AAR CORP. (NYSE: AIR) details FY26 outlook and 3-year margin, EPS growth goals

Filing Impact

(High)

Filing Sentiment

(Neutral)

Form Type

8-K

Rhea-AI Filing Summary

AAR CORP. furnished an Investor Day presentation outlining its strategy, segment realignment, and financial framework. For the twelve months ended Q3 FY26, adjusted sales were $3.116 billion, adjusted EBITDA was $376 million with a 12.1% margin, and adjusted EPS reached $4.67.

The company highlights three core segments: Parts Supply, Repair, Engineering & Software, and Government Solutions, each showing year-over-year growth and double‑digit adjusted EBITDA margins. For Q4 FY26, AAR targets total adjusted sales growth of 19–21%, organic adjusted sales growth of 16–18%, and an adjusted operating margin of 10.2–10.5% with an estimated tax rate of 28%.

Looking ahead, AAR’s three‑year financial framework calls for adjusted sales CAGR of 6–10%, adjusted EBITDA margin of at least 13%, adjusted EPS CAGR of about 15%, and operating cash flow of roughly 30%+ of adjusted EBIT, supported by portfolio reshaping and disciplined M&A.

Positive

Strong multi‑year financial trajectory: LTM Q3 FY26 adjusted sales of $3.116B, adjusted EBITDA of $376M with a 12.1% margin, and adjusted EPS of $4.67, all supported by double‑digit historical CAGRs in sales, EBITDA, and EPS.
Ambitious but specific forward targets: Q4 FY26 guidance for total adjusted sales growth of 19–21% and a 10.2–10.5% adjusted operating margin, plus three‑year goals of 6–10% adjusted sales CAGR, 13%+ adjusted EBITDA margin, and ~15% adjusted EPS CAGR.

Negative

None.

Insights

AAR pairs strong recent growth with ambitious but quantified multi‑year targets.

AAR shows a sizeable aviation aftermarket platform with LTM Q3 FY26 adjusted sales of $3.116B, adjusted EBITDA of $376M and a 12.1% margin, plus adjusted EPS of $4.67. Segment data indicate double‑digit margins across Parts, Repair & Software, and Government Solutions.

Management is guiding to Q4 FY26 total adjusted sales growth of 19–21%, organic adjusted sales growth of 16–18%, and an adjusted operating margin of 10.2–10.5% with an estimated tax rate of 28%. This sits on top of multi‑year CAGRs in sales, EBITDA, and EPS.

The three‑year framework targets adjusted sales CAGR of 6–10%, adjusted EBITDA margin of at least 13%, adjusted EPS CAGR near 15%, and operating cash flow around 30% of adjusted EBIT. Execution will rely on continued segment mix shift, M&A integration, and maintaining balance‑sheet leverage within the articulated 2.0–2.5% pro forma net leverage range.

8-K Event Classification

2 items: 7.01, 9.01

2 items

Item 7.01 Regulation FD Disclosure Disclosure

Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Key Figures

LTM Q3 FY26 Adjusted Sales: $3.116B LTM Q3 FY26 Adjusted EBITDA and margin: $376M; 12.1% LTM Q3 FY26 Adjusted EPS: $4.67 +5 more

8 metrics

LTM Q3 FY26 Adjusted Sales $3.116B Companywide adjusted sales for the twelve months ended Q3 FY26

LTM Q3 FY26 Adjusted EBITDA and margin $376M; 12.1% Companywide adjusted EBITDA and margin LTM Q3 FY26

LTM Q3 FY26 Adjusted EPS $4.67 Companywide adjusted earnings per share LTM Q3 FY26

Parts Supply LTM Q3 FY26 Sales $1.4B Segment sales with 30% year-over-year growth

Parts Supply LTM Q3 FY26 Adjusted EBITDA margin 14.7% Segment adjusted EBITDA margin, up 123 bps year-over-year

Q4 FY26 Total Adjusted Sales Growth Outlook 19–21% Guidance range for total adjusted sales growth

Three-year Adjusted EBITDA Margin Target 13%+ Companywide medium-term margin objective from FY2026 baseline

Three-year Adjusted EPS CAGR Target ~15% Planned adjusted EPS compound annual growth rate

Key Terms

Adjusted EBITDA, Non-GAAP financial measures, organic adjusted sales growth, segment realignment, +2 more

6 terms

Adjusted EBITDA financial

"LTM Q3 FY26 Adj. EBITDA ($M) and margin (%)"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

Non-GAAP financial measures financial

"This presentation includes certain non-GAAP financial measures."

Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.

organic adjusted sales growth financial

"Organic adj. Sales growth1 16% – 18%"

Organic adjusted sales growth measures how much a company’s revenue rises after removing the effects of acquisitions or divestitures, currency swings, and one-off items, showing growth generated by the company’s core operations. Investors use it to judge the true momentum and health of the business—like comparing the same set of stores year-to-year—because it strips out external or temporary factors that can make headline sales look better or worse than the underlying performance.

segment realignment financial

"Fourth Quarter Fiscal 2026 Segment Realignment"

paperless hangar technical

"proprietary Paperless Hangar system"

performance-based logistics financial

"through performance-based logistics solutions, improving warfighter readiness"

Performance-based logistics is a contracting approach where a supplier is paid based on meeting agreed availability, reliability, or performance outcomes for equipment and support services rather than for individual parts or hours worked. For investors, it matters because these contracts shift risk and reward: they can create steadier, longer-term revenue streams and incentivize efficiency, but also expose a supplier to penalties or higher costs if they fail to meet performance targets—think of being paid for completed results instead of billed time and materials.

Understanding 8-K Material Events →

05/12/2026 - 07:02 AM

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported): May 12, 2026

AAR CORP.

(Exact name of registrant as specified in its charter)

Delaware		1-6263		36-2334820
(State of Incorporation )		(Commission File Number)		(IRS Employer Identification No.)

One AAR Place
1100 N. Wood Dale Road
Wood Dale, Illinois 60191

(Address and Zip Code of Principal Executive Offices)

Registrant’s telephone number, including area code: (630) 227-2000

Not Applicable

(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:

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))

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class	Trading Symbol(s)	Name of Each Exchange on Which Registered
Common Stock, $1.00 par value	AIR	New York Stock Exchange
Common Stock, $1.00 par value	AIR	NYSE Texas

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. ¨

Item 7.01. Regulation FD Disclosure.

On May 12, 2026, AAR CORP. (the “Company”) posted a presentation on its website in connection with an Investor Day event it is hosting on the same day in New York City beginning at 8:30 a.m. Eastern time. The event includes a presentation by the Company’s senior leadership team regarding the Company’s strategic priorities, growth initiatives, and financial objectives. The previously-announced event is being held in-person by invitation and is accessible to the public through a live webcast and replay available on the Company’s website at https://www.aarcorp.com/en/investors/. A copy of the presentation is furnished as Exhibit 99.1 to this report.

The information in this Item 7.01, including Exhibit 99.1, is being furnished and shall not be deemed to be “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 deemed to be incorporated by reference in any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as otherwise stated in such filing.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

Exhibit No.		Description

99.1		AAR CORP. Investor Day Presentation dated May 12, 2026
104		Cover Page Interactive Data File (the cover page XBRL tags are embedded in 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.

Date:     May 12, 2026

	AAR CORP.

	By:	/s/ Jessica A. Garascia
		Jessica A. Garascia
		Senior Vice President, General Counsel, Chief Administrative Officer and Secretary

Exhibit 99.1

F o r w a r d - L o o k i ng Sta t em e nts N o t e : A l l r e s u l t s an d e x p e c t ati o n s i n t h e pr e s e n t ati o n r ef l e c t co n t i n uin g o p e rati o n s u n l e s s o t h e rwi s e n o t e d . T h i s pr e s e n t ati o n c o n t a i n s c e r t a i n f o rward - l oo k i n g s t at e m e n t s a s t h a t t e rm i s d e f i n e d i n t h e P riv a t e S e c uriti e s L iti g ati o n R ef o r m A c t o f 1995 . F o rward - l oo k i n g s t at e m e n ts o f t e n addr e s s o ur e x p e c t e d f utur e o p e r a t i n g an d f i n an c i a l p e r f o rman c e an d f i n a n c i a l co n di t i on , o r t arg e t s , g o a l s , co mmitm e n t s , and o t h e r bu s i n e s s p l an s , an d o f t e n ma y a l s o b e id e n t i f i e d b e c a u s e t h e y c o n t a i n w o rd s s u c h a s “ a n t i c ipat e , ” “b el i e v e , ” “ c o n t i n u e, ” “ c o u l d , ” “ e s t i m a t e , ” “ e x p e c t , ” “in t e n d , ” “ l i k e l y , ” “m a y , ” “mig h t , ” “p l an , ” “p o t e n t i a l , ” “pr e di c t , ” “pr o j e c t , ” “ s eek , ” “ s h o u l d , ” “tar g e t , ” “wi l l , ” “w o u l d , ” o r s imi l a r e x p r e ss i on s an d t h e n e g ativ e s o f t h o s e t e rm s. T h e s e f o rward - l oo k i n g s t at e m e n t s ar e ba s e d o n b e l i e f s o f o u r mana g e m e n t , a s w e l l a s a s s u mp t i on s an d e s t im a t e s ba s e d o n i n f o rmati o n a v a i l ab l e t o u s a s o f t h e dat e s s u c h a s s umpti o n s an d e s t im a t e s ar e ma d e , an d ar e s ubj e c t t o c e r t a i n ri s k s an d u n c e r t a i n t i e s t h at c o u l d c a u s e ac t u a l r e s u l t s t o di ffe r mat e ri a ll y f r o m h i s t o r i c a l r e s u l t s o r t h o s e an t i c ipat e d , d e p e n di n g o n a v a ri e t y o f f ac t o r s , i n c l udi n g : (i) f ac t o r s t h at adv e r s e l y a f fe c t t h e co mm e r c i a l a v i a t i o n i n du s t r y ; (ii ) adv e r s e e v e n t s and n e g ati v e pub l i c ity i n t h e a v i a t i o n i n d u s t r y ; (iii ) a r e du c t i on i n s a l e s t o t h e U . S. g o v e r n m e n t and it s c o n t ra c t o r s ; (iv ) co s t o v e rru n s an d l o s s e s o n f ix e d - pri c e c o n t ra ct s ; (v ) n o n p e r f o rman c e b y s ub co n t ra c t o r s o r s up p l i e r s; (vi) o u r abi l i t y t o ma n a g e o u r o perati o n a l f oo t p r i n t ; ( vii ) a r e du c t i o n i n o u t s o ur c i n g o f mai n t e n a n c e a c t ivi t y b y air l i n e s ; (viii ) a s h o r t a g e o f s k i ll e d p e r s o nn e l o r w o r k s t o p p a g e s ; (i x ) c o m p e t i t i on f r o m o t h e r c o m p a n i e s ; ( x ) f i n a n c ia l , o p e rati o n a l an d l e g a l r i s k s ari s i n g a s a r e s u l t o f o p e rati n g i nt e r n ati o n a l l y ; ( xi) i n abi l ity t o i n t e g r at e ac q ui s iti o n s effe c t iv e l y an d e x e c ut e o p e rati o n a l an d f i n a n c i a l p l an s r e l at e d t o t h e ac q ui s iti o ns ; ( xii) f a i l ur e t o r e a l iz e t h e a n t i c ipat e d b e n ef it s o f a c qui s iti o n s; (xiii ) c ir c u m s t an c e s a s s o c i a t e d wi t h div e s t itur e s ; (xiv ) i n abi l it y t o r e c o v e r c o s t s du e t o f l u c t u a t i on s i n m ar k e t v a l u e s f o r a v i a t i o n pr o du c t s a n d e quipm e n t ; ( x v ) c yb e r o r o t h e r s e c urit y t h r e at s o r di s rup t i o n s ; (xvi ) a n ee d t o ma k e s i g n i f i c an t c apita l e x p e n di t ur e s t o kee p p ac e wi t h t e c h n o l o g i c a l d e v e l o pm e n ts i n o ur i n du s t r y ; ( x vi i ) r e s t ri c t i o n s o n u s e o f i nt e ll e c t u a l pr o p e r t y a n d t oo l i n g i m p o r t an t t o o ur bu s i n e s s ; ( x vi i i ) i n abi l ity t o f u l l y e x e c ut e o ur s t o c k r e pur c h a s e pr o g ra m an d r e t ur n c apita l t o s t oc k h o l d e r s ; (xix ) l imita t i on s o n o u r abi l ity t o a c c e s s t h e d e b t a n d e quity c apita l mar k e t s o r t o dra w d o wn f u n d s u n d e r l o a n agr e e m e n t s ; ( x x ) o u r abi l ity t o mana g e o u r d e b t ; (x x i ) no n - c o mp l i a n c e wi t h r e s t r i c t iv e an d f i n a n c i a l co v e n an t s c o n t a i n e d i n o ur d e b t an d l o a n agr e e m e n t s ; ( x x ii ) c h a ng e s i n o r no n - c o mp l i a n c e wi t h l aw s a n d r e g u l ati o n s r e l at e d t o fe d e ra l c o n t ra c t o r s , t h e a v i a t i o n i n du s t r y , i n t e r n ati o n a l o p e r a t i on s , s a f e t y , a n d e n vir o n m e n t a l mat t e r s , an d t h e c o s ts o f co mp l yi n g wi t h s u c h l aw s an d r e g u l ati o n s ; ( x xiii ) e x p os ur e t o pr o du c t l i a bi l it y an d pr o p e r t y c l a i m s t h a t ma y b e i n e x c e s s o f o u r l i a bi l it y i n s uran ce c o v e rag e ; a n d ( x xiv ) e x p e c t e d b e n ef it s f r o m o u r s e g m e n t r e a l i g n m e n t a n d w i n d - d o w n o f o u r L e g a c y C o mm e r c i a l P r o g rams bu s i n e s s . S h o u l d o n e o r m o r e o f t h e s e ri s k s o r u n c e r t a i n t i e s mat e r i a l iz e adv e r s e l y , o r s h o u l d u n d e r l yi n g a s s umpt i o ns o r e s t im a t e s pr o v e i n c o rr e c t , ac t u a l r e s u l t s ma y v a r y mat e ria l l y f r o m t h o s e d e s c rib e d. F o r a di s c u ss i o n o f t h e s e a n d o t h e r ri s k s a n d u n c e r t a i n t i es , r efe r t o o u r A n n u a l R e p o r t o n F o r m 10 - K , P ar t I , “ I t e m 1 A , R i s k F ac t o r s ” an d o u r o t h e r f i l i n g s f i l e d f r o m t im e t o t im e wi t h t h e S E C . T h e s e e v e n t s a n d u n c e r t a i n t i e s ar e di ff i c u l t o r imp o ss ib l e t o pr e di c t a cc urat e ly an d man y ar e b e y o n d o ur co n t r o l . T h e ri s k s d e s c rib e d i n t h e s e r e p o r t s ar e n o t t h e o n l y ri s k s w e f ac e , a s additi o n a l ri s k s an d u n c e r t a i n t i e s ar e n o t c urr e n t l y k n o w n o r f o r e s ee ab l e o r i m p oss ib l e t o pr e di c t a c c ura t e l y o r ri s k s t h a t ar e bey o n d o u r c o n t r o l o r de e m e d i m ma t e r ia l m a y ma t e r i a l l y adv e r s e l y a f fe c t o u r bu s i n e s s , f i n a n c ia l c o n di t i o n o r r e s u l t s o f o per a t i on s i n f u t ur e peri o d s . W e a s s um e n o o b l i g ati o n t o up d at e a n y f o r w ar d - l o o k i n g s t at e m e n t s t o r ef l e c t e v e n t s o r c ir c um s t an c e s a f t e r t h e dat e o f s u ch s t at e m e n ts o r t o r ef l e c t t h e occ urr e n c e o f an t i c ipat e d o r u n an t i c ipat e d e v e n t s , e x c e p t a s r e quir e d b y l a w. T h i s pr e s e n t ati o n an d t h e r e l at e d di s c u s s i on , o t h e r t h a n r efe r e n c e s t o h i s t o r i c a l p e ri o d s u n l e s s s p e c i f i c a l l y n o t e d , r efe r e n c e t h e n e w r e p o r t ab l e s e g m e n t s w h i c h wi l l b e r ef l e c t e d i n t h e C o mpany ’s A n n u a l R e p o r t o n F o r m 10 - K f o r t h e y e a r e n di ng M a y 31 , 2026. F o u r t h Q u a r t e r F is c a l 2026 S e g me n t R e a l ig n m e n t : D urin g t h e f o urt h quart e r o f f i s c a l 202 6 , o u r c h i e f o p e rati n g d e c i s i o n ma k e r (“ C O D M ” ) imp l e m e n t e d c h a n g e s i n h o w h e o r g aniz e s t h e bu s i n e ss , a l l oc at e s r e s o u r c e s , an d a s s e s s e s p e r f o rman c e . S p e c i f i c a l l y, t h e bu s i n e s s u n it s wi t h i n o u r I n t e g r at e d S o l uti o n s s e g m e n t h a v e b ee n r e a l i g n e d , r e s u l t i n g i n t h e f o ll o wi n g c h a ng e s : co mbi n e o u r G o v e r n m e n t P r o g ram s ac t iv i t i e s an d o u r M o bi l ity bu s i n e ss , pr e vi o u s l y r e p o r t e d a s E x p e di t i on ar y S e rvi c e s , i n to a n e w o p e rati n g s e g m e n t n am e d G o v e r n m e n t S o l uti o n s ; r e - p o s iti o n o u r s o f t war e p l at f o rm , i n c l udi n g Trax a n d Airi n ma r , t o o ur R e pai r & E ng i n ee ri n g s e g m e n t , w h i c h i s r e n am e d R e pair, E ng i n ee ri n g , a n d S o f t war e; a n d L e g ac y C o mm e r c i a l P r o g ram s , t h e r e ma i n i ng b u s i n e s s u n i t wi t h i n t h e I n t e g rat e d S o l uti o n s s e g m e n t , wi l l b e s e par a t e l y r e p o r t e d a s it s o wn o p e rati n g s e g m e n t . T h e s e c h an g e s wi l l b e i n itia l l y r ef l e c t e d i n o u r co n s o l idat e d f i n an c i a l s t at e m e n t s i n o u r A n n u a l R e p o r t o n F o rm 10 - K f o r t he y e a r e n di n g M a y 31 , 2026 . S e e t h e C o mpany ’ s Curr e n t R e p o r t o n F o rm 8 - K , f u r n i s h e d o n M a y 6 , 2026 , f o r c e r t a i n r e c a s t h i s t o ri c a l s umm a r y f i n a n c i a l i n f o rm a t i o n u n d e r t h e C o mpany ’ s n e w o p e rati n g s e g m e n t s t ru c t ur e f o r f i sc a l y e a r 2025 an d f o r t h e pr e vi o u s l y r e p o r t e d quart e r s i n f i sc a l y e a r 202 6. P r e s e n t a t i o n M a t e r i a l s : T h e s t atem e n t s i n c l uded a n d t h e i n f o r m ati o n p r o vide d i n t h i s p r e s e n t ati o n ar e ma d e a s o f M ay 12 , 2026 u n l e s s o t h e r w i s e n o t e d . No n - G A A P F i n an c i a l M e a s u re s : T h i s pr e s e n t ati o n i n c l ud e s c e r t a i n n o n - GAA P f i n a n c i a l m e a s ur e s . P l e a s e r efe r t o t h e A p p e n di x f o r additi o n a l i n f o rmati o n o n t h e s e n o n - GAA P f i n a n c i a l m e a s u r e s an d r e c o n c i l i a t i o n s t o t h e c o mpar a b l e GAA P m e a s ur e s . T h e C o m pa n y i s no t pr o vidi n g a r e c o n c i l i a t i o n o f f o rw a rd - l oo k i n g n o n - G A A P f i n a n c i a l m e a s ur e s to t h e m o s t dir e c t l y co mpar a b l e f o rward - l oo k i n g G A A P m e a s ur e b e c a u s e t h e i n f o rmati o n i s n o t a v a i l a b l e wi t h o u t u n r e a s o n ab le eff o r t . T h i s i s d u e t o t h e i n h e r e n t di ff i c u l t y o f f o r e c a s t i n g t h e t imin g a n d amo u n t o f c e r t a i n it e m s , s u c h a s , b u t n o t l imit e d t o , u n u s u a l g a i n s an d l o ss e s , t h e u l t im a t e o ut c o m e o f p e n di n g l iti g ati o n , t h e i m pa c t an d t imin g o f p o t e n t i a l ac q ui s iti o ns an d div e s t itur e s , an d o t h e r s t r u c t ura l c h an g e s o r t h e i r pr o bab l e s i g n i f i c an c e . E a c h o f t h e adj u s t m e n t s h a s n o t o c c urr e d , ar e o u t o f t h e C o mpany' s c o n t r o l , and / o r c an n o t b e r e a s o n ab l y pr e di c t e d . F o r t h i s r e a s o n , t h e C o mpan y i s u n ab le t o addr e s s t h e pr o bab l e s i g n i f i c an c e o f t h e u n a v a i l ab l e i n f o rmati on. © 2 0 2 6 AA R CO R P . A ll ri gh t s r e s e rv e d w o r l d w ide 2

Benef i ts ✓  Se g men t s al i g n ed t o co r e , f ocused ope r a t io ns ✓  Bet t er per f orm a n c e mea s u r ement a nd t r a n spa r en c y ✓  Wi n d - d o wn of l o w - r e t urn Com m e r ci a l P r o g r am s ✓  E x pect t o deli v er hi g her ma r gi n s a n d h i g h er R OIC S i mplified Segmen t at i on Al i gne d t o P art s , R e p a i r , an d So f t w a r e Plat f orm App r o a ch © 2 0 2 6 AA R CO R P . A ll ri gh t s r e s e rv e d w o r l d w ide 3 P rior P ar ts Su pply N e w p a r ts Dis t r i b u t ion U SM R ep air & E ngin e e r i ng Air f r a me M RO C omp o n e nt M RO I n t e g r a t e d S o l ut i o ns Go v e r n me nt Pr o g r a ms C om m e rcial Pr o g r a ms S o f t ware E x ped i t iona r y S e r v i c es M o b ili t y S y st ems L TM Q3 F Y26 Adj. EB I T D A m a r gi n P ar ts Su pply N e w p a r ts Dis t r i b u t ion U SM R ep ai r , E ngin e e r i ng, a n d So f t w a re Air f r a me M RO C omp o n e nt M RO So f t ware G o v e rn m e n t So l ut i o ns Go v e r n me nt Pr o g r a ms M o b i li t y S ys t ems L e g a c y C o mm e r c i al P r o g r ams Co m mer c i al P r o gra ms C h anges N ew 5 . 3% 10. 9% 12. 7% 14. 7% 14 . 7% 9.3% 12.2% 14.7% 12.1% 12.1% Co r po r a t e Co r po r a te P ri o r New N o t e : S ee A pp e n dix f o r r e co n c i l i a t i on o f N o n - G A A P f i n an c i a l m e a s ur e s.

Q4 an d FY20 2 6 Outlo ok 1 Or g ani c s a l e s g r o w th r ef l e c t s g r o w th f r o m pri o r y e ar adju s t e d o r g ani c s a l e s f o r t h e r e l e v a n t p e ri o d , w h i ch e x c l ud e s L andi n g G e a r s a l e s a n d impac t o f ac q ui s iti o n s i n F Y 26. N o t e : s ee t h e “F o rwar d - l oo k i n g S t at e m e n t s ” s l id e fo r a di s c u s s i on o f f o rw a r d - l oo k i n g n o n - G A A P m e a s ur es T o t al ad j . S ale s g r o wth 1 9 % – 21% O r gan i c ad j . S ale s g r o wt h 1 6% – 8% A d ju s t ed O p e r a ti n g m a r g i n 1 0 . 2 % – 1 0 . 5% Q 4 FY26 O u tl o ok O r g an i c adj. S a l e s g ro wt h 1 A p p r o a c h i n g 11% FY 2 0 2 6 O u tl o ok ~12% P r i o r a s of J a n 6 , 2026 Cu r r e n t a s of M a y 12 , 2026 © 2 0 2 6 AA R CO R P . A ll ri gh t s r e s e rv e d w o r l d w ide 4 Est i m a t e d t a x r a t e 28% T o t a l adj. S a l e s g ro wth A p p r o a c h i n g ~19% 17%

8:30 a.m. W elc o me & Open i ng Re m a r ks C h ris Til l e t t | V P , I n v e s t o r R e l a ti o ns S t r a t eg i c U pd a te J o hn M . H o l m e s | C h airma n , P r e s i d ent a n d C h i e f E x ec u ti v e O f f i c er A v i a tion A f t erm a r k et O v e r v i ew C h ri s t o p h er J e ssup | S V P and C h i e f C o m m e r c ia l O f f i c er P a rts F r a n k L a n d ri o | S V P , Di s tri b u ti o n Rep a i r T o m H o f e r er | S V P , R e p air & E n g i n e e ri ng 10:00 a.m. Q& A S e s s i on T o d a y ’ s A g en da © 2 0 2 6 AA R CO R P . A ll ri gh t s r e s e rv e d w o r l d w ide 5 10:20 a.m. B r eak 10:35 a.m. S o f t w a r e A n d r ew S ch mi d t | S V P , S o f twa re G o v ernmen t S o l u tions Nic h ol a s G r os s | S V P , G o v er n ment P r o g r ams F inancia l O v e r v i ew Dy l a n W o l i n | S V P a n d C h i e f F i n a n c ia l O f f i c er C l os i ng Re m a r ks J o hn M . H o l m e s | C h airma n , P r e s i d ent a n d C h i e f E x ec u ti v e O f f i c er 11:35 a.m. Q& A S e s s i on

St r at egic Upd a te © 2 0 2 6 AA R CO R P . A ll ri gh t s r e s e rv e d w o r l d w ide 6 C h a i rma n , P r esident a n d C h ief E x ecuti v e Officer John M. H o lmes

K ey Messa g es 1 Mu l t i - y ea r i nv e s tmen t s c r e a ti n g a r e s il i e n t av i a tio n a f t e r mar k et p l a t f orm u n derp i nn ed b y l o n g - t e r m s e cul a r g ro wth Rep o si t ioned port f olio O pp o rtu n it i e s t o f urt h e r accele r a t e s h a r e h o l der r etu r n s th r oug h di s c i p l i n ed r e i nv e s tment F a s te r , p r ofitable 4 g r o w th © 2 0 2 6 AA R CO R P . A ll ri gh t s r e s e rv e d w o r l d w ide 7 2 Hig h - per f ormanc e cultu r e f ocused on sa f et y , qua l it y , com p lianc e , a n d e x ecut i on e n ab l i n g i n du s t r y - lea d i n g cu s t omer s e r v i ce Dif f e r ent i a ted cultu re 3 C l e a r s t r a t e g y f o c u s e d o n c u s t o m e r s u cc e s s , d r ivi n g o n t i n u e d g r o w t h a n d l o n g - t e r m v a l u e c r e a t i on F oc u sed s t r a te gy

Helpi n g cu st ome r s in c r ease eff i c i enc y and r educ e c o s ts while m a i n taini n g h i gh l e v els of q ua l it y , se r vic e , and sa f ety Th e Inde p en d en t L e a d e r in th e A vi a tion A f t erm a r k et $3.1B L T M Q3 FY2 6 Adj. S a l es $376M L T M Q3 F Y26 Adj. EB I T DA AIR N Y S E L i s ted ~8,0 00 T ea m m e mb e rs C o m m e r c ial G o v ern m e nt U . S . / C ana da E M EA APA C Other Part s S u pply R e p ai r , E ngin e e r i n g & S o ft w are G o v ern m e n t L e gac y C o m m e r c ia l Pr og r ams So l u t i o n s S a les b y c u s to m e r t y pe S a les b y g e o g r a p hy S ales b y segment © 2 0 2 6 AA R CO R P . A ll ri gh t s r e s e rv e d w o r l d w ide 8 R e po si t i o n e d port f o l io L TM Q 3 F Y 26 N o t e : S ee A pp e n dix f o r r e co n c i l i a t i on o f N o n - G A A P f i n an c i a l m e a s ur e s.

