AerCap Global Aviation Trust
Annual Report
For the financial year ended 31 December 2025
Docusign Envelope ID: 94F16430-3448-8E16-82CD-A56629F647FD
AerCap Global Aviation Trust
Contents
Year-end Management responsibility statement 1
Management report 2 - 9
Independent Auditor's Report 10 - 15
Income statement 16
Statement of comprehensive income 17
Statement of financial position 18
Statement of changes in equity 19
Notes to the financial statements 20 - 50
Docusign Envelope ID: 94F16430-3448-8E16-82CD-A56629F647FD
AerCap Global Aviation Trust
Year-end Management responsibility statement
In preparing these financial statements, Management is required to:
• select suitable accounting policies and apply them consistently;
• make judgements and accounting estimates that are reasonable and prudent;
• state whether the financial statements have been prepared in accordance with applicable accounting
standards, identify those standards, and note the effect and the reasons for any material departure from those
standards; and
• prepare the financial statements on the going concern basis unless it is inappropriate to presume that AerCap
Global Aviation Trust will continue in business.
Management is responsible for ensuring that AerCap Global Aviation Trust keeps or causes to be kept adequate
accounting records which correctly explain and record the transactions of AerCap Global Aviation Trust and
enable at any time the assets, liabilities, financial position and profit or loss of AerCap Global Aviation Trust to
be determined with reasonable accuracy, and enable the financial statements to be audited.
They are also responsible for safeguarding the assets of AerCap Global Aviation Trust and hence for taking
reasonable steps for the prevention and detection of fraud and other irregularities.
We confirm to the best of our knowledge:
• The audited financial statements for the year ended 31 December 2025, have been prepared in accordance
with applicable accounting standards and give a true and fair view of the assets, liabilities, financial position
and income statement of AerCap Global Aviation Trust.
• The Management report includes a fair review of the development and performance of the business and
position of AerCap Global Aviation Trust, together with a description of the principal risks and uncertainties
it faces.
Approved and authorised by Management on 27 April 2026 and signed on its behalf by:
.........................................
Stephanie Crean
Chief Financial Officer
.........................................
Seamus Fitzgerald
Chief Executive Officer
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AerCap Global Aviation Trust
Management report for the financial year ended 31 December 2025
Background
AerCap Global Aviation Trust's ("Trust") business primarily comprises the leasing of commercial flight
equipment. The Trust lease most of its flight equipment to airlines under operating leases. Rather than
purchasing their flight equipment, many airlines operate their flight equipment under operating leases because
operating leases reduce their capital requirements and costs, and allow them to manage their fleet more
efficiently.
The Trust is an indirect wholly-owned subsidiary of AerCap Holdings N.V. ("AerCap"). AerCap and its
subsidiaries (the "Group") is the global leader in aviation leasing with 1,932 aircraft owned, managed or on
order (which includes an order book of 283 of the most in-demand new technology aircraft), over 1,200 engines
(including engines owned and managed by Shannon Engine Support Ltd (''SES'')) and over 300 owned
helicopters. AerCap serves approximately 300 customers around the world with comprehensive fleet solutions.
The Trust operates its business on a global basis, leasing flight equipment to customers in every major
geographical region.
AerCap is incorporated in the Netherlands and is listed on the New York Stock Exchange under the ticker
symbol AER. The Group has its headquarters in Dublin with offices in Shannon, Memphis, Singapore, Miami,
London, Dubai, Shanghai, Amsterdam and other locations.
AerCap Holdings N.V. and AerCap Ireland Capital Designated Activity Company ("AICDC") entered into an
agreement with American International Group Inc. ("AIG") for the purchase of 100% of International Lease
Finance Corporation ("ILFC"), AIG's aircraft leasing business in late 2013.
The Trust, a statutory Trust in the State of Delaware, United States, was formed on 5 February 2014, with its
principal office in Ireland. AICDC is the principal beneficiary of the Trust. On the closing date, immediately
after completing the ILFC transaction, substantially all of ILFC’s assets were transferred as an entirety to, and
substantially all of ILFC’s liabilities were assumed by, the Trust (the ‘‘Reorganisation’’).
In connection with the Reorganisation, the Trust agreed to assume ILFC’s obligations under its debt agreements
and AerCap and certain of its subsidiaries agreed to guarantee such obligations. Accordingly, the Trust became
the successor obligor in respect of the notes issued under ILFC’s various indentures (“ILFC Legacy Notes”).
These ILFC Legacy Notes were listed on the Main Securities Market (now referred to as the Euronext Dublin
regulated market) of the Irish Stock Exchange (now trading as Euronext Dublin) and were repaid during 2022.
In addition, the Trust has $1.0bln Enhanced Capital Advantage Preferred Securities ("ECAPS") subordinated
notes listed on Euronext Dublin's regulated market. Since the closing of the ILFC transaction, AICDC and the
Trust have co-issued a series of notes which are jointly and severely, and fully unconditionally guaranteed by
AerCap Holdings N.V.
Results and distributions
The results of the Trust for the year are set out in the income statement on page 16 of the financial statements
and in the related notes. The Trust's profit for the year amounted to $1.6bln (2024: Profit $1.4bln).
The Trust made distributions of $2.7bln (2024: $nil) to AICDC during the year.
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Management report for the financial year ended 31 December 2025 (continued)
Principal risks and uncertainties
Management is subject to numerous risks and uncertainties that could materially and adversely affect the Trust's
future operating profit or financial position. The principal risks and uncertainties are described below:
Asset risk
The Trust leases flight equipment on an operating lease and bears the asset risk of a deterioration in the
underlying value of the flight equipment. Management look to mitigate this risk by, where possible, either
extending the lease term on the flight equipment or remarketing the flight equipment.
Credit risk
The Trust’s financial condition depends, in part, on the financial strength of its lessees, and factors outside of the
Trust’s control may adversely affect its lessees’ operations, their ability to meet the obligations to the Trust or
their demand for the Trust’s flight equipment. The Trust bears the credit risk of the airline during the life of the
lease. Management look to mitigate this risk by collecting maintenance reserves and/or collecting security
deposits where appropriate.
Geopolitical and economic risk
The Trust is exposed to geopolitical, economic and legal risks associated with the international operations of the
business and those of the lessees, including many of the economic and political risks associated with emerging
markets. The Trust is exposed to concentrated political and economic risks in certain geographical regions in
which lessees are concentrated. The adequacy and timeliness of the Trust's response to emerging risks in these
jurisdictions are of critical importance to the mitigation of their potential impact on the Trust's results and
financial position. In addition, changes in trade policies, including the introduction of new tariffs or the
modification of existing tariffs, could have a material impact on the Trust’s business and the aviation sector in
general.
The Trust’s assets are subject to various environmental regulations and concerns, including those relating to
climate change, that may be supplemented by additional regulations and requirements or become more stringent,
which may negatively affect operations. In addition, corporate responsibility, specifically related to
environmental, social and governance (“ESG”) matters, may impose additional costs and expose the Trust to
new risks.
Changes in U.S. trade policy, including new or increased tariffs, and responses by other countries to these
changes, have created, and may continue to create uncertainty in global commerce. During the past year, the
United States has introduced or threatened to introduce significantly higher tariffs on most countries around the
world and continues to use tariffs or the threat thereof as a means of pursuing foreign policy, economic or other
objectives. In response, other countries have introduced or threatened to introduce retaliatory tariffs against the
United States. While some of the tariffs announced by the United States and other countries have been
suspended as a result of completed or pending negotiations, in general the United States has introduced tariffs
on all non-U.S.-origin goods, with certain exceptions. Trade agreements that were announced last year between
the United States and the United Kingdom and the European Union would generally exempt aviation from
tariffs. However, while these trade agreements have been observed pending enactment, there is no assurance
that they will be enacted and that aviation will remain exempt from tariffs between these countries.
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Management report for the financial year ended 31 December 2025 (continued)
Principal risks and uncertainties (continued)
Geopolitical and economic risk (continued)
These changes in trade policy and ongoing negotiations of trade agreements are creating significant uncertainty,
and future tariffs or other measures may create additional uncertainty, which could materially affect the Trust’s
business. In addition, tariffs and other measures could result in material additional costs to the Trust’s lessees in
impacted jurisdictions, which could affect the ability of those lessees to meet their lease obligations to the Trust
and could negatively impact the demand for leases or purchases of certain types of flight equipment in impacted
jurisdictions. In addition, tariffs levied on countries where the Trust’s suppliers source their parts and material
could disrupt their operations, which could result in delays in the delivery of the Trust’s flight equipment on
order of increased costs. These tariffs and other measures could be inflationary or cause interest rates to rise,
which could negatively impact the Trust, its suppliers and its lessees.
Changes in tariffs and other measures may be announced with little or no advance notice. The adoption and
expansion of tariffs and other measures, or other changes in governmental policies related to taxes, tariffs, trade
agreements, are difficult to predict, which makes attendant risks difficult to anticipate and mitigate. Changes in
tariffs and other measures announced to date or the threats of such tariffs or other measures, have led to
increased geopolitical and macroeconomic uncertainty and volatility in the financial markets.
Military conflict and resulting geopolitical instability in the Middle East could adversely affect the Trust's
customers, operations, and financial performance.
Geopolitical instability in the Middle East has intensified following coordinated military actions by the United
States and Israel against Iran commencing on 28 February 2026, and subsequent retaliatory activity by Iran
across the region. These developments have disrupted regional airspace, global shipping routes and energy
flows, including through the Strait of Hormuz, a key transit point for oil and gas shipments. The resulting
volatility in energy prices and increases in operational costs, as well as potential fuel shortages, have created
heightened uncertainty for airlines and for the overall economic environment.
These conditions may adversely affect the Trust's airline customers by increasing their operating costs, reducing
passenger demand and limiting capacity deployment. These pressures may weaken customers’ financial
condition and credit profiles, increasing the likelihood of lease restructurings, payment delays, or defaults. The
evolving situation may also create additional operational and market uncertainties that could affect the Trust's
airline customers’ financial condition and cash flows and, consequently, their ability to meet lease obligations.
If the conflict escalates or persists, the Trust could experience reduced demand for flight equipment, pressure on
lease rates, changes in trading activity, delivery delays, and revisions to residual value expectations. The Trust
could also experience higher financing and insurance costs. Any of these factors, individually or collectively,
could have a material and adverse effect on the Trust's financial condition, cash flows, liquidity and results of
operations.
Macroeconomic risks
After a sustained period of relatively low inflation rates, rates of inflation increased significantly during 2022
and 2023, reaching recent historical highs in the United States, the European Union, the United Kingdom, and
other countries, before stabilising during 2024 and 2025. Ongoing geopolitical instability, including the current
conflict in the Middle East, has contributed to increased volatility in global energy, fuel and commodity markets
and may place renewed upward pressure on inflation levels. Additionally, the increases in tariffs by the United
States in the last year, the prospect of potential additional tariffs and retaliatory tariffs and the trade agreements
between the United States and certain trading partners in recent months may also lead to higher inflation in the
future. The conflict in the Middle East could further disrupt global supply chains, shipping routes and energy
production or transportation, which could exacerbate inflationary pressures.
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Management report for the financial year ended 31 December 2025 (continued)
Macroeconomic risks (continued)
High rates of inflation may have a number of adverse effects on the Trust's business. In particular, higher fuel
and energy costs resulting from geopolitical conflict may increase operating costs for the Trust's assets and
lessees, which could have an adverse effect on their financial condition or cash flows and, as a result, their
ability to perform their obligations under the leases. Inflation may increase the costs of goods, services and
labour used in the Trust's operations, thereby increasing its expenses. To the extent that the Trust derives its
income from leases with fixed rates of payment, high rates of inflation will cause a greater decrease in the value
of those payments than had the rates of inflation remained lower. Because the Trust's leases are generally
multi-year, there may be a lag in its ability to adjust the lease rates for flight equipment accordingly. The Trust's
suppliers and lessees may also be subject to material adverse effects as a result of high rates of inflation,
including as a result of the impact on their financial conditions, changes in demand patterns, price volatility, and
supply chain disruption.
Funding risk
As at 31 December 2025, the Trust had 43 aircraft on order. Due to the capital-intensive nature of the business,
the Trust expects that it will incur additional indebtedness in the future and continue to maintain substantial
levels of indebtedness. The Trust has significant principal and interest payments on the outstanding indebtedness
and substantial flight equipment forward purchase contract payments. In order to meet these commitments, and
to maintain an adequate level of unrestricted cash, the Trust will need to raise additional funds by accessing
committed debt facilities, securing additional financing from banks or through capital markets transactions, or
possibly selling flight equipment. The Trust's typical sources of funding may not be sufficient to meet its
liability needs, in which case it may be required to raise capital from new sources, including by issuing new
types of debt.
The Trust primarily uses fixed rate debt to finance its business, which provides an interest rate hedge against
lease rentals, which in turn are largely fixed over their term.
As of 31 December 2025, the Trust had approximately $1.0bln (2024: $1.0bln) of floating rate debt outstanding
that used three-month USD SOFR as the applicable reference rate to calculate interest on such debt.
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AerCap Global Aviation Trust
Management report for the financial year ended 31 December 2025 (continued)
Principal risks and uncertainties (continued)
Impact of changes in interest rates
Like many leasing companies, the Trust is subject to interest rate risk. The Trust uses a mix of fixed rate and
floating rate debt to finance its business. The Trust's cost of borrowing is affected by the interest rates that are
obtained on the debt financings, which can fluctuate based on, among other things, general market conditions,
the market’s assessment of the Trust's credit risk, prevailing interest rates in the market, fluctuations in U.S.
treasury rates and other benchmark rates, changes in credit spreads or swap spreads and the duration of the debt
the Trust issues.
