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<br /> Aviation Leaders Report 2025<br /> The Supply Strain<br /> www.aviationnews-online.com www.kpmg.ie/aviation<br /> Change. Together.<br /> kpmg.ie/aviation<br /> Navigating<br /> CONTENTS<br /> 2 Contributors<br /> AirlineEconomicsandKPMGspoketo30-plusaviationexpertsand<br /> leaders fromOctobertoDecember2024.Contributorslistedareonly<br /> those that agreed to participate on camera or to be quoted in this<br /> publication. This list omits those individuals that provided valuable<br /> input to the report but preferred to remain anonymous. Thank you<br /> to all who contributed to the 2025 report.<br /> 4 Foreword<br /> Joe O’Mara, Head of Aviation Finance at KPMG Ireland.<br /> 6 Chapter One: The Supply Strain<br /> Supply chain bottlenecks strangle air<a title="Aviation Leaders Report 2025 page 1" href="https://secure.viewer.zmags.com/publication/6b04d1e9?page=1"> Aviation Leaders Report 2025 T</a> <a title="Aviation Leaders Report 2025 page 2" href="https://secure.viewer.zmags.com/publication/6b04d1e9?page=2"> Change. Together. kpmg.ie/aviation Navigating</a> <a title="Aviation Leaders Report 2025 page 3" href="https://secure.viewer.zmags.com/publication/6b04d1e9?page=3"> CONTENTS 2 Contributors AirlineEconomicsandKPMG</a> <a title="Aviation Leaders Report 2025 page 4" href="https://secure.viewer.zmags.com/publication/6b04d1e9?page=4"> AIRLINE ECONOMICS RESEARCH Aviation Global Lead</a> <a title="Aviation Leaders Report 2025 page 5" href="https://secure.viewer.zmags.com/publication/6b04d1e9?page=5"> Eamonn Bane Chief Executive Officer Macquari</a> <a title="Aviation Leaders Report 2025 page 6" href="https://secure.viewer.zmags.com/publication/6b04d1e9?page=6"> AIRLINE ECONOMICS RESEARCH THE SUPPLY STRAIN </a> <a title="Aviation Leaders Report 2025 page 7" href="https://secure.viewer.zmags.com/publication/6b04d1e9?page=7"> The key driver on cost increases has been labour,</a> <a title="Aviation Leaders Report 2025 page 8" href="https://secure.viewer.zmags.com/publication/6b04d1e9?page=8"> Chapter One The Supply Strain</a> <a title="Aviation Leaders Report 2025 page 9" href="https://secure.viewer.zmags.com/publication/6b04d1e9?page=9"> manufactures aerostructures for the A220</a> <a title="Aviation Leaders Report 2025 page 10" href="https://secure.viewer.zmags.com/publication/6b04d1e9?page=10"> MANUFACTURING Fig.1: Passenger Aircraft Deliverie</a> <a title="Aviation Leaders Report 2025 page 11" href="https://secure.viewer.zmags.com/publication/6b04d1e9?page=11"> Source: Cirium Core Source: Cirium Core MANUFACTU</a> <a title="Aviation Leaders Report 2025 page 12" href="https://secure.viewer.zmags.com/publication/6b04d1e9?page=12"> MANUFACTURING engines, which have been coming o</a> <a title="Aviation Leaders Report 2025 page 13" href="https://secure.viewer.zmags.com/publication/6b04d1e9?page=13"> “The technology has to become robust because ther</a> <a title="Aviation Leaders Report 2025 page 14" href="https://secure.viewer.zmags.com/publication/6b04d1e9?page=14"> MANUFACTURING 500 450 400 350 300 250 200 150 1</a> <a title="Aviation Leaders Report 2025 page 15" href="https://secure.viewer.zmags.com/publication/6b04d1e9?page=15"> the cost to lease the whole aircraft. This situat</a> <a title="Aviation Leaders Report 2025 page 16" href="https://secure.viewer.zmags.com/publication/6b04d1e9?page=16"> MANUFACTURING Airbus has booked 742 aircraft </a> <a title="Aviation Leaders Report 2025 page 17" href="https://secure.viewer.zmags.com/publication/6b04d1e9?page=17"> “The majority of our airline customers are in the</a> <a title="Aviation Leaders Report 2025 page 18" href="https://secure.viewer.zmags.com/publication/6b04d1e9?page=18"> MANUFACTURING Chap</a> <a title="Aviation