EX-99.1 2 ef20052914_ex99-1.htm EXHIBIT 99.1
Exhibit 99.1


PRESS RELEASE

FTAI Aviation Ltd. Reports Second Quarter 2025 Results, Declares Dividend of $0.30 per Ordinary Share


NEW YORK, July 29, 2025 (GLOBE NEWSWIRE) – FTAI Aviation Ltd. (NASDAQ: FTAI) (the “Company” or “FTAI”) today reported financial results for the second quarter 2025. The Company’s consolidated comparative financial statements and key performance measures are attached as an exhibit to this press release.
 
Financial Overview
 
(in thousands, except per share data)
  
Selected Financial Results
  
Q2’25
  
Net Income Attributable to Shareholders
  
$
161,689
  
Basic Earnings per Ordinary Share
  
$
1.58
  
Diluted Earnings per Ordinary Share
  
$
1.57
  
Adjusted EBITDA(1)
  
$
347,805
  

(1)  For definitions and reconciliations of non-GAAP measures, please refer to the exhibit to this press release.

Second Quarter 2025 Dividends

On July 29, 2025, the Company’s Board of Directors (the “Board”) declared a cash dividend on our ordinary shares of $0.30 per share for the quarter ended June 30, 2025, payable on August 19, 2025 to the holders of record on August 12, 2025.

Additionally, on July 29, 2025, the Board declared cash dividends on its Fixed-Rate Reset Series C Cumulative Perpetual Redeemable Preferred Shares (“Series C Preferred Shares”) and Fixed-Rate Reset Series D Cumulative Perpetual Redeemable Preferred Shares (“Series D Preferred Shares”) of $0.51563 and $0.59375 per share, respectively, for the quarter ended June 30, 2025, payable on August 15, 2025 to the holders of record on August 8, 2025.

Business Highlights
 

 •
Net Income Attributable to Shareholders of $161.7 million, $1.58 EPS, an increase of 80% versus Q1 2025.

•
Aerospace Products Adjusted EBITDA increased 26% from Q1 to $164.9 million.(1)

•
Significant ramp in production to 184 CFM56 Modules in Q2 2025, an increase of 33% versus prior quarter.

•
Acquired 100% equity of Pacific Aerodynamic, a specialist in CFM56 compressor blade and vane repairs, expanding FTAI’s repair capabilities.

“FTAI delivered an excellent quarter, generating over $400 million in positive Adjusted Free Cash Flow,” said Joe Adams, Chairman and CEO(1). “We ended the period in a strong financial position with $302 million in cash and $400 million fully undrawn from our corporate revolving credit facility.”

1
“Our Aerospace Products segment continued to perform, with 81% year-over-year growth in Adjusted EBITDA in Q2 2025 and an increase in market share to approximately 9% on an annualized basis, up from 5% last year(1). We remain confident in our ability to reach our long-term market share goal of 25%.”

“The SCI Partnership also progressed well this quarter, on-track toward its goal of deploying $4 billion of capital in 2025 with 145 aircraft now owned or under LOI compared to a target of 250 in total.”

Additional Information

For additional information that management believes to be useful for investors, please refer to the presentation posted on the Investor Center section of the Company’s website, https://www.ftaiaviation.com/, and the Company’s Annual Report on Form 10-K and Quarterly Report on Form 10-Q, when available on the Company’s website. Nothing on the Company’s website is included or incorporated by reference herein.

Conference Call

In addition, management will host a conference call on Wednesday, July 30, 2025 at 8:00 A.M. Eastern Time. The conference call may be accessed by registering via the following link https://register-conf.media-server.com/register/BI1c535d79815a4f5c936d9220ef1246d0. Once registered, participants will receive a dial-in and unique pin to access the call.

A simultaneous webcast of the conference call will be available to the public on a listen-only basis at https://www.ftaiaviation.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.

A replay of the conference call will be available after 11:30 A.M. on Wednesday, July 30, 2025 through 11:30 A.M. on Wednesday, August 6, 2025 on https://ir.ftaiaviation.com/news-events/presentations/.

