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

Q2 performance strong; Aerospace driving upside - Aerospace Products: revenue +78% YoY and +18% QoQ; adjusted EBITDA $250m (+51% YoY, +12% QoQ); 29% EBITDA margin steady sequentially. - Production: refurbished 296 CFM56 modules (+61% YoY); H1 production 566 modules, ahead of midyear target. - Capacity uplift: management highlighted growth of module production footprint/shops; total physical CFM56 module production capacity now 3,000 modules/year (enables long-term market-share goal).

Market share accelerating in a “supply-constrained, not demand-constrained” CFM56 environment - Market share grew from 12% to 14% in Q2 (driven by production capability, parts procurement, and MRE customer adoption). - Strategy: given capacity constraints and stickiness of airline programs, management is increasingly directing modules to third parties rather than the leasing pool to remain asset-light and maximize economics.

2026 guidance updated: leasing EBITDA reduced due to asset-light shift; Aerospace reaffirmed - Aviation Leasing EBITDA: revised down to $475m for 2026 (explicitly due to the deliberate shift of module production away from the leasing fleet as SCI becomes the home for leased assets). - Aerospace Products EBITDA: reaffirmed $1.05b for 2026. - Total adjusted free cash flow (AF CF): updated from $915m to $878m (hit includes reallocation of module production away from leasing plus +$30m R&D for Power; partly offset by better aerospace working capital economies). - Balance sheet: leverage ended Q2 at 2.7x, within target 2.5x–3x; Moody’s upgrade to Ba1 cited as supporting credit strength.