Slides
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1 Aircastle Financial Update Second Quarter 2026
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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 May 31, 2026 3 BBB- 4 BBB+ Baa3 4 268 Aircraft 1 (Owned & Managed) 67 Lessees 1 42 Countries 1 $8.3B Fleet NBV $2.8B Available Liquidity 2 2.4x Adj Net Debt-to-Equity 3 99% Unencumbered Fleet 98% Unsecured Debt BBB BBB+ Baa2
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Current Aircastle Market Themes Proactive Stance to Capture Current Market Opportunities and Navigate Challenges 4 High demand for aircraft and engines Deliveries of new aircraft and engines still lag demand; Asset lives and lease terms are extending; Experienced lessors are best positioned to actively manage assets and maximize value across maintenance and market cycles Competitive advantage through funding access Diversified financing sources support funding flexibility; investment-grade lessors enjoy a competitive edge, demonstrating the ability to source efficient capital even during periods of macroeconomic disruption Airline profitability under pressure High jet fuel, labor and maintenance costs challenge 2026 airline profitability; Consumers are continuing to prioritize air travel, demonstrating the resilience of passenger demand
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5 Diversified Customer Base Across Geographies Customer Exposure (% of NBV 1 ) Diversified Geographic Exposure (% of NBV 1 ) 67 Lessees in 42 Countries All top ten customers either flag carriers, global network or leading LCCs Balanced fleet distribution by geography 3.0% 3.1% 3.6% 3.7% 4.4% 4.6% 4.7% 5.7% 6.7% 12.6%20 10 15 13 16 7 7 9 12 10 2.9% 2.9% 3.6% 3.8% 4.1% 5.6% 5.7% 6.7% 16.5% 17.3% South Korea Argentina UK Chile Malaysia Canada Netherlands Mexico India USA 37 17 15 12 15 11 15 8 7 27 # Denotes # of aircraft
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Second Quarter Results & Highlights $ in millions 2026 2025 Total revenue $283 $228 Total operating expenses $203 $227 Other income - $61 Income before taxes $80 $62 Net income $69 $57 EBITDA $240 $231 Adjusted EBITDA $247 $262 Three Months Ended August 31, • $269 million in aircraft NBV added in Q2 2026 (89% new technology) • Acquired 5 aircraft in Q2 2026, including 3 Airbus A321neos and 1 Boeing 737MAX8 • Total revenue increased 24% compared to Q2 2025 • Q2 proceeds from sales of flight equipment of $243 million with gains of $38 million Operating Results 1 Highlights 6 2026 2025 $518 $487 $397 $421 - $58 $121 $124 $103 $107 $445 $455 $456 $494 Six Months Ended August 31,
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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 Shareholder Support, Credit Market Access & Positive Ratings Trajectory 7 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 Jan 2025 May 2025 Aug 2025 Jul 2025 Issued $500M unsecured senior notes at 5.25% Completed $600M unsecured term loan with 18 lenders Oct 2025 Issued $650M unsecured senior notes at 5.00% May 2026 Feb 2026 Upgrade to BBB based on improved fleet, profitability Upgrade to Baa2 based on consistent profitability, strong liquidity Apr 2026 Extended $500M of RCFs with MMLA & Mizuho Bank Issued $650M unsecured senior notes at 5.00% Completed $375M unsecured term loan with 4 lenders
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Strong Liquidity Position & Modest Maturity Profile $2.8 Billion of Available Liquidity as of Oct 1, 2026 CFFO thru Oct 1, 2027 $700 Cash, $100 Undrawn facilities, $2,000 Purchases & PDPs $500 $0 $500 $1,000 $1,500 $2,000 $2,500 Sources Uses 8 ($ in millions) $855 $1,320 $3,275 FY2026 FY2027 FY2028 FY2029 FY2030 & ThereafterUnsecured bonds and revolvers 98% of total debt is unsecured 99% of aircraft and other flight equipment is unencumbered ($8.2B) 2.4x adjusted net debt to equity 2 Limited committed order book provides capital allocation flexibility Investment Grade Since 2018: S&P: BBB Fitch: BBB+ Moody’s: Baa2 Unsecured Debt Maturity Profile as of August 31, 2026 (in millions) 1
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Reconciliation of GAAP to Non-GAAP Measures We define EBITDA as income (loss) from continuing operations before income taxes, interest expense, and depreciation and amortization. We use EBITDA to assess our consolidated financial and operating performance, and we believe this non-U.S. GAAP measure is helpful in identifying trends in our performance. This measure provides an assessment of controllable expenses and affords management the ability to make decisions which are expected to facilitate meeting current financial goals, as well as achieving optimal financial performance. It provides an indicator for management to determine if adjustments to current spending decisions are needed. EBITDA provides us with a measure of operating performance because it assists us in comparing our operating performance on a consistent basis as it removes the impact of our capital structure (primarily interest charges on our outstanding debt) and asset base (primarily depreciation and amortization) from our operating results. Accordingly, this metric measures our financial performance based on operational factors that management can impact in the short-term, namely the cost structure, or expenses, of the organization. EBITDA is one of the metrics used by senior management and the Board of Directors to review the consolidated financial performance of our business. We define Adjusted EBITDA as EBITDA (as defined above) further adjusted to give effect to adjustments required in calculating covenant ratios and compliance as that term is defined in the indenture governing our senior unsecured notes. Adjusted EBITDA is a material component of these covenants. ($ in thousands) Three Months Ended August 31, 2026 2025 Net income $ 69,328 $ 57,233 Depreciation 91,728 96,762 Amortization of lease premiums, discounts & incentives (7,871) 1,513 Interest, net 75,387 70,529 Income tax provision 11,163 5,228 EBITDA 239,735 231,265 Adjustments: Impairment of flight equipment 7,730 31,153 Loss on extinguishment of debt - - Adjusted EBITDA $247,465 $262,418 9 Six Months Ended August 31, 2026 2025 $ 102,946 $ 106,520 184,556 192,578 (8,262) (1,253) 146,603 139,370 18,689 17,949 444,532 455,164 11,091 36,219 - 2,973 $455,623 $494,356
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Appendix - Footnotes 10 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 $2.0 billion, $0.7 billion of projected adjusted operating cash flows and sales through Oct 1, 2027, and $0.1 billion of unrestricted cash. Adjusted contractual commitments includes debt maturities of $3 million, committed investments and PDPs of $0.5 billion. 3. The ratio excludes debt issuance costs or discounts which are reflected in the net debt totals that are displayed on the consolidated balance sheet. 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 8 1. Debt profile unsecured debt only; does not include approximately $112 million of secured debt due through Fiscal Year 2030. 2. The ratio excludes debt issuance costs or discounts which are reflected in the net debt totals that are displayed on the consolidated balance sheet.
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Contact James Connelly Senior Vice President, ESG & Corporate Communications 203-504-1871 jconnelly@aircastle.com