FTAI Aviation Ltd. — Third Quarter 2026 Earnings Summary

Financial Performance:

• Net income attributable to shareholders increased 26.8% year-over-year to $149.1 million in Q3 2026, compared to $114.0 million in Q3 2025.
• Consolidated Adjusted EBITDA rose 14.8% year-over-year to $348.3 million in Q3 2026, compared to $297.4 million in Q3 2025.
• Aerospace Products revenue grew 76% year-over-year to $910.0 million in Q3 2026, while Adjusted EBITDA increased 57% to $282.4 million.
• Aviation Leasing Adjusted EBITDA decreased to $104.0 million in Q3 2026 from $134.4 million in Q3 2025.
• Corporate & Other Adjusted EBITDA widened to a loss of $38.1 million in Q3 2026, compared to a loss of $17.4 million in Q3 2025.
• Adjusted EBITDA margin for Aerospace Products was 31% in Q3 2026, meeting the company's 30% guidance.
• Basic earnings per ordinary share were $1.45 in Q3 2026, up from $1.11 in Q3 2025; diluted EPS was $1.43 compared to $1.10.
• Total revenues for the three months ended September 30, 2026, were $977.7 million, compared to $667.1 million in the same period in 2025.
• Cash and cash equivalents increased to $385.6 million as of September 30, 2026, from $300.5 million as of December 31, 2025.
• Long-term debt, net, stood at $3.46 billion as of September 30, 2026, compared to $3.45 billion as of December 31, 2025.

Guidance and Future Outlook:

• The company reaffirmed its 2026 and 2027 Adjusted EBITDA guidance across all business lines.
• Aerospace Products production for the year-to-date totals 877 modules against a 2026 outlook of 1,200 modules.
• SCI I ("2025 SPV") is expected to close substantially all committed aircraft by year-end 2026.
• SCI II ("2026 SPV") is expected to close on its $2.0 billion committed warehouse facility in August 2026 and is currently investing.
• FTAI Power's Mod-1 is expected to begin first deliveries in 2027.
• First test units for the mobile combined cycle add-on are expected in the second half of 2027.
• More than 100 Mod-1 units are under contract for delivery in 2027 and 2028.

Business Segments and Product Lines:

• Aerospace Products: Produced 311 CFM56 modules in Q3 2026, a 50% increase compared to Q3 2025.
• Aviation Leasing: Strategic Capital now represents more than 50% of Aviation Leasing, reflecting the transition to an asset-light model. SCI I closed 212 of 301 committed aircraft through September 30, 2026, and paid a 5.0% distribution in Q3 2026.
• Power: Completed critical testing milestones for the Mod-1, meeting targets of 25MW peak power and 23MW continuous baseload power on both natural gas and liquid fuel. Entered a joint venture to develop a mobile combined cycle add-on increasing Mod-1 output by 9MW and raising efficiency above 50%.

Market and Competitive Landscape:

• The company reports momentum across every part of the business with clear visibility into 2027.
• SCI I paid year-to-date distributions of 17.5% of commitments as of September 30, 2026.
• The company is executing a planned transition to an asset-light model within Aviation Leasing.

Risks and Challenges:

• Forward-looking statements regarding market share expansion, module production outlooks, Mod-1 delivery targets, and SPV capital deployment are subject to trends and uncertainties that could cause actual results to differ materially.
• Risks include the ability to convert Mod-1 contracts to actual sales, the timing of the accelerated share repurchase, and the ability to deliver sustained growth.
• The company notes that new risks and uncertainties emerge from time to time that may affect forward-looking statements.

Management Commentary and Tone:

• Joe Adams, Chairman and CEO, stated the company delivered "another strong quarter" with Aerospace Products showing "outstanding growth" and margins in line with guidance.
• Management highlighted that SCI's new vehicle is now investing and the Mod-1 cleared critical testing milestones ahead of first deliveries next year.
• The Board doubled the share repurchase authorization to $1.0 billion and announced an accelerated share repurchase alongside the regular quarterly dividend due to business momentum and visibility.

Other Key Points:

• The Board declared a cash dividend of $0.50 per ordinary share for the quarter ended September 30, 2026, payable on November 23, 2026.
• The Board declared a cash dividend of $0.59375 per Series D Preferred Share for the quarter ended September 30, 2026, payable on December 15, 2026.
• The Board approved a $500.0 million increase to the share repurchase program on October 27, 2026, bringing total authorization to $1.0 billion.
• Under the program, the company repurchased approximately $80.0 million of ordinary shares since authorization in September 2026 at a weighted average price of $178.73 per share, including $50.0 million in Q3 2026.
• The company intends to enter into an accelerated share repurchase agreement with Royal Bank of Canada to repurchase $500.0 million of ordinary shares, expected to complete in Q4 2026.
• Approximately $420.0 million will remain available under the share repurchase program following the ASR, which expires in 2027.