Track market-moving stories before they get noisy

Scandium Canada commends the Nation-led Nuuhchiimiiu Maaskinuw Project and reaffirms its commitment to community-driven development in Nunavik

  June 17, 2026 – TheNewswire - MONTRÉAL, QUÉBEC – Scandium Canada Ltd. (TSX-V: SCD) (the “Company") welcomes and commends the announcement by the Naskapi Nation of Kawawachikamach (the “Naskapi Nation”) that it is advancing the first phase of the Naskapi Nuuhchiimiiu Maaskinuw Project, a Nation-led initiative to assess potential multi-user access corridor options within Nuchimiyuschiiy – the traditional Naskapi Nation territory – and to examine their environmental, cultural, social, and economic implications.

As described on June 12 by the Naskapi Nation in an official press release, the initiative is a community-driven assessment grounded in engagement with community members, Elders, land users, and neighbouring Nations. It was stated that the project is intended to gather information, conduct due diligence, and support informed decision-making.

Scandium Canada firmly believes that decisions about infrastructure in Nunavik must involve all First Nations and Inuit sharing that territory. The Company supports and salutes the Naskapi Nation's leadership in evaluating access corridor options and recognizes the priorities the Naskapi Nation has placed at the centre of this work: environmental stewardship, traditional land use, Indigenous governance, and collaboration with Indigenous Peoples and users of the corridor.

Quotes

"We commend the Naskapi Nation of Kawawachikamach for the leadership it is showing with the potential multi-user access corridor of the Nuuhchiimiiu Maaskinuw Project.”  said Guy Bourassa, Chief Executive Officer (CEO) of Scandium Canada. "What matters to us is that the benefits of development reach the people whose land makes it possible. We are deeply committed to a relationship that delivers lasting, shared value to the Naskapi Nation and neighbouring communities.”

Scandium Canada emphasizes that the Nuuhchiimiiu Maaskinuw Project is an independent initiative led by the Naskapi Nation of Kawawachikamach. The Company fully respects the objectives of the assessment, which is intended to gather information, carry out due diligence, and support informed decision-making on future infrastructure options.

In alignment with the Nation's initiative, Scandium Canada continues its own engagement with the Indigenous communities connected to the Crater Lake project, which includes a hydrometallurgical plant in Schefferville, with the goal of fostering dialogue, understanding community priorities, and building lasting relationships based on trust, mutual respect, and collaboration.

ABOUT SCANDIUM CANADA LTD.

Scandium Canada (TSX-V: SCD) is a public company whose ultimate goal is to bring the most significant primary source of scandium in North America into production, enabling the development and commercialization of aluminum-scandium (Al-Sc) alloys. The Company is leveraging its Al-Sc alloys development division and the development of its Crater Lake mining project to meet the growing need for lighter, greener, longer-lasting, high-performance materials. The Company aims to become a market leader in scandium, while committing itself to building a more responsible economy through innovation and agility.

FORWARD-LOOKING STATEMENTS

This press release contains forward-looking statements within the meaning of applicable Canadian securities laws. Forward-looking statements are based on assumptions and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied. The Naskapi Nuuhchiimiiu Maaskinuw Project is an initiative led by the Naskapi Nation of Kawawachikamach. Scandium Canada makes no representation as to the outcome, timing, or scope of the Nation's assessment, and nothing in this release should be interpreted as an indication of progress on, or approval of, infrastructure related to the Crater Lake project. Scandium Canada undertakes no obligation to update forward-looking statements except as required by applicable law.

Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Company as of the time of such statements, are inherently subject to significant business, economic and competitive uncertainties, and contingencies. These estimates and assumptions may prove to be incorrect. Many of these uncertainties and contingencies can directly or indirectly affect, and could cause, actual results to differ materially from those expressed or implied in any forward-looking statements and future events, could differ materially from those anticipated in such statements. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in the Company’s disclosure documents on the SEDAR+ website at www.sedarplus.ca.

By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that estimates, forecasts, projections and other forward-looking statements will not be achieved or that assumptions do not reflect future experience. Forward-looking statements are provided for the purpose of providing information about management’s endeavors to develop the Crater Lake project, and, more generally, its expectations and plans relating to the future. Readers are cautioned not to place undue reliance on these forward-looking statements as a number of important risk factors and future events could cause the actual outcomes to differ materially from the beliefs, plans, objectives, expectations, anticipations, estimates, assumptions and intentions expressed in such forward-looking statements. All of the forward-looking statements made in this press release are qualified by these cautionary statements and those made in our other filings with the securities regulators of Canada. The Company disclaims any intention or obligation to update or revise any forward-looking statement or to explain any material difference between subsequent actual events and such forward-looking statements, except to the extent required by applicable law.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

For additional information, please contact :

Scandium Canada Ltd.

Guy Bourassa

Chief Executive Officer

Phone: +1 (418) 580-2320

Email: [email protected]          

Website: www.scandium-canada.com

LinkedIn: Scandium Canada Ltd.

X: @ScandiumCanada

Facebook: Scandium Canada

Instagram: @scandiumcanada

 

Bridgefront Capital LLC purchased a new position in Air Lease Corporation (NYSE: AL) in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 11,211 shares of the transportation company's stock, valued at approximately $714,000. Several other institutional investors have also

Investors interested in stocks from the Transportation - Equipment and Leasing sector have probably already heard of Air Lease (AL) and Westinghouse Air Brake Technologies (WAB). But which of these two stocks presents investors with the better value opportunity right now?

