# EDGAR Filing Document

**Accession Number:** 0001018164
**File Stem:** 0001018164-26-000050
**Filing Date:** 2026-5
**Character Count:** 40193
**Document Hash:** 13659164622be71bea6401f2179d3d5d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001018164-26-000050.hdr.sgml**: 20260505

**ACCESSION NUMBER**: 0001018164-26-000050

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 31

**CONFORMED PERIOD OF REPORT**: 20260505

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260505

**DATE AS OF CHANGE**: 20260505

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** WILLIS LEASE FINANCE CORP
- **CENTRAL INDEX KEY:** 0001018164
- **STANDARD INDUSTRIAL CLASSIFICATION:** WHOLESALE-MACHINERY, EQUIPMENT & SUPPLIES [5080]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 680070656
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-15369
- **FILM NUMBER:** 26940271

**BUSINESS ADDRESS:**
- **STREET 1:** 4700 LYONS TECHNOLOGY PARKWAY
- **CITY:** COCONUT CREEK
- **STATE:** FL
- **ZIP:** 33073
- **BUSINESS PHONE:** 5613499989

**MAIL ADDRESS:**
- **STREET 1:** 4700 LYONS TECHNOLOGY PARKWAY
- **CITY:** COCONUT CREEK
- **STATE:** FL
- **ZIP:** 33073

?xml version='1.0' encoding='ASCII'? wlfc-20260505

**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**

______________________________________________________________________

Date of Report (Date of earliest event reported): May 5, 2026

**Willis Lease Finance Corporation**

(Exact Name of Registrant as Specified in Charter)

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-15369** | **68-0070656** |
| (State or Other Jurisdiction<br>of Incorporation) | (Commission File<br>Number) | (I.R.S. Employer<br>Identification Number) |

---

**4700 Lyons Technology Parkway** 

**Coconut Creek, FL 33073** 

(Address of Principal Executive Offices) (Zip Code)

Registrant's telephone number, including area code: **(561) 349-9989** 

**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 Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of Each Class** | **Trading Symbol** | **Name of exchange on which registered** |
| Common Stock, $0.01 par value per share | WLFC | Nasdaq Global Market |

---

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. □

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**Item 2.02 Results of Operations and Financial Condition.**

On May 5, 2026, Willis Lease Finance Corporation (the "Company") issued a news release setting forth the Company's results from operations for the three months ended March 31, 2026 and financial condition as of March 31, 2026. A copy of the news release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

The information and exhibit furnished under this Item 2.02 shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.

**Item 8.01 Other Events.**

On April 29, 2026, the Company's Board of Directors declared the Company's quarterly dividend of $0.40 per share of common stock outstanding. The dividend is expected to be paid on May 22, 2026, to stockholders of record at the close of business on May 11, 2026. A copy of the news release announcing the quarterly dividend is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

**Item 9.01 Financial Statements & Exhibits.**

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 99.1 | [News Release issued by Willis Lease Finance Corporation dated](q12026ex991.htm)[May 5,](q12026ex991.htm)[202](q12026ex991.htm)[6](q12026ex991.htm)[.](q12026ex991.htm) |
| 99.2 | [Investor Presentation issued by Willis Lease Finance Corporation dated May 5, 2026.](wlfcq12026earningscall5-.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

------

**SIGNATURES**

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 duly authorized officer.

Dated: May 5, 2026

---

| | |
|:---|:---|
| WILLIS LEASE FINANCE CORPORATION | WILLIS LEASE FINANCE CORPORATION |
| By: | /s/ Scott B. Flaherty |
|  | Scott B. Flaherty |
|  | Executive Vice President and Chief Financial Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

![image.jpg](image.jpg)

---

| | | |
|:---|:---|:---|
| | <br>**CONTACT:** | Scott B. Flaherty |
| NEWS RELEASE | | Executive Vice President & Chief Financial Officer |
| NEWS RELEASE | | 561.413.0112 |

---

**Record Quarterly Lease Rent Revenue** 

**Reported in Willis Lease Finance Corporation's First Quarter 2026 Financial Results**

***Declares Second Quarter 2026 Dividend of $0.40 Per Share***

**COCONUT CREEK, FL —** May 5, 2026 **—** Willis Lease Finance Corporation (NASDAQ: WLFC) ("WLFC" or the "Company"), the leading lessor of commercial aircraft engines and global provider of aviation services, today announced its financial results for the first quarter ended March 31, 2026. The Company also announced a quarterly dividend of $0.40 per share of common stock outstanding. The dividend is expected to be paid on May 22, 2026 to shareholders of record at the close of business on May 11, 2026.

