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Sumisho Air Lease (AL) posts Q1 2026 results after completing merger

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(Neutral)
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8-K

Rhea-AI Filing Summary

Sumisho Air Lease Corporation reported first quarter 2026 results showing largely stable underlying performance but sharply lower GAAP earnings versus a one-time-boosted prior year. Revenue was $739.2 million, essentially flat with $738.3 million a year earlier, while net income attributable to common stockholders fell to $114.8 million, or $1.02 diluted EPS, from $364.8 million, or $3.26 per share, mainly because 2025 included a $331.9 million recovery related to its former Russian fleet.

On a non-GAAP basis, adjusted net income before income taxes was $165.4 million versus $169.5 million, and adjusted diluted earnings per share before income taxes slipped to $1.47 from $1.51. The company ended March 31, 2026 with $28.9 billion of flight equipment subject to operating leases, a 496-aircraft owned fleet, and total assets of $33.2 billion. During the quarter it took delivery of 12 aircraft representing $780 million in investments, sold six aircraft for $275 million in proceeds, and maintained adjusted pre-tax margin near prior-year levels at 22.4%.

Sumisho Air Lease also completed its previously announced merger on April 8, 2026, with Air Lease Corporation becoming an indirect subsidiary of a new holding company jointly owned by Sumitomo Corporation, SMBC Aviation Capital and affiliates of Apollo and Brookfield.

Positive

  • None.

Negative

  • None.

Insights

Underlying earnings are stable, but Russian recoveries make year-ago comparisons look unusually weak.

Sumisho Air Lease shows a resilient core leasing business. Revenue was $739.2 million, essentially flat year over year, while adjusted net income before taxes dipped slightly to $165.4 million from $169.5 million. Adjusted pre-tax margin held at 22.4% versus 23.0%, suggesting operating profitability is broadly intact.

GAAP net income to common stockholders fell 68.5% to $114.8 million because last year included a $331.9 million recovery of Russian fleet write-offs. That non-recurring item, along with lower aircraft sales gains, drives the optical decline more than a deterioration in lease economics. The fleet remains young and largely new-technology with net book value of $28.9 billion as of March 31, 2026.

The completion of the April 8, 2026 merger and integration into a shareholder group anchored by Sumitomo Corporation and SMBC Aviation Capital adds strategic backing and servicing scale. Total debt financing rose to $19.8 billion at quarter-end with a composite interest rate of 4.29%, while total liquidity of $5.4 billion as of April 30, 2026 supports the $5.6 billion aircraft sales pipeline. Subsequent filings may provide more detail on how the combined ownership and servicing arrangements influence funding costs and growth pacing.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 7.01 Regulation FD Disclosure Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Revenue $739.2 million Three months ended March 31, 2026
Net income to common $114.8 million Q1 2026, attributable to common stockholders
Diluted EPS $1.02 per share Q1 2026 diluted earnings per share
Adjusted net income before taxes $165.4 million Non-GAAP, Q1 2026
Adjusted diluted EPS before taxes $1.47 per share Non-GAAP, Q1 2026
Flight equipment net book value $28.9 billion Flight equipment subject to operating leases, March 31, 2026
Total assets $33.2 billion Consolidated balance sheet, March 31, 2026
Debt financing, net $19.8 billion Debt financing net of discounts, March 31, 2026
Adjusted net income before income taxes financial
"Adjusted net income before income taxes (1) | $ | 165.4 | | | $ | 169.5"
Adjusted pre-tax margin financial
"Adjusted pre-tax margin (1) | 22.4% | | 23.0%"
Flight equipment subject to operating leases financial
"Flight equipment subject to operating leases | 35,732,476 | | | 35,880,458"
Debt financing, net of discounts and issuance costs financial
"Debt financing, net of discounts and issuance costs | 19,819,195 | | | 19,730,129"
Sales-type leases financial
"Net investment in sales-type leases | 462,797 | | | 460,806"
A sales-type lease is when the owner of an asset treats a long-term lease more like a sale: the owner records the lease as if it sold the asset and recognizes any immediate profit, while the buyer records a financed purchase. Think of it as selling a car but letting the buyer pay over time with the seller recording a sale now. Investors care because it changes reported revenue, profit, and asset balances, which can affect valuation and cash-flow analysis.
Composite interest rate financial
"Composite interest rate (1) | 4.33% | | 4.29% | | 4.15%"
A composite interest rate is a single, blended interest figure that combines different interest rates from multiple loans, bonds, or financing components into one average number, weighted by the size of each component. Investors use it like an overall scorecard—similar to averaging fuel efficiency across vehicles in a fleet—to quickly judge the true cost or yield of a mixed set of debt instruments, which helps compare financing options, estimate cash outflows, and assess interest-rate risk.
Revenue $739.2 million flat vs. $738.3 million prior year
Net income attributable to common stockholders $114.8 million -68.5% vs. $364.8 million prior year
Diluted EPS $1.02 -68.7% vs. $3.26 prior year
Adjusted net income before income taxes $165.4 million -2.4% vs. $169.5 million prior year
Adjusted pre-tax margin 22.4% down from 23.0% prior year
Understanding 8-K Material Events →
0001487712false00014877122026-05-072026-05-07


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
May 7, 2026
Date of Report
(Date of earliest event reported)
SUMISHO AIR LEASE CORPORATION
(Exact name of registrant as specified in its charter)
Delaware
001-35121
27-1840403
(State or other jurisdiction of
incorporation)
(Commission File Number)
 (I.R.S. Employer
 Identification No.)
2000 Avenue of the Stars,Suite 1000N
Los Angeles,California90067
(Address of principal executive offices)(Zip Code)
Registrant’s telephone number, including area code: (310) 553-0555
Not Applicable
(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act: None

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
1


Item 2.02     Results of Operations and Financial Condition.

On May 7, 2026, Sumisho Air Lease Corporation (the “Company”) issued a press release announcing its financial results for the three months ended March 31, 2026.

