AerCap (NYSE: AER) lifts Ukraine conflict insurance recoveries to $2.9B total

Rhea-AI Filing Summary

AerCap Holdings N.V. reports new insurance-related recoveries tied to aircraft and engines lost in Russia following the invasion of Ukraine in February 2022. The company received approximately €91 million in cash insurance settlement proceeds relating to five aircraft formerly leased to Nordwind, and in return released its claims against Nordwind, Russian insurer NSK and related international reinsurers for those aircraft. The settlement was approved by the U.S. Department of Commerce and the U.S. Department of the Treasury.

The Commercial Court in London also denied the insurers under the “War and Allied Perils” coverage of AerCap’s contingent and possessed insurance policy permission to appeal its June 11, 2025 decision awarding AerCap an indemnity of approximately $1 billion, and ruled AerCap is entitled to recover additional interest of approximately $234 million. These developments bring AerCap’s total pre-tax recoveries related to the Ukraine conflict since 2023 to about $2.9 billion.

Positive

• Total pre-tax recoveries related to the Ukraine conflict reach approximately $2.9 billion since 2023, including a new €91 million cash settlement and a confirmed $1 billion indemnity plus about $234 million of interest, strengthening AerCap’s financial position versus earlier expectations of uninsured losses.

Negative

• None.

Insights

Insurance recoveries and capital structure analyst

AerCap secures €91M settlement and confirms $1.234B UK award, lifting total Ukraine-related recoveries to about $2.9B.

AerCap reports approximately €91 million of cash insurance settlement proceeds for five aircraft formerly leased to Nordwind, in exchange for releasing claims against Russian insurer NSK, Nordwind and related reinsurers for those assets. This cash inflow adds to previously disclosed insurance outcomes tied to aircraft and engines lost in Russia after the invasion of Ukraine in February 2022.

Separately, the Commercial Court in London denied insurers under the War and Allied Perils coverage section of AerCap’s contingent and possessed policy permission to appeal its June 11, 2025 judgment, which awarded AerCap an indemnity of about $1 billion. The court also ruled that AerCap is entitled to interest of roughly $234 million on that judgment. Together with earlier recoveries, AerCap states that total pre-tax recoveries related to the Ukraine conflict since 2023 now stand near $2.9 billion. While the filing does not detail use of these funds, such recoveries can affect reported earnings, capital resources and risk perceptions around AerCap’s exposure to geopolitical events.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of September 2025 Commission File Number 001-33159

AERCAP HOLDINGS N.V.

(Translation of Registrant’s Name into English)

AerCap House, 65 St. Stephen’s Green, Dublin D02 YX20, Ireland, +353 1 819 2010

(Address of Principal Executive Office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F  ☒ Form 40-F  ☐

Other Events

This week AerCap Holdings N.V. (“AerCap” or “we”) received cash insurance settlement proceeds in the total amount of approximately €91 million in full settlement of our insurance claims under the insurance policies of Limited Liability Company “Nord Wind” (“Nordwind”), in respect of five aircraft owned by AerCap group entities and formerly leased to Nordwind as of February 2022.  Effective upon receipt of these insurance settlement proceeds from Limited Liability Company “Insurance Company NSK” (“NSK”), a Russian insurance company, we have released our claims against NSK, Nordwind and its international reinsurers with respect to these five aircraft.  This insurance settlement and the receipt of the settlement proceeds were approved by the U.S. Department of Commerce and the U.S. Department of the Treasury and are consistent with other applicable sanctions regimes.

In addition, at a hearing earlier this week the Commercial Court in London denied the insurers under the “War and Allied Perils” Coverage section of our contingent and possessed insurance policy (the “C&P Policy”) permission to appeal its decision of June 11, 2025, which awarded AerCap an indemnity of approximately $1 billion in respect of the aircraft and engines which AerCap and its affiliates lost in Russia following its invasion of Ukraine in February 2022.  At the same hearing this week, the Commercial Court in London also ruled that AerCap was entitled to recover interest on the June 11, 2025 judgment in the amount of approximately $234 million.

The receipt of these latest insurance settlement proceeds and the interest award bring our total pre-tax recoveries relating to the Ukraine Conflict since 2023 to approximately $2.9 billion.

The information contained in this Form 6-K is incorporated by reference into AerCap’s Form F-3 Registration Statement, File No. 333-282733, and Form S-8 Registration Statements, File Nos. 333-194638, 333-194637, 333-180323, 333-165839 and 333-154416, and related Prospectuses, as such Registration Statements and Prospectuses may be amended from time to time.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	AERCAP HOLDINGS N.V.
	By:	/s/ Aengus Kelly
		Name:	Aengus Kelly
		Title:	Authorized Signatory

Date: September 19, 2025

FAQ

What new insurance settlement did AerCap (AER) disclose in this Form 6-K?

AerCap disclosed that it received cash insurance settlement proceeds totaling approximately €91 million under the insurance policies of Limited Liability Company "Nord Wind" in respect of five aircraft formerly leased to Nordwind. In exchange, AerCap released its claims against Russian insurer NSK, Nordwind and its international reinsurers for these five aircraft.

How did the London Commercial Court ruling affect AerCaps Ukraine-related insurance claim?

The Commercial Court in London denied the insurers under the War and Allied Perils coverage of AerCaps contingent and possessed policy permission to appeal its June 11, 2025 decision that awarded AerCap an indemnity of approximately $1 billion. At the same hearing, the court ruled that AerCap is entitled to recover approximately $234 million in interest on that judgment.

What is AerCaps total recovery related to the Ukraine conflict so far?

AerCap states that the latest insurance settlement proceeds and the interest award bring its total pre-tax recoveries relating to the Ukraine conflict since 2023 to approximately $2.9 billion. This total includes the Nordwind-related settlement, the $1 billion indemnity and the $234 million interest award, along with earlier recoveries.

Were AerCaps Nordwind insurance settlements consistent with sanctions rules?

Yes. AerCap notes that the insurance settlement with NSK relating to the Nordwind aircraft and the receipt of the related settlement proceeds were approved by the U.S. Department of Commerce and the U.S. Department of the Treasury and are consistent with other applicable sanctions regimes.

Does this Form 6-K affect AerCaps existing registration statements?

Yes. The information in this Form 6-K is incorporated by reference into AerCaps Form F-3 Registration Statement (File No. 333-282733) and its Form S-8 Registration Statements (File Nos. 333-194638, 333-194637, 333-180323, 333-165839 and 333-154416), and related prospectuses, as those registration statements and prospectuses may be amended.

What losses are these insurance recoveries related to for AerCap (AER)?

The recoveries relate to aircraft and engines that AerCap and its affiliates lost in Russia following the invasion of Ukraine in February 2022. The Nordwind settlement covers five aircraft owned by AerCap group entities that were formerly leased to Nordwind as of that time.