Here are 1-3 brief analogies to describe AerCap:

• AerCap is like Prologis, but for airplanes instead of warehouses.
• AerCap is like Hertz for commercial airplanes.

• Aircraft Operating Leases: Provides airlines worldwide with fully integrated long-term lease solutions for new and used commercial aircraft.
• Aircraft Sales: Engages in the strategic sale of aircraft from its portfolio to other lessors, investors, and airlines.
• Aircraft Asset Management: Offers comprehensive asset management services to third-party aircraft owners, covering remarketing, technical oversight, and financial administration.

AerCap (AER) is the world's largest independent aircraft leasing company. As such, it sells primarily to other companies, specifically airlines, cargo operators, and other aviation businesses globally. AerCap's customer base is highly diversified, serving over 300 customers worldwide. Due to this broad diversification across a large number of airlines, the company does not typically disclose a short list of individual "major customers" in its financial reporting.

However, based on industry reports, fleet placements, and company announcements over time, the following companies represent examples of prominent airlines that are significant customers of AerCap and are indicative of its diverse client base:

• United Airlines Holdings, Inc. (UAL)
• Ryanair Holdings plc (RYAAY)
• Delta Air Lines, Inc. (DAL)
• Deutsche Lufthansa AG (LHA.DE)
• Singapore Airlines Ltd (C6L.SI)

• Airbus (AIR)
• The Boeing Company (BA)

Aengus Kelly, Chief Executive Officer & Executive Director

Mr. Kelly was appointed Executive Director and Chief Executive Officer of AerCap in May 2011. He previously served as Chief Executive Officer of AerCap's U.S. operations from 2008 to 2011 and as AerCap's Group Treasurer from 2005 to 2007. He began his career in the aviation leasing and financing business in 1998 with Guinness Peat Aviation (GPA) and its successors, AerFi in Ireland and debis AirFinance and AerCap in Amsterdam. Prior to 1998, he spent three years with KPMG in Dublin. Under his leadership, AerCap acquired ILFC in 2014 and GE Capital Aviation Services (GECAS) in 2021 for over $30 billion, establishing AerCap as the world's largest aviation leasing company. The GECAS acquisition effectively reunited the two wings of Tony Ryan's GPA empire. Mr. Kelly is a Chartered Accountant and holds a Bachelor's degree in Commerce and a Master's degree in Accounting from University College, Dublin.

Peter Juhas, Chief Financial Officer

Mr. Juhas was appointed Chief Financial Officer of AerCap in April 2017, having previously served as Deputy Chief Financial Officer since September 2015. Before joining AerCap, he was Global Head of Strategic Planning at American International Group, Inc. (AIG), where he oversaw strategic and capital plans, as well as mergers, acquisitions, and other transactions, including the sale of ILFC to AerCap. From 2000 to 2011, Mr. Juhas was a Managing Director in the Investment Banking Division of Morgan Stanley, where he led AerCap's IPO in 2006. AerCap itself was acquired by affiliates of Cerberus Capital Management in 2005 before its IPO in 2006. He also advised the Federal Reserve Bank and the U.S. Treasury on the AIG restructuring. Earlier in his career, he was an attorney in the Mergers and Acquisitions group at Sullivan & Cromwell LLP. Mr. Juhas holds an A.B. from Harvard College and a J.D. from Harvard Law School.

Peter Anderson, Chief Commercial Officer

Mr. Anderson was appointed Chief Commercial Officer in March 2021, responsible for AerCap's worldwide leasing business. His roles at AerCap have included Head of Europe, Middle East and Africa, and Head of Asia Pacific and China. From 2011, he worked in the leasing team at ILFC, establishing and leading its Singapore office, until AerCap acquired ILFC in 2014. He has also held positions at Hong Kong Aviation Capital and Allco Finance Group, focusing on aircraft leasing and structured finance.

Bart Ligthart, Chief Investment Officer

Mr. Ligthart joined AerCap's Trading team in 2007 and was appointed Chief Investment Officer in March 2022. He previously served as Head of Trading and Portfolio Management since September 2018. He has 15 years of experience in aircraft trading and portfolio management. Prior to AerCap, he worked as a Manager Transactions Services at Deloitte and Touche in Amsterdam.

Tom Slattery, Executive Vice President Engines

Mr. Slattery assumed the role of Executive Vice President of AerCap Engines following the acquisition of GECAS by AerCap in November 2021. In this role, he leads AerCap's engine asset management activities. He joined GE Aviation in 2000 as an engineer and subsequently held various positions within GECAS, including sales and technical leadership, before being appointed EVP GECAS Engines in 2018.

