Press Release
BOC AVIATION REPORTS RECORD UNDERLYING PROFIT FOR FULL YEAR 2025
19 Mar 2026
BOC Aviation Limited (HKEX Code: 2588, “BOC Aviation”) is pleased to announce its audited results for the year ended 31 December 2025.
BOC Aviation reported a net profit after tax (“NPAT”) of US$787 million for 2025. This was driven by an 18% improvement in underlying earnings, which increased to US$746 million from US$633 million.
In recognition of our earnings and balance sheet strength, together with our record cash flows, the Board has recommended a distribution of US$0.3061 per share by way of final dividend. This will be our highest ever final dividend and – in combination with our interim distribution - represents an increase in dividend policy to pay up to 40% of NPAT from 35% previously, or US$0.45371 per share.
Our balance sheet increased to over US$26 billion, with total equity of US$6.8 billion and we generated a record US$2.2 billion in operating cash flow net of interest expense. We surpassed our targeted investment level in 2025 with US$4.2 billion in new capital expenditure. During the year we also committed to acquire a further 160 aircraft and ended the year with total committed capital expenditure of US$19 billion and an orderbook of 337 aircraft.
“We achieved strong underlying earnings growth in 2025 as we took delivery of aircraft as scheduled and hit our investment goals,” said Steven Townend, Chief Executive Officer and Managing Director, BOC Aviation. “Looking ahead, we have our company’s largest ever orderbook and ended the year with the largest ever amount of committed liquidity, providing us with a strong base to achieve our long-term growth targets.”
Financial Highlights
Our financial highlights for the year ended 31 December 2025 are:
- Total revenues and other income rose 2% year-on-year, to US$2.6 billion
- Net profit after tax was US$787 million
- Underlying net profit after tax was US$746 million, excluding insurance recoveries
- Reported earnings per share of US$1.13 and net assets per share of US$9.86
- Operating free cash flow net of interest rose 17% to a record high of US$2.2 billion
- Total assets of US$26.3 billion as at 31 December 2025
- Raised US$4.3 billion of new debt financing comprising US$3.3 billion of loans and US$1.0 billion of bonds
- Maintained strong liquidity of US$6.9 billion
- The Board recommended a final dividend for 2025 of US$0.3061 per share, bringing the total dividend for the financial year 2025 to US$0.45371 per share, equivalent to 40% of net profit after tax
Portfolio at 31 December 2025, by number
The full-year 2025 financial results presentation slides and audited consolidated financial statements are available, along with a recording of the earnings conference call that will be made available by 20 March 2026 on the Company website at https://www.bocaviation.com/en/Investors/Financial-Results.
Due to rounding, numbers presented may not add precisely to the totals provided and percentages may not precisely reflect the absolute figures.
- Includes interim dividend of US$0.1476 per share paid to Shareholders registered at the close of business on 26 September 2025. The final dividend is subject to approval at the AGM to be held on 2 June 2026 and will be payable to Shareholders registered at the close of business on the record date, being 10 June 2026.
- Includes finance lease receivables in respect of aircraft on finance leases.
- Comprises all purchase commitments including six where an airline customer has exercised the right to acquire the aircraft on delivery.
About BOC Aviation
BOC Aviation is a leading global aircraft operating leasing company with a portfolio of 815 aircraft and engines owned, managed and on order. Its owned and managed fleet was leased to 87 airlines in 46 countries and regions worldwide as at 31 December 2025. BOC Aviation is listed on the Hong Kong Stock Exchange (HKEx code: 2588) and has its headquarters in Singapore with offices in Dublin, London, New York and Tianjin. For more information, visit www.bocaviation.com.
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For more information, please contact:
Timothy ROSS
Tel: +65 6325 9878
Mobile: +65 9837 9873
[email protected]
www.bocaviation.com