FTAI Aviation Ltd. (FTAI) 2026 Q2 法說會逐字稿

Good day and thank you for standing by. Welcome to the second-quarter 2026 FTAI Aviation earnings conference call. (Operator Instructions)

各位好，感謝您撥冗等候。歡迎參加 FTAI Aviation 2026 年第二季財報電話會議。（接線員指示）

Please be advised that today's conference will be recorded. I would now like to hand the conference over to your first today, Alan Andreini, Investor Relations. Please go ahead.

請注意，今天的會議將會錄音。現在我想把會議交給今天第一位發言人，投資人關係 Alan Andreini。請開始。

Thank you, Marvin. I would like to welcome you all to the FTAI Aviation second-quarter 2026 earnings call. Joining me here today are Joe Adams, our Chief Executive Officer; David Moreno, our President; Nicholas McAleese, our Chief Financial Officer; and Stacy Kuperus, our Chief Operating Officer. We have posted an investor presentation and our press release on our website, which we encourage you to download if you have not already done so. Also, please note that this call is open to the public in listen-only mode and is being webcast.

謝謝你，Marvin。歡迎各位參加 FTAI Aviation 2026 年第二季財報電話會議。今天與我一同出席的有：我們的執行長 Joe Adams、總裁 David Moreno、財務長 Nicholas McAleese，以及營運長 Stacy Kuperus。我們已在網站上發布投資人簡報與新聞稿，若您尚未下載，建議您下載查閱。另外請注意，本次電話會議對大眾開放，採僅收聽模式，並同步網路直播。

In addition, we will be discussing some non-GAAP financial measures during the call today, including EBITDA. The reconciliation of those measures to the most directly comparable GAAP measures can be found in the earnings supplement.

此外，我們今天的電話會議將討論若干非 GAAP 財務衡量指標，包括 EBITDA。這些指標與最直接可比的 GAAP 指標之調節表，可在財報補充資料中查閱。

Before I turn the call over to Joe, I would like to point out that certain statements made today will be forward-looking statements, including regarding future earnings. These statements, by their nature, are uncertain and may differ materially from actual results. We encourage you to review the disclaimers in our press release and investor presentation regarding non-GAAP financial measures and forward-looking statements and to review the risk factors contained in our quarterly report filed with the SEC.

在我把電話交給 Joe 之前，我想提醒各位，今天所作的某些陳述將屬於前瞻性陳述，包括關於未來獲利的內容。這些陳述本質上具有不確定性，實際結果可能與之有重大差異。我們建議您查閱新聞稿與投資人簡報中關於非 GAAP 財務衡量指標與前瞻性陳述的免責聲明，並查閱我們向 SEC 提交之季度報告中所載的風險因素。

Now I would like to turn the call over to Joe.

現在我想把電話交給 Joe。

Thank you, Alan. FTAI today operates in three principal businesses. aerospace products, asset management and power, which are each driven by our expertise in aftermarket turbine performance. Each of these three achieved amazing results in Q2 and including aerospace products increasing production over 60% year-over-year and adding new capacity, bringing our total physical CFM56 module production capacity to 3,000 modules per year which is enough to achieve our 25% market share objective and produce 100 Mod-1's per annum.

謝謝你，Alan。FTAI 目前主要經營三大業務：航太產品、資產管理與電力，三者皆由我們在售後市場渦輪性能方面的專業所驅動。這三項業務在第二季都取得了亮眼成果，包括航太產品產量年增超過 60% 並新增產能，使我們的 CFM56 模組實體總產能提升至每年 3,000 個模組，足以達成 25% 市占率目標，並每年生產 100 台 Mod-1。

SCI finished investing the 2025 SPV, made a regular and special distribution to investors and launched the 2026 SPV with a target raise of $6 billion, which will take us in just 2 short years to over halfway to our target for asset management of $20 billion of AUM.

SCI 已完成對 2025 SPV 的投資，向投資人進行例行與特別分配，並推出 2026 SPV，目標募資 60 億美元；這將使我們在短短兩年內，資產管理規模（AUM）超過 200 億美元目標的一半以上。

Power signed an anchor customer for our proprietary Mod-1 with many more expected to follow, which, if it is as successful as we believe it will be, we'll extend the economic useful life of the CFM56 by decades. Well done to everybody and a big thanks to the dedication and enthusiasm of our 1,500-plus employees. The second quarter was a continuation of many of the themes we discussed on our first quarter call. So this morning, we'd like to build off those key objectives we laid out and update you on the progress of each. Starting with aerospace products, first, let's discuss market share.

電力業務已為我們的專有 Mod-1 簽下主力客戶，預期後續還會有更多客戶跟進；若其成功程度如我們所預期，將可把 CFM56 的經濟使用年限延長數十年。大家做得很好，也非常感謝我們 1,500 多名員工的投入與熱忱。第二季延續了我們在第一季電話會議中討論的多項主題。因此今天早上，我們希望在先前提出的關鍵目標基礎上，向各位更新各項進展。先從航太產品開始，首先談談市占率。

Last quarter, we said accelerating market share growth was our top priority for 2026, and that's exactly what's playing out. Our market share grew from 12% to 14% this quarter as gains from our production capabilities, parts procurement strategies and overall maintain repair and exchange MRE customer adoption continued. We're confident this trend will continue as the market develops and our differentiated approach to engine maintenance delivers time and cost savings to our customers.

上季我們表示，加速市占率成長是 2026 年的首要任務，而目前的發展正如我們所預期。本季市占率由 12% 提升至 14%，主要受惠於我們的生產能力、零件採購策略，以及整體維修、修復與交換（MRE）客戶採用度持續提升。隨著市場發展，以及我們差異化的引擎維護方式為客戶帶來時間與成本節省，我們有信心此趨勢將持續。

Second, as the market for CFM56 and V2500 engines matures further, demand for engine solutions from top-tier airlines, even those with in-house engine MRO capabilities remains very strong. We offer flexibility, customized pricing and scale that no one else can match and these large programs are very sticky.

第二，隨著 CFM56 與 V2500 引擎市場進一步成熟，即使是具備內部引擎 MRO 能力的一線航空公司，對引擎解決方案的需求仍然非常強勁。我們提供的彈性、客製化定價與規模，是其他任何人都無法匹敵的，而這些大型專案黏著度非常高。

We made more progress again this quarter. As some of our peers have noted, the CFM56 market is supply constrained, not demand constrained. Today, our module production is increasingly directed toward our third-party customers rather than to our own aviation leasing pool. This is a deliberate shift in allocation and it reflects the strength of third-party demand the superior economics of putting our module output to work in customer-facing channels and our ongoing focus on an asset-light balance sheet. In the second half of the year, we will continue to prioritize market share and long-term customer relationships over our on-balance sheet assets.

本季我們再次取得更多進展。正如部分同業所指出，CFM56 市場受限於供給，而非需求。目前，我們的模組產出正日益轉向第三方客戶，而非供應我們自有的航空租賃資產池。這是我們刻意進行的配置轉移，反映第三方需求的強勁、將模組產出投入面向客戶通路所帶來的更佳經濟效益，以及我們持續聚焦於輕資產的資產負債表策略。在下半年，我們將持續把市占率與長期客戶關係置於資產負債表內資產之上，作為優先事項。

Third, production and footprint. We've always talked about expanding production capacity well ahead of growth and more recently about adding maintenance capabilities east of Rome, Italy. This quarter, we advanced 2 exciting developments, one in Egypt and one in Indonesia that bring us closer to our customers, add module production and diversify our footprint. David will talk more in a few minutes on those. Now on strategic capital.

第三，產能與據點布局。我們一直強調要在成長之前就提前擴充產能，近期也談到在義大利羅馬以東增設維修能力。本季我們推進了兩項令人振奮的發展，一項在埃及、一項在印尼，讓我們更貼近客戶、增加模組產出並分散據點布局。David 稍後會就此做更詳細的說明。接著談策略資本。

The 2025 SPV is now fully committed from an investment perspective and execution is on plan, with the vehicle completing its first targeted quarterly cash distribution on June 30. SCI's inaugural asset-backed security or ABS issuance during the quarter also enabled a special distribution to investors in July. And we've launched the 2026 SPV, and the vehicle is actively making commitments to acquire aircraft today.

從投資角度來看，2025 SPV 目前已全數承諾到位，且執行進度符合計畫，該投資工具已於 6 月 30 日完成首次目標季度現金分配。SCI 在本季首次發行資產擔保證券（ABS），也使我們得以在 7 月向投資人進行特別分配。我們也已推出 2026 SPV，該投資工具目前正積極承諾收購飛機。

Our business plan for SCI has always been to make the vehicle launches programmatic and we are excited to have graduated to the second SPV. We've demonstrated that combining our investment capabilities with our engine maintenance solution creates a differentiated outcomes for our partners.

SCI 的商業計畫一直是將投資工具的推出制度化、常態化，我們很高興已進階到第二個 SPV。我們已證明，結合我們的投資能力與引擎維護解決方案，能為合作夥伴創造差異化成果。

And this has resonated and resulted in strong support across our investor base. Finally, FTAI Power. The business continues to make great progress towards its commercial launch in the fourth quarter. As we announced last week, J&F Power Systems, our joint venture with Jereh Group signed a master supply agreement with a leading US hyperscaler and an initial purchase order valued at $1.465 billion, for 2027 Mod-1 deliveries.

這樣的模式已引起共鳴，並在我們的投資人基礎中獲得強勁支持。最後談 FTAI Power。該業務持續朝第四季商業化上市目標取得重大進展。如同我們上週宣布，J&F Power Systems（我們與杰瑞集團 Jereh Group 的合資公司）已與一家美國領先的超大規模雲端業者簽署主供應協議，並取得一筆初始採購訂單，金額為 14.65 億美元，用於 2027 年 Mod-1 交付。

We're very proud of our combined teams for their hard work in establishing this great long-term relationship. I'll now hand it over to David to share more details.

我們對雙方團隊在建立這段長期合作關係上所付出的努力感到非常自豪。接下來我把時間交給 David，請他分享更多細節。

Thanks, Joe. First, I'd like to talk about our mindset at FTAI. At our core, FTAI is a company of entrepreneurs. Each of our businesses, aerospace products, strategic capital and power. We are disrupting industries with large addressable markets and deploying capital where it generates the most attractive long-term risk-adjusted returns.

