AerCap Holdings N.V. delivered the first of ten Airbus A321neo aircraft to Thai Airways International on December 23, 2025, marking the start of a multi‑year lease program that will see the carrier add a modern, fuel‑efficient narrow‑body aircraft to its fleet.
The lease program will deliver the remaining nine A321neos through 2028, providing Thai Airways with a 30‑year lease that aligns with the airline’s long‑term modernization plan. The A321neo’s 15% lower fuel burn and reduced emissions support Thai Airways’ sustainability commitments and help the carrier replace older, less efficient aircraft.
AerCap’s focus on new‑technology aircraft—now about 75% of its fleet—positions the lessor to capture demand from airlines seeking greener, more cost‑effective fleets. The Thai Airways deal reinforces a relationship that dates back to the mid‑1990s, when the carrier first leased Airbus A330‑300s and Boeing 737‑400s from AerCap.
The delivery comes amid AerCap’s strong Q3 2025 earnings, where adjusted EPS of $4.97 beat analyst expectations of $3.08 by $1.89, a 61% beat. The result was driven by disciplined cost management and a favorable mix of high‑margin new‑technology leases, offsetting modest revenue growth. Management raised full‑year 2025 adjusted EPS guidance to approximately $13.70, reflecting confidence in continued demand for new‑technology aircraft.
Aengus Kelly, AerCap’s CEO, said the A321neo delivery “reinforces our commitment to Thai Airways’ fleet modernization and underscores AerCap’s leadership in supplying fuel‑efficient aircraft.” Chai Eamsiri, Thai Airways’ CEO, described the aircraft as a “significant milestone” that will help the airline reduce operating costs and meet its environmental targets.
The transaction is expected to strengthen AerCap’s competitive position in a market where supply constraints favor lessors with robust order books, while also supporting Thai Airways’ strategy to modernize its fleet and improve operational efficiency.
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