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AerCap Holdings — 3Q 2026 AerCap Holdings N.V. Earnings Presentation (company IR deck)
AerCap Holdings (AER) · 22 slides · Filed Oct 28, 2026
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Slide 1 — THIRD QUARTER
THIRD QUARTER 2026 FINANCIAL RESULTS AERCAP HOLDINGS N.V .
Slide 2 — FORWARD
2 © AerCap FORWARD -LOOKING STATEMENTS AND NON -GAAP FINANCIAL INFORMATION As a result, we cannot assure you that the forward -looking statements included in this presentation will prove to be accurate or correct . These and other important factors and risks are discussed in AerCap's annual report on Form 20 -F and other filings with the United States Securities and Exchange Commission . In light of these risks, uncertainties and assumptions, the future performance or events described in the forward -looking statements in this presentation might not occur . Accordingly, you should not rely upon forward -looking statements as a prediction of actual results . We do not assume any responsibility for the accuracy or completeness of any of these forward - looking statements . Except as required by applicable law, we do not undertake any obligation to update any forward -looking statements, whether as a result of new information, future events or otherwise . In addition to presenting financial results in conformity with U.S. generally accepted accounting principles ("GAAP"), this presentation includes certain non-GAAP financial measures . We believe these measures and metrics may further assist investors in their understanding of our performance . These measures and metrics should not be viewed in isolation and should only be used in conjunction with and as a supplement to our U.S. GAAP financial measures . Non -GAAP measures and metrics are not uniformly defined by all companies, including those in our industry, and so this additional information may not be comparable with similarly -titled measures and metrics and disclosures by other companies . Due to rounding, numbers presented throughout this document may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures . This presentation contains certain statements, estimates and forecasts with respect to future performance and events . These statements, estimates and forecasts are “forward -looking statements” . In some cases, forward -looking statements can be identified by the use of forward - looking terminology such as “may,” “might,” “should,” “expect,” “plan,” “intend,” “will,” “aim,” “estimate,” “anticipate,” “believe,” “predict,” “potential” or “continue” or the negatives thereof or variations thereon or similar terminology . Any statements other than statements of historical fact included in this presentation are forward -looking statements and are based on various underlying assumptions and expectations and are subject to known and unknown risks, uncertainties and assumptions and may include projections of our future financial performance based on our growth strategies and anticipated trends in our business . These statements are only predictions based on our current expectations and projections about future events . There are important factors that could cause our actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied in the forward -looking statements, including but not limited to the availability of capital to us and to our customers and changes in interest rates ; the ability of our lessees and potential lessees to make lease payments to us; our ability to successfully negotiate flight equipment (which includes aircraft, engines and helicopters) purchases, sales and leases, to collect outstanding amounts due and to repossess flight equipment under defaulted leases, and to control costs and expenses ; changes in the overall demand for commercial aviation leasing and aviation asset management services ; the impact of the conflict in the Middle East, including the Iran conflict, or any escalation thereof, on the aviation industry or our business and results of operations, financial condition and cash flows ; the continued impact of the Ukraine Conflict, including the resulting sanctions by the United States, the European Union, the United Kingdom and other countries, on our business and results of operations, financial condition and cash flows ; the effects of terrorist attacks on the aviation industry and on our operations ; the economic condition of the global airline and cargo industry and economic and political conditions ; trade tensions, including actual or threatened U.S. tariffs and retaliatory measures by some countries, and the resulting geopolitical uncertainty ; development of increased government regulation, including travel restrictions, sanctions, regulation of trade and the imposition of import and export controls, tariffs and other trade barriers ; a downgrade in any of our credit ratings ; competitive pressures within the industry ; regulatory changes affecting commercial flight equipment operators, flight equipment maintenance, engine standards, accounting standards and taxes ; and disruptions and security breaches affecting our information systems or the information systems of our third -party providers .
Slide 3 — KEY HIGHLIGHTS
3 © AerCap Strong 3Q 2026 Results: GAAP EPS of $6.17, Record Adjusted EPS of $6.56 Raising FY2026 Adjusted EPS Guidance to ~$20.70, Before Any 4Q 2026 Gains on Sale GAAP ROE of 20% and Record Adjusted ROE of 22% for 3Q 2026 $1.1 Billion of Asset Sales; 45% Gain -on-Sale Margin, 2.6x Book Equity Multiple Capex of $1.9 Billion, Including Purchases of 32 Aircraft KEY HIGHLIGHTS Over $2.2 Billion of Share Repurchases in 2026 YTD, ~10% of Outstanding Shares See Supplemental Information – Endnotes.