F r om L e g a c y O p e r a t or to H ig h - Quality A vi a tion Plat f orm 2018 • B r o a d , l es s - f o cuse d r e v en u e m ix • L o w e r - ma r g i n s e r vi c es • T r an s a c tio n a l cu s t om e r e x p e r ience • L es s c a p i t a l a l l o c a tio n d i s c i p l ine • L imi t ed d i gi t a l d i f f e r enti a tio n or IP • No s t an d a r d o pe r a tin g mo del • L es s o p p or tu n ity an d bench f or hi g h per f orm in g t a l ent • L imi t ed s t r a t e g ic d i r ection Wh a t mana g e m ent chan g ed • N ew C h airma n / C E O & C FO • N e w l ead e r s h ip b e nch w it h 2 5+ y ea r s a v g. i n du s t r y t en u re • Hi g hl y d iscipli n e d c api t a l al l o c a ti on • B e t t er K P I alig n m e nt P O R T FO L I O L E ADE R S H IP Di v e s ting o r e xi t i n g l ow e r - m a r g i n, l o w - r e t u rn, a n d no n - co r e ass e ts • L a ke C h a r les ( A i r f r a m e M R O) • Airli ft • C o m p o sit es • C o mm e r cial Pro g r a ms • L a n d i ng G e ar • I n d ia n a p o li s ( A i r f r a m e M R O) • N e w Y o r k ( C o m p o n e n t M R O) O P E R A T I O NS • E x ec u ti o n e x c el l en c e , l ean / si x - si g ma • P ri c i n g discip l i ne • I n v en t o r y ma n a g e m ent • Inc r ea s e d c r o s s - s e ll i ng C U L T U R E & S T R A T E GY • N im b l e , e x ec u ti o n - o rien t ed • C u st o m e r - f o c u s ed • St r a t e g i c di r ection • Ac c o u n ta b i l it y • Hig h l y s t r a t e g ic av i a tio n a f t e rm ar k et p l a t f orm • I m p r o v ed m a r gi n an d c a s h p r o fi le • Cu s t om e r - f o c used o r g ani z a tion • R etu r n s - or i e n t ed c a p i t a l a l lo c a tion • S o phisti c a t ed p l a t f orm o f p a r t s , r ep a i r , an d so f tw a re • De e p b enc h o f t a l ent • Cle a r s t r a t e g ic d i r ection I ll u s t r a t i v e p r oof p o i n t s , si nce F Y 201 8 1 : ~8% Adj . S al es C A GR ~370 bps Adj . E B I TD A margin e x p a ns i on ~14% Adj . E P S g ro w th © 2 0 2 6 AA R CO R P . A ll ri gh t s r e s e rv e d w o r l d w ide 9 St r a t e g i c a c q u isi t i o n s i n P a rt s , Rep a i r & So f t w a re T od ay R e po si t i o n e d port f o l io 1) F Y 2018 – L TM Q3 F Y 26 2) N o t e : S ee A pp e n dix f o r r e co n c i l i a t i on o f N o n - G A A P f i n an c i a l m e a s ur e s.

AAR Has T r ans f ormed © 2 0 2 6 AA R CO R P . A ll ri gh t s r e s e rv e d w o r l d w ide 10 ✓   S caled a n d f o c used ✓   Con n e c t ed pl a t f orm a p p r oa ch ✓   Hi g he r g r o w th , hi g he r ma r gi ns ✓   D ee p a n d e x p e r ien c e d lea d e r shi p b en ch ✓   I n v e s tments d r i v in g g r o w th a n d e x p a nsion R e po si t i o n e d port f o l io

Dr i ving significant g ro w th and ma r gin e xpa n sio n o v e r the p a s t 4 y ea rs T r ack R e co r d of St r ong F inancial P e r f orm a nce… $1 , 817 $1 , 991 $2 , 321 $2 , 748 $3 , 116 FY 20 2 2 FY 20 2 3 FY 20 2 4 FY 20 2 5 LTM Q 3 F Y 26 Adj. S ales ($M) Adj. E BIT D A ($M) and m a r gin (%) Adj. E PS $2 . 41 $2 . 86 $3 . 33 $3 . 91 $4 . 67 FY 20 2 2 FY 20 2 3 FY 20 2 4 FY 20 2 5 LTM Q 3 F Y 26 $156 $190 $242 $324 $376 8 . 6 % 9 . 5% 10 . 4% 11 . 8 % 12 . 1% FY 20 2 2 FY 20 2 3 FY 20 2 4 FY 20 2 5 LTM Q 3 F Y 26 Adj. O p . Inco m e ($M) and m a r gin (%) $115 $149 $193 $265 $316 6 . 3 % 7 . 5% 8 . 3% 9 . 6% 10 . 1% FY 20 2 2 FY 20 2 3 FY 20 2 4 FY 20 2 5 LTM Q 3 F Y 26 © 2 0 2 6 AA R CO R P . A ll ri gh t s r e s e rv e d w o r l d w ide 12 +15% C A GR + 2 6% C A GR ~90 a v g . bps / yr +31% C A GR ~100 a v g . b ps / yr +19% C A GR R e po si t i o n e d port f o l io N o t e : S ee A pp e n dix f o r r e co n c i l i a t i on o f N o n - G A A P f i n an c i a l m e a s ur e s.

…On T r ack t o Ach i e v e / E x ce e d Our Up d a t e d 2 0 2 3 I n v e s t or D a y T a r g e ts 1) TP S = Triumph P r o du c t S upp o r t ; 2) O n t ra c k t o m e e t / e x c ee d 3 - 5 y e a r t arg e t s r e l ativ e t o F Y 2024 s t arti n g p o i nt o f 16 . 6% s a l e s g r o wt h (12 . 9% o r g ani c ) , 8 . 3% A dj . Op . margi n , 10 . 4% A dj . E B I T D A margi n , and 16% A d j . E P S g r o w th ; 3) F Y 2023 – L TM Q3 F Y 26 ; 4) A s o f L T M Q3 F Y 26 J u l y 2 0 23 I n v e st or D ay 3 - 5 yr o r gan ic ta r g e t s, F Y 2024 to F Y 2026 / 28 Upd a te po s t - TP S 1 a c q uisitio n (Ju l y 20 2 4) 3 - 5 yr o r gan ic ta r g e t s, F Y 2025 to F Y 2027 / 29 On t r a ck t o a ch i e v e / e x ce e d upd a t e d t a r g e t s 2 F Y 2024 - L T M Q 3 F Y 26 Adj. S a l e s g ro wth ( C A G R ) +5 - 10 % +5 - 10% ~18 % 3 (13% o r g anic) Adj. O p . I n come ma r g i n 9 - 10% + 10.5 - 11.5 % + 10.1 % 4 Adj. E B I T D A ma r g i n N / A 12.5 % - 13.5% 12.1 % 4 Adj. E P S g ro wth ( C A G R ) +10 - 15 % +10 - 15% + ~20 % 3 © 2 0 2 6 AA R CO R P . A ll ri gh t s r e s e rv e d w o r l d w ide 13 ✓ ✓ R e po si t i o n e d port f o l io On t r a ck On t r a ck N o t e : S ee A pp e n dix f o r r e co n c i l i a t i on o f N o n - G A A P f i n an c i a l m e a s ur e s.

Deep i n du s t r y e xp e rtise and f o c us on th e cu s t omer e xp e r i en ce Exp e rience d L e a d e r ship T e a m E x ecuting Our St r a t e gy © 2 0 2 6 AA R CO R P . A ll ri gh t s r e s e rv e d w o r l d w ide 14 A nd r ew Schm i dt 11 y ear s w i t h A AR 35 y ear s i n d us t r y e x p erie n ce Dyl a n W o l in 7 y ear s w i t h A AR 19 y ear s i n d us t r y e x p erie n ce S a l v a t o r e M a rino 32 y ear s w i t h A AR 36 y ear s i n d us t r y e x p erie n ce S h a r on P u rne ll 1 y ear w i t h A AR 4 y ea rs i nd us t ry e xp e r i e n ce John Co o per 6 y ea rs w i t h AAR 35 y ear s U S AF Je s s i c a G a r a sc ia 6 y ear s w i t h A AR 6 y ear s i n d us t r y e x p erie n ce John M. Ho l mes 2 5 year s w i t h AAR 25 y ear s i n d us t r y e x p erie n ce T o d a y’ s s p ea k ers F r a nk L a ndrio 19 y ear s w i t h A AR 35 y ear s i n d us t r y e x p erie n ce Nicho la s G r oss 10 y ear s w i t h A AR 26 y ear s i n d us t r y e x p erie n ce 4 y ear s U S AF T o m Ho f e r er 3 y ear s w i t h A AR 35 y ear s i n d us t r y e x p erie n ce Chris t opher Je s sup 24 y ear s w i t h A AR 27 y ear s i n d us t r y e x p erie n ce D i f f e r e nt i a t e d c u l t u re

A A R ’ s Cultu r e of ‘Doing it right. Non s t o p . ’ Em p o w e r s O ur P e o pl e an d En a bl e s St r ong E x ecution f or Our Cu s t om e rs Our m ission © 2 0 2 6 AA R CO R P . A ll ri gh t s r e s e rv e d w o r l d w ide 15 D i f f e r e nt i a t e d c u l t u re Our vision Go ab ov e an d b e y on d t o p r o vi d e v alu e - dri v e n a e r ospac e a f t e r m a r k et so l ut i ons t o me e t the e v ol v ing n e e d s of our cu s t om e r s w orl d wid e.

Highly Di v e r si f ied Base of Cu s t om e r s an d O E Ms 16 T ru s t ed p artne r with 15+ y ear r el a tio n shi p s with eac h of t op 10 cu s t ome rs G o v e r nm e nt an d m i l i ta r y c u s t om e rs U S: Air F o r c e; Navy ; Ar m y ; Department of St a te Co l om b i a : Air F o r ce J apa n: M i n i s t r y o f De f ense N e t her l a n d s : R o ya l N e t h erla n d s Air F o r ce No r w a y : R o ya l N o r w e g ia n Air F o r ce U n i t e d K i n g d om : M i n i s t r y o f D e f e nce Com m e r c i al c u s t om e r s O EMs F oc u s e d s t r a t e gy © 2 0 2 6 AA R CO R P . A ll ri gh t s r e s e rv e d w o r l d w ide

Uniqu e , i n t eg r a t ed p l a t f o r m enables c o nsi s t ent g ro w th a t ab o v e - m a r k et r a t es Why A A R Wins Indu s t r y - leading a f t e r m a r k et e xp e rtise • Kn o w l e d g e , e xp e rt i s e , a nd t r a c k r e co r d o f se r v ing cu s t ome r s in a h igh ly r egul a t ed e n v i r onme n t • A w a r d - w i n n i n g sa f e ty & qual i ty r e co rd • Cr i t i c a l s o f t w a r e s o l u t i o n s enabled b y le g ac y o f a f t erm a r k e t e xpertise • Pr oprieta r y a ss e t e v a l u a t i on m e thods Mar k e t - lead i ng eff i c i ency • Del i v ering l o w e r t u rn a r o u nd t i mes a t co m p e t i t i v e cost • S o f twa r e and t ech n o l o g y s o lut i ons th a t s a v e c u s t ome r s t i me a nd money • F ocu s on speci f ic b o d y ty p es b y r epair f aci l ity Globa l f o o tpri nt • L a r g e s t i ndependent M R O in N o r th Ameri ca • S c a l e and r ea ch t o se r v e ou r cu st ome r s w o r l d wide • Hig h fi ll r a t es © 2 0 2 6 AA R CO R P . A ll ri gh t s r e s e rv e d w o r l d w ide 17 F oc u s e d s t r a t e gy Unique b u sin e ss model • I n t e g r a t e d s o l u t i on s simp l i f y compl e x cu s t omer ne e ds t o be a sing l e a f t erm a r k e t p l a t f o rm • T w o - w a y e x c l u s i v e p a rt s d i s tr i bu t i on ag r ee m en ts • R epa i r o pe r a ti o ns o n cur r e nt a n d n e x t - g e n pl a t f orms • H i g h l y r e c u r r i n g main t ena n c e , p l an n ing, and p r ocu r e m en t s o f twa r e

100% ne w par t s Di s tribut i on r en e wal r at e o v er la s t se v e r al y ea rs ~90% e x clu s i v e Di s tribut i on ag r ee m en ts 30+ g l o b al l o c a ti o ns 35 O EMs under Di s tribut i on cont r ac ts L e a d ing a v i a tion P a r t s p r o v ide r t o gl o b a l com m e r ci a l an d g o v ernment a f t ermar k e ts P arts © 2 0 2 6 AA R CO R P . A ll ri gh t s r e s e rv e d w o r l d w ide 19 R e c e n t a c q u isi t i on F oc u s e d s t r a t e gy N e w parts Di s tributi on • L a r g e inde p en d ent p r o v i der with s c a l e , global p r esen c e , a n d e x c lu s i v e t w o - w ay ag r eements with OEMs • Stru c tu r ed as true e x t e n s i on of OEMs in t o global a f t erm a r k et • V a l u e - added model, high f il l r at e e n abli n g mar k et sha r e g ains • V olume s u ppor t ed b y Repair bu s ines s es U sed Se r viceable M at e r ial (USM) • U n m a t c h ed a b il i ty t o s ou r c e m a t er i al • Deep t e c hni c al an d en g ineer i ng e x p erti s e • P r o v i der of c hoice f or c u s t om e rs

L e a d ing inde p endent ai r f r ame & component M R O p r o v ide r t o k e y ai r line s an d OEMs R e p a ir ~15% North Ameri c an f l eet se r v iced per y ea r 1 1 5 ,0 0 0+ c o mp o nen t s r epai r ed per y ear 14 si t es 7 M+ la b o r hou r s per y ear 1 . M ana g e m e n t e s t im a t e s ba s e d o n data f r o m Aviati o n W e e k © 2 0 2 6 AA R CO R P . A ll ri gh t s r e s e rv e d w o r l d w ide 20 R e c e n t a c q u isi t i o ns F oc u s e d s t r a t e gy A i r f r a m e M RO • H igh va l u e , comp l e x r epai r s on c u r r e nt a nd n e x t - g e n pl a t f orms • F o cu s o n n a r r o w b o d y a n d r e g i o n a l a i r c r a f t , s u pp o r t e d b y m u l t i - y ea r ag r ee m e n ts w i th b l u e c h i p cu s t o m e rs • I ndu s t r y - l ea d i n g t u rn a r o u n d t i mes th a t c r e a t e v alue f o r cu s t ome rs • P a p e rles s h a n g a r t e chno l o g y , d ee p e xp e rt i s e , a nd p r oprie t a r y op e r a t i n g model del i v ering super i o r per f o r ma n ce Compo n ent M RO • D i f f e r e nt i a t e d r e p a i r s k i ll s e t ac r o s s a r an g e o f cu r r en t and n e x t - g en eng i nes and acce s s o r i es • I nd e p e nd e nt p r o vid e r with e x t ensi v e indu s t r y r el a ti o nships • G l ob a l comp o ne n t r epair f o o tprint

L e a d ing inn o v a t or with r obu s t sui t e of a v i a ti o n soft w a r e so l utions So f t w a re 130+ cu s t ome rs 6, 0 0 0+ ai r c r a ft Dri v es v olume t o P ar t s & Repair © 2 0 2 6 AA R CO R P . A ll ri gh t s r e s e rv e d w o r l d w ide 21 • Comp r e h e n s i v e , c lou d - b a sed E R P s y s t em u s ed b y m a jor air l ines a n d M R Os t o digit i z e ai r c r a f t ma i n t ena nce • So l ut i o n s s upport enti r e s pe c tru m of ma i n t ena nc e a c tiv i tie s a n d c r e a t e r equ i r ed s y s t em of r eco rd • H igh - ma r gin s o f t w a r e with S a a S - based r ecurri n g r e v e n ue model K ey c u st om e rs A c q u i r e d A u gus t 2025 L o n g - r a n g e a v i a t i o n m a i n t e n a n c e p l a nn i n g s o f tw a r e th a t e x t e n d s r ea c h o f T r a x ’ s c a p a b i l iti es K ey a dd i t i o n s i n c l u d e: L au n ch e d A p r i l 2026 A I - en a b l e d a v i a t i o n F oc u s e d s t r a t e gy

K ey c u st om e rs G o v ernm e nt Solutions © 2 0 2 6 AA R CO R P . A ll ri gh t s r e s e rv e d w o r l d w ide 22 L e a d ing p r o v ide r of co m me r cia l s u p p ly c hain an d main t enan c e s o l u tion s t o g o v ern m ent cu s t o m e rs >30 p l a t f o r ms se r v iced 35 countr i es in w h ich w e o p e r at e Solutions • Del i v ering co m me r c i a l b es t p r a c t i ces ac r o s s main t ena n c e and supp l y chain s , i nc r ea si n g r ea din e s s and d e c r ea s i n g o v e r a ll co st • R e vi t a l i z i n g a ging s upp l y chains th r ou g h per f o r ma n c e - b a s e d l o gi s tics solution s , i mp r o ving w a r f i g h t e r r ea d i n e ss • St r ea m l i ni n g s upp l y chain op e r a t i on s , en h anci n g the ef f ic i ency o f ou r cu s t ome r s th r ou g h b e s po k e th i r d - p a rty l ogi s t i c s s o l u t i on s • I n t eg r a ti n g al l f ace t s o f a v i a ti o n a f t erm a r k e t in t o co m p r e h e ns i v e tai l o r e d s o l u t i on s • Mobi l i t y S y s t e ms F o c us pl a t f o r ms • P - 8 • C - 40 • F - 16 • C - 130 • U H - 60 • C - 17 • K C - 135 • K C - 46 F oc u s e d s t r a t e gy U n i t e d S ta t es Navy U n i t e d S ta t es A i r F o r ce U n i t e d S ta t es D e p t. of S t a te

© 2 0 2 6 AA R CO R P . A ll ri gh t s r e s e rv e d w o r l d w ide 23 In t eg r a t e d B u siness: Plat f orm f or Sel f - R e in f o r cing G r o w th • New pa r t s D i s tr i but i o n d r i v e s l on g - t e rm r e l a t i on s h i p s w i th OEMs • O EM r el a ti o nships s upport t e chn i c a l r e qu i r e me n t s f or Co m pon e nt M RO • H igh ly t r ansa c ti o n a l U SM bu s i n e ss k ee ps u s i n c l o s e con t a c t w i th P a rt s bu y e r s and p r o v ides crit i c al mar k et in t el l i g ence f o r ne w par t s Di s tribut i on • Co m pon e nt M R O s upports A i r f r a me M R O a nd U SM a c t i vi ti e s w i th R e p a i rs • A i rf r am e M R O a ll o w s u s t o co l l e c t d a ta r e l e v a nt t o OEMs f or n e w par t s Di s tribut i on • A i r f r a me M R O i s a h igh ly v is i b l e acti v it y th a t h e l ps dri v e v o l u m e t o high e r - ma r gin Co m pon e nt M RO P a r ts R e pair • D a ta a v a i l a ble t h r o u g h P a rt s a nd R e p a i r a c t i vi ti e s i mp r o v e So f t w a r e o f f ering and enable us t o quic k l y identi f y mar k et t r ends • S o f twa r e p r o v ides pl a t f orm th r o u g h wh i ch c u s t ome r s c a n pu r chas e P a rt s a n d Re p a i rs • Planning t o o l s p r o v ide ins i ght t o l ong - r an g e main t ena n c e p l an n ing, a ll o w i n g u s t o opt i m i z e A i r f r a me M R O c a p a c i ty a nd i mp r o v e P a rt s Supp l y p r o vi s i o n i ng So f t w a re S o f t w a re

© 2 0 2 6 AA R CO R P . A ll ri gh t s r e s e rv e d w o r l d w ide 24 Cl e ar St r a t e g y f or L on g - t erm V alue C r eation F oc u s e d s t r a t e gy W IN MO R E C O RE L E V E R A GE O U R P L A T F O RM S C A L E W I T H DI S CI P L I NE • D e e p e n i n g c u s t om e r r el a ti o n s h ips • Drivi n g o r g a n i c g r o w th b y w i nn i n g n ew a n d e x p a n d i n g e xi s ting O E M ag r e e m e n ts • Ex p a n d i n g R e p air c apa b i l it y a n d c apacity • Capt u ri n g o p p o rt u n iti e s i n B G A 1 , P M A 2 /DE R 3 , a n d o v e r s e a s mar k e ts • G r o w i n g U . S . and f o r e ig n milita r y sup po rt • L e v e r agi n g i n t e g r a t e d avi a ti o n a f t ermar k e t p l a t f o rm t o d ri v e sa l e s g r o w th a c r o ss the o r g a n i za ti o n – m e e t i n g c u st o m e r n e e d s w ith a f ull sui t e o f s o l u ti o n s • U s i n g g l o b a l f oo t p ri n t t o d ri v e effi c i e nc i e s a c r o ss o u r b u siness es • In t e g r a ting T r ax c apa b i l iti e s a c r o ss P art s , R e p ai r , a n d G o v ernment Sol u ti o n s • C o n tin u i n g t o d ri v e a c u l tu r e o f c o n tin u o u s im p r o v e m ent f o c u s e d o n p r o c e s s , ri g o r , a n d h i g h - p er f o rma nc e • P ri o ritizi n g d iscipli n e d M &A as a m e a n s t o a c h i e ving s t r a t e g i c o b j e c ti v es • Deli v ering h i g h - q ua l it y s o l uti o ns t o c u s t om e r s w it h f a s t d e l i v e r y a n d t u r n a r ou n d ti m e s , w h i l e mi t i g a ting c o s ts • C o n tin u i n g t o f o st er c u l tu r e o f i n n o v a ti o n a n d n ew p r o d u c t d e v elo p m e nt 1) B G A = B u s i n e ss & G e n e ra l Aviati on 2) P M A = P art s M anu f ac t ur e r A p pr o v al 3) D E R = D e s i g n at e d E ng i n ee ri ng R e pr e s e n t ative

The A A R F inanci a l F r a me w ork Deli v e r i n g su s tained v a l ue c r e a tio n o v e r the n e xt th r ee y ea rs © 2 0 2 6 AA R CO R P . A ll ri gh t s r e s e rv e d w o r l d w ide 25 F a s t e r , p r ofi t a ble g r o w th Ad j . Sale s C A GR 6 – 10% Ad j . E B I T D A ma r gin 13%+ A d j. E PS C A GR ~15% ~30%+ T o t al A AR 8 – 12% 13 – 1 4 %+ ~ 1 5 %+ ~30% T o tal AAR e x c l udin g L e g a c y C omm e r ci a l P r o g r ams 3 - y e a r ta r g ets 1 1 . T a r g e t CAG Rs r ef l e c t g r o wt h f r o m F Y 2026 ba s e l i n e ; i n c l ud e s F Y 2026 ac q ui s iti o n s, f utur e M & A i n c r e m e n t a l t o f ra m e w o rk O p e r a t i n g Cash Fl o w as % of a d j. E B I T DA

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A A R w el l p o sitio n ed t o be n efit f r om k e y tai l win ds St r ong Secular T r en d s a r e Driving A vi a tion A f t erm a r k e t G r o w th © 2 0 2 6 AA R CO R P . A ll ri gh t s r e s e rv e d w o r l d w ide 27 Global air t r a v el g r o w th r em a ins r esilient Driving mo r e r e p air and m ain t e n an c e c y cles Global ai r c r a f t fle e t is g r o wi n g & aging I n c r ea s in g deman d f or n e w and used pa r ts N e w ai r c r a f t deli v eri es a r e con s t r ained F ur t h e r e x t e n d ing a f t e r mar k et d emand Su p ply channel s a r e con s t r ained Driving n e e d f or sol u t i ons f r o m in d e p e n d e n t p r o vi d e rs

Du r abl e , r egu l a tio n - d r i v en i n du s t r y , l a r g el y i n su l a t ed f r om OEM p r odu c tio n c y cles Indu s t r y R e qui r em e nts Dri v e D e man d © 2 0 2 6 AA R CO R P . A ll ri gh t s r e s e rv e d w o r l d w ide 28 • O pe r a ti o ns dema n d high le v el o f p r ecis i on and cons i s t ency • Ma x im i zing upt i me i s cr i ti c a l : g r o unde d ai r c r a f t c an co s t $ 1 00 K + / day Ess e ntial s a f ety & r eli a bility • M a in t ena n c e is r equi r ed a t spec i f i ed in t e r v al s under indu s t r y r egul a ti o ns • G r o wing passen g er miles and ad v ancing t ech n o l o g ies m e an mo r e f l igh t s , a n d mo r e main t ena n ce Main t enance is mand at o ry • C o mpe t iti o n , co s t , and r egul a t o r y p r essu r es m e an o p e r a ti o nal ef f ic i ency is pa r amount • O u t s o u r c i ng a f t ermar k e t a l l o w s f o r g r e a t er f ocu s on co r e o p e r a ti o n s , but r equi r es higher s t anda r ds f r om p r o v ider Ne e d f o r effi c ien cy • Rem o v es concerns ab o ut ou t s o u r cing w o r k t o M R O s o wn e d b y competing c arrie rs • A i r l ines inc r easing ly v alue independ e n t pa r tne r s th a t c an mana g e sens i ti v e d a t a without competiti v e con f l i c ts Ne u t r al indu s t r y p artner • Chan n el partn e r th a t c an r each a b r oa d cu s t omer base • O f f e r s m o r e r el i ab l e access t o supp l y with o ut c o mpetin g p r i o r i tie s tie d t o f l ee t s o r in t ernal o p e r a ti o ns B r o ad i n d u s t r y r el a tionships • S p eed , r el i abi l it y , and cons i s t ency o f turna r oun d times • Ab i l i ty t o l e v e r a g e d a t a t o dr i v e ef f ic i encies and turna r o und times Co s t & effi c ien cy Wh a t ma k e s m a r k e t s du r a ble Why i n dep e nd e nts w in