It doesn't matter your age or experience: taking full advantage of the stock market and investing with confidence are common goals for all investors. Luckily, Zacks Premium offers several different ways to do both.

Featuring daily updates of the Zacks Rank and Zacks Industry Rank, full access to the Zacks #1 Rank List, Equity Research reports, and Premium stock screens, the research service can help you become a smarter, more self-assured investor.

Zacks Premium includes access to the Zacks Style Scores as well.

What are the Zacks Style Scores? Developed alongside the Zacks Rank, the Zacks Style Scores are a group of complementary indicators that help investors pick stocks with the best chances of beating the market over the next 30 days.

Each stock is given an alphabetic rating of A, B, C, D or F based on their value, growth, and momentum qualities. With this system, an A is better than a B, a B is better than a C, and so on, meaning the better the score, the better chance the stock will outperform.

The Style Scores are broken down into four categories:

Value ScoreValue investors love finding good stocks at good prices, especially before the broader market catches on to a stock's true value. Utilizing ratios like P/E, PEG, Price/Sales, Price/Cash Flow, and many other multiples, the Value Style Score identifies the most attractive and most discounted stocks.

Growth ScoreWhile good value is important, growth investors are more focused on a company's financial strength and health, and its future outlook. The Growth Style Score takes projected and historic earnings, sales, and cash flow into account to uncover stocks that will see long-term, sustainable growth.

Momentum ScoreMomentum trading is all about taking advantage of upward or downward trends in a stock's price or earnings outlook, and these investors live by the saying "the trend is your friend." The Momentum Style Score can pinpoint good times to build a position in a stock, using factors like one-week price change and the monthly percentage change in earnings estimates.

VGM ScoreWhat if you like to use all three types of investing? The VGM Score is a combination of all Style Scores, making it one of the most comprehensive indicators to use with the Zacks Rank. It rates each stock on their combined weighted styles, which helps narrow down the companies with the most attractive value, best growth forecast, and most promising momentum.

How Style Scores Work with the Zacks Rank A proprietary stock-rating model, the Zacks Rank utilizes the power of earnings estimate revisions, or changes to a company's earnings outlook, to help investors create a successful portfolio.

Investors can count on the Zacks Rank's success, with #1 (Strong Buy) stocks producing an unmatched +23.93% average annual return since 1988, more than double the S&P 500's performance. But the model rates a large number of stocks, and there are over 200 companies with a Strong Buy rank, plus another 600 with a #2 (Buy) rank, on any given day.

With more than 800 top-rated stocks to choose from, it can certainly feel overwhelming to pick the ones that are right for you and your investing journey.

That's where the Style Scores come in.

To have the best chance of big returns, you'll want to always consider stocks with a Zacks Rank #1 or #2 that also have Style Scores of A or B, which will give you the highest probability of success. If you're looking at stocks with a #3 (Hold) rank, it's important they have Scores of A or B as well to ensure as much upside potential as possible.

Since the Scores were created to work together with the Zacks Rank, the direction of a stock's earnings estimate revisions should be a key factor when choosing which stocks to buy.

Here's an example: a stock with a #4 (Sell) or #5 (Strong Sell) rating, even one with Style Scores of A and B, still has a downward-trending earnings outlook, and a bigger chance its share price will decrease too.

Thus, the more stocks you own with a #1 or #2 Rank and Scores of A or B, the better.

Stock to Watch: Air Lease Founded in 2010, Los Angeles, CA-based Air Lease Corporation is a leading aircraft leasing company. It is primarily involved in purchasing commercial aircraft directly from the manufacturers, leasing the same to its airline customers across the globe. Some noteworthy manufacturers that the company works with are The Boeing Company and Airbus S.A.S.

AL is a #2 (Buy) on the Zacks Rank, with a VGM Score of B.

It also boasts a Value Style Score of A thanks to attractive valuation metrics like a forward P/E ratio of 8.87; value investors should take notice.

For fiscal 2026, one analyst revised their earnings estimate upwards in the last 60 days, and the Zacks Consensus Estimate has increased $0.35 to $7.30 per share. AL boasts an average earnings surprise of +14.6%.

With a solid Zacks Rank and top-tier Value and VGM Style Scores, AL should be on investors' short list.

LOS ANGELES--(BUSINESS WIRE)--Air Lease (NYSE: AL) announced today the receipt of the final regulatory approval that is a condition to closing Air Lease’s previously announced merger with a subsidiary of Sumisho Air Lease Corporation DAC, a holding company based in Dublin, Ireland, whose shares at closing will be held directly or indirectly by Sumitomo Corporation, SMBC Aviation Capital Limited and investment vehicles affiliated with Apollo managed funds and Brookfield.

Air Lease expects to complete the merger on or about April 8, 2026, subject to the satisfaction of the remaining closing conditions set forth in the merger agreement and discussed in detail in the definitive proxy statement filed with the U.S. Securities and Exchange Commission by Air Lease on November 4, 2025. Under the terms of the merger agreement, upon completion of the merger, Air Lease’s Class A common stockholders will be entitled to receive $65.00 in cash, without interest and subject to any applicable withholding taxes, for each share of Class A common stock of Air Lease held immediately prior to the effective time of the merger. Additionally, under the terms of the merger agreement, each share of 4.65% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series B, 4.125% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series C, and 6.00% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series D, of Air Lease issued and outstanding immediately prior to the effective time of the merger will remain outstanding as preferred stock of the surviving corporation. Upon completion of the merger, Air Lease will be renamed Sumisho Air Lease Corporation.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “anticipates,” “expects,” “intends,” “plans,” “projects,” “believes,” “may,” “will,” “would,” “could,” “should,” “seeks,” “estimates” and variations on these words and similar expressions are intended to identify such forward-looking statements.

