AerCap Holdings N.V.

Please stand by. Good day and welcome to the AIRCAP Q2 2026 Financial Results Call. Today's conference is being recorded and a transcript will be available following the call on the company's website. At this time, I would like to turn the conference over to Adi Padba, Head of Investor Relations. Please go ahead.

Thank you, Operator, and hello, everyone. Welcome to AIRCAP's second quarter 2026 Conference Call. With me today are our Chief Executive Officer, Aengus Kelly, and Chief Financial Officer, Pete Juhas. Before we begin today's call, I would like to remind you that some statements that are made during this conference call, which are not historical facts, may be forward-looking statements. Forward-looking statements involve risks and uncertainties that may cause actual results or events to differ materially from those expressed or implied in our statements. RCAP undertakes no obligation other than that imposed by law to publicly update or revise any forward-looking statements to future events, information, or circumstances that arise after this call. Further information concerning issues that could materially affect performance can be found in AIRCAP's earnings release dated July 29, 2026. A copy of the earnings release and conference call presentation are available on our website at aircap.com. This call is open to the public and being webcast simultaneously at aircap.com and will be archived for replay. We will shortly run through our earnings presentation and allow time at the end for Q&A. As a reminder, I will ask that analysts limit themselves to one question and one follow-up. I will now turn the call over to our CEO, Aengus Kelly.

Thank you for joining us for our second quarter 2026 earnings call. This was another strong quarter for AirCap, as reflected in our financial results. Dissident capital deployment and increased full-year guidance. AirCap's business maintained its momentum in the second quarter, as highlighted by our transaction activity. The least extension rate on passenger aircraft was 85%, well above the long-term average. We also completed 1.4 billion of asset sales during the quarter, generating a gain on sale margin of 20%. These operational highlights reflect both the resilience of our business model and the continued benefit of the supply-demand imbalance across our industry. Turning to our financial results, we delivered adjusted earnings per share of $5.14 in the second quarter, representing an adjusted return on equity of 18%. We also generated 1.5 billion of cash flow from operations. This strong cash generation continues to create significant financial flexibility, enabling us to invest in long-term accretive opportunities while also returning substantial capital to our shareholders. During the quarter, we repurchased more than $690 million of our shares and over $1.4 billion in the first half of the year. In addition, we recently ordered 15 new Boeing 787 aircraft. This is a key highlight which we will discuss in more detail later in the call. Reflecting our strong first half performance and positive outlook for the business, we are raising our full year earnings guidance to $16.80 per share, not including any additional gains on asset sales. Our outlook is underpinned by a supportive industry backdrop. Let me spend a few minutes discussing the broader market environment. Recent geopolitical challenges have led to higher input costs for airlines and will no doubt put further pressure on airline margins this year. That said, it is expected that the global airline industry will remain healthy in 2026 in aggregate supported by good travel demand, strong load factors and disciplined capacity growth. While global traffic growth has moderated year over year, trends vary by region. The Middle East, Asia Pacific and North America have experienced some weakness in daily flight activity, but Europe, Africa and Latin America have continued to see growth. Overall, the trends we are seeing highlight the resilience of travel demand, and the industry's ability to adapt to changing market conditions. For AirCap, this backdrop remains highly supportive. Aircraft and engine availability remain constrained, while airline demand continues to exceed supply. We see this reflected in our leasing activity, lease extensions and asset values. As a result, we remain confident in the long-term outlook for AirCap and the aviation industry more broadly. The supply-demand imbalance is particularly pronounced in the widebody market. Years of production shortages and delivery delays have constrained the availability of new widebody aircraft globally. This is clear from the left-hand side chart on slide 4. Over the past five years, airlines have extended the service lives of older widebody aircraft, resulting in over 200 fewer widebody retirements Thank you for joining us. should support strong demand for widebody leasing for many years to come. Against this backdrop, our order for 15 Boeing 787 aircraft reflects our conviction in the long-term fundamentals of the widebody market. We believe the 787 is one of the most attractive widebody assets, combining favourable economics with a broad global customer base and strong secondary market liquidity. Delivery positions for new 787 aircraft remain extremely limited. Aircap's long-standing relationship with Boeing, combined with their scale and ability to execute quickly, gives us a competitive advantage in securing scarce delivery positions. Our 787s will start delivering in 2030 and run through 2033 at economics that support our long-term return objectives. Today, we not only have the largest 787 fleet, but also the largest 787 order book of any lessor. And therefore, we are uniquely positioned to meet growing airline demand for next-generation wide-body aircraft. This strategic investment allows us to capitalize on a prolonged fleet renewal cycle, while providing our customers with access to one of the most efficient and sought-after aircraft types in the market. Turning to slide five, this investment is also a good example of the capital allocation framework that guides every decision we make. We continue to deploy capital with discipline and flexibility, directing it toward opportunities that we believe offer the most attractive long-term risk-adjusted returns while maintaining capacity to return capital to shareholders. So far this year, We have added 131 aircraft to our order book, returned more than $1.5 billion to our shareholders to share with purchases and dividends, and still have approximately $3.5 billion of excess capital available to deploy. In closing, Aircap delivered another strong quarter. Our global platform, consistent execution, disciplined capital allocation, and active portfolio management continue to position us to capitalize on opportunities across the market. And with that, I'll now hand the call over to Pete to review our financials.