L a r g e , g loba l t r affic b a se suppo r t s co n tinu e d fleet g r o w th an d l o n g - t e r m a f t e r m ar k et demand Y ea r - t o - da t e globa l co m m e r ci a l fl i g h t g r o w th ~ 1 - 2%, whi l e c a p a c ity i s ( 1 - 2%) Rece n t c a p ac i ty r educti o ns a r e a fu n ctio n o f r o u t e p r o fi t a b i l it y , n o t demand A vi a tio n ha s hi s t or i c a l l y dem o n s t r a t ed s t r o n g r ec o v e r y f o ll o wing e x o g en o us shoc ks Expect a irlines t o r e m a i n r i s k - a v e r se and n o t o v e r l y r el i ant o n a i r c r a f t r eti r e m en ts Glob a l Comme r cial A i r T r a v el G r o w th R e mains R e sil i ent S o ur c e : C o mpany E s t im a t e s, Nav e o L imit e d , I AT A , J e ffe ri e s, R B C © 2 0 2 6 AA R CO R P . A ll ri gh t s r e s e rv e d w o r l d w ide 29 ~4% C A GR ~5% C A GR Hi g h sc e n a r io Bas e sc e n a r io 2026 E 2027 E 2028 E 2029 E 2030E 0% 10% 20% Na r r o w r an g e of ou t co m e s i m pl i e s s t r u c t u r al l y r e s i l i e nt de m and ~3% C A GR L o w sc e n a r io Gl o ba l A v a i l a bl e S e a t Ki l om e t e r (AS K ) g r o w th 5% 15% 25% (5%) A S K Gr o w th

28 , 68 0 29 , 964 31 , 390 32 , 961 34 , 685 36 , 176 37 , 539 38 , 947 40 , 406 41 , 910 1 3 .4 13 .7 14 .0 14 .2 14 . 4 14 . 4 14 .3 14 .2 1 4 . 1 14 .0 1 2 .0 1 2 .5 1 3 .0 1 3 .5 1 4 .0 1 4 .5 1 5 .0 1 5 .5 1 6 .0 0 5 , 0 00 1 0 , 0 00 1 5 , 0 00 2 0 , 0 00 2 5 , 0 00 3 0 , 0 00 3 5 , 0 00 4 0 , 0 00 4 5 , 0 00 2 0 2 6 2 0 2 7 2 0 2 8 2 0 2 9 2 0 3 0 2 0 3 1 2 0 3 2 2 0 3 3 2 0 3 4 2 0 35 G r o w i ng & A ging Glob a l A i r c r a f t Fle e t S o ur c e : N a v e o , A p ri l 2026 © 2 0 2 6 AA R CO R P . A ll ri gh t s r e s e rv e d w o r l d w ide 30 A v e r a g e fleet a g e will co n tinue t o r ise th r ough the en d of the dec a d e , r emain el e v a t ed the r ea f t er • Wide b ody & nar r o wbody f l e e t is e xpe c t e d to g r o w f r o m ~2 9 , 0 00 ai r c r a f t i n 20 2 6 t o ~4 2 , 0 00 ai r c r a f t in 2035 • A v e r a g e f l ee t a g e i s e xpec t ed t o p e ak b y 20 3 1 , b u t r e m ain elev a t e d v s . hi s t ori c le v els • L o w r e t i r e m en t le v els and d e li v e r y con s t r ain t s r es u lt in la r g e r , older in s t al l e d ba se Su s taine d deman d f o r P a rt s , Re p ai r , a n d S o f tw a re G r e a t er use of in d e p en d ent a f t ermar k et su p p ort a s s u p p ly a v ail a b i l i t y tig h t ens & OEM lead times e x t end Global fle e ts will con t i n ue t o a g e , ne t o f d e l i v e r i e s a nd r e t i r e m e n ts T o t al fle e t ( na r r o wb o d y + widebod y ) A v g . ai r c r a f t a g e ( y ea r s)

1) N a v e o , C o mpany e s t im a t e s ; P art s S upp l y i nc l ud e s n e w part s D i s t ributi o n and U S M , M R O f i g ur e s i n c l ud e C o mp o n e n t M R O and Air f ram e M R O ; 2) A s s um e s c o n s t an t 2026 d o ll ars C l ear op p o r tunities t o g r o w ab o v e the m a r k et b y i n c r easing sha re L a r g e O p p o rtunity in A vi a tion A f t erm a r k et G l ob a l P a rt s & Re p a i r a dd r e ssab l e m a r k e t 1 2029 2026 E n g in e M a in t ena n ce C o m po n ents Line Main t enan ce Airf r a m e H e a v y & Mo d ifi c a ti o ns A A R t oda y : <4% t ota l m a r k et sha re P ar ts Su ppl y M R O C o m po n ent Maintenan ce © 2 0 2 6 AA R CO R P . A ll ri gh t s r e s e rv e d w o r l d w ide 31 ~4% C A G R 2 M R O Main t enan c e & Mo d ifi c a ti o n s P ar ts Su ppl y M R O Co m p o nen t Main t enan ce M R O Main t enan c e & Mo d ifi c a ti o n s

P ositione d t o C a p t u r e V alue Ac r oss G r o w i ng Main t en a nce So f t w a r e W orkfl ow © 2 0 2 6 AA R CO R P . A ll ri gh t s r e s e rv e d w o r l d w ide 32 Co r e M&E an d w orkfl o w so f t w a re Plannin g soft w a re P r oc u r e m en t & m ar k e tp l ac es • M ai n t ena n c e a n d Engine e ri n g ( M &E ) s y st e m s o f r eco rd • M issi o n - c riti c a l , r e g ul a t o r y - dri v en pl a t f orms • Str uc tu r a l l y a t t r a c ti v e w ith h i g h er s w i t ch i n g co s ts a n d r e t enti on • M o b i l e w o rkf l o ws • M ai nt en anc e pl a nn i n g & o p ti m i za ti o n and d i g ital r eco r ds • In t e g r a ti o n a c r o ss mai n t ena n c e w o rkf l o ws • P a r ts & R e pair p r oc u r em e n t a n d p u r ch asi n g w o rkf l o ws ~$3 B A via t io n M & E s o f t wa r e eco s y s t em mar k e t 1 M SD + 2 C A GR F r a g men t ed l a nds c ape wi t h c o n s olid at ion o c curri n g V al u e r ema i n s con c ent r a t ed i n c o r e M & E l a y er whe r e decisi o n s a r e e x ecu t ed Lo n g r eplaceme n t c y cles wi t h in s t alled b a s e drivi n g c o mpe t iti v e position 1) N a v e o L imit e d , A pri l 2 026 2) M SD = mid - s i n g le - di g it Pl a n n i n g a n d p r ocu r emen t r ep r esent a ddi t io n al mult i - billio n dolla r oppor t u n ity

Shi f ting P riorities C r ea t e L a r g e & G r o w i ng G o v ernm e nt Solutions O p p o rtunity © 2 0 2 6 AA R CO R P . A ll ri gh t s r e s e rv e d w o r l d w ide 33 S e r vice A vi a t i on O & M g r o w th 1 K e y dr i v e rs Air F o r c e +7 - 10 % F l e e t su s tainment , e n g i n e , & d e p o t ba c k l o gs Navy +6 - 9 % Ca r rier ai r wi n g r eadines s , avi a ti o n d e p o t th r o u g h p ut US M C +5 - 8 % V er t i c a l l i f t r ea d i n e s s , e x p e d iti o n a r y su s tainment A r m y +4 - 6 % R o ta r y - w i n g r ea d i n e s s r ec o v e ry T o t al ~+7 - 9 % R e adines s & i n d u s tria l b as e c apacity F Y 202 7 P r esidential Bud g et • Hi gh - s i ngl e - d i git av i a tio n O&M de f ense bu d g et g r o w th se t s the st a g e f or y ea r s of i nv e s t m ent • R eco r d - sett i n g U . S . de f ense b i ll prior i ti z e s a v i a tion r eadine s s an d g r o w th o f the de f ense ind u s t r i a l b a se • G o v e r n m ent inc r ea s in g l y l oo k i n g t o do m e s ti c p r o vi d e r s f or co m me r cia l be s t p r a ctices • P o l icy shi f t f r om p l a t f orm a c qui s it i o n t o w a r d su s t a i n m ent • F o r e i gn a l ly de f en s e s pend i ng a lso r ec o r ding r ec o r d g r o w t h o v e r t h e l a s t 5 y ea rs • R e v e r s i n g t w o de c a d es o f u n deri n v e s t m ent in Eu r o pe • I nd o - P a c ifi c s p end a c ce l e r a ting Re c o r d bud g et pushes g o v e r nment outl a y s t o h i g h - si n gl e - digit g r o w th 1) A s co mpar e d t o F Y 2026 B ud g et

F r ank L andrio S V P , Di s t ribution P arts © 2 0 2 6 AA R CO R P . A ll ri gh t s r e s e rv e d w o r l d w ide 34

K ey Messa g es | P arts 1 ~$90 0 M n ew p a r t s Di s tr i bution acti v it y i n ~$25 B mar k et driven b y g r o wi n g glo b a l ai r c r a f t flee t s , inc r eas i ng use f u l li f e of e xi s ti n g fle e t s , a n d e x p and in g U . S . & f o r e i g n mili t a r y support L a r g e global in d ependent par t s p r o vider 2 U n iqu e , t w o - way e x clus i v e dis t r i bution mo d el w i th a dif f e r ent i a t ed val u e p r o p osit i on i n a l a r g e and g r o wi n g av i a tio n a f t e r mar k et Dif f e r enti a t ed of f ering 3 Dr i v i n g du r ab l e p r of i t ab l e g r o wth b y pen e t r a ti n g a djace n t m a r k et o p p o rtu n it i e s , e x p a ndi n g i n t e r n a tional l y , and i n t e g r a ting mar k et i n t elli g e n ce solutio n s G r o w t h s t r a t e gy © 2 0 2 6 AA R CO R P . A ll ri gh t s r e s e rv e d w o r l d w ide 35

P arts S u p p ly S e gment O v e r vi ew © 2 0 2 6 AA R CO R P . A ll ri gh t s r e s e rv e d w o r l d w ide 36 $ 1.4B L TM Q 3 F Y 26 Sa les + 30 % g r o w t h Y oY $201M L TM Q 3 F Y 2 6 Ad j . E B I T D A + 4 2 % g r o w t h Y oY 14. 7% L TM Q 3 F Y 2 6 A d j. E B I T D A ma r gin + 123 b p s Y oY K e y segment financials L e adi n g ind e pe n de n t p r o vider of p arts t o g l obal c o m m e r c i a l and g o v e r nment a f t e r m a r k et N e w p a r t s D i s t r i b u ti o n ( ~$900 M L TM s a l e s) • Dif f e r enti a t ed bus i nes s model se r vi n g both c o mme r ci a l a n d g ov ernme n t mar k e ts • ~90% o f OEM a g r eemen t s a r e lo n g - t erm, e x clu s i ve • Rene w ed 100% o f c o nt r a c t s o v er t he la s t se v e r al y ea rs U s e d S e r v i c ea b l e M a t e r i a l ( US M ) ( ~$500 M L T M s a l e s) • L a r g e , i n dependent p r o vider of used se r vi c eable eng i ne a n d a irf r ame par t s sup p ly t o a f t ermar k et • Co st s a vi n g s a n d i n du s t r y - leadi n g a v a i labil i t y f or our cu s t ome rs P art s Supply activi t ies N o t e : S ee A pp e n dix f o r r e co n c i l i a t i on o f N o n - G A A P f i n an c i a l m e a s ur e s.

P arts Di s tribution O v e r vi ew © 2 0 2 6 AA R CO R P . A ll ri gh t s r e s e rv e d w o r l d w ide 37 Sou r ce an d di s tri b u t e new ai r c r a f t p a r ts Of f er cu s t ome r s f a s t deli v e r y a n d r educed i n v en t o r y c o s ts Cu s t ome r s ’ sin g le poi n t of co n t a c t f o r b r o a d r an g e o f p a r ts F or O E M s , p r o vide a c cess t o cu s t ome r s , gl o bal s c al e , and p r oprie t a r y mar k e t i n t elli g en ce P r ov e n e x ecu t ion of t w o - way e x clusi v e di s t ribution model V alue p r op o sit i on >35K+ unique par t s p o sit i oned ac r o s s k ey g l o b al r egi o ns 100% ne w par t s Di s tribut i on r en e wal r at e o v er la s t se v e r al y ea rs > 2 ,5 00 cu s t ome rs Select cu s t om e rs D r ivin g mar k e t s ha r e g ain s f or OEM partn e r s whi l e g e n e r a t ing r e t ur n s acc r e t iv e t o AAR U n i t e d S t a t es D e f e n s e L o gi s tics A g e n cy

Maximizi n g v a l ue f o r our partne r s th r ough: L e a ding Inde p en d en t P arts P r o vider w i th Unique C o mp e titi v e Ad v an t a g es © 2 0 2 6 AA R CO R P . A ll ri gh t s r e s e rv e d w o r l d w ide 38 A A R Di s tr i but ion Ot h er D i s t r i b u t o rs OEM P artner Ot h er OEMs I n each m ar k e t , AAR ag r ees t o only r e p r esen t O E M p artner O E Ms ag r ee t o only pa r t ner w i t h A AR T w o - w a y e x clusi v e Di s t r ibu t ion Mod el E n a b l e s O E Ms t o h a v e o n e partner f o r a l l sup p ly & a f t erm a r k e t ne e ds Ma r k e t sha r e ana l y sis b y e nd m a r k et Ma r k e t in t el l i g enc e an d s t r at e g ies t o g ain m a r k e t sha re • B u n d li n g O E Ms • Id en t i f ying s p ecific ac t i o ns – P M A t h r e a t , p r icing av a il a b il it y , e t c . • Glo b al sales f o r ce an d w a r ehousing i n f r a s t r u c t u r e A c c e ss t o A A R ’ s f ully in t e g r at e d plat f orm Digi t al t ools f or c u s t om e r s & OE Ms • S o f t w a r e s o l u t i o n s , inc l u d ing T r ax, e m b e dd e d ac r o s s our o f f e r ing, p r o vidi n g i m p r o v e d visi b ili t y an d o p e r a t i o na l e ff iciencies

Accele r at i ng G r o w th b y C a p tur i ng Adjacen t A f t erm a r k e t , In t ernation a l & O E M O p p o rtunit i es w i th T w o - w a y E x clu s i v e Di s tribution Mod e l St r a t e gi c al l y i n v e s t i ng t o de l i v e r l e ading se r v ice t o cu s t o m e r s and m ax i m i z e m ar k e t s ha r e © 2 0 2 6 AA R CO R P . A ll ri gh t s r e s e rv e d w o r l d w ide 39 • Glo b a l t ec h n i c a l sa l e s f o r ce • Cap t ai n s o f I n d u s t r y 2 • DLA S u pp l y C h ai n Al l ia n c e 3 • Op e r a t e d s e p a r a t ely i n 2023 • In d e p end e n t sa l e s f o r ce • I n v e s t e d i n j o i n t v entu r e • S u pp l y elect r o n i c s • AD I acquisiti o n a c c ele r a t e s g r o w th A f t ermar k e t s s e r v ed N ew o p p ortu n i t y: OEMs Com m e r c i al D e f en se ( in c ludin g f o r e i g n m ilita r y) Bu s ine s s + G ene r al A vi a tio n 1 Japa n e s e Mi l i t a r y O EM 1. B u s i n e ss + G e n e ra l A vi a t i on : B GA 2. C a p t a i n s o f I n du s t ry : COI 3. S upp l y C h a i n A l l i a n c e : S CA AAR Di s tribution 1 O E M partne r s wi t h us a c r oss all 5 mar k e ts 10+ OEMs partner with us in 2 or mo r e mar k e ts

F Y 2 01 2 F Y 2 01 3 F Y 2 01 4 F Y 2 01 5 F Y 2 01 6 F Y 2 01 7 F Y 2 01 8 F Y 2 01 9 F Y 2 02 0 F Y 2 02 1 F Y 2 02 2 F Y 2 02 3 F Y 2 02 4 F Y 2 02 5 L TM Q 3 F Y 26 Le v e r a g i n g our leading m a r k et positi o n t o acc e le r a t e g r o w th and c o n tinue t o d r i v e ma r gin e xpa n sio n St r ong Di s tribution P e r f orm a nce T r ack R e co r d © 2 0 2 6 AA R CO R P . A ll ri gh t s r e s e rv e d w o r l d w ide 40 Di s tribution sa l es +7 0 0 % t o t a l g r o w th FY 2012 – L T M Q 3 FY26 +1 7 % C A GR FY 2012 – L T M Q 3 FY26 K e y accomplishmen t s s inc e 202 3 I n v e s t o r Day Ad d ed 25+ new p r o d u c t li n e s N e w par t s Di s tr i bution deli v e r ed 28% S a l e s C A G R FY 2022 – L TM Q 3 FY26 F ocus on e x ecut i on r e s ulti n g i n 100% l a s t s e v e r a l y ea r s

L a r g e an d G r o w i ng Add r essa b le Mar k e t w i th S i gnif i c an t R u n w a y f or G r o w th W el l - po s i t ion e d t o e xpand m ar k e t s ha r e and w i n n e w bu s in e ss S o ur c e : N a v e o L imit e d , A pri l 2026 © 2 0 2 6 AA R CO R P . A ll ri gh t s r e s e rv e d w o r l d w ide 41 K e y m ar k et d ri v e rs Ai r li n e s a r e… • • OEMs a r e… • • J a p anese Mi l i t a r y JV De f ense C omm e r ci al OEM S u p p ly t od ay B GA New p a r t s D i s tri b ution t o t al a d d r essable m a r k et ~4% T ota l A A R cur r ent m ar k et sha re

F urthe r pe n et r a t e adjace n t a f t e r m a r k et op p o r tunitie s Dr i v e i n t e r n a tio n a l e xpa n sio n b y a p plyin g p r o v en D i s tri b ution business m o del in other r egions ( e .g . , A P A C , f o r eign mi l i t a r y) Expand OEM Supp l y , l e v e r aging s t r engthe n ed positi o n f r o m ADI a c quisition In t eg r a t e mar k et i n t el l i g en c e f o r m a r k et sha r e g ains b y inc r easing au t o ma tion an d eva l u a ting A I oppor t unities Dr i v e ef f i c ie n c i es and l e v e r a g e d i git a l t o o l s t o enhan c e inf r a s tructu r e & w ork f l o w , r esu l ting i n m a r gin e xpa n sion C o ntinu i ng t o Accel e r a t e Di s tribution G r o w th an d Dri v e Ma r gin Exp a nsion th r ough Cl e ar St r a t egic In i ti a ti v es © 2 0 2 6 AA R CO R P . A ll ri gh t s r e s e rv e d w o r l d w ide 42 W IN M O R E C O RE S C A LE W I T H D I S C I P L I NE E x ec uti n g s t r a t e g y t o c a p tu r e r ob u s t b u s i n ess d e v el op me n t p i p el i n e oppo r tu n i t y an d d el i v er p r o f i t a b le g r o w t h L E V E R A G E O U R P L A T F O RM

T om H o f e r er S V P , Repair & Eng i neeri ng Repair © 2 0 2 6 AA R CO R P . A ll ri gh t s r e s e rv e d w o r l d w ide 43

K ey Messa g es | R e p a ir 1 ~$95 0 M Repai r ope r a tio n wit h a ~$50 B mar k et op p ortu n it y; lea d i n g i n depe n de n t M R O in No r th Amer i c a deli v e r i n g sa f e , h i g h - qua l it y mai n t e n anc e solutio ns L e a ding in d ependent global p r o vider 2 Wi n n ing wit h i n du s t r y - lea d i n g l a bor e f f i c i e n cy and tur n a r ound time s , deep ai r c r a f t mai n t e n anc e e x p e r ti s e , and gl o ba l f oot p r i n t a l i g n ed t o cu s t omer n eeds Dif f e r enti a t ed of f ering 3 D e l i v e r ing p r o fi t abl e g r o wt h t h r o u gh d if f e r e n t i a t e d v al u e r opo s i t i o n , c apa c i t y add i t i o n s , a n d n e x t - g e n e r a t i o n c o m po n e n t s e r v i c e s s o l u t i o n s P r ofi t able g r o w th s t r a t e gy 4 D ri v in g g r e a t e r e ffi c i e n c y a n d p r od uct i v i t y t h r o u g h m i x m p r o v e m e n t s , l e a n i ni t i a t i v e s , a n d i nv e s t m e n t s i n d i g i t a l c apab i l i t i e s s u c h a s o u r p r op r i e t a r y P ap e r l e ss H a n g a r sys t em Ma r gin e xpansion © 2 0 2 6 AA R CO R P . A ll ri gh t s r e s e rv e d w o r l d w ide 44

R e p a i r , Engine e ring, & So f t w a r e Segmen t O v e r vi ew N o t e : S ee A pp e n dix f o r r e co n c i l i a t i on o f N o n - G A A P f i n an c i a l m e a s ur e s . © 2 0 2 6 AA R CO R P . A ll ri gh t s r e s e rv e d w o r l d w ide 45 A i rf r a m e M R O ( ~$575 M L T M s a l e s) • F o cu s : n ar r o w bod y a n d r eg i o n a l a i r c r a f t i n N o r t h A m e r i ca • Mul t i - y e ar a g r ee m e n t s w i t h b lu e ch i p cu st o m e r s • T e chn o l o g y a n d p r op r i e t a r y ope r a t i n g m ode l de l i v e r i n g s u pe r i o r pe r f o r m a nce • 8 h e a vy m a i n t e n a n c e f a c i l i t i e s a c r o ss N o r t h A m e r i ca $1.0B L TM Q 3 F Y 26 Sa les + 8 % g r o w t h Y oY $127M L TM Q 3 F Y 26 Ad j . E B I T D A + 1 % g r o w t h Y oY 12. 7% L TM Q 3 F Y 26 A d j. E B I T D A ma r gin ( 85 ) bps Y oY K e y segment financials L e adi n g ind e pe n de n t M R O and a vi a tio n m a i n t ena n ce s o f t w a r e business C o m p o n e n t M R O ( ~$375 M L T M s a l e s) • F o cu s : e n g i n e a cc e ss o r i e s , a i r f r a m e s t r uc t u r e s , a n d c o m po n e n ts • H i g h v a lu e , c o m p l e x r ep a i r s o n cu r r e n t a n d n e x t - g e n p l a t f o r m s • O E M r e l a t i o n s h i p s e n a b l e a dd i t i o n a l n e x t - g e n c a p a b i l i ty • G r o w i n g p o r t f o l i o o f p r op r i e t a r y D E R r ep a i rs • 6 c o m po n e n t r ep a i r f a c i l i t i e s g l ob a lly S o f t w a r e ( ~$50 M L T M s a l e s) • M R O , f l ee t m a n a g e m e n t , a n d A I - e n a b l ed p r o cu r e m e n t s o f t w a re • D i g i t a ll y - e n a b l ed s o lu t i o n s R e pai r , Engine e ring, & S o f t w a r e activi t ies

Deli v e r i n g sa f e , h i g h - qua l it y m a i n t ena n ce solu t i o ns with i n du s t r y - leading turna r oun d ti m es R e p a ir O v e r vi ew © 2 0 2 6 AA R CO R P . A ll ri gh t s r e s e rv e d w o r l d w ide 46 Maintain an d r ep a ir ai r c r a f t an d ai r c r a f t co m ponen ts I n d u s t r y - l e a d i ng l a b o r e ff ici e n cy a n d t u r na r ou n d t i m e s dr i v e n b y co n t i n uou s i m p r ov e m e n t m i n d s et 65 y e a r s of e x p erien c e i n a i r c r a f t mai n t en a n c e E s t ablished c u s t omer base Global f ootprint al i g n ed wi t h our cu s t ome r s ’ needs Cu s t omer a n d flee t f o c used Dif f e r enti a t ed t ec h n o lo g y of f erin g s V alue P r op o sit i on Leadi n g sa f e t y a n d qual i t y – S a f e t y M a n a g ement S y s t ems 7M+ la b o r hou r s an n ual ly 1,0 0 0+ ai r c r a f t se r v iced an n ual ly 3, 7 00 t echni c i a ns 1 5 ,0 0 0+ c o mp o nen t s r epai r ed an n ual ly Select cu s t om e rs

Driving Indu s t r y - le a ding T urna r ound Times © 2 0 2 6 AA R CO R P . A ll ri gh t s r e s e rv e d w o r l d w ide 47 “ D/ C Che c k ” m a i n t ena n ce • C om p r eh e nsi v e ins p ection an d r ep a ir o f the enti r e a i r c r a ft • P e r f or m ed e v e r y 1 - 3 y ea r s (C ch e ck) o r 6 - 10 y ea r s (D ch e ck) AA R b e n e f i ts • F a s t er th r o u g h p u t i n o u r h an g a r s & h i g h er r e v en ue • Ex p a n d s c u st o m e r r el a ti o n shi ps • Opp o rtu n it y t o c r o ss s e ll P arts a n d So f twa re F oc u s on r e m o ving da y s f r om main t enanc e vi s i ts Cu s t om e r ben e f i ts • P u ts ai r c r a f t b a c k i n t o s e r vice f a s t er • I m p r o v e d F i r s t Tim e Y i e ld • C o n si s t ently sa f e , q u a l it y p r o d u ct Indus t r y le a di n g C & D c he c k turna r ound times • I m p l e m en t e d K ai z en a n d G e m b a w a l ks • P r o p rie t a r y P ap e r l e s s Han g ar s y st em • In d u s t r y - fi r s t Sa f e t y M a n a g e m ent S yst e m ( SM S ) i m p l e m en t e d b y a n i n d e p end e n t M RO

F Y 2 02 2 F Y 2 02 3 F Y 2 02 4 F Y 2 02 5 LTM Q 3 F Y 26 K e y accomplishmen t s s inc e 2023 I n v e s t or D ay ✓  Ac q ui r ed T ri u m ph P r od u c t Sup p or t , H A E C O Am er i c a s , and A R T 1 ✓  Di v e st ed no n - co r e L an d ing Gea r b u sine ss ✓  Expa n de d f oot p rint with Mia m i 2 and O k la h o m a City han g ar e xpansions ✓  C r e a t ed ad d itiona l r e v enue s t r eams th r ough en h a n ced airf r ame a n d co m ponen t of f er i ngs ✓  Im p r o v ed o p e r a tiona l e x ce l l en c e th r o u gh lean, pap e rless ha n g a r , and enha n c e d Sa f e t y Mana g e m en t S y s t em Dr i ving s t r o n g p r of i tab l e g r o w th b y deli v e r i n g i n du s t r y - leading l a bo r eff i c i enc y and tur n a r oun d ti m es f o r our cu s t ome rs St r ong P e r f orm a nce T r ack R e co r d in R e p a ir © 2 0 2 6 AA R CO R P . A ll ri gh t s r e s e rv e d w o r l d w ide 48 1 . Triumph P r o du c t S upp o r t c l o s e d M ar c h 2024 , H AE C O Am e ri c a s a c qui s iti o n c l o s e d N o v e mb e r 2025 , A ir c ra f t R e co n f i g T e c hn o l o g i e s (A R T) c l o s e d A p ri l 2026 ; 2 . E x p e c t i n g co mp le t i on F a l l 2 026 +16 % C A GR Airf r ame & Compone n t M R O S ales +40 0 bps m a r gi n e x p an s ion N o t e : S ee A pp e n dix f o r r e co n c i l i a t i on o f N o n - G A A P f i n an c i a l m e a s ur e s.

