# EDGAR Filing Document

**Accession Number:** 0001362988
**File Stem:** 0001628280-26-026649
**Filing Date:** 2026-4
**Character Count:** 25678
**Document Hash:** 66363153963ccb913fac07de9d07812a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001628280-26-026649.hdr.sgml**: 20260422

**ACCESSION NUMBER**: 0001628280-26-026649

**CONFORMED SUBMISSION TYPE**: 8-K/A

**PUBLIC DOCUMENT COUNT**: 13

**CONFORMED PERIOD OF REPORT**: 20260421

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260422

**DATE AS OF CHANGE**: 20260422

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Aircastle LTD
- **CENTRAL INDEX KEY:** 0001362988
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-EQUIPMENT RENTAL & LEASING, NEC [7359]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 980444035
- **STATE OF INCORPORATION:** D0
- **FISCAL YEAR END:** 0228

**FILING VALUES:**
- **FORM TYPE:** 8-K/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-32959
- **FILM NUMBER:** 26884839

**BUSINESS ADDRESS:**
- **STREET 1:** C/O AIRCASTLE ADVISOR LLC
- **STREET 2:** 201 TRESSER BLVD, SUITE 400
- **CITY:** STAMFORD
- **STATE:** CT
- **ZIP:** 06901
- **BUSINESS PHONE:** (203) 504-1020

**MAIL ADDRESS:**
- **STREET 1:** C/O AIRCASTLE ADVISOR LLC
- **STREET 2:** 201 TRESSER BLVD, SUITE 400
- **CITY:** STAMFORD
- **STATE:** CT
- **ZIP:** 06901

?xml version='1.0' encoding='ASCII'? ayr-20260421

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K/A** 

**CURRENT REPORT**

**Pursuant to Section 13 OR 15(d) of**

**The Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported) April 21, 2026**

**Aircastle Limited**

**(Exact name of registrant as specified in its charter)**

---

| | | |
|:---|:---|:---|
| **Bermuda** | **001-32959** | **98-0444035** |
| **(State or other jurisdiction<br>of incorporation)** | **(Commission<br>File Number)** | **(IRS Employer<br>Identification No.)** |

---

---

| | |
|:---|:---|
| **c/o Aircastle Advisor LLC, 201 Tresser Boulevard,<br>Suite 400** | |
| **Stamford** | |
| **Connecticut** | **06901** |
| **(Address of principal executive offices)** | **(Zip Code)** |

---

**Registrant's telephone number, including area code (203) 504-1020** 

**(Former name or former address, if changed since last report.)**

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

&nbsp;&nbsp;&nbsp;&nbsp;Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

------

**Explanatory Note**

This Form 8-K/A amends the Current Report on Form 8-K filed by Aircastle Limited on April 21, 2026 (the "Original Report"). This amendment is being filed solely for the purpose of correcting an administrative error whereby the body of the Original Report and Inline XBRL tagging were inadvertently excluded from the Original Report. Except for the foregoing, this amendment does not modify or update any disclosure contained in the Original Report or its exhibits.

**Item 2.02 Results of Operations and Financial Condition.**

On April 21, 2026, Aircastle Limited announced financial results for its fourth quarter and full year ended February 28, 2026, as described in the press release furnished hereto as Exhibit 99.1, which is incorporated herein by reference.

The information furnished pursuant to this Current Report on Form 8-K, including the exhibit hereto, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be incorporated by reference into any of the Company's filings under the Securities Act of 1933, as amended, or the Exchange Act, unless expressly set forth as being incorporated by reference into such filing.

**Item 9.01 Financial Statements and Exhibits.**

(d) Exhibits

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Exhibit<br>No.** | **Description** |
| 99.1 | <u>[Press Release dated April 21, 2026, issued by Aircastle Limited](ayrq42025exhibit991.htm)</u> |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

------

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| |
|:---|
| AIRCASTLE LIMITED<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Registrant) |
| /s/ Sarah Clarkin |
| Sarah Clarkin |
| Chief Legal Officer and Secretary |

---

Date: April 21, 2026

## Exhibit 99.1

![ayrlogonew.jpg](ayrlogonew.jpg)

**April 21, 2026**

**FOR IMMEDIATE RELEASE**

Contact:

Aircastle (Ireland) DAC (US Branch)

Jim Connelly, SVP ESG & Corporate Communications

Tel: +1-203-504-1871

<u>jconnelly@aircastle.com</u>

**Aircastle Announces Fourth Quarter and Full Year 2025 Results**

**Three Months Ended February 28, 2026**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net income of $57 million on total revenues of $251 million and Adjusted EBITDA<sup>(2)</sup> of $230 million;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 22% increase to total revenue compared to fourth quarter 2024;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Acquired 14 aircraft for $395 million; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Sold 13 aircraft and other flight equipment, including one B777-300ER, for proceeds of $361 million and gains on sale or disposition of $36 million;