The information contained on, or accessible through, any websites included in this press release is not incorporated by reference into, and should not be considered a part of, this press release.

About FTAI Aviation Ltd.

FTAI owns and maintains commercial jet engines with a focus on CFM56 and V2500 engines. FTAI’s propriety portfolio of products, including the Module Factory and a joint venture to manufacture engine PMA, enables it to provide cost savings and flexibility to our airline, lessor, and maintenance, repair, and operations customer base. Additionally, FTAI owns and leases jet aircraft which often facilitates the acquisition of engines at attractive prices. FTAI invests in aviation assets and aerospace products that generate strong and stable cash flows with the potential for earnings growth and asset appreciation.

2
Cautionary Note Regarding Forward-Looking Statements
 
Certain statements in this press release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, the ability to reach our annual maintenance market share goal of 25%, and whether the SCI Partnership will be able to deploy $4 billion of capital in 2025 and close on aircraft under letters of intent (LOI). These statements are based on management's current expectations and beliefs and are subject to a number of trends and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements, many of which are beyond the Company’s control. The Company can give no assurance that its expectations will be attained and such differences may be material. Accordingly, you should not place undue reliance on any forward-looking statements contained in this press release. For a discussion of some of the risks and important factors that could affect such forward-looking statements, see the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, which are available on the Company’s website (www.ftaiaviation.com). In addition, new risks and uncertainties emerge from time to time, and it is not possible for the Company 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. The Company expressly disclaims any obligation to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with regard thereto or change in events, conditions, or circumstances on which any statement is based. This release shall not constitute an offer to sell or the solicitation of an offer to buy any securities.

For further information, please contact:

Alan Andreini
Investor Relations
FTAI Aviation Ltd.
(646) 734-9414
aandreini@ftaiaviation.com

Media
 
Tim Lynch / Aaron Palash / Kelly Sullivan
Joele Frank, Wilkinson Brimmer Katcher
(212) 355-4449

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Exhibit - Financial Statements
FTAI AVIATION LTD.
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(Dollar amounts in thousands, except share and per share data)

   
Three Months Ended June 30,
    
Six Months Ended June 30,
  
   
2025
    
2024
    
2025
    
2024
  
Revenues
                        
Aerospace products revenue
  
$
420,686
    
$
245,200
    
$
685,111
    
$
434,257
  
MRE Contract revenue
    
69,585
      
—
      
170,223
      
—
  
Lease income
    
62,439
      
70,754
      
130,879
      
123,915
  
Maintenance revenue
    
73,104
      
51,187
      
122,711
      
96,977
  
Asset sales revenue
    
47,915
      
72,433
      
66,854
      
111,040
  
Other revenue (1)
    
2,508
      
4,020
      
2,539
      
4,099
  
Total revenues
    
676,237
      
443,594
      
1,178,317
      
770,288
  
                                 
Expenses
                                
Cost of sales
    
369,258
      
205,857
      
617,972
      
348,661
  
Operating expenses
    
34,328
      
29,099
      
66,766
      
54,416
  
General and administrative
    
2,442
      
2,969
      
5,558
      
6,652
  
Acquisition and transaction expenses
    
4,489
      
8,019
      
11,781
      
14,198
  
Management fees and incentive allocation to affiliate
    
—
      
3,554
      
—
      
8,449
  
Internalization fee to affiliate
    
—
      
300,000
      
—
      
300,000
  
Depreciation and amortization
    
55,236
      
56,691
      
114,798
      
106,611
  
Asset impairment
    
—
      
—
      
—
      
962
  
Total expenses
    
465,753
      
606,189
      
816,875
      
839,949
  
                                 
Other (expense) income
                                
Interest expense
    
(63,965
)
    
(55,196
)
    
(126,005
)
    
(102,903
)
Loss on extinguishment of debt
    
—
      
(13,920
)
    
—
      
(13,920
)
Equity in losses of unconsolidated entities (2)
    
(5,003
)
    
(694
)
    
(12,617
)
    
(1,361
)
Gain on sale to the 2025 Partnership
    
34,604
      
—
      
45,474
      
—
  
Other income (expense)
    
