FTAI to acquire 50% stake in CFM56 engine MRO facility at Rome Fiumicino Airport

FTAI Aviation has agreed to acquire a 50% stake in IAG Engine Centre Europe — a 200,000 square-foot CFM56 engine maintenance repair and overhaul (MRO) facility located at the Rome Fiumicino Airport, the company said on February 26, 2025. 

“This is an important step forward as we grow our maintenance, repair and exchange (MRE) business in a critical geographic location with unparalleled connectivity across Europe,” the company said on a LinkedIn post. 

"QuickTurn Europe’s robust repair capabilities will provide expanded maintenance, repair, and exchange (MRE) services to FTAI’s global customer base in a critical geographic location ensuring efficiency and reliability for our customers,” said Joe Adams, CEO of FTAI Aviation. “Our joint venture with IAG Engine Centre marks a milestone in our expansion into Europe and our overall maintenance capabilities, and we’re excited about the growth opportunities ahead."

The company's strategic capital initiative has obtained a commitment for $2.5bn of asset-level debt financing led by global investment firm ATLAS SP Partners. 

FTAI said the funding will provide it the ability to deploy over $4bn of total capital to fund the acquisition of on-lease 737NG and A320ceo aircraft. 

“We believe this will allow the SCI to be one of the largest investors focused on mid-life, on-lease aircraft and we are grateful for the support of SCI capital partners and lenders, whose confidence in our business affirms and amplifies our strong momentum,” said Adams. 

The company reported a net income of $86.7 million in the fourth quarter, down from $110 million a year prior. For the full year, net income swung to a $32.1 million loss, compared to a net profit of $212 million in 2023. Adjusted EBITDA was $252 million for the quarter, up from $162.3 million in the fourth quarter of 2023. Full year adjusted EBITDA was $862.1 million, up from $597.3 million in 2023. 

Revenues totalled $499 million in the quarter, up from $312.7 million. For the year, revenues totalled $1.7bn, up from $1.2bn in 2023. Expenses totalled $340.6 million, up from $224.9 million. For 2024, expenses totalled $1.5bn, up from $831.2 million in 2023. 

“We significantly expanded our MRE capabilities and added financial firepower and flexibility with the successful launch of our strategic capital initiative,” said Adams. “Looking ahead to 2025, we are confident in our ability to take advantage of the tremendous market opportunity in our Aerospace Products business and deliver strong returns for our shareholders.”

The company expects an adjusted EBITDA of around $1.1 to $1.15bn. This comprises of approximately $500 million from its aviation leasing segment and around $600-650 million from its aerospace products segment. Additionally, the company increased its adjusted EBITDA guidance from $1.25bn to around $1.4bn.

As of the end of the year, total assets were $4bn, while total liabilities and equity was $4bn.