FTAI Aviation : Q2 ’23 Earnings Supplement

POWER FOR THE

AFTERMARKET

INNOVATING CFM56 POWER

FTAI Aviation

Supplemental Information Second Quarter 2023

Disclaimers

IN GENERAL. This disclaimer applies to this document and the verbal or written comments of any person presenting it. This document, taken together with any such verbal or written comments, is referred to herein as the "Presentation." The information contained on, or accessible through, any websites included in this Presentation is not incorporated by reference into, and should not be considered a part of, this Presentation.

FORWARD-LOOKING STATEMENTS. Certain statements in this Presentation may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, of FTAI Aviation Ltd (referred to in this Presentation as "FTAI," the "Company," or "we"), including without limitation, ability to achieve key investment objectives, ability to successfully integrate acquired businesses and realize the anticipated benefits of acquisitions, expansion and growth opportunities, pipeline activity and investment of existing cash, ability to successfully complete transactions for which we have letters of intent or "LOIs", actual results as compared to annualized or run-rate data, expectations regarding Adjusted EBITDA from investments, whether equipment will be able to be leased, becoming a leading independent provider of CFM56 light maintenance solutions, cost reductions from The Module Factory swaps and using recycled material for incremental efficiencies, ability to achieve ESG initiatives and reach ESG targets, bank borrowings and future debt and leverage capacity, financing activities and other such matters. These statements are based on management's current expectations, estimates and beliefs and are subject to a number of trends and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements, many of which are beyond our control. FTAI can give no assurance that its expectations will be attained. Accordingly, you should not place undue reliance on any forward-looking statements made in this Presentation. For a discussion of some of the risks and important factors that could affect such forward-looking statements, see the sections entitled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the Company's most recent annual report on Form 10-K and quarterly report on Form 10-Q (when available) and other filings with the U.S. Securities and Exchange Commission, which are included on the Company's website (www.ftaiaviation.com). In addition, new risks and uncertainties emerge from time to time, and it is not possible for the Company to predict or assess the impact of every factor that may cause its actual results to differ from those contained in any forward-looking statements. Such forward-looking statements speak only as of the date of this Presentation. The Company expressly disclaims any obligation to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with regard thereto or change in events, conditions or circumstances on which any statement is based.

PAST PERFORMANCE. Past performance is not a reliable indicator of future results and should not be relied upon for any reason. Annualized data is presented for illustrative purposes only and should not be considered indicative of future performance or actual results for any period.

NO OFFER; NO RELIANCE. This Presentation is for informational purposes only and does not constitute an offer to sell, or a solicitation of an offer to buy, any security and may not be relied upon in connection with the purchase or sale of any security. Any such offer would only be made by means of formal documents, the terms of which would govern in all respects. You should not rely on this Presentation as the basis upon which to make any investment decision.

NON-GAAP FINANCIAL INFORMATION. This Presentation includes information based on financial measures that are not recognized under generally accepted accounting principles (GAAP), such as Adjusted EBITDA. You should use Non‐GAAP information in addition to, and not as an alternative to, financial information prepared in accordance with GAAP. See Reconciliation and Glossary in the Appendix to this Presentation for reconciliations to the most comparable GAAP measures and an explanation of each of our Non-GAAP measures. Our Non-GAAP measures may not be identical or comparable to measures with the same name presented by other companies. Reconciliations of forward-lookingNon-GAAP financial measures to their most directly comparable GAAP financial measures are not included in this Presentation because the most directly comparable GAAP financial measures are not available on a forward-looking basis without unreasonable effort.