L a r g e Add r essa b le Mar k e t in R e p a ir w i th St r ong Secular G r o w th Dri v e r s I nd u s t r y - l e ad i n g p o s iti o n & e ffi c i e n c y c apab i l iti es e nab l e u s t o c ap t u r e add iti o na l s ha r e i n l a r g e , f r a g me n t e d m a r k et S o ur c e : N a v e o L imit e d , A pri l 2026 © 2 0 2 6 AA R CO R P . A ll ri gh t s r e s e rv e d w o r l d w ide 49 K e y m ar k et d ri v e rs 1 Inc r easing air t r a v el dri v ing g r o wing a irline dem a nd f or hig h - qua l it y sol u tion s , deli v e r ed on t ime 2 Reg u l a tions r equi r e r egu l a r m a in t enance 3 A gin g f lee t s a nd new a i r c r a f t deli v e r y con s t r a ints C om pon e nt 4 Limi t ed net w ork c a pacity m a i n t enance No r th A m e r i c a heavy a irf r am e m a i n t enance t od ay Repa i r t o t al a d d r essable mar k et ~2% T ota l A A R M o d i fi ca tio n s cur r ent m ar k et sha re

Inc r e a sing R e p a ir & Engine e ring Ca p a b il i ties an d Ca p acity th r ough T a r g eted Acqu i sit i ons F ur t h e r d if f e r e n ti a t i n g AA R a s t h e l e ad i n g i nd e p e nd e n t M R O p r o vi d e r i n N o r t h A me r i c a t h r o u g h s t r a t e g i c a c q u i s iti o ns © 2 0 2 6 AA R CO R P . A ll ri gh t s r e s e rv e d w o r l d w ide 50 TR I U MP H P r oduc t S up p ort A i r c r a f t R e c onfi g T echnol o gi e s – A R T 1 $725M A n n ounc e d t r a nsac t i on v a l ue $21M S a v e d i n co s t s y n e r gies $35M A n n ounc e d t r a nsac t i o n v a l ue 1 0 0+ Em pl o y ees K ey A c c om pl is hme n ts ✓   Unlo c k e d new r e p a i r c a p a b i l i t i e s ✓   I n c r e a s e d p r e s e n c e i n A P A C r e gi on ✓   Enh a n c e d a b i l i t y t o se r v e c u s t o m e rs ✓   S u cc essfull y in t eg r a t e d in t o p o r t f o l i o an d d e l i v e r ing s y ne r gi es S t r at egi c R a t i on a le ✓   Exp a nds eng i ne e r i ng c a p a b i l i t i e s ✓   A d ds s e l f - c e r t ifi c a t i o n c a p a b i l i t ie s ✓   Enh a n c es o f f e r ing t o c u s t o m e r s an d e xp a nds AAR ’ s T AM w i t h p r o p r i e t a r y M R O so l ut io ns an d IP p o r t f o l io 1 . Tran s ac t i on c l o s e d i n A p ri l 2 026 . 2 . P art s M anu f ac t ur e r A p pr o v a l. L e v e r aging h eav y mai n t ena n c e p o si t i o n t o S t r a t e g y: d ri v e c o m p o n ent v o l u m e t o sho ps

Accele r at i ng L on g - t erm G r o w th St r a t e g y w i th HA E C O Ameri c as Acqu i sit i on © 2 0 2 6 AA R CO R P . A ll ri gh t s r e s e rv e d w o r l d w ide 51 App l y i ng A A R ’ s p r o v e n in t e g r a t i on p l ayboo k t o HA EC O A m e r i c as s i t es : i m p r o v e p r of i tab il i t y and f u el g r o w th Cl e a r s t r a t e gic r a tion a l e a l i g ne d with lo n g e r - t e rm g ro w th pl a ybook Applyi n g AA R ’ s p r ov e n i n t e g r a tion pl a ybook t o i m p r ov e p r ofit a bi l it y a nd posi t io n busin e s s f or g ro w th I m p r o v e m e n t s i n k ey per f orm a nc e i n di c a t o rs S a f ety Quali ty D e l i v e ry R e v e n u e o p ti m i z a ti o n • $ u 8 5 t 0 o m e l l r i s o n t h i r n o n u e g h 2 c 0 o 3 n 0 t r a t o c t s s e w l l i o t h u t c a p ac i t y • C o nt r ac t s a l i g ne d w i th k e y t e r m s o f o the r A i r f r a m e M R O cu s t o m e rs C o s t r e d u c ti o n s a n d p r oc e ss i m p r o v e m e n ts • I m p l e m en t e d AA R ’ s s y s t e m s a n d p r o c e d u r e s a t H A EC O lo c a t i o n s t o i m p r o v e t u r n a r o u n d t i m e s a n d p r o fi t a b i l i ty • Ad j u s t c o s t s t r uc t u r e t o r e v en u e b a se F oo t p r i n t r a ti o n a l i z a ti on • E x i t i n g h ig h - c o s t I n di a n a p o l is f ac i l i t y , r e l o c a t i n g w o r k p r i m ar i l y t o H A EC O f ac i l i t i es • R e d uc i n g c o s t s a n d a dd r e ss i n g l a b o r a v a i l a b i l i t y c h a ll en g es

A d di t io n al ~200 K sq. f t . c ap a city e x p a n si o n , wi t h 6 li n es of mai n t en a n c e ~$ 6 0M i n c r eme n t al r e v e n ue All new c ap a city h a s al r eady been sold t o cu s t ome r s; f o c used o n i n c r eas i n g t h r ou g hput M a r g i n a c c r e t i v e b y le v e r a g i n g e xi s t i n g f ac i li t y G &A Deep a via t io n t ec h n i ci a n labor pools i n ea c h lo ca t ion C a pi t al f or e x p a n si o n la r g ely p r o vided b y s t a t e a n d lo c al g ov ernmen ts Exp a nding Han g ar Ca p acity t o Me e t M R O Cu s t om e r D e man d in K ey Mar k e ts © 2 0 2 6 AA R CO R P . A ll ri gh t s r e s e rv e d w o r l d w ide 52 O k l a h o m a C i t y +80,000 s q f t O nl i n e Q 1 C Y 2 026 Mi a m i +114,00 0 s q f t O nl i n e Q 3 C Y 2 026 (e s t.)

I n v e s ting in Ca p a b il i ties t o Se r vice N e x t - g en C o mp o nen ts © 2 0 2 6 AA R CO R P . A ll ri gh t s r e s e rv e d w o r l d w ide 53 A d di n g r epai r c apabilities f o r n e x t - g en e r a tio n engi n e c ompo n ents I n v e s t i n g i n c ap a bilities t o support LE A P a n d other n e x t - g en c o mpone n t s , a s w ell a s N E O and M A X s t ructu r es E x pand i ng engi n ee r i n g e xp e rtise E n h a n ci n g ability t o per f orm mo r e c o mpl e x modifi c a t io n a n d certifi c a t io n w ork, t a i lo r ed t o cu s t ome r s ’ specifi c r equi r emen ts Deep e n i ng OEM r el a tio n shi p s OEM ch a n n el partne r s h ips and r epair authori za t ions driving al i g n ment wi t h n e x t - g en M R O dema n d b y g r a n t i n g a c cess t o O E M par t s a n d IP

Ou t com es E n h a nc e d p a r t s a v a i l a bi l ity I n c r ea sed up t i me D e l i v e r p r e dictab l e , l o w e r - co s t ou t com e s f or c u s t om e rs I m p r ov e d m a r gi n s without a d d ition a l fi x e d costs P MA a n d D E R Re p a i r S o l u t i o n s I m p r o v i n g C u s t o m e r O u t c o m es © 2 0 2 6 AA R CO R P . A ll ri gh t s r e s e rv e d w o r l d w ide 54 Cu s t ome r c h allen g es • Competi t o r s a r e una b le t o ad d r es s spe c if i c r e p ai r i s s u e s , or the OEM does not i n c lude the r e p ai r in manual • Component ma i n t ena nc e i s c o s tly an d ti m ely • A v ailabil i ty of OEM p a rts AAR so l ut i on • D eli v er i ng p r oprieta r y s olut i ons f or r e p ai r s th a t do not e xi s t else w he r e in the indu s t ry • PM A : of f eri n g F AA - app r o v e d a l t er n a ti v e p arts t o O E M c o m p o n ent s – n o t i n c o n f l i c t w ith O E M p art n e r s • DER : sup po rting engine e ri n g ap p r o va l s a n d d i g iti z e d mai n t ena n c e r eco r d s t o s t r ea m l i n e mai n t ena n c e a n d c o m p l ia n ce L e v e r aging PMA and DE R t o c r e a t e in c r e as e d s up pl y s tab il i t y and l o w e r c o s t al t e rn a t i v es f o r c u s t o m e rs

Le v e r a g i n g o n e so f t w a r e pl a t f o r m t o se r v e c u st ome rs Inc r e a sed Efficiencies w i th P a p erl e ss Han g ar © 2 0 2 6 AA R CO R P . A ll ri gh t s r e s e rv e d w o r l d w ide 55 C r e a t i ng a s c alab l e f o u nd a t i on w i th p r op r i e ta r y d a ta th a t w i ll p o w e r f u t u r e digi t al t oo ls P ap e rles s han g ar O u t comes >200 ma r g i n imp r o v ement 1 bps of ma i n t en a n c e li n es a r e 38 % no w paperless 1 . M argi n p e r f o rman c e at s e l e c t h an g ar s it e s a s o f 3Q F Y 26 r e l ativ e t o h an g ar g r o up

Exp a nd h a n g ar c a p acity t o mee t in c r easin g cu s t omer M R O de m a n d Ut i l i z e comple t e r a n g e of Airf r ame & Com p o n ent M R O s olut i o n s t o drive g r o w t h an d e x t e n d du r at i on of c us t o m er a g r ee m e n t s E v alu at e g eog r a p hic e xpa n s i ons t o of f er l o w er co s t al t ern a t i v e t o c us t o m e r s a n d c a ptu r e i n c r e a s e d wide b o d y o p p o rtu n ities I n v e s t in c a p a b i l it i es t o se r vic e n e x t - g en co m ponents Inc r ease eff i ci e ncies b y l e v e r a g in g digital sol u tion s , i n cl u di ng paperle s s h a nga r , a n d T r ax E x e c u t i n g Re p a i r S t r a t e g y t o De l i v e r G r o w t h a n d I nc r ea s e d E ff i c i e nc i es © 2 0 2 6 AA R CO R P . A ll ri gh t s r e s e rv e d w o r l d w ide 56 W IN M O R E C O RE S C A LE W I T H D I S C I P L I NE S c al i ng t o a c hi e v e highe s t le v els of pe r f o r m anc e w i tho u t s ac r i f i c ing qua l i t y and s a f e ty L E V E R A G E O U R P L A T F O RM

Q&A © 2 0 2 6 AA R CO R P . A ll ri gh t s r e s e rv e d w o r l d w ide 57

BREAK © 2 0 2 6 AA R CO R P . A ll ri gh t s r e s e rv e d w o r l d w ide 58

And r e w S ch m idt S V P , So f t wa re So f t w a re WIP : D r a f t p r e s ent a ti o n ; plea s e r e f er t o y el l o w b o x e s in t h e upper r i g h t c o r ne r s f o r W o r k in P r o g r e s s ( WIP) no t e s ; s lid e de s i g n s ubj e c t t o c ha n ge © 2 0 2 6 AA R CO R P . A ll ri gh t s r e s e rv e d w o r l d w ide 59

K ey Messa g es | So f t w a re 1 2 3 © 2 0 2 6 AA R CO R P . A ll ri gh t s r e s e rv e d w o r l d w ide 60 I n du s t r y l eading so f t w a r e port f olio F ocused g r o w th s t r a t e gy U sing AA R ’ s s c ale as a n acc e le r a t or Leadi n g th e mar k et wit h th e m o s t com p r e h e n s i v e clo u d - based, mo b il e , a n d A I - e n ab l ed a v i a tio n a f t e r mar k et so f twa r e – dr i v i n g g r e a t e r va l ue ac r os s a l l asp e c t s of ai r li n e & M R O t ec h n i c a l ope r a tio ns Wi n n ing n ew cu s t ome r s , g r o wi n g s h a r e - o f - wal l et wit h e xi s ti n g cu s t ome r s , a n d e x p and in g so f twa r e p r oduct port f o l io Capi t a l i z i n g on AAR ’ s glob a l f oot p r i n t, s c a l e , and deep cu s t omer r el a tio n s h ip s t o w i n n ew b u s i ne s s and acce l e r a t e g r o wth

D e li v ering C o mpl e t e an d Inn o v at i v e So f t w a r e Solutions f or th e A vi a tion A f t erm a r k et AAR So f t w a re © 2 0 2 6 AA R CO R P . A ll ri gh t s r e s e rv e d w o r l d w ide 61 Why w e win C o mpeti t i v el y po s it i on e d in avi a tion aftermar k et S o f t w a re ✓  Comp l e t e sui t e of inn o v a t i v e p r od u c t s t o m od e rni z e avi a t i on t ech n i c a l op e r a t i ons ✓  Ad v an c ed mobi l e ap p s enabling ful l y di g ita l , en d - t o - end w orkfl o w e x e c u t ion – a n y w he r e , a n yti me ✓  Neu t r a l , tru st ed in d u s t r y p artner f or managi n g com p l e x a n d sensi t i v e d a t a ( non - airlin e , no n - O E M) ✓  AAR ’ s in t eg r a t ed p l a t f orm app r oach d eli v er i ng se am less connec t ivi t y and s c ale Mo s t advanc e d p l a t f orm f or lon g - r an g e heavy main t enance planni ng C l ou d - ba s ed s y s t em o f r eco r d f o r ai r c r a f t main t enanc e , e n h anc e d b y mo b ile ap p s f or r ea l - tim e w o r k e x ecut i on F ir s t A g e n tic AI p l a t f orm desi g ned f or a u t o m at ed M R O parts p r ocu r e m ent A e r o s t r a t an d A i r voy ant a r e fully in t eg r at ed w ith T r a x , an d c an als o ope r at e inde p en d ently

F l agshi p o f o u r so f tw a r e po r t f o l io The co r e o pe r a tin g s y s t e m th a t ena bl es co m p l i a nt, effic i ent, an d ful l y co n nec t ed en d - t o - end a i r l ine an d M R O t ec h ni c a l o pe r a tio ns Hig h - m a r g i n , r ecu r r in g r e v en u e mo del T r ax is th e Mar k e t L e a d e r in Cl o u d - b a sed a nd Mobil e So f t w a r e P o w ering A i rlines an d M R O T ech n i c al O p e r at i ons © 2 0 2 6 AA R CO R P . A ll ri gh t s r e s e rv e d w o r l d w ide 62 6,00 0+ c o mm e r c i a l a i r c r a ft ( ~20 % o f g l o b a l f l ee t) 100+ cu st o m e rs ~90% i nc r e a s e i n r e v e nu e s i nc e 2 023 14+ a v e r a g e cu st o m er t e nu r e ( y e a r s) K e y c u s t om e rs

Ada p ti v e So f t w a r e f or th e A vi a tion M R O Mar k et © 2 0 2 6 AA R CO R P . A ll ri gh t s r e s e rv e d w o r l d w ide 63 • S u ppor t s a ll a spects of a i r c r a f t t e c hn i c a l o pe r a tions • Mode r n, c l ou d - b a s e d M R O E R P ( e M R O ) i s the es s enti a l s y s t em of r e c o r d , he l pin g en s u r e c o m p l ian t ope r a tions f or a i r l in e s a nd M R Os • S u i t e of r o l e - b a sed, e a s y t o u s e m o bi l e a pps ( eM o bi l it y ) enabl e effici e nt work completion • Cl oud s e r v i c e s ( T r a x C lo u d ) he l p l o wer I T op e r a tin g c o s t s a nd enh a nc e T r a x s y s t em per f o r man ce • So f t w a r e supports a ll M R O w o rkf l o w s inc l uding en g in e er i n g , p l a nn i n g , p r o c u r e m ent, i n v en t o r y mana g e m ent, r ep a i r co m p l etion, qu a l it y , a nd r eporting • C a ptu r es d a t a a t ever y s t e p of eve r y c r i ti c a l main t enanc e p r o c e s s P r o d u c t Fu n c tionality eM RO eM o bili ty T r a x C l oud • Mo d ula r an d 100 % c lou d - bas e d • R egul a t o r y s y s te m of r ec o r d , ena b lin g en d - t o - end w o r k e x e c u t ion • R epla c e s T r a x M &E • Co m p r ehens i v e s ui t e o f m o bile apps • R ol e - bas e d & intui t i v e • E na b le s 100 % d i g it a l / pa p erle s s w o r kfl o ws • iO S n a ti v e an d b r o w s e r - ba s ed • S e c u r e , t u r n k ey s o lu t ion • Ho s t all ap p li c a ti o ns • 24 /7/ 3 65 s e r vi c e & m oni t o r ing • A WS pa r t n er • N ew r e v enu e s t r eam of f erin g hi g he r , l o w er c o s t s e r vi c e le v el s t o c u s t o m e rs • T r a x suppo r ts 1 5 0K + main t enanc e , en g in e er i n g , p r o c u r e m ent, a nd suppl y c hain s t a ff

T r ax D e li v e r s Extensi v e V alue t o Cu s t om e r s © 2 0 2 6 AA R CO R P . A ll ri gh t s r e s e rv e d w o r l d w ide 64 L e ading a i r l in e and M R O s o f t w a r e – s igni f i c ant oppo r t u ni t y wi t h 50 % of th e w o rl d ’ s f l ee t on le g a c y s y s t e ms Es s entia l r eg u l a t o r y s y s t e m o f r eco rd Ena b le s 100% di g i t al / p a pe r le s s w ork f l o ws S t r eam l ines en d - t o - e n d in f orm a tion f l ow Suppor t s bet t er decision - m aki n g th r ough im m edia t e a c cess t o da ta Inc r eases main t enan c e effi c ie n cy I m p r o v es as s et u tili z a tion

C o r e o f o u r p l annin g p l a t f orm : l o n g - r an g e av i a tio n m a i n t enance p l annin g so f tw a re A u t om a t es co m p l e x s c heduling, ensu r es h e avy m a i n t e n ance c a p ac i t y , m ax i m i z es yie l d, a nd m inimi z es a i r c r a f t o ut - o f - se r v ice F ul l y in t e g r a t ed with T r a x o pe r a tin g s y s t em ~60% inc r ea s e in ann u a l r ecu r r in g r e v en u e (AR R ) s i nce incept i o n Ae r o s t r a t C o ntinues t o P e r f orm Ab o v e Exp e ctations © 2 0 2 6 AA R CO R P . A ll ri gh t s r e s e rv e d w o r l d w ide 65 Goal: qu i c k dep l o y m e nt t o T r ax c u s t o m e r s , e xpand s o f t w a r e c u s t o m e r bas e , c o r n e r s t on e of p l anning p l a t f o rm K e y c u s t om e r s & n e w w i ns 5,5 0 0+ C o mm e r c i a l a i r c r a ft A UG 2025 A c q u i r ed b y AAR 2/3 o f r e v e nu e d r i v e n b y n o n - T r a x c u s t o m e rs N e w w i ns s i n c e acquisi t ion ~66% o f Am e ri c a s - b as ed f l e e t u s e s A e r o s t r at

A vi a tion P arts P r ocu r em e nt O p p o rtunity P r oc u r e m en t r e m ains o n e of th e m o s t unde r s e r v ed f u nc t ions in main t enanc e ope r a t i ons © 2 0 2 6 AA R CO R P . A ll ri gh t s r e s e rv e d w o r l d w ide 66 A i rlin e M R O p r o c u r ement t od a y: F r a g m e n t ed, manua l p r oc e s s e s an d di s conne c t ed s y s t e ms • T eams s pen d time o n r epet i ti v e m anua l da t a ent r y in s t ea d o f s t r a t e g ic s o u r cing • L i m i t ed c o m petiti v e v e n do r r espo n se and d a t a - dri v e n deci s io n m a k ing • P ar t s p r o cu r e m ent c an d i r ect l y imp a ct a i r c r a f t av a i l a b i l ity The o pportunity Ai r l ines s p end ~$60 B ann u a l l y o n p a r t s a nd m a t e r i al T r a x cu s t om e r s an d thei r su p p l y b a se r ep r ese n t ~20 % o f t h i s t o t a l s p end P ar t s p r o cu r e m ent t a r g e t s on e o f the l a r g e s t co n t r o ll a b l e o pe r a tio n a l co s t c a t e g or ie s a f t e r fu e l an d l a b or Ex p o rt R e q u isi t i o ns Sea r ch f or M a t erial o r o t he r E RP Mar k e t pl ac e s , O E M W e b s it es , eMai l ,… R e q u e st Q u o te R e vi ew R e s po n s es C r e ate PO A p p r o ve PO P l ace O r der P r o c e ss I n v o i ce V e n d o r S y s t e m, eMai l ,… o r p r o c u r ement ER P , eMai l … o r finan c ial ER P o r p r o c u r ement ER P, eMai l … o r p r o c u r ement ERP (m anual ent r y) S o ur c e : N a v e o , A p ri l 2026

T r ans f orming P arts P r ocu r ement w i th A I … an d On e (or Z e r o) Clic ks © 2 0 2 6 AA R CO R P . A ll ri gh t s r e s e rv e d w o r l d w ide 67 R e a l - ti m e r e s p o n s e a n a l y sis w ith r a n ki n g and sc o ring Co n fide n c e S c o re AI g ene r a t e d A u t o m a t e s th e p r ocu r em e nt w o r k f l o w r eco m m e n d a ti on f r om r equi s it i o n t o i nv o ice (en d - t o - end) In t ell i g en t sou r cing de c isi o ns usin g da t a s c ience an d a g entic AI A u t o m a t e d o r d ering cont r ol l e d b y AI c o n f i d e n ce t h r esh o l d s and business r u le s such a s p a r t typ e , o r der va l u e , an d a p p r o va ls Continu o us l y imp r o v e s th r o u g h o r derin g de c i s io n s , use r a c tio n s , an d o pe r a tio n a l f eedb a ck Sou r c i n g A g ent L a u n c h a d v i s or s & p ar tn e rs :

“ The a g entic AI a p p r o a c h a l ig n s with o the r T ech O p s initiati v es w e ha v e g o in g” A u t omating P arts P r ocu r em e nt w i th A i r v o y ant Ex t en s i v e c u s t om e r in t e r vi e w s an d de m os h a v e v alid a t ed ne e d and de m an d f or Ai r v o y ant © 2 0 2 6 AA R CO R P . A ll ri gh t s r e s e rv e d w o r l d w ide 68 “ L o v e the new u ser e x p e r ienc e” “ W e want a g en t s t o hel p us m ana g e t h e de m and r equ e s t s an d r educe m a t e r i a l s p end” “Ca n t h e a g e n t s e s ti m a t e ship p in g c o s t s be f o r e the y m a k e a b u y in g de c i s io n ?” C u s t omer F ee d b a ck L aun c he d A pril 21, 2026 E x panded A g entic W o r k f o r ce O r de r in g A g ent Dema n d A g ent S h op I n v en t o r y A g ent Logi s t ics A g ent V endor Analysis A g ent

S i gnif i c an t G r o w th O p p o rtunit i es in So f t w a re T r ax po s i t ion e d as p r e f e r r e d opt i on t o upg r ade le g a c y s y s t e m s and g r o w sha r e - o f - w al l e t a t e x i s t i ng & n e w c u s t o m e rs © 2 0 2 6 AA R CO R P . A ll ri gh t s r e s e rv e d w o r l d w ide 69 Com m e r c i a l Off The S h elf ( C O T S): ~5 0% P eer A (Co m peting w ith airline s) P eer B (Not an M R O pla y er) L e g a c y s y s t ems : ~5 0% So f t w a r e f r o m 1 9 7 0 s & 1 9 8 0s Needs t o be upg r a d ed A v i a t i on a f t er m ar k et So f t w a re R e p l ac i ng i n - hou s e l e g a c y so l u t ions G a ining ma r k e t s ha re S ign i f i c a nt g ro w th oppor t u nit i es

L e v e r a g e c r edibility c r e a t ed b y Del t a , A m erican an d Catha y P a c ific wins Continue t o u s e A A R ’ s r each and ac c es s as an a c c ele r a t or Ex p an d r egional sales an d s u p p ort p r esence Upg r ade l e g ac y T r ax ERP cu s t o m e r s t o ne w T r a x p r oduc t s an d se r v ices C r os s - se l l bet w een A A R s o f t w a r e co m panies Scale uni f ied sales t eam se l ling al l soft w a r e b r an d s C r e a t e ne w , inn o v a ti v e soft w a r e so l ution s an d se r v ices Acqui r e comple m en t a r y soft w a r e companies L e v e r a g e Inn o v a tion L ab a n d A I - F o u nd r y t o shor t en tim e - t o - m a r k et E x ecuting Our So f t w a r e St r a t e g y t o Accele r a t e P r ofita b le G r o w th © 2 0 2 6 AA R CO R P . A ll ri gh t s r e s e rv e d w o r l d w ide 70 Ac qui r ing new cu s t ome r s e E x p a nding w ith xi s ting c u s t ome rs G r o w ing port f ol i o W I N of s o lut i ons M O R E C O RE S C A LE W I T H D I S C I P L I NE P ar t n e r i ng w i t h c u s t o m e r s t o mod e rn i z e t ec hni c al op e r a t i on s and e xpand bu s in e ss L E V E R A G E O U R P L A T F O RM

