Here are 1-2 brief analogies to describe AerSale (ASLE):

• AerSale is like a CarMax or Carvana for commercial airplanes and their engines, offering used aircraft, extensive maintenance, and parts sales.
• Think of them as a hybrid of LKQ Corporation (for industrial parts recycling) and a major airline's engineering and maintenance department, but serving many carriers.

• Used Aircraft & Engine Sales: Sale of pre-owned commercial aircraft and engines to airlines, cargo operators, and other aviation companies.
• Aircraft & Engine Leasing: Short-term and long-term lease arrangements for aircraft and engines.
• Used Serviceable Material (USM) Parts Sales: Sale of airframe and engine components derived from disassembled aircraft and engines.
• Maintenance, Repair & Overhaul (MRO) Services: Technical services including repair, overhaul, modification, and inspection of aircraft and engines.
• Aircraft & Engine Asset Management: Providing comprehensive lifecycle management solutions for aircraft and engine assets.

Nicolas Finazzo, Chairman & Chief Executive Officer

Nicolas Finazzo co-founded AerSale in 2008 and has served as Chairman and Chief Executive Officer since its inception. He has over 30 years of experience in the aviation industry. Previously, he founded and was President of Southern Express Airways, Inc., a commuter airline, from 1981 to 1987. In 1997, he co-founded AeroTurbine, Inc., a leading aftermarket supplier of aircraft and engine products and MRO service provider, where he served as CEO. AeroTurbine was sold to Cerberus in 2006 and merged into AerCap Holdings. AerSale itself was launched with backing from Leonard Green & Partners, L.P., a prominent private equity firm.

Martin Garmendia, Chief Financial Officer, Treasurer and Secretary

Martin Garmendia has served as Chief Financial Officer of AerSale since 2018. He joined AerSale in 2015 as Vice President & Controller and was promoted to Senior Vice President of Finance & Corporate Controller before becoming CFO. Prior to AerSale, he held various roles at NextEra Energy (including Senior Director of Corporate Accounting for Florida Power & Light and Controller during the IPO of NextEra Energy Partners) from 2006 to 2015, and at Bacardi USA, Inc. from 2003 to 2006.

Gary Jones, Chief Operating Officer and Head of Material Sales

Gary Jones serves as Chief Operating Officer and Head of Material Sales at AerSale, overseeing operations and material sales strategies. He previously served as President of AerSale's Materials Group since 2019. Before joining AerSale in June 2019 through the acquisition of Qwest Air Parts, he founded Qwest Air Parts in 1999, a successful parts trading and dismantling company, which he led for 20 years. He also formed Performance Repair Group and Q2 Aviation, both FAA 145 repair stations.

Paul Hechenberger, Senior Vice President, General Counsel & Corporate Secretary

Paul Hechenberger joined AerSale in August 2025 as Senior Vice President, General Counsel & Corporate Secretary. He has over 40 years of legal, leadership, and aerospace experience, with a focus on commercial transactions and corporate governance/compliance. His previous roles include Partner with Shutts & Bowen, General Counsel at iAero Group, Deputy General Counsel at Spirit AeroSystems, General Counsel and Chief M&A Counsel at BBA Aviation (Aftermarket Services), and Corporate Counsel at Tyco Fire & Security.

Craig Wright, Senior Vice President & Head of Asset Management

Craig Wright serves as Senior Vice President & Head of Asset Management, overseeing AerSale's asset management strategy. He has over 20 years of experience in technical data and financial analysis, including 15 years in commercial aircraft leasing and portfolio management. He joined AerSale in 2010. Prior to AerSale, he was Vice President of Fleet for Macquarie AirFinance and Director of Corporate Finance for GATX Capital Corp.

Accelerated obsolescence of mid-life aircraft and engines driven by escalating global decarbonization mandates and stricter environmental regulations. This trend exerts pressure on airlines to modernize fleets with newer, more fuel-efficient aircraft, potentially shortening the economic life and reducing the residual value of the older assets that comprise AerSale's core business model. Evidence includes increasing ESG pressures on airlines, tightening regulatory frameworks like the EU's ReFuelEU Aviation and CORSIA, and the rapid development of next-generation aircraft technologies by OEMs.

