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FTAI Aviation Ltd. (FTAI) Q4 2025 Earnings Call Transcript

During the quarter, our average net beta-adjusted exposure was 20%. We believe FTAI Aviation shares could eclipse $300 this year as the company is on a path to achieving EBITDA of $3 billion over the next 2 years. FTAI management believes they can eventually deliver over 100 engines annually at a $25 million sale price with 40% margins.

From a sector perspective, strength within Industrials and Information Technology offset relative weakness in Health Care. The October earnings report reinforced confidence in Comfort Systems' ability to convert a strong backlog and increasingly sophisticated project mix into sustained earnings growth. We did not make any adjustments to the position and continue to believe that the market opportunity remains robust.

FTAI Aviation Preferred Series C remains a hold, with limited upside due to likely redemption in 2026. The shares yield 8.1% currently, but redemption at par would reduce the effective annualized yield to just 4.8%. The reset yield in 2026 could reach 10–11%, yet prevailing credit spreads and past redemptions make early call highly probable.