**Full Year Ended February 28, 2026**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net income of $194 million, up 57% compared to $124 million in fiscal 2024;<sup>(1)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Acquired 46 aircraft during fiscal year 2025 for $1.7 billion; 51% of NBV as of February 28, 2026 composed of new technology aircraft;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Sold 33 aircraft and other flight equipment with an average age of 17 years for proceeds of $730 million and a gain on sale or disposition of $96 million;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Collected insurance settlement proceeds of $71 million; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Executed 174 transactions for fiscal year 2025, largely comprised of purchases, sales, lease amendments, and extensions.

______________________

(1) Refer to the Notes to the Consolidated Financial Statements included in our Annual Report on Form 10-K for additional information.

(2) Refer to the selected financial information accompanying this press release for a reconciliation of GAAP to Non-GAAP numbers.

------

**Liquidity & Credit Ratings**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Raised $1.25 billion in new financings from $650 million of unsecured senior notes at 5.000% and a $600 million unsecured term loan with 18 lenders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Extended $500 million of shareholder-affiliated revolving credit facilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Ratings upgrades to Baa2 and BBB by Moody's and Standard & Poor's respectively;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As of April 1, 2026, total liquidity of $2.6 billion includes $2.0 billion of undrawn credit facilities, $0.5 billion of projected adjusted operating cash flows through April 1, 2025, and $0.1 billion of unrestricted cash;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As of February 28, 2025, we have 273 unencumbered aircraft and other flight equipment with a net book value of $8.4 billion.

Mike Inglese, Aircastle's Chief Executive Officer, commented, "During fiscal 2025, Aircastle's improved profitability and a strengthened fleet were recognized by ratings upgrades from both S&P and Moody's. We completed the year with 46 aircraft acquisitions, adding $1.7 billion in NBV. New technology aircraft accounted for 51% of our fleet NBV at the end of the fiscal year. Robust trading activity during the year also included the sale of 33 aircraft which generated gains of $96 million. Net income for fiscal 2025 improved 57% reflecting an outstanding year for our unique business."

Mr. Inglese concluded, "Recent events in the Middle East bring new uncertainties for airlines, most notably surging fuel costs. However, airlines have proven adept at managing through disruptions and global demand for travel is sustaining. As we move into 2026 with heightened vigilance, we plan to continue enhancing our fleet through our disciplined investment approach while efficiently accessing capital markets."

**Aviation Assets**

As of February 28, 2026, Aircastle owned 277 aircraft and other flight equipment having a net book value of $8.5 billion. In addition we managed 5 aircraft.

---

| | | |
|:---|:---|:---|
| | **As of February 28,** | **As of February 28,** |
| **<u>Owned Aircraft</u>** | **2026** | **2025** |
| Net Book Value of Flight Equipment ($ mils.) | $8534 | $7902 |
| Net Book Value of Unencumbered Flight Equipment ($ mils.) | $8417 | $7127 |
| Number of Aircraft | 277 | 265 |
| Number of Unencumbered Aircraft | 273 | 244 |
| Number of Lessees | 76 | 77 |
| Number of Countries | 45 | 47 |
| Weighted Average Fleet Age (years)<sup>(1)</sup> | 9.0 | 9.1 |
| Weighted Average Remaining Lease Term (years)<sup>(1)</sup> | 5.4 | 5.4 |
| Weighted Average Fleet Utilization for the fourth quarter<sup>(2)</sup> | 97.7% | 99.3% |
| Weighted Average Fleet Utilization for the year ended<sup>(2)</sup> | 99.1% | 99.2% |
| **<u>Managed Aircraft</u>** |  |  |
| Number of Managed Aircraft<sup>(3)</sup> | 5 | 8 |

---

_______________

&nbsp;&nbsp;&nbsp;&nbsp;(1)Weighted by Net Book Value.

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

&nbsp;&nbsp;&nbsp;&nbsp;(3)Number of managed aircraft as of February 28, 2026 includes 4 aircraft owned by our joint venture with Mizuho Leasing.

------

**Conference Call**

In connection with this press release, management will host a conference call on Tuesday, April 21, 2026, at 9:00 A.M. Eastern Time. All interested parties are welcome to participate on 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 worldwide. As of February 28, 2026, Aircastle owned and managed 282 aircraft leased to 76 customers located in 45 countries.

**Safe Harbor**

All statements in this press release, 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 proposed public offering of notes and 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," "intends," "plans," "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 press release. 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 press release. Aircastle expressly disclaims any obligation to revise or update publicly any forward-looking statement to reflect future events or circumstances.