All statements, other than historical facts, including statements regarding the expected timing of the closing of the merger; the ability of the parties to complete the merger considering the various closing conditions; the expected benefits of the merger; and any assumptions underlying any of the foregoing, are forward-looking statements. Such statements are based upon current plans, estimates and expectations that are subject to risks, uncertainties and assumptions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. The inclusion of such statements should not be regarded as a representation that such plans, estimates or expectations will be achieved. You should not place undue reliance on such statements. Important factors that could cause actual results to differ materially from such plans, estimates or expectations include, among others, that (i) one or more closing conditions to the merger may not be satisfied or waived, on a timely basis or otherwise; (ii) the business of Air Lease may suffer as a result of uncertainty surrounding the merger and there may be challenges with employee retention as a result of the pending merger; (iii) the merger agreement contains restrictions on Air Lease’s ability to incur additional debt, which may negatively impact its liquidity and ability to maintain its investment grade ratings; (iv) the merger may involve unexpected costs, liabilities or delays; (v) legal proceedings have been and may continue to be initiated related to the merger; (vi) changes in economic conditions, political conditions and changes in laws or regulations may occur; (vii) an event, change or other circumstance may occur that could give rise to the termination of the merger agreement (including circumstances requiring a party to pay the other party a termination fee pursuant to the merger agreement); and (viii) other risk factors as detailed from time to time in Air Lease’s reports filed with the Securities and Exchange Commission (the “SEC”), including Air Lease’s Annual Report on Form 10-K for the year ended December 31, 2025, which are available on the SEC’s website (www.sec.gov). There can be no assurance that the merger will be completed, or if it is completed, that it will close within the anticipated time period or that the expected benefits of the merger will be realized.

In addition, new risks and uncertainties may emerge from time to time, and it is not possible for Air Lease to predict or assess the impact of every factor that may cause its actual results to differ from those contained in any forward-looking statements. Such forward-looking statements speak only as of the date of this press release. Air Lease expressly disclaims any obligation to revise or update publicly any forward-looking statement to reflect actual results or events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

About Air Lease (NYSE: AL)

Air Lease is a leading global aircraft leasing company based in Los Angeles, California that has airline customers throughout the world. Air Lease and its team of dedicated and experienced professionals are principally engaged in purchasing new commercial aircraft and leasing them to its airline customers worldwide through customized aircraft leasing and financing solutions. The company routinely posts information that may be important to investors in the “Investors” section of its website at www.airleasecorp.com. Investors and potential investors are encouraged to consult Air Lease’s website regularly for important information. The information contained on, or that may be accessed through, Air Lease’s website is not incorporated by reference into, and is not a part of, this press release.

For new and old investors, taking full advantage of the stock market and investing with confidence are common goals. Zacks Premium provides lots of different ways to do both.

The research service features daily updates of the Zacks Rank and Zacks Industry Rank, full access to the Zacks #1 Rank List, Equity Research reports, and Premium stock screens, all of which will help you become a smarter, more confident investor.

It also includes access to the Zacks Style Scores.

What are the Zacks Style Scores? The Zacks Style Scores is a unique set of guidelines that rates stocks based on three popular investing types, and were developed as complementary indicators for the Zacks Rank. This combination helps investors choose securities with the highest chances of beating the market over the next 30 days.

Each stock is assigned a rating of A, B, C, D, or F based on their value, growth, and momentum characteristics. Just like in school, an A is better than a B, a B is better than a C, and so on -- that means the better the score, the better chance the stock will outperform.

The Style Scores are broken down into four categories:

Value ScoreValue investors love finding good stocks at good prices, especially before the broader market catches on to a stock's true value. Utilizing ratios like P/E, PEG, Price/Sales, Price/Cash Flow, and many other multiples, the Value Style Score identifies the most attractive and most discounted stocks.

Growth ScoreGrowth investors, on the other hand, are more concerned with a company's financial strength and health, and its future outlook. The Growth Style Score examines things like projected and historic earnings, sales, and cash flow to find stocks that will experience sustainable growth over time.

Momentum ScoreMomentum investors, who live by the saying "the trend is your friend," are most interested in taking advantage of upward or downward trends in a stock's price or earnings outlook. Utilizing one-week price change and the monthly percentage change in earnings estimates, among other factors, the Momentum Style Score can help determine favorable times to buy high-momentum stocks.

VGM ScoreWhat if you like to use all three types of investing? The VGM Score is a combination of all Style Scores, making it one of the most comprehensive indicators to use with the Zacks Rank. It rates each stock on their combined weighted styles, which helps narrow down the companies with the most attractive value, best growth forecast, and most promising momentum.

How Style Scores Work with the Zacks Rank The Zacks Rank, which is a proprietary stock-rating model, employs earnings estimate revisions, or changes to a company's earnings expectations, to make building a winning portfolio easier.

It's highly successful, with #1 (Strong Buy) stocks producing an unmatched +23.93% average annual return since 1988. That's more than double the S&P 500. But because of the large number of stocks we rate, there are over 200 companies with a Strong Buy rank, plus another 600 with a #2 (Buy) rank, on any given day.

