China Aircraft Leasing Group Holdings (CALC) reported a more than 30% jump in its annual profit, supported by strong aircraft trading activity and continued expansion of its global leasing business.
Profit attributable to shareholders rose 31.5% year-on-year to HK$338.5m ($43.25m) for 2025, while earnings per share increased to HK$0.454. On an adjusted basis, excluding foreign exchange effects, profit reached HK$684.3m, underscoring what the company termed as a robust operational performance. Revenue declined slightly to HK$5,015.1m from HK$5,204.1m in 2024.
The company said it paid a total dividend of HK$0.3 per share in 2025. Chief executive Mike Poon said the group had achieved “steady growth across all business segments”, adding that its aftermarket business is becoming an increasingly important earnings driver as the company looks to sustain growth into 2026.
During the year, CALC ordered 30 additional Airbus A320neo aircraft, with options to switch to other variants, securing favourable delivery slots and greater flexibility. By the end of 2025, its backlog stood at 130 aircraft, including 105 Airbus A320neos and 25 COMAC C909s, with total Airbus orders reaching 282, making it one of the manufacturer’s largest lessor customers.
CALC took delivery of 26 aircraft, including 24 new additions, most of them next-generation fuel-efficient models. Its fleet grew to 176 aircraft by the end of 2025, comprising 149 owned and 27 managed aircraft, with around 90% of owned assets made up of narrow-body jets, a highly liquid segment.
The firm agreed deals for 27 aircraft and five engines and completed the sale of 36 aircraft and five engines to third parties, with transaction volumes reaching a record high. The trading activity generated sales proceeds while helping to optimise its fleet portfolio.
Of the 24 new aircraft delivered, 15 were placed with overseas airlines. By the end of 2025, 67.1% of CALC’s owned fleet was leased to Chinese carriers, while its overall customer base comprised 40 airlines across 20 countries and regions. All aircraft due for delivery before June 2027 have already been placed on lease, with around 80% going to flag carriers or leading airlines and about 70% to overseas customers.
CALC continued to strengthen its balance sheet, reducing its debt-to-equity ratio to 6.7x from 9.1x a year earlier. It secured more than HK$19.5bn in new and renewed facilities, around 70% of which were unsecured, while its financing costs fell to 5.03%. Cash and available liquidity stood at HK$17.5bn at the end of 2025.
The company maintained its investment-grade rating with a stable outlook, while its subsidiary CALC (Tianjin) received AAA ratings from two major Chinese agencies, reflecting its strong credit profile.
CALC continued to advance its China-made aircraft strategy while expanding overseas operations. During the year, it added two C909 aircraft, taking its fleet to five. TransNusa also expanded its C909 operations, launching routes to major Chinese cities and new international services from Manado to Shanghai Pudong and Shenzhen, highlighting the growing global presence and commercial viability of China-made aircraft.