Despite rate decreases during the year ended 31 December 2025, interest rates remain elevated relative to the
past 15 years in the United States, the European Union and other countries and may remain high during 2026. In
a high interest rate environment, the Trust is obligated to make higher interest payments to the lenders of the
floating rate debt, which negatively impacts net income to the extent that those payments are not hedged. Higher
rates are also likely to increase the cost of any new financing the Trust may raise during this period, which
could, if not hedged, impact net income. Typically, the Trust is not able to immediately offset this negative
impact by increasing the rates on its leases. During the year ended 31 December 2025, 99% of the groups basic
lease rents from flight equipment under operating leases was attributable to leases with fixed lease rates or
power-by-the-hour (“PBH”) agreements and 1% was derived from leases with lease rates tied to floating interest
rates.
Rising interest rates may also have a negative impact on the financial condition of the Trust's lessees, who may
find it more difficult to service their debt and obtain new financing on favourable terms. While most of the
group's leases have fixed lease rates, some lessees do have floating rate leases, and rising interest rates may
increase the risk of a lessee with floating rate lease rates defaulting as payments due to the Trust increase.
The Trust is also exposed to certain risks from interest rate decreases. Decreases in interest rates may adversely
affect the Trust's interest revenue on cash deposits and the Trust's lease revenue, in part because a decrease in
interest rates would cause a decrease in lease revenue from leases with lease rates tied to floating interest rates.
The Trust could also experience reduced lease revenue from fixed rate leases if interest rates decrease because
these are based, in part, on prevailing interest rates at the time the Trust enters into the lease. As a result, new
fixed rate leases entered into at a time of lower interest rates may be at lower lease rates than had no such
interest rate decrease occurred, adversely affecting the Trust's lease revenue. This may be particularly harmful to
the Trust's business if the Trust incurs debt at higher interest rates and enter into leases at a time of lower interest
rates.
AerCap Group's primary market risk exposure is interest rate risk associated with short- and long-term
borrowings bearing variable interest rates and lease payments under leases tied to floating interest rates. To
manage this interest rate exposure, from time to time, the group enters into interest rate swap and cap
agreements and U.S. treasury rate lock agreements.
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AerCap Global Aviation Trust
Management report for the financial year ended 31 December 2025 (continued)
Principal risks and uncertainties (continued)
Impact from the risks related to the Ukraine Conflict
On 24 February 2022, Russia launched a large-scale military invasion of Ukraine and has since been engaged in
a broad military conflict with Ukraine (the “Ukraine Conflict”). In response to the Ukraine Conflict and ongoing
related hostilities, the United States, the European Union, the United Kingdom and other countries have
imposed broad, far-reaching sanctions against Russia, certain Russian persons and certain activities involving
Russia or Russian persons (the “Sanctions”).
In compliance with all applicable Sanctions in March 2022, AerCap Holdings N.V. and its subsidiary
undertakings (the “Group”) terminated the leasing of all aircraft and engines with Russian airlines.
The Ukraine Conflict, the Sanctions and the actions of former Russian lessees and the Russian government
together represent an unusual and infrequent event and therefore the related net recoveries/(charges) are
classified separately on the income statement as a “Net recoveries/(charges) related to Ukraine Conflict”.
During 2022, the Trust recognised a pre-tax net charge of $252.7m to earnings, comprised of write-offs and
impairments of flight equipment, which were partially offset by the derecognition of lease-related assets and
liabilities (including maintenance rights and lease premium intangible assets, maintenance liabilities, lessor
contributions, security deposits and other balances) and the collection of letters of credit proceeds. The Trust
recognised a total loss write-off with respect to the assets that remained in Russia and Ukraine at the time, and
impairment losses with respect to the assets the Trust has recovered from Russian and Ukrainian airlines. The
termination of the leasing of the Trust's leased fleet in Russia also resulted in reduced revenues and operating
cash flows.
In 2022, AerCap Ireland Limited, on its own behalf and on behalf of certain other represented claimants
(including the Trust) initiated a claim, with respect to assets that had remained in Russia, in the London
Commercial Court against the insurers under the Trust's contingent and possessed insurance policy (“C&P
Policy”).
During the year ended 31 December 2025, the Trust recognised recoveries of $314.4m, which included
recoveries of $308.6m pursuant to the 11 June 2025, judgement from the London Commercial Court in respect
of the Trust’s claim against the insurers under the Trust’s C&P Policy (the "2025 Judgement") as well as cash
insurance settlement proceeds of $5.8m pursuant to a settlement in respect of the insurance policy of a Russian
airline. Following recoveries in 2023 and 2024, this award brings the Trust's total pre-tax recoveries relating to
the Ukraine Conflict to approximately $424.7m.
On 31 March 2026, the Court of Appeal granted the relevant insurers of the Trust’s C&P Policy permission to
appeal the 2025 Judgment. The Trust intends to vigorously defend against the insurers’ appeal. However, if the
insurers ultimately prevail upon appeal, the Trust may be required to repay up to all amounts received pursuant
to the 2025 Judgement, plus applicable interest. Based on current assessments, management do not consider this
outcome to be probable. While the ultimate resolution of litigation is inherently uncertain, management believe
this assessment reflects the most likely outcome based on the present facts and circumstances.
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AerCap Global Aviation Trust
Management report for the financial year ended 31 December 2025 (continued)
Business review
The significant events that occurred during the year ended 31 December 2025 and their impact on the financial
statements are described below:
During the year ended 31 December 2025, the Trust generated a profit of $1.6bln (2024: $1.4bln) with a
turnover of $603.8m (2024: $586.3m). We would like to draw your attention to the following movements:
• The gross profit margin for the year ended 31 December 2025 was 57.2%, remaining broadly consistent with
the 59.6% achieved in the prior year.
• Operating expenses increased by $65.2m to $119.2m for the year ended 31 December 2025, compared to
$54.0m in the prior year. This increase was driven primarily by a $94.4m rise in repairs maintenance and
technical costs, which grew from $3.1m to $97.5m. This was partially offset by a $24.1m decrease in the
provision for intercompany receivables during the year, compared to a $0.1m increase in the prior period.
• Profit on the sale of tangible and related assets for the year ended 31 December 2025 was $197.2m,
compared with $187.0m in the equivalent period in 2024. Profit on reclassification of leases for 2025 was
$27.4m, compared with a loss of $12.5m in 2024. The year‑on‑year movements primarily reflect changes in
the mix and nature of asset sales and lease reclassifications occurring in each period.
• The Trust recognised net recoveries of $314.4m during the year in relation to the Ukraine Conflict,
compared with net recoveries of $87.5m for the corresponding period in 2024.
• Interest receivable and similar income increased by $6.3m to $2.2bln for the year ended 31 December 2025.
The increase is primarily driven by a change in the mix of loans to group undertakings.
• Interest payable and similar expenses increased by $78.4m to $1.4bln for the year ended 31 December 2025.
The increase primarily reflects higher external debt interest, which rose by $73.7m compared with the
corresponding period in 2024.
• Dividend income of $182.3m (2024: $24.4m) was received from subsidiary entities during the year ended 31
December 2025.
Significant movements in the statement of financial position between 31 December 2025 and 31 December 2024
were changes in loans and borrowings and changes in the net book value of tangible assets.
• The net book value of tangible assets decreased by $575.3m during the year. The decrease was primarily
driven by the sale of 17 aircraft, which had a combined net book value of $508.5m and accumulated
depreciation and impairment of $258.5m. The reduction also reflects the transfer of 2 aircraft to finance
lease. These decreases were partially offset by new acquisitions of $191.7m during the year. Of the 17
aircraft sold during the year ended 31 December 2025, 6 were intercompany sales.
• In January 2025, AerCap Trust and AICDC co-issued $750m aggregate principal amount of 4.875% Senior
Notes due 2028 and $750m aggregate principal amount of 5.375% Senior Notes due 2031.
• In April 2025, AerCap Trust and AICDC co-issued $500m aggregate principal amount of fixed-rate reset
junior subordinated notes due 2056 (the “2056 Junior Subordinated Notes” and, together with the 2055
Junior Subordinated Notes, the "Junior Subordinated Notes"). The 2056 Junior Subordinated Notes currently
bear interest at a fixed interest rate of 6.500% and, from 31 January 2031 (the “First Reset Date”), will bear
interest at a rate equal to the five-year U.S. Treasury Rate plus 2.441%, to be reset on each subsequent
five-year anniversary.
• In June 2025, AerCap Trust redeemed in full the $500m aggregate principal amount of its 2045 Junior
Subordinated Notes, at a redemption price equal to 100% of the principal amount thereof plus accrued and
unpaid interest.
• In October 2025, AerCap Trust and AICDC co-issued $600m aggregate principal amount of 4.375% Senior
Notes due 2030 and $600m aggregate principal amount of 5.000% Senior Notes due 2035.
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AerCap Global Aviation Trust
Management report for the financial year ended 31 December 2025 (continued)
Post balance sheet events
In January 2026, AerCap Trust and AICDC co-issued $900m aggregate principal amount of 4.125% Senior
Notes due 2029 and $850m aggregate principal amount of 4.750% Senior Notes due 2033.
In February 2026, AerCap Trust and AICDC redeemed all of the then-outstanding $500m aggregate principal
amount of their 4.450% Senior Notes due 2026.
On 31 March 2026, the Court of Appeal granted the relevant insurers of the Trust’s C&P Policy permission to
appeal the 2025 Judgment. The Trust intends to vigorously defend against the insurers’ appeal. However, if the
insurers ultimately prevail upon appeal, the Trust may be required to repay up to all amounts received pursuant
to the 2025 Judgement, plus applicable interest. Based on current assessments, management do not consider this
outcome to be probable. While the ultimate resolution of litigation is inherently uncertain, management believe
this assessment reflects the most likely outcome based on the present facts and circumstances.
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Independent Auditor’s Report to the Management of AerCap Global Aviation
Trust
Report on the audit of the financial statements
Opinion
We have audited the financial statements of AerCap Global Aviation Trust (‘the Trust’) for the year
ended 31 December 2025 set out on pages 16 to 50, which comprise the Income Statement, the
Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes
in Equity and related notes, including the summary of significant accounting policies set out in note 2.
The financial reporting framework that has been applied in their preparation is FRS 102 The Financial
Reporting Standard applicable in the UK and Republic of Ireland issued in the United Kingdom by the
Financial Reporting Council. These financial statements have been prepared for the reasons set out
in note 2.
In our opinion:
• the financial statements give a true and fair view of the assets, liabilities and financial position
of the Trust as at 31 December 2025 and of the Trust‘s profit for the year then ended; and
• the Trust financial statements have been properly prepared in accordance with FRS 102 The
Financial Reporting Standard applicable in the UK and Republic of Ireland.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (Ireland) (ISAs
(Ireland)) and applicable law. Our responsibilities under those standards are further described in the
Auditor's responsibilities for the audit of the financial statements section of our report. We have
fulfilled our ethical responsibilities under, and we remained independent of the Trust in accordance
with ethical requirements that are relevant to our audit of the financial statements, including the
Ethical Standard issued by the Irish Auditing and Accounting Supervisory Authority (IAASA), as
applied to listed entities.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that management’s use of the going concern
basis of accounting in the preparation of the financial statements is appropriate. Our evaluation of
management‘s assessment of the Trust’s ability to continue to adopt the going concern basis of
accounting included:
• Completion of risk assessment procedures to identify factors that could impact the going
concern basis of accounting.
• Evaluation of managements' assessment of the Trust’s ability to continue to adopt the going
concern basis of accounting. In our evaluation of management‘s conclusions, we considered
the inherent risks to the Trust’s business model and analysed how those risks might affect the
Trust’s funding and liquidity position or ability to continue operations over the going concern
period.
• Consideration of sensitivities over the level of available financial resources to the Trust from
the ultimate parent, AerCap Holdings N.V.
Docusign Envelope ID: 94F16430-3448-8E16-82CD-A56629F647FD
Independent Auditor’s Report to the Management of AerCap Global Aviation
Trust (continued)
11
Report on the audit of the financial statements (continued)
Conclusions relating to going concern (continued)
Based on the work we have performed, we have not identified any material uncertainties relating to
events or conditions that, individually or collectively, may cast significant doubt on the Trust’s ability to
continue as a going concern for a period of at least twelve months from the date when the financial
statements are authorised for issue.
Our responsibilities and the responsibilities of Management with respect to going concern are
described in the relevant sections of this report.
Detecting irregularities including fraud
We identified the areas of laws and regulations that could reasonably be expected to have a material
effect on the financial statements and risks of material misstatement due to fraud, using our
understanding of the entity's industry, regulatory environment and other external factors and inquiry
with the directors. In addition, our risk assessment procedures included:
• Inquiring with management as to the Trust’s policies and procedures regarding compliance
with laws and regulations, identifying, evaluating and accounting for litigation and claims, as
well as whether they have knowledge of non-compliance or instances of litigation or claims.
• Inquiring of management as to the Trust’s policies and procedures to prevent and detect
fraud, as well as whether they have knowledge of any actual, suspected or alleged fraud.
• Inquiring of management regarding their assessment of the risk that the financial statements
may be materially misstated due to irregularities, including fraud.
• Inspecting the Trust’s regulatory and legal correspondence.
• Reading Board meeting minutes.
• Considering remuneration incentive schemes and performance targets for management
including the EPS target for management remuneration.
We discussed identified laws and regulations, fraud risk factors and the need to remain alert among
the audit team.
Firstly, the Trust is subject to laws and regulations that directly affect the financial statements
including companies and financial reporting legislation. We assessed the extent of compliance with
these laws and regulations as part of our procedures on the related financial statement items,
including assessing the financial statement disclosures and agreeing them to supporting
documentation when necessary.
Secondly, the Trust is subject to many other laws and regulations where the consequences of non-
compliance could have a material effect on amounts or disclosures in the financial statements, for
instance through the imposition of fines or litigation. We identified the following areas as those most
likely to have such an effect: anti-bribery, employment law, regulatory capital and liquidity and certain
aspects of Trust legislation recognising the financial nature of the Trust’s activities and its legal form.
Auditing standards limit the required audit procedures to identify non-compliance with these non-direct
laws and regulations to inquiry of the directors and inspection of regulatory and legal correspondence,
if any. These limited procedures did not identify actual or suspected non-compliance.
