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<br /> Aviation Leaders Report 2023:<br /> New Horizons<br /> www.aviationnews-online.com www.kpmg.ie/aviation<br /> Change. Together.<br /> kpmg.ie/aviation<br /> Navigating<br /> CONTENTS<br /> 4 Foreword<br /> Joe O’Mara, Head of Aviation Finance at KPMG Ireland, provides his overview of the<br /> key issues driving the aviation market over the past year and shares insights he has<br /> learned from his discussions with major aviation leaders.<br /> 2 Contributors<br /> Airline Economics and KPMG spoke to 30-plus aviation experts and leaders over<br /> the past three months from October to December 2022. Contributors listed are only<br /> those that agreed to participate on camera or to be quoted in this publication. This list<br /> <a title="Global Leaders Report 2023 page 1" href="https://secure.viewer.zmags.com/publication/cce0fbfc?page=1"> Aviation Leaders Report 2023: Ne</a> <a title="Global Leaders Report 2023 page 2" href="https://secure.viewer.zmags.com/publication/cce0fbfc?page=2"> Change. Together. kpmg.ie/aviation Navigating</a> <a title="Global Leaders Report 2023 page 3" href="https://secure.viewer.zmags.com/publication/cce0fbfc?page=3"> CONTENTS 4 Foreword Joe O</a> <a title="Global Leaders Report 2023 page 4" href="https://secure.viewer.zmags.com/publication/cce0fbfc?page=4"> AIRLINE ECONOMICS RESEARCH Aviation Global Lead</a> <a title="Global Leaders Report 2023 page 5" href="https://secure.viewer.zmags.com/publication/cce0fbfc?page=5"> Thomas Baker Chief Executive Officer Aviati</a> <a title="Global Leaders Report 2023 page 6" href="https://secure.viewer.zmags.com/publication/cce0fbfc?page=6"> AIRLINE ECONOMICS RESEARCH NEW HORIZONS We are</a> <a title="Global Leaders Report 2023 page 7" href="https://secure.viewer.zmags.com/publication/cce0fbfc?page=7"> lease market share has only gone in one direction</a> <a title="Global Leaders Report 2023 page 8" href="https://secure.viewer.zmags.com/publication/cce0fbfc?page=8"> Chapter One Airlines: Riding the Recovery</a> <a title="Global Leaders Report 2023 page 9" href="https://secure.viewer.zmags.com/publication/cce0fbfc?page=9"> AIRLINE ECONOMICS RESEARCH The recovery in the </a> <a title="Global Leaders Report 2023 page 10" href="https://secure.viewer.zmags.com/publication/cce0fbfc?page=10"> AIRLINE ECONOMICS RESEARCH Decembe</a> <a title="Global Leaders Report 2023 page 11" href="https://secure.viewer.zmags.com/publication/cce0fbfc?page=11"> AIRLINE ECONOMICS RESEARCH US$bbl 220 200 </a> <a title="Global Leaders Report 2023 page 12" href="https://secure.viewer.zmags.com/publication/cce0fbfc?page=12"> AIRLINE ECONOMICS RESEARCH Inflation Rates 2021-2</a> <a title="Global Leaders Report 2023 page 13" href="https://secure.viewer.zmags.com/publication/cce0fbfc?page=13"> </a> <a title="Global Leaders Report 2023 page 14" href="https://secure.viewer.zmags.com/publication/cce0fbfc?page=14"> AIRLINE ECONOMICS RESEARCH Recovery trend stalle</a> <a title="Global Leaders Report 2023 page 15" href="https://secure.viewer.zmags.com/publication/cce0fbfc?page=15"> AIRLINE ECONOMICS RESEARCH </a> <a title="Global Leaders Report 2023 page 16" href="https://secure.viewer.zmags.com/publication/cce0fbfc?page=16"> AIRLINE ECONOMICS RESEARCH confident for the nex</a> <a title="Global Leaders Report 2023 page 17" href="https://secure.viewer.zmags.com/publication/cce0fbfc?page=17"> Navigating Change. Together. kpmg.ie/aviation</a> <a title="Global Leaders Report 2023 page 18" href="https://secure.viewer.zmags.com/publication/cce0fbfc?page=18"> AIRLINE ECONOMICS RESEARCH Start-up a</a> <a title="Global Leaders Report 2023 page 19" href="https://secure.viewer.zmags.com/publication/cce0fbfc?page=19"> Arajet, led by founder Víctor M. Pacheco M</a> <a title="Global Leaders Report 2023 page 20" href="https://secure.viewer.zmags.com/publication/cce0fbfc?page=20"> AIRLINE ECONOMICS RESEARCH inflation and a stron</a> <a title="Global Leaders Report 2023 page 