Do you have an opinion on whether FTAI or MTU is better, and does FTAI have a competitive advantage over MTU in any specific area?

We built our capability for module replacement by evaluating potential partners. We chose FTAI because, in my opinion, they are more agile and can make decisions faster. They are flexible in engagements and have a solid setup and background. Their competitive edge lies in their responsiveness when partnering with us. On the other hand, MTU is a well-established company, but it has a bureaucratic process that requires passing through several stages for approvals. If time is a factor, this can be challenging, which is what we found in our experience.

Can you talk a little bit about the GTF advantage?

The advantage, I would say, is primarily in fuel savings. They claim about 15% to 20% in fuel savings and also about 10% more efficiency compared to the LEAP engine. However, the GTF is relatively new, having launched around 2015 or 2016. We faced a crisis in 2022 or 2023, and they plan to recover by 2027 or 2028. I believe the engine will reach maturity around 2030 or later, and that's when we can expect to reap long-term rewards. Even MTU Aero Engines cannot benefit much at the moment as they have a lot to correct with these engines. The advertised fuel savings are leading, but maintenance is currently heavy due to the engine's novelty. As the engine matures, maintenance costs should decrease, and reliability issues will be resolved, leading to more repairs rather than replacements. By 2040 or 2035 onwards, we might see larger savings, making it a well-packaged engine overall.