If you are visually impaired or blind, you can visit the PDF version by Pressing CONTROL + ALT + 4
<br /> Aviation Leaders Report 2026<br /> Evolution &<br /> Opportunity<br /> www. a v i a t i o n n e w s - o n l i n e . c o m www. k p m g . i e / a v i a t i o n<br /> Leaders in Aviation Finance<br /> Our Aviation Finance Team of tax, audit and advisory experts have unrivalled expertise<br /> in aviation finance and aircraft leasing, contact them today.<br /> Tax & Legal<br /> James Kelly<br /> Head of Aviation<br /> E: james.g.kelly@kpmg.ie<br /> Joe O’Mara<br /> Head of Financial Service Tax<br /> E: joe.omara@kpmg.ie<br /> Brian Brennan<br /> Tax Partner<br /> E: brian.brennan@kpmg.ie<br /> Gareth Bryan<br /> Tax Partner<br /> E: gareth.bryan@kpmg.ie<br /> Jed Kelly<br /> Tax Principal<br /> E: jed.kelly@kpmg.ie<br /> Conor McElhinney<br /> Tax Partner<br /> E: conor.mcelhinney@kpmg.ie<br /> Amanda McHugh<br /> Tax Principal<br /> E: amanda.mchugh@kpmg.ie<br /> Kate Newman<br <a title="GL REPORT 2026 page 1" href="https://secure.viewer.zmags.com/publication/724d9369?page=1"> Aviation Leaders Report 2026 Evolution & Opport</a> <a title="GL REPORT 2026 page 2" href="https://secure.viewer.zmags.com/publication/724d9369?page=2"> Leaders in Aviation Finance Our Aviation Finance</a> <a title="GL REPORT 2026 page 3" href="https://secure.viewer.zmags.com/publication/724d9369?page=3"> CONTENTS 2 Contributors </a> <a title="GL REPORT 2026 page 4" href="https://secure.viewer.zmags.com/publication/724d9369?page=4"> AIRLINE ECONOMICS RESEARCH Aviation Global Lead</a> <a title="GL REPORT 2026 page 5" href="https://secure.viewer.zmags.com/publication/724d9369?page=5"> Thomas Baker Chief Executive Officer Aviati</a> <a title="GL REPORT 2026 page 6" href="https://secure.viewer.zmags.com/publication/724d9369?page=6"> AIRLINE ECONOMICS RESEARCH EVOLUTION & OPPORTU</a> <a title="GL REPORT 2026 page 7" href="https://secure.viewer.zmags.com/publication/724d9369?page=7"> As well as cost, diversification of funding source</a> <a title="GL REPORT 2026 page 8" href="https://secure.viewer.zmags.com/publication/724d9369?page=8"> Chapter One: Airlines Tariff turbulence, premium</a> <a title="GL REPORT 2026 page 9" href="https://secure.viewer.zmags.com/publication/724d9369?page=9"> AIRLINES A ir travel is booming desp</a> <a title="GL REPORT 2026 page 10" href="https://secure.viewer.zmags.com/publication/724d9369?page=10"> AIRLINES Source: JPMorgan (using IATA Monthly </a> <a title="GL REPORT 2026 page 11" href="https://secure.viewer.zmags.com/publication/724d9369?page=11"> AIRLINES Source: JPMorgan (using IATA Monthly </a> <a title="GL REPORT 2026 page 12" href="https://secure.viewer.zmags.com/publication/724d9369?page=12"> AIRLINES Iberia, American Airlines and</a> <a title="GL REPORT 2026 page 13" href="https://secure.viewer.zmags.com/publication/724d9369?page=13"> AIRLINES Spirit Airlines: A turbulent year insi</a> <a title="GL REPORT 2026 page 14" href="https://secure.viewer.zmags.com/publication/724d9369?page=14"> AIRLINES “Liberation Day and the US tariff pol</a> <a title="GL REPORT 2026 page 15" href="https://secure.viewer.zmags.com/publication/724d9369?page=15"> “We haven’t seen tariffs impact consumer demand. </a> <a title="GL REPORT 2026 page 16" href="https://secure.viewer.zmags.com/publication/724d9369?page=16"> AIRLINES investor willing to take a minori</a> <a title="GL REPORT 2026 page 17" href="https://secure.viewer.zmags.com/publication/724d9369?page=17"> “There are no more aircraft for sale, so the orde</a> <a title="GL REPORT 2026 page 18" href="https://secure.viewer.zmags.com/publication/724d9369?page=18"> AIRLINES A brief an</a> <a title="GL REPORT 2026 page 19" href="https://secure.viewer.zmags.com/publication/724d9369?page=19"> AIRLINES Azul: A clearer path through Chapter 1</a> <a title="GL REPORT 2026 page 20" href="https://secure.viewer.zmags.com/publication/724d9369?page=20"> AIRLINES is recovering strongly, and despite th</a> <a title="GL REPORT 2026 page 21" href="https://secure.viewer.zmags.com/publication/724d9369?page=21"> Financial markets responded strongly to L</a> <a