China Aircraft Leasing Group (1848) H2 2025 earnings summary

Executive summary

• Total revenue for 2025 was HK$5,015.1 million, down 3.6% year-over-year, while profit attributable to shareholders rose 31.5% to HK$338.5 million and EPS increased 31.2% to HK$0.454.

• The Group maintained a stable dividend payout of HK$0.30 per share, with a scrip dividend scheme offered.

• The fleet comprised 176 aircraft (149 owned, 27 managed) at year-end, with a 100% utilization rate (excluding two aircraft mandated for sale).

• The Group placed an additional order for 30 Airbus A320neo series aircraft, bringing the order backlog to 130 aircraft (105 Airbus, 25 COMAC C909).

Financial highlights

• EBITDA for 2025 was HK$4,146.8 million, down 17.7% year-over-year.

• Lease income declined 12.9% to HK$3,787.3 million, while net income from aircraft transactions rose to HK$374.8 million from HK$211.1 million.

• Interest expenses fell 20% to HK$2,167.9 million, and depreciation/impairment decreased 13.6% to HK$1,457.5 million.

• Net exchange losses of HK$363.5 million were recorded due to RMB appreciation.

• Income tax expense dropped to HK$146.0 million from HK$315.7 million.

Outlook and guidance

• The global aviation industry is expected to maintain positive growth in 2026, with IATA projecting passenger traffic to rise 4.4% and industry revenue to exceed US$1 trillion.

• Aircraft supply chain bottlenecks are expected to persist, supporting asset values and lease rates.

• The Group aims to further optimize its fleet, expand global partnerships, and enhance its credit profile.