With more than 800 top-rated stocks to choose from, it can certainly feel overwhelming to pick the ones that are right for you and your investing journey.

That's where the Style Scores come in.

You want to make sure you're buying stocks with the highest likelihood of success, and to do that, you'll need to pick stocks with a Zacks Rank #1 or #2 that also have Style Scores of A or B. If you like a stock that only has a #3 (Hold) rank, it should also have Scores of A or B to guarantee as much upside potential as possible.

As mentioned above, the Scores are designed to work with the Zacks Rank, so any change to a company's earnings outlook should be a deciding factor when picking which stocks to buy.

Here's an example: a stock with a #4 (Sell) or #5 (Strong Sell) rating, even one with Style Scores of A and B, still has a downward-trending earnings outlook, and a bigger chance its share price will decrease too.

Thus, the more stocks you own with a #1 or #2 Rank and Scores of A or B, the better.

Stock to Watch: Air Lease Founded in 2010, Los Angeles, CA-based Air Lease Corporation is a leading aircraft leasing company. It is primarily involved in purchasing commercial aircraft directly from the manufacturers, leasing the same to its airline customers across the globe. Some noteworthy manufacturers that the company works with are The Boeing Company and Airbus S.A.S.

AL is a #2 (Buy) on the Zacks Rank, with a VGM Score of B.

Momentum investors should take note of this Transportation stock. AL has a Momentum Style Score of B, and shares are up 0.1% over the past four weeks.

One analyst revised their earnings estimate higher in the last 60 days for fiscal 2026, while the Zacks Consensus Estimate has increased $0.35 to $7.30 per share. AL also boasts an average earnings surprise of +14.6%.

With a solid Zacks Rank and top-tier Momentum and VGM Style Scores, AL should be on investors' short list.

Investors with an interest in Transportation - Equipment and Leasing stocks have likely encountered both Air Lease and Westinghouse Air Brake Technologies (WAB - Free Report) . But which of these two stocks is more attractive to value investors? We'll need to take a closer look to find out.

We have found that the best way to discover great value opportunities is to pair a strong Zacks Rank with a great grade in the Value category of our Style Scores system. The Zacks Rank favors stocks with strong earnings estimate revision trends, and our Style Scores highlight companies with specific traits.

Air Lease and Westinghouse Air Brake Technologies are sporting Zacks Ranks of #2 (Buy) and #3 (Hold), respectively, right now. Investors should feel comfortable knowing that AL likely has seen a stronger improvement to its earnings outlook than WAB has recently. But this is only part of the picture for value investors.

Value investors also try to analyze a wide range of traditional figures and metrics to help determine whether a company is undervalued at its current share price levels.

Our Value category grades stocks based on a number of key metrics, including the tried-and-true P/E ratio, the P/S ratio, earnings yield, and cash flow per share, as well as a variety of other fundamentals that value investors frequently use.

AL currently has a forward P/E ratio of 8.90, while WAB has a forward P/E of 24.84. We also note that AL has a PEG ratio of 0.51. This popular figure is similar to the widely-used P/E ratio, but the PEG ratio also considers a company's expected EPS growth rate. WAB currently has a PEG ratio of 1.95.

Another notable valuation metric for AL is its P/B ratio of 0.86. Investors use the P/B ratio to look at a stock's market value versus its book value, which is defined as total assets minus total liabilities. By comparison, WAB has a P/B of 3.91.

These metrics, and several others, help AL earn a Value grade of A, while WAB has been given a Value grade of D.

AL stands above WAB thanks to its solid earnings outlook, and based on these valuation figures, we also feel that AL is the superior value option right now.

LOS ANGELES--(BUSINESS WIRE)--Sumisho Air Lease announces financial results for the three months ended March 31, 2026.

First Quarter 2026 Results

The following table summarizes the operating results for Sumisho Air Lease Corporation (the “Company”) for the three months ended March 31, 2026 and 2025 (in millions, except per share amounts and percentages):

Operating Results

Three Months Ended

March 31,

2026

2025

$ change

% change

Revenues

$

739.2

$

738.3

$

0.9

0.1

%

Operating expenses

(589.3

)

(598.6

)

9.3

(1.6

)%

Recoveries of Russian fleet write-off

—

331.9

(331.9

)

—

Income before taxes

149.9

471.7

(321.8

)

(68.2

)%

Net income attributable to common stockholders

$

114.8

$

364.8

$

(250.0

)

(68.5

)%

Diluted earnings per share

$

1.02

$

3.26

$

(2.24

)

(68.7

)%

Adjusted net income before income taxes(1)

$

165.4

$

169.5

$

(4.1

)

(2.4

)%

Adjusted diluted earnings per share before income taxes(1)

$

1.47

$

1.51

$

(0.04

)

(2.6

)%

Key Financial Ratios

Three Months Ended

March 31,

2026

2025

Pre-tax margin

20.3%

63.9%

Adjusted pre-tax margin(1)