Ac qui r ing new cu s t ome r s e Expanding w ith xi s ting c u s t ome rs En h an c ing port f ol io w ith new s olut i ons S i gnif i c an t P r og r ess D e li v e r e d t o D a t e w i th So f t w a re © 2 0 2 6 AA R CO R P . A ll ri gh t s r e s e rv e d w o r l d w ide 71 Do u b le d ai r c r a f t s up p o r t e d b y AA R s o f t w a r e s in c e T r ax acq u i s i t ion T ec h O ps I nc r e as e d annu a l r e v e nu e 4 x I nc r e as e d annu a l r e v e nu e 5 x I nc r e as e d annu a l r e v e nu e 4 x M a t e r i al pl anning L o n g - r a n g e m ain t e nanc e p l a nn i ng N e w A I s o l ut i on W IN M O R E C O RE S C A LE W I T H D I S C I P L I NE L E V E R A G E O U R P L A T F O RM

N i ch o la s G r oss S V P , G o v ernme n t P r o g r ams G ov ernme n t Soluti o ns WIP : D r a f t p r e s ent a ti o n ; plea s e r e f er t o y el l o w b o x e s in t h e upper r i g h t c o r ne r s f o r W o r k in P r o g r e s s ( WIP) no t e s ; s lid e de s i g n s ubj e c t t o c ha n ge © 2 0 2 6 AA R CO R P . A ll ri gh t s r e s e rv e d w o r l d w ide 72

K ey Messa g es | G o v ernm e nt Solutions 1 ~$50 0 M s e gme n t wit h a ~$48 B pipeli n e op p ortu n it y ; dr i v e n b y s h i f t t o com m e r c i a l solutio n s , s t r eam l i n ed cont r acti n g p r oce s s e s , a n d i n c r eas e d de f e n s e spe n di ng Mar k et leader 2 U n iquely posit i on e d t o del i v e r com m e r c i a l be s t p r actic e s o g o v e r n ment cu s t ome r s , l e v e r ag i n g our glo b a l r eac h , i n t e g r a t ed AAR p l a t f orm, and f a s t tur n a r ound time s Dif f e r ent i a ted of f eri ng 3 D r iving p r o fi t ab l e g r o wt h t h r o u gh c o mm e r c i al i z e d e r v i c e s f o r t h e m i l i t a r y , e x pa n s i o n o f c l a ss ifi e d m o d - w o r k , g r o w in g f o r e i g n m i l i t a r y s a l e s , a n d in t e g r a t in g T r a x G r o w th s t r a te gy © 2 0 2 6 AA R CO R P . A ll ri gh t s r e s e rv e d w o r l d w ide 73

Cr i t i c al s u pply chain partn e r t o ou r c u s t om e r s – i m p r o ving pe r f or m ance a n d r ed u c i n g t otal co s t s G o v ernm e nt Solutions Segmen t O v e r vi ew $514M L TM Q 3 F Y 26 A d j. Sa les + 12 % g r o w t h Y oY $56M L TM Q 3 F Y 26 Ad j . E B I T D A + 5 6 % g r o w t h Y oY 10. 9% L TM Q 3 F Y 26 A d j. E B I T D A ma r gin + 320 b p s Y oY K e y segment financials F ocus pl a t f orms K e y cu s t om e rs • P - 8 • C - 40 • F - 16 • C - 130 • U H - 60 • C - 17 • K C - 135 • K C - 46 K e y of f erings • De l i v e r ing comm e r ci a l b e s t p r a c t ic e s a c r o ss ma i n t e n a n c e a n d su p p l y c h a i n s , i nc r ea s i ng r ea d i n e s s an d d e c r ea s i ng o v e r a ll co st • R e v i t a l i zing a ging s u pply ch a i n s th r o ugh p e r f o r m an c e - b a se d l o gi s t i c s so l ut io n s , i m p r o v i ng w a r f igh t e r r ea din e ss • S t r ea ml i n i ng s u pply ch a i n op e r a t ion s , enh a n c ing c u s t o m e r ef f i c i e n c y th r o ugh b e spo k e t h i r d - p a r t y lo g i s t ic s sol u t ions • I n t e g r a t i ng a l l f a c e t s o f avi a t i o n a f t e r m a r k e t i n t o comp r e h e ns i v e t a i l o r e d sol u t ions • Mobil i t y S y s t e ms © 2 0 2 6 AA R CO R P . A ll ri gh t s r e s e rv e d w o r l d w ide 74 N o t e : S ee A pp e n dix f o r r e co n c i l i a t i on o f N o n - G A A P f i n an c i a l m e a s ur e s. U n i t e d S t a t es N a vy U n i t e d S t a t es A i r F o r ce U n i t e d S t a t es D e p t. o f St a te U n i t e d S t a t es A r my R oy al N o r w eg i a n A i r F o r ce Col o m b i a n A e r o s p ace F o r ce U n i t e d K i n g d om R oy al A i r F o r ce

G o v ernm e nt P r og r ams O v e r vi ew © 2 0 2 6 AA R CO R P . A ll ri gh t s r e s e rv e d w o r l d w ide 75 P r o v ide ai r c r a f t main t enan c e , s u p p ly ch a in so l ution s , a nd f l ight ope r a tion s u p p ort f or g o v ern m ent cu s t o m e rs >30 Pl a t f o r ms se r v iced 35 C o untries in w h ich w e o p e r at e C o mme r ci a l be s t p r a c t ic e s p r o vide s a vi n g s f o r c us t o m e r s T a il o r ed s o luti o n s t o o p t im i z e fleet r e a di n e ss Glo b a l r e a c h wi t h t h e ab i lity t o s i mpl i f y c o m pl e x o p e r at i on s a r o u n d t h e w o r ld N i mbl e cultu r e t h at e n a ble s f a s t er t u r na r o u n d t im e s at l o w er c os t s Ability t o in v e s t i n r e s o u r c e s r eq u i r ed t o deliver s u cc e s s I n t e g r a t ed pla t f o r m leve r ag i n g AAR ’ s full c a p a bilities V alue p r op o sit i on

$20B C o nfiden t in Abil i ty t o Accel e r a t e G r o w th an d Ca p tu r e L a r g e Pipeline O p p o rtunity Capt u r i ng i nc r e m e nta l g r o w th oppor t un i t i es w i th a c o mm e r c ia l b e s t p r ac t i c es app r oach S o ur c e : C o mpany e s t im a t e s © 2 0 2 6 AA R CO R P . A ll ri gh t s r e s e rv e d w o r l d w ide 76 G o v ernment P r og r ams cur r ent pi p eline K e y mar k et d ri v e rs 1 2 3 De p a rtme nt of W a r ’ s g r o w i n g f oc us o n r e a d i nes s a n d r e d uc i n g t o ta l l i f e c y cle co s t s Comme r c i a l i z i n g De f ense I n d u s t r i a l B a se • C u r r en t Do W poli c i e s p r io r i t i z e c o m me r c ial c o m pa n i es / s olu t ions ov er t r adi t ion a l D e f en s e Indu s t r ial B a s e s olu t ions I nc r e a s e d g l o b a l d e f ense s p en d i ng • E u r opean de f en s e bud g et s a r e e x c e e din g 2 % b ud g et an d s o m e pas s in g 5% • Eu r o pea n in d u s t r ial b a s e also s e e kin g s up p o r t f o r new pl a t f o r m s I nc r e a si n g u s eful l i f e of e xi s t i n g flee ts ~ $48B t o t al pi p eline o v er the n e xt 10 y ea rs 5 - 10 y ea rs $12B 1 - 3 y ea rs 3 - 5 y ea rs $16B 4

G o v ernm e nt Solutions P r o vides Di v e r si f i c at i on an d Balan c e t o th e A A R P or t f olio © 2 0 2 6 AA R CO R P . A ll ri gh t s r e s e rv e d w o r l d w ide 77 G o v ernment Soluti o ns dr i v es inc r emen t al w ork a c r os s A A R Ma n y p r og r ams r equi r e li m i t ed capita l i n v e s tment Stead y r e v enue s t r eam with cu s t o m e r s wh o p a y r eliably an d on time Busines s c r e a t es b a lance an d s t a b ility d uring mar k et d o wnt u rns Abi l ity t o l e v e r a g e e xi s ting inf r a s truct u r e t o s e r v e g o v ernmen t s an d mi l i t a r ies an d meet their nee d s ( e . g ., r e l i ab i l i t y , r e ad i n e s s , la r g e i n v e n t or i e s , l og i s t i c s , a n d m a i n t e n a n c e s u pp or t)

C o m m e r c iali z e se r vic e o ffer i n gs f or t h e milita r y; inc r easing a d opt i on of com m e r ci a l P ar t s , R epai r , and S oft w a re Ex pa n d c lassif i e d mo d - w o r k and i n c r ease c o v e r a g e o n milita r y - spec i fi c fleet s ( F - 16, C - 13 0 , B - 52, e t c .) G r o w f o r eig n milit a r y sales b y le v e r aging e xi s ting c omme r c i a l inf r a s t r uc t u r e a n d c u s t omer r el a tio n shi ps I n t eg r at e T r a x ap p lic a ti o n s a n d s o lutio ns E x ecuting Our G o v ernm e nt St r a t e g y t o Dri v e P r ofita b le G r o w th an d D e li v er Uniqu e , V alu e - Add Solutions f or M i lita r y Cu s t om e rs © 2 0 2 6 AA R CO R P . A ll ri gh t s r e s e rv e d w o r l d w ide 78 W IN M O R E C O RE S C A LE W I T H D I S C I P L I NE Bui l din g on hig h e r win r a t e & r e t ent i on t o de l i v e r s u s taina b l e g r o w th o v e r n e xt 3 y ea rs L E V E R A G E O U R P L A T F O RM

Ou t com es ~240 ai r c r a f t deli v e r ed F leet modific a tion sc h ed u le ac c ele r a t ed b y y e a rs Hund r eds of addition a l a i r c r a f t bringin g a d v anced s y s t em s t o the fi g ht t o day Cu s t o mer th r il l ed with hi g h - q u alit y , r eliable e x ecuti o n – p r ais e d A A R f o r enhan c ed r e a diness r a t es © 2 0 2 6 AA R CO R P . A ll ri gh t s r e s e rv e d w o r l d w ide 79 Cu s t ome r ch a l l en ge • A i r F o r c e Li f e C y c le Mana g ement Cen t er nee d ed p a rtner t o s u p p ort U ni t ed S t a t es Air Fo r c e F - 16 ai r c r a ft • Cu s t omer ha d i s s u es w ith mi s s i on c r i ti c al mod i fi c a tion s b e ing c omple t ed on time and on bud g et Un i que AAR so l ut i on • A w a r de d 10 - y ear $365M inde f in i t e deli v e r y / indefini t e quantity c ont r a c t t o p r o v i de de p o t - le v el an d c ont r a c t field t eam ma i n t ena nc e f or F - 16 ai r c r a f t • W orl d - c las s t eam of ~200 t e c hnicians ope r a ting a c r os s 12 g lo b al lo c a tions t o sup p ort b r ea d t h of ma i n t ena nc e nee d s • A gil e , c u s t ome r - f ocused ope r a tion s model ada p ts t o c h an g ing c u s t omer nee d s Cas e Study: L e v e r aging C o nt r actor F ield T e a ms t o P e r f orm C o mpl e x Ai r c r a f t R e p a i r s D e l i v e r i ng highl y f l e x i b l e , adapta b l e , and s c alab l e m ain t e nanc e & s up pl y c hain s o l u t ions St r engthen i n g A AR ’ s ma r k e t l e ade r sh i p b y de l i v e r ing a g i l e , r e s ponsi v e , an d r apid main t enanc e s ol u t i ons t o th e U . S . D e part m en t of W ar

Dyl a n W olin S V P a n d C h ief F i n a n ci a l Officer F inancial O v e r view © 2 0 2 6 AA R CO R P . A ll ri gh t s r e s e rv e d w o r l d w ide 81

K ey Messa g es | F inancial O v e r vi ew 1 S uccess f u l ly gene r a ti n g g r o wth and m a r g i n x p an s ion Deli v eri n g consi s tent fin a ncial r esults 2 Mo d e r a t e le v e r a g e t o support valu e - acc r et i v e api t a l dep l o yme n t op p ortu n it i es St r ong, fl e xible balance she et 3 E x ecut i n g di s c i p l i n ed M&A t o acc e le r a t e s t r a t e g i c object i v e s and s h a r e h o l der value c r e a tio n Di s cipline d M&A s t r a te g y & f r ame w ork 4 Accele r a ti n g r etu r n s t o s h a r e h o l de r s th r oug h o r g an i c and i n o r g an i c g ro wth , ma r g i n e x p an s io n , and a d ditional c ash c o n v e r s i on Continuing t o e x ecute © 2 0 2 6 AA R CO R P . A ll ri gh t s r e s e rv e d w o r l d w ide 82

Cl e ar T r ans f ormati v e St r a t egic an d F inancial Actions… © 2 0 2 6 AA R CO R P . A ll ri gh t s r e s e rv e d w o r l d w ide 83 Ad d e d dif f e r enti a t e d c a p a b ilit i e s th r oug h s t r a t egic acquisitions in k e y busines s lines: P art s , R e pai r , Sof t w a re S i mplified the port f oli o b y e xitin g / r e s t r uc t u r ing no n - c o r e busine s s es Ex t end e d our le a ding positi o n in co r e activitie s ( e .g. , Ai r f r ame M R O an d n e w par t s Di s t r ibu t io n )

$156 $190 $242 $324 $376 8 . 6 % 9 . 5% 10 . 4% 11 . 8 % 12 . 1% F Y 2 02 2 F Y 2 02 3 F Y 2 02 4 F Y 2 02 5 LTM Q 3 F Y 26 …Resul t e d in St r ong F inancial P e r f orm a nce D e l i v e r i ng s t r ong g r o w th and e xpand i ng m a r gins © 2 0 2 6 AA R CO R P . A ll ri gh t s r e s e rv e d w o r l d w ide 84 $1 , 817 $1 , 991 $2 , 321 $2 , 7 48 $3 , 116 F Y 2 02 2 F Y 2 02 3 F Y 2 02 4 F Y 2 02 5 LTM Q 3 F Y 26 Adj. S ale s ($M) +15% C A GR Adj. E PS $2 . 4 1 $2 . 86 $3 . 33 $3 . 91 $4 . 67 F Y 2 02 2 F Y 2 02 3 F Y 2 02 4 F Y 2 02 5 LTM Q 3 F Y 26 +26% C A GR +19% C A GR ~90 a v g . b p s / yr Adj. E BIT D A ($M) an d ma r gin (%) N o t e : S ee A pp e n dix f o r r e co n c i l i a t i on o f N o n - G A A P f i n an c i a l m e a s ur e s.

St r ong Balan c e Shee t w i th Ample L i quidity © 2 0 2 6 AA R CO R P . A ll ri gh t s r e s e rv e d w o r l d w ide 85 $195 $700 F Y 2 02 6 F Y 2 02 7 F Y 2 02 8 F Y 2 029 D e bt m a t u r i ty s c hed u l e ($M) A s o f F e b r u a r y 2 8 , 2026 ( Q 3 F Y 2 6 ) C a sh an d C ash Equivalen t s $79M T o t al De b t $895M Net D ebt $817M A vailable C r edit $761M T o t al A vailable Liquidity $840M 1.0 7x 3.30x 2. 7 2x 2.17x F Y 2 02 3 F Y 2 02 4 F Y 2 02 5 LT M Q 3 F Y 26 P r o F or m a Adju s t ed N e t L e v e r a ge T a r g e t l e v e r a g e 2.0x – 2.5x Ac q ui r ed TPS

Cl e ar St r a t e g y t o Dri v e Imp r o v e d Cash C o n v e r sion 12% 18% 11% 25% 0% 1 0% 2 0% 3 0% 4 0% 2 0 2 3 2 0 2 4 2 0 2 5 L T M Q3 F Y 26 C a sh f r o m Ope r a tions as % of Adj. E B IT DA 3 - y ear ta r g et ~3 0 %+ Exit o f le s s c a s h - g ene r a ti v e bu s i n e s s es • L anding G ear • L e g ac y C o mme r c i a l P r o g r ams G r o w t h in s t r on g c ash fl o w a c tiv i ties • Repa ir • G o v ern m ent • S o f twa re W or k ing c a p ital mana g ement • H igher i n v en t o r y turns • L ow er A R da ys N o t e: C a s h c o n v er s i o n e x p e c t ed t o v ar y p er i o d - to - p er i o d i ncl u d i n g b a s e d o n st r at e gi c gr o w t h i n v e s t m en ts i n i n v en t o r y © 2 0 2 6 AA R CO R P . A ll ri gh t s r e s e rv e d w o r l d w ide 86

Balan c e d an d Disc i pline d Ca p ital Allo c at i on St r a t e gy Driving V alue C r eation 1 O r g a n i c i n v e s t m e n t t o d r i v e g r o w th © 2 0 2 6 AA R CO R P . A ll ri gh t s r e s e rv e d w o r l d w ide 87 C a pi t a l a ll o c a t i on p r i or i t ies 2 M & A t o a cc ele r a t e s t r a t eg i c e x e c u t ion 3 M a i n t a i n f l e x i ble b a l a nc e s h eet 4 R e t u rn s t o s h a r e h o lde rs • S u pp o r t n ew b u s i n e ss w i n s i n n ew p a r t s D i s t r i b u t ion • S t r a t e g ic A i rf r a m e M R O e x p an s io n • S o f t w a r e an d I P - e na b l ed o f f er i ng s: PM A , p r o p r i e t a r y r ep a i rs • D i s c i pl i n e d ad h e r e n c e t o s t r a t e g i c f i l t e r s a n d f i nan c i a l c r i t e r ia • F o c us e d o n c o r e g r o w t h v e c t o rs • I nc r e a s e i n t e ll e c t u a l p r o p e r t y i n p o r t f o l io • A s s e ss o pp o r t u n i s t ic s ha r e r ep u r c ha s es • T a r g e t P r o F o r m a A d ju s t ed N e t L e v e r a g e r a t io o f ~2 . 0 x – 2 . 5 x • Wi ll i ng t o f l e x h i gh er f o r h i gh r e t u r n a c q ui s i t io n s an d r a p i d l y d e - l e v er

R e p o sit i on e d th e P or t f olio th r ough St r a t egic M&A an d Di v e s titu r es © 2 0 2 6 AA R CO R P . A ll ri gh t s r e s e rv e d w o r l d w ide 88 Simplified a nd en h anc e d po r t f olio of f e r s l a r g e r s c a l e , h i gher g ro w th, and h ighe r m a r gins P r o v id e r o f a i r c r a f t M R O & f l ee t m a n a g e m e n t s o f t w a re G l o b a l p r o v id er o f s p e c i a li z e d m a i n t e n a n c e , r e p a i r , o v er h a u l c a p a biliti es M a i n t e n a n c e pl a nn i n g s o f t w a r e p r o v id er Gl o b a l di s t rib u t o r o f e l e c t r o n i c co mp o n e n t s & a ss e mbli es H ea vy ma i n t e n a n c e p r o v id er i n No r t h A m er i c a Lea di n g a i r c r a f t i n t e r i o r s e n g i n ee r i n g co mp a ny A cc e l e r a t e s s o f t w a r e s o l u ti o n s o f f er i n g f o c u s e d o n c o r e a v i a ti o n a f t er m ar k e t c u s t o m e rs A dd s di f f e r e n t i a t e d r e p a i r o f f er i n gs a n d e x p a n d s f oo tp r i n t i n h i g h e r - g r o w t h A P A C r e g i on E x p a n d s r ea c h o f s o f t w a r e o f f er i n gs a n d T r a x E R P c a p a biliti es S i g n i f i c a n t l y e x p a n d s e l e c t r o n i c s D i s t r ib u ti o n c a p a biliti e s a n d a cc e ss t o n e w a i r c r a f t p r o d u c ti o n e n d - m ar k et O p t i m i z e s No r t h A m er i c a n f oo tp r i n t a n d e x t e n d s l ea d e r s h ip p o s iti o n i n A i r f r a m e M RO A dd s i n c r eme n t a l e n g i n ee r i n g c a p a b iliti e s a n d e x p a n d s t o t a l a dd r e ss a b l e m a r k e t f or R e p a i r a c ti v iti es $120 M $725 M $15 M $146 M $77 M $35M ✓ ✓ O n t r a c k O n t r a c k O n t r a c k O n t r a ck Di v e s t i t u r e s : Exi t e d n on - c o r e busi n ess e s Air l i f t C o m p o si t e s M a n u f a c turi n g L a n d i n g G e ar L eg ac y C o m m e r c ia l P r o g r ams ( in p r oc e ss)

C o ntinu i ng t o E x ecu t e Disc i pline d , P r og r ammatic M&A St r a t e g y © 2 0 2 6 AA R CO R P . A ll ri gh t s r e s e rv e d w o r l d w ide 89 2 0 2 6 AA R CO R P . A ll ri gh t s r e s e rv e d w o r l d w ide 89 F ocus a r e as • Ad d i t i o nal n e w pa r t s Di s tr i but i on p r o d uc t l i n e s and e n d - mar k e ts • Air f r ame and C o mpon e nt M R O c apa b i l i t y an d ef f ic i e n cy • E n h an c em e n t s t o r e c urr i n g r e v e n ue s oftwa r e pl a t f orm St r a t egic f i lt e rs • Ac c el e r a t e s e x e c u t i o n o f s t r a t e g ic ob j e c t i v es • Di f f e r e n t i a t ed c apa b i l i t y or co s t posit i on • C o mplemen t a r y o f f e r ings • C l ea r s yn e r g y g e n e r a t i on F inancial c ri t e r ia • Ac c r eti v e t o r e v e n ue g r o wth or a d j . E B I T D A m a r gins • A f t e r - t ax IR R e x c e eds c o s t o f c api t al • Imp r o v ed l o n g - t e r m c as h f l o w p e r f or m an c e • P a th t o t a r g et P r o F or m a Ad j . N e t Le v e r a g e r a t i o r an g e o f ~2.0 x – 2.5x

A d j. Sa l e s C A GR 6 – 10% Ad j . E B I T D A ma r gin 13%+ Ad j . E PS C A GR ~15% F inanci a l F r am e w ork © 2 0 2 6 AA R CO R P . A ll ri gh t s r e s e rv e d w o r l d w ide 90 3 - y e a r t a rg e ts © 2 0 2 6 AA R CO R P . A ll ri gh t s r e s e rv e d w o r l d w ide 90 Rel e v ant a s s um ptions • Cas h c o n v e r si o n e x p ec t e d t o va r y p eri o d - t o - p e ri o d b as ed o n s t r a t e g i c g r o w t h i n v e s tm e n ts i n i n v en t o ry • ~28 % a v e r a g e ta x r a te O p e r a t i n g Cash Fl o w as % of a d j. E B I T D A ~30%+ T o t al A AR 8 – 12% 13 – 1 4 %+ ~ 1 5 %+ ~30% T o tal AAR e x c l udin g L e g a c y C omm e r ci a l P r o g r ams • T a r g e t C A GR s r efle c t g r o w th f r o m F Y 2 0 26 b as e l i ne • I nc lu d e s F Y 2 026 a c q u isi t i o n s; f u tu r e M &A i nc r e m enta l t o f r am e w o rk

P ar t s S u p p ly Re p ai r , Engineer i ng, & S oft w are G o v ern m ent S o l u t i ons Adj u s t e d Sales G r o w th Brid g e K e y tailwinds S us t a i ned co m m e r ci a l a i r t r a v el g r o w th o v e r m ed i u m - t o - l o n g t e r m with f l eet a g e r e m a i nin g elev a t ed Ex p ect conti n u e d a b o v e - m ar k et g r o w th in new p a r t s Dist r i b uti on C o ntin u ed penet r a tio n o f so f tw a r e m ar k et Ai r f r ame M R O effic i encies an d C om pon e nt M R O g r o w th ‘Ope r a tio n a l r ea d ines s ’ r e m a i ns g o v e r n m ent prio r ity © 2 0 2 6 AA R CO R P . A ll ri gh t s r e s e rv e d w o r l d w ide 91 ~$3,270 8 - 12% C A GR K e y hea d wi n ds P o t e n ti a l i m p a ct o f hi g h er jet f u el prices f or l o n g e r o n co m m e r ci a l demand W i n d - d o wn o f L e g a c y C omm e r ci a l P r o g r ams I nclude s F Y 2026 a c qui s it i o ns; fut u r e M & A inc r e m en t a l t o financi a l f r ame w ork D o es n o t a s su m e m eanin g ful imp a ct f r om elev a t ed fu e l prices 6 - 10% C A GR F Y 2026 E gui d a n c e m i d p o i nt T o t a l A A R 3 - y e a r ta r g et L e gac y C o m m e r c ia l P r og r ams w i n d - d o wn T o t a l A A R 3 - y e ar ta r g et ( ex . L e g a c y Com m e r ci a l P r og r a m s)

~12% Adj. E B I T D A Ma r gin Exp a nsion Brid ge © 2 0 2 6 AA R CO R P . A ll ri gh t s r e s e rv e d w o r l d w ide 92 13 – 14%+ K e y tailwinds G r o w th in hi g he r - m a r g i n P ar t s , S o f tw a r e , an d C om pon e nt M R O a c tivit i es C o ntin u ed effic i ency g a i ns in Ai r f r ame M RO Mi x - shi f t t o w a r d hi g he r - m a r g i n p r o g r ams within G o v e r n m ent S o l uti o ns S c a l e o n fi x ed co sts W i n d - d o wn o f L e g a c y C omm e r ci a l P r o g r ams K e y hea d wi n ds P o t entia l f or m i x shi f t in R ep a ir I nclude s F Y 2026 a c qui s it i o ns; fut u r e M & A inc r e m e n t a l t o fina n ci a l f r am e w ork D o es n o t a s su m e m eanin g ful imp a ct f r om elev a t ed fu e l prices 13% F Y 2026E L e gac y C o m m e r c ia l P r og r ams w i n d - d o wn T o t a l A A R 3 - y e ar ta r g et ( ex . L e g a c y Com m e r ci a l P r og r a m s) M i x s h i ft A i r f r a m e M R O effici e n cy S c ale o n fi x e d c o s ts T o t a l A A R 3 - y e a r ta r g et

Closing Remar ks © 2 0 2 6 AA R CO R P . A ll ri gh t s r e s e rv e d w o r l d w ide 94 C h a i rma n , P r esident, a n d C h ief E x ecuti v e Officer John M. H o lmes

Why I n v e s t in AAR | C o mp e lling I n v e s tmen t O p p o rtunity © 2 0 2 6 AA R CO R P . A ll ri gh t s r e s e rv e d w o r l d w ide 95 M ulti - y ear i n v e s t men t s c r e a t i n g a r e s i l i e nt avi a t i on a f t e r ma r k e t 1 pl a t f or m und e rp i nned b y lon g - t e r m s e c u la r g r o w th H i g h - pe r f or m ance c u l t u r e f o c used o n sa f e t y , qual i t y , co m pl i anc e , an d e x e c u t ion en a blin g i n du s t r y - leadi n g 2 cu s t omer se r vi ce C l ea r s t r a t e g y f o c used o n c u s t om e r s u c c e s s , dr i ving 3 cont i nu e d g r o w th an d lon g - t e r m v al u e c r e a t i on Oppor t u n ities t o fur t her ac c e l e r a t e sha r eho l de r r e t u r ns 4 th r ough di s c i pl i ned r e i n v e s t m ent

