Business overview Global leader in aviation leasing AerCap is the industry leader across all areas of aviation leasing, with a portfolio consisting of 3,500 aircraft, engines and helicopters that were owned, on order or managed as of December 31, 2025. We provide a wide range of assets for lease, including narrowbody and widebody aircraft, regional jets, freighters, engines and helicopters. We focus on acquiring in-demand flight equipment at attractive prices, funding them efficiently, hedging interest rate risk prudently and using our platform to deploy these assets with the objective of delivering superior risk-adjusted returns. We believe that by applying our expertise, we will be able to identify and execute on a broad range of market opportunities that we expect will generate attractive returns for our investors. We have the infrastructure, expertise and resources to execute a large number of diverse transactions in a variety of market conditions. Our teams of dedicated marketing and asset trading professionals have been successful in leasing and managing our asset portfolio. During the year ended December 31, 2025, we executed 705 aviation asset transactions. We have an extensive track record of successfully acquiring and integrating companies, including the acquisition of Genesis Lease in 2010, the acquisition of International Lease Finance Corporation (“ILFC”) in 2014 and the acquisition of GE Capital Aviation Services (“GECAS”) in 2021. The acquisitions of ILFC (the “ILFC Transaction”) and GECAS (the “GECAS Transaction”) are the two largest transactions in the history of aviation leasing. We believe that our ability to successfully identify, acquire and integrate companies is a key competitive advantage. Aircraft leasing AerCap is the global leader in aircraft leasing, with customers in every major geographical region. As of December 31, 2025, we owned 1,501 aircraft, managed 148 aircraft and had 283 new aircraft on order. As of December 31, 2025, the average age of our owned passenger aircraft fleet, weighted by net book value, was 7.3 years. During the year ended December 31, 2025, the weighted average utilization rate for our owned aircraft was 99%, calculated based on the number of days each aircraft was on lease during the year, weighted by the net book value of the aircraft. Approximately 1% of our owned aircraft were undergoing or designated for cargo conversion during the year ended December 31, 2025 and were therefore not calculated as utilized. AerCap Cargo is a global leader in the air cargo market, with more than 30 years’ experience and a global fleet of approximately 120 aircraft that are owned, serviced or committed for conversion. AerCap Cargo provides 11 types of modern narrowbody and widebody cargo aircraft to approximately 25 customers around the world, including e-commerce, express delivery and general cargo operators. AerCap Cargo also plays a developmental role in the provision of new cargo options, including the “Big Twin” freighter program between AerCap Cargo and Israel Aerospace Industries, which involves the conversion of the Boeing 777-300ER aircraft into long-haul large-capacity freighters, which received certification in 2025 and entered service in mid-September 2025. AerCap Cargo was also involved in the development of the Boeing 767-300BDSF, the launch of Boeing’s 737-800BCF freighter conversion program and placed a direct order with Elbe Flugzeugwerke GmbH on its A321P2F freighter conversion program. AerCap Cargo’s largest customers are Kalitta Air and Amazon. Engine leasing AerCap is the world’s largest lessor of spare engines, with over 1,200 owned, managed and on order engines, including engines owned and managed by Shannon Engine Support Ltd (“SES”), our joint venture with Safran Aircraft Engines (“Safran”). Our spare engine portfolio is predominantly comprised of new technology engines manufactured by General Electric (“GE”) and CFM International (“CFMI”), the most liquid engine types that power the world’s most popular and in-demand aircraft, including Airbus A320 and A320neo Family aircraft and Boeing 737, Boeing 787, and Boeing 737 MAX aircraft. We have longstanding relationships and contractual commitments with approximately 150 customers, including the two largest manufacturers of commercial aviation engines, GE Aerospace and CFMI, to which we provide spare engines services for their airline customers. Our services include leasing, guaranteed availability, administrative servicing, light maintenance, logistics and optimization of commercial jet engines. 29 Helicopter leasing The Milestone Aviation Group (“Milestone”) is the world’s leading helicopter leasing and financing company, with 335 helicopters owned or on order as of December 31, 2025. Milestone partners with helicopter operators and end-users worldwide, providing a wide array of financial and productivity solutions, including operating leases, finance leases, purchase-and-leaseback transactions, engine leasing and fleet advisory services. Milestone supports approximately 50 customers in over 35 countries serving a variety of industries, including offshore oil and gas, offshore wind, search and rescue (“SAR”), emergency medical services, police surveillance and other utility missions. Milestone’s largest customers are CHC Helicopter, Bristow Helicopters, Saudi Aramco, and Omni Helicopters International. AerCap Materials AerCap Materials Inc. (“AerCap Materials”) is a global distributor of airframe and engine components for leading commercial aircraft and engine manufacturers. Since its founding as the Memphis Group in 1971, it has provided quality products and services ranging from spare airframe and engine component distribution, component and asset leasing, consignment services and asset repair management. AerCap Materials has its own dismantlement facility located in Greenwood, Mississippi. AerCap Materials has a large inventory of aircraft parts to support mid-life and new-generation aircraft and provides ready access to support various aircraft types, including Boeing 737NG, Boeing 777, Airbus A320 and A320neo Family and Embraer aircraft. Aviation leases and transactions We lease most of our flight equipment to customers under operating leases. Under these leases, the lessee is responsible for the maintenance and servicing of the equipment during the lease term and we receive the benefit, and assume the risks, of the residual value of the equipment at the end of the lease. Many operators lease flight equipment under operating leases, as this reduces their capital requirements and costs and affords them flexibility to manage their fleets more efficiently as flight equipment assets are returned over time. Since the 1970s and the creation of aircraft leasing pioneers Guinness Peat Aviation (“GPA”) and ILFC, the world’s airlines have increasingly turned to operating leases to meet their aircraft needs. We serve approximately 300 customers around the world with comprehensive fleet solutions. Our relationships with these customers help us place new flight equipment and remarket existing flight equipment. Over the life of our flight equipment, we seek to increase the returns on our investments by managing the lease rates, time off-lease and financing and maintenance costs, and by carefully timing the sale of our flight equipment assets. Our current operating