入：第四季度约为1,500万美元（2024年同期约500万美元）；2025年全年近4,500万美元（2024年近4,000万美元）；管理层认为长期比例在年度间稳定。
- 股票回购：管理层不认可“资产轻”定位，更倾向“资产中等”；计划继续在资产负债表、Blackstone及Liberty Mutual三条线同时增长。
- 俄罗斯资产：仍持有未决保险索赔；参考欧洲和美国判决，对回收前景有信心但无法透露细节。
Mgmt stance: 中性偏积极；对资产估值差距、维护收入趋势及俄罗斯索赔回收持乐观态度；对回购表述为机会性部署，非核心战略转变。