• Global Aircraft Leasing Market: The global aircraft leasing market was valued at approximately USD 183.13 billion in 2024. This market is projected to grow significantly, with estimates suggesting it could reach around USD 397.21 billion by 2034, or even up to USD 565.1 billion by 2034. Another source indicates a value of USD 192.45 billion in 2024, expected to reach USD 551.47 billion by 2034.
• Global Aircraft Engine Leasing Market: The global aircraft engine leasing market reached USD 9.78 billion in 2022. This market is anticipated to show steady growth in the forecast period of 2023-2027.
• Global Helicopter Leasing Market: The global helicopter leasing market was valued at USD 4.55 billion in 2023 and is projected to grow to USD 10.13 billion by 2032. Another estimate places the market at USD 5.63 billion in 2025, with a projected increase to USD 11.92 billion by 2032.

AerCap (AER) is poised for future revenue growth over the next two to three years, driven by several key factors in the aviation leasing industry.

1. Sustained Tight Global Aircraft Supply and Elevated Lease Rates: The aviation market continues to experience prolonged aircraft shortages, particularly in the wide-body sector, where production by original equipment manufacturers (OEMs) has significantly lagged behind replacement needs. This constrained supply environment is fueling strong demand for aircraft leasing and asset sales, enabling AerCap to secure premium lease rates. AerCap's CEO, Aengus Kelly, has emphasized that this favorable supply and demand dynamic is expected to persist for several years, reinforcing the company's ability to achieve robust revenues.
2. Increasing Global Air Travel Demand and High Utilization Rates: The recovery and ongoing growth in global air travel, alongside increasing cargo flight volumes, are driving heightened demand for aircraft leasing. Regions like Asia-Pacific (APAC) and the Middle East are witnessing particularly strong passenger growth. This has led to high aircraft utilization rates, exceeding 99%, and strong lease extension rates of 97%, directly boosting AerCap's lease revenues.
3. Strategic Fleet Modernization and Expansion with New Technology Aircraft: AerCap's strategic focus on investing in new technology, more fuel-efficient aircraft positions it favorably in the market. The company aims for its fleet to comprise 75% new technology aircraft by 2024. This strategy not only meets airlines' increasing demand for environmentally friendly and cost-effective planes but also enhances AerCap's competitive edge. Recent actions, such as taking over Spirit Airlines' order book for 52 Airbus A320neo family aircraft, further demonstrate this commitment to fleet enhancement.
4. Profitable Aircraft Trading and Asset Sales: AerCap has demonstrated its ability to generate significant revenue through strategic asset sales, leveraging the tight supply market to achieve record gains. For example, the company reported its highest quarterly profit from sales on record in Q3 2025. This involves selling older aircraft at favorable terms, particularly to markets experiencing extensive manufacturer delays, allowing AerCap to capitalize on market conditions and generate substantial profits.
5. Expansion into Freight Conversions and Engine Leasing: Diversifying its offerings, AerCap is expanding its presence in freight conversions and engine leasing. The company has made substantial commitments to engine investments, totaling an additional $4.4 billion between 2024 and 2026. Furthermore, AerCap has begun delivering its first converted Boeing 777-300ER freighters, which are now actively generating revenue. These initiatives open new revenue streams and provide additional optionality within the aviation leasing ecosystem.

Share Repurchases

• AerCap announced a new share repurchase program of up to $750 million through December 31, 2025.
• Total share repurchase authorizations have amounted to $4.4 billion since March 2023.
• AerCap returned $1 billion to shareholders through repurchases in the third quarter of 2025, bringing the total repurchases to $2 billion year-to-date for 2025.

Share Issuance

• In November 2021, AerCap issued 111.5 million shares to GE Capital Aviation Services (GECAS) as part of the acquisition.
• The company's share count has since dropped by 21% from its high due to share repurchases.

Inbound Investments

• AerCap recovered $475 million in the third quarter of 2025 related to assets lost in the Ukraine conflict, contributing to a total of $2.9 billion in recoveries since 2023.
• In the second quarter of 2025, AerCap was awarded approximately $1 billion from war risks insurers by the London Commercial Court for assets lost in Russia in 2022.

Outbound Investments

• The company completed the acquisition of GE Capital Aviation Services (GECAS) in November 2021, involving approximately $23 billion in cash and $1 billion in AerCap notes, in addition to the issuance of AerCap shares.
• In October 2025, AerCap finalized a purchase agreement with Airbus for 52 A320neo Family aircraft and 45 options.
• During the first quarter of 2025, AerCap completed 49 purchases, adding 13 aircraft (including Airbus A320neo Family and Boeing 737 MAX aircraft), 35 engines, and one helicopter to its portfolio.

Capital Expenditures

• AerCap's capital expenditures forecast for the next fiscal year is $4.603 billion.
• Capital expenditures are expected to average $5.006 billion over the next five fiscal years.
• In the first quarter of 2025, CapEx amounted to $1.5 billion, primarily focused on the purchase of 13 aircraft, 35 engines, and one helicopter.