But it's before rental . Ebitdar allows you to compare airlines that operating lease aircraft vs airlines that finance lease, debt finance or just own the fleet .
I.e. 2 airlines both make £10m ebitda , but one pays operating leases of 6m, the other has borrowed money to buy them and the interest cost is obviously excluded from ebitda . The 10m figure is misleading as in one airline it includes the fleet , but in the other excludes .