leases have initial terms ranging in length up to approximately 16 years. By varying our lease terms, we mitigate the effects of changes in cyclical market conditions at the time aircraft become eligible for re-lease. Well in advance of the expiration of an operating lease, we prioritize entering into a lease extension with the then-current operator. This reduces our risk of aircraft downtime as well as aircraft transition costs. The terms of our lease extensions reflect the market conditions at the time and typically contain different terms from the original lease. Should a lessee not be interested in extending a lease, or if we believe we can obtain a more favorable return on the aircraft, we will explore other options, including the sale of the asset. If we enter into a lease agreement for the same asset with a different lessee, we generally do so well in advance of the scheduled return date of the asset. When the asset is returned, maintenance work may be required before transition to the next lessee. Our extensive experience, global reach and operating capabilities allow us to rapidly complete numerous aviation transactions, which enables us to increase the returns on our flight equipment investments by minimizing any time that our assets are not generating revenue for us. 30 The following table provides details regarding the aircraft, engine and helicopter transactions we executed during the years ended December 31, 2025, 2024 and 2023. The trends shown in the table reflect the execution of the various elements of our leasing strategy for our owned and managed portfolio, as described further below: Year Ended December 31, 2025 2024 2023 Total Owned portfolio New leases on new assets 88 128 202 418 New leases on used assets 60 87 113 260 Extensions of lease contracts 201 239 243 683 Asset purchases 145 150 173 468 Asset sales 140 136 167 443 Managed portfolio New leases on used assets 4 12 13 29 Extensions of lease contracts 18 30 21 69 Asset sales 49 30 21 100 Total transactions 705 812 953 2,470 We perform a review of all of our prospective lessees, which generally includes reviewing financial statements, business plans, cash flow projections, maintenance capabilities, operational performance histories, hedging arrangements for fuel, foreign currency and interest rates and relevant regulatory approvals and documentation. We perform on-site credit reviews for new lessees, which typically include extensive discussions with the prospective lessee’s management, before we enter into a new lease. We also evaluate the jurisdiction in which the lessee operates to ensure we are in compliance with any regulations and evaluate our ability to repossess our assets in the event of a lessee default. Depending on the credit quality and financial condition of the lessee, we may require the lessee to obtain guarantees or other financial support from an acceptable financial institution or other third party. We typically require our lessees to provide a security deposit for their performance under a lease, including the return of the leased asset in the specified maintenance condition at the expiration of the lease. All of our lessees are responsible for the maintenance and repair of the leased flight equipment as well as other operating costs during the lease term. Based on the credit quality of the lessee, we require some of our lessees to pay supplemental maintenance rents to cover major scheduled maintenance costs. If a lessee pays supplemental maintenance rents, we reimburse them for their maintenance events (as defined in the lease) up to the amount of their supplemental maintenance rent payments. Under the terms of our leases, at lease expiration, we retain excess maintenance rents to the extent that a lessee has paid us more supplemental maintenance rents than we have reimbursed them for their maintenance events. In most lease contracts that do not require the payment of supplemental maintenance rents, the lessee is generally required to redeliver the leased asset in a similar maintenance condition (normal wear and tear excepted) as when accepted under the lease. To the extent that the redelivery condition is different from the acceptance condition, we generally receive cash compensation for the value difference at the time of redelivery. As of December 31, 2025 and 2024, 28% and 32%, respectively, of our owned aircraft leases provided for supplemental maintenance rental payments. We require the lessee to compensate us if the aircraft is not in the required condition upon redelivery. All of our leases contain provisions regarding our remedies and rights in the event of default by the lessee, and also include specific provisions regarding the required condition of the leased asset upon its redelivery. Our lessees are also responsible for compliance with all applicable laws and regulations governing the leased asset and all related costs. We require our lessees to comply with either the FAA, European Union Aviation Safety Agency (“EASA”) or their equivalent standards in other jurisdictions. 31 During the term of our leases, some of our lessees may experience financial difficulties resulting in the need to restructure their leases. Generally, our restructurings can involve a number of possible changes to the lease terms, including the voluntary termination of leases prior to their scheduled expiration, the arrangement of subleases from the primary lessee to a sublessee, the rescheduling of lease payments and the exchange of lease payments for other consideration. In some cases, we may repossess a leased asset and, in those cases, we usually export the leased asset from the lessee’s jurisdiction to prepare it for remarketing. In the majority of repossessions, we obtain the lessee’s cooperation and the return and export of the leased asset are completed without significant delay. In some repossessions, however, our lessees may not cooperate in returning leased assets and we may be required to take legal action. In connection with the repossession of an asset, we may be required to settle claims on such asset or to which the lessee is subject, including outstanding liens on the repossessed asset. Refer to “Item 3. Key Information—Risk Factors—Risks related to the financial strength of, and our relationship with, our lessees—If our lessees fail to cooperate in returning our assets following lease terminations, we may encounter obstacles and are likely to incur significant costs and expenses conducting repossessions” for a discussion of how repossessions may affect our financial results. Scheduled lease expirations The following table presents the scheduled lease expirations for our owned aircraft under operating leases by aircraft type as of December 31, 2025. The table does not give effect to contracted unexercised lease extension or termination options, aircraft on finance leases, lease extensions or re-leases that are subject to a letter of intent, aircraft sales that have been contracted or are subject to a letter of intent, or designations of a certain aircraft for sale or disassembly of an aircraft for the sale of its parts (“part-out”). Aircraft type 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 Thereafter Total Passenger Aircraft 68 161 120 79 93 113 147 90 74 90 201 1,236 Airbus A220 Family — — — — — — — — 2 7 10 19 Airbus A320 Family 29 93 49 24 15 20 23 5 — 4 1 263 Airbus A320neo Family — 2 17 23 30 33 61 40 42 47 96 391 Airbus A330 9 8 4 3 7 3 2 2 — — — 38 Airbus A330neo Family — — — — — — — — — 1 11 12 Airbus A350 3 — 7 6 7 6 — 5 3 1 3 41 Boeing 737 MAX — — — — 1 2 — 16 11 12 39 81 Boeing 737NG 18 38 28 6 22 21 38 7 5 — 11 194 Boeing 777-200ER/300-ER 4 9 3 — — — 1 — — 5 5 27 Boeing 787 — — 6 10 11 22 16 15 8 11 11 110 Embraer E190/E195/E2 4 3 3 4 — 4 5 — 3 2 14 42 Other 1 8 3 3 — 2 1 — — — — 18 Freighter Aircraft — 3 9 5 18 2 11 5 8 15 1 77 Airbus A321 — — — — — — — 1 4 1 — 6 Boeing 737 — 2 4 5 18 1 11 4 4 7 — 56 Boeing 767 / 777 — 1 5 — — 1 — — — 7 1 15 Total (a) (b) 68 164 129 84 111 115 158 95 82 105 202 1,313 (a)As of December 31, 2025, scheduled lease expirations through the end of 2027 represented less than 7% of the aggregate net book value of our fleet. As of February 6, 2026, 54 of the 68 aircraft with leases expiring in 2026 have been re-leased, have had leases extended, have been designated for sale or part-out or have been sold. (b)Includes seven aircraft that were off-lease and under commitment for re-lease as of December 31, 2025. 