27,156
      
(498
)
    
60,227
      
136
  
Total other expense
    
(7,208
)
    
(70,308
)
    
(32,921
)
    
(118,048
)
Income (loss) before income taxes
    
203,276
      
(232,903
)
    
328,521
      
(187,709
)
Provision for (benefit from) income taxes
    
37,878
      
(13,033
)
    
60,737
      
(7,461
)
Net income (loss)
    
165,398
      
(219,870
)
    
267,784
      
(180,248
)
Less: Dividends on preferred shares
    
3,709
      
8,335
      
9,824
      
16,670
  
Less: Loss on redemption of preferred shares
    
—
      
—
      
6,327
      
—
  
Net income (loss) attributable to shareholders
  
$
161,689
    
$
(228,205
)
  
$
251,633
    
$
(196,918
)
                                 
Earnings (loss) per share:
                                
Basic
  
$
1.58
    
$
(2.26
)
  
$
2.45
    
$
(1.96
)
Diluted
  
$
1.57
    
$
(2.26
)
  
$
2.44
    
$
(1.96
)
                                 
Weighted average shares outstanding:
                                
Basic
    
102,558,777
      
100,958,524
      
102,555,644
      
100,602,214
  
Diluted
    
103,147,860
      
100,958,524
      
103,144,727
      
100,602,214
  

(1) Includes servicing fees of $2,052 and $2,600 for the three and six months ended June 30, 2025, respectively, from the 2025 Partnership.

(2) Includes the profit elimination of $(4,935) and $(11,885) for the three and six months ended June 30, 2025, respectively, and $0 and $0 for the three and six months ended June 30, 2024, respectively, for sales to the 2025 Partnership.

4
FTAI AVIATION LTD.
CONSOLIDATED BALANCE SHEETS
(Dollar amounts in thousands, except share and per share data)
   
(Unaudited)
        
   
June 30, 2025
    
December 31, 2024
  
Assets
            
Current Assets
            
Cash and cash equivalents
  
$
301,911
    
$
115,116
  
Accounts receivable, net  (1)
    
239,535
      
150,823
  
Inventory, net
    
752,866
      
551,156
  
Assets held for sale
    
121,848
      
—
  
Other current assets (2)
    
343,225
      
408,923
  
Total current assets
    
1,759,385
      
1,226,018
  
Leasing equipment, net
    
1,849,116
      
2,373,730
  
Property, plant, and equipment, net
    
110,484
      
107,451
  
Investments
    
125,713
      
19,048
  
Intangible assets, net
    
14,449
      
42,205
  
Goodwill
    
75,634
      
61,070
  
Other non-current assets
    
166,294
      
208,430
  
Total assets
  
$
4,101,075
    
$
4,037,952
  
                 
Liabilities
                
Current Liabilities
                
Accounts payable
  
$
83,391
    
$
69,119
  
Accrued liabilities
    
131,166
      
96,910
  
Current maintenance deposits
    
44,647
      
62,552
  
Current security deposits
    
17,231
      
18,100
  
Liabilities held for sale
    
30,883
      
—
  
Other current liabilities
    
43,622
      
100,565
  
Total current liabilities
    
350,940
      
347,246
  
Long-term debt, net
    
3,444,612
      
3,440,478
  
Non-current maintenance deposits
    
27,772
      
44,179
  
Non-current security deposits
    
14,693
      
26,830
  
Other non-current liabilities
    
98,114
      
97,851
  
Total liabilities
  
$
3,936,131
    
$
3,956,584
  
                 
Commitments and contingencies
                
                 
Equity
                
Ordinary shares ($0.01 par value per share; 2,000,000,000 shares authorized; 102,560,867 and 102,550,975 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively)
  
$
1,026
    
$
1,026
  
Preferred shares ($0.01 par value per share; 200,000,000 shares authorized; 6,800,000 and 11,740,000 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively)
    
68
      
117
  
Additional paid in capital
    
(30,831
)
    
153,328
  
Retained earnings (accumulated deficit)
    
194,681
      
(73,103
)
Shareholders' equity
    
164,944
      
81,368
  
Total liabilities and equity
  
$
4,101,075
    
$
4,037,952
  


(1) Includes accounts receivable from the 2025 Partnership of $93,576 and $0 as of June 30, 2025 and December 31, 2024, respectively.
 
