The Midas or Firestone Complete Auto Care for jet engines and aircraft components.

• Engine Maintenance, Repair, and Overhaul (MRO): This service involves the inspection, repair, and complete overhaul of various aircraft engines for commercial, business, and military aviation sectors.
• Airframe MRO: StandardAero provides comprehensive maintenance, repair, and overhaul services for aircraft structures, including inspections, structural repairs, modifications, and upgrades.
• Component & Auxiliary Power Unit (APU) MRO: This includes specialized MRO services for a wide range of aircraft components, accessories, and auxiliary power units that provide essential aircraft power on the ground.
• Parts Distribution & Leasing: StandardAero offers the sale and leasing of aircraft engines, APUs, and a vast inventory of aircraft components and parts to support customer operations.

StandardAero (symbol: SARO) sells primarily to other companies. Based on their public filings, StandardAero serves a diverse base of approximately 2,500 customers globally. No single customer accounted for more than 5% of their total revenue for the year ended December 31, 2023, and their top 10 customers collectively accounted for approximately 25% of total revenue. As such, StandardAero does not disclose specific individual major customer names due to the highly diversified nature of its customer base and the lack of reliance on any single client.

Their primary customer categories, which consist of other companies, include:

• Commercial Airlines and Operators: Providing maintenance, repair, and overhaul (MRO) services for various commercial aircraft engines and airframes.
• Business Aviation Operators: Serving owners and operators of business jets and helicopters globally.
• Military and Defense Organizations: Offering MRO solutions for military fixed-wing and rotary-wing aircraft, engines, and components.
• Energy and Industrial Companies: Providing MRO services for industrial gas turbines used in power generation, oil & gas, and other industrial applications.

• Rolls-Royce (RR.)
• Pratt & Whitney (RTX)
• GE Aerospace (GE)
• Honeywell International Inc. (HON)
• Safran S. A. (SAF)
• Collins Aerospace (RTX)

Russell Ford, Chairman and Chief Executive Officer

Russell Ford was appointed Chief Executive Officer of StandardAero in October 2013 and subsequently elected as Chairman of the Board in April 2019. With over 30 years of experience in the aerospace industry, Mr. Ford previously held various executive roles at Precision Castparts Corporation, including President of Carlton Forge Works and Dickson Test Group. Mr. Ford has a pattern of managing companies backed by private equity firms, having served as President and Chief Executive Officer for ClearEdge Power Inc. and Prestolite Electric Inc., and as Chief Operating Officer for Holley Performance Products Inc., all of which were private equity-backed. Prior to his leadership roles in the private equity business community, he served as Senior Vice President of Operations at Lockheed Martin Corporation and as General Manager for the Industrial and Marine Engine Division of AlliedSignal Inc. He also held engineering and management positions at Bell Helicopter and AT&T. Under his leadership, StandardAero was listed on the New York Stock Exchange in 2024.

Daniel Satterfield, Chief Financial Officer

Daniel Satterfield was appointed Chief Financial Officer in January 2023. Prior to joining StandardAero, Mr. Satterfield served as Chief Financial Officer for Honeywell Aerospace from December 2018 to December 2022. He has also held senior executive financial leadership roles at Gates Corporation, Eaton, Cooper Industries, and Siemens. Mr. Satterfield possesses more than 30 years of international management experience, delivering leadership in growth, productivity, acquisition integration, financial reporting, and complex accounting. He holds a Bachelor of Business Administration degree, majoring in accounting, from the University of Georgia and is a Certified Public Accountant.

Kimberly Ernzen, Chief Operating Officer

Kimberly Ernzen was appointed Chief Operating Officer in June 2024. Before this role, she served as President of Naval Power at Raytheon Technologies.

Lewis Prebble, President, Engine Services – Airlines & Fleets

Lewis Prebble was appointed President of Airlines & Fleets in April 2021. Prior to joining StandardAero, Mr. Prebble served as Senior Vice President for the Americas at Rolls-Royce from February 2014 to March 2021. He has more than 25 years of aerospace experience, having held multiple executive positions at Rolls-Royce, including Senior Vice President, Customer Business – Bombardier, Vice President, Customer Business – Americas, and Head of Business Development & Marketing, Services and Sales Director – Asia Pacific.

Anthony Brancato, President, Engine Services – Business Aviation

Anthony Brancato was appointed President of Business Aviation in January 2021. He joined StandardAero in February 2017, initially serving as President, Associated Air Center and later as Senior Vice President, Integration. Before his time at StandardAero, Mr. Brancato held executive roles with Honeywell Aerospace, including Vice President of Global Business Aviation Aftermarket.