32 Principal markets and customers The following table presents the percentage of lease revenue of our owned portfolio from our top five lessees for the year ended December 31, 2025: Lessee Percentage of 2025 lease revenue American Airlines 5.1 % Azul Airlines 3.9 % China Southern Airlines 3.2 % EgyptAir 3.2 % SES 3.1 % Total 18.5 % We lease our aircraft to lessees located in every major geographical region. The following table presents the percentage of our total lease revenue by region based on our lessee’s principal place of business for the years ended December 31, 2025, 2024 and 2023: Year Ended December 31, Region 2025 2024 2023 Asia/Pacific 30 % 31 % 34 % Europe 28 % 26 % 23 % United States/Canada/Caribbean 19 % 19 % 19 % Latin America 12 % 12 % 12 % Africa/Middle East 11 % 12 % 12 % Total 100 % 100 % 100 % For further geographic information on our total lease revenue and long-lived assets, refer to Note 21—Geographic information to our Consolidated Financial Statements included in this annual report. 33 Aircraft and engine services We provide aircraft and engine asset management and corporate services to securitization vehicles, joint ventures and other third parties. As of December 31, 2025, we had asset management servicing contracts with 19 parties that owned 148 aircraft and 192 engines. Since we have an established operating system to manage our own aircraft and engines, the incremental cost of providing asset management services to securitization vehicles, joint ventures and third parties is limited. Our primary aircraft and engine asset management activities include: •remarketing aircraft and engines for lease or sale; •collecting rental and supplemental maintenance rent payments, monitoring aircraft maintenance, monitoring and enforcing contract compliance and accepting delivery and redelivery of aircraft and engines; •conducting ongoing lessee financial performance reviews; •periodically inspecting the leased aircraft and engines; •coordinating technical modifications to aircraft to meet new lessee requirements; •conducting restructuring negotiations in connection with lease defaults; •repossessing aircraft and engines; •arranging and monitoring insurance coverage; •registering and de-registering aircraft; •arranging for aircraft and engine valuations; and •providing market research. We charge fees for our aircraft and engine management services based on a mixture of fixed and rental-based amounts, and we also receive performance-based fees related to the managed aircraft or engine lease revenues or sale proceeds. We also provide corporate administrative and cash management services to securitization vehicles and joint ventures. We currently have corporate administration and/or cash management service contracts with seven parties. Our corporate administrative services consist primarily of accounting and corporate secretarial services, including the preparation of budgets and financial statements. Cash management services consist primarily of treasury services such as the financing, refinancing, hedging and ongoing cash management of these companies. Aviation parts and supply chain Through AerCap Materials, we provide airframe and engine parts and supply chain solutions and we disassemble aircraft and engines into parts. AerCap Materials sells airframe and engine parts to airlines, maintenance, repair and overhaul service providers, and aircraft parts distributors. 34 Our business strategy We develop and grow our aviation leasing business by executing on our focused business strategy, the key components of which are as follows: Manage the profitability of our flight equipment portfolio Our ability to profitably manage flight equipment throughout its lifecycle depends, in part, on our ability to successfully source acquisition opportunities of new and used flight equipment at favorable terms, as well as our ability to secure long-term funding for such acquisitions, lease flight equipment at profitable rates, minimize downtime between leases and associated maintenance expenses and opportunistically sell aircraft. We manage the long-term profitability of our flight equipment portfolio by: •purchasing flight equipment directly from manufacturers; •entering into purchase-and-leaseback transactions with airlines; •using our global customer relationships to obtain favorable lease terms for flight equipment and maximizing utilization; •maintaining diverse sources of global funding; •optimizing our portfolio by selling flight equipment; and •providing management services to securitization vehicles, our joint ventures and other aircraft owners at limited incremental cost to us. Efficiently manage our liquidity We analyze sources of financing based on pricing and other terms and conditions in order to optimize the return on our investments. We have the ability to access a broad range of liquidity sources globally. In 2025, we arranged $13.2 billion of financing, consisting of notes issuances in the capital markets, bank debt and revolving credit facilities. We have access to liquidity in the form of our revolving credit facilities and our term loan facilities, which provide us with flexibility in raising capital and enable us to deploy capital rapidly to accretive flight equipment purchase opportunities that may arise. As of December 31, 2025, we had $11.0 billion of undrawn lines of credit available under our revolving credit and term loan facilities and $1.4 billion of unrestricted cash. We strive to maintain a diverse financing strategy, both in terms of capital providers and structure, through the use of bank debt, note issuance and export credit, including ECA-guaranteed loans, in order to maximize our financial flexibility. We also leverage our longstanding relationships with major aircraft financiers and lenders to secure access to capital. In addition, we attempt to maximize our operating cash flows and continue to pursue the sale of flight equipment to generate additional cash flows. Refer to Note 15—Debt to our Consolidated Financial Statements included in this annual report for a detailed description of our outstanding indebtedness. Manage our flight equipment portfolio We intend to maintain an attractive portfolio of in-demand flight equipment by acquiring new flight