FTAI Aviation Ltd. (FTAI) Presents at Morgan Stanley's 14th Annual Laguna Conference Transcript

FTAI Aviation Ltd. ( FTAI ) Morgan Stanley's 14th Annual Laguna Conference September 16, 2026 10:00 AM EDT Company Participants Joseph Adams - Chairman & CEO Conference Call Participants Kristine Liwag - Morgan Stanley, Research Division Presentation Kristine Liwag Morgan Stanley, Research Division All right. Good morning, everyone. Bright and early here in the West Coast at 7:00 a.m., but it's already 10 a.m. Eastern. So I guess it's not so bad. I'm Kristine Liwag, Morgan Stanley's aerospace defense analyst. I'm very excited to host our next panel with FTAI Aviation, Joe Adams, CEO. Joe, welcome. Joseph Adams Chairman & CEO Thank you. Question-and-Answer Session Kristine Liwag Morgan Stanley, Research Division So before we start, let me read our disclosures for important disclosures. Please see the Morgan Stanley research disclosure website at www.morganstanley.com/researchdisclosures. And if you have any questions, please reach out to your Morgan Stanley representatives. So with that, Joe, maybe I'll pass it on to you for some opening remarks. Joseph Adams Chairman & CEO Sure. Thanks very much, Kristine. Thanks for having me back again this year. I think I've been -- I think I've been coming here almost 10 years now to this conference. It's a great get together, great conference, great investors. So really enjoy catching up with everyone. And I think we met probably about 4 or 5 years ago, I think, when you had your little radio broadcast at Morgan Stanley, and we were talking about -- I think it's the first time we started talking about aerospace products that we thought we could grow it from a business that was -- we just began, which we call the module factory, which was doing about $50 million of EBITDA to $500 million of EBITDA. And I don't remember if you actually said no way, but I sensed that you were thinking no way.