AerSale (ASLE) operates within several addressable markets related to the aviation aftermarket. The market sizes for their main products and services on a global basis are as follows:

• Aircraft and Engine Leasing: The global aircraft leasing market size was valued at approximately USD 197.88 billion in 2025 and is projected to reach around USD 397.21 billion by 2034, growing at a Compound Annual Growth Rate (CAGR) of 8.05% from 2025 to 2034. The global aircraft engine leasing market size reached USD 9.79 billion in 2022 and is expected to grow with a CAGR of 4.81% in the forecast period.
• Used Serviceable Material (USM) Sales / Aircraft Aftermarket Parts: The global aircraft aftermarket parts market was valued at USD 49.3 billion in 2024 and is expected to grow to USD 108.8 billion by 2034, exhibiting a CAGR of 8.3% during the forecast period of 2025–2034. More specifically, the global Used Serviceable Material (USM) market was valued at USD 7.64 billion in 2025 and is expected to reach USD 10.86 billion by 2033, growing at a CAGR of 4.51% over the forecast period of 2026-2033. Another source states the global air transport USM market size was estimated at USD 7.53 billion in 2024 and is predicted to increase to approximately USD 11.58 billion by 2034.
• Maintenance, Repair, and Overhaul (MRO) Services: The global aircraft MRO market size was estimated at USD 90.85 billion in 2024 and is projected to reach USD 120.96 billion by 2030, growing at a CAGR of 4.75% from 2025 to 2030. The global aircraft engine MRO market size was valued at USD 37.56 billion in 2022 and is projected to grow to USD 59.01 billion by 2030.
• Aircraft Storage, Disassembly, and Recycling: The global commercial aircraft disassembly, dismantling, and recycling market size was valued at USD 6.74 billion in 2022 and is projected to grow from USD 8.07 billion in 2023 to USD 14.72 billion by 2033, exhibiting a CAGR of 6.20%. The global aircraft disassembly and demolition market grew from USD 8.58 billion in 2024 to USD 9.19 billion in 2025 and is projected to reach USD 13.18 billion by 2030, expanding at a CAGR of 7.41%.

AerSale (ASLE) is anticipated to drive future revenue growth over the next 2-3 years through several key strategies:

1. Expansion of Lease Pool and Aircraft Leasing: AerSale is strategically focused on expanding its lease pool, particularly with 757 freighters, to generate more stable and recurring revenue. The company has explicitly stated its decision to balance whole asset transactions with assets deployed on lease, which aligns with its historical operating model. Strong customer interest in leasing, especially for 757 freighter conversions, is expected to be a significant driver.
2. Growth in Maintenance, Repair, and Overhaul (MRO) Services: AerSale is actively expanding its MRO capabilities and capacity, with new heavy MRO facilities coming online and expansion projects at its aerostructures and pneumatics facilities being completed. These investments are expected to be a significant driver of revenue growth in 2026 and beyond, with management anticipating $25 million in revenue from new MRO facilities by 2026. Increased volume at MRO facilities and strong commercial MRO demand are consistently highlighted.
3. Strong Demand and Monetization of Used Serviceable Material (USM): The company continues to experience robust demand for Used Serviceable Material (USM). AerSale's strategy involves deploying capital to cost-effective feedstock and monetizing its USM inventory, which has already reflected in stronger USM volumes. The strong inventory position supports the USM business, contributing to future revenue.
4. Strategic Feedstock Acquisitions: AerSale emphasizes that monitoring its progress based on asset purchases and sales over the long term is a more appropriate measure of its growth. The company has been actively investing in feedstock acquisitions, which directly facilitates whole asset sales and increased USM volume. A disciplined inventory acquisition strategy focused on hitting target margins and IRR profiles is in place.

1. Share Repurchases
   • AerSale entered into a definitive agreement to repurchase approximately 6.428 million shares of stock from its long-term private equity sponsor, Leonard Green & Partners, L.P., for $45 million at $7.00 per share. This transaction was expected to close around March 18, 2025, and reduce the outstanding share count by approximately 12%.
   • In 2022, the company purchased $22.204 million of treasury stock.
2. Share Issuance
   • Proceeds from the issuance of Employee Stock Purchase Plan shares were $538,000 in 2022, $566,000 in 2023, $531,000 in 2024, and $195,000 as of the second quarter of 2025.
   • The company received $9,282,000 in proceeds from the exercise of warrants in 2022.
   • In 2022, 47,867 shares of common stock were issued from the cashless exercise of 126,166 private warrants at an exercise price of $11.50 per share.
3. Inbound Investments
   • On June 30, 2023, AerSale entered into the Synovus Equipment Loan with a total advance commitment of $10.0 million for the purpose of financing capital expenditures on property and equipment.
4. Capital Expenditures
   • Capital expenditures for the purchase of property and equipment were $2.137 million in 2020, $8.462 million in 2022, $1.508 million in 2023, $4.814 million in 2023, $7.190 million as of Q2 2024, and $3.587 million as of Q2 2025.
   • Acquisition of aircraft and engines held for lease, including capitalized cost, amounted to $5.128 million in 2020, $2.383 million in 2022, $7.133 million in 2023, $5.610 million as of Q2 2024, and $1.922 million as of Q2 2025.
   • The primary focus of capital expenditures is acquiring Flight Equipment (aircraft and engines) as feedstock for its Asset Management Solutions segment and investing in new Engineered Solutions and the expansion and profitability of its MRO operations within the TechOps segment.