Slides
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1 Aircastle Financial Update Second Quarter 2025
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Forward-Looking Statements / Property of Aircastle All statements included or incorporated by reference in this presentation, other than characterizations of historical fact, are forward- looking statements within the meaning of the federal securities laws, including the Private Securities Litigation Reform Act of 1995. Examples of forward-looking statements include, but are not necessarily limited to, statements relating to our ability to acquire, sell, lease or finance aircraft, raise capital, pay dividends and increase revenues, earnings, EBITDA and Adjusted EBITDA and the global aviation industry and aircraft leasing sector. Words such as “anticipates,” “expects,” “enables,” “intends,” “plans,” “positions,” “projects,” “believes,” “may,” “will,” “would,” “could,” “should,” “seeks,” “estimates” and variations on these words and similar expressions are intended to identify such forward-looking statements. These statements are based on our historical performance and that of our subsidiaries and on our current plans, estimates and expectations and are subject to a number of factors that could lead to actual results materially different from those described in the forward-looking statements; Aircastle can give no assurance that its expectations will be attained. Accordingly, you should not place undue reliance on any such forward-looking statements which are subject to certain risks and uncertainties that could cause actual results to differ materially from those anticipated as of the date of this presentation. These risks or uncertainties include, but are not limited to, those described from time to time in Aircastle's filings with the SEC and previously disclosed under "Risk Factors" in Item 1A of Aircastle's most recent Form 10-K and any subsequent filings with the SEC. In addition, new risks and uncertainties emerge from time to time, and it is not possible for Aircastle to predict or assess the impact of every factor that may cause its actual results to differ from those contained in any forward-looking statements. Such forward- looking statements speak only as of the date of this presentation. Aircastle expressly disclaims any obligation to revise or update publicly any forward-looking statement to reflect future events or circumstances. The information contained herein is the property of Aircastle and shall not be disclosed, copied, distributed or transmitted, or used for any purpose, without the express written consent of Aircastle. 2
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Overview of Aircastle As of August 31, 2025 3 BBB- 4 BBB+ Baa3 4 278 Aircraft 1 (Owned & Managed) 75 Lessees 1 46 Countries 1 $8.7B Fleet NBV 1 $2.5B Available Liquidity 2 2.2x Adj Net Debt-to-Equity 3 99% Unencumbered Fleet 98% Unsecured Debt BBB 4 BBB+ Baa2 4 Upgraded August 2025 Upgraded October 2025
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Current Aircastle Market Themes Well-positioned to Capture Current Market Opportunities 4 While narrow-body shortages persist, the global commercial fleet is expected to double in size over the next decades and airlines will need financing Current traffic numbers remain strong All regions report RPK growth and high load factors; strongest growth seen in SE Asia and Latin America; Softening US traffic still above 2024 levels Engine experience provides leasing advantage With new technology engine challenges, narrow-body engine values are at an all-time high; Lessors who can strategically manage an engine portfolio across a fleet will extend asset lives and protect residual values Investment grade ratings provide investor edge Strong shareholder support and investment grade ratings expand liquidity access; Trading partners value a lessor who can execute efficiently without financing restraints
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Narrow-body fleet evolution Staying ahead of the global transition to new technology, energy efficient aircraft 5 Narrow-body technology transition 1 50% New technology fleet % $1B YTD Aircraft assets added 3.7 years Avg age of acquired aircraft YTD 78% YTD 2025 spend on new tech
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Second Quarter Results & Highlights $ in millions 2025 2024 Total revenue $228 $217 Total operating expenses $227 $180 Other income $61 $1 Income before taxes $62 $37 Net income $57 $29 EBITDA $231 $194 Adjusted EBITDA $262 $199 Three Months Ended August 31, • $503 million in aircraft NBV added in Q2 2025 (84% new technology) • Acquired 11 aircraft in Q2 2025, including 6 737MAX and 2 A321neos • Lease rental revenue increased 17% compared to Q2 2024 • Q2 proceeds from sales of flight equipment of $73 million with gains of $24 million • Executed insurance settlement agreements totaling $56 million • Fleet utilization at 100% • Issued $650 million unsecured senior notes at 5.000% • $1.0 billion in aircraft additions YTD 2025 Operating Results 1 Highlights 6 2025 2024 $487 $422 $421 $366 $58 $1 $124 $56 $107 $45 $455 $374 $494 $385 Six Months Ended August 31,
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7 Diversified Customer Base Across Geographies Customer Exposure (% of NBV 1 ) Diversified Geographic Exposure (% of NBV 1 ) 75 Lessees in 46 Countries All top ten customers either flag carriers or leading LCCs Balanced fleet distribution by geography 2.7% 3.0% 3.1% 3.4% 3.9% 4.2% 4.9% 5.0% 7.8% 10.5%18 13 8 13 14 11 8 10 5 7 3.3% 3.4% 3.7% 3.9% 4.3% 4.9% 5.2% 6.8% 12.7% 21.2% Argentina Thailand UK Chile Spain Netherlands Canada Mexico India USA 46 17 10 13 16 11 17 9 9 22 # Denotes # of aircraft