**First Quarter 2026 Highlights** *(All metrics compared to first quarter 2025, except where noted)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Quarterly total revenue of $194.3 million, an increase of 23.2%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Income from operations of $33.8 million, an increase of 41.4%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Quarterly pre-tax income of $36.8 million, an increase of 45.9%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Diluted weighted average income per common share of $3.26, an increase of 47.5%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Record high quarterly lease rent revenue of $77.4 million, an increase of 14.2%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Record high quarterly maintenance services revenue of $9.8 million, an increase of 74.9%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Gain on sale of leased equipment of $18.0 million, and increase of 304.8%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net income attributable to common shareholders of $23.7 million, an increase of 52.9%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EBITDA of $123.8 million, an increase of 19.9%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Portfolio utilization increased to 85.8% at quarter end, compared to 79.9%

For the three months ended March 31, 2026, total revenue was $194.3 million, up 23.2% as compared to $157.7 million for the same period in 2025. For the first quarter of 2026, core lease rent and maintenance reserve revenues were $132.9 million in the aggregate, up 8.4% as compared to $122.6 million for the same period in 2025. The growth was predominantly driven by core lease and maintenance revenues associated with the continued strength of the aviation marketplace, as airlines leverage the Company's extensive portfolio of in-demand engines as well as our parts and maintenance capabilities to avoid protracted, expensive engine shop visits.

"In the first quarter we outperformed nearly every revenue and earnings metric compared to Q1 2025," said Austin Willis, CEO of WLFC, "and, thanks to the capital strategy we executed, we are poised for significant growth."

**First Quarter 2026 Operating Results**

Lease rent revenue increased by $9.6 million, or 14.2%, to $77.4 million in the three months ended March 31, 2026 from $67.7 million for the three months ended March 31, 2025. The increase is due to an increase in the average size of the portfolio as compared to that of the prior year period as well as an increase in average utilization (based on net book value of equipment held for operating lease, maintenance rights, and notes receivable and investments in sales-type leases net of allowances) of equipment held in our operating lease portfolio.

------

During the first quarter of 2026, the Company recognized $12.4 million of long-term maintenance revenue, compared to $9.6 million for the quarter ended March 31, 2025. Long-term maintenance is recognized at the end of a lease period as the related maintenance reserve liability is released from the balance sheet.

For the quarter ended March 31, 2026, the gain on sale of leased equipment was $18.0 million, reflecting the sale of 14 engines from the lease portfolio. During the three months ended March 31, 2025, the Company sold seven engines, one airframe, and other parts and equipment for a net gain of $4.4 million.

In March 2026, the Company's investment fund partnership with Liberty Mutual Investments commenced operations.

The book value of lease assets owned either directly or through WLFC's joint ventures, inclusive of the Company's equipment held for operating lease, maintenance rights, notes receivable, and investments in sales-type leases was $3,563.5 million as of March 31, 2026.

NON-GAAP FINANCIAL MEASURES

*Adjusted EBITDA*

We analyze our financial data to evaluate the health of our business and assess our performance. As appropriate, in addition to income or loss from operations under GAAP, we use Adjusted EBITDA, a non-GAAP financial measure, to evaluate our business. We believe that this non-GAAP financial measure provides meaningful supplemental information regarding our performance as it excludes certain items that may not be indicative of our recurring operating results. We also believe that investors, in addition to management, benefit from referring to this non-GAAP financial measure in assessing our performance, when viewed together with our GAAP results. While items excluded from Adjusted EBITDA may be recurring in nature and should not be disregarded in evaluating performance, it can be useful to exclude such items as they can vary significantly between periods and or not be indicative of current or future operating results.

Because non-GAAP financial measures are not standardized, our calculation of Adjusted EBITDA may differ from similarly titled non-GAAP measures, if any, reported by other companies. This non-GAAP financial measure should not be considered in insolation from, or as a substitute for, financial information performed in accordance with GAAP.

We define Adjusted EBITDA as net income attributable to common shareholders, excluding (i) income tax expense, (ii) interest expense, (iii) preferred stock dividends/costs, (iv) loss on debt extinguishment, (v) depreciation and amortization expense, (vi) stock compensation expense, (vii) write-down of equipment, (viii) acquisition, financing and divestitures related expenses, and (ix) other items not indicative of our ongoing operating performance.