equipment directly from manufacturers, executing purchase-and-leaseback transactions with airlines, assisting airlines with refleetings and pursuing other opportunistic transactions. We rely on our experienced team of portfolio management professionals to identify and purchase assets we believe are being offered at attractive prices or that we believe will experience an increase in demand over a prolonged period of time. In addition, we intend to continue to rebalance our portfolio through sales to maintain the appropriate mix of flight equipment by customer concentration, asset, age and type. Maintain a diversified customer base We operate our business on a global basis, leasing flight equipment to customers in every major geographical region. We have active relationships with approximately 300 customers around the world. These customer relationships are either with existing customers or airlines with which we maintain regular dialogue in relation to potential transaction opportunities. Our relationships with these airlines help us place new flight equipment and remarket existing flight equipment. We monitor our lessee exposure concentrations by both customer and country jurisdiction and intend to maintain a well-diversified customer base. We believe we offer a quality product, both in terms of assets and service, to all of our customers. We have successfully worked with many customers to find mutually beneficial solutions to operational and financial challenges. We believe we maintain excellent relations with our customers. We have been able to achieve a high utilization rate on our aviation assets as a result of our customer reach, quality product offering and strong portfolio management capabilities. 35 Allocate capital efficiently We seek to deploy our capital efficiently to provide the best long-term returns for our investors. We have a broad range of options for deployment of capital, including investment in flight equipment, repayment of debt, mergers and acquisitions and the return of capital to shareholders. We have deployed our capital across all of these areas in the past and will continue to seek opportunities to do so in the future. Joint ventures We conduct some of our business through joint ventures. These joint venture arrangements allow us to obtain stable servicing revenues and diversify our exposure to the economic risks related to aircraft and engines. Shannon Engine Support Ltd SES is a joint venture 50% owned by us and 50% owned by Safran. SES is headquartered in Shannon, Ireland, with marketing offices in Singapore, Cincinnati, Beijing, Shanghai and Budapest. SES offers spare engine solutions to CFMI operators, including guaranteed pool access, short-term and long-term leases, trading and exchanges, all of which can be structured and combined to meet an individual airline’s fleet requirements. SES’s spare engine pools are located at certified MRO facilities around the world, close to international logistics hubs, to easily support airlines operating CFM56 and LEAP powered aircraft. We account for our investment in SES under the equity method of accounting. Refer to Note 10—Associated companies to our Consolidated Financial Statements included in this annual report for further details on our joint ventures. Relationship with Airbus, Boeing and other manufacturers We are one of the largest customers of Airbus and Boeing, measured by deliveries of aircraft through 2025 and our order backlog. We are also among the largest purchasers of commercial jet engines in the world. The scale of our business allows us to cultivate extensive market knowledge and to maintain strategic and mutually beneficial relationships with our OEM partners. Competition The aviation leasing and sales business is highly competitive, and we face competition from other aviation leasing companies, airlines, aviation manufacturers, aviation brokers and financial institutions. Competition for a leasing transaction is based on a number of factors, including delivery dates, lease rates, term of lease, other lease provisions, aircraft condition and the availability in the marketplace of the types of aircraft that can meet customer requirements. As a result of our geographical reach, diverse aircraft portfolio and success in remarketing our aircraft, we believe we are a strong competitor in all of these areas. 36 Insurance Our lessees are required under our leases to bear responsibility, through an operational indemnity subject to customary exclusions, and to carry insurance for any liabilities arising out of the operation of our flight equipment, including any liabilities for death or injury to persons and damage to property that ordinarily would attach to the operator of the asset. In addition, our lessees are required to carry other types of insurance that are customary in the air transportation industry, including hull all risks insurance for both the aircraft and each engine, whether or not installed on our aircraft (in each case, at a value stipulated in the relevant lease that typically exceeds the aircraft net book value by approximately 10%), and hull war risks insurance covering risks such as hijacking and terrorism and, where permitted, including confiscation, expropriation, nationalization and seizure (subject to adjustment or fleet or policy aggregate limits in certain circumstances and customary exclusions). Our lessees are also required to carry aircraft spares insurance and aircraft third-party liability insurance, in each case subject to customary deductibles and exclusions. We are named as an additional insured on liability insurance policies carried by our lessees, and we or our lenders are designated as a loss payee in the event of a total loss of an asset. We monitor the compliance by our lessees with the insurance provisions of our leases by securing confirmation of coverage from the lessees’ insurance brokers. We also purchase insurance that provides us with coverage when our assets are not subject to a lease or where a lessee’s policy fails to indemnify us, and this insurance is subject to customary deductions and exclusions. In addition, we carry customary insurance for our property, which is subject to customary deductibles, limits and exclusions. Insurance experts advise and make recommendations to us as to the appropriate amount of insurance coverage that we should obtain. Refer to “Item 3. Key Information—Risk Factors—Risks related to the geopolitical, regulatory, corporate responsibility and legal exposure of our business—Our insurance policies, including our use of a captive insurance company, may not provide adequate protection against risks, events outside of our control may cause insurers to raise premiums and/or reduce or cancel available coverage, and we may not be able to recover losses under our policies.” Also refer to Note 31—Commitments and contingencies to our Consolidated Financial Statements included in this annual report for a detailed description of material litigation to which we are a party. Regulation While the air transportation industry is highly regulated, we generally are not directly subject to most of these regulations, as we do not generally operate our assets. Our lessees are subject, however, to extensive regulation under the laws of the jurisdictions in which they are registered and in which they operate. These regulations