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Financing Access: Enhanced credit profile and financing market access Capital Support: Backing of two major institutions offers access to significant financial resources and support Industry Expertise: Provides deep knowledge and experience in the aviation sector Local Access in Asia: Enables access to key partners and customers in Asia market Ample Liquidity, Consistent Shareholder Support & Ratings Upgrade 8
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Strong Liquidity Position & Conservative Debt Profile $2.5 Billion of Available Liquidity as of Oct 1, 2025 CFFO thru Oct 1, 2026 $500 Cash, $200 Undrawn facilities, $1,800 Debt payments thru Oct 1, 2026 $650 Purchases & PDPs $500 $0 $500 $1,000 $1,500 $2,000 $2,500 $3,000 Sources Uses 9 ($ in millions) $670 $970 $1,300 $2,250 $2 $3 $3 $4 $104 FY2025 FY2026 FY2027 FY2028 FY2029 & ThereafterUnsecured bonds and revolvers Secured debt 98% of total debt is unsecured 99% of aircraft and other flight equipment is unencumbered ($8.4B) 2.2x adjusted net debt to equity 1 Limited committed order book provides capital allocation flexibility Investment Grade Since 2018: S&P: BBB 2 Fitch: BBB+ Moody’s: Baa2 2 Debt Maturity Profile as of Aug 31, 2025 (in millions)
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Reconciliation of GAAP to Non-GAAP Measures We define EBITDA as income (loss) from continuing operations before income taxes, interest expense, and depreciation and amortization. We use EBITDA to assess our consolidated financial and operating performance, and we believe this non-U.S. GAAP measure is helpful in identifying trends in our performance. This measure provides an assessment of controllable expenses and affords management the ability to make decisions which are expected to facilitate meeting current financial goals, as well as achieving optimal financial performance. It provides an indicator for management to determine if adjustments to current spending decisions are needed. EBITDA provides us with a measure of operating performance because it assists us in comparing our operating performance on a consistent basis as it removes the impact of our capital structure (primarily interest charges on our outstanding debt) and asset base (primarily depreciation and amortization) from our operating results. Accordingly, this metric measures our financial performance based on operational factors that management can impact in the short-term, namely the cost structure, or expenses, of the organization. EBITDA is one of the metrics used by senior management and the Board of Directors to review the consolidated financial performance of our business. We define Adjusted EBITDA as EBITDA (as defined above) further adjusted to give effect to adjustments required in calculating covenant ratios and compliance as that term is defined in the indenture governing our senior unsecured notes. Adjusted EBITDA is a material component of these covenants. ($ in thousands) Three Months Ended August 31, 2025 2024 Net income $ 57,233 $ 28,659 Depreciation 96,762 87,675 Amortization of lease premiums, discounts & incentives 1,513 6,068 Interest, net 70,529 62,424 Income tax provision 5,228 9,028 EBITDA 231,265 193,854 Adjustments: Impairment of flight equipment 31,153 5,761 (Gain) loss on extinguishment of debt - (285) Adjusted EBITDA $262,418 $199,330 10 Six Months Ended August 31, 2025 2024 $ 106,520 $ 44,740 192,578 177,033 (1,253) 12,717 139,370 127,237 17,949 12,600 455,164 374,327 36,219 10,972 2,973 (285) $494,356 $385,014
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Appendix - Footnotes 11 SLIDE 3 1. Includes both owned and managed aircraft, flight equipment held for lease, and net investment in direct financing and sales-type leases. 2. Includes undrawn facilities of $1.8 billion, $0.5 billion of projected adjusted operating cash flows through Oct 1, 2026, and $0.2 billion of unrestricted cash. Adjusted contractual commitments includes debt maturities of $0.7 billion, committed investments and PDPs of $0.5 billion and dividends of $21 million. 3. As of August 31, 2025. Includes 50% of $400 million (or $200 million) of hybrid capital preference shares. The ratio excludes debt issuance costs or discounts which are reflected in the net debt totals that are displayed on the consolidated balance sheet. 4. August 2025, S&P upgraded Aircastle to BBB. October 2025, Moody’s upgraded Aircastle to Baa2 as a result of “consistent profitability and strong liquidity”. SLIDE 5 1. Chart indicates number of aircraft. SLIDE 6 1. Summary of operating results does not feature income tax provision, earnings of unconsolidated equity method investments, or loss on extinguishment of debt. SLIDE 7 1. References to NBV includes flight equipment held for lease and net investments in direct financing and sales type leases. SLIDE 9 1. As of August 31, 2025. Includes 50% of $400 million (or $200 million) of hybrid capital preference shares. The ratio excludes debt issuance costs or discounts which are reflected in the net debt totals that are displayed on the consolidated balance sheet. 2. August 2025, S&P upgraded Aircastle to BBB. October 2025, Moody’s upgraded Aircastle to Baa2 as a result of “consistent profitability and strong liquidity”.
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Contact James Connelly Senior Vice President, ESG & Corporate Communications 203-504-1871 jconnelly@aircastle.com