AerCap Holdings N.V. Reports First Quarter 2013 Financial Results

Amsterdam, Netherlands; May 7, 2013 – AerCap Holdings N.V. (the “Company” or “AerCap”) (NYSE: AER) today announced the results of its operations for the first quarter ended March 31, 2013.

First quarter 2013 Financial Highlights

First quarter 2013 reported net income was $67.5 million, compared with $65.0 million for the same period in 2012. First quarter 2013 reported basic and diluted earnings per share was $0.59, compared with $0.46 for the same period in 2012.

First quarter 2013 adjusted net income was $68.0 million, compared with $69.1 million for the same period in 2012. First quarter 2013 adjusted earnings per share was $0.60, compared with $0.49 for the same period in 2012.

Net interest margin earned on lease assets, or net spread, was $152.9 million in the first quarter of 2013 compared with $174.4 million for the same period in 2012. Net interest margin as a percentage of average lease assets was 8.3% for first quarter 2013 as compared with 8.8% for the same period in 2012. The decrease is primarily attributable to the sale of the ALS portfolio in the fourth quarter of 2012.

Total owned assets were $8.6 billion as of March 31, 2013 and total managed aircraft were valued at $2.1 billiona). The total owned assets decreased by 7% from $9.3 billion as of March 31, 2012, which was primarily attributable to the sale of the ALS portfolio (now a managed asset), partially offset by new aircraft deliveries.

Total committed aircraft purchases were $1.6 billion as of March 31, 2013, relating to 34 aircraft including purchase options, which are fully placed on long term leases.

The debt to equity ratio was 2.6 to 1 at March 31, 2013, unchanged from March 31, 2012.

Unrestricted cash as of March 31, 2013 was $375.4 million. In addition, an undrawn working capital facility of $290 million was available.

Includes aircraft under our management and owned by our non-consolidated joint ventures. The aircraft value was based on the average appraised value provided by three external appraisers between September 2012 and March 2013.

Aengus Kelly, CEO of AerCap, commented: “The combination of our asset sales over the course of the last 12 months at or above book value and subsequent purchase of our shares at a deep discount to book value has driven our earnings per share up by 22% year on year. This disciplined approach to both investing in and divesting of aircraft is a key pillar of AerCap’s industry leading results.”

AerCap’s CFO, Keith Helming, added: “We are encouraged by the Company’s financial performance in the first quarter of 2013, as the Company’s liquidity profile remains robust. With a total of $655 million of unrestricted cash and availability on our undrawn credit facility, the Company is extremely well positioned to take advantage of accretive investment opportunities that may arise throughout the balance of 2013.”

Net Income/Earnings Per Share

Set forth below are the details to reconcile reported net income to adjusted net income, including the specific adjustments.

First quarter 2013 adjusted earnings per share increased 22% over the same period 2012, driven primarily by the share repurchases completed in 2012.

First quarter 2013 adjusted net income was slightly lower than first quarter 2012, driven by the sale of our ALS portfolio and other aircraft sales which were completed since the first quarter of 2012, partially offset by income generated from new aircraft purchases completed over the same period.

The net impact from aircraft sales and purchases over the past year also resulted in decreases in basic lease rents and net spread in the first quarter of 2013 as compared to the same period in 2012.

Revenue and Net Spread

Basic lease rents were $212.9 million for the first quarter of 2013, a decrease of 9% compared with the same period in 2012. Our average lease assets decreased by 6% to $7.4 billion compared with the first quarter of 2012.

Basic rents, maintenance rents and other receipts, or total lease revenue, for the first quarter of 2013 was $226.8 million, compared with $252.7 million for the same period in 2012, a decrease of 10%.

Net gain on sale of assets for the first quarter of 2013 was $11.0 million, compared to a $0.2 million loss for the same period in 2012.

Interest on debt for the quarters ended March 31, 2013 and 2012 includes $7.6 million and $7.1 million of amortization of debt issuance costs.

As shown in the table above, interest expense excluding the impact of the mark-to-market of interest rate caps was $60.0 million in the first quarter of 2013, a 1% decrease compared with the same period in 2012. Net spread in the first quarter of 2013 decreased 12% compared with the same period in 2012.

Selling, General and Administrative expenses

Effective Tax Rate

AerCap’s blended effective tax rate during the first quarter of 2013 was 8.0%. The blended effective tax rate in 2012 was 5.2%.

Financial Position

As of March 31, 2013, AerCap’s portfolio consisted of 341 aircraft that were either owned and consolidated, on order, under contract or letter of intent, managed or owned by AerDragon, a non-consolidated joint venture.