22.4%

23.0%

  Highlights

On April 8, 2026, Air Lease Corporation completed the previously announced merger (the “Merger”) of Takeoff Merger Sub Inc., with and into Air Lease Corporation, with Air Lease Corporation surviving the Merger as an indirect subsidiary of Sumisho Air Lease Corporation Designated Activity Company (“Parent”). Parent is a new holding company established in connection with the Merger and is jointly owned, directly or indirectly, by Sumitomo Corporation, SMBC Aviation Capital Limited (“SMBC AC”) and investment vehicles affiliated with Apollo managed funds and Brookfield. Air Lease Corporation changed its name to Sumisho Air Lease Corporation in connection with the Merger. During the first quarter, we took delivery of 12 aircraft from our orderbook, representing $780 million in aircraft investments, ending the period with 496 aircraft in our owned fleet and over $33 billion in total assets. Sold six aircraft during the first quarter for $275 million in sales proceeds. We have $5.6 billion of aircraft in our sales pipeline1, which includes approximately $940 million in flight equipment held for sale as of March 31, 2026 and approximately $4.6 billion of aircraft subject to letters of intent. Financial Overview

First Quarter 2026 vs. First Quarter 2025

Our total rental of flight equipment revenue for the three months ended March 31, 2026 increased by approximately 4%, to $674 million, as compared to the three months ended March 31, 2025. The increase is primarily due to the growth of our flight equipment subject to operating leases since March 31, 2025 and an increase in our portfolio yield.

Our gain on aircraft sales and trading and other income decreased to $65 million for the three months ended March 31, 2026, as compared to $93 million for the three months ended March 31, 2025, which was primarily driven by lower sales activity. During the three months ended March 31, 2026, we recorded $53 million in gains from the sale of six aircraft, compared to $61 million in gains from the sale of 16 aircraft and $8 million from one sales-type lease for the three months ended March 31, 2025. In addition, we had a $8 million decrease in management fee revenue and a $4 million decrease in other income, which includes interest income, foreign currency fluctuations on our sales-type leases and other miscellaneous income from the prior year period.

Our total operating expenses decreased by 2% to $589 million during the three months ended March 31, 2026, as compared to $599 million of total operating expenses, excluding the recovery of our Russian fleet write-off of $332 million, during the three months ended March 31, 2025. Despite the increase in our composite cost of funds, our interest expense decreased by $8 million due to lower average debt balances during the period. In addition, although we incurred $9 million in merger-related costs during the first quarter of 2026, this was largely offset by non-recurring retirement expenses for our former executive chairman recognized during the first quarter of 2025, resulting in our selling, general and administrative expenses to be relatively flat as compared to the prior year period. Depreciation expense for the three months ended March 31, 2026, compared to the three months ended March 31, 2025 increased $11 million due to the growth of our fleet.

Our net income attributable to common stockholders for the three months ended March 31, 2026 decreased to $115 million, or $1.02 per diluted share, from $365 million, or $3.26 per diluted share, for the three months ended March 31, 2025. In the prior year, we benefited from a $332 million settlement of insurance claims with certain insurers related to aircraft detained in Russia, as well as higher gains on sales, resulting in a decrease in our net income attributable to common stockholders in the current period. These were slightly offset by higher total rental of flight equipment revenue in the current period and an overall decrease in our total operating expenses, as discussed above.

For the three months ended March 31, 2026, we recorded adjusted net income before income taxes of $165 million, or $1.47 per adjusted diluted share, as compared to adjusted net income before income taxes of $169 million, or $1.51 per adjusted diluted share, for the three months ended March 31, 2025. Despite the increase in our rental revenues due to the growth of our fleet and higher portfolio lease yield in the current period, our adjusted net income decreased primarily due to lower sales activity and an increase in depreciation expense, partially offset by a decrease in interest expense due to lower average debt balances during the period.

Flight Equipment Portfolio

As of March 31, 2026, the net book value of our flight equipment subject to operating leases was $28.9 billion, compared to $29.1 billion as of December 31, 2025. During the quarter, we reclassified $628.9 million in aircraft value to flight equipment held for sale, resulting in a decrease in the net book value of our fleet. As of March 31, 2026, we owned 496 aircraft in our aircraft portfolio, comprised of 357 narrowbody aircraft and 139 widebody aircraft, and we managed 40 aircraft. The weighted average fleet age and weighted average remaining lease term of flight equipment subject to operating leases as of March 31, 2026 was 5.0 years and 7.2 years, respectively. We had a globally diversified customer base comprised of 103 airlines in 52 countries as of March 31, 2026.

The following table summarizes the key portfolio metrics of our fleet as of March 31, 2026 and December 31, 2025:

March 31, 2026

December 31, 2025

Net book value of flight equipment subject to operating leases

$

28.9 billion

$

29.1 billion

Weighted-average fleet age(1)

5.0 years

4.9 years

Weighted-average remaining lease term(1)

7.2 years

7.2 years

Owned fleet(2)

$

496

$

490

Managed fleet(3)

40

45

Aircraft on order(4)

206

218

Total

742

753

Current fleet contracted rentals

$

19.2 billion

$

19.6 billion

Committed fleet rentals(4)

$

8.6 billion

$

9.3 billion

Total committed rentals

$

27.8 billion

$

28.9 billion

(1)

Weighted-average fleet age and remaining lease term calculated based on net book value of our flight equipment subject to operating leases.

(2)

As of March 31, 2026 and December 31, 2025, our owned fleet count included 25 and 12 aircraft classified as flight equipment held for sale, respectively, and 17 and 16 aircraft classified as net investments in sales-type leases, respectively.

(3)

We will continue to manage our managed fleet after the Merger; however, certain services for the aircraft and leases will be subserviced by SMBC AC.

