Record lease revenue of US$683 million delivered in Q1
Dublin | 29 APRIL 2025: Avolon, a leading global aviation finance company, announces results for the first quarter (‘Q1’’) of 2025.
2025 FIRST QUARTER | Financial Highlights
|
Income Statement (US$M) |
Q1 2025 |
Q1 2024 |
US$ Change |
% Change |
|
Lease Revenue |
683 |
621 |
+62 |
+10% |
|
Operating Cashflow |
365 |
337 |
+28 |
+8% |
|
Net Income |
145 |
107 |
+38 |
+36% |
|
Balance Sheet (US$M) |
Q1 2025 |
FY 2024 |
US$ Change |
% Change |
|
Total Available Liquidity |
8,080 |
11,634 |
(3,554) |
(31%) |
|
Total Assets |
34,890 |
33,637 |
+1,253 |
+4% |
|
Unsecured Debt / Total Debt |
70% |
67% |
+3ppts |
N/A |
|
Net Debt to Equity |
2.5x |
2.1x |
0.4x |
N/A |
- Net Income of US$145 million for Q1, up 36% year on year;
- Lease Revenue of US$683 million, up 10% year on year and the highest quarterly performance in Avolon’s history;
- Strong operating cashflow of US$365 million generated in Q1, up 8% year on year;
- Issued US$850 million of senior unsecured notes due 2030;
- Total available liquidity of US$8.1 billion at Q1, including US$1 billion of unrestricted cash and US$6.4 billion in undrawn debt facilities;
- Balance sheet now comprises unsecured to total debt ratio of 70%, with net debt to equity of 2.5 times and US$20 billion of unencumbered assets;
- Strong ratings trajectory continued with Moody’s (Baa3) placing Avolon on review for upgrade in Q1, ratings on positive outlook with both Fitch (BBB-) and Moody’s; and,
- Post quarter end, raised US$1.1 billion senior unsecured term loan due 2030.
2025 FIRST QUARTER | FLEET HIGHLIGHTS
- Acquired 115 aircraft, including closing the acquisition of Castlelake Aviation Limited, increasing the delivered fleet to 639 owned and managed aircraft;
- Sold 34 aircraft and ended the quarter with 66 aircraft agreed for sale;
- Ended the quarter with an owned, managed and committed fleet of 1,096 aircraft, including orders and commitments for 457 new technology aircraft; and,
- Placed 15 aircraft from our orderbook ending the quarter with 97% of our orderbook placed for the next 24 months.
Andy Cronin, Avolon CEO, commented:
“Avolon delivered a strong performance in Q1 against all key financial and operating metrics. Our record lease revenue performance and growing profitability reflect the sustained demand for our assets. We believe that the industry’s supply dynamics will continue to be favourable. Our industry leading orderbook, deep customer relationships, and balance sheet strength position us to benefit from this sustained demand and drive our performance for future quarters.”
END
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 141 airlines in 60 countries, Avolon has an owned, managed, and committed fleet of 1,096 aircraft, as of 31 March 2025. www.avolon.aero