Adjusted EBITDA was approximately $123.8 million and $103.3 million for the three months ended March 31, 2026 and 2025, respectively. See below for the reconciliation of Adjusted EBITDA to the most directly comparable GAAP measure, net income attributable to common shareholders.

---

| | | |
|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** |
| | **2026** | **2025** |
| | **(in thousands)** | **(in thousands)** |
| Net income attributable to common shareholders | $23661 | $15476 |
| &nbsp;&nbsp;&nbsp;&nbsp;Add: Income tax expense | 11755 | 8385 |
| &nbsp;&nbsp;&nbsp;&nbsp;Add: Interest expense | 32633 | 32094 |
| &nbsp;&nbsp;&nbsp;&nbsp;Add: Preferred stock dividends/costs | 1422 | 1393 |
| &nbsp;&nbsp;&nbsp;&nbsp;Add: Loss on debt extinguishment | 7027 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Add: Depreciation and amortization expense | 30178 | 25024 |
| &nbsp;&nbsp;&nbsp;&nbsp;Add: Stock compensation expense | 13752 | 6907 |
| &nbsp;&nbsp;&nbsp;&nbsp;Add: Write-down of equipment | 1149 | 2109 |
| &nbsp;&nbsp;&nbsp;&nbsp;Add: Acquisition, financing and divestitures related expenses | 2242 | 166 |
| &nbsp;&nbsp;&nbsp;&nbsp;Add: Other (1) | 28 | 11777 |
| Adjusted EBITDA | $123847 | $103331 |

---

________________________________________________________

1. In Q1 2026 and 2025, the Company recognized $0.03 million and $11.8 million, respectively, in non-recurring project expenses associated with the sustainable aviation fuels project, which the Company decided to cease investment in and pursue strategic alternatives for, including, a potential sale.

------

**Balance Sheet**

As of March 31, 2026, the Company's lease portfolio was $2,857.0 million, consisting of $2,760.5 million of equipment held in its operating lease portfolio, $65.6 million of notes receivable, $30.6 million of maintenance rights, and $0.3 million of investments in sales-type leases, which represented 342 engines, 20 aircraft, one marine vessel, and other leased parts and equipment. As of December 31, 2025, the Company's lease portfolio was $2,988.9 million, consisting of $2,801.7 million of equipment held in its operating lease portfolio, $139.9 million of notes receivable, $30.6 million of maintenance rights, and $16.6 million of investments in sales-type leases, which represented 363 engines, 20 aircraft, one marine vessel, and other leased parts and equipment.

**Conference Call**

WLFC will hold a conference call led by the executive management team today at 10:00 a.m. Eastern Time to discuss its first quarter 2026 results.

To participate in the conference call, please use the following dial-in numbers:

U.S. and Canada: +1 (800) 330-6730

International: +1 (786) 297-8585

Conference ID: 3012326

Participant Passcode: 989617

The conference call may also be accessed by registering via the following link:

https://event.webcasts.com/starthere.jsp?ei=1759374&tp_key=c0ab3b632b.

A digital replay will be available two hours after the completion of the conference call. To access the replay, please visit the Investor Relations sections of our website at https://www.wlfc.global/investor-center.

**About Willis Lease Finance Corporation**

Willis Lease Finance Corporation (WLFC) leases large and regional spare commercial aircraft engines and aircraft to airlines, aircraft engine manufacturers and maintenance, repair and overhaul providers worldwide. These leasing activities are integrated with engine and aircraft trading, engine lease pools and asset management services, as well as various end-of-life solutions for engines and aviation materials provided through Willis Aeronautical Services, Inc. Additionally, through Willis Engine Repair Center®, Jet Centre

by Willis, and Willis Aviation Services Limited, the Company's service offerings include Part 145 engine maintenance, aircraft line and base maintenance, aircraft disassembly, parking and storage, airport FBO, and ground and cargo handling services.