(4)

On April 8, 2026, in connection with the closing of the Merger, SMBC AC acquired the rights to our outstanding orderbook for undelivered aircraft. For further discussion on the Merger see our Quarterly Report on Form 10-Q for the quarter ended March 31, 2026.

The following table details the regional concentration of our flight equipment subject to operating leases:

March 31, 2026

December 31, 2025

Region

% of Net Book Value

% of Net Book Value

Europe

39.2

%

39.1

%

Asia Pacific

36.9

%

36.5

%

Central America, South America, and Mexico

10.5

%

10.7

%

The Middle East and Africa

7.1

%

7.8

%

U.S. and Canada

6.3

%

5.9

%

Total

100.0

%

100.0

%

The following table details the composition of our owned fleet by aircraft type:

March 31, 2026

December 31, 2025

Aircraft type

Number of

Aircraft

% of Total

Number of

Aircraft

% of Total

Airbus A220-100

9

1.8

%

8

1.6

%

Airbus A220-300

34

6.9

%

33

6.7

%

Airbus A320-200

16

3.2

%

17

3.5

%

Airbus A320-200neo

20

4.0

%

23

4.7

%

Airbus A321-200

17

3.4

%

17

3.5

%

Airbus A321-200neo

112

22.6

%

109

22.2

%

Airbus A330-200(1)

13

2.6

%

13

2.7

%

Airbus A330-300

5

1.0

%

5

1.0

%

Airbus A330-900neo

28

5.6

%

28

5.7

%

Airbus A350-900

17

3.4

%

17

3.5

%

Airbus A350-1000

8

1.6

%

8

1.6

%

Boeing 737-800

37

7.5

%

38

7.8

%

Boeing 737-8 MAX

76

15.3

%

71

14.5

%

Boeing 737-9 MAX

35

7.1

%

35

7.1

%

Boeing 777-200ER

1

0.2

%

1

0.2

%

Boeing 777-300ER

23

4.6

%

23

4.7

%

Boeing 787-9

26

5.2

%

26

5.3

%

Boeing 787-10

18

3.7

%

17

3.5

%

Embraer E190

1

0.3

%

1

0.2

%

Total(2)

496

100.0

%

490

100.0

%

Debt Financing Activities

Our total debt financing, net of discounts and issuance costs, was $20.8 billion, $19.8 billion and $19.7 billion as of April 30, 2026, March 31, 2026 and December 31, 2025, respectively. As of April 30, 2026, March 31, 2026, and December 31, 2025, 78.8%, 67.6% and 76.8% of our total debt financing was at a fixed rate, respectively, and 99.2% and 97.9% and 97.5% was unsecured. Our composite cost of funds was 4.33%, 4.29% and 4.15% as of April 30, 2026, March 31, 2026 and December 31, 2025, respectively. We ended the quarter with total liquidity of $5.4 billion.

As of the end of the periods presented, our debt portfolio was comprised of the following components (dollars in millions, except percentages):

April 30, 2026

March 31, 2026

December 31, 2025

Unsecured

Senior unsecured securities

$

16,417

$

12,390

$

13,861

Term financings

4,244

3,607

3,847

Commercial paper

—

1,046

1,361

Revolving credit facility

—

2,470

—

Other revolving credit facilities

—

—

300

Total unsecured debt financing

20,661

19,513

19,369

Secured

Term financings

—

255

318

Export credit financing

169

171

175

Total secured debt financing

169

426

493

Total debt financing

20,830

19,939

19,862

Less: Debt discounts and issuance costs

(49

)

(120

)

(132

)

Debt financing, net of discounts and issuance costs

$

20,781

$

19,819

$

19,730

Selected interest rates and ratios:

Composite interest rate(1)

4.33

%

4.29

%

4.15

%

Composite interest rate on fixed-rate debt(1)

4.18

%

4.02

%

3.91

%

Percentage of total debt at a fixed-rate

78.81

%

67.57

%

76.85

%

Conference Call

In connection with this earnings release, Sumisho Air Lease will host a conference call on May 7, 2026 at 4:30 PM Eastern Time to discuss the Company's financial results for the first quarter of 2026.

Investors can participate in the conference call by dialing 1 (800) 715-9871 domestic or 1 (646) 307-1963 international. The passcode for the call is 5685809.

The conference call will also be broadcast live through a link on the Investors page of the Sumisho Air Lease website at www.sumisho.aero. Materials presented during the conference call will also be posted on the Sumisho Air Lease website. Please visit the website at least 15 minutes prior to the call to register, download and install any necessary audio software. A transcript of the conference call will be available on the Investors page of the Sumisho Air Lease website for a period of 12 months following the conference call.

About Sumisho Air Lease

Sumisho Air Lease Corporation is a leading global aircraft leasing company acquired by Sumitomo Corporation, SMBC Aviation Capital, and investment vehicles affiliated with Apollo and Brookfield in April 2026. The company is principally engaged in leasing liquid and new technology aircraft to airlines throughout the world. Sumisho Air Lease routinely posts information that may be important to investors in the “Investors” section of its website at www.sumisho.aero. Investors and potential investors are encouraged to consult Sumisho Air Lease’s website regularly for important information. The information contained on, or that may be accessed through, Sumisho Air Lease’s website is not incorporated by reference into, and is not a part of, this press release.