govern, among other things, the registration, operation and maintenance of our assets. Most of our aircraft are registered in the jurisdiction in which the lessee of the aircraft is certified as an air operator. Both our aircraft and engines are subject to the airworthiness and other standards imposed by our lessees’ jurisdictions of operation. Laws affecting the airworthiness of flight equipment are generally designed to ensure that all aircraft, engines and related equipment are continuously maintained in proper condition to enable safe operation of the aircraft. Most countries’ aviation laws require aircraft and engines to be maintained under an approved maintenance program with defined procedures and intervals for inspection, maintenance and repair. Assigning a cost to air emissions, such as via ETS and CORSIA, could favor the use of younger, more fuel-efficient aircraft, since they generally produce lower levels of emissions per passenger, which could adversely affect our ability to re-lease or otherwise dispose of less efficient older aircraft on a timely basis, on favorable terms or at all. This is an area of law that continues to evolve and varies by jurisdiction. While it is uncertain whether new emissions restrictions will be passed, or if passed, what impact these laws might have on our business, any future emissions limitations or other future requirements to address climate change concerns could adversely affect us. In addition, under our leases, we may be required in some instances to obtain specific licenses, consents or approvals for different aspects of the leases. These required items include consents from governmental or regulatory authorities for certain payments under the leases and for the import, re-export or deregistration of the leased assets. Also, to perform some of our cash management services and insurance services from Ireland under our management arrangements with our joint ventures and securitization entities, we are required to have a license from the Irish regulatory authorities, which we have obtained. The United States, among other jurisdictions, regulates the export of goods, software, technology, and military items from the United States. In addition to the Office of Foreign Assets Control, two principal U.S. Government agencies have regulatory authority in this area. The U.S. Department of State, Directorate of Defense Trade Controls (“DDTC”) administers the International Traffic in Arms Regulations (“ITAR”) and the U.S. Department of Commerce, Bureau of Industry and Security administers the Export Administration Regulations (“EAR”). 37 ITAR and EAR compliance is an integral part of AerCap’s compliance activities. Our wholly-owned subsidiary, Milestone Aviation, is a helicopter operating lessor that engages in defense trade activities. While our fleet is comprised of civil helicopters, certain of the helicopters (generally helicopters configured for SAR or police services missions) are equipped with controlled equipment covered by active ITAR licenses. In view of our defense trade activities, The Milestone Aviation Group LLC is registered with DDTC as an exporter and broker under ITAR. The controlled equipment in our fleet may require prior authorizations to be exported to certain jurisdictions. Any failure by us or our customers or suppliers to comply with these laws and regulations could result in civil or criminal penalties, fines, investigations, adverse publicity or restrictions on our ability to continue to engage in business activities involving controlled equipment, and repeat failures could carry more significant penalties. Any changes in export or sanctions regulations may further restrict business activities involving controlled equipment. The length of time required by the licensing processes can vary, potentially delaying helicopter lease transactions and the recognition of the corresponding revenue. Please refer to “Item 3. Key Information—Risk Factors—Risks related to the geopolitical, regulatory, corporate responsibility and legal exposure of our business—We are subject to regulatory and compliance risks and requirements associated with transacting business in many countries” and “Item 3. Key Information—Risk Factors—Risks related to the geopolitical, regulatory, corporate responsibility and legal exposure of our business—Our assets are subject to various environmental regulations and concerns, including those relating to climate change” for a detailed discussion of government sanctions, export controls and other regulations that could affect our business. Litigation Please refer to Note 31—Commitments and contingencies to our Consolidated Financial Statements included in this annual report for a detailed description of material litigation to which we are a party. Trademarks AerCap Holdings N.V. has registered the “AerCap” trademark with various intellectual property offices, including those in the United States, Argentina, Australia, Belarus, Benelux, Brazil, Canada, Chile, China, Ethiopia, European Union, Hong Kong, Indonesia, Ireland, Korea, Mexico, New Zealand, Pakistan, Panama, Russia, Saudi Arabia, Sri Lanka, Thailand, Trinidad and Tobago, Turkey, United Arab Emirates, the United Kingdom and Vietnam, as well as with the World Intellectual Property Organization (“WIPO”). AerCap Holdings N.V. has registrations and pending trademark applications for the “AerCap” logos and the “Never Stand Still” trademark with various intellectual property offices, including those in the United States, Argentina, Australia, Belarus, Benelux, Brazil, Canada, Chile, China, Ethiopia, the European Union, Hong Kong, India, Indonesia, Ireland, Japan, Mexico, New Zealand, Norway, Pakistan, Panama, Republic of Korea, Russia, Saudi Arabia, Sri Lanka, Switzerland, Thailand, Trinidad and Tobago, Turkey, United Arab Emirates, the United Kingdom, Vietnam and WIPO. The Milestone Aviation Group LLC owns applications and registrations for its “Milestone” and “Milestone Aviation” trademarks in numerous jurisdictions including the United States, the European Union, Australia, Brazil, China, India, Norway, Saudi Arabia, and the United Kingdom. The Milestone Aviation Group LLC also owns pending applications to register “Be The Measure,” a “Milestone” Logo and an “M” Logo in the United States. Culture and values We are proud of our high-performance culture, which is built on the values of Ambition, Excellence and Respect. We believe that true success is built upon a foundation of trust and integrity, and we endeavor to create an environment where our people feel included and empowered to do their best work and reach their full potential. We strive to conduct our business with integrity and in an honest and responsible manner and to build and maintain long-term, mutually beneficial relationships with our customers, suppliers, shareholders, employees and other stakeholders. These values contribute to sustainable long-term value creation for AerCap and its stakeholders and are further specified in our code of conduct and our ethics-related compliance policies, procedures, trainings and programs. Ethical behavior is strongly promoted by the senior leadership team. The Company has an excellent track record in relation to ethics and compliance. These ethical values are reflected in the Company’s long-term strategy and our way of doing business. 