Aircastle Announces Fourth Quarter and Full Year 2024 Results

Three Months Ended February 28, 2025

• Net income of $61 million compared to $29 million in fourth quarter 2023;
• Total revenues of $206 million and Adjusted EBITDA⁽²⁾ of $222 million;
• Acquired 29 aircraft for $1.0 billion; 68% of NBV acquired composed of new technology aircraft;
• Sold 7 aircraft for proceeds of $92 million and gains on sale or disposition of $20 million; and
• Russia-related settlement proceeds of $50 million in other income.

Full Year Ended February 28, 2025

• Net income of $124 million compared to $83 million in fiscal 2023;⁽¹⁾
• Acquired 50 aircraft during fiscal year 2024 for $1.6 billion; 45% of NBV as of February 28, 2025 composed of new technology aircraft;
• 25% increase in cash flows from operations as compared to fiscal year 2023;
• Sold 27 aircraft and other flight equipment with an average age of 16 years for proceeds of $566 million and a gain on sale or disposition of $77 million;
• Executed 183 transactions for fiscal year 2024, largely comprised of purchases, sales, lease  amendments, and extensions.

Liquidity

• Raised $1.0 billion in new financings from unsecured senior notes;
• Received $300 million of shareholder equity, the final tranche of a $500 million commitment;
• As of April 1, 2025, total liquidity of $2.7 billion includes $2.1 billion of undrawn credit facilities, $0.5 billion of projected adjusted operating cash flows through April 1, 2025, and $0.1 billion of unrestricted cash;
• As of February 28, 2025, we have 244 unencumbered aircraft and other flight equipment with a net book value of $7.1 billion.

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STAMFORD, Conn., April 23, 2025 /PRNewswire/ — Mike Inglese, Aircastle’s Chief Executive Officer, commented, “We successfully acquired 50 aircraft this fiscal year making it our most successful trading year since 2019.  We completed fiscal 2024 with a 48% increase in net income and a 25% increase in operating cash flows.  New technology now composes 45% of our book value while there is continuing high demand for current technology.  We’re building relationships with new counterparties and reinforcing relationships with our many long-standing trading partners.”

Mr. Inglese concluded, “On the funding side of our business, in the fourth quarter we issued $500 million of unsecured senior notes at 5.25%, a 108 basis point spread versus treasury which represents the tightest spread for any Aircastle issuance.  As we move into 2025 with elevated vigilance, we believe investors and rating agencies will continue to see value and discipline in our investment approach and the outstanding support of our shareholders, Marubeni Corporation and Mizuho Leasing.”

Aviation Assets

As of February 28, 2025, Aircastle owned 265 aircraft and other flight equipment having a net book value of $7.9 billion.  We also manage 8 aircraft with a net book value of $244 million on behalf of our joint venture with Mizuho Leasing.

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Conference Call

In connection with this press release, management will host a conference call on Wednesday, April 23, 2025, at 9:00 A.M. Eastern Time.  All interested parties are welcome to participate on the live call.  The conference call can be accessed by dialing +1 (800) 836-8184 (from within the U.S. and Canada) or +1 (646) 357-8785 (outside the U.S. and Canada) ten minutes prior to the scheduled start. Please reference our company name “Aircastle” when prompted by the operator.

A simultaneous webcast of the conference call will be available to the public on a listen-only basis at www.aircastle.com.  Please allow extra time prior to the call to visit the site and download the necessary software required to listen to the internet broadcast.

For those who are not available to listen to the live call, a replay will be available on Aircastle’s website shortly after the live call.

About Aircastle Limited

Aircastle Limited acquires, leases, and sells commercial jet aircraft to airlines throughout the world.  As of February 28, 2025, Aircastle owned and managed on behalf of its joint ventures 273 aircraft leased to 77 customers located in 47 countries.

Safe Harbor

All statements in this press release, other than characterizations of historical fact, are forward-looking statements within the meaning of the federal securities laws, including the Private Securities Litigation Reform Act of 1995.  Examples of forward-looking statements include, but are not necessarily limited to, statements relating to our proposed public offering of notes and our ability to acquire, sell, lease or finance aircraft, raise capital, pay dividends, and increase revenues, earnings, EBITDA and Adjusted EBITDA and the global aviation industry and aircraft leasing sector. Words such as “anticipates,” “expects,” “intends,” “plans,” “projects,” “believes,” “may,” “will,” “would,” “could,” “should,” “seeks,” “estimates” and variations on these words and similar expressions are intended to identify such forward-looking statements.  These statements are based on our historical performance and that of our subsidiaries and on our current plans, estimates and expectations and are subject to a number of factors that could lead to actual results materially different from those described in the forward-looking statements; Aircastle can give no assurance that its expectations will be attained.  Accordingly, you should not place undue reliance on any such forward-looking statements which are subject to certain risks and uncertainties that could cause actual results to differ materially from those anticipated as of the date of this press release.  These risks or uncertainties include, but are not limited to, those described from time to time in Aircastle’s filings with the SEC and previously disclosed under “Risk Factors” in Item 1A of Aircastle’s most recent Form 10-K and any subsequent filings with the SEC.  In addition, new risks and uncertainties emerge from time to time, and it is not possible for Aircastle to predict or assess the impact of every factor that may cause its actual results to differ from those contained in any forward-looking statements.  Such forward-looking statements speak only as of the date of this press release.  Aircastle expressly disclaims any obligation to revise or update publicly any forward-looking statement to reflect future events or circumstances.

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We define EBITDA as income (loss) from continuing operations before income taxes, interest expense, and depreciation and amortization. We use EBITDA to assess our consolidated financial and operating performance, and we believe this non-U.S. GAAP measure is helpful in identifying trends in our performance.

This measure provides an assessment of controllable expenses and affords management the ability to make decisions which are expected to facilitate meeting current financial goals, as well as achieving optimal financial performance. It provides an indicator for management to determine if adjustments to current spending decisions are needed.

EBITDA provides us with a measure of operating performance because it assists us in comparing our operating performance on a consistent basis as it removes the impact of our capital structure (primarily interest charges on our outstanding debt) and asset base (primarily depreciation and amortization) from our operating results. Accordingly, this metric measures our financial performance based on operational factors that management can impact in the short-term, namely the cost structure, or expenses, of the organization. EBITDA is one of the metrics used by senior management and the Board of Directors to review the consolidated financial performance of our business.

We define Adjusted EBITDA as EBITDA (as defined above) further adjusted to give effect to adjustments required in calculating covenant ratios and compliance as that term is defined in the indenture governing our senior unsecured notes. Adjusted EBITDA is a material component of these covenants.

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Contact:
Aircastle Advisor LLC
Jim Connelly, SVP ESG & Corporate Communications
Tel: +1-203-504-1871
[email protected]

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SOURCE Aircastle Advisor LLC