The information in this Item 2.02 and the related information in Exhibit 99.1 attached hereto shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, and shall not be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

Item 7.01     Regulation FD Disclosure.

A copy of the Company’s supplemental financial information for the three months ended March 31, 2026 is attached hereto as Exhibit 99.2 and is incorporated herein by reference. A copy of the supplemental financial information is also available on the “Investors” section of the Company’s website at www.sumisho.aero.

The information in this Item 7.01 and the related information in Exhibit 99.2 attached hereto shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, and shall not be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.


Item 9.01    Financial Statements and Exhibits.
(d) Exhibits
Exhibit 99.1    Press release dated May 7, 2026
Exhibit 99.2    Supplemental financial information for the three months ended March 31, 2026
Exhibit 104    The cover page from this Current Report on Form 8-K formatted in Inline XBRL

2


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.
SUMISHO AIR LEASE CORPORATION
Date: May 7, 2026
/s/ Sabrina Lemmens
Sabrina Lemmens
Chief Financial Officer


3

Exhibit 99.1
sumisho-airxleasexlogo.jpg
Sumisho Air Lease Announces First Quarter 2026 Results
Los Angeles, California, May 7, 2026 — Sumisho Air Lease announces financial results for the three months ended March 31, 2026.
First Quarter 2026 Results
The following table summarizes the operating results for Sumisho Air Lease Corporation (the “Company”) for the three months ended March 31, 2026 and 2025 (in millions, except per share amounts and percentages):

Operating Results
Three Months Ended
March 31,
20262025$ change% change
Revenues$739.2 $738.3 $0.9 0.1 %
Operating expenses(589.3)(598.6)9.3 (1.6)%
Recoveries of Russian fleet write-off— 331.9 (331.9)— 
Income before taxes149.9 471.7 (321.8)(68.2)%
Net income attributable to common stockholders$114.8 $364.8 $(250.0)(68.5)%
Diluted earnings per share$1.02 $3.26 $(2.24)(68.7)%
Adjusted net income before income taxes(1)
$165.4 $169.5 $(4.1)(2.4)%
Adjusted diluted earnings per share before income taxes(1)
$1.47 $1.51 $(0.04)(2.6)%


Key Financial Ratios
Three Months Ended
March 31,
20262025
Pre-tax margin20.3%63.9%
Adjusted pre-tax margin(1)
22.4%23.0%
——————————————————————
(1) Adjusted net income before income taxes, adjusted diluted earnings per share before income taxes and adjusted pre-tax margin have been adjusted to exclude the effects of certain non-cash items and other items that we do not believe are indicative of our ongoing operations, such as retirement compensation, merger related costs, and recoveries related to our former Russian fleet. See note 1 under the Consolidated Statements of Income included in this earnings release for a discussion of the non-GAAP measures and a reconciliation to their most comparable GAAP financial measures.



1

Highlights
•On April 8, 2026, Air Lease Corporation completed the previously announced merger (the “Merger”) of Takeoff Merger Sub Inc., with and into Air Lease Corporation, with Air Lease Corporation surviving the Merger as an indirect subsidiary of Sumisho Air Lease Corporation Designated Activity Company (“Parent”). Parent is a new holding company established in connection with the Merger and is jointly owned, directly or indirectly, by Sumitomo Corporation, SMBC Aviation Capital Limited (“SMBC AC”) and investment vehicles affiliated with Apollo managed funds and Brookfield. Air Lease Corporation changed its name to Sumisho Air Lease Corporation in connection with the Merger.
•During the first quarter, we took delivery of 12 aircraft from our orderbook, representing $780 million in aircraft investments, ending the period with 496 aircraft in our owned fleet and over $33 billion in total assets.
•Sold six aircraft during the first quarter for $275 million in sales proceeds.
•We have $5.6 billion of aircraft in our sales pipeline1, which includes approximately $940 million in flight equipment held for sale as of March 31, 2026 and approximately $4.6 billion of aircraft subject to letters of intent.

Financial Overview
First Quarter 2026 vs. First Quarter 2025
Our total rental of flight equipment revenue for the three months ended March 31, 2026 increased by approximately 4%, to $674 million, as compared to the three months ended March 31, 2025. The increase is primarily due to the growth of our flight equipment subject to operating leases since March 31, 2025 and an increase in our portfolio lease yield.

Our gain on aircraft sales and trading and other income decreased to $65 million for the three months ended March 31, 2026, as compared to $93 million for the three months ended March 31, 2025, which was primarily driven by lower sales activity. During the three months ended March 31, 2026, we recorded $53 million in gains from the sale of six aircraft, compared to $61 million in gains from the sale of 16 aircraft and $8 million from one sales-type lease for the three months ended March 31, 2025. In addition, we had a $8 million decrease in management fee revenue and a $4 million decrease in other income, which includes interest income, foreign currency fluctuations on our sales-type leases and other miscellaneous income from the prior year period.

Our total operating expenses decreased by 2% to $589 million during the three months ended March 31, 2026, as compared to $599 million of total operating expenses, excluding the recovery of our Russian fleet write-off of $332 million, during the three months ended March 31, 2025. Despite the increase in our composite cost of funds, our interest expense decreased by $8 million due to lower average debt balances during the period. In addition, although we incurred $9 million in merger-related costs during the first quarter of 2026, this was largely offset by non-recurring retirement expenses for our former executive chairman recognized during the first quarter of 2025, resulting in our selling, general and administrative expenses to be relatively flat as compared to the prior year period. Depreciation expense for the three months ended March 31, 2026, compared to the three months ended March 31, 2025 increased $11 million due to the growth of our fleet.

Our net income attributable to common stockholders for the three months ended March 31, 2026 decreased to $115 million, or $1.02 per diluted share, from $365 million, or $3.26 per diluted share, for the three months ended March 31, 2025. In the prior year, we benefited from a $332 million settlement of insurance claims with certain insurers related to aircraft detained in Russia, as well as higher gains on sales, resulting in a decrease in our net income attributable to common stockholders in the current period. These were slightly offset by higher total rental of flight equipment revenue in the current period and an overall decrease in our total operating expenses, as discussed above.