**Forward-Looking Statements**

Except for historical information, the matters discussed in this press release contain forward-looking statements that involve risks and uncertainties. Do not unduly rely on forward-looking statements, which give only expectations about the future and are not guarantees. By their nature, forward-looking statements involve a number of inherent risks, uncertainties and assumptions and are subject to change in circumstances that are difficult to predict and many of which are outside of our control. These risks, uncertainties and assumptions could adversely affect the outcome and financial effects of the plans and events described herein. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update them to reflect any change in the Company's expectations or any change in events, conditions or circumstances on which the forward-looking statement is based, except as required by law. Our actual results may differ materially from the results discussed, either expressly or implicitly, in forward-looking statements. Factors that might cause such a difference include, but are not limited to: the effects on the airline industry and the global economy of events such as war, terrorist activity and natural disasters; changes in oil prices, rising inflation and other disruptions to world markets; trends in the airline industry and our ability to capitalize on those trends, including growth rates of markets and other economic factors, as well as the impact of new or increased tariffs; risks associated with owning and leasing jet engines and aircraft; our ability to successfully negotiate equipment purchases, sales and leases, to collect outstanding amounts due and to control costs and expenses; changes in interest rates and availability of capital, both to us and our customers; our ability to continue to meet changing customer demands; regulatory changes affecting airline operations, aircraft maintenance, accounting standards and taxes; the market value of engines and other assets in our portfolio; and risks detailed in the Company's Annual Report on Form 10-K and other continuing and current reports filed with the Securities and Exchange Commission. It is advisable, however, to consult any further disclosures the Company makes on related subjects in such filings. These statements constitute the Company's cautionary statements under the Private Securities Litigation Reform Act of 1995.

------

**Unaudited Condensed Consolidated Statements of Income**

*(In thousands, except per share data)* 

---

| | | | |
|:---|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** | |
| | **2026** | **2025** |<br>**% Change** |
| REVENUE |  |  |  |
| Lease rent revenue | $77385 | $67739 | 14.2% |
| Maintenance reserve revenue | 55512 | 54859 | 1.2% |
| Spare parts and equipment sales | 21687 | 18240 | 18.9% |
| Interest revenue | 2788 | 3934 | (29.1)% |
| Gain on sale of leased equipment | 17959 | 4437 | 304.8% |
| Gain on sale of financial assets | 438 | 378 | 15.9% |
| Maintenance services revenue | 9769 | 5586 | 74.9% |
| Management and advisory fees | 7895 | 1963 | 302.2% |
| Other revenue | 913 | 596 | 53.2% |
| Total revenue | 194346 | 157732 | 23.2% |
| EXPENSES |  |  |  |
| Depreciation and amortization expense | 30178 | 25024 | 20.6% |
| Cost of spare parts and equipment sales | 14417 | 15323 | (5.9)% |
| Cost of maintenance services | 8860 | 5329 | 66.3% |
| Write-down of equipment | 1149 | 2109 | (45.5)% |
| General and administrative | 56604 | 47720 | 18.6% |
| Technical expense | 9688 | 6230 | 55.5% |
| Net finance costs: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest expense | 32633 | 32094 | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp; Loss on debt extinguishment | 7027 |  | nm |
| Total net finance costs | 39660 | 32094 | 23.6% |
| Total expenses | 160556 | 133829 | 20.0% |
| Income from operations | 33790 | 23903 | 41.4% |
| Income from investments | 3048 | 1351 | 125.6% |
| Income before income taxes | 36838 | 25254 | 45.9% |
| Income tax expense | 11755 | 8385 | 40.2% |
| Net income | 25083 | 16869 | 48.7% |
| Preferred stock dividends | 1353 | 1323 | 2.3% |
| Accretion of preferred stock issuance costs | 69 | 70 | (1.4)% |
| Net income attributable to common shareholders | $23661 | $15476 | 52.9% |
| Basic weighted average income per common share | $3.49 | $2.34 |  |
| Diluted weighted average income per common share | $3.26 | $2.21 |  |
| Basic weighted average common shares outstanding | 6778 | 6606 |  |
| Diluted weighted average common shares outstanding | 7252 | 7000 |  |

---

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**Unaudited Condensed Consolidated Balance Sheets**