21" href="https://secure.viewer.zmags.com/publication/cce0fbfc?page=21"> AIRLINE ECONOMICS RESEARCH Foong & Partners </a> <a title="Global Leaders Report 2023 page 22" href="https://secure.viewer.zmags.com/publication/cce0fbfc?page=22"> Chapter Two Aviation Finance</a> <a title="Global Leaders Report 2023 page 23" href="https://secure.viewer.zmags.com/publication/cce0fbfc?page=23"> AIRLINE ECONOMICS RESEARCH After a record year </a> <a title="Global Leaders Report 2023 page 24" href="https://secure.viewer.zmags.com/publication/cce0fbfc?page=24"> AIRLINE ECONOMICS RESEARCH short-term governmen</a> <a title="Global Leaders Report 2023 page 25" href="https://secure.viewer.zmags.com/publication/cce0fbfc?page=25"> AIRLINE ECONOMICS RESEARCH CHART 13: TOP TEN AI</a> <a title="Global Leaders Report 2023 page 26" href="https://secure.viewer.zmags.com/publication/cce0fbfc?page=26"> AIRLINE ECONOMICS RESEARCH were much closer to</a> <a title="Global Leaders Report 2023 page 27" href="https://secure.viewer.zmags.com/publication/cce0fbfc?page=27"> AIRLINE ECONOMICS RESEARCH AerCap has been a </a> <a title="Global Leaders Report 2023 page 28" href="https://secure.viewer.zmags.com/publication/cce0fbfc?page=28"> AIRLINE ECONOMICS RESEARCH </a> <a title="Global Leaders Report 2023 page 29" href="https://secure.viewer.zmags.com/publication/cce0fbfc?page=29"> AIRLINE ECONOMICS RESEARCH Deal value ($milion)</a> <a title="Global Leaders Report 2023 page 30" href="https://secure.viewer.zmags.com/publication/cce0fbfc?page=30"> AIRLINE ECONOMICS RESEARCH BJETS 2022-1, secure</a> <a title="Global Leaders Report 2023 page 31" href="https://secure.viewer.zmags.com/publication/cce0fbfc?page=31"> AIRLINE ECONOMICS RESEARCH The lack of affo</a> <a title="Global Leaders Report 2023 page 32" href="https://secure.viewer.zmags.com/publication/cce0fbfc?page=32"> AIRLINE ECONOMICS RESEARCH Alternative Lending </a> <a title="Global Leaders Report 2023 page 33" href="https://secure.viewer.zmags.com/publication/cce0fbfc?page=33"> Leaders in Aviation Finance Our Aviation Finance</a> <a title="Global Leaders Report 2023 page 34" href="https://secure.viewer.zmags.com/publication/cce0fbfc?page=34"> Chapter Three The Age of Leasing</a> <a title="Global Leaders Report 2023 page 35" href="https://secure.viewer.zmags.com/publication/cce0fbfc?page=35"> AIRLINE ECONOMICS RESEARCH The aircraft leasing</a> <a title="Global Leaders Report 2023 page 36" href="https://secure.viewer.zmags.com/publication/cce0fbfc?page=36"> AIRLINE ECONOMICS RESEARCH 120 100 80 60 </a> <a title="Global Leaders Report 2023 page 37" href="https://secure.viewer.zmags.com/publication/cce0fbfc?page=37"> AIRLINE ECONOMICS RESEARCH Leased fleet expansi</a> <a title="Global Leaders Report 2023 page 38" href="https://secure.viewer.zmags.com/publication/cce0fbfc?page=38"> AIRLINE ECONOMICS RESEARCH FIG.20: TOP TEN AIRC</a> <a title="Global Leaders Report 2023 page 39" href="https://secure.viewer.zmags.com/publication/cce0fbfc?page=39"> AIRLINE ECONOMICS RESEARCH FIG.21: TOP 30 LEASI</a> <a title="Global Leaders Report 2023 page 40" href="https://secure.viewer.zmags.com/publication/cce0fbfc?page=40"> AIRLINE ECONOMICS RESEARCH the world largest le</a> <a title="Global Leaders Report 2023 page 41" href="https://secure.viewer.zmags.com/publication/cce0fbfc?page=41"> AIRLINE ECONOMICS RESEARCH 2010. The AerCap-GEC</a> <a title="Global Leaders Report 2023 page 42" href="https://secure.viewer.zmags.com/publication/cce0fbfc?page=42"> AIRLINE ECONOMICS RESEARCH </a> <a title="Global Leaders Report 2023 page 43" href="https://secure.viewer.zmags.com/publication/cce0fbfc?page=43"> AIRLINE ECONOMICS RESEARCH a sharp downturn </a> <a title="Global Leaders Report 2023 page 44" href="https://secure.viewer.zmags.com/publication/cce0fbfc?page=44"> AIRLINE ECONOMICS RESEARCH oil, KSA is working </a> <a title="Global Leaders Report 2023 page 45" href="https://secure.viewer.zmags.com/publication/cce0fbfc?page=45"> AIRLINE ECONOMICS RESEARCH started to exceed in</a> <a title="Global Leaders Report 2023 page 