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Independent Auditor’s Report to the Management of AerCap Global Aviation
Trust (continued)
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Report on the audit of the financial statements (continued)
Detecting irregularities including fraud (continued)
We assessed events or conditions that could indicate an incentive or pressure to commit fraud or
provide an opportunity to commit fraud. As required by auditing standards, we performed procedures
to address the risk of management override of controls. We did not identify any additional fraud risks.
In response to the fraud risk, we also performed procedures including:
• Identifying journal entries and other adjustments to test based on risk criteria and comparing
the identified entries to supporting documentation.
• Assessing significant accounting estimates for bias
• Assessing the disclosures in the financial statements for bias.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have
detected some material misstatements in the financial statements, even though we have properly
planned and performed our audit in accordance with auditing standards. For example, the further
removed non-compliance with laws and regulations (irregularities) is from the events and transactions
reflected in the financial statements, the less likely the inherently limited procedures required by
auditing standards would identify it.
In addition, as with any audit, there remains a higher risk of non-detection of irregularities, as these
may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal
controls. We are not responsible for preventing non-compliance and cannot be expected to detect
non-compliance with all laws and regulations.
Key audit matters: our assessment of risks of material misstatement
Key audit matters are those matters that, in our professional judgement, were of most significance in
the audit of the financial statements and include the most significant assessed risks of material
misstatement (whether or not due to fraud) identified by us, including those which had the greatest
effect on: the overall audit strategy; the allocation of resources in the audit; and directing the efforts of
the engagement team. These matters were addressed in the context of our audit of the financial
statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion
on these matters.
In arriving at our audit opinion above, the key audit matter was as follows (unchanged from 2024):
Impairment of Aircraft $25.2 million (2024: $17.1 million)
Refer to page 23 (accounting policy) and pages 30 to 31 (Tangible Assets disclosures)
The key audit matter
How the matter was addressed in our audit
At 31 December 2025, the carrying value
of the Trust‘s tangible assets made up
$4bn or 10% of Total Assets.
The Trust applies the requirements of FRS
102 Impairment of Assets in order to
determine whether it is necessary to
recognise an impairment loss on any
aircraft and related components.
In relation to the audit of the impairment assessment of
aircraft and related components, the procedures we
undertook included, amongst others:
• We obtained an understanding of and documented the
key controls around the impairment assessment of
aircraft and related components, testing the effectiveness
of design and implementation, including consideration of
approval by Management.
• Enquired about plans for aircraft disposals or other
actions that may impact on aircraft recoverable amounts;
Docusign Envelope ID: 94F16430-3448-8E16-82CD-A56629F647FD
Independent Auditor’s Report to the Management of AerCap Global Aviation
Trust (continued)
13
Report on the audit of the financial statements (continued)
Key audit matters: our assessment of risks of material misstatement (continued)
The key audit matter (continued)
How the matter was addressed in our audit (continued)
Determining whether or not an impairment
exists, and the amount of any impairment,
requires the exercise of significant
judgement relating to tangible assets
current market values and estimated future
residual values, future lease rates, the
timing and cost of maintenance events and
the discount rate applied to the portfolio as
well as consideration of both internal and
external sources of information.
For the reasons outlined above, the
engagement team determine this matter to
be a key audit matter.
• We evaluated the (i) competence, capabilities and
objectivity of the external valuers employed by the Trust
to provide aircraft current market values and (ii) the
appropriateness of their work as audit evidence. We
obtained the external valuers valuation reports to validate
the inputs into the impairment model.
• We evaluated the key inputs and significant assumptions
used in management‘s determination of recoverable
amounts for each aircraft (aircraft current market values
and estimated future residual values, future lease rentals,
timing and discount rate) by comparing these to, in-force
contractual arrangements (specifically lease and any
related deferral (or similar) arrangements), recent trends
and externally available industry, economic data
(including that provided by the Trust’s external valuers).
• We evaluated management‘s identification of impairment
indicators, and assessed the methodology adopted in its
impairment model with reference to our understanding of
the Trust’s business and the requirements of the
accounting standards. We assessed the calculations
underlying the impairment model by checking that the key
inputs and assumptions input into the model were in
agreement with those that we had evaluated.
• We performed sensitivity analysis of the discount rates
applied and the assumptions in respect of lease rates
and residual values used by management in the
impairment model through applying additional downside
sensitivities to assess what changes thereto, either
individually or collectively, would result in a different
conclusion being reached and assessed whether there
were any indicators of management bias in the setting of
key assumptions.
• We assessed the adequacy of the disclosures made by
the Trust regarding the impairment assessment of aircraft
and related components in the financial statements for
compliance with the accounting standards.
Based on the procedures we performed, we considered that
the key inputs and significant assumptions used in the
impairment assessment are reasonable.
Our application of materiality and an overview of the scope of our audit
Materiality for the financial statements as a whole was set at $120m (2024: $103m), determined with
reference to a benchmark of total assets, initially calculated at 1% of total assets and adjusted
downward to align with AerCap Group audit materiality (2024: 1%).
We consider Total Assets to be the most appropriate benchmark.
Docusign Envelope ID: 94F16430-3448-8E16-82CD-A56629F647FD
Independent Auditor’s Report to the Management of AerCap Global Aviation
Trust (continued)
14
Report on the audit of the financial statements (continued)
Our application of materiality and an overview of the scope of our audit (continued)
In applying our judgement in determining the most appropriate benchmark, the factors, which had the
most significant impact were:
• the elements of the financial statements;
• whether there are items on which the attention of the users of the Trust’s financial statements
tend to focus;
• ownership structure; and
• the stability of the Trust, resulting from its nature, where the Trust is in its life cycle and the
industry in which the Trust operates.
In applying our judgement in determining the percentage to be applied to the benchmark, the
following qualitative factors, had the most significant impact, lowering our assessment of materiality:
the materiality threshold applied to the AerCap Holdings N.V. audit and the debt structure of the Trust.
We applied materiality to assist us determine what risks were significant risks and the procedures to
be performed.
Performance materiality for the financial statements as a whole was set at $90m (2024: $77m),
determined with reference to a benchmark of our materiality threshold (of which it represents 75%
(2024: 75%).
In applying our judgement in determining performance materiality, the following factors were
considered to have the most significant impact, increasing our assessment of performance materiality:
• number and severity of deficiencies in control activities; and
• history of misstatements that were accumulated in audits of the financial statements of prior
periods.
We reported to Management any corrected or uncorrected identified misstatements exceeding $6m
(2024: $5m), in addition to other identified misstatements that warranted reporting on qualitative
grounds.
Our audit of the Trust was undertaken to the materiality and performance materiality specified above
and was all performed by a single engagement team in Ireland.
Other information
Management are responsible for the other information presented in the Annual Report together with
the financial statements. The other information comprises the information included in the Management
report. The financial statements and our auditor’s report thereon do not comprise part of the other
information. Our opinion on the financial statements does not cover the other information and,
accordingly, we do not express an audit opinion or, except as explicitly stated below, any form of
assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether, based on our
financial statements audit work, the information therein is materially misstated or inconsistent with the
financial statements or our audit knowledge. Based solely on that work we have not identified material
misstatements in the other information.
Docusign Envelope ID: 94F16430-3448-8E16-82CD-A56629F647FD
Independent Auditor’s Report to the Management of AerCap Global Aviation
Trust (continued)
15
Report on the audit of the financial statements (continued)
Other information (continued)
Based solely on our work on the other information undertaken during the course of the audit, we
report that:
• we have not identified material misstatements in the Management report; and
• in our opinion, the information given in the Management report is consistent with the financial
statements.
Respective responsibilities and restrictions on use
Responsibilities of Management for the financial statements
As explained more fully in the management’s responsibilities statement set out on page 1,
management are responsible for: the preparation of the financial statements including being satisfied
that they give a true and fair view; such internal control as they determine is necessary to enable the
preparation of financial statements that are free from material misstatement, whether due to fraud or
error; assessing the Trust’s ability to continue as a going concern, disclosing, as applicable, matters
related to going concern; and using the going concern basis of accounting unless they either intend to
liquidate the Trust or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole
are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report
that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee
that an audit conducted in accordance with ISAs (Ireland) will always detect a material misstatement
when it exists. Misstatements can arise from fraud or error and are considered material if, individually
or in the aggregate, they could reasonably be expected to influence the economic decisions of users
taken on the basis of these financial statements.
A fuller description of our responsibilities is provided on IAASA’s website at
https://iaasa.ie/publications/description-of-the-auditors-responsibilities-for-the-audit-of-the-financial-
statements/.
The purpose of our audit work and to whom we owe our responsibilities
Our report is made solely to the management, as a body, in accordance with our engagement letter
dated 11 February 2026. Our audit work has been undertaken so that we might state to the
Management those matters we are required to state to them in an auditor’s report and for no other
purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone
other than the Trust and management, as a body, for our audit work, for this report, or for the opinions
we have formed.
29 April 2026
Colm O'Rourke
for and on behalf of
KPMG
Chartered Accountants, Statutory Audit Firm
1 Harbourmaster Place
IFSC
Dublin 1
D01 F6F5
Docusign Envelope ID: 94F16430-3448-8E16-82CD-A56629F647FD
AerCap Global Aviation Trust
Income statement
for the financial year ended 31 December 2025
Note
2025
$ 000
2024
$ 000
Turnover
4 603,847 586,336
Depreciation and impairment
11
(258,454) (236,761)
Gross profit
345,393
349,575
Other operating income
5 1,894 4,356
Operating expenses
6 (119,233) (54,029)
Profit on sale of tangible and related assets
197,184 186,986
Profit/(loss) on reclassification of leases 27,356 (12,510)
Operating profit
452,594
474,378
Net recoveries related to Ukraine Conflict
7 314,355 87,535
Impairment provision on investment
12 (28,324) -
Interest receivable and similar income
8 2,152,867 2,146,528
Interest payable and similar expenses
9 (1,435,466) (1,357,030)
Dividend income
10
182,289 24,392
Profit before taxation
1,638,315
1,375,803
Tax on profit - -
Profit for the financial year
1,638,315
1,375,803
The above results were derived from continuing operations.
The notes on pages 20 to 50 form an integral part of these financial statements.
Page 16
Docusign Envelope ID: 94F16430-3448-8E16-82CD-A56629F647FD
AerCap Global Aviation Trust
Statement of comprehensive income
for the financial year ended 31 December 2025
2025
$ 000
2024
$ 000
Profit for the year
1,638,315 1,375,803
Other comprehensive income - -
Total comprehensive income for the year
1,638,315 1,375,803
The notes on pages 20 to 50 form an integral part of these financial statements.
Page 17
Docusign Envelope ID: 94F16430-3448-8E16-82CD-A56629F647FD
AerCap Global Aviation Trust
Statement of financial position
as at 31 December 2025
Note
2025
$ 000
2024
$ 000
Fixed assets
Tangible assets
11 4,044,964 4,620,220
Investments
12 8,223,488 9,180,252
Prepayments on aircraft purchases 277,331 367,967
12,545,783 14,168,439
Current assets
Debtors: (including $97.7m due after more than one year 2024:
$142.7m)
13, 14 38,470,387 38,471,103
Cash and cash equivalents
16
30,738 118,985
38,501,125 38,590,088
Creditors
: Amounts falling due within one year
17
(6,628,097) (5,227,308)
Net current assets
31,873,028 33,362,780
Creditors
: Amounts falling due after more than one year
18
(26,347,983) (28,431,627)
Net assets
18,070,828 19,099,592
Capital and reserves
Share capital
- -
Beneficial ownership interest
23 4,544,018 4,544,018
Capital contributions
10,119,752 10,119,752
Retained earnings 3,407,058 4,435,822
Total equity
18,070,828 19,099,592
The notes on pages 20 to 50 form an integral part of these financial statements.
Page 18
Docusign Envelope ID: 94F16430-3448-8E16-82CD-A56629F647FD
AerCap Global Aviation Trust
Statement of changes in equity
for the financial year ended 31 December 2025
Beneficial
ownership
interest
$ 000
Capital
contribution
$ 000
Retained
earnings
$ 000
Total
$ 000
At 1 January 2025
4,544,018 10,119,752 4,435,822 19,099,592
Profit for the financial year
- - 1,638,315 1,638,315
Distributions - - (2,667,079) (2,667,079)
At 31 December 2025
4,544,018 10,119,752 3,407,058 18,070,828
Beneficial
ownership
interest
$ 000
Capital
contribution
$ 000
Retained
earnings
$ 000
Total
$ 000
At 1 January 2024
4,544,018 10,119,752 3,060,019 17,723,789
Profit for the financial year - - 1,375,803 1,375,803
At 31 December 2024
4,544,018 10,119,752 4,435,822 19,099,592
The notes on pages 20 to 50 form an integral part of these financial statements.
Page 19
Docusign Envelope ID: 94F16430-3448-8E16-82CD-A56629F647FD
AerCap Global Aviation Trust
Notes to the financial statements for the financial year ended 31 December 2025
1 General information
AerCap Global Aviation Trust is a Delaware Statutory Trust, formed on 5 February 2014, with its principal
offices in Ireland. The address of its registered office is Aviation House, Shannon, Co. Clare, Ireland.
AerCap Ireland Capital Designated Activity Company owns 100% of AerCap Global Aviation Trust.
AerCap Global Aviation Trust has subsidiaries which are referenced in note 12 to the financial statements.
2 Accounting policies
Summary of significant accounting policies
The principal accounting policies applied in the preparation of these financial statements are set out below.
These policies have been consistently applied to all the financial years presented, unless otherwise stated.
Basis of preparation
These financial statements have been prepared on the going concern basis in accordance with Generally
Accepted Accounting Standards in the Republic of Ireland, including Financial Reporting Standards 102 'The
Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102') and present the Trust on
an entity basis only. Were the Trust to prepare consolidated financial statements, the consolidated statement of
financial position, consolidated income statement and consolidated statement of comprehensive income would
be materially different from that presented in these accounts.