The key risks to StandardAero's business (SARO) include supply chain constraints, labor shortages, and intense market competition.

1. Supply Chain Constraints: StandardAero faces ongoing challenges due to supply chain disruptions and parts shortages, particularly for critical engine components like those for LEAP and PW1000G engines. These delays can impact turnaround times for maintenance, repair, and overhaul (MRO) services, affecting the company's ability to provide timely support and potentially impacting its throughput across various markets.
2. Labor Shortages: The aerospace MRO industry, including StandardAero, is experiencing a significant shortage of skilled aviation mechanics and an aging workforce. This presents a considerable challenge for recruiting and retaining talent, which can hinder the company's operational capacity and ability to meet demand.
3. Intense Market Competition: StandardAero operates in a highly competitive aviation MRO industry with other major players such as GE Aviation and Rolls-Royce, as well as numerous smaller, specialized repair providers. The company's ability to maintain and grow its market share is dependent on factors like service quality, competitive pricing, and innovation. A significant risk also lies in the potential loss or non-renewal of Original Equipment Manufacturer (OEM) authorizations or licenses, which are crucial for servicing specific engine platforms and maintaining a competitive advantage in those markets.

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StandardAero (NYSE: SARO) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market trends:

1. Sustained Demand in Commercial Aerospace and Business Aviation: StandardAero has consistently reported double-digit revenue growth in its commercial aerospace and business aviation end markets. For instance, in the third quarter of 2025, commercial aerospace revenue increased by 17.8% year-over-year, while business aviation revenue saw a 28.0% increase. This strong demand for aftermarket services in these sectors is anticipated to continue fueling revenue expansion.
2. Growth in Military and Helicopter End Markets: The company's military and helicopter segment is another robust growth area. This market experienced a 21.1% year-over-year revenue increase in Q3 2025, driven by factors such as AE 1107 engine volumes following the V-22 grounding, ongoing strength in C-130 transport aircraft programs, and the J-85 engine program, which powers the T-38 trainer. Strategic acquisitions have also contributed to this segment's performance.
3. Expansion of Component Repair Services (CRS) and Strategic Acquisitions: StandardAero's Component Repair Services segment is identified as a critical growth engine, significantly boosted by strategic acquisitions. The acquisition of Aero Turbine, Inc. in August 2024 notably propelled this segment, contributing to a 31.3% surge in Q2 2025 and 20.9% growth in Q1 2025. This segment also shows a track record of strong margin performance, driven by increased volume, favorable pricing, and a beneficial product mix.
4. Ramp-up of Key Platform Programs, especially the LEAP Engine Program: The LEAP engine program is a major driver of future revenue, with StandardAero projecting it to generate $1 billion annually by late 2029/2030. The company reported a near doubling of LEAP revenues from Q2 to Q3 2025. StandardAero's expertise and focus on high-growth areas like LEAP engine maintenance position it for continued success as these programs mature.
5. Capacity Expansion and Operational Efficiency: Investments in capacity expansion are expected to provide compounding benefits. An example is the 70,000 square-foot expansion of a Winnipeg facility, which provides maintenance, repair, and overhaul (MRO) support for GE Aerospace CF34-3/8 and CFM International CFM56-7B turbofan engines. This, combined with operational efficiency and disciplined capital expenditure, is anticipated to drive both revenue growth and margin expansion in the coming years.

Share Repurchases

Share Issuance

• StandardAero completed its initial public offering (IPO) in October 2024, issuing and selling 53.25 million shares of common stock.
• The IPO generated net proceeds of approximately $1,202.8 million for the company, after deducting underwriting discounts, commissions, and estimated offering expenses.

Inbound Investments

• Prior to its IPO, StandardAero was a private equity-backed company.
• The net proceeds from the October 2024 IPO were primarily used to repay outstanding debt, including $475.5 million of 10.0% Senior Notes and $726.1 million of 2024 Term Loan Facilities, significantly de-levering the business.

Outbound Investments

• In August 2024, StandardAero acquired Aero Turbine, Inc. (ATI), which contributed to growth in the Component Repair Services segment.

Capital Expenditures

• StandardAero's capital efficiency is demonstrated through disciplined capital expenditure allocation.
• Capital expenditures have been focused on supporting growth, specifically in ramping volumes for LEAP and CFM56 DFW engine programs.
• Free Cash Flow is defined as cash from operating activities less capital expenditures, indicating that capital expenditures are a routine part of generating operating cash flow.