(2) Includes receivables from the 2025 Partnership of $18,141 and $0 as of June 30, 2025 and December 31, 2024, respectively.

5
Key Performance Measures
 
In addition to net income (loss), the Chief Operating Decision Maker (“CODM”) utilizes Adjusted EBITDA as a key performance measure.

Adjusted EBITDA provides the CODM with the information necessary to assess operational performance, as well as make resource and allocation decisions. Adjusted EBITDA is defined as net income (loss) attributable to shareholders, adjusted (a) to exclude the impact of provision for (benefit from) income taxes, equity-based compensation expense, acquisition and transaction expenses, losses on the modification or extinguishment of debt and preferred shares and capital lease obligations, changes in fair value of non-hedge derivative instruments, asset impairment charges, incentive allocations, depreciation and amortization expense, dividends on preferred shares and interest expense, internalization fee to affiliate, (b) to include the impact of our pro-rata share of Adjusted EBITDA from unconsolidated entities and (c) to exclude the impact of equity in earnings (losses) of unconsolidated entities and the non-controlling share of Adjusted EBITDA, if any.

The following table sets forth a reconciliation of net income (loss) attributable to shareholders to Adjusted EBITDA for the three and six months ended June 30, 2025 and 2024:

   
Three Months Ended
June 30,
        
Six Months Ended
June 30,
      
(in thousands)
  
2025
    
2024
    
Change
    
2025
    
2024
    
Change
  
Net income (loss) attributable to shareholders
  
$
161,689
    
$
(228,205
)
  
$
389,894
    
$
251,633
    
$
(196,918
)
  
$
448,551
  
Add: Provision for (benefit from) income taxes
    
37,878
      
(13,033
)
    
50,911
      
60,737
      
(7,461
)
    
68,198
  
Add: Equity-based compensation expense
    
5,515
      
638
      
4,877
      
10,404
      
1,148
      
9,256
  
Add: Acquisition and transaction expenses
    
4,489
      
8,019
      
(3,530
)
    
11,781
      
14,198
      
(2,417
)
Add: Losses on the modification or extinguishment of debt and preferred shares and capital lease obligations
    
—
      
13,920
      
(13,920
)
    
6,327
      
13,920
      
(7,593
)
Add: Changes in fair value of non-hedge derivative instruments
    
—
      
—
      
—
      
—
      
—
      
—
  
Add: Asset impairment charges
    
—
      
—
      
—
      
—
      
962
      
(962
)
Add: Incentive allocations
    
—
      
3,148
      
(3,148
)
    
—
      
7,456
      
(7,456
)
Add: Depreciation and amortization expense (1)
    
65,677
      
65,809
      
(132
)
    
134,064
      
124,931
      
9,133
  
Add: Interest expense and dividends on preferred shares
    
67,674
      
63,531
      
4,143
      
135,829
      
119,573
      
16,256
  
Add: Internalization fee to affiliate
    
—
      
300,000
      
(300,000
)
    
—
      
300,000
      
(300,000
)
Add: Pro-rata share of Adjusted EBITDA from unconsolidated entities (2)
    
4,815
      
(617
)
    
5,432
      
4,856
      
(1,165
)
    
6,021
  
Less: Equity in losses of unconsolidated entities (3)
    
68
      
694
      
(626
)
    
732
      
1,361
      
(629
)
Less: Non-controlling share of Adjusted EBITDA
    
—
      
—
      
—
      
—
      
—
      
—
  
Adjusted EBITDA (non-GAAP)
  
$
347,805
    
$
213,904
    
$
133,901
    
$
616,363
    
$
378,005
    
$
238,358
  


(1) Includes the following items for the three months ended June 30, 2025 and 2024: (i) depreciation and amortization expense of $55,236 and $56,691, (ii) lease intangible amortization of $2,153 and $3,786 and (iii) amortization for lease incentives of $8,288 and $5,332, respectively. Includes the following items for the six months ended June 30, 2025 and 2024: (i) depreciation and amortization expense of $114,798 and $106,611, (ii) lease intangible amortization of $5,359 and $7,762 and (iii) amortization for lease incentives of $13,907 and $10,558, respectively.
 