No n - G A A P financial me a s u r es ( $ i n m i l l i o n s ) 201 8 202 2 202 3 202 4 2025 S a l e s $1 , 748 . 3 $1 , 820 . 0 $1 , 990 . 5 $2 , 318 . 9 $2 , 780 .5 N e t i n c o m e 15 . 6 78 . 7 90 . 2 46 . 3 12 .5 N e t i n c o m e m a r g i n 0 . 9 % 4 . 3 % 4 . 5 % 2 . 0 % 0 . 4% S a l e s $1 , 748 . 3 $1 , 820 . 0 $1 , 990 . 5 $2 , 318 . 9 $2 , 780 .5 C o n t r a c t t e r mi n a t i o n / r e s t r u c t u r i n g & l o ss p r o v i s i o n , n e t - ( 2 . 9 ) 0 . 1 2 . 3 ( 32 . 2) A d j u s t e d s a l e s $1 , 748 . 3 $1 , 817 . 1 $1 , 990 . 6 $2 , 321 . 2 $2 , 748 .3 N e t i n c o m e $15 . 6 $78 . 7 $90 . 2 $46 . 3 $12 .5 I n c o m e f r o m d i s c o n t i n u e d o p e r a t i o n s 58 . 1 ( 0 . 2 ) ( 0 . 4 ) - - I n c o m e t a x e x p e n s e ( b e n e f i t ) 3 . 5 26 . 6 31 . 4 12 . 0 26 .4 O t h e r ( i n c o m e ) e x p e n s e , n e t 0 . 9 ( 2 . 2 ) 0 . 8 0 . 4 0 .3 I n t e r e s t e x p e n s e , n e t 7 . 9 2 . 3 11 . 2 41 . 0 73 .6 L o ss o n e x t i n g u i s h m e n t o f d e b t - - - - D e p r e c i a t i o n a n d a m o r t i z a t i o n 40 . 5 33 . 1 27 . 9 41 . 2 55 .2 A c q u i s i t i o n a n d i n t e g r a t i o n e x p e n s e s - 6 . 2 29 . 7 10 .8 F C P A s e tt l e m e n t , i n v e s t i g a t i o n , a n d r e m e d i a t i o n c o s t s - 3 . 7 4 . 7 10 . 5 65 .3 L o ss e s r e l a t e d t o s a l e a n d e x i t o f b u s i n e ss / j o i n t v e n t u r e , n e t - 1 . 7 0 . 7 2 . 8 70 .3 R u ss i a n b a n kr u p t c y c o u r t j u dg m e n t ( r e v e r s a l ) - 1 . 8 11 . 2 ( 11 . 1) C o n t r a c t t e r mi n a t i o n / r e s t r u c t u r i n g & l o ss p r o v i s i o n , n e t - 0 . 9 2 . 0 4 . 8 0 .2 G o v e r n m e n t C O V I D - r e l a t e d s u b s i d i e s , n e t - ( 4 . 9 ) ( 1 . 6 ) - 0 .8 P e n s i o n s e tt l e m e n t c h a r g e - - 26 . 7 - S e v e r a n c e c o s t s 4 . 5 2 . 0 0 . 1 0 . 5 - A ss e t im p a i r m e n t a n d e x i t c h a r g e s - 3 . 5 - - - F a c i l i t y c o n s o l i d a t i o n a n d r e p o s i t i o n i n g c o s t s - 0 . 2 - - - C u s t o m e r b a n kr u p t c y a n d c r e d i t c h a r g e s - 1 . 0 1 . 5 - - C o s t s r e l a t e d t o s t r a t e g i c p r o j e c t s ( r e v e r s a l s ) - 1 . 8 ( 0 . 2 ) - - S t o c k - b a s e d c o m p e n s a t i o n 15 . 3 8 . 2 13 . 5 15 . 3 19 .9 A d j u s t e d E B I T D A $146 . 3 $156 . 4 $189 . 8 $242 . 4 $324 .2 A d j u s t e d E B I T D A m a r g i n 8 . 4 % 8 . 6 % 9 . 5 % 10 . 4 % 11 . 8% A d j u s t e d S a l e s & A d j u s t e d E B I T DA Y e a r e n d e d M a y 31 , © 2 0 2 6 AA R CO R P . A ll ri gh t s r e s e rv e d w o r l d w ide 97

No n - G A A P financial me a s u r es ( $ i n m i l l i o n s ) 201 8 202 2 202 3 202 4 2025 S a l e s $1 , 748 . 3 $1 , 820 . 0 $1 , 990 . 5 $2 , 318 . 9 $2 , 780 .5 N e t i n c o m e 15 . 6 78 . 7 90 . 2 46 . 3 12 .5 N e t i n c o m e m a r g i n 0 . 9 % 4 . 3 % 4 . 5 % 2 . 0 % 0 . 4% S a l e s $1 , 748 . 3 $1 , 820 . 0 $1 , 990 . 5 $2 , 318 . 9 $2 , 780 .5 C o n t r a c t t e r mi n a t i o n / r e s t r u c t u r i n g & l o ss p r o v i s i o n , n e t - ( 2 . 9 ) 0 . 1 2 . 3 ( 32 . 2) A d j u s t e d s a l e s $1 , 748 . 3 $1 , 817 . 1 $1 , 990 . 6 $2 , 321 . 2 $2 , 748 .3 O p e r a t i n g i n c o m e $ 86 . 0 $ 106 . 9 $ 133 . 9 $ 129 . 2 $ 185 .2 F C P A s e tt l e m e n t a n d i n v e s t i g a t i o n c o s t s - 3 . 7 4 . 7 10 . 5 65 .3 A c q u i s i t i o n , i n t e g r a t i o n a n d a m o r t i z a t i o n e x p e n s e s - - 7 . 0 36 . 7 26 .8 C o n t r a c t t e r mi n a t i o n / r e s t r u c t u r i n g c o s t s a n d l o ss p r o v i s i o n s , n e t - 0 . 9 2 . 0 4 . 8 0 .2 R u ss i a n b a n kr u p t c y c o u r t j u dg m e n t ( r e v e r s a l ) - - 1 . 8 11 . 2 ( 11 . 1) G a i n r e l a t e d t o s a l e o f j o i n t v e n t u r e - - - - ( 2 . 1) C u s t o m e r b a n kr u p t c y a n d c r e d i t c h a r g e s - 1 . 0 1 . 5 - - G o v e r n m e n t C O V I D - r e l a t e d s u b s i d i e s , n e t - ( 4 . 9 ) ( 1 . 6 ) - 0 .8 S e v e r a n c e c o s t s 4 . 5 2 . 0 0 . 1 0 . 5 - A ss e t im p a i r m e n t a n d e x i t c h a r g e s - 3 . 5 - - - F a c i l i t y c o n s o l i d a t i o n a n d r e p o s i t i o n i n g c o s t s - 0 . 2 - - - C o s t s r e l a t e d t o s t r a t e g i c p r o j e c t s - 1 . 8 ( 0 . 2 ) - - A d j u s t e d o p e r a t i n g i n c o m e $ 90 . 5 $ 115 . 1 $ 149 . 2 $ 192 . 9 $ 265 .1 A d j u s t e d o p e r a t i n g i n c o m e m a r g i n 5 . 2 % 6 . 3 % 7 . 5 % 8 . 3 % 9 . 6% A d j u s t e d o p e r a t i n g i n c o me Y e a r e n d e d M a y 31 , © 2 0 2 6 AA R CO R P . A ll ri gh t s r e s e rv e d w o r l d w ide 98

No n - G A A P financial me a s u r es © 2 0 2 6 AA R CO R P . A ll ri gh t s r e s e rv e d w o r l d w ide 99 Y e a r e n d e d M a y 31 , L a s t t w e l v e m o n t h s e n d e d F e b r u a r y 28, ( $ i n m i l l i o n s ) 201 8 202 2 202 3 202 4 202 5 2026 D i l u t e d E P S $ 0 . 4 1 $ 2 . 1 7 $ 2 . 5 3 $ 1 . 2 9 $ 0 . 3 5 $ 4 . 55 L o ss f r o m d i s c o n t i n u e d o p e r a t i o n s 1 . 7 1 ( 0 . 01 ) ( 0 . 01 ) - - - A c q u i s i t i o n , i n t e g r a t i o n a n d a m o r t i z a t i o n e x p e n s e s - - 0 . 2 1 1 . 2 1 0 . 7 4 1 . 03 B a r g a i n p u r c h a s e g a i n - - - - - ( 0 . 94) G a i n o n s a l e o f h e a dq u a r t e r s b u i l d i n g - - - - - ( 0 . 26) P e n s i o n s e tt l e m e n t c h a r g e s - 0 . 0 3 - 0 . 7 6 - - F C P A s e tt l e m e n t a n d i n v e s t i g a t i o n c o s t s - 0 . 1 0 0 . 1 3 0 . 2 9 1 . 8 4 - R u ss i a n b a n kr u p t c y c o u r t j u dg m e n t ( r e v e r s a l ) - - 0 . 0 5 0 . 3 2 ( 0 . 31 ) - C o n t r a c t t e r mi n a t i o n / r e s t r u c t u r i n g c o s t s a n d l o ss p r o v i s i o n s , n e t - 0 . 0 2 0 . 0 6 0 . 1 4 - - L o ss e s r e l a t e d t o s a l e a n d e x i t o f b u s i n e ss / j o i n t v e n t u r e , n e t - 0 . 0 5 0 . 0 2 0 . 0 7 1 . 9 7 0 . 18 S e v e r a n c e c h a r g e s 0 . 0 9 0 . 1 0 - 0 . 0 1 - 0 . 03 G o v e r n m e n t C O V I D - r e l a t e d s u b s i d i e s , n e t - ( 0 . 14 ) ( 0 . 05 ) - 0 . 0 2 - C u s t o m e r b a n kr u p t c y a n d c r e d i t c h a r g e s - 0 . 0 3 0 . 0 4 - - - L o ss o n e q u i t y i n v e s t m e n t s , n e t - - 0 . 0 1 - - 0 . 01 C o s t s r e l a t e d t o s t r a t e g i c p r o j e c t s - 0 . 0 5 - - - - A ss e t im p a i r m e n t a n d e x i t c h a r g e s - 0 . 1 0 - - - 0 . 13 F a c i l i t y c o n s o l i d a t i o n a n d r e p o s i t i o n i n g c o s t s - 0 . 0 1 - - - - G a i n o n s e tt l e m e n t o f p u r c h a s e a cc o u n t i n g l i a b i l i t i e s - ( 0 . 03 ) - - - - D e f e rr e d t a x r e - m e a s u r e m e n t f r o m t h e T a x C u t s a n d J o b s A c t ( 0 . 41) T a x e ff e c t o n a d j u s t m e n t s (a) ( 0 . 06 ) ( 0 . 07 ) ( 0 . 13 ) ( 0 . 76 ) ( 0 . 70 ) ( 0 . 06) A d j u s t e d d i l u t e d E P S f r o m c o n t i n u i n g o p e r a t i o n s $ 1 . 7 3 $ 2 . 4 1 $ 2 . 8 6 $ 3 . 3 3 $ 3 . 9 1 $ 4 . 67 A d j u s t e d d i l u t e d E P S f r o m c o n t i n u i n g o p e r a t i o ns ( a ) C a l c u l a t i o n u s e s e s t im a t e d s t a t u t o r y t a x r a t e s o n n o n - G AA P a d j u s t m e n t s e x c e p t f o r t h e im p a c t o f t h e n o n - d e d u c t i b l e p o r t i o n o f t h e F C P A s e tt l e m e n t c h a r g e a n d t h e t a x e ff e c t o f t h e p e n s i o n s e tt l e m e n t c h a r g e , w h i c h i n c l u d e s i n c o m e t a x e s p r e v i o u s l y r e c o g n i z e d i n a cc u m u l a t e d o t h e r c o m p r e h e n s i v e l o ss.

No n - G A A P financial me a s u r es © 2 0 2 6 AA R CO R P . A ll ri gh t s r e s e rv e d w o r l d w ide 100 M a y 3 1 , F e b 2 8, ( $ i n m i l l i o n s ) 202 3 202 4 202 5 2026 T o t a l d e b t $ 2 7 2 . 0 $ 9 9 7 . 0 $ 9 7 7 . 0 $ 8 9 5 .0 L e ss : C a s h a n d c a s h e q u i v a l e n t s ( 6 8 . 4) ( 8 5 . 8) ( 9 6 . 5) ( 7 8 . 5) N e t d e b t $ 2 0 3 . 6 $ 9 1 1 . 2 $ 8 8 0 . 5 $ 8 1 6 .5 A d j u s t e d E B I T DA 1 8 9 . 8 2 4 2 . 4 3 2 4 . 2 3 7 6 .2 P l u s : P r o d u c t S u pp o r t a d j u s t e d E B I T D A f o r t h e n i n e m o n t h s e n d e d 2 / 2 9 / 24 3 3 .5 P r o f o r m a a d j u s t e d E B I T DA $ 1 8 9 . 8 $ 2 7 5 . 9 $ 3 2 4 . 2 $ 3 7 6 .2 N e t d e b t t o P r o F o r m a A d j u s t e d E B I T DA 1 . 07 3 . 30 2 . 72 2 . 17 N e t d e b t & N e t d e b t t o P r o F o r m a A d j u s t e d E B I T DA

No n - G A A P financial me a s u r es - ne w segmen t at i on Y e a r e n d ed L a s t t w e l v e m o n t h s e n d ed ( $ i n m i ll i o ns) A u g u s t 31 , 2024 N o v e m b e r 30 , 2024 F e b r u a r y 28 , 2025 M a y 31, 2025 M a y 31, 2025 A u g u s t 31 , 2025 N o v e m b e r 30 , 2025 F e b r u a r y 28 , 2026 F e b r u a r y 28 , 2026 S a l e s $ 249 . 7 $ 273 . 7 $ 270 . 7 $ 305 . 5 1 , 099 . 6 $ 317 . 8 $ 353 . 6 $ 392 . 5 $ 1 , 369 .4 O p e r a t i n g i n c o me 30 . 1 31 . 6 45 . 4 49 . 7 156 . 8 40 . 9 40 . 9 50 . 7 182 .2 O p e r a t i n g i n c o m e m a r g i n 12 . 1 % 11 . 5 % 16 . 8 % 16 . 3 % 14 . 3 % 12 . 9 % 11 . 6 % 12 . 9 % 13 . 3% O p e r a t i n g i n c o me $ 30 . 1 $ 31 . 6 $ 45 . 4 $ 49 . 7 $ 156 . 8 $ 40 . 9 $ 40 . 9 $ 50 . 7 $ 182 .2 A c q u i s i t i o n , i n t e g r a t i o n & a m o r t i z a t i o n e x p e n s e s - - - - - - 1 . 9 2 . 9 4 .8 R u s s i a n b a n k r u p t c y c o u r t j u d g m e n t ( r e v e r s a l ) - - ( 11 . 1 ) - ( 11 . 1 ) - - - - A d j u s t e d o p e r a t i n g i n c o me $ 30 . 1 $ 31 . 6 $ 34 . 3 $ 49 . 7 $ 145 . 7 $ 40 . 9 $ 42 . 8 $ 53 . 6 $ 187 .0 A d j u s t e d o p e r a t i n g m a r g i n 12 . 1 % 11 . 5 % 12 . 7 % 16 . 3 % 13 . 3 % 12 . 9 % 12 . 1 % 13 . 7 % 13 . 7% O p e r a t i n g i n c o me $ 30 . 1 $ 31 . 6 $ 45 . 4 $ 49 . 7 $ 156 . 8 $ 40 . 9 $ 40 . 9 $ 50 . 7 $ 182 .2 D e p r e c i a t i o n a n d a m o r t i z a t i o n 2 . 1 1 . 8 1 . 9 1 . 9 7 . 7 2 . 2 4 . 9 7 . 0 16 .0 S t o c k - b a s e d c o m p e n s a t i o n 0 . 5 0 . 5 0 . 6 0 . 5 2 . 1 0 . 7 0 . 7 0 . 7 2 .6 A c q u i s i t i o n a n d i n t e g r a t i o n e x p e n s e s - - - - - - - 0 . 1 0 .1 R u s s i a n b a n k r u p t c y c o u r t j u d g m e n t ( r e v e r s a l ) - - ( 11 . 1 ) - ( 11 . 1 ) - - - - A d j u s t e d E B I T D A $ 32 . 7 $ 33 . 9 $ 36 . 8 $ 52 . 1 $ 155 . 5 $ 43 . 8 $ 46 . 5 $ 58 . 5 $ 200 .9 A d j u s t e d E B I T D A m a r g i n 13 . 1 % 12 . 4 % 13 . 6 % 17 . 1 % 14 . 1 % 13 . 8 % 13 . 2 % 14 . 9 % 14 . 7% T h r ee m o n t h s e n d e d T h r ee m o n t h s e n d ed P a r t s S u p p ly © 2 0 2 6 AA R CO R P . A ll ri gh t s r e s e rv e d w o r l d w ide 101

No n - G A A P financial me a s u r es – ne w segmen t at i on Y e a r e n d ed L a s t t w e l v e m o n t h s e n d ed ( $ i n m i ll i o ns) A u g u s t 31 , 2024 N o v e m b e r 30 , 2024 F e b r u a r y 28 , 2025 M a y 31, 2025 M a y 31, 2025 A u g u s t 31 , 2025 N o v e m b e r 30 , 2025 F e b r u a r y 28 , 2026 F e b r u a r y 28 , 2026 S a l e s $ 229 . 3 $ 240 . 3 $ 228 . 7 $ 232 . 7 931 . 0 $ 226 . 4 $ 257 . 7 $ 282 . 3 $ 999 .1 O p e r a t i n g i n c o me 20 . 3 22 . 8 19 . 7 21 . 2 84 . 0 20 . 0 23 . 3 19 . 6 84 .1 O p e r a t i n g i n c o m e m a r g i n 8 . 9 % 9 . 5 % 8 . 6 % 9 . 1 % 9 . 0 % 8 . 8 % 9 . 0 % 6 . 9 % 8 . 4% O p e r a t i n g i n c o me $ 20 . 3 $ 22 . 8 $ 19 . 7 $ 21 . 2 $ 84 . 0 $ 20 . 0 $ 23 . 3 $ 19 . 6 $ 84 .1 A c q u i s i t i o n , i n t e g r a t i o n & a m o r t i z a t i o n e x p e n s e s 7 . 4 7 . 1 7 . 7 3 . 1 25 . 3 5 . 1 5 . 9 11 . 7 25 .8 S e v e r a n c e c h a r g e s - - - - - 0 . 4 - - 0 .4 G a i n r e l a t e d t o s a l e o f j o i n t v e n t u r e ( 1 . 4 ) ( 0 . 7 ) - - ( 2 . 1 ) - - - - A d j u s t e d o p e r a t i n g i n c o me $ 26 . 3 $ 29 . 2 $ 27 . 4 $ 24 . 3 $ 107 . 2 $ 25 . 5 $ 29 . 2 $ 31 . 3 $ 110 .3 A d j u s t e d o p e r a t i n g m a r g i n 11 . 5 % 12 . 2 % 12 . 0 % 10 . 4 % 11 . 5 % 11 . 3 % 11 . 3 % 11 . 1 % 11 . 0% O p e r a t i n g i n c o me $ 20 . 3 $ 22 . 8 $ 19 . 7 $ 21 . 2 $ 84 . 0 $ 20 . 0 $ 23 . 3 $ 19 . 6 $ 84 .1 D e p r e c i a t i o n a n d a m o r t i z a t i o n 7 . 6 7 . 7 8 . 0 7 . 5 30 . 8 7 . 5 8 . 0 9 . 0 32 .0 S t o c k - b a s e d c o m p e n s a t i o n 0 . 4 0 . 3 0 . 7 0 . 3 1 . 7 0 . 6 0 . 4 0 . 4 1 .7 A c q u i s i t i o n a n d i n t e g r a t i o n e x p e n s e s 3 . 4 3 . 2 3 . 7 ( 1 . 0 ) 9 . 3 1 . 1 1 . 8 6 . 4 8 .3 S e v e r a n c e c h a r g e s - - - - - 0 . 4 - - 0 .4 G a i n r e l a t e d t o s a l e o f j o i n t v e n t u r e ( 1 . 4 ) ( 0 . 7 ) - - ( 2 . 1 ) - - - - A d j u s t e d E B I T D A $ 30 . 3 $ 33 . 3 $ 32 . 1 $ 28 . 0 $ 123 . 7 $ 29 . 6 $ 33 . 5 $ 35 . 4 $ 126 .5 A d j u s t e d E B I T D A m a r g i n 13 . 2 % 13 . 9 % 14 . 0 % 12 . 0 % 13 . 3 % 13 . 1 % 13 . 0 % 12 . 5 % 12 . 7% T h r ee m o n t h s e n d e d T h r ee m o n t h s e n d ed R e p a i r , E n g i n e e r i n g , a n d S o f t w a re © 2 0 2 6 AA R CO R P . A ll ri gh t s r e s e rv e d w o r l d w ide 102

No n - G A A P financial me a s u r es – ne w segmen t at i on Y e a r e n d ed L a s t t w e l v e m o n t h s e n d ed ( $ i n m i ll i o ns) A u g u s t 31 , 2024 N o v e m b e r 30 , 2024 F e b r u a r y 28 , 2025 M a y 31, 2025 M a y 31, 2025 A u g u s t 31 , 2025 N o v e m b e r 30 , 2025 F e b r u a r y 28 , 2026 F e b r u a r y 28 , 2026 S a l e s $ 121 . 4 $ 110 . 9 $ 121 . 6 $ 141 . 5 495 . 4 $ 133 . 9 $ 123 . 5 $ 114 . 7 $ 513 .6 O p e r a t i n g i n c o me 3 . 6 6 . 7 13 . 2 11 . 6 35 . 1 12 . 7 12 . 4 12 . 9 49 .6 O p e r a t i n g i n c o m e m a r g i n 3 . 0 % 6 . 0 % 10 . 9 % 8 . 2 % 7 . 1 % 9 . 5 % 10 . 0 % 11 . 2 % 9 . 7% S a l e s $ 121 . 4 $ 110 . 9 $ 121 . 6 $ 141 . 5 $ 495 . 4 $ 133 . 9 $ 123 . 5 $ 114 . 7 $ 513 .6 C o n t r a c t t e r m i n a t i o n b e n e f i t ( 9 . 5 ) - ( 4 . 0 ) - ( 13 . 5 ) - - - - A d j u s t e d s a l e s $ 111 . 9 $ 110 . 9 $ 117 . 6 $ 141 . 5 $ 481 . 9 $ 133 . 9 $ 123 . 5 $ 114 . 7 $ 513 .6 O p e r a t i n g i n c o me $ 3 . 6 $ 6 . 7 $ 13 . 2 $ 11 . 6 $ 35 . 1 $ 12 . 7 $ 12 . 4 $ 12 . 9 $ 49 .6 C o n t r a c t t e r m i n a t i o n c o s t s ( b e n e f i t ) 3 . 2 - ( 3 . 0 ) - 0 . 2 - - - - A d j u s t e d o p e r a t i n g i n c o me $ 6 . 8 $ 6 . 7 $ 10 . 2 $ 11 . 6 $ 35 . 3 $ 12 . 7 $ 12 . 4 $ 12 . 9 $ 49 .6 A d j u s t e d o p e r a t i n g m a r g i n 6 . 1 % 6 . 0 % 8 . 7 % 8 . 2 % 7 . 3 % 9 . 5 % 10 . 0 % 11 . 2 % 9 . 7% O p e r a t i n g i n c o me $ 3 . 6 $ 6 . 7 $ 13 . 2 $ 11 . 6 $ 35 . 1 $ 12 . 7 $ 12 . 4 $ 12 . 9 $ 49 .6 D e p r e c i a t i o n a n d a m o r t i z a t i o n 1 . 1 1 . 6 1 . 2 1 . 3 5 . 2 1 . 3 1 . 3 1 . 5 5 .4 S t o c k - b a s e d c o m p e n s a t i o n 0 . 2 0 . 4 0 . 3 0 . 3 1 . 2 0 . 3 0 . 3 0 . 3 1 .2 C o n t r a c t t e r m i n a t i o n c o s t s ( b e n e f i t ) 3 . 2 - ( 3 . 0 ) - 0 . 2 - - - - A d j u s t e d E B I T D A $ 8 . 1 $ 8 . 7 $ 11 . 7 $ 13 . 2 $ 41 . 7 $ 14 . 3 $ 14 . 0 $ 14 . 7 $ 56 .2 A d j u s t e d E B I T D A m a r g i n 7 . 2 % 7 . 8 % 9 . 9 % 9 . 3 % 8 . 7 % 10 . 7 % 11 . 3 % 12 . 8 % 10 . 9% T h r ee m o n t h s e n d e d T h r ee m o n t h s e n d ed G o v e r n m e nt S o l ut i ons © 2 0 2 6 AA R CO R P . A ll ri gh t s r e s e rv e d w o r l d w ide 103