------

**Aircastle Limited and Subsidiaries**

**Consolidated Balance Sheets**

**(Dollars in thousands, except share data)**

---

| | | |
|:---|:---|:---|
| | **February 28/29,** | **February 28/29,** |
| | **2026** | **2025** |
| **ASSETS** |  |  |
| Cash and cash equivalents | $179889 | $279052 |
| Accounts receivable | 18239 | 9662 |
| Flight equipment held for lease, net | 8267353 | 7644867 |
| Net investment in leases, net | 267085 | 257249 |
| Unconsolidated equity method investment | 47540 | 45813 |
| Other assets | 209680 | 273521 |
| &nbsp;&nbsp;&nbsp;Total assets | $8989786 | $8510164 |
| **LIABILITIES AND SHAREHOLDERS' EQUITY** |  |  |
| **LIABILITIES** |  |  |
| Borrowings from secured financings, net | $112355 | $502609 |
| Borrowings from unsecured financings, net | 5139411 | 4452781 |
| Accounts payable, accrued expenses and other liabilities | 381274 | 295132 |
| Lease rentals received in advance | 63514 | 68120 |
| Security deposits | 65424 | 82477 |
| Maintenance payments | 560157 | 583658 |
| &nbsp;&nbsp;&nbsp;Total liabilities | 6322135 | 5984777 |
| Commitments and Contingencies |  |  |
| **SHAREHOLDERS' EQUITY** |  |  |
| Preference shares, $0.01 par value, 50,000,000 shares authorized, 400 (aggregate liquidation preference of $400,000) shares issued and outstanding at February 28, 2026 and 2025 |  |  |
| Common shares, $0.01 par value, 250,000,000 shares authorized, 17,840 shares issued and outstanding at February 28, 2026 and 2025 |  |  |
| Additional paid-in capital | 2378774 | 2378774 |
| Retained earnings | 288877 | 146613 |
| &nbsp;&nbsp;&nbsp;Total shareholders' equity | 2667651 | 2525387 |
| &nbsp;&nbsp;&nbsp;Total liabilities and shareholders' equity | $8989786 | $8510164 |

---

------

**Aircastle Limited and Subsidiaries**

**Consolidated Statements of Income and Comprehensive Income**

**(Dollars in thousands)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended February 28,** | **Three Months Ended February 28,** | **Year Ended <br>February 28,** | **Year Ended <br>February 28,** |
| | **2026** | **2025** | **2026** | **2025** |
| | **(Unaudited)** | **(Unaudited)** | | |
| **Revenues:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Lease rental revenue | $193979 | $168990 | $759701 | $652379 |
| &nbsp;&nbsp;&nbsp;Direct financing and sales-type lease revenue | 5454 | 5118 | 20945 | 21295 |
| &nbsp;&nbsp;&nbsp;Amortization of lease premiums, discounts and incentives | 78 | (3677) | 280 | (21682) |
| &nbsp;&nbsp;&nbsp;Maintenance revenue | 13906 | 14446 | 95654 | 90490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total lease revenue | 213417 | 184877 | 876580 | 742482 |
| &nbsp;&nbsp;Gain on sale or disposition of flight equipment | 36268 | 20282 | 95889 | 77191 |
| &nbsp;&nbsp;Other revenue | 1659 | 399 | 2650 | 1302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 251344 | 205558 | 975119 | 820975 |
| **Operating expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation | 95395 | 91029 | 384028 | 355666 |
| &nbsp;&nbsp;&nbsp;Interest, net | 70967 | 61934 | 282139 | 247923 |
| &nbsp;&nbsp;&nbsp;Selling, general and administrative | 23512 | 25845 | 89483 | 86416 |
| &nbsp;&nbsp;&nbsp;Provision (benefit) for credit losses | (17) | 8434 | (57) | 8715 |
| &nbsp;&nbsp;&nbsp;Impairment of flight equipment | 1394 |  | 53323 | 19391 |
| &nbsp;&nbsp;&nbsp;Maintenance and other costs | 4367 | 3527 | 17101 | 16938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 195618 | 190769 | 826017 | 735049 |
| **Other income (expense):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain (loss) on extinguishment of debt |  |  | (2973) | 285 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 5966 | 49690 | 74120 | 56247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other income | 5966 | 49690 | 71147 | 56532 |
| Income from continuing operations before income taxes and earnings of unconsolidated equity method investments | 61692 | 64479 | 220249 | 142458 |
| &nbsp;&nbsp;&nbsp;Income tax provision | 5335 | 5067 | 28863 | 21948 |
| &nbsp;&nbsp;&nbsp;Earnings of unconsolidated equity method investment, net of tax | 479 | 1366 | 2662 | 3103 |
| Net income | $56836 | $60778 | $194048 | $123613 |
| &nbsp;&nbsp;&nbsp;Preference share dividends | (10500) | (10500) | (21000) | (21000) |
| Net income available to common shareholders | $46336 | $50278 | $173048 | $102613 |
| Total comprehensive income available to common shareholders | $46336 | $50278 | $173048 | $102613 |