title="GL REPORT 2026 page 22" href="https://secure.viewer.zmags.com/publication/724d9369?page=22"> AIRLINES months of decline-a sign that supply a</a> <a title="GL REPORT 2026 page 23" href="https://secure.viewer.zmags.com/publication/724d9369?page=23"> AIRLINES rather than current operat</a> <a title="GL REPORT 2026 page 24" href="https://secure.viewer.zmags.com/publication/724d9369?page=24"> MANUFACTURING Chap</a> <a title="GL REPORT 2026 page 25" href="https://secure.viewer.zmags.com/publication/724d9369?page=25"> MANUFACTURING T he supply-demand imbalan</a> <a title="GL REPORT 2026 page 26" href="https://secure.viewer.zmags.com/publication/724d9369?page=26"> MANUFASCouTrUceR: IJNPMGorgan (using IATA Monthly</a> <a title="GL REPORT 2026 page 27" href="https://secure.viewer.zmags.com/publication/724d9369?page=27"> MANUFACTURING Source: Cirium, analysis by Airlin</a> <a title="GL REPORT 2026 page 28" href="https://secure.viewer.zmags.com/publication/724d9369?page=28"> “production” after it passes a particular stage </a> <a title="GL REPORT 2026 page 29" href="https://secure.viewer.zmags.com/publication/724d9369?page=29"> MANUFACTURING 2025 Boeing production (measured by</a> <a title="GL REPORT 2026 page 30" href="https://secure.viewer.zmags.com/publication/724d9369?page=30"> MANUFACTURING Airbus ended 2025 with a re</a> <a title="GL REPORT 2026 page 31" href="https://secure.viewer.zmags.com/publication/724d9369?page=31"> “Four years post-Covid, it would fair to expect t</a> <a title="GL REPORT 2026 page 32" href="https://secure.viewer.zmags.com/publication/724d9369?page=32"> MANUFACTURING longer, contributing to more grou</a> <a title="GL REPORT 2026 page 33" href="https://secure.viewer.zmags.com/publication/724d9369?page=33"> takeoff thrust at sea-level airports and </a> <a title="GL REPORT 2026 page 34" href="https://secure.viewer.zmags.com/publication/724d9369?page=34"> MANUFACTURING parts go – new engines, spares, o</a> <a title="GL REPORT 2026 page 35" href="https://secure.viewer.zmags.com/publication/724d9369?page=35"> Photo credit: Adrien Daste / Safran “The world </a> <a title="GL REPORT 2026 page 36" href="https://secure.viewer.zmags.com/publication/724d9369?page=36"> Chapter Three: Leasing Clear skies ahead</a> <a title="GL REPORT 2026 page 37" href="https://secure.viewer.zmags.com/publication/724d9369?page=37"> STRENGTH OF AIRCRAFT LESSORS “The airline marke</a> <a title="GL REPORT 2026 page 38" href="https://secure.viewer.zmags.com/publication/724d9369?page=38"> LEASING issues, acquiring and distributin</a> <a title="GL REPORT 2026 page 39" href="https://secure.viewer.zmags.com/publication/724d9369?page=39"> “Global aircraft demand is still strong and comfo</a> <a title="GL REPORT 2026 page 40" href="https://secure.viewer.zmags.com/publication/724d9369?page=40"> LEASING a pretty good rate. Demand is good. Ove</a> <a title="GL REPORT 2026 page 41" href="https://secure.viewer.zmags.com/publication/724d9369?page=41"> lease rates since it increases the price of every</a> <a title="GL REPORT 2026 page 42" href="https://secure.viewer.zmags.com/publication/724d9369?page=42"> LEASING might be willing to pay to make their r</a> <a title="GL REPORT 2026 page 43" href="https://secure.viewer.zmags.com/publication/724d9369?page=43"> “The [sale-leaseback] market is so competitive ri</a> <a title="GL REPORT 2026 page 44" href="https://secure.viewer.zmags.com/publication/724d9369?page=44"> LEASING FIG. 15: TOP 30 AIRCRAFT LEASING COMPAN</a> <a title="GL REPORT 2026 page 45" href="https://secure.viewer.zmags.com/publication/724d9369?page=45"> LEASING FIG. 17: TOP 30 AIRCRAFT LEASING COMPAN</a> <a title="GL REPORT 2026 page 46" href="https://secure.viewer.zmags.com/publication/724d9369?page=46"> LEASING Larger lessors are able to offer </a> <a title="GL REPORT 2026 page 47" href="https://secure.viewer.zmags.com/publication/724d9369?page=47"> Foremost is scale. As Barrett states, size real</a> <a title="GL REPORT 2026 page 48" href="https://secure.viewer.zmags.com/publication/724d9369?page=48"> LEASING this decade, and even up to 2023-4 ther</a> <a title="GL REPORT 2026 page 49" href="https://secure.viewer.zmags.com/publication/724d9369?page=49"> LEASING Source: BOC Aviation, Cirium FIG. 19: </a> <a title="GL REPORT 2026 page 50" href="https://secure.viewer.zmags.com/publication/724d9369?page=50"> LEASING Conlon notes that compared to secto</a> <a title="GL REPORT 2026 page 51" href="https://secure.viewer.zmags.com/publication/724d9369?page=51"> “M&A has a permanent space in the leasing sector.