Forward-Looking Statements

This press release contains statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Those statements appear in a number of places in this press release and include statements regarding, among other matters, the state of the airline industry, our ability to access the capital and debt markets, our aircraft sales pipeline and expectations, changes in inflation and interest rates and other macroeconomic conditions and other factors affecting our financial condition or results of operations. Words such as “can,” “could,” “may,” “predicts,” “potential,” “will,” “projects,” “continuing,” “ongoing,” “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates” and “should,” and variations of these words and similar expressions, are used in many cases to identify these forward-looking statements. Any such forward-looking statements are not guarantees of future performance and involve risks, uncertainties, and other factors that may cause our actual results, performance or achievements, or industry results to vary materially from our future results, performance or achievements, or those of our industry, expressed or implied in such forward-looking statements. Such factors include, among others:

our inability to obtain additional capital on favorable terms, or at all, to service our debt obligations and refinance maturing debt obligations; increases in our cost of borrowing, decreases in our credit ratings or changes in interest rates; our inability to generate sufficient returns on our aircraft investments through strategic aircraft acquisitions and profitable leasing; obsolescence of, or changes in overall demand for, our aircraft; changes in the value of, and lease rates for, our aircraft, including as a result of aircraft oversupply, manufacturer production levels, our lessees’ failure to maintain our aircraft, inflation, and other factors outside of our control; impaired financial condition and liquidity of our lessees, including due to lessee defaults and reorganizations, bankruptcies or similar proceedings; potential conflicts of interest with SMBC AC, as servicer of the majority of our aircraft; increased competition from other aircraft lessors; the failure by our lessees to adequately insure our aircraft or fulfill their contractual indemnity obligations to us, or the failure of such insurers to fulfill their contractual obligations; increased tariffs and other restrictions on trade; changes in the regulatory environment, including changes in tax laws and environmental regulations; other events affecting our business or the business of our lessees and aircraft manufacturers or their suppliers that are beyond our or their control, such as the threat or realization of epidemic diseases, natural disasters, terrorist attacks, war or armed hostilities between countries or non-state actors; and any additional factors discussed under “Part II — Item 1A. Risk Factors” in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, and other Securities and Exchange Commission (“SEC”) filings, including future SEC filings. All forward-looking statements are necessarily only estimates of future results, and there can be no assurance that actual results will not differ materially from expectations. You are therefore cautioned not to place undue reliance on such statements. Any forward-looking statement speaks only as of the date on which it is made, and we do not intend and undertake no obligation to update any forward-looking information to reflect actual results or events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events.

Sumisho Air Lease Corporation and Subsidiaries

CONSOLIDATED BALANCE SHEETS

(In thousands, except share and par value amounts)

  March 31, 2026

December 31, 2025

(in thousands, except share and par value amounts)

Assets

Cash and cash equivalents

$

554,062

$

466,410

Restricted cash

502

3,540

Flight equipment subject to operating leases

35,732,476

35,880,458

Less accumulated depreciation

(6,857,633

)

(6,826,828

)

28,874,843

29,053,630

Net investment in sales-type leases

462,797

460,806

Deposits on flight equipment purchases

1,081,857

1,052,141

Flight equipment held for sale

940,330

529,016

Other assets

1,253,889

1,318,150

Total assets

$

33,168,280

$

32,883,693

Liabilities and Stockholders’ Equity

Accrued interest and other payables

$

1,063,515

$

1,012,345

Debt financing, net of discounts and issuance costs

19,819,195

19,730,129

Security deposits on flight equipment leases

618,667

622,556

Maintenance reserves on flight equipment leases

1,542,339

1,477,046

Rentals received in advance

127,109

143,631

Deferred tax liability

1,448,357

1,425,230

Total liabilities

$

24,619,182

$

24,410,937

Stockholders’ Equity

Preferred Stock, $0.01 par value; 50,000,000 shares authorized; 900,000 (aggregate liquidation preference of $900,000) shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively

9

9

Class A common stock, $0.01 par value; 500,000,000 shares authorized; 112,415,671 and 112,035,408 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively

1,124

1,120

Class B Non-Voting common stock, $0.01 par value; 10,000,000 shares authorized; no shares issued or outstanding

—

—

Paid-in capital

3,372,554

3,383,414

Retained earnings

5,183,013

5,092,929

Accumulated other comprehensive (loss)

(7,602

)

(4,716

)

Total stockholders’ equity

$

8,549,098

$

8,472,756

Total liabilities and stockholders’ equity

$

33,168,280

$

32,883,693

  Sumisho Air Lease Corporation and Subsidiaries

CONSOLIDATED STATEMENTS OF INCOME

(In thousands, except share and per share amounts)

  Three Months Ended

March 31,

2026

2025

(unaudited)

Revenues and other income

Rental of flight equipment revenue

Lease rentals

$

666,675

$

637,233

Maintenance rentals and other receipts

7,241

8,137

Total rental of flight equipment revenue

673,916

645,370

Gain on aircraft sales and trading and other income

65,307

92,912

Total revenues and other income

739,223

738,282

Expenses

Interest

201,844

208,574

Amortization of debt discounts and issuance costs

12,408

13,995

Interest expense

214,252

222,569

Depreciation of flight equipment

309,783

299,019

Recoveries of Russian fleet write-off

—

(331,938

)

Selling, general and administrative

60,191

59,348

Stock-based compensation expense

5,096

17,616

Total expenses

589,322

266,614

Income before taxes

149,901

471,668

Income tax expense

(24,005

)

(95,836

)

Net income

$

125,896

$

375,832

Preferred stock dividends

(11,081

)

(11,081

)