These financial statements have been prepared using the historical cost convention and are stated in US Dollars,
which is the principal operating currency of the Trust and of the aviation industry.
Comparative figures have been reclassified, where necessary to conform to the current year presentation. There
is no material impact of these amendments on the financial statements.
Going concern
For the year ended 31 December 2025, the Trust recognised a net profit and as at 31 December 2025 it is in a
net current asset position. The Management have a reasonable expectation that the Trust will continue in
operational existence for the twelve months from the date of approval of the financial statements ("the period of
assessment") and have prepared the financial statements on a going concern basis. In making the assessment the
Management considered the potential impact on the Trust's results including:
• aviation industry market conditions, including general economic and political conditions;
• the Trust's funding and liquidity position;
• cash flow forecasts and potential impact of rent deferral agreements granted or other lease modifications
granted;
• the Trust's capital commitments;
• the Trust's debt maturity profile and covenants headroom; and
• the ability and intent of the ultimate parent, AerCap Holdings N.V. to provide support to the Trust.
Page 20
Docusign Envelope ID: 94F16430-3448-8E16-82CD-A56629F647FD
AerCap Global Aviation Trust
Notes to the financial statements for the financial year ended 31 December 2025
(continued)
2 Accounting policies (continued)
Summary of disclosure exemptions
The Trust’s ultimate holding undertaking, AerCap Holdings N.V. includes the Trust in its consolidated financial
statements. The consolidated financial statements of AerCap Holdings N.V. are prepared in accordance with US
GAAP and are available to the public and may be obtained from the Trade Register in the city of Amsterdam
under the number 34251954. In these financial statements, the Trust is considered to be a qualifying entity (for
the purposes of this FRS) and has applied the exemptions available under FRS 102 in respect of the following
disclosures:
• The requirements of section 7 and paragraph 3.17(d) to present a statement of cash flows;
• The requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b), 11.48(c),
12.26 (in relation to those cross-referenced paragraphs from which a disclosure exemption is available), 12.27,
12.29(a), 12.29(b), and 12.29A to disclose information about financial instruments;
• The requirements of paragraphs 26.18(b), 26.19 to 26.21 and 26.23 to disclose certain information about share
based payment arrangements; and
• The requirements of paragraph 33.7 to disclose the Trust's key management personnel compensation.
The following principal accounting policies have been applied:
Lease classification
On the inception of each new lease, a detailed assessment is carried out to classify the lease as an operating or
finance lease. The assessment examines whether the lease is for the major part of the economic life of the asset
and/or if there are any purchase options available to the lessee at the end of the lease term. Where the specific
criteria are met, the Trust will classify the lease as an operating or finance lease accordingly. Where there is an
amendment to an existing lease that meets the definition of a lease modification it is considered a new lease. A
lease is classified as a finance lease if it transfers substantially all the risks and rewards incident to ownership.
All other leases are classified as operating leases. Where a lease previously classified as an operating lease is
reclassified as a finance lease due to changes in lease terms, the flight equipment is derecognised and a lease
receivable is recognised which equals the net investment in the lease. The impact of the reclassification is
disclosed in the financial statements.
Page 21
Docusign Envelope ID: 94F16430-3448-8E16-82CD-A56629F647FD
AerCap Global Aviation Trust
Notes to the financial statements for the financial year ended 31 December 2025
(continued)
2 Accounting policies (continued)
Turnover
Income from flight equipment on operating leases is recognised as income as it accrues over the period of the
lease on a straight line basis. Variable rents are recognised when earned. Unearned revenue from finance leases
is amortised to lease income in a manner which produces a constant rate of return on the net investment in the
lease.
Most of the Trust's lease contracts require payment in advance. Rentals received, but unearned under these lease
agreements, are recorded as deferred or accrued income on the statement of financial position. Penalties &
charges on notes receivable that relate to the lessee are recognised as interest receivable and similar income as it
accrues. Notes receivable primarily arise from the restructuring and deferral of trade debtors from lessees
experiencing financial difficulties.
In most lease contracts not requiring the payment of supplemental rents, the lessee is required to redeliver the
flight equipment in a similar maintenance condition (normal wear and tear excepted) as when accepted under
the lease. To the extent that the flight equipment are redelivered in a different condition than at acceptance, there
is normally an end-of-lease compensation adjustment for the difference at redelivery. The Trust recognises
receipts of end-of-lease compensation adjustments as supplemental rent when received and payments of
end-of-lease adjustments as leasing expenses when agreed.
Lease termination fees arise from contractual obligations upon early termination of leases by lessees. The Trust
recognises this revenue in supplemental rent at the fair value of consideration received or receivable.
Finance income and costs
Interest income and interest expense are recognised using the effective interest method. Interest income is
presented as interest receivable and similar income and interest expense is presented as interest payable and
similar charges in the income statement. Accrued interest is included in the debtors and creditors balances on the
statement of financial position.
Foreign currencies
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the
dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items
measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary
items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at
period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in
the income statement.
Page 22
Docusign Envelope ID: 94F16430-3448-8E16-82CD-A56629F647FD
AerCap Global Aviation Trust
Notes to the financial statements for the financial year ended 31 December 2025
(continued)
2 Accounting policies (continued)
Tangible assets
Flight equipment consists of aircraft and engines. These are stated at historical cost less accumulated
depreciation. Additional depreciation is charged to reduce the carrying value of specific assets to the recoverable
amount where impairment is considered to have occurred in accordance with Section 27 of FRS102. An
impairment review is required where there has been an indication of impairment. Where the recoverable amount
is greater than the carrying value no adjustment is made.
Recoverable amount is the higher of the net realisable value and value in use. Net realisable value is the amount
at which an asset could be disposed of less any direct selling costs, and value in use is the present value of future
cash flows obtainable as a result of an asset's continued use, including those resulting from its ultimate disposal,
discounted at 7.5% (2024: 7.5%). In instances where the purchase of flight equipment includes consideration
which can be allocated to the value of an acquired lease containing above market terms, such allocated costs are
recognised as a lease premium asset and depreciated, on a straight line basis, over the term of the related lease.
Cost comprises the invoiced cost net of manufacturers' discounts, but inclusive of applicable capitalised interest.
Depreciation is calculated on a straight-line basis. The estimates of useful lives and residual values are reviewed
periodically. Original cost is defined as the average purchase price of each asset type in the year of manufacture.
The estimated useful life of flight equipment is a range of 20 - 35 years from the date of manufacture. The
remaining estimated useful life is 1 - 25 years for flight equipment held at 31 December 2025.
Disposal of tangible fixed assets
Gains or losses from flight equipment trading transactions are recognised separately in the income statement
when the contract for sale or supply of the relevant flight equipment is completed and the risk of ownership of
the equipment is transferred.
Reclassification of leases
Gains or losses from reclassification of leases occur where the carrying amount of the derecognised flight
equipment differs from the net investment in the new finance lease. This is recognised separately in the income
statement.
Prepayments on aircraft purchases
The Trust recognises non-refundable deposits on aircraft purchase commitments as assets on the statement of
financial position when the deposit is paid to the aircraft manufacturer. The Trust capitalises interest on the
prepayments and add the capitalised interest to the prepayment. The non-refundable deposits are recognised on a
current or non-current basis, dependent on the expected aircraft delivery date.
Investments
Investments are shown at cost less provisions for impairments in value. Investments are reviewed for
impairment whenever events or changes in circumstances indicate that the related carrying amount may not be
recoverable. Determining whether an impairment has occurred typically requires various estimates and
judgements. Income from investments is recognised in the income statement in the period in which it is earned.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid
investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of
change in value.
Page 23
Docusign Envelope ID: 94F16430-3448-8E16-82CD-A56629F647FD
AerCap Global Aviation Trust
Notes to the financial statements for the financial year ended 31 December 2025
(continued)
2 Accounting policies (continued)
Creditors
Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business
from suppliers. Creditors, including intercompany funding by the parent, are recognised initially at fair value
and subsequently measured at amortised cost using the effective interest method.
Conditional sales agreements ("CSA")
Where the Trust has entered into a CSA to sell an asset at a future date, the Trust holds the asset until the risks
and rewards related to the asset transfer to the purchaser. On the date that the CSA is signed ("CSA
commencement date"), the initial instalment payment received from the purchaser is recorded as a liability
within creditors. This liability is adjusted for lease rents transferable to the purchaser during the CSA period.
When the conditions required to complete the sale are met by both the buyer and seller, the sale is recognised
and the instalment payment accrual is applied as part of the sales proceeds.
During the CSA period, interest is calculated on a monthly basis on the instalment payment liability based on
the rate of interest set out in the relevant CSA.
Security deposits
Lessee security deposits are recognised at their fair value and discounting is applied where appropriate. All
discounted amounts are accreted to their respective nominal values using the effective interest method within
interest expense.
Maintenance advances and liabilities
In most lease contracts the lessee has the obligation to pay for maintenance costs on airframes, engines and other
major life-limited components which arise during the term of the lease. In many lease contracts the lessee makes
a payment of supplemental rent to cover the anticipated maintenance cost. In the majority of leases, the Trust
does not recognise supplemental rent as revenue, but as an accrued liability. In these contracts, upon lessee
presentation of invoices evidencing the completion of qualifying maintenance on the flight equipment, the Trust
reimburses the lessee for the maintenance up to a maximum of the supplemental rent received in respect to the
lease contract. In addition, the Trust may be obligated in some instances to contribute to the maintenance work
from its own reserves. Any surplus amounts of accrued maintenance liability existing on termination of a lease
are recorded as income at that time. In some lease contracts where, supplemental rents are contractually
non-refundable and the Trust retains shop visit responsibility, supplemental rents received are recognised as
revenue during the term of the lease.
In most lease contracts not requiring the payment of supplemental rents, the lessee is required to redeliver the
flight equipment in a similar maintenance condition (normal wear and tear excepted) as when accepted under
the lease, with reference to major life-limited components of the flight equipment. To the extent that such
components are redelivered in a different condition than at acceptance, there is normally an end-of-lease
compensation adjustment for the difference at redelivery. The Trust recognises receipts of end-of-lease
compensation adjustments as supplemental rent when received and payments of end-of-lease adjustments as
leasing expenses when paid.
Lease incentives
The Trust capitalises the amounts paid or value provided to lessees as lease incentives. These lease incentives
are amortised on a straight-line basis over the term of the related lease as a reduction in lease revenue.
Page 24
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AerCap Global Aviation Trust
Notes to the financial statements for the financial year ended 31 December 2025
(continued)
2 Accounting policies (continued)
Finance lease receivable
Leases where the lessee assumes substantially all risks and rewards incidental to ownership of the leased assets
are classified as finance leases. Assets recognised under finance leases are classified as finance lease receivable
at the inception of the leases based on the lower of the fair value of the lease assets and the present value of the
minimum lease payments.
Lease receipts are apportioned between finance income in the Income statement and reduction in the outstanding
finance lease receivable so as to achieve a constant rate of interest on the remaining balance.
Dividends
Dividend distributions to the Trust’s shareholders are recognised as a liability in the Trust’s financial statements
in the period in which the distributions are approved by the Trust’s shareholders.
Dividend income from subsidiary companies is recognised when the right to receive payment is established.
Dividend income is presented in the income statement.
Debtors
Debtors are amounts due from customers in relation to lease rentals in the ordinary course of business. All
debtors are classified as current assets.
Debtors, including amounts due from group companies, are recognised initially at transaction price plus
attributable transaction costs and subsequently measured at amortised cost using the effective interest method
less any impairment loss. The Trust applies the provisions, in full, of Section 11 and Section 12 of FRS 102.
Lessor contributions
Lessor contributions to the cost of maintenance work performed by lessees are recorded as a liability at the
beginning of a lease contract. The corresponding asset is recognised as a lease incentive asset. Lease incentive
assets are included within debtors and lessor contributions are included within creditors. The lease incentive
asset is amortised to lease income on straight line basis over the life of the lease. The liability is released when
the obligation is settled or no longer required.
Loans and borrowings
Loans and borrowings are carried at the principal amount borrowed, including unamortised discounts and
premiums, fair value adjustments and debt issuance costs, where applicable. The Trust amortises the amount of
discounts, premiums and fair value adjustments over the period the debt is outstanding using the effective
interest method. The costs incurred for issuing debt are deferred and amortised to the income statement over the
expected term of the debt using the effective interest method. Where debt is repaid, the related portion of the
original deferred financing cost is expensed.
Capital contribution
The Trust accounts for capital contributions from the parent company through its intercompany account
reflecting the capital contribution arrangement. Capital contributions are not repayable.
Standards and amendments issued but not yet effective
In March 2024, the FRC issued amendments to FRS 102 'The Financial Reporting Standard applicable in the
UK and Republic of Ireland' and other FRSs - (the “Periodic Review 2024 amendments”) or, the
(“Amendment”). Management of the Trust do not plan to adopt this amendment early, instead it will apply from
its effective date, 1 January 2026. Management are still reviewing the impact of the amendments to determine
the impact on the Trust's financial statements.
Page 25
Docusign Envelope ID: 94F16430-3448-8E16-82CD-A56629F647FD
AerCap Global Aviation Trust
Notes to the financial statements for the financial year ended 31 December 2025
(continued)
3 Critical accounting judgements and key sources of estimation uncertainty
The preparation of financial statements requires Management to make judgements, estimates and assumptions
that affect the application of accounting policies and the reported amounts of assets, liabilities, income and
expenses. Actual results may differ from these estimates.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are
recognised in the period in which the estimate is revised and in any future periods affected.
In particular, information about significant areas of estimation uncertainty and critical judgements in applying
accounting policies that have the most significant effect on the amount recognised in the financial statements are
described in the following:
Flight equipment
We test flight equipment for impairment whenever there is an indication that the carrying amount of the assets
may not be recoverable. Impairment trigger events, include potential sale transactions, early terminated leases,
credit events impacting lessees or forecasted significant and permanent declines in the demand for flight
equipment types.
