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- **SCI Expansion**: $6B deployment target, 19% equity stake, and 375 aircraft portfolio highlight strategic capital initiative success.
- **Aerospace Dominance**: 77% YoY EBITDA growth to $180M, 35% margin, and 207 modules refurbished, positioning for 25% market share.
- **Acquisition Impact**: ATOPS ($15M) adds 150 modules/year; Bauer JV saves $75K/shop visit, driving 2026 margin expansion to 40%+.
- **Financial Strength**: $638M free cash flow year-to-date, $1B 2026 target, and 42nd dividend increase to $0.35/share.
- **Growth Outlook**: 2026 EBITDA $1.525B (Aerospace $1B, Leasing $525M), reflecting asset-light model and SCI scalability.

**【CEO Summary】**
- **SCI Expansion**: Upsized total equity capital to $2B, targeting $6B deployment (double original $3B goal). 190 aircraft closed/under LOI, with full deployment by mid-2026. MRE agreement ensures fixed engine exchanges, generating predictable cash flows for LPs.
- **Aerospace Products Growth**: Q3 EBITDA of $180M (35% margin), up 77% YoY. 207 CFM56 modules refurbished, on track for 750 in 2025. Acquired ATOPS for $15M, adding 150 modules/year and a European logistics hub. JV with Bauer for $75K savings per shop visit.
- **Free Cash Flow & Dividends**: Q3 free cash flow $268M, year-to-date $638M. Dividend increased to $0.35/share, 42nd consecutive payout.
- **2026 Outlook**: Aerospace EBITDA $1B (vs. $650M-$700M in 2025), Leasing EBITDA $525M. Total EBITDA $1.525B, free cash flow $1B (33% increase vs. 2025 target).

**【CFO Financial Commentary】**
- **Q3 Financials**: Adjusted EBITDA $297.4M (28% YoY growth). Aerospace Products $180.4M (35% margin), Leasing $134.4M. Free cash flow $268M, including $88M from seed portfolio sale.
- **SCI Impact**: 19% equity interest in SCI generates $50.1M gains on seed portfolio sales. Servicing fees and minority equity offset declining on-balance sheet leasing.
- **Cash Flow Transition**: Moving to industrial accounting, operating cash flow includes asset sales proceeds ($722M for 9 months ended Q3).

**【Q&A Highlights】**
- **SCI Demand**: Investors prefer lower residual risk, higher cash flows. 375 aircraft target exceeds United's CFM fleet. FTAI's role as servicer enhances cross-selling opportunities.
- **ATOPS & Bauer JV**: ATOPS adds 150 modules/year, Bauer JV saves $75K/shop visit. Both acquisitions driven by margin expansion and capacity needs.
- **Asset Management Model**: Targeting $20B in managed assets. Management fees (1%+ incentive) and minority equity returns (low double digits) create dual earnings streams.
- **V2500 Program**: Halfway through 5-year deal, demand driven by GTF grounding. Expect continued growth in performance restorations.
- **2026 Margins**: Aerospace Products targeting 40%+ margins via PMA approvals and component repair vertical integration.

FTAI Aviation Ltd. (FTAI) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

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Loss on Disposal of Assets

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FTAIN

FTAIN fundamentals

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