38 Sustainability and community During 2025, our Board-level ESG Committee (the “ESG Committee”) met three times to discuss and review AerCap’s approach to ESG-related topics, including environmental and employee matters. The ESG Committee comprises three independent directors of the AerCap Board and three members of the AerCap senior leadership team. We believe this creates a balance between the execution of strategy at an executive level and the independent oversight and counsel of the experienced board members. These individuals have relevant experience in areas such as governance, sustainability, greenhouse gas emissions management, charitable outreach, financial reporting and reputational risk management. The ESG Committee is responsible for assisting AerCap’s Board of Directors in defining and reviewing the Company’s strategy relating to ESG and developing and maintaining the Company’s policies, programs, targets and initiatives in this space. This approach is designed to provide dedicated oversight of ESG issues at the highest level. AerCap’s Board of Directors approved AerCap’s ESG Strategy, which is aligned with AerCap’s overall strategic approach to be positioned for growth and resilient against risks. This ESG Strategy outlines the Company’s overall ESG goals, risks and opportunities and is focused on the impact AerCap can have through asset purchases and sales, leasing activity, financing and investment, collaboration with partnerships, engagement on policy, governance and AerCap’s role as an employer. In April 2025, we published our latest annual Corporate Responsibility report (the “2024 CR Report”), which was produced with reference to the Global Reporting Initiative (“GRI”) Standards and is publicly available on our website. The 2024 CR Report sets forth in detail our commitment to growing our business in a responsible and sustainable way. ESG rating agencies actively analyze AerCap and therefore we continue to proactively manage our ESG ratings engagement and refine our ESG reporting, based on best practices and our engagement with stakeholders and their expectations. In 2025, AerCap was upgraded by Morningstar Sustainalytics with an improved “low risk” score (lowering to 13.4 from 17.8). Morningstar Sustainalytics’ ESG Risk Ratings measure a company’s exposure to and management of industry-specific ESG risks, with the total unmanaged risk combined into a single score representing the company’s overall ESG risk. In 2025, AerCap published its Scope 3 greenhouse gas emissions from downstream leased assets (owned aircraft) and for the first time we also published our Scope 3 emissions of our leased engines and helicopters. Since 2014, AerCap has transformed its fleet from approximately 6% new technology assets measured by net book value to approximately 76% new technology assets at the end of 2025, among the highest percentages of all major aircraft lessors. New technology aircraft include Airbus A220 Family, Airbus A320neo Family, Airbus A330neo Family, Airbus A350, Boeing 737 MAX, Boeing 787 and Embraer E2 aircraft. New technology aircraft produce significantly lower emissions than the previous generation aircraft they replace and drive emissions reductions, as well as significant cost savings, for our airline customers. As a direct result of AerCap’s strategy of purchasing the most fuel-efficient and newest technology aircraft available from the Original Equipment Manufacturers (“OEMs”) and disposing of older technology and less fuel-efficient aircraft, our Scope 3 greenhouse gas emissions intensity factor has decreased from 2015 to 2025. In 2025, AerCap purchased 71 fuel-efficient, new technology aircraft and sold 108 primarily current technology aircraft with an average age of 15 years. Over 80 of our airline customers now lease new technology aircraft from us. In addition, in 2025, AerCap entered into a purchase agreement with Airbus for 52 A320neo Family aircraft that had previously been part of the Spirit Airlines order book, with options to purchase up to 45 additional A320neo Family aircraft. Our order book of 283 aircraft is comprised exclusively of the most in-demand, fuel-efficient, new technology aircraft and will form the backbone of our future fleet, supporting airlines in achieving their sustainability targets. We believe the best way for us to support the reduction of global greenhouse gas emissions is to follow the “leading-edge” approach, which means taking what we believe are the best steps available to our industry and continuing to invest in new technology aircraft and engines. In April 2025, we achieved our previous new technology aircraft target of 75% set in 2021, and set a new target to transition to 85% new technology assets by net book value by the end of 2030, including aircraft, engines and helicopters. Through AerCap Materials, we are able to efficiently retire aircraft. ICAO estimates that approximately 85-90% of an aircraft can be recycled back into the supply chain either as spare parts or raw materials. AerCap Materials has been certified by the International Organization for Standardization and the Aircraft Fleet Recycling Association and has over 50 years’ experience in this field, contributing to our processes designed to help ensure that aircraft are retired with adherence to strict environmental and safety protocols. In addition, we seek to support the circular economy in conducting our cargo conversion activities, through the material extension of life of certain aircraft and the avoidance of unnecessary part-outs. AerCap is a member of Aircraft Leasing Ireland (“ALI”) and is a signatory to ALI’s inaugural Sustainability Charter, which outlines ten priority sustainability principles focused on areas including climate action and net zero greenhouse gas emissions, technology and innovation and waste and the circular economy. AerCap has a dedicated Government Affairs function based in Brussels that is focused on legislative developments and strategic matters emerging from Europe and beyond. We are engaged in active and frequent dialogue and collaboration with regulatory policymakers, government bodies, industry trade associations and key business partners on aviation decarbonization policies. 39 In our offices globally, AerCap is committed to increasing our efficient use of resources and reducing unnecessary waste. Our headquarters in Dublin has been Leadership in Energy and Environmental Design Platinum certified in areas such as building materials, energy and water use and accessibility. We are working with our landlords to improve the efficiency of our other offices. At AerCap, we believe our employees are our greatest asset. We actively seek to hire and retain talented employees and remunerate our employees with what we believe are some of the most attractive packages in the industry. This includes not only competitive salaries and benefits, but also performance-based bonuses and employee share schemes. In addition, we also provide opportunities for employees to develop and grow within the organization through further education and development programs, industry insights, functional training and knowledge sharing sessions. We see great value in having a diverse workforce, in terms of gender diversity as well as diversity of cultural, social and educational backgrounds. We recruit, employ and promote employees on the basis of