*(In thousands, except per share data)*

---

| | | |
|:---|:---|:---|
| | **March 31, 2026** | **December 31, 2025** |
| ASSETS |  |  |
| Cash and cash equivalents | $24554 | $16441 |
| Restricted cash | 196023 | 530500 |
| Equipment held for operating lease, less accumulated depreciation | 2760517 | 2801683 |
| Maintenance rights | 30576 | 30632 |
| Equipment held for sale | 14764 | 20509 |
| Receivables, net | 38886 | 35717 |
| Spare parts inventory | 56321 | 56577 |
| Investments | 128996 | 104250 |
| Property, equipment & furnishings, less accumulated depreciation | 75767 | 73835 |
| Intangible assets, net | 271 | 271 |
| Notes receivable, net | 65551 | 139945 |
| Investments in sales-type leases, net | 344 | 16595 |
| Due from affiliates | 229 |  |
| Other assets | 113386 | 109360 |
| Total assets | $3506185 | $3936315 |
| LIABILITIES, REDEEMABLE PREFERRED STOCK AND SHAREHOLDERS' EQUITY |  |  |
| Liabilities: |  |  |
| Accounts payable and accrued expenses | $72636 | $105706 |
| Deferred income taxes | 240112 | 228547 |
| Debt obligations | 2253705 | 2700338 |
| Maintenance reserves | 124562 | 116185 |
| Security deposits | 24398 | 24651 |
| Unearned revenue | 32928 | 35350 |
| Total liabilities | 2748341 | 3210777 |
| Redeemable preferred stock ($0.01 par value) | 63470 | 63401 |
| Shareholders' equity: |  |  |
| Common stock ($0.01 par value) | 77 | 76 |
| Paid-in capital in excess of par | 83751 | 72663 |
| Retained earnings | 611333 | 590785 |
| Accumulated other comprehensive loss, net of tax | (787) | (1387) |
| Total shareholders' equity | 694374 | 662137 |
| Total liabilities, redeemable preferred stock and shareholders' equity | $3506185 | $3936315 |

---

## Exhibit 99.2

![](wlfcq12026earningscall5-001.jpg)

Q1 2026 EARNINGS CALL Date May 5, 2026 Time 10:00 AM EST Presenters Austin C. Willis Scott B. Flaherty

------

![](wlfcq12026earningscall5-002.jpg)

2 DISCLAIMER Forward Looking Statements This presentation contains certain forward-looking statements within the meaning of the federal securities laws. Some of the forward-looking statements can be identified by the use of forward-looking words. Statements that are not historical in nature, including ''anticipate,'' ''may,'' ''estimate,'' ''should,'' ''expect,'' ''plan,'' ''believe,'' ''intend,'' and similar words, or the negatives of those words, are intended to identify forward-looking statements. They also include statements containing a projection of revenues, earnings (loss), capital expenditures, dividends, capital structure or other financial terms. Certain statements regarding the following particularly are forward- looking in nature:  Willis Lease Financial Corporation (the "Company" or "WLFC")'s business strategy;  WEST's business strategy and assumptions used to develop the cash flow models;  future performance, developments, market forecasts or projections; and  WLFC's projected capital expenditures. All forward-looking statements are based on our beliefs, assumptions and expectations of future economic performance, taking into account the information currently available. These statements are not statements of historical fact. Forward-looking statements are subject to a number of factors, risks and uncertainties, some of which are not currently known and many of which are beyond WLFC's and WEST's control, which may cause actual results, performance or financial condition to be materially different from the stated expectations of future results, performance or financial position, as well as those included in the cash flow models. Our actual results may differ materially from the results discussed in forward-looking statements. Factors that might cause such a difference include, but are not limited to:  the effects on the airline industry and the global economy of events such as terrorist activity;  changes in fuel prices and other disruptions to the world markets and the global economy of geopolitical, weather, cybersecurity, humanitarian and other events, including but not limited to war and terrorist activity;  trends in the airline industry, including growth rates of markets and other economic factors;  risks associated with owning and leasing commercial engines and aircraft;  changes in interest rates and availability of capital to us and to our customers;  our ability to continue to meet our customers' changing demands;  the market value of engines and other assets in our portfolio;  regulatory changes affecting commercial aircraft operators, aircraft maintenance, engine standards, accounting standards and taxes; and  WLFC's, in its capacity as Servicer, ability to successfully negotiate engine purchases, sales and leases, to collect outstanding amounts due, and to repossess engines under defaulted leases, and to control costs and expenses.  further information regarding these and other risks is included in WLFC's most recent U.S. Securities and Exchange Commission ("SEC") filings, including its Annual and Quarterly Reports on Forms 10-K and 10-Q, respectively, filed with the SEC under the heading "Risk Factors." In light of these risks, uncertainties and assumptions, you are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of presentation or as of the date of any document incorporated by reference, as applicable. Such forward-looking statements are inherently uncertain, and actual results may differ from expectations. We are not under any obligation, and we expressly disclaim any obligation, to update or alter any forward-looking statements, whether as a result of new information, future events or otherwise. Non-GAAP Financial Measures In this presentation, WLFC presents certain non-GAAP measures, including EBITDA, EBITDA Margin, Free Cash Flow and similar measures, which are not required by, or presented in accordance with, GAAP. While WLFC believes these are useful metrics, companies use these metrics for differing purposes and they are often calculated in ways that reflect the particular circumstances of those companies. You should exercise caution in comparing the non-GAAP metrics reported by us to such metrics or other similar metrics as reported by other companies. Our non-GAAP metrics have limitations as analytical tools, and you should not consider them in isolation. The non-GAAP financial information presented herein is provided in addition to, not as a substitute for, or superior to, financial measures calculated in accordance with GAAP and should not be considered as alternatives to any performance measures derived in accordance with GAAP. A reconciliation of EBITDA, a non-GAAP financial measure, to its most directly comparable GAAP measure, can be found on slide 17 of this presentation. The distribution of this presentation in certain jurisdictions may be restricted by law. Those persons into whose possession this presentation comes are required to inform themselves about and to observe any such restrictions. This presentation does not constitute an offer to any person or to the public generally to subscribe for or otherwise acquire any securities. This presentation has been prepared solely for informational purposes and is not intended to serve as the basis for any investment decision. Under no circumstances is this presentation or the information contained herein to be construed as a prospectus, offering memorandum or advertisement and neither any part of this written or oral presentation nor any information or statement contained herein or therein shall form the basis of or be relied upon in connection with any contract or commitment whatsoever. This presentation does not constitute an offer to sell, or a solicitation of an offer to buy, any securities in any jurisdiction where such an offer or solicitation would be unlawful.

