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BOC Aviation (2588) investor relations material
BOC Aviation H1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Net profit after tax rose 4.4% year-over-year to US$357 million for H1 2026, with EPS at US$0.51 and record core lease rental contribution of US$388 million, up 13% year-over-year.
Total revenues and other income increased 4.4% to US$1,297 million, driven by higher lease rental and finance lease income.
Interim dividend declared at US$0.1799 per share, up 22% from the prior year, with payout ratio raised to 35%.
Fleet utilization remained at 100%, with a young average age of 5.0 years and 86% latest-technology aircraft by NBV.
Portfolio comprised over 810 aircraft and engines, with 320+ on order and all deliveries through 2027 placed.
Financial highlights
Lease rental income grew 5.5% to US$988 million; finance lease income up 8.2% to US$141 million.
Net gain on sale of aircraft increased 13.5% to US$69 million, with margins above long-run average.
Total assets increased 5.6% to US$27.8 billion; net assets rose 2.7% to US$7.0 billion.
Gross debt to equity at 2.6x; average cost of funds stable at 4.4%.
Liquidity at US$6.3 billion (cash and undrawn facilities); operating cash flow net of interest exceeded US$0.8 billion.
Outlook and guidance
On track for at least 49 aircraft deliveries in 2026, with US$17.6 billion in future committed investments.
CapEx guidance for 2026 is US$4.5 billion, with US$2.3 billion spent in H1 and US$1.8 billion already committed for H2.
Targeting US$40 billion in assets by 2030, supported by strong capex and asset quality.
Dividend policy updated to pay up to 40% of full-year earnings.
Tight aircraft supply and resilient demand expected to persist, supporting high utilization and lease rates.
- Record US$764 million NPAT and US$12 billion committed capex support growth.2588
H2 2023 - Record profit, strong cash flow, and higher dividends support robust growth into 2026.2588
H2 2025 - Net profit fell 26% to US$342M, but revenues rose 6% and cash flow hit record levels.2588
H1 2025 - Record net profit, robust liquidity, and a $12B capex pipeline position for future growth.2588
HSBC Credit Conference 2024 Presentation - Record profit, strong liquidity, and robust fleet growth highlight exceptional 1H 2024 performance.2588
Daiwa Investment Conference 2024 Presentation - Record profits, cash flow, and fleet growth highlight strong performance and industry leadership.2588
Deutsche Bank Leasing Conference 2024 Presentation - Record profit and cash flow driven by a modern fleet, strong liquidity, and global diversification.2588
Daiwa Investment Conference Hong Kong 2024 Presentation - Record profit, cash flow, and dividend driven by robust demand and higher asset values.2588
H1 2024 - Record net profit, strong liquidity, and full Russia write-down recovery drive robust 2024 results.2588
H2 2024
Next BOC Aviation earnings date
Next BOC Aviation earnings date
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