謝謝你，Joe。首先，我想談談我們在 FTAI 的思維方式。在核心本質上，FTAI 是一家由創業家所組成的公司。我們的每一項業務——航太產品、策略資本與電力。我們正在以龐大可服務市場為目標顛覆產業，並將資本部署在能產生最具吸引力之長期風險調整後報酬的領域。

We're always thinking ahead to the next challenge because the next challenge creates the next opportunity. This quarter, we focused not only on execution but also on continued investment in the foundation for future growth. I'll start with execution. Aerospace Products delivered strong top line revenue growth of 78% year-over-year and 18% quarter-over-quarter. Second quarter adjusted EBITDA of $250 million was up 51% year-over-year and up 12% from the $223 million in the first quarter.

我們總是提前思考下一個挑戰，因為下一個挑戰會帶來下一個機會。本季我們不僅專注於執行，也持續投資於未來成長的基礎建設。我先從執行談起。航太產品的營收（top line）年增 78%，季增 18%，表現強勁。第二季調整後 EBITDA 為 2.5 億美元，年增 51%，並較第一季的 2.23 億美元成長 12%。

EBITDA margins of 29% were in line with the prior quarter, which is a continued reflection of our decision to prioritize market share and large customer penetration. We expect this to be the trend line going forward as our scaled production capabilities allow us to bring volumes to markets that others cannot.

EBITDA 利潤率為 29%，與上一季一致，持續反映我們優先考量市占率與大型客戶滲透的決策。我們預期這將成為未來的趨勢線，因為我們規模化的生產能力使我們能將產量帶到其他人無法觸及的市場。

On the production front, we refurbished 296 CFM56 modules this quarter across our four facilities, an increase of 61% compared to Q2 2025. That brings first half production to 566 modules, which is ahead of our midyear target. We now expect total module production for 2026 to be 1,200 modules, up from 1,050 we originally projected, reflecting the continued momentum in our shops as well as the hard-working commitment of our fast-growing team. Joe mentioned that we're in a supply constraint, not a demand-constrained environment for the CFM56 engine. And I want to drill down on that a bit.

在生產方面，本季我們在四個廠區翻修了 296 個 CFM56 模組，較 2025 年第二季增加 61%。這使得上半年產量達到 566 個模組，超前我們的年中目標。我們現在預期 2026 年模組總產量將達 1,200 個，高於我們原先預估的 1,050 個，反映我們各維修廠持續的動能，以及快速成長團隊的辛勤投入與承諾。Joe 提到，對於 CFM56 引擎，我們所處的是供給受限、而非需求受限的環境。我想就此再深入說明一下。

First, the CFM56 population remains very young. Forecasted aircraft and engine retirements remain low and aircraft lives are being extended. Against that backdrop, we have made a proactive shift to direct our available module production for third-party customers.

首先，CFM56 的在役機隊仍然非常年輕。預測的飛機與引擎退役量仍然偏低，且飛機使用年限正在延長。在此背景下，我們已主動調整，將可用的模組產能導向第三方客戶。

Long term, this is structurally positive for FTAI and for the longevity of the CFM56 business, but it does negatively impact our near-term aviation leasing results. Between prioritizing an asset-light balance sheet with less asset reinvestment and placing a small portion of our module production back into our leasing fleet, we now expect 2026 aviation leasing EBITDA to be lower than our most recent guidance.

長期而言，這在結構上對 FTAI 以及 CFM56 業務的長期性是正面的，但確實會對我們短期的航空租賃業績造成負面影響。在優先採取較輕資產的資產負債表、降低資產再投資，以及僅將少部分模組產量回投至我們的租賃機隊之間取得平衡後，我們現在預期 2026 年航空租賃 EBITDA 將低於我們最近一次的指引。

Nicholas will share revised outlook shortly. This is a further reflection of our strategic evolution from an asset-heavy leasing business to a company focused on advanced turbine technology, built to disrupt the world's aviation and power markets. We are confident we are allocating our capital and resources to the most value-added markets for our investors with a commitment to creating long-term shareholder value.

Nicholas 稍後將分享修訂後的展望。這也進一步反映我們的策略演進：從重資產的租賃業務，轉型為一家專注於先進渦輪技術、旨在顛覆全球航空與電力市場的公司。我們有信心，正以承諾創造長期股東價值為前提，將資本與資源配置到對投資人最具附加價值的市場。

Against a supply-constrained backdrop, we have now -- we have spent considerable time and resources over the last 12 months identifying the best maintenance partners worldwide in key regions where adding capacity is both strategic and drives network efficiencies. Today, we are pleased to announce two new strategic shop partnerships as well as our expansion at our Rome, Lisbon, and Montreal facilities.

在供給受限的背景下，過去 12 個月我們投入大量時間與資源，在全球關鍵區域辨識最佳維修合作夥伴；在這些區域增加產能既具策略性，也能提升網路效率。今天，我們很高興宣布兩項新的策略性維修廠合作夥伴關係，以及我們在羅馬、里斯本與蒙特婁廠區的擴建。

The first strategic partnership is with GMF AeroAsia in Jakarta, Indonesia. This 250,000 square foot facility has both 5B and 7B heavy repair capabilities as well as an engine test cell and over 200 technicians. The facility is majority owned by Garuda Group, an important FI customer, and we look forward to moving large volume of engine work for airline in Southeast Asia to this shop. The second is with EgyptAir, Cairo. This facility is over 100,000 square feet, also has a test cell on today's focus on the 7B.

第一個策略合作夥伴是印尼雅加達的 GMF AeroAsia。這座 25 萬平方英尺的設施具備 5B 與 7B 的大修能力，並設有引擎試車台，且擁有 200 多名技術人員。該設施由 Garuda 集團持有多數股權；Garuda 集團是 FI 的重要客戶，我們期待將東南亞航空公司的大量引擎工作移轉至此維修廠。第二個合作夥伴是埃及航空（EgyptAir）開羅廠。該設施超過 10 萬平方英尺，也設有試車台，目前重點聚焦於 7B。

We believe labor availability in Taro is very attractive, and we look forward to building connectivity between the EgyptAir shop and our Rome and Lisbon facilities to further strengthen our Europe and Middle East maintenance network. Staying on the theme of expanding capabilities, we are also developing a new test sell at our QuickTurn Europe facility in Rome that will include both CFM56 and LEAP testing capabilities.

我們認為 Taro 的勞動力供給非常具吸引力，並期待在 EgyptAir 維修廠與我們羅馬及里斯本廠區之間建立更緊密的連結，以進一步強化我們在歐洲與中東的維修網路。延續擴充能力的主題，我們也正在羅馬的 QuickTurn Europe 廠區建置新的試車台，將同時具備 CFM56 與 LEAP 的測試能力。

We've talked about LEAP engine maintenance being an important part of FTAI's future, and this is an intentional investment in our broader LEAP plant. As the LEAP engine matures, we want the infrastructure in place to extend our maintenance model to next-generation engines and Rome will be an important anchor for that. We are also grateful for the strong support of ADR at Fiumicino Airport, a critical partner in our -- in the continued growth of our QuickTurn facility.

我們曾談到 LEAP 引擎維修將是 FTAI 未來的重要一環，而這是我們對更廣泛 LEAP 佈局的刻意投資。隨著 LEAP 引擎逐步成熟，我們希望基礎設施到位，將我們的維修模式延伸至下一代引擎，而羅馬將成為其中的重要樞紐。我們也感謝菲烏米奇諾機場的 ADR 提供強力支持；ADR 是我們 QuickTurn 廠區持續成長過程中的關鍵合作夥伴。

Finally, we have been very impressed with our Lisbon team, and we're committed to making them a significant player in Europe. We're adding a 113,000 square foot facility to our network with the goal of expanding production capacity to over 300 modules per year.

最後，我們對里斯本團隊的表現印象深刻，並致力於讓他們成為歐洲的重要角色。我們將在網路中新增一座 113,000 平方英尺的設施，目標是將年產能擴大至每年超過 300 個模組。

On the cargo front, we announced a partnership with AEI, a leader in 737-800 freighter conversion. The combination of FTAI's engine maintenance capabilities and AI's conversion leadership will deliver customized freighter solution at a scale and at a lower cost. This partnership also reinforces how we think about the CFM56 life cycle, maximizing value in passenger operations, extending life through cargo and ultimately redeploying proven turbine technology into mobile power.

在貨運方面，我們宣布與 AEI 建立合作夥伴關係；AEI 是 737-800 貨機改裝的領導者。結合 FTAI 的引擎維修能力與 AEI 的改裝領先地位，將以更大規模、且更低成本，提供客製化的貨機解決方案。此合作也強化我們對 CFM56 生命週期的看法：在客運營運中最大化價值，透過貨運延長使用壽命，並最終將經驗證的渦輪技術再部署至行動電力。

Next, I'll share a few updates on the strategic capital. The 2025 SCB is now fully committed with over 300 aircraft closed or under LOI and has transitioned to harvest mode, making its first regular quarterly distributions on June 30. We expect distributions to continue every quarter until the vehicle is fully realized in four to five years.

接下來，我將分享幾項策略資本（strategic capital）的最新進展。2025 年 SCB 現已全數承諾，已完成交割或處於意向書（LOI）階段的飛機超過 300 架，並已轉入收成模式，於 6 月 30 日進行首次例行的季度分配。我們預期將每季持續分配，直到該投資工具在四到五年內完全實現退出。

Our team continues to focus on capital market transactions that maximize returns by reducing the cost of asset level debt and optimizing the financing structure to align with portfolio cash flow. One big accomplishment during the quarter was SEI's first ABS issuance MRE 2026 which consisted of $612 million of bonds and allowed for a special distribution to investors in July.

我們團隊持續聚焦於資本市場交易，透過降低資產層級負債成本並最佳化融資結構，使其與投資組合現金流相匹配，以最大化報酬。本季一項重大成果是 SEI 的首次 ABS 發行 MRE 2026，包含 6.12 億美元的債券，並使我們得以在 7 月向投資人進行一次特別分配。

We've officially launched the 2026 STV and are actively putting aircraft LOI for the vehicle. FTAI will remain a large co-investor in the vehicle with a 15% commitment and the investment strategy in structural will remain consistent with the 2025 SPV. Importantly, with all the engine maintenance being performed by FTAI creating a large competitive advantage. Turning to FTAI Power. This was a landmark quarter for the business.