Net income attributable to common stockholders

$

114,815

$

364,751

Earnings per share of common stock:

Basic

$

1.03

$

3.27

Diluted

$

1.02

$

3.26

Weighted-average shares of common stock outstanding

Basic

111,936,166

111,549,903

Diluted

112,484,656

112,030,382

Other financial data

Pre-tax margin

20.3

%

63.9

%

Adjusted net income before income taxes(1)

$

165,412

$

169,490

Adjusted diluted earnings per share before income taxes(1)

$

1.47

$

1.51

Adjusted pre-tax margin(1)

22.4

%

23.0

%

The following table shows the reconciliation of the numerator for adjusted pre-tax margin (in thousands, except percentages):

Three Months Ended

March 31,

2026

2025

(unaudited)

Reconciliation of the numerator for adjusted pre-tax margin (net income attributable to common stockholders to adjusted net income before income taxes):

Net income attributable to common stockholders

$

114,815

$

364,751

Amortization of debt discounts and issuance costs

12,408

13,995

Recoveries of Russian fleet write-off

—

(331,938

)

Stock-based compensation expense

5,096

17,616

Retirement compensation expense

—

9,230

Merger related costs

9,088

—

Income tax expense

24,005

95,836

Adjusted net income before income taxes

$

165,412

$

169,490

Denominator for adjusted pre-tax margin:

Total revenues

$

739,223

$

738,282

Adjusted pre-tax margin(a)

22.4

%

23.0

%

The following table shows the reconciliation of the numerator for adjusted diluted earnings per share before income taxes (in thousands, except share and per share amounts):

  Three Months Ended

March 31,

2026

2025

  (unaudited)

Reconciliation of the numerator for adjusted diluted earnings per share (net income attributable to common stockholders to adjusted net income before income taxes):

  Net income attributable to common stockholders

  $

114,815

$

364,751

Amortization of debt discounts and issuance costs

  12,408

13,995

Recoveries of Russian fleet write-off

  —

(331,938

)

Stock-based compensation expense

  5,096

17,616

Retirement compensation expense

  —

9,230

Merger related costs

  9,088

—

Income tax expense

  24,005

95,836

Adjusted net income before income taxes

  $

165,412

$

169,490

  Denominator for adjusted diluted earnings per share:

  Weighted-average diluted common shares outstanding

  112,484,656

112,030,382

Adjusted diluted earnings per share before income taxes(b)

  $

1.47

$

1.51

  Sumisho Air Lease Corporation and Subsidiaries CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

  Three Months Ended

March 31,

2026

2025

(unaudited)

Operating Activities

Net income

$

125,896

$

375,832

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation of flight equipment

309,783

299,019

Recoveries of Russian fleet write-off

—

(331,938

)

Stock-based compensation expense

5,096

17,616

Deferred taxes

23,912

95,322

Amortization of prepaid lease costs

21,049

22,704

Amortization of discounts and debt issuance costs

12,408

13,995

Foreign currency remeasurement (gain)/loss on sales-type leases

3,058

(5,764

)

Gain on aircraft sales, trading and other activity

(53,780

)

(68,838

)

Changes in operating assets and liabilities:

Other assets

38,434

13,581

Accrued interest and other payables

34,003

(34,234

)

Rentals received in advance

(16,522

)

(8,949

)

Net cash provided by operating activities

503,337

388,346

Investing Activities

Acquisition of flight equipment

(572,689

)

(585,725

)

Payments for deposits on flight equipment purchases

(189,766

)

(179,774

)

Proceeds from aircraft sales, trading and other activity

248,586

407,624

Proceeds from settlement of insurance claims

—

328,546

Acquisition of aircraft furnishings, equipment and other assets

(58,314

)

(72,871

)

Net cash used in investing activities

(572,183

)

(102,200

)

Financing Activities

Cash dividends paid on Class A common stock

(24,588

)

(24,503

)

Cash dividends paid on preferred stock

(11,081

)

(11,081

)

Tax withholdings on stock-based compensation

(15,952

)

(12,271

)

Net change in unsecured revolving facilities

2,170,000

30,000

Net change in commercial paper balance

(315,100

)

888,500

Proceeds from debt financings

100,000

199,950

Payments in reduction of debt financings

(1,857,406

)

(1,477,864

)

Debt issuance costs

(47

)

(1,385

)

Security deposits and maintenance reserve receipts

120,734

114,436

Security deposits and maintenance reserve disbursements

(13,100

)

(7,419

)

Net cash provided/(used in) by financing activities

153,460

(301,637

)

Net increase/(decrease) in cash

84,614

(15,491

)

Cash, cash equivalents and restricted cash at beginning of period

469,950

476,104

Cash, cash equivalents and restricted cash at end of period

$

554,564

$

460,613

Supplemental Disclosure of Cash Flow Information

Cash paid during the period for interest, including capitalized interest of $11,277 and $7,860 at March 31, 2026 and 2025, respectively

$

217,861

$

237,890

Cash paid for income taxes

$

2,143

$

38

Supplemental Disclosure of Noncash Activities

Buyer furnished equipment, capitalized interest and deposits on flight equipment purchases applied to acquisition of flight equipment and other assets

$

197,492

$

214,047

Flight equipment subject to operating leases reclassified to flight equipment held for sale

$

628,925

$

60,572

Transfer of flight equipment to investment in sales-type lease

$

21,674

$

33,778

Cash dividends declared on Class A common stock, not yet paid

$

24,731

$

24,587