For the three months ended March 31, 2026, we recorded adjusted net income before income taxes of $165 million, or $1.47 per adjusted diluted share, as compared to adjusted net income before income taxes of $169 million, or $1.51 per adjusted diluted share, for the three months ended March 31, 2025. Despite the increase in our rental revenues due to the growth of our fleet and higher portfolio lease yield in the current period, our adjusted net income decreased primarily due to lower sales activity and an increase in depreciation expense, partially offset by a decrease in interest expense due to lower average debt balances during the period.

Flight Equipment Portfolio
As of March 31, 2026, the net book value of our flight equipment subject to operating leases was $28.9 billion, compared to $29.1 billion as of December 31, 2025. During the quarter, we reclassified $628.9 million in aircraft value to flight equipment held for sale, resulting in a decrease in the net book value of our fleet. As of March 31, 2026, we owned 496 aircraft in our aircraft portfolio, comprised of 357 narrowbody aircraft and 139 widebody aircraft, and we managed 40 aircraft. The weighted average fleet age and weighted average
1 Aircraft in our sales pipeline is as of March 31, 2026, and includes letters of intent and sale agreements signed through May 7, 2026.
2

remaining lease term of flight equipment subject to operating leases as of March 31, 2026 was 5.0 years and 7.2 years, respectively. We had a globally diversified customer base comprised of 103 airlines in 52 countries as of March 31, 2026.

The following table summarizes the key portfolio metrics of our fleet as of March 31, 2026 and December 31, 2025:

March 31, 2026December 31, 2025
Net book value of flight equipment subject to operating leases$28.9 billion$29.1 billion
Weighted-average fleet age(1)
5.0 years4.9 years
Weighted-average remaining lease term(1)
7.2 years7.2 years
Owned fleet(2)
496490
Managed fleet(3)
4045
Aircraft on order(4)
206218
Total742753
Current fleet contracted rentals$19.2  billion$19.6  billion
Committed fleet rentals(4)
$8.6  billion$9.3  billion
Total committed rentals$27.8  billion$28.9  billion
(1) Weighted-average fleet age and remaining lease term calculated based on net book value of our flight equipment subject to operating leases.
(2) As of March 31, 2026 and December 31, 2025, our owned fleet count included 25 and 12 aircraft classified as flight equipment held for sale, respectively, and 17 and 16 aircraft classified as net investments in sales-type leases, respectively.
(3) We will continue to manage our managed fleet after the Merger; however, certain services for the aircraft and leases will be subserviced by SMBC AC.
(4) On April 8, 2026, in connection with the closing of the Merger, SMBC AC acquired the rights to our outstanding orderbook for undelivered aircraft. For further discussion on the Merger see our Quarterly Report on Form 10-Q for the quarter ended March 31, 2026.
3


The following table details the regional concentration of our flight equipment subject to operating leases:

March 31, 2026December 31, 2025
Region% of Net Book Value% of Net Book Value
Europe39.2 %39.1 %
Asia Pacific36.9 %36.5 %
Central America, South America, and Mexico10.5 %10.7 %
The Middle East and Africa7.1 %7.8 %
U.S. and Canada6.3 %5.9 %
Total100.0 %100.0 %

The following table details the composition of our owned fleet by aircraft type:

March 31, 2026December 31, 2025
Aircraft typeNumber of
Aircraft		% of TotalNumber of
Aircraft		% of Total
Airbus A220-1009 1.8 %8 1.6 %
Airbus A220-30034 6.9 %33 6.7 %
Airbus A320-20016 3.2 %17 3.5 %
Airbus A320-200neo20 4.0 %23 4.7 %
Airbus A321-20017 3.4 %17 3.5 %
Airbus A321-200neo112 22.6 %109 22.2 %
Airbus A330-200(1)
13 2.6 %13 2.7 %
Airbus A330-3005 1.0 %5 1.0 %
Airbus A330-900neo28 5.6 %28 5.7 %
Airbus A350-90017 3.4 %17 3.5 %
Airbus A350-10008 1.6 %8 1.6 %
Boeing 737-80037 7.5 %38 7.8 %
Boeing 737-8 MAX76 15.3 %71 14.5 %
Boeing 737-9 MAX35 7.1 %35 7.1 %
Boeing 777-200ER1 0.2 %1 0.2 %
Boeing 777-300ER23 4.6 %23 4.7 %
Boeing 787-926 5.2 %26 5.3 %
Boeing 787-1018 3.7 %17 3.5 %
Embraer E1901 0.3 %1 0.2 %
Total(2)
496 100.0 %490 100.0 %
(1) As of March 31, 2026 and December 31, 2025, aircraft count includes three Airbus A330-200 aircraft classified as freighters, respectively.
(2) As of March 31, 2026 and December 31, 2025, our owned fleet count included 25 and 12 aircraft classified as flight equipment held for sale, respectively, and 17 and 16 aircraft classified as net investments in sales-type leases, respectively.
4

Debt Financing Activities
Our total debt financing, net of discounts and issuance costs, was $20.8 billion, $19.8 billion and $19.7 billion as of April 30, 2026, March 31, 2026 and December 31, 2025, respectively. As of April 30, 2026, March 31, 2026, and December 31, 2025, 78.8%, 67.6% and 76.8% of our total debt financing was at a fixed rate, respectively and 99.2% and 97.9% and 97.5% was unsecured. Our composite cost of funds was 4.33%, 4.29% and 4.15% as of April 30, 2026, March 31, 2026 and December 31, 2025, respectively. We ended the quarter with total liquidity of $5.4 billion.