(2) Includes the following items for the three months ended June 30, 2025 and 2024: (i) net loss of $68 and $694, (ii) interest expense of $1,490 and $0, (iii) depreciation and amortization expense of $3,470 and $77, and (iv) acquisition and transaction expenses of $(77) and $0, respectively. Includes the following items for the six months ended June 30, 2025 and 2024: (i) net loss of $732 and $1,361, (ii) interest expense of $1,490 and $0, (iii) depreciation and amortization expense of $3,628 and $196, and (iv) acquisition and transaction expenses of $470 and $0, respectively.
 
(3) Excludes the profit elimination of $4,935 and $11,885 for the three and six months ended June 30, 2025, respectively, and $0 and $0 for the three and six months ended June 30, 2024, respectively, for sales to the 2025 Partnership.

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In addition, the following table sets forth a reconciliation of net income attributable to shareholders to Adjusted EBITDA for Aerospace Products for the three and six months ended June 30, 2025 and 2024:
 
   
Three Months Ended
June 30,
        
Six Months Ended
June 30,
      
(in thousands)
  
2025
    
2024
    
Change
    
2025
    
2024
    
Change
  
Net income attributable to shareholders
  
$
133,582
    
$
84,875
    
$
48,707
    
$
240,225
    
$
151,308
    
$
88,917
  
Add: Provision for income taxes
    
25,827
      
4,918
      
20,909
      
45,202
      
7,457
      
37,745
  
Add: Equity-based compensation expense
    
168
      
(72
)
    
240
      
323
      
(2
)
    
325
  
Add: Acquisition and transaction expenses
    
1,414
      
525
      
889
      
2,546
      
771
      
1,775
  
Add: Losses on the modification or extinguishment of debt and preferred shares and capital lease obligations
    
—
      
—
      
—
      
—
      
—
      
—
  
Add: Changes in fair value of non-hedge derivative instruments
    
—
      
—
      
—
      
—
      
—
      
—
  
Add: Asset impairment charges
    
—
      
—
      
—
      
—
      
—
      
—
  
Add: Incentive allocations
    
—
      
—
      
—
      
—
      
—
      
—
  
Add: Depreciation and amortization expense
    
3,704
      
938
      
2,766
      
7,288
      
1,871
      
5,417
  
Add: Interest expense and dividends on preferred shares
    
—
      
—
      
—
      
—
      
—
      
—
  
Add: Internalization fee to affiliate
    
—
      
—
      
—
      
—
      
—
      
—
  
Add: Pro-rata share of Adjusted EBITDA from unconsolidated entities (1)
    
883
      
(577
)
    
1,460
      
1,052
      
(1,042
)
    
2,094
  
Less: Equity in (earnings) losses of unconsolidated entities
    
(714
)
    
633
      
(1,347
)
    
(827
)
    
1,154
      
(1,981
)
Less: Non-controlling share of Adjusted EBITDA
    
—
      
—
      
—
      
—
      
—
      
—
  
Adjusted EBITDA (non-GAAP)
  
$
164,864
    
$
91,240
    
$
73,624
    
$
295,809
    
$
161,517
    
$
134,292
  


(1) Includes the following items for the three months ended June 30, 2025 and 2024: (i) net income of $714 and net loss of $633 and (ii) depreciation and amortization expense of $169 and $56, respectively. Includes the following items for the six months ended June 30, 2025 and 2024: (i) net income of $827 and net loss of $1,154 and (ii) depreciation and amortization expense of $225 and $112, respectively.

Adjusted Free Cash Flow for the three months ended June 30, 2025:

Comprised of net cash used in operating activities of $(110.3) million, net cash provided by investing activities of $523.8 million and an adjustment for FTAI’s 50% joint venture investment in QuickTurn Europe of $10.0 million for the three months ended June 30, 2025.


7