Amedeo Air Four Plus (AA4) H2 2025 earnings summary

Executive summary

• Specializes in acquiring, leasing, and selling aircraft, with shares listed on the LSE since 2015.

• Paid over £288m in dividends and returned c. £184m in capital via share redemptions since inception.

• Portfolio includes 12 aircraft: 4 leased to Thai Airways, 8 to Emirates.

• Recent compulsory redemption returned £27.8m to shareholders in January 2025.

Financial highlights

• FY 2024/25 rental income: £182.4m, stable YoY; profit after tax: £13.7m, down from £26.1m in FY 2023/24.

• Net asset value per share: 112.74p (up from 111.50p YoY).

• Distributions made: £24.3m in FY 2024/25, up from £22.0m YoY.

• Outstanding debt reduced to £693.5m (GBP) from £819.9m YoY.

• Earnings per share: 4.62p, down from 8.60p YoY.

Outlook and guidance

• Emirates exercised a “half-life” option for a potential aircraft return, with lease expiry in November 2026.

• Thai Airways exited rehabilitation, resuming normal operations and trading by August 2025.

• Asset values, especially B777-300ER, have recovered above pre-pandemic levels due to supply constraints.