As of the end of the periods presented, our debt portfolio was comprised of the following components (dollars in millions, except percentages):
April 30, 2026March 31, 2026December 31, 2025
Unsecured
Senior unsecured securities $16,417$12,390$13,861
Term financings 4,2443,6073,847
Commercial paper—1,0461,361
Revolving credit facility—2,470—
Other revolving credit facilities——300
Total unsecured debt financing20,661 19,51319,369
Secured
Term financings —255318
Export credit financing 169171175
Total secured debt financing169426493

Total debt financing20,83019,93919,862
Less: Debt discounts and issuance costs(49)(120)(132)
Debt financing, net of discounts and issuance costs$20,781$19,819$19,730
Selected interest rates and ratios:
Composite interest rate(1)
4.33%4.29%4.15%
Composite interest rate on fixed-rate debt(1)
4.18%4.02%3.91%
Percentage of total debt at a fixed-rate78.81%67.57%76.85%
(1) This rate does not include the effect of upfront fees, facility fees, undrawn fees or amortization of debt discounts and issuance costs.

5

Conference Call
In connection with this earnings release, Sumisho Air Lease will host a conference call on May 7, 2026 at 4:30 PM Eastern Time to discuss the Company's financial results for the first quarter of 2026.
Investors can participate in the conference call by dialing 1 (800) 715-9871 domestic or 1 (646) 307-1963 international. The passcode for the call is 5685809.

The conference call will also be broadcast live through a link on the Investors page of the Sumisho Air Lease website at www.sumisho.aero. Materials presented during the conference call will also be posted on the Sumisho Air Lease website. Please visit the website at least 15 minutes prior to the call to register, download and install any necessary audio software. A transcript of the conference call will be available on the Investors page of the Sumisho Air Lease website for a period of 12 months following the conference call.

About Sumisho Air Lease    
Sumisho Air Lease Corporation is a leading global aircraft leasing company acquired by Sumitomo Corporation, SMBC Aviation Capital, and investment vehicles affiliated with Apollo and Brookfield in April 2026. The company is principally engaged in leasing liquid and new technology aircraft to airlines throughout the world. Sumisho Air Lease routinely posts information that may be important to investors in the “Investors” section of its website at www.sumisho.aero. Investors and potential investors are encouraged to consult Sumisho Air Lease’s website regularly for important information. The information contained on, or that may be accessed through, Sumisho Air Lease’s website is not incorporated by reference into, and is not a part of, this press release.

Contact
Investors:
Jason Arnold
Vice President, Investor Relations
Email: investors@sumisho.aero
Media:
Ashley Arnold
Senior Manager, Media and Investor Relations
Email: press@sumisho.aero

6

Forward-Looking Statements
This press release contains statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Those statements appear in a number of places in this press release and include statements regarding, among other matters, the state of the airline industry, our ability to access the capital and debt markets, our aircraft sales pipeline and expectations, changes in inflation and interest rates and other macroeconomic conditions and other factors affecting our financial condition or results of operations. Words such as “can,” “could,” “may,” “predicts,” “potential,” “will,” “projects,” “continuing,” “ongoing,” “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates” and “should,” and variations of these words and similar expressions, are used in many cases to identify these forward-looking statements. Any such forward-looking statements are not guarantees of future performance and involve risks, uncertainties, and other factors that may cause our actual results, performance or achievements, or industry results to vary materially from our future results, performance or achievements, or those of our industry, expressed or implied in such forward-looking statements. Such factors include, among others:

•our inability to obtain additional capital on favorable terms, or at all, to service our debt obligations and refinance maturing debt obligations;
•increases in our cost of borrowing, decreases in our credit ratings or changes in interest rates;
•our inability to generate sufficient returns on our aircraft investments through strategic aircraft acquisitions and profitable leasing;
•obsolescence of, or changes in overall demand for, our aircraft;
•changes in the value of, and lease rates for, our aircraft, including as a result of aircraft oversupply, manufacturer production levels, our lessees’ failure to maintain our aircraft, inflation, and other factors outside of our control;
•impaired financial condition and liquidity of our lessees, including due to lessee defaults and reorganizations, bankruptcies or similar proceedings;
•potential conflicts of interest with SMBC AC, as servicer of the majority of our aircraft;
•increased competition from other aircraft lessors;
•the failure by our lessees to adequately insure our aircraft or fulfill their contractual indemnity obligations to us, or the failure of such insurers to fulfill their contractual obligations;
•increased tariffs and other restrictions on trade;
•changes in the regulatory environment, including changes in tax laws and environmental regulations;
•other events affecting our business or the business of our lessees and aircraft manufacturers or their suppliers that are beyond our or their control, such as the threat or realization of epidemic diseases, natural disasters, terrorist attacks, war or armed hostilities between countries or non-state actors; and
•any additional factors discussed under “Part II — Item 1A. Risk Factors” in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, and other Securities and Exchange Commission (“SEC”) filings, including future SEC filings.

All forward-looking statements are necessarily only estimates of future results, and there can be no assurance that actual results will not differ materially from expectations. You are therefore cautioned not to place undue reliance on such statements. Any forward-looking statement speaks only as of the date on which it is made, and we do not intend and undertake no obligation to update any forward-looking information to reflect actual results or events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events.

