FTAI Aviation Ltd - Ordinary Shares - Class A

Strong start to 2026 + reiterates full-year guidance (good) - Q1 2026 “solid start”; Management emphasized durable demand and strong execution across Aerospace Products, Strategic Capital, and Power despite geopolitical noise. - Reaffirmed 2026 total business segment adjusted EBITDA outlook: $1.625B = $1.05B Aerospace Products + $575M Aviation Leasing. - Adjusted free cash flow forecast for 2026: ~$915M, tied to executing the annual 1,050 CFM56 modules production plan plus disciplined reinvestment (M&A/minority investments in SPV and FTAI Power development).

Aerospace Products: market share push + major revenue/EBITDA acceleration (good, with one nuance) - Revenue growth acceleration: +104% YoY and +32% QoQ in Aerospace Products. - Adjusted EBITDA: $223M, +70% YoY and +14% sequentially (vs. $195M in Q4’25); EBITDA margin ~30%, attributed to larger airline deal mix and more full performance restoration shop visits. - Strategic priorities for 2026: accelerate market share growth (management believes it can take share faster as capabilities, parts/procurement and customer adoption inflect), win more leased engine solutions (increasing demand even from airlines with in-house MRO), and expand production/maintenance footprint. - Surprise nuance: a Q&A noted market share rising (10% → 12%) while margin rate stepped back; management said they don’t break out work-scope vs. new customers, but implied the tradeoff is intentional to drive higher share and faster absolute EBITDA growth.

Production and capacity scaling are real (surprising/important) - 270 CFM56 modules refurbished in Q1, +96% vs Q1’25, across 4 facilities. - Management is targeting 1,050 modules in 2026 and pointed to execution drivers: capacity build-out, talent/academy, and operational ramp. - They highlighted a geographic gap they’re working to fix: no major maintenance facilities east of Rome, Italy today—management expects this to change by next year’s Q1 call.