Aircastle (Aircastle) investor relations material

Executive summary

• Achieved $236 million in total revenues and $31 million net income for Q3 2025, with lease rental revenue up 22% year-over-year.

• Net income for the nine months ended November 30, 2025, was $137.2 million, more than double the prior year.

• Acquired 9 aircraft for $355 million in Q3, totaling 32 aircraft for $1.3 billion year-to-date, with 80% being new technology assets.

• Sold 20 aircraft year-to-date, generating $369 million in proceeds and $60 million in gains.

• New technology aircraft comprised 52% of the fleet's net book value as of November 30, 2025.

Financial highlights

• Lease rental revenues reached $193 million in Q3 2025, up 22% year-over-year.

• Adjusted EBITDA for Q3 2025 was $221 million, up from $182.4 million in Q3 2024.

• Operating costs increased 17% in Q3, mainly due to higher depreciation and interest expenses.

• Adjusted net debt-to-equity ratio was 2.2x as of November 30, 2025.

• Total liquidity stood at $2.6 billion as of January 1, 2026, including $1.8 billion undrawn facilities and $100 million unrestricted cash.

Outlook and guidance

• Aircraft leasing demand remains robust, with supply shortfalls and high order backlogs supporting future growth.

• Management expects continued strong demand for leased aircraft due to global air travel growth and OEM delivery delays.

• Expectation to profitably grow in 2026, supported by strong shareholder backing and improved credit ratings.

• Ongoing focus on acquiring new technology aircraft and extending asset lives to meet market demand.

• Sufficient liquidity is expected to meet contractual obligations over the next twelve months.