###


7
Sumisho Air Lease Corporation and Subsidiaries
CONSOLIDATED BALANCE SHEETS
(In thousands, except share and par value amounts)
March 31, 2026December 31, 2025
(in thousands, except share and par value amounts)
Assets
Cash and cash equivalents$554,062 $466,410 
Restricted cash502 3,540 
Flight equipment subject to operating leases35,732,476 35,880,458 
Less accumulated depreciation(6,857,633)(6,826,828)
28,874,843 29,053,630 
Net investment in sales-type leases462,797 460,806 
Deposits on flight equipment purchases1,081,857 1,052,141 
Flight equipment held for sale940,330 529,016 
Other assets1,253,889 1,318,150 
Total assets$33,168,280 $32,883,693 
Liabilities and Stockholders’ Equity
Accrued interest and other payables$1,063,515 $1,012,345 
Debt financing, net of discounts and issuance costs19,819,195 19,730,129 
Security deposits on flight equipment leases618,667 622,556 
Maintenance reserves on flight equipment leases1,542,339 1,477,046 
Rentals received in advance127,109 143,631 
Deferred tax liability1,448,357 1,425,230 
Total liabilities$24,619,182 $24,410,937 
Stockholders’ Equity
Preferred Stock, $0.01 par value; 50,000,000 shares authorized; 900,000 (aggregate liquidation preference of $900,000) shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively
9 9 
Class A common stock, $0.01 par value; 500,000,000 shares authorized; 112,415,671 and 112,035,408 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively
1,124 1,120 
Class B Non-Voting common stock, $0.01 par value; 10,000,000 shares authorized; no shares issued or outstanding
— — 
Paid-in capital3,372,554 3,383,414 
Retained earnings5,183,013 5,092,929 
Accumulated other comprehensive (loss)(7,602)(4,716)
Total stockholders’ equity$8,549,098 $8,472,756 
Total liabilities and stockholders’ equity$33,168,280 $32,883,693 
    


8
Sumisho Air Lease Corporation and Subsidiaries
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except share and per share amounts)

Three Months Ended
March 31,
20262025
(unaudited)
Revenues and other income
Rental of flight equipment revenue
Lease rentals$666,675 $637,233 
Maintenance rentals and other receipts7,241 8,137 
Total rental of flight equipment revenue673,916 645,370 
Gain on aircraft sales and trading and other income65,30792,912
Total revenues and other income739,223738,282
Expenses
Interest201,844208,574
Amortization of debt discounts and issuance costs12,40813,995
Interest expense214,252222,569
Depreciation of flight equipment309,783299,019
Recoveries of Russian fleet write-off—(331,938)
Selling, general and administrative60,19159,348
Stock-based compensation expense5,09617,616
Total expenses589,322266,614
Income before taxes149,901471,668
Income tax expense(24,005)(95,836)
Net income$125,896$375,832
Preferred stock dividends(11,081)(11,081)
Net income attributable to common stockholders$114,815$364,751
Earnings per share of common stock:
Basic$1.03$3.27
Diluted$1.02$3.26
Weighted-average shares of common stock outstanding
Basic111,936,166111,549,903
Diluted112,484,656112,030,382
Other financial data
Pre-tax margin20.3%63.9%
Adjusted net income before income taxes(1)
$165,412$169,490
Adjusted diluted earnings per share before income taxes(1)
$1.47$1.51
Adjusted pre-tax margin(1)
22.4%23.0%
(1)Adjusted net income before income taxes (defined as net income attributable to common stockholders excluding the effects of certain non-cash items and other items that we do not believe are indicative of our ongoing operations, such as retirement compensation, merger related costs and recoveries related to our former Russian fleet), adjusted pre-tax margin (defined as adjusted net income before income taxes divided by total revenues) and adjusted diluted earnings per share before income taxes (defined as adjusted net income before income taxes divided by the weighted average diluted common shares outstanding) are measures of operating performance that are not defined by GAAP and should not be considered as an alternative to net income attributable to common stockholders, pre-tax margin, earnings per share and diluted earnings per share, or any other performance measures derived in accordance with GAAP. Adjusted net income before income taxes, adjusted pre-tax margin and adjusted diluted earnings per share before income taxes are presented as supplemental disclosure because management believes they provide useful information on our earnings from ongoing operations.
9
Sumisho Air Lease Corporation and Subsidiaries
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except share and per share amounts)


Management and our board of directors use adjusted net income before income taxes, adjusted pre-tax margin and adjusted diluted earnings per share before income taxes to assess our consolidated financial and operating performance. Management believes these measures are helpful in evaluating the operating performance of our ongoing operations and identifying trends in our performance, because they remove the effects of certain non-cash items and other items that we do not believe are indicative of our ongoing operations. Adjusted net income before income taxes, adjusted pre-tax margin and adjusted diluted earnings per share before income taxes, however, should not be considered in isolation or as a substitute for analysis of our operating results or cash flows as reported under GAAP. Adjusted net income before income taxes, adjusted pre-tax margin and adjusted diluted earnings per share before income taxes do not reflect our cash expenditures or changes in our cash requirements for our working capital needs. In addition, our calculation of adjusted net income before income taxes, adjusted pre-tax margin and adjusted diluted earnings per share before income taxes may differ from the adjusted net income before income taxes, adjusted pre-tax margin and adjusted diluted earnings per share before income taxes or analogous calculations of other companies in our industry, limiting their usefulness as a comparative measure.

The following table shows the reconciliation of the numerator for adjusted pre-tax margin (in thousands, except percentages):
Three Months Ended
March 31,
20262025
(unaudited)
Reconciliation of the numerator for adjusted pre-tax margin (net income attributable to common stockholders to adjusted net income before income taxes):
Net income attributable to common stockholders$114,815$364,751
Amortization of debt discounts and issuance costs12,40813,995
Recoveries of Russian fleet write-off—(331,938)
Stock-based compensation expense5,09617,616
Retirement compensation expense—9,230
Merger related costs9,088—
Income tax expense24,00595,836
Adjusted net income before income taxes$165,412$169,490
Denominator for adjusted pre-tax margin:
Total revenues$739,223$738,282
Adjusted pre-tax margin(a)
22.4%23.0%
(a) Adjusted pre-tax margin is adjusted net income before income taxes divided by total revenues.
10
Sumisho Air Lease Corporation and Subsidiaries
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except share and per share amounts)