No n - G A A P financial me a s u r es – ne w segmen t at i on Y e a r e n d ed L a s t t w e l v e m o n t h s e n d ed ( $ i n m i ll i o ns) A u g u s t 31 , 2024 N o v e m b e r 30 , 2024 F e b r u a r y 28 , 2025 M a y 31, 2025 M a y 31, 2025 A u g u s t 31 , 2025 N o v e m b e r 30 , 2025 F e b r u a r y 28 , 2026 F e b r u a r y 28 , 2026 S a l e s $ 61 . 3 $ 61 . 2 $ 57 . 2 $ 74 . 8 254 . 5 $ 61 . 5 $ 60 . 5 $ 55 . 6 $ 252 .4 O p e r a t i n g i n c o m e ( l o s s ) 3 . 2 2 . 0 2 . 1 1 . 3 8 . 6 0 . 4 3 . 3 ( 5 . 2 ) ( 0 . 2) O p e r a t i n g i n c o m e m a r g i n 5 . 2 % 3 . 3 % 3 . 7 % 1 . 7 % 3 . 4 % 0 . 7 % 5 . 5 % - 9 . 4 % - 0 . 1% S a l e s $ 61 . 3 $ 61 . 2 $ 57 . 2 $ 74 . 8 $ 254 . 5 $ 61 . 5 $ 60 . 5 $ 55 . 6 $ 252 .4 C o n t r a c t t e r m i n a t i o n b e n e f i t - - - ( 18 . 7 ) ( 18 . 7 ) - - - ( 18 . 7 ) A d j u s t e d s a l e s $ 61 . 3 $ 61 . 2 $ 57 . 2 $ 56 . 1 $ 235 . 8 $ 61 . 5 $ 60 . 5 $ 55 . 6 $ 233 .7 O p e r a t i n g i n c o m e ( l o s s ) $ 3 . 2 $ 2 . 0 $ 2 . 1 $ 1 . 3 $ 8 . 6 $ 0 . 4 $ 3 . 3 $ ( 5 . 2 ) $ ( 0 . 2) S e v e r a n c e c h a r g e s - - - - - 0 . 3 - - 0 .3 I m p a i r m e n t c h a r g e r e l a t e d t o p r o d u c t l i n e e x i t - - - - - - - 4 . 9 4 .9 A d j u s t e d o p e r a t i n g i n c o me $ 3 . 2 $ 2 . 0 $ 2 . 1 $ 1 . 3 $ 8 . 6 $ 0 . 7 $ 3 . 3 $ ( 0 . 3 ) $ 5 .0 A d j u s t e d o p e r a t i n g m a r g i n 5 . 2 % 3 . 3 % 3 . 7 % 2 . 3 % 3 . 6 % 1 . 1 % 5 . 5 % - 0 . 5 % 2 . 1% O p e r a t i n g i n c o m e ( l o s s ) $ 3 . 2 $ 2 . 0 $ 2 . 1 $ 1 . 3 $ 8 . 6 $ 0 . 4 $ 3 . 3 $ ( 5 . 2 ) $ ( 0 . 2) D e p r e c i a t i o n a n d a m o r t i z a t i o n 1 . 6 1 . 8 1 . 9 1 . 9 7 . 2 1 . 7 1 . 8 1 . 7 7 .1 S t o c k - b a s e d c o m p e n s a t i o n 0 . 1 - 0 . 1 0 . 1 0 . 3 0 . 1 - 0 . 1 0 .3 S e v e r a n c e c h a r g e s - - - - - 0 . 3 - - 0 .3 I m p a i r m e n t c h a r g e r e l a t e d t o p r o d u c t l i n e e x i t - - - - - - - 4 . 9 4 .9 A d j u s t e d E B I T D A $ 4 . 9 $ 3 . 8 $ 4 . 1 $ 3 . 3 $ 16 . 1 $ 2 . 5 $ 5 . 1 $ 1 . 5 $ 12 .4 A d j u s t e d E B I T D A m a r g i n 8 . 0 % 6 . 2 % 7 . 2 % 5 . 9 % 6 . 8 % 4 . 1 % 8 . 4 % 2 . 7 % 5 . 3% T h r ee m o n t h s e n d e d T h r ee m o n t h s e n d ed L e g a c y C o m m e r c i a l P r o g r ams © 2 0 2 6 AA R CO R P . A ll ri gh t s r e s e rv e d w o r l d w ide 104

No n - G A A P financial me a s u r es – ne w segmen t at i on Y e a r e n d e d Y e a r e n d ed L a s t t w e l v e m o n t h s e n d ed ( $ i n m i ll i o ns) M a y 31, 2024 A u g u s t 31 , 2024 N o v e m b e r 30 , 2024 F e b r u a r y 28 , 2025 M a y 31, 2025 M a y 31, 2025 A u g u s t 31 , 2025 N o v e m b e r 30 , 2025 F e b r u a r y 28 , 2026 F e b r u a r y 28 , 2026 P a r t s S u pp ly C o m m e r c i a l $ 800 . 6 $ 210 . 4 $ 220 . 8 $ 220 . 9 $ 227 . 1 879 . 2 $ 254 . 5 $ 268 . 1 $ 300 . 0 $ 1 , 049 .7 G o v e r n m e n t a n d d e f e n se 166 . 4 39 . 3 52 . 9 49 . 8 78 . 4 220 . 4 63 . 3 85 . 5 92 . 5 319 .7 $ 967 . 0 $ 249 . 7 $ 273 . 7 $ 270 . 7 $ 305 . 5 $ 1 , 099 . 6 $ 317 . 8 $ 353 . 6 $ 392 . 5 $ 1 , 369 .4 R e p a i r , E n g i n ee r i n g , a n d S o f t w a re C o m m e r c i a l $ 612 . 3 $ 199 . 9 $ 217 . 5 $ 205 . 8 $ 215 . 2 838 . 4 $ 206 . 6 $ 236 . 6 $ 258 . 9 $ 917 .3 G o v e r n m e n t a n d d e f e n se 69 . 0 29 . 4 22 . 8 22 . 9 17 . 5 92 . 6 19 . 8 21 . 1 23 . 4 81 .8 $ 681 . 3 $ 229 . 3 $ 240 . 3 $ 228 . 7 $ 232 . 7 $ 931 . 0 $ 226 . 4 $ 257 . 7 $ 282 . 3 $ 999 .1 G o v e r n m e n t S o l u t i o ns C o m m e r c i a l $ 6 . 1 $ 1 . 3 $ 0 . 7 $ 1 . 6 $ 0 . 4 4 . 0 $ 0 . 7 $ 1 . 2 $ 1 . 3 $ 3 .6 G o v e r n m e n t a n d d e f e n se 445 . 6 120 . 1 110 . 2 120 . 0 141 . 1 491 . 4 133 . 2 122 . 3 113 . 4 510 .0 $ 451 . 7 $ 121 . 4 $ 110 . 9 $ 121 . 6 $ 141 . 5 $ 495 . 4 $ 133 . 9 $ 123 . 5 $ 114 . 7 $ 513 .6 L e g a c y C o m m e r c i a l P r o g r a ms C o m m e r c i a l $ 218 . 9 $ 61 . 3 $ 61 . 2 $ 57 . 2 $ 74 . 8 254 . 5 $ 61 . 5 $ 60 . 5 $ 55 . 6 $ 252 .4 G o v e r n m e n t a n d d e f e n se - - - - - - - - - - $ 218 . 9 $ 61 . 3 $ 61 . 2 $ 57 . 2 $ 74 . 8 $ 254 . 5 $ 61 . 5 $ 60 . 5 $ 55 . 6 $ 252 .4 T h r ee m o n t h s e n d e d T h r ee m o n t h s e n d ed Sa l es © 2 0 2 6 AA R CO R P . A ll ri gh t s r e s e rv e d w o r l d w ide 105

No n - G A A P financial me a s u r es Y e ar e n d ed L a s t t w e l v e m o n t h s e n d ed ( $ i n m i ll i o ns) A u g u s t 3 1 , 2024 N o v e m b e r 3 0 , 2024 F e b r u ar y 2 8 , 2025 M a y 3 1, 2025 M a y 3 1, 2025 A u g u s t 3 1 , 2025 N o v e m b e r 3 0 , 2025 F e b r u ar y 2 8 , 2026 F e b r u ar y 2 8 , 2026 S a l e s $ 0 . 0 $ 0 . 0 $ 0 . 0 $ 0 . 0 $ 0 . 0 $ 0 . 0 $ 0 . 0 $ 0 . 0 $ 0 .0 O p e ra t i n g i n c o m e ( l oss ) ( 1 3 . 8) ( 6 5 . 4) ( 9 . 3) ( 1 0 . 8) ( $ 9 9 . 3) ( 9 . 1) ( 1 2 . 9) ( 1 2 . 2) ( $ 4 5 . 0) O p e r t i n g i n c o m e m ar g i n N A N A N A N A N A N A N A N A NA S a l e s $ 0 . 0 $ 0 . 0 $ 0 . 0 $ 0 . 0 $ 0 . 0 $ 0 . 0 $ 0 . 0 $ 0 . 0 $ 0 .0 C o n t ra c t t e r m i n a t i o n b e n e f i t - - - - - - - - - A d j u s t e d s a l e s $ 0 . 0 $ 0 . 0 $ 0 . 0 $ 0 . 0 $ 0 . 0 $ 0 . 0 $ 0 . 0 $ 0 . 0 $ 0 .0 O p e ra t i n g i n c o m e ( l oss ) ( 1 3 . 8) ( 6 5 . 4) ( 9 . 3) ( 1 0 . 8) ( $ 9 9 . 3) ( 9 . 1) ( 1 2 . 9) ( 1 2 . 2) ( $ 4 5 . 0) A c q u i s i t i o n , i n t e g ra t i o n & a m o r t i z a t i o n e x p e n s e s 1 . 6 0 . 1 ( 0 . 2) - 1 . 5 1 . 3 6 . 4 0 . 9 8 .6 S e v e ra n c e c h ar g e s - - - - - 0 . 3 - - 0 .3 F C P A s e tt l e m e n t a n d I n v e s t i g a t i o n c os t s - 5 9 . 2 1 . 1 - 6 0 . 3 - - - - G o v e r n m e n t C O V I D - r e l a t e d s u b s i d y l i a b i l i t y r e v e r s al - - - 0 . 8 0 . 8 ( 0 . 7) - - 0 .1 I n v e s t i g a t i o n c os t s 5 . 0 - - - 5 . 0 - - - - A d j u s t e d o p e ra t i n g i n c o m e ( $ 7 . 2) ( $ 6 . 1) ( $ 8 . 4) ( $ 1 0 . 0) ( $ 3 7 . 5) ( $ 8 . 2) ( $ 6 . 5) ( $ 1 1 . 3) ( $ 3 6 . 1) A d j u s t e d o p e ra t i n g m ar g i n N A N A N A N A N A N A N A N A NA O p e ra t i n g i n c o m e ( l oss ) ( $ 1 3 . 8) ( $ 6 5 . 4) ( $ 9 . 3) ( $ 1 0 . 8) ( $ 9 9 . 3) ( $ 9 . 1) ( $ 1 2 . 9) ( $ 1 2 . 2) ( $ 4 5 . 0) D e p r e c i a t i o n a n d a m o r t i z a t i o n 1 . 1 1 . 1 1 . 0 1 . 1 4 . 3 1 . 1 1 . 1 1 . 0 4 .3 S t o c k - b a s e d c o m p e n s a t i o n 3 . 8 3 . 8 3 . 9 3 . 2 1 4 . 7 3 . 6 2 . 9 2 . 2 1 1 .9 A c q u i s i t i o n a n d i n t e g ra t i o n e x p e n s e s 1 . 6 - ( 0 . 2) - 1 . 4 1 . 3 6 . 3 1 . 0 8 .6 S e v e ra n c e c h ar g e s - - - - - 0 . 3 - - 0 .3 G o v e r n m e n t C O V I D - r e l a t e d s u b s i d y l i a b i l i t y r e v e r s al - - - 0 . 8 0 . 8 ( 0 . 7) - - 0 .1 I n v e s t i g a t i o n c os t s 5 . 0 - - - 5 . 0 - - - - F C P A s e tt l e m e n t a n d I n v e s t i g a t i o n c os t s - 5 9 . 2 1 . 1 - 6 0 . 3 - - - - A d j u s t e d E B I T D A ( $ 2 . 3) ( $ 1 . 3) ( $ 3 . 5) ( $ 5 . 7) ( $ 1 2 . 8) ( $ 3 . 5) ( $ 2 . 6) ( $ 8 . 0) ( $ 1 9 . 8) A d j u s t e d E B I T D A m ar g i n N A N A N A N A N A N A N A N A NA C o r p o r a t e & O t h er T h r e e m o n t h s e n d e d T h r e e m o n t h s e n d ed © 2 0 2 6 AA R CO R P . A ll ri gh t s r e s e rv e d w o r l d w ide 106

No n - G A A P financial me a s u r es Y e ar e n d ed L a s t t w e l v e m o n t h s e n d ed ( $ i n m i ll i o ns) A u g u s t 3 1 , 2024 N o v e m b e r 3 0 , 2024 F e b r u ar y 2 8 , 2025 M a y 3 1, 2025 M a y 3 1, 2025 A u g u s t 3 1 , 2025 N o v e m b e r 3 0 , 2025 F e b r u ar y 2 8 , 2026 F e b r u ar y 2 8 , 2026 S a l e s $ 6 6 1 . 7 $ 6 8 6 . 1 $ 6 7 8 . 2 $ 7 5 4 . 5 $ 2 , 7 8 0 . 5 $ 7 3 9 . 6 $ 7 9 5 . 3 $ 8 4 5 . 1 $ 3 , 1 3 4 .5 O p e ra t i n g i n c o m e ( l oss ) 4 3 . 4 ( 2 . 3) 7 1 . 1 7 3 . 0 $ 1 8 5 . 2 6 4 . 9 6 7 . 0 6 5 . 8 $ 2 7 0 .7 O p e r t i n g i n c o m e m ar g i n 6 . 6% - 0 . 3% 1 0 . 5% 9 . 7% 6 . 7% 8 . 8% 8 . 4% 7 . 8% S a l e s $ 6 6 1 . 7 $ 6 8 6 . 1 $ 6 7 8 . 2 $ 7 5 4 . 5 $ 2 , 7 8 0 . 5 $ 7 3 9 . 6 $ 7 9 5 . 3 $ 8 4 5 . 1 $ 3 , 1 3 4 .5 C o n t ra c t t e r m i n a t i o n b e n e f i t ( 9 . 5 ) - ( 4 . 0 ) ( 1 8 . 6 ) ( 3 2 . 1 ) - - - ( 1 8 . 6 ) A d j u s t e d s a l e s $ 6 5 2 . 2 $ 6 8 6 . 1 $ 6 7 4 . 2 $ 7 3 5 . 9 $ 2 , 7 4 8 . 4 $ 7 3 9 . 6 $ 7 9 5 . 3 $ 8 4 5 . 1 $ 3 , 1 1 5 .9 O p e ra t i n g i n c o m e ( l oss ) 4 3 . 4 ( 2 . 3) 7 1 . 1 7 3 . 0 $ 1 8 5 . 2 6 4 . 9 6 7 . 0 6 5 . 8 $ 2 7 0 .7 A c q u i s i t i o n , i n t e g ra t i o n & a m o r t i z a t i o n e x p e n s e s 9 . 0 7 . 2 7 . 5 3 . 1 2 6 . 8 6 . 4 1 4 . 2 1 5 . 5 3 9 .2 S e v e ra n c e c h ar g e s - - - - - 1 . 0 - - 1 .0 I m p a i r m e n t c h ar g e r e l a t e d t o p r o d u c t l i n e e x i t - - - - - - - 4 . 9 4 .9 R u ss i a n b a n k r u p t c y c o u r t j u d g m e n t ( r e v e r s a l ) - - ( 1 1 . 1) - ( 1 1 . 1) - - - - C o n t ra c t t e r m i n a t i o n b e n e f i t 3 . 2 - ( 3 . 0) - 0 . 2 - - - - F C P A s e tt l e m e n t a n d I n v e s t i g a t i o n c os t s - 5 9 . 2 1 . 1 - 6 0 . 3 - - - - G a i n r e l a t e d t o s a l e o f b u s i n e ss / j o i n t v e n t u r e , n e t ( 1 . 4) ( 0 . 7) - - ( 2 . 1) - - - - G o v e r n m e n t C O V I D - r e l a t e d s u b s i d y l i a b i l i t y r e v e r s al - - - 0 . 8 0 . 8 ( 0 . 7) - - 0 .1 I n v e s t i g a t i o n c os t s 5 . 0 - - - 5 . 0 - - - - A d j u s t e d o p e ra t i n g i n c o m e $ 5 9 . 2 $ 6 3 . 4 $ 6 5 . 6 $ 7 6 . 9 $ 2 6 5 . 1 $ 7 1 . 6 $ 8 1 . 2 $ 8 6 . 2 $ 3 1 5 .9 A d j u s t e d o p e ra t i n g m ar g i n 9 . 1% 9 . 2% 9 . 7% 1 0 . 4% 9 . 6% 9 . 7% 1 0 . 2% 1 0 . 2% 1 0 . 1% O p e ra t i n g i n c o m e ( l oss ) $ 4 3 . 4 ( $ 2 . 3) $ 7 1 . 1 $ 7 3 . 0 $ 1 8 5 . 2 $ 6 4 . 9 $ 6 7 . 0 $ 6 5 . 8 $ 2 7 0 .7 D e p r e c i a t i o n a n d a m o r t i z a t i o n 1 3 . 5 1 4 . 0 1 4 . 0 1 3 . 7 5 5 . 2 1 3 . 8 1 7 . 1 2 0 . 2 6 4 .8 S t o c k - b a s e d c o m p e n s a t i o n 5 . 0 5 . 0 5 . 6 4 . 3 1 9 . 9 5 . 3 4 . 3 3 . 7 1 7 .6 A c q u i s i t i o n a n d i n t e g ra t i o n e x p e n s e s 5 . 0 3 . 2 3 . 5 ( 0 . 9) 1 0 . 8 2 . 4 8 . 1 7 . 5 1 7 .1 I m p a i r m e n t c h ar g e r e l a t e d t o p r o d u c t l i n e e x i t - - - - - - - 4 . 9 4 .9 S e v e ra n c e c h ar g e s - - - - - 1 . 0 - - 1 .0 R u ss i a n b a n k r u p t c y c o u r t j u d g m e n t ( r e v e r s a l ) - - ( 1 1 . 1) - ( 1 1 . 1) - - - - G o v e r n m e n t C O V I D - r e l a t e d s u b s i d y l i a b i l i t y r e v e r s al - - - 0 . 8 0 . 8 ( 0 . 7) - - 0 .1 I n v e s t i g a t i o n c os t s 5 . 0 - - - 5 . 0 - - - - C o n t ra c t t e r m i n a t i o n b e n e f i t 3 . 2 - ( 3 . 0) - 0 . 2 - - - - F C P A s e tt l e m e n t a n d I n v e s t i g a t i o n c os t s - 5 9 . 2 1 . 1 - 6 0 . 3 - - - - G a i n r e l a t e d t o s a l e o f j o i n t v e n t u re ( 1 . 4 ) ( 0 . 7 ) - - ( 2 . 1 ) - - - - A d j u s t e d E B I T D A $ 7 3 . 7 $ 7 8 . 4 $ 8 1 . 2 $ 9 0 . 9 $ 3 2 4 . 2 $ 8 6 . 7 $ 9 6 . 5 $ 1 0 2 . 1 $ 3 7 6 .2 A d j u s t e d E B I T D A m ar g i n 1 1 . 3% 1 1 . 4% 1 2 . 0% 1 2 . 4% 1 1 . 8% 1 1 . 7% 1 2 . 1% 1 2 . 1% 1 2 . 1% C o n s o l i d a t ed T h r e e m o n t h s e n d e d T h r e e m o n t h s e n d ed © 2 0 2 6 AA R CO R P . A ll ri gh t s r e s e rv e d w o r l d w ide 107

No n - G A A P financial me a s u r es – prior segmen t at i on Y e ar e n d ed L a s t t w e l v e m o n t h s e n d ed ( $ i n m i ll i o ns) A u g u s t 3 1 , 2024 N o v e m b e r 3 0 , 2024 F e b r u ar y 2 8 , 2025 M a y 3 1, 2025 M a y 3 1, 2025 A u g u s t 3 1 , 2025 N o v e m b e r 3 0 , 2025 F e b r u ar y 2 8 , 2026 F e b r u ar y 2 8 , 2026 S a l e s $ 2 4 9 . 7 $ 2 7 3 . 7 $ 2 7 0 . 7 $ 3 0 5 . 5 $ 1 , 0 9 9 . 6 $ 3 1 7 . 8 $ 3 5 3 . 6 $ 3 9 2 . 5 $ 1 , 3 6 9 .4 O p e ra t i n g i n c o m e ( l oss ) 3 0 . 1 3 1 . 6 4 5 . 4 4 9 . 7 $ 1 5 6 . 8 4 0 . 9 4 0 . 9 5 0 . 7 $ 1 8 2 .2 O p e r t i n g i n c o m e m ar g i n 1 2 . 1% 1 1 . 5% 1 6 . 8% 1 6 . 3% 1 4 . 3% 1 2 . 9% 1 1 . 6% 1 2 . 9% S a l e s $ 2 4 9 . 7 $ 2 7 3 . 7 $ 2 7 0 . 7 $ 3 0 5 . 5 $ 1 , 0 9 9 . 6 $ 3 1 7 . 8 $ 3 5 3 . 6 $ 3 9 2 . 5 $ 1 , 3 6 9 .4 C o n t ra c t t e r m i n a t i o n b e n e f i t - - - - - - - - - A d j u s t e d s a l e s $ 2 4 9 . 7 $ 2 7 3 . 7 $ 2 7 0 . 7 $ 3 0 5 . 5 $ 1 , 0 9 9 . 6 $ 3 1 7 . 8 $ 3 5 3 . 6 $ 3 9 2 . 5 $ 1 , 3 6 9 .4 O p e ra t i n g i n c o m e ( l oss ) 3 0 . 1 3 1 . 6 4 5 . 4 4 9 . 7 $ 1 5 6 . 8 4 0 . 9 4 0 . 9 5 0 . 7 $ 1 8 2 .2 A c q u i s i t i o n , i n t e g ra t i o n & a m o r t i z a t i o n e x p e n s e s - - - - - - 1 . 9 2 . 9 4 .8 R u ss i a n b a n k r u p t c y c o u r t j u d g m e n t ( r e v e r s a l ) - - ( 1 1 . 1 ) - ( 1 1 . 1 ) - - - - A d j u s t e d o p e ra t i n g i n c o m e $ 3 0 . 1 $ 3 1 . 6 $ 3 4 . 3 $ 4 9 . 7 $ 1 4 5 . 7 $ 4 0 . 9 $ 4 2 . 8 $ 5 3 . 6 $ 1 8 7 .0 A d j u s t e d o p e ra t i n g m ar g i n 1 2 . 1% 1 1 . 5% 1 2 . 7% 1 6 . 3% 1 3 . 3% 1 2 . 9% 1 2 . 1% 1 3 . 7% 1 3 . 7% O p e ra t i n g i n c o m e ( l oss ) $ 3 0 . 1 $ 3 1 . 6 $ 4 5 . 4 $ 4 9 . 7 $ 1 5 6 . 8 $ 4 0 . 9 $ 4 0 . 9 $ 5 0 . 7 $ 1 8 2 .2 D e p r e c i a t i o n a n d a m o r t i z a t i o n 2 . 1 1 . 8 1 . 9 1 . 9 7 . 7 2 . 2 4 . 9 7 . 0 1 6 .0 S t o c k - b a s e d c o m p e n s a t i o n 0 . 5 0 . 5 0 . 6 0 . 5 2 . 1 0 . 7 0 . 7 0 . 7 2 .6 A c q u i s i t i o n a n d i n t e g ra t i o n e x p e n s e s - - - - - - - 0 . 1 0 .1 R u ss i a n b a n k r u p t c y c o u r t j u d g m e n t ( r e v e r s a l ) - - ( 1 1 . 1 ) - ( 1 1 . 1 ) - - - - A d j u s t e d E B I T D A $ 3 2 . 7 $ 3 3 . 9 $ 3 6 . 8 $ 5 2 . 1 $ 1 5 5 . 5 $ 4 3 . 8 $ 4 6 . 5 $ 5 8 . 5 $ 2 0 0 .9 A d j u s t e d E B I T D A m ar g i n 1 3 . 1% 1 2 . 4% 1 3 . 6% 1 7 . 1% 1 4 . 1% 1 3 . 8% 1 3 . 2% 1 4 . 9% 1 4 . 7% P a r t s S u pp ly T h r e e m o n t h s e n d e d T h r e e m o n t h s e n d ed © 2 0 2 6 AA R CO R P . A ll ri gh t s r e s e rv e d w o r l d w ide 108

No n - G A A P financial me a s u r es – prior segmen t at i on Y e ar e n d ed L a s t t w e l v e m o n t h s e n d ed ( $ i n m i ll i o ns) A u g u s t 3 1 , 2024 N o v e m b e r 3 0 , 2024 F e b r u ar y 2 8 , 2025 M a y 3 1, 2025 M a y 3 1, 2025 A u g u s t 3 1 , 2025 N o v e m b e r 3 0 , 2025 F e b r u ar y 2 8 , 2026 F e b r u ar y 2 8 , 2026 S a l e s $ 2 1 7 . 6 $ 2 2 8 . 8 $ 2 1 5 . 9 $ 2 2 2 . 6 $ 8 8 4 . 9 $ 2 1 4 . 6 $ 2 4 4 . 5 $ 2 6 5 . 3 $ 9 4 7 .0 O p e ra t i n g i n c o m e ( l oss ) 2 1 . 1 2 2 . 8 1 9 . 0 1 8 . 3 $ 8 1 . 2 2 0 . 4 2 2 . 7 1 5 . 1 $ 7 6 .5 O p e r t i n g i n c o m e m ar g i n 9 . 7% 1 0 . 0% 8 . 8% 8 . 2% 9 . 2% 9 . 5% 9 . 3% 5 . 7% S a l e s $ 2 1 7 . 6 $ 2 2 8 . 8 $ 2 1 5 . 9 $ 2 2 2 . 6 $ 8 8 4 . 9 $ 2 1 4 . 6 $ 2 4 4 . 5 $ 2 6 5 . 3 $ 9 4 7 .0 C o n t ra c t t e r m i n a t i o n b e n e f i t - - - - - - - - - A d j u s t e d s a l e s $ 2 1 7 . 6 $ 2 2 8 . 8 $ 2 1 5 . 9 $ 2 2 2 . 6 $ 8 8 4 . 9 $ 2 1 4 . 6 $ 2 4 4 . 5 $ 2 6 5 . 3 $ 9 4 7 .0 O p e ra t i n g i n c o m e ( l oss ) 2 1 . 1 2 2 . 8 1 9 . 0 1 8 . 3 $ 8 1 . 2 2 0 . 4 2 2 . 7 1 5 . 1 $ 7 6 .5 A c q u i s i t i o n , i n t e g ra t i o n & a m o r t i z a t i o n e x p e n s e s 4 . 6 5 . 3 4 . 9 5 . 0 1 9 . 8 4 . 1 4 . 7 1 0 . 5 2 4 .3 S e v e ra n c e c h ar g e s - - - - - 0 . 4 - - 0 .4 G a i n r e l a t e d t o s a l e o f b u s i n e ss / j o i n t v e n t u r e , n e t ( 1 . 4 ) ( 0 . 7 ) - - ( 2 . 1 ) - - - - A d j u s t e d o p e ra t i n g i n c o m e $ 2 4 . 3 $ 2 7 . 4 $ 2 3 . 9 $ 2 3 . 3 $ 9 8 . 9 $ 2 4 . 9 $ 2 7 . 4 $ 2 5 . 6 $ 1 0 1 .2 A d j u s t e d o p e ra t i n g m ar g i n 1 1 . 2% 1 2 . 0% 1 1 . 1% 1 0 . 5% 1 1 . 2% 1 1 . 6% 1 1 . 2% 9 . 6% 1 0 . 7% O p e ra t i n g i n c o m e ( l oss ) $ 2 1 . 1 $ 2 2 . 8 $ 1 9 . 0 $ 1 8 . 3 $ 8 1 . 2 $ 2 0 . 4 $ 2 2 . 7 $ 1 5 . 1 $ 7 6 .5 D e p r e c i a t i o n a n d a m o r t i z a t i o n 6 . 2 6 . 3 6 . 5 6 . 2 2 5 . 2 6 . 1 6 . 5 7 . 6 2 6 .4 S t o c k - b a s e d c o m p e n s a t i o n 0 . 4 0 . 1 0 . 6 0 . 1 1 . 2 0 . 5 0 . 2 0 . 2 1 .0 A c q u i s i t i o n a n d i n t e g ra t i o n e x p e n s e s 1 . 6 2 . 4 1 . 8 2 . 1 7 . 9 1 . 1 1 . 8 6 . 4 1 1 .4 S e v e ra n c e c h ar g e s - - - - - 0 . 4 - - 0 .4 G a i n r e l a t e d t o s a l e o f j o i n t v e n t u re ( 1 . 4 ) ( 0 . 7 ) - - ( 2 . 1 ) - - - - A d j u s t e d E B I T D A $ 2 7 . 9 $ 3 0 . 9 $ 2 7 . 9 $ 2 6 . 7 $ 1 1 3 . 4 $ 2 8 . 5 $ 3 1 . 2 $ 2 9 . 3 $ 1 1 5 .7 A d j u s t e d E B I T D A m ar g i n 1 2 . 8% 1 3 . 5% 1 2 . 9% 1 2 . 0% 1 2 . 8% 1 3 . 3% 1 2 . 8% 1 1 . 0% 1 2 . 2% R e p a i r & E n g i n ee r i ng T h r e e m o n t h s e n d e d T h r e e m o n t h s e n d ed © 2 0 2 6 AA R CO R P . A ll ri gh t s r e s e rv e d w o r l d w ide 109