Slide 4 — RECENT ORDERS HIGHLIGHT POWER OF AERCAP PLATFORM
4 As of September 30, 2026. © AerCap RECENT ORDERS HIGHLIGHT POWER OF AERCAP PLATFORM 16 47 30 20 4 5 1 15 38 39 31 101 17 62 68 59 35 106 4Q2026 2027 2028 2029 2030 Thereafter Order Book (pre-additions) Additional Aircraft We have added 225 aircraft with attractive economics and near -term delivery dates to our order book
Slide 5 — BALANCED CAPITAL DEPLOYMENT STRATEGY
© AerCap BALANCED CAPITAL DEPLOYMENT STRATEGY Even after significant deployment of capital, we still have $3.7 billion of excess capital available Strengthened Balance Sheet Repurchased ~40 % of Shares Ordered >$30B of Aircraft / Engines - 50 100 150 200 250 300 350 2022 2023 2024 2025 9M2026 Aircraft Engines 5 2.0x 2.1x 2.2x 2.3x 2.4x 2.5x 2.6x 2.7x 2022 2023 2024 2025 3Q2026 Adj. Leverage Ratio (Debt/Equity) 2.7x Target Adj. Leverage Ratio ($ billion) (units) - 50 100 150 200 250 - $0.5 $1.0 $1.5 $2.0 $2.5 $3.0 2022 2023 2024 2025 9M2026 Capital Returned Ordinary Shares Outstanding (million shares outstanding) See Supplemental Information – Capital structure
Slide 6 — STRONG GROWTH IN ADJUSTED EPS AND
© AerCap STRONG GROWTH IN ADJUSTED EPS AND BVPS AerCap consistently compounds adjusted earnings per share and book value per share Adjusted Earnings Per Share 6 Book Value Per Share $66.85 $124.89 - $20 $40 $60 $80 $100 $120 2022 2023 2024 2025 3Q2026 Book Value Per Share $9.01 ~$20.70 - $5 $10 $15 $20 2022 2023 2024 2025 FY 2026E Adjusted Earnings Per Share See Supplemental Information – Adjusted EPS Reconciliation and Full -year 2026 Adjusted EPS Guidance
Slide 7 — 3Q 2026 NET INCOME WALK
($ million) *These items are presented pre -tax. See Supplemental Information – 3Q 2026 Adjusted Net Income, EPS & ROE Reconciliation and Endnotes. EPS GAAP Net Income Purchase Accounting Adjustments* Adjusted Net Income Income Tax Effect 7 Increase Decrease 3Q 2026 NET INCOME WALK Net income of $949 million, or $6.17 per share Adjusted net income of $1,009 million, or $6.56 per share Purchase accounting adjustments include: $23 million related to lease premium amortization affecting basic lease rents $35 million related to maintenance revenues $14 million of amortization affecting leasing expenses $6.17 $0.46 ($0.07) $6.56 3Q 2026 Adjusted Net Income 949 71 (11) 1,009 © AerCap
Slide 8 — 3Q 2026 FINANCIAL DRIVERS
Basic lease rents were $1,698 million, and reflected $23 million of lease premium amortization Maintenance rents and other receipts were $267 million, and reflected $35 million of maintenance rights asset amortization Net gain on sale of assets was $353 million, representing a 45% unlevered gain -on- sale margin, or 2.6x book value on an equity basis Other income was $97 million, primarily consisting of interest and management fee income Interest expense was $475 million Leasing expenses were $131 million, which included $14 million of maintenance rights amortization expenses Income tax expense was $123 million, which represented an effective tax rate of 12.3% 8 3Q 2026 FINANCIAL DRIVERS 8 © AerCap
Slide 9 — STRONG LIQUIDITY POSITION
Adjusted leverage ratio of 2.0x 3Q 2026 operating cash flow of $1.8 billion Secured debt -to-total assets ratio of 8% Average cost of debt of 4.2% in 3Q 2026 5.3 million shares repurchased in 3Q 2026 for total of $783 million 9 Sources vs. Uses (Next 12 Months) (as of September 30, 2026) STRONG LIQUIDITY POSITION Next 12 months’ sources -to-uses coverage of 1.8x, with ~$22 billion sources of liquidity ~$3 ~$10 ~$3 ~$2 ~$5 ~$8 ~$5 Excess Coverage ~$10 - 2 4 6 8 10 12 14 16 18 20 22 Sources Uses ($ billion) Cash Capex Debt Maturities Operating Cash Flow Estimated Sales Other Committed Debt Unsecured Revolvers Cash © AerCap See Supplemental Information – Capital Structure and Endnotes.