The following table shows the reconciliation of the numerator for adjusted diluted earnings per share before income taxes (in thousands, except share and per share amounts):
Three Months Ended
March 31,
20262025
(unaudited)
Reconciliation of the numerator for adjusted diluted earnings per share (net income attributable to common stockholders to adjusted net income before income taxes):
Net income attributable to common stockholders$114,815 $364,751 
Amortization of debt discounts and issuance costs12,408 13,995 
Recoveries of Russian fleet write-off— (331,938)
Stock-based compensation expense5,096 17,616 
Retirement compensation expense— 9,230 
Merger related costs9,088 — 
Income tax expense24,005 95,836 
Adjusted net income before income taxes$165,412 $169,490 
Denominator for adjusted diluted earnings per share:    
Weighted-average diluted common shares outstanding    112,484,656 112,030,382 
Adjusted diluted earnings per share before income taxes(b)
$1.47 $1.51 
(b) Adjusted diluted earnings per share before income taxes is adjusted net income before income taxes divided by weighted-average diluted common shares outstanding.
11
Sumisho Air Lease Corporation and Subsidiaries
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
Three Months Ended
March 31,
20262025
(unaudited)
Operating Activities
Net income$125,896 $375,832 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation of flight equipment309,783 299,019 
Recoveries of Russian fleet write-off— (331,938)
Stock-based compensation expense5,096 17,616 
Deferred taxes23,912 95,322 
Amortization of prepaid lease costs21,049 22,704 
Amortization of discounts and debt issuance costs12,408 13,995 
Foreign currency remeasurement (gain)/loss on sales-type leases3,058 (5,764)
Gain on aircraft sales, trading and other activity(53,780)(68,838)
Changes in operating assets and liabilities:
Other assets38,434 13,581 
Accrued interest and other payables34,003 (34,234)
Rentals received in advance(16,522)(8,949)
Net cash provided by operating activities503,337 388,346 
Investing Activities
Acquisition of flight equipment(572,689)(585,725)
Payments for deposits on flight equipment purchases(189,766)(179,774)
Proceeds from aircraft sales, trading and other activity248,586 407,624 
Proceeds from settlement of insurance claims— 328,546 
Acquisition of aircraft furnishings, equipment and other assets(58,314)(72,871)
Net cash used in investing activities(572,183)(102,200)
Financing Activities
Cash dividends paid on Class A common stock(24,588)(24,503)
Cash dividends paid on preferred stock(11,081)(11,081)
Tax withholdings on stock-based compensation(15,952)(12,271)
Net change in unsecured revolving facilities2,170,000 30,000 
Net change in commercial paper balance(315,100)888,500 
Proceeds from debt financings100,000 199,950 
Payments in reduction of debt financings(1,857,406)(1,477,864)
Debt issuance costs(47)(1,385)
Security deposits and maintenance reserve receipts120,734 114,436 
Security deposits and maintenance reserve disbursements(13,100)(7,419)
Net cash provided/(used in) by financing activities153,460 (301,637)
Net increase/(decrease) in cash84,614 (15,491)
Cash, cash equivalents and restricted cash at beginning of period469,950 476,104 
Cash, cash equivalents and restricted cash at end of period$554,564 $460,613 
Supplemental Disclosure of Cash Flow Information
Cash paid during the period for interest, including capitalized interest of $11,277 and $7,860 at March 31, 2026 and 2025, respectively
$217,861 $237,890 
Cash paid for income taxes$2,143 $38 
Supplemental Disclosure of Noncash Activities
Buyer furnished equipment, capitalized interest and deposits on flight equipment purchases applied to acquisition of flight equipment and other assets$197,492 $214,047 
Flight equipment subject to operating leases reclassified to flight equipment held for sale$628,925 $60,572 
Transfer of flight equipment to investment in sales-type lease$21,674 $33,778 
Cash dividends declared on Class A common stock, not yet paid$24,731 $24,587 
12
Sumisho Air Lease Corporation Financial Results 1Q 2026

 

Forward Looking Statements and Non-GAAP Measures This presentation contains statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Those statements appear in a number of places in this press release and include statements regarding, among other matters, the state of the airline industry, our ability to access the capital and debt markets, our aircraft sales pipeline and expectations, changes in inflation and interest rates and other macroeconomic conditions and other factors affecting our financial condition or results of operations. Words such as “can,” “could,” “may,” “predicts,” “potential,” “will,” “projects,” “continuing,” “ongoing,” “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates” and “should,” and variations of these words and similar expressions, are used in many cases to identify these forward-looking statements. Any such forward-looking statements are not guarantees of future performance and involve risks, uncertainties, and other factors that may cause our actual results, performance or achievements, or industry results to vary materially from our future results, performance or achievements, or those of our industry, expressed or implied in such forward-looking statements. Such factors include, among others: • our inability to obtain additional capital on favorable terms, or at all, to service our debt obligations and refinance maturing debt obligations; • our inability to generate sufficient returns on our aircraft investments through strategic aircraft acquisitions and profitable leasing; • obsolescence of, or changes in overall demand for, our aircraft; • changes in the value of, and lease rates for, our aircraft, including as a result of aircraft oversupply, manufacturer production levels, our lessees’ failure to maintain our aircraft, inflation, and other factors outside of our control; • impaired financial condition and liquidity of our lessees, including due to lessee defaults and reorganizations, bankruptcies or similar proceedings; • there could be potential conflicts of interest with SMBC AC (as defined herein), as servicer of the majority of our aircraft; • increased competition from other aircraft lessors; • the failure by our lessees to adequately insure our aircraft or fulfill their contractual indemnity obligations to us, or the failure of such insurers to fulfill their contractual obligations; • increased tariffs and other restrictions on trade; • changes in the regulatory environment, including changes in tax laws and environmental regulations; • other events affecting our business or the business of our lessees and aircraft manufacturers or their suppliers that are beyond our or their control, such as the threat or realization of epidemic diseases, natural disasters, terrorist attacks, war or armed hostilities between countries or non-state actors; and • any additional factors discussed under “Part II — Item 1A. Risk Factors” in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, and other Securities and Exchange Commission (“SEC”) filings, including future SEC filings. All forward-looking statements are necessarily only estimates of future results, and there can be no assurance that actual results will not differ materially from expectations. You are therefore cautioned not to place undue reliance on such statements. Any forward-looking statement speaks only as of the date on which it is made, and we do not intend and undertake no obligation to update any forward-looking information to reflect actual results or events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events. The Company has an effective registration statement (including a prospectus) with the SEC. Before you invest in any offering of the Company’s securities, you should read the prospectus in that registration statement and other documents the Company has filed with the SEC for more complete information about the Company and any such offering. You may obtain copies of the Company’s most recent Annual Report on Form 10-K and the other documents it files with the SEC for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the Company will arrange to send such information if you request it by contacting Sumisho Air Lease Corporation, General Counsel, 2000 Avenue of the Stars, Suite 1000N, Los Angeles, California 90067, (310) 553-0555. The Company routinely posts information that may be important to investors in the “Investors” section of the Company’s website at www.sumisho.aero. Investors and potential investors are encouraged to consult the Company’s website regularly for important information about the Company. The information contained on, or that may be accessed through, the Company’s website is not incorporated by reference into, and is not a part of, this presentation. In addition to financial results prepared in accordance with U.S. generally accepted accounting principles, or GAAP, this presentation contains certain non-GAAP financial measures. Management believes that in addition to using GAAP results in evaluating our business, it can also be useful to measure results using certain non-GAAP financial measures. Investors and potential investors are encouraged to review the reconciliation of non-GAAP financial measures with their most direct comparable GAAP financial results set forth in the Appendix section.