qualifications and performance and we are committed to treating all current and prospective employees equally irrespective of race, religion, gender, marital status, family/civil status, sexual orientation, age, disability or any other characteristic protected by applicable laws and regulations. AerCap is committed to maintaining a productive working environment in which all employees are treated with mutual dignity and respect. All employees have the right to work in an environment that is free from sexual harassment, other forms of harassment and bullying. We actively participate in a wide range of charitable events and industry-focused educational programs worldwide each year, demonstrating our commitment to community engagement and industry advancement. Our Corporate Social Responsibility (“CSR”) Committee is employee-led and is responsible for the selection and implementation of fundraising and volunteering initiatives across the Company. At the beginning of each calendar year, AerCap employees vote for charitable and social themes from a shortlist selected by the CSR Committee. Throughout the year, the CSR Committee is responsible for reviewing and evaluating requests for support for charitable and community-related initiatives aligned with the chosen themes. In 2025, the themes employees chose to support were mental health and suicide prevention services, cancer support and hospice services, education, child and young adolescent welfare, Alzheimer’s and dementia support services and environmental and sustainability initiatives. We encourage employees to support local and national organizations that strengthen the communities in which they live and work. Several of our charitable initiatives involve the Company’s matching of funds raised through employee team efforts for the benefit of local community projects. In addition to this, the CSR Committee can nominate chosen charity partners that would benefit from longer-term partnerships with AerCap, rather than one-time donations. For example, in 2025, AerCap was pleased to continue supporting Orbis, a global charity combating blindness in Southern Ethiopia, through training, advocacy and research initiatives. Additionally, AerCap partnered with EMBRACE Badjao, an Irish-registered charity that supports the marginalized Badjao community in the Philippines. As an ethnic minority, the Badjao face significant challenges, including poverty, malnutrition and limited access to education. Through AerCap’s support, we are helping to advance programs that promote educational opportunities and empower the community toward long-term, sustainable development. In 2025, together with our employees, AerCap donated over $1.2 million to charitable and social causes. AerCap is proud to be a sponsor of the prestigious MSc in Aviation Finance program at University College Dublin Michael Smurfit Graduate Business School since the program launched in 2015. In addition to sponsorship, the Company arranges for key employees to give lectures to students and provides internships to a number of students from the program. This gives graduates the opportunity to gain valuable hands-on experience in a range of disciplines. In 2019, AerCap established a scholarship program with the University of Limerick (“UL”), the first Women in Aviation program of its type in Ireland. The program aims to create awareness among female students of Aeronautical Engineering as a career option and encourage more women to join the industry. Since the launch of the initiative, seven first-year students of the UL Bachelor of Engineering in Aeronautical Engineering have been awarded the AerCap Women in Aviation Scholarship. As well as an annual financial bursary provided to the scholarship recipients, students have the opportunity to gain first-hand experience through an eight-month internship in the AerCap technical department with mentoring from experienced professionals in the team. In 2021, AerCap launched a scholarship program in partnership with the Faculty of Engineering at the International School of Engineering at Chulalongkorn University, Thailand, the country’s top-ranked university and a recognized global leader in aerospace engineering education. In addition to providing the scholarships, AerCap offers students a range of tailored support, including guest lectures, workshops and summer internships. As part of the program, students undertake a research project focused on ESG and related innovations in the aviation industry. We also sponsor the AerCap ESG Challenge, which invites aerospace engineering students to showcase their innovative ideas and solutions to address ESG challenges within the sector. In 2024, AerCap commenced the Transition Year Aviation Program. The program is designed to introduce students to the aircraft leasing industry and broader aviation sector, offering them valuable insight into possible career pathways. Through presentations from various departments across the business, students gain an understanding of AerCap’s business and participate in communication and presentation skills training, which is delivered by one of our training partners. The program features guest speakers from industry partners and a visit to an aircraft manufacturing facility. 40 Flight equipment portfolio The following table presents our flight equipment portfolio by type as of December 31, 2025: Type Number of owned assets % Net Book Value Number of managed assets (b) Number of assets on order Total assets owned, managed and on order Passenger Aircraft 1,413 82 % 144 283 1,840 Airbus A220 Family 19 1 % 6 — 25 Airbus A320neo Family 433 31 % 31 161 625 Airbus A320 Family 351 6 % 35 — 386 Airbus A330neo Family 12 2 % 2 6 20 Airbus A330 40 1 % 5 — 45 Airbus A350 41 7 % 6 — 47 Boeing 737 MAX 89 6 % 9 92 190 Boeing 737NG 212 7 % 50 — 262 Boeing 777-200ER/300-ER 29 2 % — — 29 Boeing 787 112 17 % — 14 126 Embraer E190/E195/E2 55 2 % — 5 60 Other (a) 20 — — 5 25 Freighter Aircraft 88 3 % 4 — 92 Airbus A321 6 — — — 6 Boeing 737 57 2 % 4 — 61 Boeing 767/777 25 1 % — — 25 Engines 470 9 % 728 35 1,233 Helicopters 323 6 % — 12 335 Total 2,294 100 % 876 330 3,500 (a)Other includes 20 owned aircraft (including five Embraer E170/175 aircraft; two Boeing 767 aircraft; 13 ATR and De Havilland Canada DHC-8-400 aircraft) and five regional jet aircraft on order. (b)Number of managed engines includes SES owned and managed engines as of December 31, 2025. In addition, SES had 64 engines on order as of December 31, 2025. 