Slide 10 — RAISING FULL
RAISING FULL -YEAR 2026 GUIDANCE Full -year 2026 adjusted EPS guidance increased to ~$20.70, before any 4Q 2026 gains on sale 10 © AerCap Key drivers of outperformance in 9M 2026 include: Gains on sale of $866 million Net maintenance contribution of $453 million Other income of $266 million Adjusted EPS guidance is b efore any 4Q 2026 gains on sale See Supplemental Information – Full -Year 2026 Adjusted EPS Guidance and Endnotes . 2026 Adjusted Earnings Per Share Guidance $12.00 – $13.00 ~$13.00 ~$14.00 ~$16.00 ~$1.50 1Q 2026 ~$2.80 1H 2026 ~$4.70 9M 2026 - $2.00 $4.00 $6.00 $8.00 $10.00 $12.00 $14.00 $16.00 $18.00 $20.00 $22.00 4Q 2025 Guidance 1Q 2026 Guidance 2Q 2026 Guidance 3Q 2026 Guidance Gains on sale Guidance before any gains on sale ~$14.50 ~$20.70 ~$16.80
Slide 11 — Q&A
Q&A © AerCap
Slide 12 — INFORMATION
© AerCap SUPPLEMENTAL INFORMATION
Slide 13 — 3Q 2026 ADJUSTED NET INCOME, EPS & ROE RECONCILIATION
© AerCap 13 3Q 2026 ADJUSTED NET INCOME, EPS & ROE RECONCILIATION ($ million, except per share amounts) Net Income Earnings Per Share ($) Net Income / Earnings Per Share $949 $6.17 Amortization of Maintenance Rights and Lease Premium Assets Recognized under Purchase Accounting 71 0.46 Income Tax Effect (11) (0.07) Adjusted Net Income / Earnings Per Share $1,009 $6.56 Average AerCap Holdings N.V. Shareholders’ Equity $18,516 Return on Equity 20% Adjusted Return on Equity 22% See Supplemental Information – Endnotes.
Slide 14 — ADJUSTED EPS RECONCILIATION
14 ADJUSTED EPS RECONCILIATION $ Earnings (Loss) per share amounts FY2025 FY2024 FY2023 FY2022 Earnings (Loss) Per Share $21.30 $10.79 $13.78 $(3.02) Amortization of Maintenance Rights and Lease Premium Assets Recognized under Purchase Accounting 1.49 2.44 2.17 2.59 Net (Recoveries) Charges Related to Ukraine Conflict (8.46) (1.00) (5.66) 11.01 Transaction and Integration -related Expenses - - - 0.14 Income Tax Effect 1.05 (0.22) 0.43 (1.71) Adjusted Earnings Per Share $15.37 $12.01 $10.73 $9.01 © AerCap
Slide 15 — FULL
© AerCap 15 FULL -YEAR 2026 ADJUSTED EPS GUIDANCE ($ billion, except per share amount) Projected FY 2026 Net Income / EPS Net Income (Including 9M 2026 Gains on Sale) $3.0 Amortization of Maintenance Rights and Lease Premium Assets Recognized under Purchase Accounting 0.4 Net Recoveries Related to Ukraine Conflict (0.0) Income Tax Effect (0.0) Adjusted Net Income (Including 9M 2026 Gains on Sale) $3.2 Adjusted Earnings Per Share (Including 9M 2026 Gains on Sale) ~$20.70 Numbers may not add due to rounding.
Slide 16 — BOOK VALUE PER SHARE
16 (million, except per share data) Sept. 30, 2026 Total Shareholders’ Equity $18,622 Ordinary Shares Outstanding 151.9 Unvested Restricted Stock (2.8) Ordinary Shares Outstanding (Excluding Unvested Restricted Stock) 149.1 Book Value Per Share $124.89 BOOK VALUE PER SHARE See Supplemental Information – Endnotes. © AerCap
Slide 17 — CAPITAL STRUCTURE
© AerCap 17 CAPITAL STRUCTURE Adjusted Debt/Equity Calculation ($ million) Sept. 30, 2026 Dec. 31, 2025 Dec. 31, 2024 Dec. 31, 2023 Dec. 31, 2022 Debt $43,272 $43,565 $45,295 $46,484 $46,533 Adjusted for: Unrestricted cash & cash equivalents 50% equity credit for long -term subordinated debt (2,534) (1,125) (1,379) (1,125) (1,209) (1,125) (1,627) (1,125) (1,597) (1,125) Adjusted Debt 39,613 41,061 42,960 43,732 43,811 Equity 18,622 18,323 17,185 16,589 16,195 Adjusted for: 50% equity credit for long -term subordinated debt 1,125 1,125 1,125 1,125 1,125 Adjusted Equity $19,747 $19,448 $18,310 $17,714 $17,320 Adjusted Debt / Equity Ratio 2.0 to 1 2.1 to 1 2.3 to 1 2.5 to 1 2.5 to 1
Slide 18 — HIGH
