Avolon Net Income Increases 91% in First Quarter

Avolon, a leading global aviation finance company, announces results for the first quarter (?Q1') of 2024.

2024 FIRST QUARTER | FINANCIAL HIGHLIGHTS

- Net income of US$107 million for the quarter, up 91% year on year;
- Lease revenue of US$621 million and total revenue of US$663 million;
- Generated US$337 million of cash from operating activities, up 9% year on year;
- Raised US$1.7 billion of debt across both the public and private markets including $1.6 billion of unsecured debt;

• US$1.15 billion senior unsecured notes due 2029,
• US$325 million unsecured term loans, and
• US$110 million upsize in unsecured revolving credit facility.

- Total available liquidity at quarter end of US$6.6 billion; and,
- Net debt to equity of 2.2 times, a secured debt to total assets ratio of 23% and US$16 billion of unencumbered assets.

2024 FIRST QUARTER | FLEET HIGHLIGHTS

- Executed 39 lease transactions comprising new aircraft leases, follow-on leases and lease extensions;
- Delivered 9 new aircraft and transitioned 3 aircraft to a total of 7 customers;
- Sold 9 aircraft and entered letters of intent for the sale of a further 17 aircraft;
- Entered into letters of intent for the sale and leaseback of 7 aircraft;
- Orderbook 98% placed for next 24 months;
- Added 3 new customers, giving a total of 145 airline customers operating in 64 countries; and,
- Ended the quarter with an owned and managed fleet of 577 aircraft, with total orders and commitments for 456 fuel-efficient, new technology aircraft.

Andy Cronin, Avolon CEO, commented:

"The first quarter of 2024 demonstrates the upward financial trajectory of our business, headlined by our increasing profitability. Our large orderbook provides us with a clear competitive advantage in an undersupplied market. Coupled with our prudent balance sheet and liquidity position, we are in a strong position to drive further profitability and generate long-term shareholder value."

About Avolon

Avolon is a leading global aviation finance company connecting capital with customers to drive the transformation of aviation and the economic and social benefits of global travel. We pride ourselves on our deep customer relationships, our collaborative team approach, and our fast execution. We invest with a long-term perspective, diversifying risk and managing capital efficiently to maintain our strong balance sheet. Working with 145 airlines in 64 countries, Avolon has an owned, managed, and committed fleet of 1,033 aircraft, as of 31 March 2024. www.avolon.aero