Willis Lease Finance (WLFC) investor relations material

Executive summary

• Achieved strong financial and operational performance in Q2 2026, with assets under management rising 21% year-over-year to $4.4 billion.

• Delivered EBT of $38.1 million and adjusted EBITDA of $120.7 million, up 4% year-over-year, reflecting robust profitability despite macroeconomic and geopolitical challenges.

• Net income attributable to common shareholders was $28.7 million, down from $59.0 million in Q2 2025, primarily due to the absence of a prior-year gain on sale of business.

• Expanded asset management platform, completed major M&A transactions, and launched significant partnerships with Liberty Mutual Investments and Blackstone Credit & Insurance.

• Income from operations rose 20.2% year-over-year to $34.0 million for Q2 2026.

Financial highlights

• Q2 2026 revenues were $194 million, with lease rent revenue up 6.7% year-over-year to $77.1 million.

• Maintenance reserve revenues declined to $46.5 million, and spare parts/equipment sales fell 30.2% to $21.2 million.

• Gain on sale of lease equipment was $32 million, up 16.2% from Q2 2025, with a 14.2% gross margin.

• Adjusted EBITDA margin for Q2 2026 was approximately 62%.

• Net finance costs increased to $35.1 million, including a $5.4 million loss on debt extinguishment.

Outlook and guidance

• Management expects continued portfolio growth and higher lease rent revenue, supported by recent acquisitions and new fund partnerships.

• Long-term demand for modern engines (LEAP, GTF) expected to remain robust as OEMs ramp up production and engines mature.

• $1.3 billion in discretionary fund capital ready to deploy, supporting future growth.

• Focus shifting to balanced growth after completing asset migration to Willis Aviation Capital.

• Forward-looking statements highlight risks from macroeconomic and industry factors, including inflation, oil prices, and regulatory changes.