Leaders Report 2025 page 19" href="https://secure.viewer.zmags.com/publication/6b04d1e9?page=19"> D emand for air travel continues </a> <a title="Aviation Leaders Report 2025 page 20" href="https://secure.viewer.zmags.com/publication/6b04d1e9?page=20"> LEASING being on the ground as a result of the </a> <a title="Aviation Leaders Report 2025 page 21" href="https://secure.viewer.zmags.com/publication/6b04d1e9?page=21"> “Our customers are struggling to get the aircraft</a> <a title="Aviation Leaders Report 2025 page 22" href="https://secure.viewer.zmags.com/publication/6b04d1e9?page=22"> LEASING FIG. 6: TOP 30 AIRCRAFT LEASING COMPANI</a> <a title="Aviation Leaders Report 2025 page 23" href="https://secure.viewer.zmags.com/publication/6b04d1e9?page=23"> LEASING FIG. 7: TOP 30 AIRCRAFT LEASING COMPANI</a> <a title="Aviation Leaders Report 2025 page 24" href="https://secure.viewer.zmags.com/publication/6b04d1e9?page=24"> LEASING changed the competitor dynamic in the m</a> <a title="Aviation Leaders Report 2025 page 25" href="https://secure.viewer.zmags.com/publication/6b04d1e9?page=25"> entering the bidding process in greater numbers. </a> <a title="Aviation Leaders Report 2025 page 26" href="https://secure.viewer.zmags.com/publication/6b04d1e9?page=26"> LEASING traffic that just disappeared. This</a> <a title="Aviation Leaders Report 2025 page 27" href="https://secure.viewer.zmags.com/publication/6b04d1e9?page=27"> characteristic of Azorra’s broader market s</a> <a title="Aviation Leaders Report 2025 page 28" href="https://secure.viewer.zmags.com/publication/6b04d1e9?page=28"> LEASING assets, closing a $988 million corporat</a> <a title="Aviation Leaders Report 2025 page 29" href="https://secure.viewer.zmags.com/publication/6b04d1e9?page=29"> Although there are some sizeable portfolios </a> <a title="Aviation Leaders Report 2025 page 30" href="https://secure.viewer.zmags.com/publication/6b04d1e9?page=30"> LEASING up our liability structure in a discipl</a> <a title="Aviation Leaders Report 2025 page 31" href="https://secure.viewer.zmags.com/publication/6b04d1e9?page=31"> then you can start accessing into an IG stack. To</a> <a title="Aviation Leaders Report 2025 page 32" href="https://secure.viewer.zmags.com/publication/6b04d1e9?page=32"> LEASING raised close to $3bn in funds – e</a> <a title="Aviation Leaders Report 2025 page 33" href="https://secure.viewer.zmags.com/publication/6b04d1e9?page=33"> Source: Cirium Ascend Consultancy</a> <a title="Aviation Leaders Report 2025 page 34" href="https://secure.viewer.zmags.com/publication/6b04d1e9?page=34"> LEASING SMBC Aviation Capital has closed a joi</a> <a title="Aviation Leaders Report 2025 page 35" href="https://secure.viewer.zmags.com/publication/6b04d1e9?page=35"> “Measured in units, the leasing share of the flee</a> <a title="Aviation Leaders Report 2025 page 36" href="https://secure.viewer.zmags.com/publication/6b04d1e9?page=36"> Chapter Three Evolving Strategies</a> <a title="Aviation Leaders Report 2025 page 37" href="https://secure.viewer.zmags.com/publication/6b04d1e9?page=37"> In 2024, airlines benefited from the largely ben</a> <a title="Aviation Leaders Report 2025 page 38" href="https://secure.viewer.zmags.com/publication/6b04d1e9?page=38"> AIRLINES World Economic Growth, Air Traffic & A</a> <a title="Aviation Leaders Report 2025 page 39" href="https://secure.viewer.zmags.com/publication/6b04d1e9?page=39"> AIRLINES Oil / Jet Fuel Prices Jan 2022-Jan 202</a> <a title="Aviation Leaders Report 2025 page 40" href="https://secure.viewer.zmags.com/publication/6b04d1e9?page=40"> AIRLINES daily routes with low frequencies and </a> <a title="Aviation Leaders Report 2025 page 41" href="https://secure.viewer.zmags.com/publication/6b04d1e9?page=41"> Pacific due to the slower