The quantitative impairment test is performed at the lowest level for which identifiable cash flows are largely
independent of other groups of assets, which is the individual flight equipment, including the lease-related assets
and liabilities of that flight equipment, such as lease incentives, and maintenance liabilities (the “Asset Group”).
An impairment is measured by comparing the net carrying value of the Asset Group with the recoverable
amount. The recoverable amount is the higher of the net realisable value and value in use. Value in use is based
on the anticipated future cash flows, lease rates and residual value discounted at 7.5% (2024: 7.5%). In addition
to discount rate other key assumptions used in the impairment test are uncontracted lease rates and flight
equipment residual values.
Expected future lease rates are based on all relevant information available, including current contracted rates for
similar flight equipment and industry trends.
The Trust estimates the expected useful life and the expected residual value of flight equipment. An increase in
the expected useful life or the residual value of flight equipment would result in a reduced depreciation charge
in the profit and loss account. Estimates are determined through the use of industry experience supported by
estimates received from independent appraisers taking into consideration the type, vintage and the expected
utilisation of flight equipment. The assumptions used in the valuation of flight equipment include certain
forward-looking projected financial information that is from estimates and forecasts. Actual results could differ
materially.
Investments
Investments are tested annually for impairment where an indicator of impairment exists. For impairment testing
the assets are grouped together into the smallest group of assets that generates cash inflows from continuing use
that is largely independent of the cash inflows of other assets or cash generating units ("CGUs"). Management
apply judgement to determine the CGUs based on characteristics of investments held by the Trust at year end.
Page 26
Docusign Envelope ID: 94F16430-3448-8E16-82CD-A56629F647FD
AerCap Global Aviation Trust
Notes to the financial statements for the financial year ended 31 December 2025
(continued)
4 Turnover
2025
$ 000
2024
$ 000
Operating lease income
473,968 464,264
Finance lease income
45,516 9,260
Supplemental rent 84,363 112,812
603,847 586,336
Included in supplemental rent is an amount of $84.4m (2024: $112.8m) for the year representing the release of
maintenance reserves on lease terminations and redeliveries.
Management have overall responsibility for the Trust’s activities and are therefore considered the chief
operating decision maker. Management are of the opinion that the Trust is engaged in a single segment of
business, being leasing of commercial jet aircraft. Management consider this appropriate due to the nature of the
revenue earned for the business as a whole from its flight equipment, being lease income from lessees.
Income arising from the leasing of flight equipment under operating leases and finance leases is derived from
the following regions where the customers are based:
2025
$ 000
2025
%
2024
$ 000
2024
%
Asia
58,829 11.00% 74,159 16.00%
Americas
218,974 42.00% 161,878 34.00%
Europe
158,753 31.00% 149,495 32.00%
Other 82,928 16.00% 87,992 18.00%
519,484 100.00% 473,524 100.00%
Minimum operating lease rentals receivable under non-cancellable leases:
2025
$ 000
2024
$ 000
Less than one year
406,245 516,853
One to two years
365,234 468,362
Two to three years
345,238 418,838
Three to four years
333,919 373,486
Four to five years
299,534 344,702
More than five years
991,115 1,324,074
2,741,285 3,446,315
Page 27
Docusign Envelope ID: 94F16430-3448-8E16-82CD-A56629F647FD
AerCap Global Aviation Trust
Notes to the financial statements for the financial year ended 31 December 2025
(continued)
5 Other operating income
The analysis of the Trust's other operating income for the year is as follows:
2025
$ 000
2024
$ 000
Sale of parts
1,593 1,323
Other income 301 3,033
1,894 4,356
6 Operating expenses
The analysis of the Trust's operating expenses for the year are as follows:
2025
$ 000
2024
$ 000
Repairs maintenance and technical costs
97,529 3,097
Group recharges (i)
38,679 36,035
Other operating expenses
6,527 14,751
(Gain)/loss from changes in provisions (ii)
(24,077) 92
Foreign exchange 575 54
119,233 54,029
(i) Group recharges include but are not limited to costs associated with management and support services and
auditors’ remuneration.
(ii) Included within the gain from changes in provisions is a $24.1m reduction in the provision for amounts due
from group companies (2024: $0.1m increase).
7 Net recoveries related to Ukraine Conflict
2025
$ 000
2024
$ 000
Net recoveries related to Ukraine Conflict 314,355 87,535
314,355 87,535
During the year ended 31 December 2025, the Trust recognised recoveries of $314.4m (2024: $87.5m), which
included recoveries of $308.6m pursuant to the 11 June 2025 judgement from the London Commercial Court in
respect of the Trust’s claim against the insurers under the Trust’s C&P Policy as well as cash insurance
settlement proceeds of $5.8m pursuant to settlements in respect of the insurance policies of Russian airlines.
Page 28
Docusign Envelope ID: 94F16430-3448-8E16-82CD-A56629F647FD
AerCap Global Aviation Trust
Notes to the financial statements for the financial year ended 31 December 2025
(continued)
8 Interest receivable and similar income
2025
$ 000
2024
$ 000
Interest on amounts due from group companies
2,145,523 2,135,967
Other finance income 7,344 10,561
2,152,867 2,146,528
9 Interest payable and similar expenses
2025
$ 000
2024
$ 000
Interest payable to group undertakings (i)
58,707 53,892
External debt interest
1,376,102 1,302,402
Other finance costs 657 736
1,435,466 1,357,030
(i) Interest is payable in respect of loans from group undertakings and are repayable on demand.
10 Dividend income
2025
$ 000
2024
$ 000
Dividend income 182,289 24,392
182,289 24,392
Dividend income amounting to $182.3m (2024: $24.4m) was received from subsidiary entities during the year.
Page 29
Docusign Envelope ID: 94F16430-3448-8E16-82CD-A56629F647FD
AerCap Global Aviation Trust
Notes to the financial statements for the financial year ended 31 December 2025
(continued)
11 Tangible assets
2025
Flight
equipment
$ 000
2024
Flight
equipment
$ 000
Cost
Opening balance at 1 January
6,570,507 6,466,817
Additions
191,656 1,713,138
Disposals
(970,326) (1,609,448)
Transfer to finance lease (note 15) (75,026) -
At 31 December
5,716,811 6,570,507
Depreciation
Opening balance at 1 January
1,950,287 2,148,770
Charge for the year
233,249 219,636
Disposals
(484,673) (435,244)
Impairment
25,205 17,125
Transfer to finance lease (note 15) (52,221) -
At 31 December 1,671,847 1,950,287
Carrying amount
At 31 December
4,044,964 4,620,220
At beginning of the year
4,620,220 4,318,047
Flight equipment may be analysed as follows based on the remaining term outstanding on the associated
operating leases for a further period of:
2025
$ 000
2024
$ 000
Flight equipment not on lease
437,940 16,595
Less than one year
232,783 66,521
From one to two years
173,878 382,781
From two to five years
643,378 1,056,313
After five years 2,556,985 3,098,010
4,044,964 4,620,220
Page 30
Docusign Envelope ID: 94F16430-3448-8E16-82CD-A56629F647FD
AerCap Global Aviation Trust
Notes to the financial statements for the financial year ended 31 December 2025
(continued)
11 Tangible assets (continued)
The following table presents the aircraft portfolio by type of aircraft:
2025
Number of
aircraft
2025
% of total net
book value
2024
Number of
aircraft
2024
% of total net
book value
Passenger aircraft
Airbus A320 family
27 7.03% 31 8.59%
Airbus A320neo family
24 27.91% 25 26.64%
Airbus A330
4 1.46% 5 1.79%
Airbus A350
2 3.89% 2 3.54%
Boeing 737 MAX
1 1.28% - -%
Boeing 737NG
17 7.68% 23 9.70%
Boeing 767
- -% 1 0.06%
Boeing 777-300 / 300ER
1 1.00% 6 4.10%
Boeing 787
18 37.06% 19 37.02%
Embraer E195-E2 16 12.69% 12 8.56%
110 100.00% 124 100.00%
In accordance with the Trust’s stated accounting policy, an impairment review was performed. As a result of
this review, an impairment provision of $25.2m was recognised in the year (2024: $17.1m). Impairment is
mainly as a result of potential sale transactions, early terminated leases, and credit events impacting lessees. A
potential impairment provision is calculated by comparing the net carrying value of the flight equipment to the
higher of their net realisable value and value in use, based on anticipated future cash flows, discounted at 7.5%
(2024: 7.5%).
Significant judgement is required when evaluating the inputs into the recoverable amount of the Trust’s flight
equipment. Reasonably possible changes at the reporting date to one of the significant inputs, while holding
others constant, would have affected the impairment charge recorded by the amounts shown below:
Increase
2025
$ 000
(Decrease)
2025
$ 000
Impact on impairment charge
Discount rate applied +/- 0.5%
16,754 (16,534)
Uncontracted rental rates +/- 10%
15,664 (14,935)
Residual values +/- 10%
2,755 (2,667)
None of the above possible changes in significant inputs would have given rise to a materially different
impairment charge for the Trust’s flight equipment that was recorded for the year.
Page 31
Docusign Envelope ID: 94F16430-3448-8E16-82CD-A56629F647FD
AerCap Global Aviation Trust
Notes to the financial statements for the financial year ended 31 December 2025
(continued)
12 Investments
2025
$ 000
2024
$ 000
Opening balance at the start of year
9,180,252 9,180,252
Additions during the year
8,534 -
Impairment
(28,324) -
Return of investment (936,974) -
Closing balance at the end of year
8,223,488 9,180,252
Details of undertakings
The following were subsidiary undertakings of the Trust at 31 December 2025:
Name of company
Country of
incorporation Nature of business
Proportion
of voting
rights and
shares held
2025 2024
Subsidiary undertakings
AerCap Aircraft Leasing Netherlands
B.V.
Netherlands Flight Equipment Leasing 100% 100%
AerCap Aviation Leasing Limited Ireland Flight Equipment Leasing 100% 100%
Celestial Aviation Funding Unlimited
Company
Ireland Flight Equipment Leasing 100% 100%
Celestial Aircraft Leasing Limited United Arab
Emirates
Flight Equipment Leasing 100% 100%
Celestial Aviation Operations Limited Ireland Flight Equipment Leasing 100% 100%
AerCap Aviation Services (Shanghai)
Co., Limited
China Flight Equipment Leasing 100% 100%
AerCap Aviation Singapore Private
Limited
Singapore Flight Equipment Leasing 100% 100%
AerCap Do Brasil Serviços De
Administração E Marketing LTDA
Brazil Flight Equipment Leasing 100% 100%
AerCap Hong Kong Limited Hong Kong Flight Equipment Leasing 100% 100%
AerCap UK Aviation Limited United Kingdom Flight Equipment Leasing 100% 100%
Celestial Aviation Services Limited Ireland Flight Equipment Leasing 100% 100%
Celestial Aviation Holding 101 Limited Ireland Flight Equipment Leasing 100% 100%
Celestial Aviation Trading 101 Limited Ireland Flight Equipment Leasing 100% 100%
Celestial Aviation Trading 1 Limited Ireland Flight Equipment Leasing 100% 100%
Celestial Aviation Trading 10 Limited Ireland Flight Equipment Leasing 100% 100%
Celestial Aviation Trading 100 Limited Ireland Flight Equipment Leasing 100% 100%
Page 32
Docusign Envelope ID: 94F16430-3448-8E16-82CD-A56629F647FD
AerCap Global Aviation Trust
Notes to the financial statements for the financial year ended 31 December 2025
(continued)
12 Investments (continued)
Name of company
Country of
incorporation Nature of business
Proportion
of voting
rights and
shares held
2025 2024
Celestial Aviation Trading 11 Limited Ireland Flight Equipment Leasing 100% 100%
Celestial Aviation Trading 12 Limited Ireland Flight Equipment Leasing 100% 100%
Celestial Aviation Trading 13 Limited Ireland Flight Equipment Leasing 100% 100%
Celestial Aviation Trading 14 Limited Ireland Flight Equipment Leasing 100% 100%
Celestial Aviation Trading 15 Limited Ireland Flight Equipment Leasing 100% 100%
Celestial Aviation Trading 17 Limited Ireland Flight Equipment Leasing 100% 100%
Celestial Aviation Trading 19 Limited Ireland Flight Equipment Leasing 100% 100%
Celestial Aviation Trading 2 Limited Ireland Flight Equipment Leasing 100% 100%
Celestial Aviation Trading 20 Limited Ireland Flight Equipment Leasing 100% 100%
Celestial Aviation Trading 21 Limited Ireland Flight Equipment Leasing 100% 100%