41 The following table presents our owned aircraft portfolio by type of aircraft as a percentage of total net book value of passenger and freighter aircraft as of each of the five years ended December 31: As of December 31, Aircraft type 2025 2024 2023 2022 2021 Passenger Aircraft 96 % 97 % 97 % 98 % 97 % Airbus A220 Family 1 % 1 % 1 % — — Airbus A320neo Family 37 % 36 % 34 % 31 % 27 % Airbus A320 Family 7 % 8 % 10 % 12 % 13 % Airbus A330neo Family 3 % 3 % 1 % — — Airbus A330 1 % 2 % 2 % 2 % 3 % Airbus A350 8 % 8 % 9 % 10 % 10 % Boeing 737 MAX 7 % 5 % 5 % 4 % 3 % Boeing 737NG 8 % 9 % 10 % 12 % 13 % Boeing 777-200ER/300-ER 2 % 3 % 4 % 4 % 5 % Boeing 787 20 % 20 % 20 % 21 % 20 % Embraer E190/195/E2 2 % 2 % 1 % 1 % 2 % Other — — — 1 % 1 % Freighter Aircraft 4 % 3 % 3 % 2 % 3 % Airbus A321 — — — — — Boeing 737 2 % 2 % 2 % 1 % 2 % Boeing 747/767/777 2 % 1 % 1 % 1 % 1 % Total 100 % 100 % 100 % 100 % 100 % 42 During the year ended December 31, 2025, we had the following activity related to owned aircraft: Held for operating leases Investment in finance leases, net Held for sale Total owned aircraft Number of owned aircraft at beginning of period 1,420 101 22 1,543 Aircraft purchases 71 — — 71 Aircraft reclassified to held for sale (54) — 54 — Aircraft sold or designated for part-out (a) (56) (16) (41) (113) Aircraft reclassified from investment in finance leases, net (41) 41 — — Number of owned aircraft at end of period 1,340 126 35 1,501 (a)Includes four aircraft that were reclassified to inventory and the total loss of one aircraft. Aircraft on order The following table details our 283 aircraft on order as of December 31, 2025: Aircraft type 2026 2027 2028 2029 2030 Thereafter Total Airbus A320neo Family (a) 30 36 31 27 17 20 161 Airbus A330neo Family 1 5 — — — — 6 Boeing 737 MAX 39 20 15 15 3 — 92 Boeing 787 11 3 — — — — 14 Embraer E195-E2 5 — — — — — 5 Other — — — — — 5 5 Total 86 64 46 42 20 25 283 (a)In addition, we have options to purchase up to 45 A320neo Family aircraft from Airbus. Due to our aircraft order book, we believe that we are well-positioned to take advantage of trading opportunities and expand our aircraft portfolio. We believe that our global network of strong relationships with airlines, aircraft manufacturers, maintenance, repair and overhaul service providers and commercial and financial institutions gives us a competitive advantage in sourcing and executing transactions. Our revolving credit facilities are designed to allow us to rapidly execute our portfolio management strategies by providing us with large-scale committed funding to acquire new and used aircraft. Aircraft acquisitions and dispositions We purchase new and used aircraft directly from aircraft manufacturers, airlines and financial investors. The aircraft we purchase are both on-lease and off-lease, depending on market conditions and the composition of our portfolio. The buyers of our aircraft include airlines, financial investors and other aircraft leasing companies. We acquire aircraft at attractive prices in three primary ways: by purchasing large quantities of aircraft directly from manufacturers to take advantage of volume discounts; by purchasing portfolios consisting of aircraft of varying types and ages; and by entering into purchase-and-leaseback transactions with airlines. In addition, we also opportunistically purchase individual aircraft that we believe are being offered at attractive prices. Through our marketing team, which is in frequent contact with airlines worldwide, we are also able to identify attractive acquisition and disposition opportunities. We sell aircraft when we believe the market price for the type of aircraft has reached its peak or to rebalance the composition of our aircraft portfolio. Prior to a purchase or disposition, our dedicated portfolio management group analyzes the aircraft’s price, fit in our aircraft portfolio, specification and configuration, maintenance history and condition, the existing lease terms, financial condition and creditworthiness of the existing lessee, the jurisdiction of the lessee, industry trends, financing arrangements and the aircraft’s redeployment potential and value, among other factors. During the year ended December 31, 2025, we purchased 71 new aircraft and sold 108 aircraft from our owned portfolio. 43 History and development of the Company AerCap Holdings N.V. was incorporated in the Netherlands as a public limited liability company under Dutch law (“naamloze vennootschap” or “N.V.”) on July 10, 2006. AerCap is the global leader in aviation leasing with 1,932 aircraft owned, managed or on order, over 1,200 engines (including engines owned and managed by SES), over 300 owned helicopters, and total assets of $72 billion as of December 31, 2025. Our ordinary shares are listed on the NYSE under the ticker symbol AER. Our headquarters is located in Dublin, and we have offices in Shannon, Memphis, Singapore, Miami, London, Dubai, Shanghai, Amsterdam and other locations. As of December 31, 2025, we had 179,043,739 ordinary shares issued, including 166,876,547 ordinary shares issued and outstanding, and 12,167,192 ordinary shares held as treasury shares. Our issued and outstanding ordinary shares included 4,135,620 shares of unvested restricted stock. The address of our headquarters in Dublin is AerCap House, 65 St. Stephen’s Green, Dublin D02 YX20, Ireland, and our general telephone number is +353 1 819 2010. Our website address is www.aercap.com. Information contained on our website does not constitute a part of this annual report. Puglisi & Associates is our authorized representative in the United States. The address of Puglisi & Associates is 850 Liberty Avenue, Suite 204, Newark, DE 19711 and their general telephone number is +1 (302) 738-6680. The U.S. Securities and Exchange Commission (“SEC”) maintains an internet site that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC. You can review our SEC filings, including this annual report, by accessing the SEC’s internet website at www.sec.gov. Our primary capital expenditure is the purchase of flight equipment under purchase agreements with the manufacturers (primarily, Airbus, Boeing and Embraer for aircraft). Please refer to “Item 5. Operating and Financial Review and Prospects—Liquidity and capital resources” for a detailed discussion of our capital expenditures. The following table presents our capital expenditures for the years ended December 31, 2025, 2024 and 2023: Year Ended December 31, 2025 2024 2023 (U.S. Dollars in thousands) Purchase of flight equipment $ 3,653,925 $ 5,062,507 $ 4,662,680 Prepayments on flight equipment 2,420,373 1,553,851 1,569,706 44 Facilities We lease our Dublin, Ireland headquarters office facility under a 25-year lease that began in December 2015 and has an option for us to terminate in 2031. We lease our Shannon, Ireland office facility under a lease that expires in 2033, with an option for us to terminate in 2029. We lease our Singapore office facility under a lease that expires in March 2029. We lease our Miami office facility under a lease that expires in November 2036, with an option for us to terminate in 2032. In addition to the above facilities, we also lease offices in various locations around the world, including: Dublin, Ireland; Memphis, Tennessee; Amsterdam, The Netherlands; London, United Kingdom; Shanghai, China; and Dubai, United Arab Emirates. Organizational structure AerCap Holdings N.V. is a holding company that holds directly and indirectly consolidated subsidiaries, which in turn own our aviation assets. As of December 31, 2025, AerCap Holdings N.V. did not own significant assets other than its direct and indirect investments in its subsidiaries. As of December 31, 2025, our major operating subsidiaries, each of which is ultimately 100%-owned by AerCap Holdings N.V., are AerCap Ireland Limited (Ireland) (“AerCap Ireland”), AerCap Ireland Capital DAC (Ireland), AerCap Global Aviation Trust (United States) (“AerCap Trust”), AerCap Aviation Leasing Limited (Ireland), Celestial Aviation Funding Unlimited Company (Ireland) and Celestial Aviation Services Limited (Ireland). Refer to Exhibit 8.1—List of Subsidiaries of AerCap Holdings N.V. for a complete list of all our subsidiaries.