recovery from Covid. Lik</a> <a title="Aviation Leaders Report 2025 page 42" href="https://secure.viewer.zmags.com/publication/6b04d1e9?page=42"> AIRLINES Cargo recovery After two years of dec</a> <a title="Aviation Leaders Report 2025 page 43" href="https://secure.viewer.zmags.com/publication/6b04d1e9?page=43"> Amazon Air secured lease agreements with A</a> <a title="Aviation Leaders Report 2025 page 44" href="https://secure.viewer.zmags.com/publication/6b04d1e9?page=44"> AIRLINES COST CREEP All ai</a> <a title="Aviation Leaders Report 2025 page 45" href="https://secure.viewer.zmags.com/publication/6b04d1e9?page=45"> AIRLINES Fig. 13. Global Schedule Growth 2024-202</a> <a title="Aviation Leaders Report 2025 page 46" href="https://secure.viewer.zmags.com/publication/6b04d1e9?page=46"> Chapter Four Financing lift</a> <a title="Aviation Leaders Report 2025 page 47" href="https://secure.viewer.zmags.com/publication/6b04d1e9?page=47"> FINANCE T he supply-demand imbalance </a> <a title="Aviation Leaders Report 2025 page 48" href="https://secure.viewer.zmags.com/publication/6b04d1e9?page=48"> FINANCE capital. At that higher level, a major </a> <a title="Aviation Leaders Report 2025 page 49" href="https://secure.viewer.zmags.com/publication/6b04d1e9?page=49"> is access to the deep unsecured bond market. AerC</a> <a title="Aviation Leaders Report 2025 page 50" href="https://secure.viewer.zmags.com/publication/6b04d1e9?page=50"> FINANCE bet by investors and more of an index b</a> <a title="Aviation Leaders Report 2025 page 51" href="https://secure.viewer.zmags.com/publication/6b04d1e9?page=51"> funds would be more competitive. The sweet spot i</a> <a title="Aviation Leaders Report 2025 page 52" href="https://secure.viewer.zmags.com/publication/6b04d1e9?page=52"> FINANCE With a double dip affirmed, i</a> <a title="Aviation Leaders Report 2025 page 53" href="https://secure.viewer.zmags.com/publication/6b04d1e9?page=53"> Source: Cirium Core FINANCE Fig 15. Aviation AB</a> <a title="Aviation Leaders Report 2025 page 54" href="https://secure.viewer.zmags.com/publication/6b04d1e9?page=54"> FINANCE In September, regular issuers Pimco </a> <a title="Aviation Leaders Report 2025 page 55" href="https://secure.viewer.zmags.com/publication/6b04d1e9?page=55"> for underlying loan portfolio secured by mid-life</a> <a title="Aviation Leaders Report 2025 page 56" href="https://secure.viewer.zmags.com/publication/6b04d1e9?page=56"> FINANCE larger than $200 mil. Our average </a> <a title="Aviation Leaders Report 2025 page 57" href="https://secure.viewer.zmags.com/publication/6b04d1e9?page=57"> “Spreads in senior debt have fallen so investors </a> <a title="Aviation Leaders Report 2025 page 58" href="https://secure.viewer.zmags.com/publication/6b04d1e9?page=58"> FINANCE of SAF but we have a long way to go on </a> <a title="Aviation Leaders Report 2025 page 59" href="https://secure.viewer.zmags.com/publication/6b04d1e9?page=59"> MEMBERSHIP Access to several events included Acc</a> <a title="Aviation Leaders Report 2025 page 60" href="https://secure.viewer.zmags.com/publication/6b04d1e9?page=60"> AIRLINE ECONOMICS RESEARCH </a> <a title="Aviation Leaders Report 2025 page 61" href="https://secure.viewer.zmags.com/publication/6b04d1e9?page=61"> AIRLINE ECONOMICS RESEARCH </a> <a title="Aviation Leaders Report 2025 page 62" href="https://secure.viewer.zmags.com/publication/6b04d1e9?page=62"> Navigating Complexity, Delivering Clarity AE+ Se</a> <a title="Aviation Leaders Report 2025 page 63" href="https://secure.viewer.zmags.com/publication/6b04d1e9?page=63"> Leaders in Aviation Finance Our Aviation Finance</a> <a title="Aviation Leaders Report 2025 page 64" href="https://secure.viewer.zmags.com/publication/6b04d1e9?page=64"> Navigating Change. Together. k</a>