Celestial Aviation Trading 22 Limited Ireland Flight Equipment Leasing 100% 100%
Celestial Aviation Trading 23 Limited Ireland Flight Equipment Leasing 100% 100%
Celestial Aviation Trading 24 Limited Ireland Flight Equipment Leasing 100% 100%
Celestial Aviation Trading 25 Limited Ireland Flight Equipment Leasing 100% 100%
Celestial Aviation Trading 26 Limited Ireland Flight Equipment Leasing 100% 100%
Celestial Aviation Trading 27 Limited Ireland Flight Equipment Leasing 100% 100%
Celestial Aviation Trading 29 Limited Ireland Flight Equipment Leasing 100% 100%
Celestial Aviation Trading 3 Limited Ireland Flight Equipment Leasing 100% 100%
Celestial Aviation Trading 30 Limited Ireland Flight Equipment Leasing 100% 100%
Celestial Aviation Trading 31 Limited Ireland Flight Equipment Leasing 100% 100%
Celestial Aviation Trading 32 Limited Ireland Flight Equipment Leasing 100% 100%
Celestial Aviation Trading 33 Limited Ireland Flight Equipment Leasing 100% 100%
Celestial Aviation Trading 35 Limited Ireland Flight Equipment Leasing 100% 100%
Celestial Aviation Trading 36 Limited Ireland Flight Equipment Leasing 100% 100%
Celestial Aviation Trading 37 Limited Ireland Flight Equipment Leasing 100% 100%
Celestial Aviation Trading 38 Limited Ireland Flight Equipment Leasing 100% 100%
Celestial Aviation Trading 39 Limited Ireland Flight Equipment Leasing 100% 100%
Celestial Aviation Trading 4 Limited Ireland Flight Equipment Leasing 100% 100%
Celestial Aviation Trading 41 Limited Ireland Flight Equipment Leasing 100% 100%
Celestial Aviation Trading 42 Limited Ireland Flight Equipment Leasing 100% 100%
Celestial Aviation Trading 43 Limited Ireland Flight Equipment Leasing 100% 100%
Celestial Aviation Trading 44 Limited Ireland Flight Equipment Leasing 100% 100%
Page 33
Docusign Envelope ID: 94F16430-3448-8E16-82CD-A56629F647FD
AerCap Global Aviation Trust
Notes to the financial statements for the financial year ended 31 December 2025
(continued)
12 Investments (continued)
Name of company
Country of
incorporation Nature of business
Proportion
of voting
rights and
shares held
2025 2024
Celestial Aviation Trading 45 Limited Ireland Flight Equipment Leasing 100% 100%
Celestial Aviation Trading 46 Limited Ireland Flight Equipment Leasing 100% 100%
Celestial Aviation Trading 47 Limited Ireland Flight Equipment Leasing 100% 100%
Celestial Aviation Trading 48 Limited Ireland Flight Equipment Leasing 100% 100%
Celestial Aviation Trading 49 Limited Ireland Flight Equipment Leasing 100% 100%
Celestial Aviation Trading 5 Limited Ireland Flight Equipment Leasing 100% 100%
Celestial Aviation Trading 50 Limited Ireland Flight Equipment Leasing 100% 100%
Celestial Aviation Trading 51 Limited Ireland Flight Equipment Leasing 100% 100%
Celestial Aviation Trading 52 Limited Ireland Flight Equipment Leasing 100% 100%
Celestial Aviation Trading 53 Limited Ireland Flight Equipment Leasing 100% 100%
Celestial Aviation Trading 54 Limited Ireland Flight Equipment Leasing 100% 100%
Celestial Aviation Trading 55 Limited Ireland Flight Equipment Leasing 100% 100%
Celestial Aviation Trading 56 Limited Ireland Flight Equipment Leasing 100% 100%
Celestial Aviation Trading 57 Limited Ireland Flight Equipment Leasing 100% 100%
Celestial Aviation Trading 6 Limited Ireland Flight Equipment Leasing 100% 100%
Celestial Aviation Trading 62 Limited Ireland Flight Equipment Leasing 100% 100%
Celestial Aviation Trading 63 Limited Ireland Flight Equipment Leasing 100% 100%
Celestial Aviation Trading 64 Limited Ireland Flight Equipment Leasing 100% 100%
Celestial Aviation Trading 65 Limited Ireland Flight Equipment Leasing 100% 100%
Celestial Aviation Trading 66 Limited Ireland Flight Equipment Leasing 100% 100%
Celestial Aviation Trading 67 Limited Ireland Flight Equipment Leasing 100% 100%
Celestial Aviation Trading 68 Limited Ireland Flight Equipment Leasing 100% 100%
Celestial Aviation Trading 69 Limited Ireland Flight Equipment Leasing 100% 100%
Celestial Aviation Trading 7 Limited Ireland Flight Equipment Leasing 100% 100%
Celestial Aviation Trading 71 Limited Ireland Flight Equipment Leasing 100% 100%
Celestial Aviation Trading 8 Limited Ireland Flight Equipment Leasing 100% 100%
Celestial Aviation Trading 9 Limited Ireland Flight Equipment Leasing 100% 100%
Crescent Leasing 9 Limited Ireland Flight Equipment Leasing 100% 100%
NAS Aircraft Investments 11 Limited Ireland Flight Equipment Leasing 100% 100%
Celestial ECA Ireland Limited Ireland Flight Equipment Leasing 100% 100%
Celestial ECA Trading 1 Limited Ireland Flight Equipment Leasing 100% 100%
Celestial ECA Trading 2 Limited Ireland Flight Equipment Leasing 100% 100%
Page 34
Docusign Envelope ID: 94F16430-3448-8E16-82CD-A56629F647FD
AerCap Global Aviation Trust
Notes to the financial statements for the financial year ended 31 December 2025
(continued)
12 Investments (continued)
Name of company
Country of
incorporation Nature of business
Proportion
of voting
rights and
shares held
2025 2024
Celestial ECA Trading 3 Limited Ireland Flight Equipment Leasing 100% 100%
Crescent Leasing 4 Limited Ireland Flight Equipment Leasing 100% 100%
Celestial EX-IM 2 Limited Ireland Flight Equipment Leasing 100% 100%
Celestial EX-IM Trading 2 Limited Ireland Flight Equipment Leasing 100% 100%
Celestial EX-IM Trading Limited Ireland Flight Equipment Leasing 100% 100%
Celestial EX-IM Trading 1 Limited Ireland Flight Equipment Leasing 100% 100%
Celestial EX-IM Trading 5 Limited Ireland Flight Equipment Leasing 100% 100%
Celestial Sverige Aircraft Leasing
Worldwide AB
Sweden Flight Equipment Leasing 100% 100%
The Milestone Aviation Group Limited Bermuda Flight Equipment Leasing 100% 100%
Milestone Export Holdings No. 2, Ltd. Bermuda Flight Equipment Leasing 100% 100%
Milestone Export Leasing No. 2,
Limited
Ireland Flight Equipment Leasing 100% 100%
The Milestone Aviation Asset Holding
Group No. 1 Ltd.
Bermuda Flight Equipment Leasing 100% 100%
The Milestone Aviation Asset Holding
Group No. 12 Ltd.
Bermuda Flight Equipment Leasing 100% 100%
The Milestone Aviation Asset Holding
Group No. 19 Ltd.
Bermuda Flight Equipment Leasing 100% 100%
The Milestone Aviation Asset Holding
Group No. 24 Ltd.
Bermuda Flight Equipment Leasing 100% 100%
The Milestone Aviation Asset Holding
Group No. 25 Ltd.
Bermuda Flight Equipment Leasing 100% 100%
Milestone Aviation UK No. 2 Limited United Kingdom Flight Equipment Leasing 100% 100%
The Milestone Aviation Asset Holding
Group No. 8 Ltd.
Bermuda Flight Equipment Leasing 100% 100%
Milestone Aviation France No. 3
S.A.R.L
France Flight Equipment Leasing 100% 100%
Milestone Aviation France No.2
S.A.R.L
France Flight Equipment Leasing 100% 100%
Milestone Aviation France S.A.R.L France Flight Equipment Leasing 100% 100%
Milestone Aviation UK Ltd United Kingdom Flight Equipment Leasing 100% 100%
Vertical Aviation No 1 Limited Ireland Flight Equipment Leasing 100% 100%
Vertical Aviation No 2 Limited Ireland Flight Equipment Leasing 100% 100%
Page 35
Docusign Envelope ID: 94F16430-3448-8E16-82CD-A56629F647FD
AerCap Global Aviation Trust
Notes to the financial statements for the financial year ended 31 December 2025
(continued)
12 Investments (continued)
Name of company
Country of
incorporation Nature of business
Proportion
of voting
rights and
shares held
2025 2024
Vertical Aviation No.1 (Tianjin)
Leasing Company Limited
China Flight Equipment Leasing 100% 100%
Vertical Aviation No 3 Limited Ireland Flight Equipment Leasing 100% 100%
Vertical Aviation No 4 Limited Ireland Flight Equipment Leasing 100% 100%
Celestial Aviation Trading Ireland
Limited
Ireland Flight Equipment Leasing 100% 100%
Celestial Transportation Finance Ireland
Limited
Ireland Flight Equipment Leasing 100% 100%
AerCap Dutch Global Aviation B.V. Netherlands Flight Equipment Leasing 100% 100%
ILFC UK Limited United Kingdom Flight Equipment Leasing 100% 100%
International Lease Finance
Corporation (Sweden) AB
Sweden Flight Equipment Leasing 100% 100%
AerCap U.S. Global Aviation LLC United States Flight Equipment Leasing 100% 100%
AerCap US Holdings Aviation LLC United States Flight Equipment Leasing 100% 100%
International Lease Finance
Corporation
United States Flight Equipment Leasing 100% 100%
AerCap Corporate Services Inc. United States Flight Equipment Leasing 100% 100%
AerCap US Aviation LLC United States Flight Equipment Leasing 100% 100%
NAS Aviation Services LLC United States Flight Equipment Leasing 100% 100%
AerCap ACM, Inc. United States Flight Equipment Leasing 100% 100%
AerCap Materials, Inc. United States Flight Equipment Leasing 100% 100%
AerCap Materials Limited Ireland Flight Equipment Leasing 100% 100%
AerCap Materials UK United Kingdom Flight Equipment Leasing 100% 100%
Logistechs, LLC United States Flight Equipment Leasing 100% 100%
AFS Investments 67-F, Inc. United States Flight Equipment Leasing 100% 100%
AFS Investments 75, Inc. United States Flight Equipment Leasing 100% 100%
AFS Investments I, Inc. United States Flight Equipment Leasing 100% 100%
Spoon River Aircraft Finance, Inc. United States Flight Equipment Leasing 100% 100%
NAS Investments 75, Inc. United States Flight Equipment Leasing 100% 100%
NAS Investments 76, Inc. United States Flight Equipment Leasing 100% 100%
NAS Investments 77, Inc. United States Flight Equipment Leasing 100% 100%
AFS Investments 55 LLC United States Flight Equipment Leasing 100% 100%
AFS Investments 68 LLC United States Flight Equipment Leasing 100% 100%
Page 36
Docusign Envelope ID: 94F16430-3448-8E16-82CD-A56629F647FD
AerCap Global Aviation Trust
Notes to the financial statements for the financial year ended 31 December 2025
(continued)
12 Investments (continued)
Name of company
Country of
incorporation Nature of business
Proportion
of voting
rights and
shares held
2025 2024
AFS Investments 70 LLC United States Flight Equipment Leasing 100% 100%
NAS Investments 10 LLC United States Flight Equipment Leasing 100% 100%
NAS Investments 12 LLC United States Flight Equipment Leasing 100% 100%
NAS Investments 2 LLC United States Flight Equipment Leasing 100% 100%
Vertical Aviation No. 1 LLC United States Flight Equipment Leasing 100% 100%
NAS U.S. Equity Holdings, Inc. United States Flight Equipment Leasing 100% 100%
The Milestone Aviation Group LLC United States Flight Equipment Leasing 100% 100%
AerCap, LLC United States Flight Equipment Leasing 100% 100%
AerCap Leasing USA II, LLC United States Flight Equipment Leasing 100% 100%
Aircraft 32A-1658 Inc. United States Flight Equipment Leasing 100% 100%
Aircraft 32A-2024 Inc. United States Flight Equipment Leasing 100% 100%
Aircraft 32A-2731 Inc. United States Flight Equipment Leasing 100% 100%
Aircraft 73B-28252 Inc. United States Flight Equipment Leasing 100% 100%
Aircraft 77B-29404 Inc. United States Flight Equipment Leasing 100% 100%
Aircraft 77B-32723 Inc. United States Flight Equipment Leasing 100% 100%
Aircraft SPC-3, Inc. United States Flight Equipment Leasing 100% 100%
Aircraft SPC-8, Inc. United States Flight Equipment Leasing 100% 100%
Apollo Aircraft Inc. United States Flight Equipment Leasing 100% 100%
Aircraft 73B-30036 Inc. United States Flight Equipment Leasing 100% 100%
Aircraft 73B-32841 Inc. United States Flight Equipment Leasing 100% 100%
Pelican 35302, Inc. United States Flight Equipment Leasing 100% 100%
Archerfish Aviation Inc. United States Flight Equipment Leasing 100% 100%
Diadem Aircraft Inc. United States Flight Equipment Leasing 100% 100%
Fleet Solutions Holdings LLC United States Flight Equipment Leasing 100% 100%
AeroTurbine, LLC United States Flight Equipment Leasing 100% 100%
Floran Aircraft Leasing Inc. United States Flight Equipment Leasing 100% 100%
ILFC AIRCRAFT 32A-10072 Inc. United States Flight Equipment Leasing 100% 100%
ILFC Aircraft 78B-38799 Inc. United States Flight Equipment Leasing 100% 100%
ILFC Australia Holdings Pty. Limited Australia Flight Equipment Leasing 100% 100%
AerCap Australia PTY LTD Australia Flight Equipment Leasing 100% 100%
Wombat 3668 Leasing Pty Limited Australia Flight Equipment Leasing 100% 100%
Aircraft SPC-4, Inc. United States Flight Equipment Leasing 100% 100%
Page 37
Docusign Envelope ID: 94F16430-3448-8E16-82CD-A56629F647FD
AerCap Global Aviation Trust
Notes to the financial statements for the financial year ended 31 December 2025
(continued)
12 Investments (continued)
Name of company
Country of
incorporation Nature of business
Proportion
of voting
rights and
shares held
2025 2024
Brokat Leasing, LLC United States Flight Equipment Leasing 100% 100%
Interlease Aircraft Trading Corporation United States Flight Equipment Leasing 100% 100%