我們已正式啟動 2026 年 SPV，並正積極為該投資工具洽談飛機意向書（LOI）。FTAI 將以 15% 的承諾比例，持續作為該投資工具的重要共同投資人，而其投資策略在結構上將與 2025 年 SPV 保持一致。重要的是，所有引擎維修均由 FTAI 執行，從而創造顯著的競爭優勢。接著談 FTAI Power。這一季對該業務而言具有里程碑意義。

As Joe mentioned, our joint venture with Jereh Group signed a five-year master supply agreement with a U.S. hyperscaler along with an initial purchase order valued at $1.465 billion. This single order fulfills a key portion of our targeted 2027 Mod-1 delivery equipment delivered in batches through November 2027 to support customers' rapid power infrastructure build-out. The commercial structure of this agreement is worth highlighting. The order came with a significant advance payment at signing followed by milestones-based progress payments through production, testing and commissioning.

如 Joe 所提，我們與傑瑞集團（Jereh Group）的合資企業，已與一家美國超大規模雲端業者（hyperscaler）簽署為期五年的主供應協議，並取得一筆初始採購訂單，金額為 14.65 億美元。這筆單一訂單即滿足我們 2027 年 Mod-1 交付目標中的關鍵部分；設備將分批交付至 2027 年 11 月，以支援客戶快速建置電力基礎設施。此協議的商業架構值得特別說明。該訂單在簽署時包含一筆可觀的預付款，之後在生產、測試與試運轉（commissioning）期間，依里程碑支付進度款。

Meaning the customer is funding the production ramp as we go, which meaningfully derisk our working capital investment in the business, and the five-year master agreement is built for expansion. It establishes the framework under which -- the customer can issue additional purchase order, so incremental volume can be added quickly without renegotiating terms.

也就是說，客戶在我們推進的同時為產能爬坡提供資金，這大幅降低我們在該業務上的營運資金投入風險；而這份五年主協議也為擴張而設計。它建立了一個框架，使客戶可在此框架下簽發額外採購訂單，因此新增的增量需求可在不重新談判條款的情況下快速導入。

Beyond this agreement, we are in active customer conversations to build further backlog for '27 and beyond. We won't be providing further commercial updates until agreements are finalized, but the level of inbound interest reinforces our conviction in the market opportunity. Importantly, the Mod-1 is not a stopgap solution.

除本協議外，我們也正與客戶積極洽談，以建立 2027 年及其後的更多訂單能見度（backlog）。在協議最終敲定前，我們不會提供進一步的商業更新，但大量的主動詢問再次強化我們對市場機會的信心。重要的是，Mod-1 並非權宜之計。

It's a platform we are already evolving. Our technology road map includes SCR for emission reductions and combined cycle for efficiency gains, product advancements that position the Mod-1 to compete with grid power on cost and reliability. This is a product built to last for the next two decades. And with an anchor customer signed and commercial launch on track for the fourth quarter, we're just getting started. I will now hand it to Nicholas.

這是一個我們已在持續演進的平台。我們的技術路線圖包含用於減排的 SCR，以及用於提升效率的複循環（combined cycle）；這些產品進展使 Mod-1 在成本與可靠性上具備與電網供電競爭的定位。這是一款為未來二十年而打造、可長期使用的產品。隨著我們已簽下錨定客戶，且商業化上市進度按計畫於第四季推進，我們才正要開始。我現在把時間交給 Nicholas。

Thanks, David. The key metric for us is adjusted EBITDA. We continued the year positively with adjusted EBITDA of $291.4 million for the quarter. The $291.4 million EBITDA number was comprised of $249.7 million from our Aerospace Products segment, $88.2 million from our aviation leasing segment a negative $46.5 million from Corporate and Other, including interest segment eliminations and start-up expenses associated with our power initiative. Aerospace Products delivered another good quarter with $249.7 million of EBITDA at an overall EBITDA margin of 29%.

謝謝，David。對我們而言，關鍵指標是調整後 EBITDA。本年度我們延續正向表現，本季調整後 EBITDA 為 2.914 億美元。2.914 億美元的 EBITDA 由以下部分構成：航太產品事業部 2.497 億美元、航空租賃事業部 8,820 萬美元，以及公司與其他 -4,650 萬美元（包含利息部門抵銷與與我們電力計畫相關的啟動費用）。航太產品本季再度交出亮眼成績，EBITDA 為 2.497 億美元，整體 EBITDA 利潤率為 29%。

This is up 12% sequentially from $222.6 million in Q1 of 2026 and up 51% year-over-year compared to $164.9 million in Q2 of 2025, reflecting continued momentum from production growth and operating leverage. Turning to Aviation Leasing. As David mentioned, we continue to evolve our business model to be more asset light with SCI now being the home for leased assets. This, in turn, will result in a smaller aviation leasing business in the near term until growth resumes in 2027. The remaining leasing portfolio continues to perform well and generated approximately $88.2 million of EBITDA in the second quarter.

相較 2026 年第一季的 2.226 億美元，季增 12%；相較 2025 年第二季的 1.649 億美元，年增 51%，反映產量成長與營運槓桿帶來的持續動能。接著談航空租賃。如 David 所提，我們持續演進商業模式，使其更偏向輕資產，而 SCI 現在成為租賃資產的承載平台。因此，在 2027 年恢復成長之前，短期內航空租賃業務規模將會縮小。剩餘的租賃組合持續表現良好，第二季貢獻約 8,820 萬美元的 EBITDA。

This included $5 million of insurance recoveries, $48 million in balance sheet leasing and gains on sale and $35 million from 2025 SPV management fees and co-investment returns. Our balance sheet continues at a leverage profile in line with our target range of 2.5 to 3 times and ended this quarter at 2.7 times.

其中包含 500 萬美元的保險理賠回收、4,800 萬美元的資產負債表租賃與出售收益，以及 3,500 萬美元來自 2025 年 SPV 的管理費與共同投資報酬。我們的資產負債表槓桿水準仍符合目標區間 2.5 至 3 倍，本季末為 2.7 倍。

During the quarter, we also redeemed a part the $105 million of 8.25% Series C preferred shares outstanding and received a credit rating upgrade from Moody's to Ba1 underscoring our continued balance sheet strength and the success of our transition to an asset-light strategy. Next, in the first half of the year, we generated $255 million of adjusted free cash flow, which included funding the final $95 million capital call under our 2025 SPV equity commitment for SCI. For the full year, we are maintaining our target of approximately $1.2 billion of adjusted free cash flow before new growth initiatives.

本季期間，我們也贖回了部分在外流通的 1.05 億美元、票息 8.25% 的 C 系列優先股，並獲穆迪將信用評等上調至 Ba1，凸顯我們持續的資產負債表強度，以及轉型為輕資產策略的成功。接著，上半年我們產生 2.55 億美元的調整後自由現金流，其中包含為 SCI 依據 2025 年 SPV 股權承諾所需的最後 9,500 萬美元資本催繳出資。就全年而言，我們維持在展開新成長計畫之前，調整後自由現金流約 12 億美元的目標。

This reflects our decision to reallocate module production to aerospace products, over maintaining the engine leasing portfolio as well as an additional $30 million of R&D investments in FTAI Power to advance new capabilities. These impacts are partially offset by enhanced economies of scale in aerospace products, driving an improved working capital outlook.

這反映我們決定將模組產能重新配置至航太產品，而非維持引擎租賃組合，並額外增加 3,000 萬美元投入 FTAI Power 的研發，以推進新能力。上述影響部分由航太產品規模經濟提升所抵銷，進而帶動營運資金展望改善。

On new growth initiatives, we are accelerating the Mod-1 production build-out by $150 million following successful engineering testing and robust commercial demand. While a capital coal financing facility for the 2026 SPV will bridge a substantial portion of FTAI's equity co-investment funding into 2027. Inclusive of this, overall, we are updating total adjusted free cash flow for 2026 from $915 million to $878 million.

在新成長計畫方面，隨著工程測試成功且商業需求強勁，我們將 Mod-1 產能擴建加速，額外投入 1.5 億美元。同時，針對 2026 年 SPV 的資本募集融資工具，將把 FTAI 的股權共同投資資金需求中相當大的一部分延後銜接至 2027 年。包含上述因素在內，我們將 2026 年調整後自由現金流總額由 9.15 億美元下修至 8.78 億美元。

To expand on David's earlier point, as we continue to prioritize an asset-light balance sheet, our aviation leasing EBITDA will naturally decline until SCI's contributions fully kicks in. Given the strong demand we have discussed from third parties for our module production, this has shifted more than expected year-to-date.

延伸 David 先前的觀點，隨著我們持續優先推動輕資產的資產負債表策略，在 SCI 的貢獻完全到位之前，我們的航空租賃 EBITDA 將自然下滑。鑑於我們所提及第三方對模組生產的強勁需求，今年迄今的變化幅度超出原先預期。

Therefore, we are revising our 2026 aviation leasing EBITDA to $475 million for the year, and we are reaffirming our 2026 Aerospace Products EBITDA of $1.05 billion. Next, I would like to discuss 2027 guidance. We expect to generate total business segment EBITDA of $2.3 billion, broken down as follows: Aerospace Products of $1.4 billion, Aviation leasing of $450 million and Power of $450 million.

因此，我們將 2026 年航空租賃 EBITDA 全年預估修正為 4.75 億美元，並重申 2026 年航太產品 EBITDA 為 10.5 億美元。接下來我想談 2027 年指引。我們預期各業務事業部合計 EBITDA 為 23 億美元，拆分如下：航太產品 14 億美元、航空租賃 4.5 億美元，以及電力 4.5 億美元。

With that, I'll hand it back over to Joe for final remarks.

接下來我把時間交回 Joe 做最後結語。

Thanks, Nicholas. This is a quick summary as our Aerospace Products business continues to benefit from a supply-constrained environment. we make further strides to an asset-light model and FTAI Power advances, we remain confident in both our 2026 and 2027 outlook, including our free cash flow expectations. As a result of this confidence for the fourth consecutive quarter, we're announcing another increase to our dividend from $0.45 a quarter to $0.50 per share. The dividend will be paid on August 24 to shareholders of record as of August 12.

謝謝，Nicholas。簡要總結一下：我們的航太產品業務持續受惠於供給受限的環境；在我們進一步邁向輕資產模式、且 FTAI Power 持續推進之際，我們對 2026 與 2027 年展望（包含自由現金流預期）仍具信心。基於這份信心，我們連續第四個季度宣布再度調升股利，從每季每股 0.45 美元提高至每股 0.50 美元。股利將於 8 月 24 日發放給截至 8 月 12 日登記在冊的股東。

This marks our 45th dividend as a public company and our 60th consecutive event since inception. As we look ahead to the rest of 2026, our focus remains on building and expanding on the durable, scalable and differentiated platforms that deliver value over the long term. The investments we are making across aerospace products, strategic capital and power will continue to strengthen our competitive position, expand our addressable markets and support sustainable growth for many years to come.

