FTAI Aviation Ltd - FXDFR PRF PERPETUAL USD 25 - Ser C

Strong Q1 momentum; margins supported by mix - Aerospace Products: Revenue and EBITDA growth accelerated—Q1 adjusted EBITDA $222.6m, +70% YoY and +14% QoQ; EBITDA margin ~30%. Management attributes margin trend to deal/customer mix (more large airline customers and more full-performance restoration shop visits). - Total company: Q1 adjusted EBITDA $325.6m (+17% vs Q4 2025, +~70% YoY per segment commentary). Adjusted free cash flow (FCF) $158m, with growth prepayments/inventory reducing reported FCF.

2026 outlook reaffirmed with a specific FCF target; higher dividend declared - Full-year 2026 outlook (reaffirmed): Total business segment EBITDA ~$1.625bn = $1.05bn Aerospace Products + $575m Aviation Leasing. - FCF expectation (reaffirmed): ~$915m adjusted FCF in 2026. - Operational plan driving this: Continue execution toward 2026 production goal of 1,050 CFM56 modules (Q1: 270 modules, +96% YoY, with Rome and Lisbon still ramping). - Dividend increase: $0.45/share quarterly from $0.40 (up 12.5%). Pay date May 26, record date May 13.

Aerospace Products strategy: accelerate market share and expand footprint - Priority #1 (2026): Accelerate market share growth as production, parts procurement strategy, and MRE adoption reach an inflection point (management believes they can take share faster than traditional engine MRO shops). - Priority #2: Growing demand for leased engine solutions even from airlines with in-house MRO—management wants to win more of this sticky business. - Priority #3: Expand/relocate capacity geographically—no major maintenance facilities east of Rome, Italy today; management expects that to look different by next year. - Good/surprising: Customer engagement expanding into larger, more programmatic partnerships as adoption broadens to engine + module exchanges, engine leasing, and aircraft leasing.