Rhenium Aviation Inc. United States Flight Equipment Leasing 100% 100%
Aircraft SPC-12, LLC United States Flight Equipment Leasing 100% 100%
Whitney Ireland Leasing Limited Ireland Flight Equipment Leasing 100% 100%
Aircraft SPC-9, LLC United States Flight Equipment Leasing 100% 100%
Sierra Leasing Limited Bermuda Flight Equipment Leasing 100% 100%
Calliope Limited Ireland Flight Equipment Leasing 100% 100%
Excalibur Aircraft Leasing Limited Ireland Flight Equipment Leasing 100% 100%
Flying Fortress Investments, LLC United States Flight Equipment Leasing 100% 100%
Flying Fortress Financing, LLC United States Flight Equipment Leasing 100% 100%
Flying Fortress Holdings, LLC United States Flight Equipment Leasing 100% 100%
Flying Fortress Ireland Leasing Limited Ireland Flight Equipment Leasing 100% 100%
Flying Fortress Bermuda Leasing
Limited
Bermuda Flight Equipment Leasing 100% 100%
Fortress Aircraft 1 Limited Ireland Flight Equipment Leasing 100% 100%
Fortress Ireland Leasing Limited Ireland Flight Equipment Leasing 100% 100%
ILFC Aircraft 32A-666 Limited Ireland Flight Equipment Leasing 100% 100%
ILFC Aircraft 33A-444 Limited Ireland Flight Equipment Leasing 100% 100%
Flying Fortress US Leasing Inc. United States Flight Equipment Leasing 100% 100%
The Memphis Group, LLC United States Flight Equipment Leasing 100% 100%
Milestone Export Leasing Trust United States Flight Equipment Leasing 100% 100%
Aircraft 32A-585 Inc. United States Flight Equipment Leasing 100% 100%
Aircraft 32A-645 Inc. United States Flight Equipment Leasing 100% 100%
Aircraft 32A-726 Inc. United States Flight Equipment Leasing 100% 100%
Aircraft 32A-760 Inc. United States Flight Equipment Leasing 100% 100%
Aircraft 32A-775 Inc. United States Flight Equipment Leasing 100% 100%
Aircraft 32A-782 Inc. United States Flight Equipment Leasing 100% 100%
Aircraft 33A-132, Inc. United States Flight Equipment Leasing 100% 100%
Aircraft 34A-395 Inc. United States Flight Equipment Leasing 100% 100%
Aircraft 34A-48 Inc. United States Flight Equipment Leasing 100% 100%
Aircraft 34A-93 Inc. United States Flight Equipment Leasing 100% 100%
Page 38
Docusign Envelope ID: 94F16430-3448-8E16-82CD-A56629F647FD
AerCap Global Aviation Trust
Notes to the financial statements for the financial year ended 31 December 2025
(continued)
12 Investments (continued)
Name of company
Country of
incorporation Nature of business
Proportion
of voting
rights and
shares held
2025 2024
Aircraft 74B-27602 Inc. United States Flight Equipment Leasing 100% 100%
Aircraft 75B-28834 Inc. United States Flight Equipment Leasing 100% 100%
Aircraft 75B-28836 Inc. United States Flight Equipment Leasing 100% 100%
Aircraft 76B-26261 Inc. United States Flight Equipment Leasing 100% 100%
Aircraft 76B-26329 Inc. United States Flight Equipment Leasing 100% 100%
Aircraft 76B-27613 Inc. United States Flight Equipment Leasing 100% 100%
Aircraft 76B-28206 Inc. United States Flight Equipment Leasing 100% 100%
Aircraft B757 29377 Inc. United States Flight Equipment Leasing 100% 100%
Grand Staircase Aircraft, LLC United States Flight Equipment Leasing 100% 100%
Park Topanga Aircraft, LLC United States Flight Equipment Leasing 100% 100%
Temescal Aircraft, LLC United States Flight Equipment Leasing 100% 100%
Ballysky Aircraft Ireland Limited Ireland Flight Equipment Leasing 100% 100%
Mentes V Ireland Leasing Limited Ireland Flight Equipment Leasing 100% 100%
Charles River Aircraft Finance, Inc. United States Flight Equipment Leasing 100% 100%
Mentes VI Ireland Leasing Limited Ireland Flight Equipment Leasing 100% 100%
Mentes VII Ireland Leasing Limited Ireland Flight Equipment Leasing 100% 100%
Sunstar Limited China Flight Equipment Leasing 100% 100%
ILFC (Bermuda) 5, Limited Bermuda Flight Equipment Leasing 100% 100%
ILFC (Bermuda) III, Limited Bermuda Flight Equipment Leasing 100% 100%
ILFC Aircraft 1 Limited Ireland Flight Equipment Leasing 100% 100%
Salmon River Export Limited Bermuda Flight Equipment Leasing 100% 100%
ILFC Cayman Limited Cayman Islands Flight Equipment Leasing 100% 100%
Auxerre Location S.A.S. France Flight Equipment Leasing 100% 100%
ILFC Ireland Limited Ireland Flight Equipment Leasing 100% 100%
Jade Aircraft Leasing Limited Ireland Flight Equipment Leasing 100% 100%
Windy City Holdings LLC United States Flight Equipment Leasing 100% 100%
Excalibur One 77B LLC United States Flight Equipment Leasing 100% 100%
Aistrigh Limited Bermuda Flight Equipment Leasing 100% 100%
Doheny Investment Holding Trust United States Flight Equipment Leasing 100% 100%
Polaris Holding Company United States Flight Equipment Leasing 100% 100%
Salmon River Export LLC United States Flight Equipment Leasing 100% 100%
Bright Star Company Limited China Flight Equipment Leasing 100% 100%
Page 39
Docusign Envelope ID: 94F16430-3448-8E16-82CD-A56629F647FD
AerCap Global Aviation Trust
Notes to the financial statements for the financial year ended 31 December 2025
(continued)
12 Investments (continued)
Name of company
Country of
incorporation Nature of business
Proportion
of voting
rights and
shares held
2025 2024
ILFC Aircraft 3 Limited Ireland Flight Equipment Leasing 100% 100%
ILFC Aircraft 32A-1808 Limited Ireland Flight Equipment Leasing 100% 100%
ILFC Aircraft 32A-1901 Limited Ireland Flight Equipment Leasing 100% 100%
ILFC Aircraft 4 Limited Ireland Flight Equipment Leasing 100% 100%
ILFC Aircraft 5 Limited Ireland Flight Equipment Leasing 100% 100%
Tuolumne River Aircraft Finance, Inc. United States Flight Equipment Leasing 100% 100%
ILFC Aircraft 6 Limited Ireland Flight Equipment Leasing 100% 100%
ILFC Aircraft 7 Limited Ireland Flight Equipment Leasing 100% 100%
Aircraft 73B-26317 Inc. United States Flight Equipment Leasing 100% 100%
AerCap Asset Management Services
PTE Ltd
United States Flight Equipment Leasing 100% 100%
ILFC Aircraft 73B-30669 Limited Ireland Flight Equipment Leasing 100% 100%
Camden Aircraft Leasing Trust United States Flight Equipment Leasing 100% 100%
Castle Harbour - I Limited Liability
Company
United States Flight Equipment Leasing 100% 100%
ILFC Ireland Leasing Limited Ireland Flight Equipment Leasing 100% 100%
ILFC Singapore Pte. Limited Singapore Flight Equipment Leasing 100% 100%
Lucky Star Company Limited China Flight Equipment Leasing 100% 100%
North Star Company Limited China Flight Equipment Leasing 100% 100%
Whitney UK Leasing Limited United Kingdom Flight Equipment Leasing 100% 100%
Quiescent Holdings Limited Ireland Flight Equipment Leasing 100% 100%
Shrewsbury Aircraft Leasing Limited Ireland Flight Equipment Leasing 100% 100%
Castle Harbour Leasing Inc. TICHLI United States Flight Equipment Leasing 100% 100%
Page 40
Docusign Envelope ID: 94F16430-3448-8E16-82CD-A56629F647FD
AerCap Global Aviation Trust
Notes to the financial statements for the financial year ended 31 December 2025
(continued)
13 Debtors: Amounts falling due within one year
2025
$ 000
2024
$ 000
Trade debtors (i)
464 10,034
Amounts due from group companies (ii)
38,267,267 38,129,586
Other debtors and prepayments
530 145,624
Accrued income
20,896 -
Finance lease receivables (see note 15)
82,118 42,512
Lease incentives 1,453 609
38,372,728 38,328,365
(i) Included in trade debtors, the Trust has a contractually deferred balance of $nil (2024: $7.2m).
(ii) The opening provision for amounts due from group companies was $176.3m (2024: $176.2m). The closing
provision at year‑end was $152.2m. The movement during the financial year reflects a decrease of $24.1m in
this provision (2024: $0.1m increase). Interest on amounts due from group companies is charged at a composite
rate of 5.6% (2024: 5.7%).
The Trust is managing the credit risk by monitoring the quality of assets of the group companies and initiating
additional capital contribution to be provided by the ultimate parent company to the relevant group company as
necessary. All amounts due from group companies are unsecured and are repayable on demand; therefore, there
is no amount considered past due as of financial year end.
14 Debtors: Amounts falling due after more than one year
2025
$ 000
2024
$ 000
Trade debtors (i)
- 462
Finance lease receivables (see note 15)
63,414 98,720
Lease incentives 34,245 43,556
97,659 142,738
(i) Included in trade debtors, the Trust has a contractually deferred balance of $nil (2024: $0.5m).
15 Finance lease receivables
2025
$ 000
2024
$ 000
Present value of minimum lease payments
Not later than one year
82,118 42,512
Later than one year and not later than five years
31,929 63,194
Later than five years 31,485 35,526
145,532 141,232
Page 41
Docusign Envelope ID: 94F16430-3448-8E16-82CD-A56629F647FD
AerCap Global Aviation Trust
Notes to the financial statements for the financial year ended 31 December 2025
(continued)
15 Finance lease receivables (continued)
2025
$ 000
2024
$ 000
Gross investment in finance lease
Not later than one year
123,779 50,174
Later than one year and not later than five years
44,311 77,918
Later than five years 37,605 44,085
205,695 172,177
The total unearned finance lease income as at 31 December 2025 was $60.2m (2024: $30.9m). Unguaranteed
residual value accruing to the benefit of the lessor amounted to $136.8m (2024: $75.1m). There is no allowance
for losses for uncollectible minimum lease payments in 2025 or 2024.
16 Cash and cash equivalents
2025
$ 000
2024
$ 000
Cash at bank 30,738 118,985
30,738 118,985
Page 42
Docusign Envelope ID: 94F16430-3448-8E16-82CD-A56629F647FD
AerCap Global Aviation Trust
Notes to the financial statements for the financial year ended 31 December 2025
(continued)
17 Creditors: Amounts falling due within one year
2025
$ 000
2024
$ 000
Trade payables (i)
10,750 23,875
Accrued expenses
2,127 2,369
Amounts due to group companies (ii)
971,983 651,231
Other payables
2,961 3,553
Loans and borrowings (see note 19)
5,224,567 4,124,265
Accrued interest
343,863 375,357
Deferred income
- 15,991
Security deposits (see note 18)
3,423 2,547
Maintenance reserves (see note 18)
65,203 18,510
Lessor contributions 3,220 9,610
6,628,097 5,227,308
(i) Trade payables comprises $10.8m (2024: $23.9m) of initial instalment payments received under CSAs.
(ii) All amounts owed to group companies are due to the parent undertaking and fellow subsidiary undertakings
and are repayable on demand. Interest is charged at a composite rate of 5.6% (2024: 5.7%).
18 Creditors: Amounts falling due after more than one year
2025
$ 000
2024
$ 000
Loans and borrowings (see note 19)
25,902,580 27,955,947
Security deposits
47,448 66,059
Maintenance reserves
284,117 291,351
Lessor contributions
78,997 83,389
Vendor credit allocations 34,841 34,881
26,347,983 28,431,627
Included in security deposits are amounts of $39.1m greater than 5 years (2024: $51.6m). Included in
maintenance reserves are amounts of $111.3m greater than 5 years (2024: $113.9m).
The increase in maintenance reserves during the year is primarily due to billings of $79.7m offset by releases of
$14.8m and claims of $25.4m.
The lessees of the Trust's flight equipment have provided letters of credit totalling $51.2m (2024: $60.6m) as
security against their rental obligations under the lease agreements.
Page 43
Docusign Envelope ID: 94F16430-3448-8E16-82CD-A56629F647FD
AerCap Global Aviation Trust
Notes to the financial statements for the financial year ended 31 December 2025
(continued)
19 Loans and borrowings
2025
$ 000
Nominal Value
2025
$ 000
Book Value
2024
$ 000
Nominal Value
2024
$ 000
Book Value
Unsecured Notes
AerCap Trust & AICDC
14,500,000 14,404,515 14,450,000 14,371,030
GE notes
- - 1,000,000 1,000,000
GECAS acquisition notes 14,500,000 14,433,820 14,500,000 14,419,315
Total unsecured notes
29,000,000 28,838,335 29,950,000 29,790,345
ECAPS subordinated debt
1,000,000 1,000,000 1,000,000 1,000,000
Junior subordinated notes
1,250,000 1,239,012 1,250,000 1,238,651
Other secured debt 49,800 49,800 51,216 51,216
Balance at 31 December
31,299,800 31,127,147 32,251,216 32,080,212
Analysis of the maturity of loans is given below:
2025
$ 000
2024
$ 000
Loan Maturity
Amounts falling due within one year
5,224,567 4,124,265
Amounts falling due within one to two years
3,970,539 5,231,920
Amounts falling due within two to five years
9,535,986 11,342,211
Amounts falling due after more than five years 12,396,055 11,381,816
31,127,147 32,080,212
As of 31 December 2025, the Trust had $1.0bln (2024: $1.0bln) of floating rate debt outstanding that used
three-month USD SOFR as the applicable reference rate to calculate interest on such debt.
