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Press Release

24

Mar

2026

CALC Announces 2025 Annual Results
Profit Up Over 30%; Sustaining High-Quality Growth

(Hong Kong, 24 March 2026) - China Aircraft Leasing Group Holdings Limited ("CALC" or the "Company", together with its subsidiaries, the "Group"; SEHK stock code: 01848), a full value chain aircraft solutions provider for the global aviation industry, is pleased to announce its consolidated results of the Group for the year ended 31 December 2025 (the “Review Year”).

 

Results Overview

  • The Group’s total revenue amounted to HK$5,015.1 million, remaining broadly stable (2024: HK$5,204.1 million).
  • Profit attributable to shareholders of the Company was HK$338.5 million, representing a year-on-year growth of 31.5% (2024: HK$257.5 million). Excluding foreign exchange gains /(losses), adjusted profit attributable to shareholders reached HK$684.3 million, reflecting robust performance of the Company.
  • Earnings per share were HK$0.454 (2024: HK$0.346), representing an increase of 31.2% year-on-year.
  • Total dividend payout for the year 2025 amounted to HK$0.3 per share. The Company has continued to propose scrip dividend scheme in respect of the final dividend of 2025.

 

Operational Highlights

  • Strengthened Premium Orderbook Assets. During the Review Year, the Group placed an additional order for 30 Airbus A320neos with conversion rights to other variants, securing favorable aircraft delivery slots and enhancing flexibility in asset allocation. As at 31 December 2025, CALC has 105 Airbus aircraft on backlog, bringing its cumulative orders to Airbus reaching 282 and making CALC one of the manufacturer’s largest lessor clients. As at 31December 2025, the Group had a total of 130 aircraft on backlog, including 105 Airbus A320neo and 25 COMAC C909 aircraft.

 

  • Maintaining a Quality Fleet Portfolio. During the Review Year, the Group completed the delivery of 26 aircraft, including 24 new aircraft from its order book and 2 used aircraft, the vast majority of which were new generation fuel-efficient models. As at 31 December 2025, the Group’s fleet comprised 176 aircraft in total, including 149 owned aircraft and 27 managed aircraft. By number of aircraft, around 90% of the owned fleet were narrow-body models, a highly liquid asset class that was popular in the market.

 

  • Efficient Trading with Record-high Transactions. During the Review Year, the Group entered into sale and purchase agreements/letters of intent for 27 aircraft and 5 engines and completed the sale of 36 aircraft and 5 engines to third parties, with transaction volume hitting a record high for the same period. Through aircraft trading, the Group not only generated proceeds from sales, but also continuously optimized its fleet portfolio.
  • Accelerated Global Expansion with Enhanced Customer Portfolio. During the Review Year, among the 24 new aircraft delivered by the Group, 15 were leased to overseas airlines. As at 31 December 2025, by number of aircraft, 67.1% of the Group’s owned fleet was leased to Chinese airlines (including Hong Kong, Macau and Taiwan). As at 31 December 2025, the Group’s entire customer base (including both owned and managed aircraft) comprised 40 airlines across 20 countries and regions.
  • In terms of order book placement, all aircraft scheduled for delivery before June 2027 have been mandated for lease, around 80% of which will be leased to flag carriers or leading airlines across various regions worldwide and around 70% will be leased to overseas airlines.

 

  • Optimized Asset-Liability Structure and Improved Credit Profile. During the Review Year, the Group continued to optimize its capital structure and accelerate deleveraging, with the debt-to-equity ratio declining from last year 9.1x to 6.7x and the asset-liability structure further improved.
  • During the Review Year, total new and renewed facilities obtained by the Group exceeded HK$19.5 billion. Among these, the proportion of unsecured credit facilities was around 70%, while the Group’s overall financing cost further declined to 5.03%, reflecting strong market confidence. As at 31 December 2025, the Group’s cash and cash equivalents, together with undrawn committed facilities, amounted to HK$17.5 billion.
  • During the Review Year, CALC maintained its Ag- international investment-grade rating with a stable outlook, while its wholly owned domestic subsidiary, CALC (Tianjin), received AAA ratings from two major PRC agencies, highlighting its strong operational and credit profile.

 

  • Advancing China-Made Aircraft Strategy Alongside Expansion of Overseas Operations. During the Review Year, the Group expanded its C909 fleet with the introduction of two additional aircraft, bringing the total to five, further strengthening its capacity support. During the Review Year, TransNusa’s C909 fleet further added scheduled routes to Tier-1 Chinese cities as well as China’s major integrated gateway hubs, launching international passenger routes from Manado, Indonesia to Shanghai Pudong and Shenzhen, marking the growing presence of China-made aircraft in international markets, and further demonstrating their commercial viability and integration into regional transportation networks.

 

Mr. Mike Poon, Executive Director and CEO of CALC said, “In 2025, CALC strengthened its orderbook and, leveraging a high-quality fleet, global partnerships, and full value chain advantages, achieved steady growth across all business segments, enhancing both operational quality and financial performance. Meanwhile, the Group’s aftermarket business has entered a phase of rapid growth, with both scale and profitability improving in tandem. As industry tailwinds continue to emerge, it is becoming an increasingly important driver of earnings growth. Looking ahead to 2026, we will continue to pursue quality transaction opportunities, optimize its fleet portfolio, monitor interest rate and FX trends, and utilize diversified financing instruments to further strengthen operational resilience and CALC’s credit profile. In 2026, we remain confident in sustaining high-quality growth, enabling CALC to seize emerging opportunities and navigate the dynamic aviation landscape.”

 

 

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Media Contact

China Aircraft Leasing Group Holdings Limited

Corporate Communications Department