2

Capital Structure

• Run-RateNet Debt / Adj. EBITDA multiple declined from 4.0x in prior quarter to 3.5x in Q2 2023(1,2)
• $155 million of Corporate Revolver facility available as of June 30, 2023
• Net Debt / Adj. EBITDA by Q4 2023 projected to stay within range of 3x - 4x(3)

Capital Structure Overview

($s in millions)

Q2 2023 Run-Rate

Debt Balance	$2,173(4)
Cash	$(21)
Total Net Debt
$2,152
Adj. EBITDA by Segment
Aviation Leasing	$503(2)
Aerospace Products	$120(2)

Aviation Adj. EBITDA	Aviation	Aerospace
(Excl. Corp & Other)	Leasing	Products
		$623
		$120
	$454
	$70
	$344
$289	$22
		$503

Corporate & Other	$(11)(2)
Total Adj. EBITDA
$612

$289 $322

$384

Net Debt / Adj. EBITDA

3.5x

2020

2021

2022

Q2'23 Run-Rate(1,2)

1. This is a Non-GAAP measure. See Reconciliation of Non-GAAP Measures section in Appendix for a reconciliation to the most comparable GAAP measure.
2. Adjusted EBITDA Run-Rate is defined as Q2'23 annualized.
3. Forward looking statement. See "Disclaimers" at the beginning of the Presentation.

4) Debt Balance is net of approximately $21.9mm of net deferred financing costs and bond issuance premium & discount; gross debt outstanding was $2,195.0mm at June 30, 2023.	3

Portfolio Concentration on CFM56 Platform

• Portfolio of 97 aircraft and 247 standalone engines as of June 30, 2023
• 377 CFM56 engines in portfolio including standalone engines, engines on-wing and engines at The Module FactoryTM: o 161 standalone engines
  o 119x engines on Airbus A320 and 32x engines on Boeing 737 (151 CFM56 Engines) o 195 modules at The Module FactoryTM (~65 Aerospace CFM56 Engine Equivalents)(2)

FTAI Aviation Portfolio

CFM56 Engine Count

$ in millions

$2,000

$1,500

$1,787$1,872

Narrowbody Widebody

$1,955

400		377
350		336
304
300
250

$1,000

$500

$1,599$1,753$1,811

200

150

100

50

	$0
	2020	2021	2022
		Q2 2022	Q1 2023	Q2 2023
Narrowbody		$1,599	$1,753	$1,811
Widebody		$188	$119	$144
Total BV(1)		$1,787	$1,872	$1,955

0	2020	2021	2022
	Q2 2022	Q1 2023	Q2 2023
Standalone	129	152	161
On-wing	147	133	151
Aerospace(2)	28	51	65
Total Engines	304	336	377

Narrowbody assets comprise 93% of Aviation portfolio as of June 30, 2023

1) BV is defined as Aviation Net Leasing Equipment plus Inventory from our consolidated Balance Sheet.

2) CFM56 engine is comprised of three module components.

4

Consolidated Financial Results

• • Q2'23 Financial Results
• Net Income attributable to Shareholders of $46.4 million
• Quarterly Net Income growth of 105.3% versus Q1'23
• Adjusted EBITDA of $153.1 million(1)

• • Q2'23 Balance Sheet
• Total Assets of $2.5 billion
• Total Debt of $2.2 billion(2)
• Total Cash of $21.1 million

Consolidated Key Financial Metrics

($s in millions)
Quarter Over Quarter Results
Q2'22	Q1'23	Q2'23
Aviation Leasing	$142.2	$107.6	$125.9
Aerospace Products	$17.1	$27.4	$30.1
Corporate & Other	$(8.6)	$(7.3)	$(2.9)
Adjusted EBITDA(1)	$150.7	$127.7	$153.1
Continuing Operations	$38.9	$22.6	$46.4
Discontinued Operations	$(27.5)	-	-
Net Income Attributable to	$11.4	$22.6	$46.4
Shareholders

Balance Sheet & Liquidity	June 30, 2023
Cash	$21.1
Net Leasing Equipment	$1,891.3
Other Assets	$613.2
Total Assets	$2,525.6
Total Debt(2)	$2,173.1
Total Equity	$91.3
Total Debt + Total Equity	$2,264.4

1)	This is a Non-GAAP measure. See Reconciliation of Non-GAAP Measures section in Appendix for a reconciliation to the most comparable GAAP measure.
2)	Net of $21.9mm deferred financing costs and bond issuance premium & discount.	5