46" href="https://secure.viewer.zmags.com/publication/cce0fbfc?page=46"> Chapter Four Fleet and Freight Focus</a> <a title="Global Leaders Report 2023 page 47" href="https://secure.viewer.zmags.com/publication/cce0fbfc?page=47"> AIRLINE ECONOMICS RESEARCH Production issues </a> <a title="Global Leaders Report 2023 page 48" href="https://secure.viewer.zmags.com/publication/cce0fbfc?page=48"> AIRLINE ECONOMICS RESEARCH 2,500 2,000 1,5</a> <a title="Global Leaders Report 2023 page 49" href="https://secure.viewer.zmags.com/publication/cce0fbfc?page=49"> There’s money there. That’s not it. There are fun</a> <a title="Global Leaders Report 2023 page 50" href="https://secure.viewer.zmags.com/publication/cce0fbfc?page=50"> AIRLINE ECONOMICS RESEARCH </a> <a title="Global Leaders Report 2023 page 51" href="https://secure.viewer.zmags.com/publication/cce0fbfc?page=51"> Change. Together. kpmg.ie/aviation Navigating</a> <a title="Global Leaders Report 2023 page 52" href="https://secure.viewer.zmags.com/publication/cce0fbfc?page=52"> AIRLINE ECONOMICS RESEARCH FIG. 27: AIRCRAFT OR</a> <a title="Global Leaders Report 2023 page 53" href="https://secure.viewer.zmags.com/publication/cce0fbfc?page=53"> 2023 will be a busy year for United as it is sc</a> <a title="Global Leaders Report 2023 page 54" href="https://secure.viewer.zmags.com/publication/cce0fbfc?page=54"> AIRLINE ECONOMICS RESEARCH Air Cargo Traffic G</a> <a title="Global Leaders Report 2023 page 55" href="https://secure.viewer.zmags.com/publication/cce0fbfc?page=55"> AIRLINE ECONOMICS RESEARCH Air Cargo Capacity </a> <a title="Global Leaders Report 2023 page 56" href="https://secure.viewer.zmags.com/publication/cce0fbfc?page=56"> AIRLINE ECONOMICS RESEARCH Rothschild sees </a> <a title="Global Leaders Report 2023 page 57" href="https://secure.viewer.zmags.com/publication/cce0fbfc?page=57"> AIRLINE ECONOMICS RESEARCH activity in the narr</a> <a title="Global Leaders Report 2023 page 58" href="https://secure.viewer.zmags.com/publication/cce0fbfc?page=58"> Chapter Five Eye on ESG</a> <a title="Global Leaders Report 2023 page 59" href="https://secure.viewer.zmags.com/publication/cce0fbfc?page=59"> AIRLINE ECONOMICS RESEARCH Environment, Society</a> <a title="Global Leaders Report 2023 page 60" href="https://secure.viewer.zmags.com/publication/cce0fbfc?page=60"> AIRLINE ECONOMICS RESEARCH a three-year period,</a> <a title="Global Leaders Report 2023 page 61" href="https://secure.viewer.zmags.com/publication/cce0fbfc?page=61"> AIRLINE ECONOMICS RESEARCH management function </a> <a title="Global Leaders Report 2023 page 62" href="https://secure.viewer.zmags.com/publication/cce0fbfc?page=62"> AIRLINE ECONOMICS RESEARCH SAF: ready for lift </a> <a title="Global Leaders Report 2023 page 63" href="https://secure.viewer.zmags.com/publication/cce0fbfc?page=63"> AIRLINE ECONOMICS RESEARCH KPMG projected </a> <a title="Global Leaders Report 2023 page 64" href="https://secure.viewer.zmags.com/publication/cce0fbfc?page=64"> AIRLINE ECONOMICS RESEARCH up with a range of p</a> <a title="Global Leaders Report 2023 page 65" href="https://secure.viewer.zmags.com/publication/cce0fbfc?page=65"> AIRLINE ECONOMICS RESEARCH The main obstacle</a> <a title="Global Leaders Report 2023 page 66" href="https://secure.viewer.zmags.com/publication/cce0fbfc?page=66"> AIRLINE ECONOMICS RESEARCH Carlos Affonso, Sr. </a> <a title="Global Leaders Report 2023 page 67" href="https://secure.viewer.zmags.com/publication/cce0fbfc?page=67"> AIRLINE ECONOMICS RESEARCH roadmap with Citi’s </a> <a title="Global Leaders Report 2023 page 68" href="https://secure.viewer.zmags.com/publication/cce0fbfc?page=68"> AIRLINE ECONOMICS RESEARCH the ramp up in S</a> <a title="Global Leaders Report 2023 page 69" href="https://secure.viewer.zmags.com/publication/cce0fbfc?page=69"> Leaders in Aviation Finance Our Aviation Finance</a> <a title="Global Leaders Report 2023 page 70" href="https://secure.viewer.zmags.com/publication/cce0fbfc?page=70"> Navigating Change. Together. kpmg.ie/aviation</a>