這是我們作為上市公司發放的第 45 次股利，也是自成立以來連續第 60 次的發放事件。展望 2026 年剩餘時間，我們仍聚焦於打造並擴大具耐久性、可擴展且差異化的平台，以在長期創造價值。我們在航太產品、策略資本與電力領域所進行的投資，將持續強化競爭地位、擴大可服務市場，並支持未來多年可持續的成長。

And with that, I'll turn it back to Alan.

接著我把時間交回 Alan。

Thank you, Joe. Marvin, you may now open the call to Q&A.

謝謝你，Joe。Marvin，你現在可以開放問答。

(Operator Instructions) Kristine Liwag, Morgan Stanley.

(接線員指示) Morgan Stanley 的 Kristine Liwag。

So maybe following up on your 2027 outlook and FT Power. I was wondering if you could clarify a few things. So you've talked about a $250 million EBITDA for Power in 2027. But at the same time in your supplemental deck, you've talked about an over 100 module deliveries in 2027. So if we just do that math, that seems to imply only about $4.5 million per module, which seems to be significantly below the economics that you had provided before.

我想延伸追問你們對 2027 年展望以及 FT Power 的部分。我想請你們釐清幾點。你們談到 2027 年電力業務 EBITDA 為 2.5 億美元。但同時在補充簡報中，你們又提到 2027 年交付超過 100 套模組。如果我們做一下簡單計算，這似乎意味著每套模組只有約 450 萬美元，顯著低於你們先前提供的經濟效益水準。

So I was wondering, can you clarify whether your 2027 outlook accounts for 100 air derivatives? Or is this a lower number? And how do we reconcile this with the terms of the strategic agreement you provided with Jereh. Is this an apples-to-apples on 100? Or are there changes in units we should think about?

因此我想請問，你們的 2027 年展望是否已將 100 台航改型（air derivatives）納入？還是其實是更低的數量？另外，我們該如何把這與你們先前提供、與 Jereh 的策略協議條款對照理解？這裡的 100 是可直接對比的同一口徑嗎？或是我們需要考量單位口徑有所變動？

Sure. Sure. Happy to do that. So just the first point is the $450 million does not assume 100 units, it's materially less than the 100 assumption. And just as by background, since this is a new business for us, and happily, we have the first signed contract in hand for material portion of next year's production we took a look at a range of outcomes possible for 2027 and came up with a range of $450 million to $750 million.

當然。當然。很樂意說明。首先，4.5 億美元並未假設 100 個單位，實際上遠低於 100 的假設。補充背景說明，因為這對我們而言是新業務，而且很高興我們已拿到第一份已簽署合約，涵蓋明年產量中相當可觀的一部分；因此我們檢視了 2027 年可能出現的一系列結果，並得出 4.5 億至 7.5 億美元的區間。

So -- and what we decided to do was start with the $450 million at the bottom end of the range, where we have the highest conviction and the most visibility such that as we sign up additional customers and contracts, which we very much expect to do we hopefully will be raising that number up from $450 million, not decreasing that number. So the economics we're seeing on the first contract are consistent with our previous expectations. We're very pleased with the outcome to date. But we want to -- since it is a new start-up business for us next year, we wanted to start out on very firm footing.

所以——我們決定從區間底部的 4.5 億美元開始，因為在這個水準上我們最有把握、能見度也最高；如此一來，隨著我們簽下更多客戶與合約（我們非常預期會如此），我們希望能把這個數字從 4.5 億美元往上調，而不是往下調。我們在第一份合約上看到的經濟效益與先前的預期一致。我們對目前的成果非常滿意。但我們希望——由於明年這對我們而言是全新的新創業務，我們希望一開始就建立在非常穩健的基礎之上。

Great. So -- and Joe, just a follow-up on that. I want to confirm that with the economics for Power going forward, is it still about that $1 million to $2.5 million per megawatt for the CFM56 conversions?

很好。那麼——Joe，再追問一下。我想確認一下，關於Power未來的經濟性，CFM56改裝的成本仍然大約是每兆瓦100萬到250萬美元嗎？

Well, do you want to chime in?

嗯，你要補充一下嗎？

Yes, this is David. So Kristine, as you can imagine, it's commercially sensitive, so we're not going to be providing exact numbers. Obviously, we're working through various customers, and that is an important piece. I would just reiterate what Joe said, right? The unit economics are -- there's not been any change to those unit economics.

是的，我是David。所以Kristine，如你所想，這涉及商業敏感資訊，因此我們不會提供精確數字。顯然，我們正在與不同客戶推進，而這是其中很重要的一環。我只想重申Joe說的，對吧？單位經濟性——這些單位經濟性沒有任何變化。

I would think about -- obviously, we're still targeting 100 units for next year. As you know, it's a building we're starting -- it's a business we're starting for zero. There are going to be some ramp-up costs and there are going to be -- the timing could shift. So we just wanted to start off with a number that was the most conservative and then be able to build from there.

我會這樣看——顯然，我們仍以明年100台為目標。如你所知，這是一個我們從零開始建立的業務。會有一些爬坡成本，而且——時程也可能會有變動。所以我們只是希望先以最保守的數字起步，之後再在此基礎上逐步提升。

Super helpful. And if I could sneak a third one in. On Aerospace products, you are clearly spending money for capacity to be able to get to your long-term market share target. In terms of margins, can you talk more about what's driving that pressure? Any color on how we think about mix?

非常有幫助。如果我可以再塞第三個問題。在航太產品方面，你們顯然正在為了產能投入資金，以達成長期市占率目標。就毛利率而言，可以多談談是什麼在造成壓力嗎？在產品組合（mix）方面有沒有一些補充說明？

And also, right now, EEG has said that they are 40% oversubscribed on service visits this year, 20% spare part delinquency. It seems like that's a fairly robust environment for engine MRO. So even if you were increasing market share, I would have thought that margins could have been maintained. Can you talk about the dynamics there and where you think margins could bottom in this industry for your specific business?

另外，目前EEG表示他們今年的維修進廠（service visits）超額認購40%，備品零件延遲交付（delinquency）達20%。看起來引擎MRO的環境相當強勁。所以即便你們在提高市占率，我原本以為毛利率應該可以維持。你能談談其中的動態，以及就你們特定業務而言，你認為這個產業的毛利率可能會在什麼水準觸底嗎？

Sure. So, I'll start with that. And as we talked last quarter, a lot of the margin compressors come from mix and that we have a higher percentage today of the heavy shop visits more of the full performance restoration which means you make a similar amount of dollars per engine, but you have to invest more to get that. So it naturally mathematically produces a lower outcome. And where we want to get to with customers is where we do everything for the customer so that they no longer have to do any engine maintenance, CFM56 maintenance on their own.

當然。我先回答這個。正如我們上季所談，很多毛利率的壓縮來自產品組合（mix）：目前我們較高比例是重度進廠維修（heavy shop visits）、更偏向完整性能恢復（full performance restoration），這代表每具引擎你賺到的美元金額相近，但為了做到這些你必須投入更多成本。所以在數學上自然會產生較低的結果。而我們希望與客戶達成的狀態，是我們為客戶做所有事情，讓他們不再需要自行做任何引擎維護、任何CFM56維護。

And so we are inclined to go for, say, yes and take market share. And we indicated that for the -- what we classified as the near term, which I would say is probably one to two years we expect margins to be around 30%. We can take a look at it as we get out further, and we have increasing market share, increased penetration about whether we take price up, but we're trying to set expectations around 30% for the near term.

因此我們傾向於說「是」，並取得市占。我們也指出，在我們所稱的——近期期限，我會說大概是一到兩年——我們預期毛利率約在30%。再往後看，當我們市占提高、滲透率增加時，我們會再評估是否調高價格，但我們希望把近期期限的預期設定在約30%。

Yes. And I would add that, look, we're thinking about the business in a long-term environment, right? So we're looking for over the next decade. And for us, we're -- as we mentioned, we're intentionally working with and targeting Tier 1 airlines, right? We see enormous benefits not only for CFM, but other engines, future engines as well as benefits with fleets, for example, being able to enter into new leaseback transaction.

是的。我補充一下：你看，我們是在長期的環境下思考這門生意，對吧？所以我們看的是未來十年。對我們而言——如我們提到的——我們是有意識地與第一線（Tier 1）航空公司合作並鎖定他們，對吧？我們看到巨大的效益，不僅對CFM，對其他引擎、未來引擎也一樣，並且在機隊方面也有好處，例如能夠進入新的售後回租（leaseback）交易。

We mentioned it on our previous call, but it's important to reiterate. This, for us, scale is very important because it benefits all our businesses. And that's the way that we're thinking about it. So 30% margins or it's the margin that we're going to hold. We feel very good about the long-term value add of achieving those margin profiles.

我們在上一通電話會議提過，但很重要的是要再重申一次。對我們來說，規模非常重要，因為它能讓我們所有業務受益。而這就是我們的思考方式。所以30%的毛利率——或說這是我們要維持的毛利率水準。我們對於達成這些毛利率輪廓所帶來的長期附加價值非常有信心。

Sheila Kahyaoglu, Jefferies.

Sheila Kahyaoglu，Jefferies。

I wanted to ask about Aerospace Products margins. So two questions on that. The first is just a follow-up to Kristine's. When we think about the 500 bps of margin contraction, I guess, how much of that was due to customer share gains versus heavier work scopes and how SCI as a customer factors into that?

我想問航太產品的毛利率。所以有兩個問題。第一個是延續Kristine的問題。當我們看毛利率收縮500個基點（bps）時，我想問其中有多少是因為客戶份額提升（share gains），又有多少是因為更重的工作範疇（work scopes），以及SCI作為客戶在其中扮演什麼角色？

Yes. I think the mathematical example I walked through is helpful in that. A lot of it is driven by the percentage of the heavier performance restoration work that we do. And if you take, for example, a 6,000 cycle engine, which we might sell for $6 million. We can make approximately $2.5 million, which is about a 40% margin.