</a> <a title="GL REPORT 2026 page 52" href="https://secure.viewer.zmags.com/publication/724d9369?page=52"> LEASING bank relationships, we’re tapping the u</a> <a title="GL REPORT 2026 page 53" href="https://secure.viewer.zmags.com/publication/724d9369?page=53"> model, the one that we utilise at SKY… which focu</a> <a title="GL REPORT 2026 page 54" href="https://secure.viewer.zmags.com/publication/724d9369?page=54"> Chapter Four: Finance Financing growth</a> <a title="GL REPORT 2026 page 55" href="https://secure.viewer.zmags.com/publication/724d9369?page=55"> A viation finance has crossed a thresh</a> <a title="GL REPORT 2026 page 56" href="https://secure.viewer.zmags.com/publication/724d9369?page=56"> FINANCE costs that dominate aviation. The key q</a> <a title="GL REPORT 2026 page 57" href="https://secure.viewer.zmags.com/publication/724d9369?page=57"> FINANCE FIG. 21: SELECT US AND EUROPEAN AIRLINE</a> <a title="GL REPORT 2026 page 58" href="https://secure.viewer.zmags.com/publication/724d9369?page=58"> FINANCE shareholder, that understands that s</a> <a title="GL REPORT 2026 page 59" href="https://secure.viewer.zmags.com/publication/724d9369?page=59"> FINANCE FIG. 23: 2025 AVIATION ISSUANCE AIRLINE</a> <a title="GL REPORT 2026 page 60" href="https://secure.viewer.zmags.com/publication/724d9369?page=60"> FINANCE and stronger corporate governance, h</a> <a title="GL REPORT 2026 page 61" href="https://secure.viewer.zmags.com/publication/724d9369?page=61"> FINANCE Source: JPMorgan Source: Boeing </a> <a title="GL REPORT 2026 page 62" href="https://secure.viewer.zmags.com/publication/724d9369?page=62"> FINANCE ABL Aviation’s standing in this en</a> <a title="GL REPORT 2026 page 63" href="https://secure.viewer.zmags.com/publication/724d9369?page=63"> “Over the past two years, surplus liquidity in th</a> <a title="GL REPORT 2026 page 64" href="https://secure.viewer.zmags.com/publication/724d9369?page=64"> FINANCE Rothauser explained. “The challenge tha</a> <a title="GL REPORT 2026 page 65" href="https://secure.viewer.zmags.com/publication/724d9369?page=65"> FINANCE Source: Airline Economics Research FIG</a> <a title="GL REPORT 2026 page 66" href="https://secure.viewer.zmags.com/publication/724d9369?page=66"> FINANCE financial sponsor to the other, and to l</a> <a title="GL REPORT 2026 page 67" href="https://secure.viewer.zmags.com/publication/724d9369?page=67"> FINANCE – with a weighted average age of 4.1 ye</a> <a title="GL REPORT 2026 page 68" href="https://secure.viewer.zmags.com/publication/724d9369?page=68"> FINANCE enhance risk mitigation and provide</a> <a title="GL REPORT 2026 page 69" href="https://secure.viewer.zmags.com/publication/724d9369?page=69"> arrangementappearstogoonestepbeyond that to allow</a> <a title="GL REPORT 2026 page 70" href="https://secure.viewer.zmags.com/publication/724d9369?page=70"> AIRLINE ECONOMICS RESEARCH Outlook for 2026 an</a> <a title="GL REPORT 2026 page 71" href="https://secure.viewer.zmags.com/publication/724d9369?page=71"> AIRLINE ECONOMICS RESEARCH Kalash Pan</a> <a title="GL REPORT 2026 page 72" href="https://secure.viewer.zmags.com/publication/724d9369?page=72"> NOTES </a> <a title="GL REPORT 2026 page 73" href="https://secure.viewer.zmags.com/publication/724d9369?page=73"> NOTES </a> <a title="GL REPORT 2026 page 74" href="https://secure.viewer.zmags.com/publication/724d9369?page=74"> GROWTH FRONTIERS TOKYO 14-15 April 2026 Palace Ho</a> <a title="GL REPORT 2026 page 75" href="https://secure.viewer.zmags.com/publication/724d9369?page=75"> DUBLIN GROWTH FRONTIERS 2027 January 2</a> <a title="GL REPORT 2026 page 76" href="https://secure.viewer.zmags.com/publication/724d9369?page=76"> Navigating Change. Together. k</a>