Page 44
Docusign Envelope ID: 94F16430-3448-8E16-82CD-A56629F647FD
AerCap Global Aviation Trust
Notes to the financial statements for the financial year ended 31 December 2025
(continued)
19 Loans and borrowings (continued)
A reconciliation of the movement in class of debt for the period ended 31 December 2025 is set out below:
Opening
Balance
2025
$ 000
Issued
2025
$ 000
Repaid
2025
$ 000
Amortised
2025
$ 000
Closing
Balance
2025
$ 000
AerCap Trust & AICDC
14,371,030 2,700,000 (2,650,000) (16,515) 14,404,515
GE notes
1,000,000 - (1,000,000) - -
GECAS acquisition notes 14,419,315 - - 14,505 14,433,820
29,790,345 2,700,000 (3,650,000) (2,010) 28,838,335
ECAPS subordinated debt
1,000,000 - - - 1,000,000
Junior subordinated debt
1,238,651 500,000 (500,000) 361 1,239,012
Other secured debt 51,216 - (1,416) - 49,800
32,080,212 3,200,000 (4,151,416) (1,649) 31,127,147
A reconciliation of the movement in class of debt for the year ended 31 December 2024 is set out below:
Opening
Balance
2024
$ 000
Issued
2024
$ 000
Repaid
2024
$ 000
Amortised
2024
$ 000
Closing
Balance
2024
$ 000
AerCap Trust & AICDC
12,808,066 3,900,000 (2,273,719) (63,317) 14,371,030
GE Notes
1,000,000 - - - 1,000,000
GECAS acquisition notes 17,291,659 - (2,891,630) 19,286 14,419,315
31,099,725 3,900,000 (5,165,349) (44,031) 29,790,345
ECAPS subordinated debt
1,000,000 - - - 1,000,000
Junior subordinated debt
496,467 750,000 - (7,816) 1,238,651
Other secured debt 52,544 - (1,328) - 51,216
32,648,736 4,650,000 (5,166,677) (51,847) 32,080,212
Page 45
Docusign Envelope ID: 94F16430-3448-8E16-82CD-A56629F647FD
AerCap Global Aviation Trust
Notes to the financial statements for the financial year ended 31 December 2025
(continued)
19 Loans and borrowings (continued)
AerCap Trust & AICDC Notes
From time to time since the completion of the ILFC transaction, AerCap Trust and AICDC have co-issued
additional senior unsecured notes (the “AGAT/AICDC Notes”). The proceeds from these offerings were used
for general corporate purposes.
2025
$ 000
2024
$ 000 Interest Rate Maturity
July 2017 notes
1,000,000 1,000,000
3.65% 2027
November 2017 notes
- 800,000
3.50% 2025
January 2018 notes
550,000 550,000
3.30%-3.875% 2023-2028
August 2018 notes
- 600,000
4.45% 2025
April 2019 notes
500,000 500,000
4.45%-4.875% 2024-2026
June 2020 notes
- 1,250,000
6.5% 2025
September 2020 notes
600,000 600,000
4.625% 2027
January 2021 notes
1,000,000 1,000,000
1.75% 2026
January 2023 notes
1,500,000 1,500,000
6.45% 2027
January 2023 notes
1,000,000 1,000,000
5.75% 2028
January 2023 notes
850,000 850,000
6.15% 2030
January 2023 notes
900,000 900,000
6.10% 2027
January 2024 notes
800,000 800,000
5.10% 2029
January 2024 notes
700,000 700,000
5.30% 2034
September 2024 notes
1,300,000 1,300,000
4.62% 2029
September 2024 notes
1,100,000 1,100,000
4.95% 2034
January 2025 notes
750,000 -
4.875% 2028
January 2025 notes
750,000 -
5.375% 2031
October 2025 notes
600,000 -
4.375% 2030
October 2025 notes 600,000 - 5.00% 2035
14,500,000 14,450,000
The AGAT/AICDC Notes are registered with the Securities and Exchange Commission ("SEC"). The
AGAT/AICDC Notes are jointly and severally and fully and unconditionally guaranteed by AerCap Holdings
N.V. and by AerCap Ireland Limited, AerCap Aviation Solutions B.V., ILFC and AerCap U.S. Global Aviation
LLC. Except as described below, the AGAT/AICDC Notes are not subject to redemption prior to their stated
maturity and there are no sinking fund requirements. We may redeem each series of the AGAT/AICDC Notes in
whole or in part, at any time, at a price equal to 100% of the aggregate principal amount plus the applicable
“make-whole” premium plus accrued and unpaid interest, if any, to the redemption date. Certain of the
AGAT/AICDC Notes are redeemable at our option, at par.
The indentures governing the AGAT/AICDC Notes contain customary covenants that, among other things,
restrict our, and our restricted subsidiaries' ability to incur liens on assets and to consolidate, merge, sell, or
otherwise dispose of all or substantially all of our assets. The indentures also provide for customary events of
default, including, but not limited to, the failure to pay scheduled principal and interest payments on the
AGAT/AICDC Notes, the failure to comply with covenants and agreements specified in the indentures, the
acceleration of certain other indebtedness resulting from non-payment of that indebtedness and certain events of
insolvency. If any event of default occurs, any amount then outstanding under the indentures may immediately
become due and payable.
Page 46
Docusign Envelope ID: 94F16430-3448-8E16-82CD-A56629F647FD
AerCap Global Aviation Trust
Notes to the financial statements for the financial year ended 31 December 2025
(continued)
19 Loans and borrowings (continued)
In January 2025, AerCap Trust and AICDC co-issued $750m aggregate principal amount of 4.875% Senior
Notes due 2028 and $750m aggregate principal amount of 5.375% Senior Notes due 2031.
In October 2025, AerCap Trust and AICDC co-issued $600m aggregate principal amount of 4.375% Senior
Notes due 2030 and $600m aggregate principal amount of 5.000% Senior Notes due 2035.
GECAS acquisition notes
The Trust and AICDC co-issued $21bln of Senior Unsecured Notes in aggregate (the “GECAS acquisition
notes”) in connection with the GECAS Transaction on 29 October 2021. The GECAS acquisition notes are fully
and unconditionally guaranteed on a senior unsecured basis by AerCap and certain other AerCap subsidiaries.
The proceeds from the issuance of the GECAS acquisition notes were used to fund a portion of the cash
consideration to be paid in the GECAS Transaction, and to pay related fees and expenses, with any excess
proceeds to be used for general corporate purposes.
The following table provides a summary of the outstanding GECAS acquisition notes as of 31 December 2025:
2025
$ 000 Interest Rate Maturity
October 2021 notes
1,500,000
3.40% 2033
October 2021 notes
4,000,000
3.30% 2032
October 2021 notes
3,750,000
3.00% 2028
October 2021 notes
3,750,000
2.45% 2026
October 2021 notes 1,500,000 3.85% 2041
14,500,000
GE notes
On 1 November 2021, the Trust and AICDC co-issued $1.0bln of 1.899% Senior Unsecured Notes due 2025 to
a subsidiary of GE in connection with the closing of the GECAS Transaction.
The GE notes matured in November 2025 in accordance with their original terms.
Page 47
Docusign Envelope ID: 94F16430-3448-8E16-82CD-A56629F647FD
AerCap Global Aviation Trust
Notes to the financial statements for the financial year ended 31 December 2025
(continued)
19 Loans and borrowings (continued)
Junior subordinated notes
In June 2015, AerCap Trust issued $500m of junior subordinated notes due 2045 (the “2045 Junior
Subordinated Notes”). The 2045 Junior Subordinated Notes bore interest at a fixed interest rate of 6.500% up to
June 2025. In June 2025, AerCap Trust redeemed in full the $500m aggregate principal amount of its 2045
Junior Subordinated Notes, at a redemption price equal to 100% of the principal amount thereof plus accrued
and unpaid interest.
In July 2024, AerCap Trust and AICDC co-issued $750m aggregate principal amount of fixed-rate reset junior
subordinated notes due 2055 (the “2055 Junior Subordinated Notes”). The 2055 Junior Subordinated Notes
currently bear interest at a fixed interest rate of 6.950% and, from and including 10 March 2030 (the “First Reset
Date”), will bear interest at a rate equal to the five-year U.S. Treasury Rate plus 2.720%, to be reset on each
subsequent five-year anniversary.
In April 2025, AerCap Trust and AICDC co-issued $500m aggregate principal amount of fixed-rate reset junior
subordinated notes due 2056 (the “2056 Junior Subordinated Notes” and, together with the 2055 Junior
Subordinated Notes, the “Junior Subordinated Notes”). The 2056 Junior Subordinated Notes currently bear
interest at a fixed interest rate of 6.500% and, from 31 January 2031 (the “First Reset Date”), will bear interest
at a rate equal to the five-year U.S. Treasury Rate plus 2.441%, to be reset on each subsequent five-year
anniversary.
ECAPS subordinated notes
In December 2005, ILFC issued two tranches of subordinated notes in an aggregate principal amount of $1bln.
Both the $400m and $600m tranches have a floating interest rate, with margins of 1.80% and 1.55%
respectively, plus the highest of three-month Term SOFR plus the appropriate credit adjustment spread, ten-year
constant maturity U.S. Treasury, and 30-year constant maturity U.S. Treasury.
The ECAPS contain customary financial tests, including a minimum ratio of equity to total managed assets and
a minimum fixed charge coverage ratio. Failure to comply with these financial tests will result in a “mandatory
trigger event.” If a mandatory trigger event occurs and we are unable to raise sufficient capital in a manner
permitted by the terms of the subordinated debt to cover the next interest payment on the subordinated debt, a
“mandatory deferral event” will occur, requiring us to defer all interest payments and prohibiting the payment of
cash dividends on the Trust’s or ILFC’s capital stock or its equivalent until both financial tests are met or we
have raised sufficient capital to pay all accumulated and unpaid interest on the subordinated debt. Mandatory
trigger events and mandatory deferral events are not events of default under the indenture governing the
subordinated debt.
Upon consummation of the ILFC Transaction, the subordinated notes were assumed by the Trust, and AerCap
and certain of its subsidiaries became guarantors. ILFC remains a co-obligor under the indentures governing the
subordinated notes. The addition of these subsidiary guarantors did not affect the subordinated ranking of these
notes.
These ECAPS subordinated notes were listed on Euronext Dublin's regulated market.
Page 48
Docusign Envelope ID: 94F16430-3448-8E16-82CD-A56629F647FD
AerCap Global Aviation Trust
Notes to the financial statements for the financial year ended 31 December 2025
(continued)
20 Commitments
Prepayments of aircraft purchases
As at 31 December 2025, the Trust had commitments to purchase 43 new aircraft scheduled for delivery through
2029. The Trust's contractual commitments for the purchase of flight equipment amount to an estimated total of
$2.2bln (including adjustments for certain contractual escalation provisions). These commitments are based
upon purchase agreements with Boeing, Airbus and Embraer. Total prepayments have a closing balance of
$277.3m (2024: $368.0m). The movement represents the delivery of aircraft during 2025 and any further
payments made.
These agreements establish the pricing formulae and various other terms with respect to the purchase of aircraft.
Under certain circumstances the Trust have the right to alter the mix of aircraft types ultimately acquired. As at
31 December 2025, the Trust had made non-refundable deposits on these purchase commitments (exclusive of
capitalised interest) of approximately $230.6m (2024: $327.0m).
The amounts of borrowing costs capitalised in the year ended 31 December 2025 was $13.1m (2024: $14.1m) at
a capitalisation rate of 4.3% (2024: 4.2%).
Management anticipates that a portion of the aggregate purchase price for the acquisition of aircraft will be
funded by incurring additional debt. The amount of indebtedness to be incurred will depend upon the final
purchase price of the aircraft, which can vary due to a number of factors, including inflation.
Legal proceedings
In the ordinary course of business, the Trust are a party to various legal actions, which management believe are
incidental to the operations of the Trust's business. The Trust regularly reviews the possible outcome of such
legal actions, and, accrues for legal actions at the time a loss is probable and the amount of the loss can be
estimated. In addition, the Trust also reviews indemnities and insurance coverage, where applicable. Based on
information currently available, management believe the potential outcome of those cases where the Trust is
able to estimate reasonably possible losses, and the estimate of the reasonably possible losses exceeding
amounts already recognised, on an aggregated basis, is immaterial to the Trust's financial statements.
21 Related party transactions
Under FRS102, the Trust is exempt from the requirement to disclose related party transactions with other group
companies on the grounds that it is a wholly owned indirect subsidiary of AerCap Holdings N.V., which
prepares consolidated financial statements that are available to the public. There are no further transactions with
related parties.
22 Ultimate parent undertaking
The Trust's ultimate parent is AerCap Holdings N.V., incorporated in the Netherlands, into which the results of
the AerCap Global Aviation Trust are consolidated. The consolidated accounts of AerCap Holdings N.V. are
publicly available from the Trade Register in the city of Amsterdam under the number 34251954.
Page 49
Docusign Envelope ID: 94F16430-3448-8E16-82CD-A56629F647FD
AerCap Global Aviation Trust
Notes to the financial statements for the financial year ended 31 December 2025
(continued)
23 Beneficial ownership interest
Prior to the closing date of the ILFC transaction on 14 May 2014, AICDC, as beneficial owner of the Trust,
made a contribution of $4.5bln to the Trust to acquire all of ILFC's assets and substantially all of ILFC's
liabilities in line with the reorganisation.
In return for this contribution, the Trust issued ownership interests ("Interests") in the Trust, the rights of which
are set out in the AerCap Trust Deed. These Interests include (i) rights to profits, losses, allocations and
distributions, (ii) rights to vote or grant or withhold consents with respect to the Trust and (iii) beneficial interest
in the property of the Trust.
The interests are a single class of beneficial ownership interest with no differences between the rights,
preferences and restrictions of each interest.
24 Post balance sheet events
In January 2026, AerCap Trust and AICDC co-issued $900m aggregate principal amount of 4.125% Senior
Notes due 2029 and $850m aggregate principal amount of 4.750% Senior Notes due 2033.
In February 2026, AerCap Trust and AICDC redeemed all of the then-outstanding $500m aggregate principal
amount of their 4.450% Senior Notes due 2026.
On 31 March 2026, the Court of Appeal granted the relevant insurers of the Trust’s C&P Policy permission to
appeal the 2025 Judgment. The Trust intends to vigorously defend against the insurers’ appeal. However, if the
insurers ultimately prevail upon appeal, the Trust may be required to repay up to all amounts received pursuant
to the 2025 Judgement, plus applicable interest. Based on current assessments, management do not consider this
outcome to be probable. While the ultimate resolution of litigation is inherently uncertain, management believe
this assessment reflects the most likely outcome based on the present facts and circumstances.
Page 50
Docusign Envelope ID: 94F16430-3448-8E16-82CD-A56629F647FD