是的。我剛才走過的那個數學例子對理解這點很有幫助。其中很大一部分是由我們所做的較重度性能恢復工作占比所驅動。例如，一具6,000循環（cycle）的引擎，我們可能以600萬美元出售。我們大約可以賺250萬美元，約等於40%的毛利率。

If you add to that a full 10,000 cycle engine and you sell that $12 million, let's say, we make $3 million on that. When you blend -- if you do one of each mathematically on one, you're making 40% on the bigger ones you're making 25%, the average is about 30%. So a lot of the -- most, I would say, of the compression comes from the mix. And we want to do that because we want -- as I said at the beginning, we want the customers to be using all of our engine capabilities. So we're even though you make less -- in terms of percent margin, you make more dollars.

如果再加上一具完整10,000循環的引擎，假設你以1,200萬美元出售，我們在那上面賺300萬美元。當你把它們混合——如果數學上各做一具，較大的那具你賺25%，另一具你賺40%，平均大約是30%。所以很多——我會說大多數——的壓縮來自產品組合（mix）。而我們想這麼做，是因為——如我一開始所說——我們希望客戶使用我們所有的引擎能力。所以即便你的百分比毛利率較低，你賺到的美元金額其實更多。

And so more dollars is what we're prioritizing.

因此我們優先考量的是更多的美元金額。

No, that makes tons of sense, Joe. And then maybe -- as a follow-up to that, you announced Cairo and Jakarta. You guys are busy traveling all around, how do you think about how those two new sites funnel into just whether it's winning new business locally? Or how do you think about how that helps source engine feedstock as well as spare parts as well?

不，Joe，這非常合理。那接著——作為延伸問題，你們宣布了開羅和雅加達。你們到處出差很忙，你們如何看待這兩個新據點的導流作用：是用來在當地贏得新業務嗎？或者你們如何看待它也能幫助取得引擎料源（feedstock）以及備品零件等？

Sheila, this is David. I can take that. Yes. So first off, obviously, it increases our production capability. So overall, we're raising production capability capacity from 2,000 to 3,000 modules, which is obviously very important, especially when we're increasing market share and then introducing power.

Sheila，我是David。我來回答。是的。首先，顯然這提升了我們的產能。整體而言，我們正把產能從2,000個模組提升到3,000個模組，這顯然非常重要，特別是在我們提高市占、並導入Power的同時。

So we're well ahead of what our target -- the capacity we need to achieve our '27 EBITDA as well as our 100 mod productions. As we mentioned, it's always important for us to build a presence near our customers, right? We did not have a facility east of Rome. So that was something that we continue to reiterate. We're very happy with both locations, right?

所以我們遠遠領先於我們的目標——也就是達成我們2027年EBITDA以及100個模組產量所需的產能。如我們提到的，對我們而言，在客戶附近建立據點一直都很重要，對吧？我們在羅馬以東沒有設施。所以這是我們持續重申的一點。我們對這兩個地點都非常滿意，對吧？

They all -- number one, they have the infrastructure already built out of both. They have world-class facilities, they have capabilities, tooling. They have also a test cell. Number two is they have access to technicians, right? So both areas have a lot of young talent.

它們都有——第一，它們的基礎設施都已經建置完成。它們有世界級的設施、能力與工裝（tooling）。它們也有測試台（test cell）。第二，它們能取得技術人員，對吧？所以這兩個地區都有很多年輕人才。

Jakarta, for example, has close to 40 million people within the city and the outskirts and then Cairo has over 20 million. So we obviously -- I've done this a few times. We have a playbook. We're going to effectively put a lot of throughput through those shops and they're going to guarantee capacity. So that's really kind of the goal.

以雅加達為例，市區加上周邊地區的人口接近4,000萬，而開羅則超過2,000萬。所以很明顯——我已經做過幾次了。我們有一套作戰手冊。我們會有效地把大量的處理量導入那些維修廠，而他們將保證產能。所以那基本上就是目標。

Each of these strategic partnerships have two phases. The first phase is we, again, guarantee throughput and we get capacity. And the second is we want to be a long-term shareholder and being a partner. So they're effectively the same exact framework that we've done the other shops, and they're key to getting closer to each of the airlines in those regions as well as getting closer to the country.

這些策略性合作夥伴關係各有兩個階段。第一階段是我們同樣會保證處理量，並取得產能。第二階段是我們希望成為長期股東並作為合作夥伴。所以它們基本上與我們在其他維修廠所做的完全相同的框架，而且這些合作對於更貼近那些地區的各家航空公司以及更貼近該國也很關鍵。

Josh Sullivan, Jones Trading.

Josh Sullivan，Jones Trading。

Just as far as the comments on shifting away from the legacy leasing and towards the asset-light model, how should we think of that whole segment as SCI becomes a bigger contributor. Is it still primarily a leasing business next year? Or are we going to be calling it something else? Is there any reorg at some point, I guess?

就你們提到從傳統租賃轉向輕資產模式的評論而言，隨著SCI成為更大的貢獻者，我們應該如何看待整個板塊？明年它仍然主要是一個租賃業務嗎？還是我們會改用其他名稱來稱呼它？我想問的是，某個時間點會不會有任何重組？

Josh, this is Nicholas. I can take that. So as we exit the year, we expect Q4 to be a majority earnings stream from the SCI. And so going into next year, you can think of it over a majority of SCI earnings will be -- or sorry, a majority of aviation leasing earnings will be from the SCI. So as we look to potentially resegmentation in next year, effectively, that's how you can think of it as the three businesses we speak of.

Josh，我是Nicholas。我可以回答。所以在今年結束時，我們預期第四季的獲利來源將以SCI為主。因此進入明年，你可以這樣理解：航空租賃的獲利中，將有超過一半來自SCI——抱歉，應該說航空租賃獲利的大多數將來自SCI。所以當我們明年可能重新劃分分部時，你可以把它理解為我們所談的三項業務就是這樣的架構。

So aerospace products, power and strategic capital, our financial reporting should be reflective of that.

也就是航太產品、動力，以及策略資本；我們的財務揭露應該會反映這一點。

And I've started to refer to it as you may have noticed, is asset management. So that wasn't an accident.

而且你可能也注意到，我已經開始把它稱為資產管理。所以那不是偶然。

I can imagine it was. And maybe just shifting over to the LEAP, LEAP to test cell for '28, what time line could LEAP enter the whole FTAI ecosystem, say, across an FTAI, our global facilities. And then how do we get our hands around the size of that LEAP market potential versus your CFM56, V2500 market share comments as they are currently.

我想也是。另外把話題轉到LEAP，關於2028年的LEAP測試台（test cell），LEAP大概在什麼時間軸上會進入整個FTAI生態系，例如在FTAI的全球設施中？然後，相較於你們目前對CFM56、V2500市占的評論，我們要如何掌握LEAP市場潛力的規模？

Yes, I'll start. I mean the most people expect that the LEAP market will be 2 to 3x the size of the CFM56 market in terms of annual maintenance spend. So it's going to be a very, very large market. And we still expect to be in that engine in 2028, 2029, most likely starting with investments through SCI through the SPVs, which will get us in. But we have the engineering know-how.

是的，我先說。我的意思是，多數人預期就年度維修支出而言，LEAP市場規模將是CFM56市場的2到3倍。所以那會是一個非常、非常大的市場。而我們仍預期會在2028、2029年進入那款引擎，最可能先透過SCI、透過SPV進行投資來切入。但我們具備工程技術能力。

We have the capability. It's a similar construction of that engine. We have licenses and we will have a test cell. So we have a full playbook ready to use at the time we think the economics work out in total.

我們有能力。那款引擎的結構也相似。我們有授權，而且我們也會有測試台。所以我們已經準備好一整套作戰手冊，等到我們認為整體經濟性到位時就可以使用。

Brandon Oglenski, Barclays.

Brandon Oglenski，Barclays。

So I was wondering if you could update us on the power Mod-1 prototype because it's my understanding that you do have one up and running in Florida. Is that correct? And I guess, is it initially meeting your expectations? And obviously, you announced customer backlog. Maybe if you can elaborate on that, please?

我想請你們更新一下動力Mod-1原型機的進度，因為我的理解是你們在佛羅里達確實有一台已經啟動運轉。這是正確的嗎？另外，它一開始是否符合你們的預期？而且你們也宣布了客戶訂單積壓（backlog）。如果可以的話，能否請你們多談一些？

Brandon, this is David. I'll take it. So we're very pleased on the Mod-1 testing. It's been going through a rigorous testing and performance has been exceptional. Just to reiterate, we started the majority and completed the majority of the testing first in Montreal, the first five months of the year.

Brandon，我是David。我來回答。所以我們對Mod-1的測試非常滿意。它一直在進行嚴格的測試，性能表現非常出色。再重申一次，今年前五個月，我們在蒙特婁先完成了大部分的測試。

And we used our test cell, which for us is a huge advantage, right? Many folks don't have a test cell and let alone has the ability to dedicate a test cell for R&D. So that allows us to work through the engineering process very efficiently. Now you're right, the testing has moved to Miami, where we have a gen set and the unit is up and running, and we're very pleased with the testing thus far. The way I would think about it from here on out is the turbine will just continue to run, right?

而且我們使用了自己的測試台，這對我們來說是很大的優勢，對吧？很多人沒有測試台，更不用說還能專門撥出測試台用於研發。因此這讓我們能非常有效率地推進工程流程。你說得沒錯，測試已移到邁阿密，我們那裡有一套發電機組（gen set），設備已經啟動運轉，我們對目前的測試結果非常滿意。接下來你可以這樣理解：渦輪機會持續運轉，對吧？

We're building hours. We're building time on the field. That's a very important piece when it comes to being able to talk to customers. is the more hours that we accrue. So that's going to continue ongoing from here on out, but we couldn't be happier with the Mod-1.

我們在累積運轉時數。我們在累積現場運行時間。這在與客戶溝通時是非常重要的一環：我們累積的時數越多越好。所以從現在開始這會持續進行，但我們對Mod-1的表現再滿意不過。

I would also reiterate this, this is obvious to folks in aviation. But the CFM56 is the most reliable unit ever produced. It's got over 1 billion hours. We're expecting that to be the most reliable unit on the ground as well. So we couldn't be more pleased with the testing thus far.

我也想再強調一點，這對航空業的人來說很明顯。但CFM56是有史以來生產過最可靠的機型。它累積了超過10億小時。我們也預期它在地面應用上同樣會是最可靠的機組。所以到目前為止的測試結果讓我們非常滿意。

And maybe for Nicolas, but you guys are targeting like 40% production growth next year in core aerospace products. I guess how much of that do you think you can attribute to the FCI vehicle too? And are you making any progress with longer-term contracts with airline customers as well?

