Aircastle Announces First Quarter 2026 Results (Form 8-K)

Aircastle Announces First Quarter 2026 Results

Highlights for the Three Months Ended May 31, 2026

•Total revenues of $236 million and net income of $34 million

•6% increase in lease rental revenue compared to first quarter 2025

•Adjusted EBITDA(1) of $208 million

•Acquired 4 aircraft for $117 million

•Sold 5 aircraft and other flight equipment for proceeds of $114 million and gains on sales of $11 million

•New technology aircraft comprised 52% of our fleet's net book value as of May 31, 2026

Liquidity

•Raised $1 billion in new financings: $650 million unsecured senior notes at 5.000% and a $375 million unsecured term loan with 4 lenders; term loan is expandable to $425 million

•98% of total debt is unsecured as of May 31, 2026

•Adjusted net debt-to-equity of 2.2 times as of May 31, 2026

•Total liquidity of $2.6 billion as of July 1, 2026, which includes $2.0 billion of undrawn facilities, $0.5 billion of projected adjusted operating cash flows and sales through July 1, 2027, and $0.1 billion of unrestricted cash

•270 unencumbered aircraft and other flight equipment with a net book value of $8.3 billion

Mike Inglese, Aircastle's CEO, stated, "Over the past several months, we've seen conflict-related fuel prices challenge airline profitability, yet our customers are finding ways to manage costs. Despite this challenge to the sector, supply shortages have aviation investors seeing consistently high values for aircraft and engines. Favorable rental revenues and gains on sales enabled us to complete our first quarter of 2026 with $34 million in net income."

Mr. Inglese concluded, "As the aviation finance market continues to mature, we're demonstrating our ability to quickly source liquidity. We sourced over $1 billion in new financings during the first quarter. With a proven track record and the shareholder support we receive from Marubeni Corporation and Mizuho Leasing, we look forward to deploying capital in 2026 with a disciplined strategy focused on profitability."

Aviation Assets

As of May 31, 2026, Aircastle owned 274 aircraft and other flight equipment having a net book value of $8.4 billion and managed an additional 5 aircraft.

Owned Aircraft			As of May 31, 2026						As of May 31, 2025
			(Dollars in millions)
Net Book Value of Flight Equipment			$	8,412					$	8,149
Net Book Value of Unencumbered Flight Equipment			$	8,296					$	8,029
Number of Aircraft			274						264
Number of Unencumbered Aircraft			270						260
Number of Lessees			72						77
Number of Countries			43						47
Weighted Average Age (years)(1)			9.2						8.9
Weighted Average Remaining Lease Term (years)(1)			5.3						5.6
Weighted Average Fleet Utilization during the First Quarter(2)			97.9		%				99.5		%
Managed Aircraft
Number of Managed Aircraft(3)			5						8

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(1)Weighted by Net Book Value.

(2)Aircraft on lease as a percentage of total days in period weighted by net book value.

(3)Number of managed aircraft as of May 31, 2026. includes 4 aircraft owned by our joint venture with Mizuho Leasing.

Conference Call

Following this press release, management will host a conference call on Thursday, July 9, 2026, at 9:00 A.M. Eastern Time. All interested parties are welcome to participate in the live call. The conference call can be accessed by dialing 1 (800) 836-8184 (from within the U.S. and Canada) or +1 (646) 357-8785 (outside the U.S. and Canada) ten minutes prior to the scheduled start. Please reference our company name "Aircastle" when prompted by the operator.

A simultaneous webcast of the conference call will be available to the public on a listen-only basis at www.aircastle.com. Please allow extra time prior to the call to visit the site and download the necessary software required to listen to the internet broadcast.

For those who are not available to listen to the live call, a replay will be available on Aircastle's website shortly after the live call.

About Aircastle Limited

Aircastle Limited acquires, leases and sells commercial jet aircraft to airlines throughout the world. As of May 31, 2026, Aircastle owned and managed 279 aircraft leased to 72 airline customers located in 43 countries.