---

------

**Aircastle Limited and Subsidiaries**

**Consolidated Statements of Cash Flows**

**(Dollars in thousands)**

---

| | | |
|:---|:---|:---|
| | **Year Ended February 28,** | **Year Ended February 28,** |
| | **2026** | **2025** |
| **Cash flows from operating activities:** |  |  |
| Net income | $194048 | $123613 |
| &nbsp;&nbsp;&nbsp;Adjustments to reconcile net loss to net cash and restricted cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation | 384028 | 355666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred financing costs | 18032 | 17033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of lease premiums, discounts and incentives | (280) | 21682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes | 21193 | 17550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Collections on net investments in leases | 5352 | 7628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Security deposits, maintenance payments and insurance settlements included in earnings | (119410) | (59959) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on sale or disposition of flight equipment | (95889) | (77191) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on extinguishment of debt | 2973 | (285) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment of flight equipment | 53323 | 19391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision (benefit) for credit losses | (57) | 8715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | (1822) | (3188) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes on certain assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | (8207) | (6984) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets | 7950 | 13532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable, accrued expenses and other liabilities | 25462 | 7475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lease rentals received in advance | (3643) | 19343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash and cash equivalents provided by operating activities | 483053 | 464021 |
| **Cash flows from investing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;Acquisition and improvement of flight equipment | (1710760) | (1588197) |
| &nbsp;&nbsp;&nbsp;Proceeds from sale or disposition of flight equipment | 729500 | 565921 |
| &nbsp;&nbsp;&nbsp;Proceeds from settlement of insurance claims | 70824 | 49500 |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of investment in debt securities | 10128 |  |
| &nbsp;&nbsp;&nbsp;Aircraft purchase deposits and progress payments, net of returned deposits and aircraft sales deposits | 2713 | 4157 |
| &nbsp;&nbsp;&nbsp;Other | 9 | (1613) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash and cash equivalents used in investing activities | (897586) | (970232) |
| **Cash flows from financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from issuance of common shares |  | 300000 |
| &nbsp;&nbsp;&nbsp;Proceeds from secured and unsecured debt financings | 1915489 | 1702048 |
| &nbsp;&nbsp;&nbsp;Repayments of secured and unsecured debt financings | (1624927) | (1452340) |
| &nbsp;&nbsp;&nbsp;Deferred financing costs | (15190) | (9849) |
| &nbsp;&nbsp;&nbsp;Debt extinguishment costs |  | 285 |
| &nbsp;&nbsp;&nbsp;Security deposits and maintenance payments received | 153390 | 152521 |
| &nbsp;&nbsp;&nbsp;Security deposits and maintenance payments returned | (50608) | (16379) |
| &nbsp;&nbsp;&nbsp;Dividends paid | (62784) | (21000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash and cash equivalents provided by financing activities | 315370 | 655286 |
| **Net (decrease) increase in cash and cash equivalents:** | (99163) | 149075 |
| Cash and cash equivalents at beginning of year | 279052 | 129977 |
| Cash and cash equivalents at end of year | $179889 | $279052 |

---

------

**Aircastle Limited and Subsidiaries**

**Reconciliation of GAAP to Non-GAAP Measures**

**EBITDA and Adjusted EBITDA Reconciliation**

**(Dollars in thousands)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended February 28,** | **Three Months Ended February 28,** | **Year Ended February 28,** | **Year Ended February 28,** |
| | **2026** | **2025** | **2026** | **2025** |
| | **(Unaudited)** | **(Unaudited)** | | |
| Net income | $56836 | $60778 | $194048 | $123613 |
| &nbsp;&nbsp;&nbsp;Depreciation | 95395 | 91029 | 384028 | 355666 |
| &nbsp;&nbsp;&nbsp;Amortization of lease premiums, discounts and incentives | (78) | 3677 | (280) | 21682 |
| &nbsp;&nbsp;&nbsp;Interest, net | 70967 | 61934 | 282139 | 247923 |
| &nbsp;&nbsp;&nbsp;Income tax provision | 5335 | 5067 | 28863 | 21948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EBITDA | 228455 | 222485 | 888798 | 770832 |
| Adjustments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Impairment of flight equipment | 1394 |  | 53323 | 19391 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on extinguishment of debt |  |  | 2973 | (285) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted EBITDA | $229849 | $222485 | $945094 | $789938 |

---

______________

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.

<br>