另外可能是問Nicolas：你們明年核心航太產品的產量目標大概是40%的成長。我想問其中有多少你們認為可以歸因於FCI載體（vehicle）？以及你們在與航空公司客戶簽訂更長期合約方面是否也有進展？

Yes. Thanks, Brandon. I think I'll take the first question. So what we have communicated historically is that the SCI will be about 20% of Aerospace products revenue. And so going forward, we still expect that's a good range for analysts to model in.

是的。謝謝，Brandon。我先回答第一個問題。我們過去對外溝通的是，SCI約占航太產品營收的20%。因此往後我們仍預期這會是一個適合分析師建模的合理區間。

So regarding module production, you can basically reflect that it will be an alignment with that as well as revenue.

所以就模組產量而言，你基本上也可以把它視為會與該比例以及營收相一致。

Yes. And just on the module production. I think this is an important piece to clarify. So we did set out module production targets for next year of 1,700. The way I would think about that is our internal production goals for the shops, right?

是的。另外就模組產量來說，我認為這點需要釐清。我們確實訂下明年模組產量目標為1,700。你可以把它理解為我們對各維修廠的內部生產目標，對吧？

I wouldn't necessarily try to do division based on EBITDA. Obviously, the goal is to produce extra excess modules to be able to continue to ramp the business as well as to be able to use into leasing.

我不一定會嘗試用EBITDA去做拆分。很明顯，我們的目標是生產額外的超額模組，以便持續擴大業務，同時也能用於租賃。

And any development (inaudible) contracts with your airline customers?

那與你們的航空公司客戶之間，有任何合約方面的進展（聽不清）嗎？

Yes. We -- yes, as we've always mentioned, the product itself is very sticky. So we have many customers that effectively we have visibility for their fleet for the next four to five years. where we work through exchanges. Obviously, the timing could shift quarter-to-quarter depending on utilization.

有的。我們——是的，正如我們一直提到的，這個產品本身黏著度很高。因此我們有許多客戶，透過換件（exchange）安排，我們對他們未來四到五年的機隊需求基本上是可見的。當然，時點可能會因使用率而在季度之間有所變動。

We like to effectively give them or transact an engine right before the engine comes do. That's very good for the airline because they're able to use every cycle within the engine. That's always our motto is we wanted airline to use every cycle. So we have these programs with airlines, and that's exactly what we've been building out, I'd say, for the last five years.

我們希望能在引擎到期之前，及時有效地把引擎交付給他們或完成交易。這對航空公司非常有利，因為他們能把引擎的每一個循環都用到極致。這一直是我們的座右銘：我們希望航空公司能使用引擎的每一個循環。因此我們與航空公司有這些方案，而這正是我們在過去五年左右一直在打造的內容。

You might talk about the cargo business opportunity as well.

你也可以談談貨運業務的機會。

Yes. So one thing that we did announce was our partnership with AEI on the 737-800 cargo. And that's important, right, because really, there's right now a shortage of engines that are fit for cargo, right? And when you think about the operations on passengers and cargo, they're very different, right? The cargo aircraft could operate, let's say, 1/4 of the utilization versus passenger.

好的。我們確實宣布了一項與 AEI 在 737-800 貨機上的合作夥伴關係。這很重要，因為目前確實存在適用於貨運的引擎短缺。而當你思考客運與貨運的營運方式時，它們差異很大。貨機的使用率可能只有客機的 1/4。

So it's important to build engines that have smaller cycles for that operation, right? So for us, it's great because it allows us to use those engines and be able to maximize the returns for those engines. And for cargo customers is great because they don't want to effectively overbuild engines and have to, let's say, pay extra or -- it would impact the leasing economics. So look, that's always been the goal was to do the full life cycle. We think about it as you start off in passenger, right, that has its own utilization.

因此，為這種營運打造循環次數較少的引擎就很重要。對我們而言這很棒，因為這讓我們能使用這些引擎，並把這些引擎的回報最大化。對貨運客戶而言也很好，因為他們不希望實際上把引擎規格做得過高，然後不得不多付費——否則會影響租賃經濟性。所以你看，我們的目標一直都是做到完整的全生命週期。我們的思路是：先從客運開始，客運有其自身的使用率。

Then moves into cargo, right? That's got a less utilization and then ultimately into power, where effectively the engine is either operating base load or is operating -- could operating theory back up. So it's going to be very little cycles per year. So that really allows us customer -- different customer types where we can effectively target the engines we're building remanufacturing or the best mission.

接著轉入貨運。貨運的使用率較低，最後再進入電力領域，在那裡引擎要嘛作為基載運轉，要嘛作為備援運轉。因此每年的循環次數會非常少。這就讓我們能面向不同類型的客戶，針對我們正在打造、再製造的引擎，去匹配最合適的任務。

And we expect that roughly we could produce about 20 cargo aircraft a year, which would require 40 engines. And so that becomes an aerospace products customer base that's really sort of more or less incremental to what we serve today in the passenger side.

我們預期大約每年可生產 20 架貨機，這將需要 40 具引擎。因此，這會形成一個航太產品的客戶基礎，基本上可視為相對於我們目前客運端所服務客群的增量。

Giuliano Bologna, Compass Point.

Giuliano Bologna，Compass Point。

A couple of other questions on (inaudible) were already addressed. But I think an important question topic here is if you can reiterate the value proposition and the long-term opportunity for FTAI Power because it's obviously a large business that's new, but it has a lot of opportunity and there's could go on for a number of years going forward. But I'd love to hear your input there.

另外幾個關於（聽不清）的問題已經被回答了。但我認為這裡一個重要的議題是：你能否重申 FTAI Power 的價值主張與長期機會？因為這顯然是一個新的大型業務，但機會很多，而且未來可能會持續很多年。我很想聽聽你的看法。

Sure, Giuliano, this is David. So we think about the power of the Mod-1 value prop really three points number one, speed to power; number two, scale and then number three, cost, right? So we want to win on all three. Number one, speed to power, right? It's having the units available now.

當然，Giuliano，我是 David。我們看 Mod-1 的價值主張主要有三點：第一，快速供電（speed to power）；第二，規模（scale）；第三，成本（cost）。我們希望在這三點上都能勝出。第一，快速供電。也就是現在就能提供可用的機組。

Obviously, as you know, it's a very supply-constrained market. but it's also being able to install the unit quickly, right? So our unit is mobile, which means it can be installed in less than 2 weeks. That's very different than a large frame engine frame turbine that takes, let's say, 12 to 18 months as a construction. So we have a huge advantage to speed to power.

如你所知，這是一個供給非常受限的市場；但同時也在於能夠快速安裝機組。我們的機組是可移動式的，意味著可在兩週內完成安裝。這與大型框架式燃機/渦輪不同，後者的建設期可能需要 12 到 18 個月。因此在快速供電方面我們有巨大優勢。

Number two is scale, right? What's important for our customers is scale. They're looking for gigs of power. So being able to use our units at scale creates a differentiated product out there versus anyone else. I would say that's fundamentally true to, obviously, our business where we have the capacity, we have the feedstock.

第二是規模。對我們的客戶來說，規模很重要。他們尋求的是以 GW（吉瓦）計的電力。因此能以規模化方式使用我們的機組，會讓我們相較其他任何人都具備差異化的產品。我會說，這也根本上符合我們的業務現況：我們有產能，也有原料來源（feedstock）。

And also for our partner, Jereh, that has the scale, and then we're working with them to be able scale both our businesses. So we -- for us, we're very comfortable in delivering that. And number three is cost, right? And cost comes in many different forms when you think about the operating cost for power, right? It includes, number one, lower maintenance, right?

同時我們的合作夥伴 Jereh 也具備規模，我們正與他們合作，讓雙方業務都能擴大規模。所以——對我們而言，我們非常有把握交付這些。第三是成本。當你思考發電的營運成本時，成本有很多不同面向。其中包括第一，較低的維護成本。

So we're going to be, as we mentioned, doing maintenance via exchanges. So that's going to dramatically lower how many times the units are out of service. So that means you have less redundancy. It's going to be lower maintenance cost as well as naturally, you're going to need less redundancy because the units are smaller and you can stack them up versus, let's say, a very large 300-megawatt combined cycle turbine. And then we're -- to that, we're going to continue to develop more ways to improve efficiency, right?

如我們提到的，我們將透過換裝（exchanges）來進行維護。這會大幅降低機組停機的次數。因此你需要的備援更少。維護成本也會更低；而且由於機組較小，你可以把它們堆疊配置，相較於例如一台非常大型的 300 兆瓦聯合循環渦輪，你自然也會需要更少的備援。此外，我們也會持續開發更多提升效率的方法。

So one thing that we've working on right now is combined cycle efficiency. So the engine itself is combined cycle capable. It produces excess heat that can be recycled to produce extra megawatts. So we're thinking about that. That's obviously something we have in scope, something that's going to make this entire unit very, very attractive.

我們目前正在做的一件事是提升聯合循環效率。這具引擎本身具備聯合循環能力。它會產生可回收的餘熱，用來再發出額外的兆瓦。所以我們正在思考這一點。這顯然在我們的規劃範圍內，並將使整套機組非常、非常有吸引力。

And that's overall how we're thinking about the evolution of the product is we have the Mod-1 today, really, the goal here is speed, but we want to continue to develop add-ons and improve the product where it can be the best power turbine out there.

整體而言，我們對產品演進的思考是：今天我們有 Mod-1，當下的目標主要是速度，但我們希望持續開發加裝模組並改良產品，讓它成為市面上最好的動力渦輪方案。

That's very helpful. And maybe one follow-up on that, a little note that doesn't seem to have been caught or get much attention, but in the presentation, you highlighted 100-plus units for 2027 and growing multiples thereafter. I'd be curious when you think about multiples, is that -- could that double, triple could be 200, 300 or more over time because that seems highly relevant when we're talking about '27 potentially being 450 to 750 in the range of potential outcomes.

這非常有幫助。也許再追問一點：有個小細節似乎沒有被注意到或沒有引起太多關注，但在簡報中，你們提到 2027 年會有 100 台以上的機組，之後還會以倍數成長。我想知道你們所說的倍數成長，是不是可能隨時間翻倍、三倍，變成 200、300 台或更多？因為當我們談到 2027 年潛在結果可能落在 450 到 750 的區間時，這看起來非常關鍵。

Yes. I mean it is clearly not lost on us and Jereh that this is a big opportunity. And as David mentioned, the -- this is a continuous improvement business. Unlike aviation, where you by law, you're not allowed to change the engine design in power, you can and you can make improvements. And so our goal is to make this competitive with any source of power available anywhere.

