High Absolute LeverageDespite improvement to ~2.68x reported leverage, absolute debt levels remain high for a cyclical leasing business. Elevated leverage increases refinancing, covenant and cyclical exposure to downturns in flight activity or asset values, constraining flexibility over the medium term.
Volatile And Negative Free Cash FlowPersistent negative and volatile FCF reflects heavy asset investment and trading activity. This pattern heightens reliance on external funding for growth and dividends, raising liquidity and funding‑cost sensitivity if capital markets tighten or asset sales slow over the next several quarters.
Rising Operating And Finance CostsMaterial increases in G&A and personnel costs, alongside higher reported net finance and technical expenses, put pressure on margin sustainability. If cost growth outpaces revenue gains, incremental operating leverage may be limited and returns on new deployments could be eroded.