证券研究报告 2026年2月26日 行业评级：优于大市 评级变动：维持 飞机交易市场韧性犹存，国际航线进一步修复 ——飞机租赁行业跟踪报告 分析师 资格证书 联系邮箱 ：钟奕昕 ：S0650524030001 ：zhongyixin@mgzq.com 请务必阅读报告正文后的重要声明部分 核心要点 请务必阅读报告正文后的重要声明部分 2 • 飞机制造商产能在缓慢恢复，积压订单飞机数量仍维持高位。受供应链及劳动力短缺等因素影响延续，飞机制造商产 能受限、交付延迟问题依然严峻。 2026年1月，波音飞机交付量为46架，空客飞机交付量为19架。IBA预测，2026年 空客预计交付略高于900架飞机，波音方面预计全年交付约670架。飞机订单需求持续火热，积压订单量继续维持在历 史高位水平。 • 根据IBA，自疫情影响消退以来，飞机二级交易市场持续走强。在二手交易市场中，窄体机依然占据主导地位，其中 以空客A320/A321系列以及波音737NG系列最为活跃。需求来源不仅包括现有运营商，也涵盖了拆解交易商与备件供应 商。与此同时，宽体机的市场价值与租金水平亦呈上行趋势，主要受发动机大修成本高企以及维修工位紧缺的影响。 展 ...

Air Lease delivers jet leasing and fleet management to airlines globally, with revenue driven by long-term contracts and aircraft sales.What happenedAccording to an SEC filing dated Feb. 5, 2026, Alpine Associates Management Inc. bought 1,070,853 additional shares of Air Lease (AL 0.05%)in the fourth quarter, bringing its total stake to 1,118,656 shares as of Dec. 31, 2025. The estimated value of the trade is $68.37 million, calculated using the average closing price for the fourth quarter. The quarter-end ...

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Engie raises its financial targets for 2026-2028 | ReutersSkip to main content[Exclusive news, data and analytics for financial market professionalsLearn more aboutRefinitiv]The logo of French gas and power group Engie is seen on the company tower at La Defense business and financial district in Courbevoie, near Paris, France. May 16, 2018. REUTERS/Charles Platiau [Purchase Licensing Rights, opens new tab]Feb 25 (Reuters) - French utility Engie [(ENGIE.PA), opens new tab] on Wednesday set out its medium-ter ...

Core Insights - Air Lease Corporation (AL) reported fourth-quarter 2025 earnings per share of $2.20, exceeding the Zacks Consensus Estimate of $1.46 and reflecting a 64.2% year-over-year increase due to higher revenues, partially offset by increased depreciation expenses [1][9] - Total revenues reached $820.4 million, surpassing the Zacks Consensus Estimate of $752.1 million and growing 15.1% year over year [1][9] Revenue Breakdown - Revenues from the rental of flight equipment increased by 6% year over year to $680 million, driven by fleet growth and an increase in portfolio lease yield [2] - Revenues from aircraft sales, trading activity, and other sources surged by 90% year over year to $141 million, attributed to heightened sales activity, including $132 million in gains from the sale of 23 aircraft during the fourth quarter [2][9] Operating Expenses and Financial Position - Operating expenses rose by 3.7% year over year to $593.9 million [3] - As of December 31, 2025, Air Lease owned 490 aircraft with a net book value of $29.1 billion, with a total fleet size of 753 aircraft, including 218 on order [3] - Cash and cash equivalents at the end of the fourth quarter were $466.41 million, up from $452.21 million in the prior quarter, while debt financing decreased to $19.7 billion from $20.2 billion [4]

Company Overview - Air Lease Corporation operates a diverse fleet and provides leasing solutions to airline clients worldwide, acquiring, leasing, and remarketing commercial jet aircraft, along with offering aircraft sales and fleet management services [6] - The company generates revenue primarily through long-term operating leases of aircraft, with additional income from aircraft sales and management fees, serving both major carriers and regional operators globally [9] Financial Performance - For the trailing twelve months (TTM), Air Lease Corporation reported revenue of $3.02 billion and net income of $1.09 billion, with a dividend yield of 1.36% [4] - In the fourth quarter alone, the company generated $820 million in revenue, reflecting a 15% increase, while diluted earnings per share surged 82% to $1.51 [11] - The full year EPS reached $9.29, supported by fleet growth and a significant insurance recovery related to aircraft detained in Russia [11] Recent Transactions - On February 12, 2026, Gagnon Securities sold 108,661 shares of Air Lease Corporation, with an estimated transaction value of approximately $6.94 million based on average pricing [2] - Following this transaction, Gagnon Securities' stake in Air Lease Corporation was valued at $31.92 million, accounting for 6.6% of its 13F reportable assets [8] - As of February 12, 2026, shares of Air Lease Corporation were priced at $64.66, representing a 43.7% increase over the past year, outperforming the S&P 500 by 30.76 percentage points [8]

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-35121 AIR LEASE CORPORATION (Exact name of registrant as specified in its charter) Delaware 27-1840403 (I.R.S. Employer Identification N ...

Exhibit 99.1 Air Lease Announces Fourth Quarter and Fiscal Year 2025 Results Los Angeles, California, February 12, 2026 — Air Lease (NYSE: AL) announces financial results for the three months and year ended December 31, 2025. Fourth Quarter and Fiscal Year 2025 Results The following table summarizes our operating results for the three months and year ended December 31, 2025 and 2024 (in millions, except per share amounts and percentages): Operating Results | | | | | | Three Months Ended | | | | | | Year End ...

tsingha25/iStock via Getty Images The following segment was excerpted from the Harbor SMID Cap Value ETF Q4 2025 Commentary. Contributors and Detractors Contributing to performance was The Timken Company (TKR), which designs and manufactures bearings and motion products ...