 

3 Sumisho Air Lease: Executive Management Team David Swan Chief Commercial Officer 30+ Years of Industry / Finance Experience Noriyuki Hiruta Chief Executive Officer 40 Years of Industry / Finance Experience Sabrina Lemmens Chief Financial Officer 20+ Years of Industry / Finance Experience

 

>1,700 Owned, Serviced and Committed Aircraft $28B New Technology Direct Orders 4 Owned Portfolio JOL / ABS / JV Aircraft 3 $90B $13B Aircraft $50B Aircraft 1, 4 $27B Aircraft 2 >170 Airline Customers SMBC Aviation Capital figures are as of December 31, 2025, except for direct orders. Sumisho Air Lease figures are as of March 31, 2026. 1) Represents the value of SMBC Aviation Capital’s owned and managed fleet plus aircraft on order to be owned or managed by SMBC Aviation Capital as of December 31, 2025. 2) SMBC Aviation Capital services the Sumisho Air Lease owned fleet. Excludes the value of 42 aircraft on lease to U.S. airlines serviced internally by Sumisho Air Lease. 3) Represents the value of SMBC Aviation Capital’s owned and managed fleet plus aircraft on order to be owned or managed by SMBC Aviation Capital as of December 31, 2025, plus orders acquired from Air Lease Corporation on April 8, 2026. 4) SMBC Aviation Capital orderbook at December 31, 2025, incorporates pro-forma orders acquired from Air Lease Corporation on April 8, 2026. 4 Sumisho Air Lease Benefits from SMBC Aviation Capital’s Financing Platform Scale

 

Flexible Acquisition Strategy Investing Across Procurement Channels Sale and Lease Back Direct Orders Portfolio Acquisitions Strategic M&A Assets acquired from an airlines orderbook and placed back on long- term leases with the operator Potential acquisition opportunities of aircraft from SMBC Aviation Capital’s orderbook Portfolios acquired from other lessors seeking to manage portfolio limits and concentrations Participate in the execution of highly strategic M&A opportunities 5

 

Sumisho Air Lease’s Shareholders Represent Formidable Combination of Financial Firepower and Expertise A-/Baa1 S&P/Moody’s 37.51%1 Shareholder A-/BBB+ S&P/Fitch 24.99%1 Shareholder A/A S&P/Fitch 18.75%1 Shareholder A-/A- S&P/Fitch 18.75%1 Shareholder 1) Refers to economic ownership. 6

 

$115M Net Income to Common Stockholders Performance underpinned by robust demand for our high-quality asset base $28.9B Young, New-Technology Fleet 496 owned aircraft fleet, 5.0 years weighted-average fleet age, 83% new technology 1 Strong Sales Pipeline Includes $4.6B of aircraft subject to letters of intent & $940M in aircraft held for sale $5.6B BBB/BBB/A- S&P / Fitch / Kroll Ratings confirmed in context of Sumitomo Corporation-led acquisition Bonds Issued Inaugural bond issuance more than 5x oversubscribed at its peak $4B 7 1Q 2026 Financial & Operating Highlights All figures as of March 31, 2026, other than letters of intent , which reflect those signed through May 5, 2026. 1) $28.9 billion net book value of flight equipment and 5.0 years weighted-average fleet age reflect flight equipment on operating lease, new technology aircraft percentage reflects the owned fleet. New technology aircraft are defined as A220 family, A320neo family, A330neo family, A350 family, Boeing 737 MAX family, and Boeing 787 family aircraft types.

 

1Q 2026 Financial Performance Comparison 8 Revenue in $M Net Income to Common Stockholders 1 in $M Adjusted Net Income Before Income Taxes 2 in $M 1) 1Q25 net income includes non-recurring insurance recoveries totalling $331.9 million, along with elevated Gain on Sale, Trading and Other Income and expenses as compared to 1Q26. 2) Please see the Appendix section for a reconciliation of Adjusted Net Income Before Income Taxes. 169.5 165.4 738.3 739.2 364.8 114.8 1Q 2025 1Q 2026 1Q 2025 1Q 2026 1Q 2025 1Q 2026

 

Strong Balance Sheet and Liquidity Base Sumisho Air Lease’s robust financial position is underpinned by its largely unsecured debt profile, deep funding base, and strong global bank relationships including its primary lender, SMBC bank ~99% Unsecured Debt S&P, Fitch/Kroll Ratings BBB/A- Targeted Net D/E Ratio ~3.0x $4.1B Available Liquidity 9All figures as of March 31, 2026, except available liquidity and unsecured debt, which are as of April 30, 2026. We define liquidity as our cash on hand plus availability under our revolving credit facility.