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![](wlfcq12026earningscall5-003.jpg)

3 KEY TAKEAWAYS differentiated offerings and strong performance strong aviation leasing market dynamics growing maintenance and repair demand a flywheel effect across the Willis Platform® long-term growth and shareholder returns ENABLES LEVERAGES CAPTURES ACCELERATES SUPPORTS Vertically Integrated Platform Core Leasing Business Services Willis Aviation Capital (WAC) Strong Balance Sheet

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![](wlfcq12026earningscall5-004.jpg)

4 Q1 2026 FINANCIAL RESULTS BUILD ON STRONG TRACK RECORD Information as of March 31, 2026 unless otherwise denoted (1) As represented by WLFC Portfolio of Leased Assets, Notes Receivable, Investments in Sales-type Leases, Maintenance Rights, Leased Assets in Joint Venture, Third-Party Managed Assets, and Managed Funds portfolios as of March 31, 2026 (2) Calculated as Last Twelve Months (LTM) Net Income Attributable to Common Shareholders / average of Shareholder's Equity as of March 31, 2026 (3) Calculated as (total Debt Obligations - Cash and Cash Equivalents and Restricted Cash) / (Preferred Equity + Total Shareholder's Equity) (4) Blended utilization and on-lease lease rate factor reflect WLFC's owned portfolio (5) Adjusted EBITDA is a non-GAAP measure and reconciled to Net income attributable to common shareholders in the appendix $194.3M $23.7M 86% $4.1B(1) $123.8M(5) 2.68x(3) With on-lease lease rate factor of 1.04% per month (4) REVENUE NET INCOME TO SHAREHOLDERS BLENDED UTILIZATION (4) ASSETS UNDER MANAGEMENT Adjusted EBITDA NET DEBT / EQUITY Return on Equity of 19% (2)

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![](wlfcq12026earningscall5-005.jpg)

5 $48 $159 SPARE PARTS & EQUIPMENT SALES  Spare parts sales driven by strong demand and portfolio activity  Equipment sales increased to $11.4M (vs. $2.2M, +418% YoY), driven by higher engine and aircraft activity $18.2 $21.719% Q1 2025 Q1 2026 MAINTENANCE RESERVE  Recognized $12.4M of long-term maintenance reserve revenue compared to $9.6M (+29% YoY)  Short-term maintenance reserve revenue was $43.1M compared to $45.3M $54.9 $55.5 1% Q1 2025 Q1 2026 LEASE RENT  Utilization increased to 85.8% (vs. 79.9% YoY)  Record lease rent of $77.4M (+14% YoY)  Stable lease rate factor (1.04%) across asset generations  Growth driven by next-gen assets and improved lease dynamics $67.7 $77.4 14% Q1 2025 Q1 2026 Driven by continued strength of the aviation marketplace CONSISTENT GROWTH ACROSS ENTIRE PLATFORM PORTFOLIO ASSET SALES  Sales increased to $159M (+232% YoY), driven by strong demand of the aircraft engine market  Increase in sales price on a per engine basis reflecting the appreciation in market value of our assets 232% Q1 2025 Q1 2026