是的。我的意思是，我們和 Jereh 都非常清楚這是一個很大的機會。如 David 提到的——這是一個持續改良的業務。不同於航空領域，在法律上你不被允許更改引擎設計；在電力領域你可以，而且你可以做改良。因此我們的目標是讓它在任何地方、相較任何可用的電力來源都具競爭力。

And if that is successful, obviously, this is a much, much bigger opportunity and also with a tremendous duration to it. We have their existing aeroderivatives out there today operating that were -- there were engines that were produced 50 years ago, 50. So we are keenly focused on that, as is Jereh. As David mentioned, scale was something when we thought about this business in the first instance, we sat around and said, what's the only engine that you could have enough of to really achieve scale? And the answer is there's only one and happened to be the one we were had focused on as a business.

如果這能成功，顯然這將是一個大得多的機會，而且具備非常長的持續期間。今天外面仍在運轉的既有航改型（aeroderivatives）機組中，有些引擎是 50 年前生產的，50 年前。因此我們對此高度聚焦，Jereh 也是如此。如 David 提到的，當我們一開始思考這門業務時，規模就是一個重點；我們坐下來討論：唯一一款你能擁有足夠數量、真正達到規模化的引擎是什麼？答案是只有一款，而剛好就是我們作為一門業務所聚焦的那一款。

So that was a happy coincidence, but it's very much on our minds, and we are -- we achieved a lot of the difficult objectives that we had to overcome in the beginning, we're past those, which is very exciting.

所以那算是一個愉快的巧合，但這件事確實一直在我們心上；而且我們——我們在一開始必須克服的許多艱難目標上已經取得了很大進展，我們已經跨過那些關卡了，這非常令人振奮。

Shannon Doherty, Deutsche Bank.

Shannon Doherty，德意志銀行。

So maybe for David, do you remain on track to deliver the first power unit in the fourth quarter. And since we're getting close to first delivery, will you be breaking out the P&L for power? Or is it only going to be reported as joint venture income. How do we think about the accounting here?

所以也許問 David，你們是否仍按計畫在第四季交付第一套動力單元。另外，既然我們已接近首次交付，你們會把動力業務的損益表（P&L）單獨揭露嗎？還是只會以合資企業收益的方式呈報？我們該如何理解這裡的會計處理？

Yes, I can take the first one and then pass it into Nicholas for the second. Look, as we mentioned, nothing that we've said right now we're changing. We're still targeting delivery end of this year and then 100 units. Obviously, we did not put guidance for power this year. I think it's probably conservative to expect deliveries to 2027 at this point.

好的，第一個我先回答，第二個再交給 Nicholas。你看，正如我們提到的，我們目前沒有要改變任何既有說法。我們仍以今年年底交付為目標，之後是 100 套。當然，我們今年沒有提供動力業務的指引。我認為在此時點，保守一點來看，預期交付延到 2027 年可能比較合理。

Yes. Shannon, on your second question, so you'll see it in next year's P&L in two places. So first is when FTAI sells the turbine to the JV, that will be reflective similar to how we report aerospace products today, which is you'll see revenue and cost of goods sold. Then the second piece is then ultimately when the JV sells it to the customer, as we are an equity stake in that, you'll see an unconsolidated earnings and other income.

是的。Shannon，關於你的第二個問題，你會在明年的損益表（P&L）中看到兩個地方。第一，當 FTAI 把渦輪賣給合資企業（JV）時，呈現方式會類似我們目前對航太產品的揭露，也就是你會看到營收與銷貨成本。第二部分是，最終當合資企業把它賣給客戶時，由於我們持有其股權，你會看到未合併的收益與其他收入。

But it will all be under the heading of power. It's all power as a separate group.

但這些都會歸在「動力」這個項目之下。全部都會以動力作為一個獨立的分組。

Great. Great. And Joe, maybe one for you. Just bigger picture here with the ongoing conflict in the Middle East and Valla energy prices, a lot of investors have worried about an increase in retirement rates and the hit to values on OTC narrow-bodies. Are you seeing anything here?

很好。很好。Joe，也許問你一題。從更宏觀的角度來看，隨著中東衝突持續以及能源價格波動，很多投資人擔心退役率上升，並對二手市場（OTC）的窄體機價值造成衝擊。你們有看到任何這方面的情況嗎？

Maybe moving into the LEAP business as the next natural solution as the global fleet evolves sometime next decade? Any color would be great.

也許在下個十年全球機隊演進時，轉進 LEAP 業務作為下一個自然的解決方案？任何補充說明都很有幫助。

Sure. So obviously, jet fuel A has bounced around. It went from $2 to $4 and back to $3. So there's a lot of volatility, which everyone is keenly aware of is if you're in the aviation business. But the customers have limited options to change the mix of the fleet.

當然。很明顯，Jet Fuel A 的價格一直在波動。它從 2 美元漲到 4 美元，又回到 3 美元。所以波動性很大；只要在航空業的人都非常清楚這點。但客戶能改變機隊組合的選項其實有限。

And the economics of the NG is -- and CEOs are still very, very attractive for the airlines. What they have been very good at is raising fares to a little bit to their own surprises that they had pricing power, and they're using it. So the answer is we are not seeing any change in mix or fleet decisions by the end user. And if you talk -- I was at the air show last week and I think Airbus is selling people that are sold out until 2032. So you don't have a lot of ways to change the mix.

而 NG 的經濟性——而且 CEO 們仍然認為——對航空公司來說非常、非常有吸引力。他們做得很好的地方是調漲票價；有點出乎他們自己意料的是，他們確實有定價能力，而且正在運用它。所以答案是，我們沒有看到終端用戶在組合或機隊決策上有任何改變。而且如果你去聊——我上週在航展，我想空中巴士賣給客戶的說法是，他們的產能已經賣到 2032 年都滿了。所以你其實沒有太多方法去改變組合。

The only -- the best answer for the airline industry has raised the fares, and that's what they've done.

對航空業來說，唯一——也是最好的答案——就是提高票價，而他們也確實這麼做了。

Ken Herbert, RBC.

Ken Herbert，RBC。

Maybe Joe or David, can you give an update on the CFM56 PMA blade, how those are performing in the market and what you're seeing in terms of yields on the production side?

Joe 或 David，你們能否更新一下 CFM56 的 PMA 葉片，在市場上的表現如何，以及在生產端你們看到的良率情況？

Yes, we're not -- I mean, all I've said to people is that it's performing as expected, and we're not giving a lot of detail on mix or usage at this point.

是的，我們不——我的意思是，我對外一直說它的表現符合預期，而目前我們不會提供太多關於組合或使用情況的細節。

Okay. As you think about sort of broadening the PMA portfolio, are you looking at other opportunities? And maybe just as we tie this in how could this eventually play a role in supporting FTAI Power as well?

了解。當你們考慮擴大 PMA 產品組合時，是否在看其他機會？另外，若把這點串起來看，這未來可能如何在支持 FTAI Power 上扮演角色？

Yes. That's -- it's a great use for FTAI Power because, as you know, there's no FAA to certify anything. So you just -- you can use any part as long as it performs well. So power is a tremendous outcome and (inaudible) actually, it's become one of their biggest segments is selling to the power industry. And as you know, there's a shortage of single crystal casting capability in the world.

是的。這——對 FTAI Power 來說是很好的用途，因為如你所知，沒有 FAA 需要認證任何東西。所以你只要——只要零件性能良好，就可以使用任何零件。因此，動力是一個非常好的落地場景，而且（聽不清）其實已經成為他們最大的業務板塊之一，就是銷售給電力產業。而且如你所知，全球單晶鑄造能力是短缺的。

So it's certainly very much in our repertoire for power. I would say we're always looking at different ways to lower costs. That's kind of our DNA is to go line item by line item and shop business and try to figure out how to do it better and faster and cheaper. And PMA is one alternative. And in terms of capital allocation, growth is our #1 priority.

所以這確實非常符合我們在動力業務上的能力範圍。我會說，我們一直在尋找不同的方法來降低成本。這算是我們的 DNA：逐項逐項地檢視成本，去比價、去找業務，並試著找出如何做得更好、更快、更便宜。而 PMA 是其中一種替代方案。至於資本配置，成長是我們的第一優先。

We are looking at additional opportunities in both capacity to overhaul engines, but also repairs and piece part engine piece part manufacturing. So we're always looking at different companies. Specific aerodynamic is a great example we bought and now they're gearing up for compressor blade repairs to be in-house and using a proprietary technology. So we've got a number of projects underway in that -- of a similar vein to continue to just keep driving down costs and building the competitive advantage that we have to keep it moving forward.

我們正在尋找更多機會，包含提升引擎大修產能，也包含維修以及引擎零組件的零件製造。所以我們一直在看不同的公司。Specific Aerodynamic 就是一個很好的例子：我們收購了他們，現在他們正加速把壓縮機葉片維修內製化，並採用專有技術。因此我們有多個類似脈絡的專案在推進——持續把成本往下壓，並建立我們的競爭優勢，讓它能持續向前推進。

Andre Madrid, BTIG.

Andre Madrid，BTIG。

Yes. Maybe a pivot back to -- just to really understand this here. I think we all understand the shift to an asset-light model. But just given the telegraph nature of this transition, the $100 million leasing EBITDA revision does seem a bit aggressive. I just want to ask a bit more importantly, just what changed quarter-to-quarter?

是的。也許再轉回來——只是想把這點真正弄清楚。我想我們都理解轉向輕資產模式。但考量到這次轉型的「預告」性質，租賃 EBITDA 下修 1 億美元看起來確實有點激進。我更想問的是：每一季之間到底發生了什麼變化？

Yes. I would just say, we've always -- this has been our objective going back several years, two, three years is to shift our leasing activity over to SCI. And it is -- unfortunately, you can't -- it's not precision driving the way SCI grows and you have the opportunity to reduce the balance sheet. And what happened is we have SCI ramping up, but we had the opportunity in the first -- in the second quarter, first half of this year to reduce the leasing on the balance sheet. So it didn't exactly on a quarter-to-quarter basis, sync up.