18 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% 3 - 22 Airbus A320neo Family 423 30% 25 257 705 Airbus A320 Family 303 5% 17 - 320 Airbus A330neo Family 12 2% 1 6 19 Airbus A330 Family 33 1% 2 - 35 Airbus A350 Family 36 6% 5 - 41 Boeing 737 MAX 119 8% 5 57 181 Boeing 737NG 202 7% 35 - 237 Boeing 777 -200ER / 300ER 23 1% - - 23 Boeing 787 118 18% - 21 139 Embraer E190 / E195 / E2 51 2% - 1 52 Other 19 - - 5 24 Total Passenger Aircraft 1,358 81% 93 347 1,798 Airbus A321 8 - - - 8 Boeing 737 56 1% 4 - 60 Boeing 767 / 777 18 2% - - 18 Total Freighter Aircraft 82 3% 4 - 86 Total Engines 482 10% 777 10 1,269 Total Helicopters 320 6% - 9 329 Grand Total 2,242 100% 874 366 3,482 HIGH -QUALITY & WELL -DIVERSIFIED PORTFOLIO New technology assets comprise 79% of total fleet Number of managed engines includes SES owned and managed engines as of September 30, 2026, but excludes 21 engines SES had on order as of September 30, 2026. See Supplemental Information – Endnotes. © AerCap
Slide 19 — FORWARD ORDERS AND PURCHASE/LEASEBACKS
© AerCap 19 AIRCRAFT TYPE 2026 2027 2028 2029 2030 THEREAFTER TOTAL Airbus A320neo Family 9 33 54 44 27 90 257 Airbus A330neo Family 1 5 - - - - 6 Boeing 737 MAX 4 20 14 15 4 - 57 Boeing 787 2 4 - - 4 11 21 Embraer E195 -E2 1 - - - - - 1 Other - - - - - 5 5 Total Passenger Aircraft 17 62 68 59 35 106 347 Total Engines - 10 - - - - 10 Total Helicopters 8 1 - - - - 9 Grand Total 25 73 68 59 35 106 366 FORWARD ORDERS AND PURCHASE/LEASEBACKS The engines on order in the table above exclude 21 engines SES had on order as of September 30, 2026. See Supplemental Information – Endnotes.
Slide 20 — 158
20 SIGNIFICANT ACTIVITY ACROSS ALL BUSINESS LINES © AerCap AerCap leased, purchased and sold 204 assets in 3Q 2026 AIRCRAFT 158 TRANSACTIONS 61 LEASED 32 PURCHASED 65 SOLD ENGINES 26 TRANSACTIONS 13 LEASED - PURCHASED 13 SOLD HELICOPTERS 20 TRANSACTIONS 11 LEASED 2 PURCHASED 7 SOLD TOTAL 204 TRANSACTIONS 85 LEASED 34 PURCHASED 85 SOLD See Supplemental Information – Endnotes.
Slide 21 — ENDNOTES
21 SLIDE 3 : Key Highlights Number of shares repurchased in 9M 2026 represented ~10% of outstanding shares as of December 31, 2025. SLIDE 7 : 3Q 2026 Net Income Walk Purchase accounting adjustments consist of the amortization of maintenance rights and lease premium assets recognized under p urc hase accounting. SLIDE 9 : Strong Liquidity Position Cash Capex includes expected cash payments for aircraft deliveries and pre -delivery payments during the next 12 months as of Sep tember 30, 2026. SLIDE 10 : Raising Full -Year 2026 Guidance Net maintenance contribution represents maintenance revenues less leasing expenses, excluding the amortization of maintenance rights recognized under purchase accounting. SLIDE 13 : 3Q 2026 Adjusted Net Income, EPS & ROE Reconciliation Amortization of maintenance rights and lease premium assets recognized under purchase accounting includes $23 million adjustm ent to basic lease rents, $35 million adjustment to maintenance revenues and $14 million adjustment to leasing expenses for 3Q 2026. SLIDE 16 : Book Value Per Share Book value per share is based on ordinary shares outstanding, excluding unvested restricted stock. Unvested restricted stock represents ordinary share units issued under our share incentive schemes that vest only upon the satisfaction of certain cond itions. SLIDES 18 & 19 : High -Quality & Well -Diversified Portfolio & Forward Orders and Purchase/Leasebacks As of September 30, 2026 . SLIDE 20 : Significant Activity Across All Business Lines Quarterly transactions shown are for AerCap’s owned and managed fleet, excluding SES transactions. ENDNOTES © AerCap
Slide 22 — NEVER STAND STILL
NEVER STAND STILL PROPERTY OF AERCAP ©2026