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6 PROFITABILITY & CASHFLOWS Net income, EPS, and adjusted EBITDA Net Income  $23.7M of Net Income representing 53% growth YoY  $3.26 diluted weighted average income per common share representing 48% growth YoY  Revenue growth across virtually all sales channels  Increased margins on Income from Operations benefiting from increased business scale $15.5 $23.7 53% Q1 2025 Q1 2026 Diluted EPS $2.21 $3.26 48% Q1 2025 Q1 2026 Adjusted EBITDA  Adjusted EBITDA of $123.8M up 20% YoY  Reflecting the strong YoY growth in operating performance and the cash- generating characteristics of the business $103.3 $123.8 20% Q1 2025 Q1 2026

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7  Engine & Aircraft Leasing  Regional & Specialty Assets  Engine & Aircraft Lease & Loan Financing  ConstantAccess® / ConstantThrust®  Aircraft for Engine Strategy  Engine Maintenance & Disassembly (US/UK)  CFM56-5B/7B Test Cell (US) – Coming Soon!  Aircraft Line & Base Maintenance, Parking & Storage, Disassembly (UK)  Material Solutions & Services for Engines & Airframes (US/UK)  Airport FBO & Handling Services (UK)  Aircraft & Powerplant Consultancy & CAMO  Institutional-backed Capital at Scale  Leasing, Loans & Loan-like Products  Repeatable Programmatic Funding with Low Execution Risk  Long-standing Joint Ventures with Highly Reputable Partners  Large Managed Asset Portfolio PLATFORM OFFERS DIFFERENTIATED CAPABILITIES TO CUSTOMERS

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8 Encouraged by early traction, with a strong pipeline of opportunities in 2026. WILLIS AVIATION CAPITAL ENHANCES WLFC PORTFOLIO Transforms WLFC from balance-sheet lessor to scaled aviation asset manager >$1.0BBlackstone Credit & Insurance Engine leasing Up to $600M $86M funded in Q1 Liberty Mutual Investments Funds growing credit strategy $707M 50/50 Joint Ventures Willis Mitsui & Co. CASC Willis Engine Leasing Co. $392MManaged Assets(1) Owned by airlines and investors REVENUE Generates recurring income streams to drive premium returns on equity (2) (3) (4) (5) (1) Managed Assets are portfolios managed by WLFC but hold no equity investment in the assets (2) Willis Aviation Services Limited is our airframe maintenance facility in the UK and is certified to perform all C checks on 737NG and up to 6-year checks on a320ceo aircraft (3) Willis Aeronautical Services, Inc. offers spare parts and materials & maintains a constantly changing inventory (4) Willis Mitsui & Co. Asset Management Limited provides independent aviation consultancy, advisory solutions, and technical services across a broad spectrum of engine types (5) Willis Engine Repair Center conducts maintenance repair and overhaul services on our owned engine portfolio and third-party assets in the USA and the UK VOLUME Increases the volume of assets serviced across WLFC and JV businesses ORIGINATION Enables origination opportunities by allowing larger single transitions SCALE Improves scale by enabling programmatic investments and lessee diversification BALANCE SHEET Supports balance sheet deleveraging CUSTOMER VALUE Competitive low-cost financing for existing customer base Willis Aviation Capital (WAC)

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9 SCALING A CAPITAL-LIGHT ASSET MANAGEMENT PLATFORM Leveraging our industry-leading Wil l is Platform® to bring attract ive returns to our par tners and enhance enterprise value (1) Does not include additional capacity at WLFC or Joint Ventures (2) Reflects committed capital as of December 31, 2025. (3) Managed Assets are portfolios managed by WLFC but holds no equity investment in the assets (4) Investment partnership with Liberty Mutual Investments; funded approximately $86 million of finance leases in Q1 2026 (5) Investment partnership with Blackstone Credit & Insurance WLFC 50/50 Joint Ventures $1B+ (2) Managed Assets(3) AUM: $4.1 B+(1) as of 3/31/2026 WLFC LMI(4) WLFC BX(5) $2.8B+ committed and managed capital $600M(2) $86M(4) $2.9B $707M $392M (2) 1 (2)