是的。我會說，這一直——這一直是我們過去幾年、兩三年前就設定的目標：把我們的租賃活動轉移到 SCI。而且——不幸的是——你無法做到非常精準地同步：一方面是 SCI 的成長，另一方面是你有機會縮減資產負債表。實際發生的是，SCI 正在爬坡，但我們在今年上半年、第二季有機會把資產負債表上的租賃規模降下來。所以它在逐季的節奏上並沒有完全對上。

But the strategic goal is exactly in line, and it's just happening on the leasing side, a little bit ahead of the SCI buildup.

但策略目標完全一致；只是租賃端的進展，比 SCI 的擴張稍微超前一些。

Myles Walton, Wolfe Research.

Myles Walton，Wolfe Research。

Maybe just a quick follow-up on that. So you had $100 million of EBITDA being derived from those assets, the assets moved to AP. Maybe can you just describe where are the economics of moving those assets to AP because obviously, the EBITDA didn't move.

也許就此快速追問一下。你們有 1 億美元的 EBITDA 來自那些資產，而那些資產移轉到 AP。你能否描述一下把那些資產移到 AP 的經濟性在哪裡？因為很明顯，EBITDA 並沒有跟著移過去。

Myles, I can take that. This is David. Yes, so the way that I would think about it, right, is really the change is attributable to two things. Number one is we are prioritizing growing AP market share, right? So effectively, instead of taking modules and building engines for lease, we're directing all the production capacity to growing aerospace products.

Myles，我來回答。我是 David。是的，所以我會這樣理解：變化主要歸因於兩件事。第一，我們把擴大 AP 市占率作為優先事項，對吧？所以實際上，我們不是把模組拿去組裝成可出租的引擎，而是把所有產能導向擴大航太產品業務。

So effectively, that translates to lower maintenance CapEx on the engine leasing business, which means we're not replenishing the engines once they run out of green time, we're effectively building for AP versus building to replenish engine leasing. That's the first part. The second part is obviously on the SCI as it continues to ramp up. We often are closing aircraft in tranches or in portfolios and closings can shift quarter-to-quarter. However, these aircraft are all under contract and have economic close dates, which means the economics continue to improve.

因此，實際上這等同於引擎租賃業務的維護性資本支出（maintenance CapEx）較低，這表示當引擎的綠色時間（green time）用盡後，我們不會再去補充引擎；我們實際上是在為 AP 建置，而不是為了補充引擎租賃而建置。這是第一部分。第二部分顯然是關於 SCI，因為它仍在持續爬坡擴張。我們經常以分批（tranches）或投資組合（portfolios）的方式完成飛機交割，而交割時間可能會在季度之間前後移動。不過，這些飛機都已簽約並有經濟交割日（economic close dates），這意味著經濟效益會持續改善。

So you're effectively getting the benefit of rental and maintenance reserves. So it's -- from an investment standpoint, it's a positive, but obviously, it's going to shift SCI pickup for the quarter.

因此，你實際上正在享有租金與維修準備金（maintenance reserves）的好處。所以——從投資角度來看，這是正面的，但顯然它會使本季度的 SCI 貢獻入帳時間有所移動。

Okay. So we will see that economics. It's just shifted into the future quarters. Is that the take David?

好的。所以我們會看到那些經濟效益。只是它被移到未來的季度。David，你的意思是這樣嗎？

Yes. On the SCI piece, that's correct. And I think as Nicholas said, going into the fourth quarter, we expect SCI to be the majority of our aircraft leasing that's going to continue to scale. Look, it's obviously what we're -- in a way, we're starting this business and growing this business as well from zero. So that's part of the ramp-up period, which is obviously as we scale it, there's going to be less variability in that business.

是的。就 SCI 這部分而言，沒錯。而且我想如 Nicholas 所說，進入第四季時，我們預期 SCI 將占我們飛機租賃業務的大多數，並且會持續擴張。你看，這顯然是我們——某種程度上，我們也是從零開始建立並成長這項業務。所以這是爬坡期的一部分；隨著規模擴大，該業務的波動性會降低。

Okay. And then one for Nicholas. I think you said that the SCI-related EBITDA might be proportional of sales, but I guess I was thinking of SCI as being a captive customer, one that you don't have to necessarily chase down for market share gains, you pretty much control it. So why is the SCI margin not more consistent with what you were thinking about earlier in the year and last year in four in terms of 40% as a target.

好的。接著有一題給 Nicholas。我想你說過，與 SCI 相關的 EBITDA 可能會與銷售成比例，但我原本把 SCI 視為一個內部（captive）客戶，你不一定需要去追逐市占率，你幾乎可以掌控它。那為什麼 SCI 的利潤率沒有更符合你們今年稍早以及去年第四季所提到、以 40% 作為目標的想法？

So for the SCI, it's never been necessarily about margin targets. It's all about build-to-suit of what engines we're replacing. So as a reminder, there's approximately 300 aircraft, so that's 600 engines in the first vehicle. So what happens in the exchange nature is what FTAI is rebuilding to is what is needed for the SCI for the remainder of the lease term. So if they need an engine with only a year or so or two years remaining on the lease term, so let's say, a low cycle build, then we'll build to that FTAI might get a high-margin build on that.

所以對 SCI 來說，從來就不一定是以利潤率目標為核心。重點在於依需求建置（build-to-suit），也就是我們要替換哪些引擎。提醒一下，第一個載體（vehicle）大約有 300 架飛機，也就是 600 具引擎。因此，在交換（exchange）的性質下，FTAI 重建的是 SCI 在剩餘租期所需要的配置。所以如果他們需要的是一具只剩一年左右或兩年租期的引擎——例如低循環（low cycle）的建置——那我們就按那個需求去建置，FTAI 可能會在那種情況下取得較高毛利的建置。

But then similarly, if they need an engine exchange right away within the first year of the vehicle, and we're doing a heavy rebuild for, let's say, a five to six year lease term, those margins will be below that number.

但同樣地，如果他們在該載體的第一年內就需要立刻進行引擎交換，而我們要做的是一次重度翻修（heavy rebuild），例如對應五到六年的租期，那些利潤率就會低於那個數字。

It's the same mix issue that we talked about with margins for any other third-party customer, SCI is similar to any other large airline. It just happens to be we're the GP, but it's similar in nature.

這與我們先前談到的、任何其他第三方客戶的利潤率都會受到組合（mix）影響是一樣的問題；SCI 類似於任何其他大型航空公司。只是剛好我們是普通合夥人（GP），但本質上是相似的。

Jeff Kauffman, Citizens Bank.

Citizens Bank 的 Jeff Kauffman。

Congratulations. I have a longer-term question. Thinking about the 27% EBITDA guidance, you've given us kind of the free cash generation on '26, can we imply what that looks like on your '27 EBITDA and maybe talk a little bit about how you would like to use that free cash either shareholders, augment growth, special projects. Just as this free cash begins to grow, talk about the conversion from EBITDA to free cash as EBITDA gets bigger? And then just kind of where you really want to use it.

恭喜。我有一個較長期的問題。在思考你們 27% 的 EBITDA 指引時，你們已經給了我們 2026 年的自由現金產生情況；我們能否推估 2027 年 EBITDA 大概會是什麼樣子，並且談談你們希望如何運用這些自由現金——回饋股東、強化成長、特殊專案等。隨著自由現金開始成長，能否談談當 EBITDA 變大時，從 EBITDA 轉換為自由現金的轉換率？以及你們真正想把它用在哪裡。

Yes, I can take the first part of the question. So if you look at FTAI's results in '25 and how we're projecting on free cash flow in '26, you can see that our free cash flow conversion is approximately in line with other aerospace peers in that 60% to 70% range. It is, of course, a little premature to be giving a detailed number for given the tremendous amount of growth opportunities we're looking to do next year.

好的，我可以先回答問題的第一部分。如果你看 FTAI 在 2025 年的結果，以及我們對 2026 年自由現金流的預測，你可以看到我們的自由現金流轉換率大致與其他航太同業一致，約在 60% 到 70% 的區間。當然，鑑於我們明年正在評估的成長機會非常多，現在就提供詳細數字仍稍嫌過早。

However, what I will say is that for FTAI Power moving into this industry, it is a much higher cash conversion cycle for two reasons. First, it is the industry norm that a lot of customers will do advanced prepayments, and we noted that in our press release for our first customer contract.

不過，我要說的是，對於 FTAI Power 進入這個產業而言，現金轉換週期會高很多，原因有二。第一，產業慣例是許多客戶會先行預付款（advanced prepayments），我們也在針對第一份客戶合約的新聞稿中提到這點。

And then the second reason is because of the optionality between aerospace products inventory and what we can place into power. So what that means is as we do efficiencies of scale, you'll see a lot of synergies between the two businesses, and that ultimately means we should optimize inventory further.

第二個原因是，航太產品庫存與我們可配置到電力（power）領域之間具有選擇權（optionality）。這表示，當我們達到規模效率時，你會看到兩個業務之間有很多綜效，而這最終意味著我們應能進一步最佳化庫存。

And then on the capital allocation, our number one priority has been growth, and it will continue to be growth. And in that regard, we're always looking at acquisition opportunities for additional maintenance capability and capacity, is one; and two, we look at repair -- piece part repair and piece part manufacturing opportunities.

至於資本配置，我們的第一優先一直是成長，而且未來也會持續以成長為第一優先。在這方面，我們一直在尋找收購機會：第一是增加維修能力與產能；第二是尋找維修——零件維修（piece part repair）與零件製造（piece part manufacturing）的機會。

So we've got acquisition opportunities, we're always looking at and we're always evaluating different growth opportunities and that's the number one priority. We did also increase -- I think we've increased the dividend now for straight quarters, $0.05 a quarter. So it's been going up. It's now $0.50 or $2 a year. So we continue to return capital to shareholders in that manner.

所以我們一直都有在看、也一直在評估各種成長機會，而這是第一優先。我們也提高了——我想我們已經連續幾個季度調升股利，每季增加 0.05 美元。所以股利一直在上升。現在是每季 0.50 美元，也就是每年 2 美元。因此，我們也會以這種方式持續向股東返還資本。

I'm showing no further questions at this time. I will now turn it back to Alan Andreini for closing remarks.

目前顯示沒有其他提問。我現在把時間交回給 Alan Andreini 作結語。

Thank you, Marvin, and thank you all for participating in today's conference call. We look forward to updating you again after Q3.

謝謝你，Marvin，也謝謝各位參與今天的電話會議。我們期待在第三季之後再次向各位更新。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

感謝各位參與今天的會議。本次議程到此結束。您現在可以掛線。