AerCap Holdings N.V.

Good day and welcome to the AirCap Holdings N.V. Q3 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'd like to turn the conference over to Mr. Adi Padva, head of investor relations. Please go ahead, sir.

Thank you, operator, and welcome to AirCap's third quarter 2026 earnings call. With me today are CEO Aengus Kelly and our CFO Pete Juhas. Please note that today's call may contain forward-looking statements which involve risks and uncertainties that may cause actual results or events to differ materially from those expressed or implied in such statements. Further information concerning these issues can be found in AERCAP's latest earnings release and our filing with the SEC. A copy of the earnings release and conference call presentations are available on our website at aircap.com. We undertake no duty to update any forward-looking statement except required by law. I'll now turn the call over to our CEO, Aengus Kelly.

Thank you for joining us for our third quarter 2026 earnings call. AirCap delivered another excellent quarter with record performance across a number of key financial metrics. leading us to raise our full year 2026 guidance. Our results once again demonstrate the resilience and stability of the global platform we have built over two decades as a public company. Starting with our financial highlights on slide three, we delivered record adjusted earnings per share of $6.56 in the third quarter. Translating, to a record adjusted return on equity of 22%. Demand for our assets remains strong and continues to outstrip available supply. While this dynamic is supporting lease rates and asset sale opportunities, AirCap's long-term performance is driven by our ability to actively manage and optimize assets throughout their lifecycle. It is this capability that continues to differentiate our platform and underpins our strong view of the business going forward. We continue to return significant capital to shareholders in the third quarter, repurchasing $783 million worth of shares and just over 2.2 billion year-to-date, representing approximately 10% of AirCap's outstanding shares at the beginning of the year. Reflecting our performance and positive outlook, we are raising our full year 2026 earnings guidance to $20.70 per share, excluding any additional gains and asset sales in the fourth quarter. Turning to our core leasing business and current industry dynamics, while our discussions with customers focus on long-term fleet planning decisions, those that determine capacity years into the future. Higher jet fuel prices have created uncertainty for some airlines and are impacting their near-term profitability. If jet fuel remains at these elevated levels, we would expect airlines to seek proactive measures to strengthen liquidity and protect their balance sheets. Our platform is uniquely positioned to navigate challenges the airline industry faces. And in many instances, this type of backdrop can create opportunities for aircap, such as through incremental sale and leaseback activities. Today, our order book is fully placed through the end of 2027 and 80% placed through the end of 2028. And this is taking into account the 131 new aircraft added to our order book this year. Combined with an average remaining lease term of over seven years, This gives us tremendous visibility into future earnings and underscores the durability of our business model. Turning to slide four, let me begin by saying that we've continued to take advantage of the very strong secondary market to improve the quality of our portfolio. During the third quarter, we sold 70 owned assets for $1.1 billion of sales proceeds. At an unlevered gain on sale margin, of 45%, equivalent to 2.6 times book equity. Today, 83% of our aircraft fleet is comprised of new technology of Fraser Aircraft, a direct result of our continued focus on portfolio optimization for the last 15 years. Turning to the growth of our order book, you have heard me say before that it cannot be a buyer's and a seller's market at the same time. Yet, despite a highly constrained supply environment, we have significantly expanded our order book since 2024 without compromising our return thresholds. Our scale and industry relationships have given us access to opportunities that others simply cannot reach. Today, we have an order book of new technology aircraft with delivery positions beginning in 2027 that we believe will create substantial long-term shareholder value. Continuing with the theme of capital allocation, AirCap has been defined throughout its history by the balanced deployment of capital across growth, shareholder returns, and financial strength. As we show on slide five, since the closing the GCAS acquisition At the end of 2021, we have committed more than $30 billion to new technology assets, repurchased almost 40% of our outstanding shares, and continued to strengthen our balance sheet. Today, AirCap is a high investment grade company with triple B plus BAA1 credit ratings. Turning to slide six, our performance since 2022 demonstrates the successful execution of our strategy. Over that period, AERCAP has delivered compound annual growth of 23% in adjusted earnings per share and 18% in book value per share. Our superior long-term returns are the result of a platform that combines global scale, unique information advantages, Deep customer relationships and ownership of the most valuable aviation assets. In closing, this business is not simply about buying, leasing, and selling aircraft. It is about actively managing aviation assets throughout their lifecycle, allocating capital where we see the most attractive return, and using our market leadership and expertise to create value at every stage of ownership. This is what makes AirCap's earnings power durable and continues to drive long-term value creation for our shareholders. I will now hand the call over to Pete to review the financials in more detail.