 

Sumisho Air Lease is Well-Positioned for Continued Success 10 Strong Aircraft Sales Pipeline S&P/Fitch/Kroll Investment Grade Ratings Young Fleet, 83% New Technology Aircraft 2 Available Liquidity, Strong Balance Sheet $28.9B BBB/BBB/A- $4.1B $5.6B Sumisho Air Lease figures are as of March 31, 2026 except available liquidity, which is as of April 30, 2026, and sales pipeline which includes letters of intent signed through May 5, 2026. We define liquidity as cash on hand plus available borrowings under our revolving credit facility. 1) Represents the value of SMBC Aviation Capital’s owned and managed fleet plus aircraft on order to be owned or managed by SMBC Aviation Capital as of December 31, 2025, plus orders acquired from Air Lease Corporation on April 8, 2026. 2) $28.9 billion net book value of aircraft subject to operating lease. New technology aircraft percentage reflects the owned fleet. New technology aircraft are defined as A220, A320neo family, A330neo, A350, Boeing 737 MAX and Boeing 787 aircraft types. SMBC Aviation Capital Servicing Platform Scale 1 $90B

 

Appendix Financial Results Q1 2026

 

Sumisho Air Lease Corporation: Ownership Structure SCIV Sumisho Air Lease Designated Activity Company Sumisho Air Lease Finance Corporation Sumisho Air Lease Corporation 24.99% Economic 18.75% Economic37.51% Economic 18.75% Economic 75.01% Economic 12

 

Structured Equity Investment Characteristics Equity invested by Apollo and Brookfield includes certain structural enhancements Enhancements contained within equity at SCIV level, not Sumisho Air Lease level Distributions by Sumisho Air Lease Corporation DAC made in line with common equity holdings Long-Term Support Agreement (“LTSA”) in place between Sumitomo Corporation and Apollo and Brookfield Option available to Sumitomo Corporation in years 7 to 10 to acquire Apollo and Brookfield’s equity in SCIV 13

 

# of countries2 # of operators3 Orders2 In Storage 2 In Service 2 In our portfolio 1 Aircraft Type 24 27 444 80 412 43 A220-100/-300 98 263 4 368 3,499 16 A320-200 51 103 - 97 1472 17 A321-200 59 122 1,872 480 1,845 20 A320-neo 53 111 5,557 288 1,754 112 A321-neo 70 113 - 138 854 18 A330-200/300 19 20 294 11 170 28 A330-neo 30 41 755 34 670 25 A350-900/1000 88 208 2 310 5,380 37 737-NG 47 89 2,209 37 2,178 111 737-8/9 MAX 46 75 5 183 1027 24 777-200ER/-300ER 39 57 1,074 20 842 44 787-9/-10 35 48 - 95 367 1 E190 Sumisho Air Lease – High Quality, Liquid Aircraft Portfolio 1) Includes Sumisho Air Lease owned fleet as of March 31, 2026. 2) Cirium Fleets Analyzer Ascend as of March 31, 2026, passenger aircraft only 3) Cirium Fleets Analyzer Ascend as of March 31, 2026, airline operators only, in-service & stored fleet only. 14

 

Non-GAAP Reconciliations 15 (in thousands) 2026 2025 Reconciliation of net income attributable to common shareholders to adjusted net income before income taxes: Net income attributable to common stockholders 114,815$ 364,751$ Amortization of debt discounts and issuance costs 12,408 13,995 Recoveries of Russian fleet write-off - (331,938) Stock-based compensation expense 5,096 17,616 Retirement compensation expense - 9,230 Merger related costs 9,088 - Income tax expense 24,005 95,836 Adjusted net income before income taxes 165,412$ 169,490$ Three Months Ended March 31,

 

Source: View Original Filing on SEC EDGAR

FAQ

How did Sumisho Air Lease (AL) perform financially in Q1 2026?

Sumisho Air Lease generated revenue of $739.2 million in Q1 2026, essentially flat year over year. Net income attributable to common stockholders was $114.8 million, or $1.02 diluted EPS, down from $364.8 million due mainly to prior-year Russian fleet recoveries.

What are Sumisho Air Lease’s adjusted earnings for Q1 2026?

Adjusted net income before income taxes was $165.4 million in Q1 2026, compared with $169.5 million a year earlier. Adjusted diluted earnings per share before income taxes were $1.47, slightly below $1.51, reflecting lower sales gains and higher depreciation but lower interest expense.

How did the Russian fleet recovery affect year-over-year comparisons for Sumisho Air Lease?

In Q1 2025, Sumisho Air Lease recorded $331.9 million of recoveries related to its former Russian fleet. That one-time benefit inflated prior-year income, so Q1 2026 net income of $114.8 million appears sharply lower even though underlying adjusted earnings changed only modestly.

What is the size and composition of Sumisho Air Lease’s aircraft fleet?

As of March 31, 2026, Sumisho Air Lease owned 496 aircraft and managed 40 aircraft. The net book value of flight equipment subject to operating leases was $28.9 billion, with a weighted-average fleet age of 5.0 years and remaining lease term of 7.2 years.

What are Sumisho Air Lease’s debt and liquidity positions after Q1 2026?

Debt financing, net of discounts and issuance costs, totaled $19.8 billion at March 31, 2026, with a composite interest rate of 4.29%. As of April 30, 2026, the company reported total liquidity of $5.4 billion, combining cash and available revolving credit capacity.

What merger did Sumisho Air Lease complete in April 2026?

On April 8, 2026, Air Lease Corporation completed a merger, becoming an indirect subsidiary of Sumisho Air Lease Corporation Designated Activity Company. The new holding company is jointly owned by Sumitomo Corporation, SMBC Aviation Capital and investment vehicles affiliated with Apollo and Brookfield.

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