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10  Visible pipeline driving near-term earnings growth  Supply-demand imbalance creating attractive deployment opportunities  Willis Aviation Capital (WAC) scaling to unlock incremental, fee-based revenue  ~$4.1B AUM(1) in high-demand assets  Broad diversification across OEMs, customers, and geographies  Structural supply constraints supporting lease demand and yields UNIQUE OPPORTUNITY IN AVIATION (1) As represented by WLFC Portfolio of Leased Assets, Notes Receivable, Investments in Sales-type Leases, Maintenance Rights, Leased Assets in Joint Ventures, Third-Party Managed Assets, and Managed Funds portfolios as of March 31, 2026  Proven leadership team with deep aviation leasing track record  Differentiated Willis Platform® enabling capital-efficient growth  Strong balance sheet supporting consistent financial performance Right Platform Right Market Right Time The right platform in the right market at the right time

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APPENDIX

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Consolidated Quarterly Statements of Income 1

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13 Consolidated Quarterly Statements of Income (unaudited) Q1 2026Q1 2025in (000s) $77,385$67,739 Lease rent revenue 55,51254,859 Maintenance reserve revenue 21,687 18,240 Spare parts and equipment sales 2, 7883,934 Interest revenue 17, 9594,437 Gain on sale of leased equipment 438378 Gain on sale of financial assets 9, 7695,586 Maintenance services revenue 7, 8951,963Management and advisory fees 913596 Other revenue $194,346$157,732 Total Revenue 30,17825,024 Depreciation and amortization expense 14,41715,323 Cost of spare parts and equipment sales 8, 8605,329 Cost of maintenance services 1, 1492,109 Write-down of equipment 56,60447,720 General and administrative 9, 6886,230 Technical expense 39,66032,094 Net finance costs $160,556$133,829 Total Expenses 33,79023,903 Income from Operations --Gain on sale of business 3, 0481,351 Income from investments $36,838$25,254 Income Before Income Taxes 11, 7558,385 Income tax expense $25,083$16,869 Net Income

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Consolidated Balance Sheets 2

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15 Consolidated Balance Sheets December 31, 2025March 31, 2026 (1)in (000s) $16,441$24,554Cash and cash equivalents 530,500196,023Restricted cash 2,801, 6832,760,517Equipment held for operating lease, less accumulated depreciation 30,63230,576Maintenance rights 20,50914,764Equipment held for sale 56,57756,321Spare parts inventory 73,83575,767Property, equipment & furnishings, less accumulated depreciation 271271Intangible assets, net 405,867347,392All Other Assets $3,936,315$3,506,185Total Assets 2,700, 3382,253,705Debt, net 510,439494,636All Other Liabilities $3,210,777$2,748,341Total Liabilities 63,40163,470Redeemable preferred stock ($0.01 par value) $662,137$694,374Total shareholders' equity $3,936,315$3,506,185Total liabilities, redeemable preferred stock and shareholders' equity 1) Unaudited.

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Reconciliation of Non-GAAP Measures 3

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17 Adjusted EBITDA Reconciliation (unaudited)(1) Q1 2026 and Q1 2025 Q1 2025Q1 2026in (000s) $15,476$23,661Net income attributable to common shareholders 8,38511,755Add: Income tax expense 32,09432,633Add: Interest expense 1, 3931,422Add: Preferred stock dividends/costs -7,027Add: Loss on debt extinguishment 25,02430,178Add: Depreciation and amortization expense 6,90713,752Add: Stock compensation expense 2, 1091,149Add: Write-down of equipment 1662,242Add: Acquisition, financing and divestitures related expenses 11,77728Add: Other (2) $103,331$123,847Adjusted EBITDA 1) We define Adjusted EBITDA as net income attributable to common shareholders, excluding (i) income tax expense, (ii) interest expense, (iii) preferred stock dividends/costs, (iv) loss on debt extinguishment, (v) depreciation and amortization expense, (vi) stock compensation expense, (vii) write-down of equipment, (viii) acquisition, financing and divestitures related expenses, and (ix) other items not indicative of our ongoing operating performance. 2) In Q1 2026 and 2025, the Company recognized $0.03 million and $11.8 million, respectively, in non-recurring project expenses associated with the sustainable aviation fuels project, which the Company decided to cease investment in and pursue strategic alternatives for, including, a potential sale.

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