No n - G A A P financial me a s u r es – prior segmen t at i on Y e ar e n d ed L a s t t w e l v e m o n t h s e n d ed ( $ i n m i ll i o ns) A u g u s t 3 1 , 2024 N o v e m b e r 3 0 , 2024 F e b r u ar y 2 8 , 2025 M a y 3 1, 2025 M a y 3 1, 2025 A u g u s t 3 1 , 2025 N o v e m b e r 3 0 , 2025 F e b r u ar y 2 8 , 2026 F e b r u ar y 2 8 , 2026 S a l e s $ 1 6 8 . 9 $ 1 6 3 . 4 $ 1 6 2 . 9 $ 2 0 0 . 1 $ 6 9 5 . 3 $ 1 8 5 . 0 $ 1 7 5 . 8 $ 1 6 7 . 8 $ 7 2 8 .7 O p e ra t i n g i n c o m e ( l oss ) 7 . 7 6 . 5 9 . 6 1 2 . 6 $ 3 6 . 4 9 . 7 1 3 . 9 9 . 4 $ 4 5 .6 O p e r t i n g i n c o m e m ar g i n 4 . 6% 4 . 0% 5 . 9% 6 . 3% 5 . 2% 5 . 2% 7 . 9% 5 . 6% S a l e s $ 1 6 8 . 9 $ 1 6 3 . 4 $ 1 6 2 . 9 $ 2 0 0 . 1 $ 6 9 5 . 3 $ 1 8 5 . 0 $ 1 7 5 . 8 $ 1 6 7 . 8 $ 7 2 8 .7 C o n t ra c t t e r m i n a t i o n b e n e f i t - - - ( 1 8 . 6 ) ( 1 8 . 6 ) - - - ( 1 8 . 6 ) A d j u s t e d s a l e s $ 1 6 8 . 9 $ 1 6 3 . 4 $ 1 6 2 . 9 $ 1 8 1 . 5 $ 6 7 6 . 7 $ 1 8 5 . 0 $ 1 7 5 . 8 $ 1 6 7 . 8 $ 7 1 0 .1 O p e ra t i n g i n c o m e ( l oss ) 7 . 7 6 . 5 9 . 6 1 2 . 6 $ 3 6 . 4 9 . 7 1 3 . 9 9 . 4 $ 4 5 .6 A c q u i s i t i o n , i n t e g ra t i o n & a m o r t i z a t i o n e x p e n s e s 2 . 8 1 . 8 2 . 8 ( 1 . 9) 5 . 5 1 . 0 1 . 2 1 . 2 1 .5 S e v e ra n c e c h ar g e s - - - - - 0 . 3 - - 0 .3 I m p a i r m e n t c h ar g e r e l a t e d t o p r o d u c t l i n e e x i t - - - - - - - 4 . 9 4 .9 A d j u s t e d o p e ra t i n g i n c o m e $ 1 0 . 5 $ 8 . 3 $ 1 2 . 4 $ 1 0 . 7 $ 4 1 . 9 $ 1 1 . 0 $ 1 5 . 1 $ 1 5 . 5 $ 5 2 .3 A d j u s t e d o p e ra t i n g m ar g i n 6 . 2% 5 . 1% 7 . 6% 5 . 9% 6 . 2% 5 . 9% 8 . 6% 9 . 2% 7 . 4% O p e ra t i n g i n c o m e ( l oss ) $ 7 . 7 $ 6 . 5 $ 9 . 6 $ 1 2 . 6 $ 3 6 . 4 $ 9 . 7 $ 1 3 . 9 $ 9 . 4 $ 4 5 .6 D e p r e c i a t i o n a n d a m o r t i z a t i o n 3 . 7 4 . 4 4 . 2 4 . 1 1 6 . 4 4 . 0 4 . 1 4 . 2 1 6 .4 S t o c k - b a s e d c o m p e n s a t i o n 0 . 3 0 . 6 0 . 5 0 . 5 1 . 9 0 . 5 0 . 5 0 . 6 2 .1 A c q u i s i t i o n a n d i n t e g ra t i o n e x p e n s e s 1 . 8 0 . 8 1 . 9 ( 3 . 0) 1 . 5 - - - ( 3 . 0) I m p a i r m e n t c h ar g e r e l a t e d t o p r o d u c t l i n e e x i t - - - - - - - 4 . 9 4 .9 S e v e ra n c e c h ar g e s - - - - - 0 . 3 - - 0 .3 A d j u s t e d E B I T D A $ 1 3 . 5 $ 1 2 . 3 $ 1 6 . 2 $ 1 4 . 2 $ 5 6 . 2 $ 1 4 . 5 $ 1 8 . 5 $ 1 9 . 1 $ 6 6 .3 A d j u s t e d E B I T D A m ar g i n 8 . 0% 7 . 5% 9 . 9% 7 . 8% 8 . 3% 7 . 8% 1 0 . 5% 1 1 . 4% 9 . 3% I n t e g r a t e d S o l u t i o ns T h r e e m o n t h s e n d e d T h r e e m o n t h s e n d ed © 2 0 2 6 AA R CO R P . A ll ri gh t s r e s e rv e d w o r l d w ide 110

No n - G A A P financial me a s u r es – prior segmen t at i on Y e ar e n d ed L a s t t w e l v e m o n t h s e n d ed ( $ i n m i ll i o ns) A u g u s t 3 1 , 2024 N o v e m b e r 3 0 , 2024 F e b r u ar y 2 8 , 2025 M a y 3 1, 2025 M a y 3 1, 2025 A u g u s t 3 1 , 2025 N o v e m b e r 3 0 , 2025 F e b r u ar y 2 8 , 2026 F e b r u ar y 2 8 , 2026 S a l e s $ 2 5 . 5 $ 2 0 . 2 $ 2 8 . 7 $ 2 6 . 3 $ 1 0 0 . 7 $ 2 2 . 2 $ 2 1 . 4 $ 1 9 . 5 $ 8 9 .4 O p e ra t i n g i n c o m e ( l oss ) ( 1 . 7) 2 . 2 6 . 4 3 . 2 $ 1 0 . 1 3 . 0 2 . 4 2 . 8 $ 1 1 .4 O p e r t i n g i n c o m e m ar g i n - 6 . 7% 1 0 . 9% 2 2 . 3% 1 2 . 2% 1 0 . 0% 1 3 . 5% 1 1 . 2% 1 4 . 4% S a l e s $ 2 5 . 5 $ 2 0 . 2 $ 2 8 . 7 $ 2 6 . 3 $ 1 0 0 . 7 $ 2 2 . 2 $ 2 1 . 4 $ 1 9 . 5 $ 8 9 .4 C o n t ra c t t e r m i n a t i o n b e n e f i t ( 9 . 5 ) - ( 4 . 0 ) - ( 1 3 . 5 ) - - - - A d j u s t e d s a l e s $ 1 6 . 0 $ 2 0 . 2 $ 2 4 . 7 $ 2 6 . 3 $ 8 7 . 2 $ 2 2 . 2 $ 2 1 . 4 $ 1 9 . 5 $ 8 9 .4 O p e ra t i n g i n c o m e ( l oss ) ( 1 . 7) 2 . 2 6 . 4 3 . 2 $ 1 0 . 1 3 . 0 2 . 4 2 . 8 $ 1 1 .4 C o n t ra c t t e r m i n a t i o n b e n e f i t 3 . 2 - ( 3 . 0 ) - 0 . 2 - - - - A d j u s t e d o p e ra t i n g i n c o m e $ 1 . 5 $ 2 . 2 $ 3 . 4 $ 3 . 2 $ 1 0 . 3 $ 3 . 0 $ 2 . 4 $ 2 . 8 $ 1 1 .4 A d j u s t e d o p e ra t i n g m ar g i n 9 . 4% 1 0 . 9% 1 3 . 8% 1 2 . 2% 1 1 . 8% 1 3 . 5% 1 1 . 2% 1 4 . 4% 1 2 . 8% O p e ra t i n g i n c o m e ( l oss ) ( $ 1 . 7) $ 2 . 2 $ 6 . 4 $ 3 . 2 $ 1 0 . 1 $ 3 . 0 $ 2 . 4 $ 2 . 8 $ 1 1 .4 D e p r e c i a t i o n a n d a m o r t i z a t i o n 0 . 4 0 . 4 0 . 4 0 . 4 1 . 6 0 . 4 0 . 5 0 . 4 1 .7 C o n t ra c t t e r m i n a t i o n b e n e f i t 3 . 2 - ( 3 . 0 ) - 0 . 2 - - - - A d j u s t e d E B I T D A $ 1 . 9 $ 2 . 6 $ 3 . 8 $ 3 . 6 $ 1 1 . 9 $ 3 . 4 $ 2 . 9 $ 3 . 2 $ 1 3 .1 A d j u s t e d E B I T D A m ar g i n 1 1 . 9% 1 2 . 9% 1 5 . 4% 1 3 . 7% 1 3 . 6% 1 5 . 3% 1 3 . 6% 1 6 . 4% 1 4 . 7% E x p e d i t i o n a r y S e r v i c es T h r e e m o n t h s e n d e d T h r e e m o n t h s e n d ed © 2 0 2 6 AA R CO R P . A ll ri gh t s r e s e rv e d w o r l d w ide 111

Ch a irman, P r esident an d Ch i ef E x ecuti v e O f ficer John M. Holmes J o hn M . H ol m e s i s C h a i r m an, P r e s i de n t an d C E O o f AA R C OR P . ( N Y SE: AI R ) , a l e ad i n g av i a tion s e r v i c e s p r o v i de r to c o m m e r c i a l an d g o v er n m en t c u sto m e r s w orldwid e . T h e $2 . 8 B c o m pa n y s e r v e s c u sto m e r s i n 100+ c ou n t r i e s , w i t h n e a r l y 8 , 0 00 e m pl oy e e s w ork i n g a c r oss m o r e t h an 4 0 AA R s i te s. S i n c e j o i n i n g AA R i n 2001 , H ol m e s h as h e l d var i ous l e ade r ship r ol e s be f o r e be i n g n a m ed P r e s i de n t o f AA R i n 2017 , C E O i n 2018 , an d C h a i r m an o f t h e C o m pa n y ’ s B oa r d o f D i r e c to r s i n 2023 . H e h as g r o w n t h e g l obal C o m pa n y t h r oug h m u lt i ple a c q u i s i tion s , i n c lu d i n g Ai r i n m a r , P r e m i er A v i a tion, T r ax , T r i u m p h G r ou p ’ s P r od u c t S u p p or t busine s s , A e r ost r a t , A D I A m eri c an D i st r i b u to r s , H A E C O A m eri c a s , a n d Ai r c r a f t R e c onf i g T e c hn ol o g i e s — sha r pe n i n g AA R ’ s po r t f ol i o to be c o m e t h e p r e m i er P ar t s , R e pa i r , an d So f t w a r e pl a t f or m i n t h e av i a tion a f te r m ar k et. Unde r H ol m e s ’ l e ade r shi p , AA R h as del i v e r ed r e c o r d r et u rn s , r e c e i v ed F AA a c c epta n c e o f i ts c or p o r a te sa f ety m anage m en t s yste m p r og r a m , a n d be c o m e a to p e m pl oy e r , e a rn i n g r e c ogn i tion as one o f A m e ri c a ’ s g r e a tes t w or k pl ac e s. H ol m e s c ur r en t l y s e r v e s o n t h e B oa r d o f G A T X C or p o r a tion ( N Y SE: G A T X ) . A c ti v e c i v i c a l l y an d p h i l a n t h r opi c a l l y , h e a l so s e r v e s o n t h e B oa r d an d E x e c u ti v e C o m m i t t e e o f t h e A e r ospa c e I n d u st r i e s Asso c i a tion an d as t h e C h a i r m an o f C olu m bi a C ol l e g e C h i c ag o ’ s B oa r d o f T ru stee s . A d d i tional l y , h e pa r ti ci p a tes on t h e B oa r ds o f t h e C o m m e r c i a l C lu b o f C h i c ag o , E x e c u ti v e s ’ C lu b o f C h i c ag o , W orld B u s i n e s s C h i c ag o , Shedd A q u ariu m , L i n c oln P ark Zo o , A nn & R ober t H. L ur i e C h i ld r e n ’ s H osp i tal o f C h i c ag o F ou n d a tion, C h i c ag o Sy m p h ony O r c h e s t r a, an d I l li n o i s Econo m i c D e v e l op m en t Co r po r a tion. P ri o r to j o i ning AA R , Hol m e s w or k e d i n i n v e st m e n t ban k i ng and p r i v a te e quit y . H e e arned a bache l o r ’ s i n fi n anc e f r o m t h e Un i v e r s i ty o f I l li n o i s an d an M B A fr o m t h e Un i v e r s i ty o f C h i c ag o. © 2 0 2 6 AA R CO R P . A ll ri gh t s r e s e rv e d w o r l d w ide 113

S VP an d Ch i ef Com m e r ci a l O f ficer Chri s Jes s up C hr i stop h er A . J e ssu p i s Sen i or V i c e P r e s i de n t an d C h i e f C o m m e r c i a l O ffi c er a t AA R. J e ssu p j o i n ed AA R i n 2008 w h en t h e C o m pa n y a c q u i r ed A vbo rn e , I n c ., w h e r e h e h e l d var i ous s e n i or e x e c u ti v e r ol e s i n sa l e s , m ar k et i n g an d b u s i n e s s de v e l op m en t d a ting bac k to 2 002 . F r o m 2008 to 2015 , J e s s up s e r v e d i n v a ri o us s e ni o r l e ad e r sh i p s a l e s and op e r a ti o nal r o l e s w i t h i n AA R ’ s M R O Se r v i c e s g r ou p , c onc l u ding w i t h Sen i or V i c e P r e s i de n t , A i r f r a m e M R O Se r v i c e s , w h e r e h e was r e s po n s i ble f or t h e g r ou p ’ s ope r a tional ov e r s i gh t an d P & L . I n 2 015 , h e was p r o m oted to C h i e f C o m m e r c i a l O ffi c er o f AA R ’ s A v i a tion Se r v i c e s s e g m en t , w h e r e h e assu m ed t h e c o m m e r c i a l g l obal sa l e s , m ar k et i n g an d b u s i n e s s de v e l op m en t r e s po n s i bi li ti e s f or t h e P ar t s S u p p l y , I n teg r a te d So l u tion s , OE M So l u tions an d M R O G r ou p c ol l e c ti v e l y . J e s su p was e l e c te d a c or p o r a te o f fi c er an d assu m ed h i s c ur r en t r ol e a s Sen i or V i c e P r e s i de n t an d C h i e f C o m m e r c i a l O ffi c er a t AA R i n 2017. J e ssu p e a rn ed a B a c h e l or o f S c i enc e deg r e e i n A v i a tion B u s i n e s s A dm i n i st r a tion an d a M aster o f B u s i ne s s A d m i ni s t r a ti o n i n A v i a ti o n f r o m E m b r y - R i ddl e A e r onauti c a l U ni v e r s i t y. © 2 0 2 6 AA R CO R P . A ll ri gh t s r e s e rv e d w o r l d w ide 114

S V P , D i s tri b ution F r ank L andrio © 2 0 2 6 AA R CO R P . A ll ri gh t s r e s e rv e d w o r l d w ide 115 F r ank L andri o is S enior Vice P r esident , Di s tribut i on o f AAR. I n his r o l e o v e r seeing AA R ' s Di s tribut i on di v is i on, M r . L andri o f o s t e r s s t r at egic partne r shi p s with O EMs t o ma x imi z e their g l o b al comm e r cia l and mil i t a r y a f t ermar k e t sa l es L andri o j o ined AA R in 2007 as V ice P r esident o f F inanc e o f AA R A i r c r a f t C o mponen t Se r v ices in N ew Y o r k. H e be c am e G en e r al M a na g er o f AAR A i r c r a f t C o mponen t Se r v ices and the n C F O o f AA R ’ s A v i a ti o n Su p p ly Chain G r ou p . H e led the ef f o r t of si g ning m a n y O EM di s tribut i on and r epair cont r ac t s , inc l uding U T A S , E a t on, and H one y w el l . I n 2020 , L andri o assumed the p o sit i on o f C E O of AA R Sumi s ho A v i a ti o n Se r v ices L L C ( A S A S ) , and in 2 0 23 he was p r omo t ed t o his cur r ent r o l e of Seni o r Vice P r es i dent , D i s tr i but i o n. P ri o r t o j o ining AA R , L andri o held v ari o us ma n a g e m en t p o sit i ons in both o p e r a ti o ns and f i na n c e , inc l uding C OO and C F O of an elect r oni c s ma n u f act u ri n g compa n y in N e w Y o r k. L a n drio e a rn e d a ba c h elor ' s d e g r e e in a c cou n ti n g f r o m D o wling Co l le g e and is a Certi f ied M a na g e m en t Acc o un t an t ( C MA).

S V P , Rep a ir & Enginee r ing T om Ho f e r er © 2 0 2 6 AA R CO R P . A ll ri gh t s r e s e rv e d w o r l d w ide 116 T om H o f e r er is Seni o r Vice P r esiden t , Repa i r & Engineeri n g o f AAR. H o f e r er lead s AA R ’ s M ain t en a n c e , Repa i r , and O v erhaul (M R O ) Se r v ices and Mobi l it y S y s t e m s o p e r a ti o n s . H e is r ecogn i z e d f o r s t r engt h s in per f o r ma n ce mana g emen t , s t r a t eg i c p l anning, and bu i l d i ng t eams th a t e x cee d e xpec ta t i o ns and del i v er r esul t s. P ri o r t o j o ining AA R , H o f e r er spen t mo r e tha n 30 y ea r s with G E Ae r o s pac e , wh e r e he held v ari o us leade r shi p p o sit i on s , includ i ng the r o l e o f P r esident o f U n is o n I ndu s trie s . T h r ou g hout his c a r ee r , H o f e r er f ocu s ed on supp l y chain o p e r a ti o n s , cu s t omer supp o rt, in t ern a ti o n a l partne r shi p s , sa l e s , and a f t erm a r k e t se r v ice s . H e al s o r eti r ed f r om the U . S . A i r F o r ce and O hio A i r N a ti o nal G ua r d as a Chief M a s t er S e r g eant. H o f e r er earned a bachel o r ’ s deg r ee in indu s tria l engineering and an M B A f r om t h e U n i v e r sit y o f C i ncinn a ti .

S V P , S o f t w a re And r e w Sch m idt © 2 0 2 6 AA R CO R P . A ll ri gh t s r e s e rv e d w o r l d w ide 117 A n d r ew S c h m i d t i s Sen i or V i c e P r e s i de n t o f So f t w a r e f or AA R. S c h m i d t i s r e s po n s i ble f or s c a l i n g AA R ’ s so f t w a r e b u s i n e s s b y g r o w i n g i ts c u sto m er bas e , en h anc i n g c u sto m er su p po r t , an d e x pa n ding p r od u c t o f f erings t h r oug h dig i tal i nn o v a tion. H e he l ps to e x e c u t e t h e C o m pan y ’ s st r a te g y f or s o f twa r e , wh ic h i nc l udes bui l d i ng a f ound a ti o n f or a n ew pa r ts e c o s yste m i n c oo r din a tion w i t h AA R an d pa r ts su p pl i e r s an d m o r e b r oadl y i n c or p o r a ting AI i n to a l l o f AA R ’ s so f t w a r e o f f ering s . S c h m i d t was i n st r u m en t a l i n AA R ’ s M a r c h 2023 a c q u i s i tion o f T r ax. S c h m i d t s e r v ed a s AA R ’ s Sen i or V i c e P r e s i de n t o f I n tel l i g e n t So l u tions f r o m 2 011 to 2 018 . Unde r h i s l e ade r ship AA R a c q u i r ed an d i n teg r a te d Ai r i n m a r ® an d l a un c h ed P AA R T S S t o r e , b r i n g i n g t h e C o m pa n y ’ s pa r ts sa l e s o n l i n e to i n c r e a s e r e v en u e an d e x pa n d p r od u c t r e ac h to additi o n a l c u sto m e r s. I n add i ti o n to hi s e x per i e nc e s w i t h AA R , S c h m i d t he l d v a ri o us s e ni o r - l e v e l r o l e s , i nc l uding s e r v i ng as a M anag i n g D i r e c to r o f Se a b u r y C ap i tal, Sen i or V i c e P r e s i de n t o f M a c q u ari e C ap i tal ’ s A v i a tion an d A e r ospa c e I n v e s tm e n t s , an d V i c e P r e s i de n t an d P ar t n er a t Ol i v er Wy m an. T h r oug h ou t h i s c a r e e r , h e suc c e s s f u l l y l e d p r i v a te i n v e s tm e n ts f or te c hn ol o g y - based c o m pa n i e s i n t h e av i a tion a f te r m ar k et, t r a v e l , an d fi n tech s ec to r s , e x pa n ded a c ons u lt i n g p r a c ti c e i n to t h e a e r ospa c e i n d u st r y , a n d d r ov e st r a teg i c m e r g e r s an d a c q u i s i tion s. S c h m i d t e a rn ed a B a c h e l or o f S c i enc e i n A e r ospa c e E n g i n e e r i n g f r o m E m b r y - R i d d l e A e r ona u ti c a l Un i v e r s i ty an d a M aster o f B u s i n e s s A dm i n i st r a tion f r o m No r t h w e s t e r n Un i v e r s i t y ’ s K e l lo g g S c hoo l o f M ana g e m e n t .

S V P , G o v ernment P r og r ams N i cholas G r oss © 2 0 2 6 AA R CO R P . A ll ri gh t s r e s e rv e d w o r l d w ide 118 Nichola s G r o s s is Seni o r Vice P r esident , G o v ern m ent P r o g r ams f o r AAR. G r o s s j o ined AA R in 2016 t o o v e r see the de v el o pme n t o f cu s t om so l uti o ns f o r g o v ern m ent f l ee t s w o r l d wide and t o en h anc e the C o mpa n y ’ s a v i a ti o n supp l y chain and c o nt r ac t o r lo g i s ti c s su p p o rt. I n 2019 , G r o s s was ap p o in t ed a c o r po r a t e o f f i c e r. P ri o r t o A A R, G r o s s spent 16+ y ea r s in in t ern a t i o nal ma n a g e m en t , s t r at egic de v el o pme n t , and p r o j ect e x ecution, ho l ding p o sit i ons with Micha e l Ba k er I n t ern a t i o nal , K S I n t ern a ti o n a l, and KBR, I n c. G r o s s is a p r ou d U . S . A i r F o r ce v e t e r an with multip l e in t ern a t i o nal dep l o y m e n t s . H e earned an M B A f r om North w e s te r n U n i v e r sit y K el l o g g S c ho o l o f M a na g e m en t and Bachel o r o f S c i ence in Bus i ness A d mini s t r a ti o n f r o m T r o y U n i v e r s i t y.

S VP an d Ch i ef F inan c ial O f ficer Dylan W olin © 2 0 2 6 AA R CO R P . A ll ri gh t s r e s e rv e d w o r l d w ide 119 D y l an W ol i n i s Sen i or V i c e P r e s i de n t an d C h i e f F i n anc i a l O ffi c er o f AA R an d ov e r s e e s A A R ’ s fi n anc e , a c c ou n ting, ta x , t r e a su r y , i n v e s to r r e l a tion s , a n d c or p o r a te de v e l op m en t f un c tion s. W ol i n r e j o i n ed AA R i n 2026 f r o m F ede r a l S i gnal C or p o r a tion whe r e h e s e r v ed a s P r e s i de n t o f El gi n, T r a c k l e s s , a nd V a c to r , w hi c h de si gn and m anu f a c t u r e m ar k e t - l e ad i ng st r ee t s w ee pe r s , s e w er c l e ane r s , h y d r o e x c av a tion t r u c k s , i n d u st r i a l va c uu m t r u c k s , an d m u lt i p u r pose s i dewa l k t r a c to r s. F r o m 2 017 to 2024 , W ol i n h e l d m u lt i ple fi n anc e an d st r a t e g y r ol e s a t AA R, s e r v i n g m ost r e c en t l y as V i c e P r e s i de n t o f S t r a teg i c & C or p o r a te D e v e l op m en t a n d T r e a su r e r , w h e r e h e a l so m anaged i n v e s to r r e l a tion s. P r i or to AA R an d F ede r a l S i gnal, W ol i n was a D i r e c to r i n B o e i n g ’ s C or p o r a te D e v e l op m en t g r ou p an d was r e s po n s i ble f or m e r g e r , a c q u i s i tion, an d j o i n t v en t u r e a c tiv i t y , a s w e l l as su p po r ting t h e c o m pan y ’ s b r o a der st r a teg i c de v e l o p m e n t i nit i a ti v e s . P ri o r to Boe i ng, he s e r v e d a s a V i c e P r e s i de n t i n D eu t s c h e B ank ’ s G loba l I n d u st r i a l s G r ou p w i t h i n i ts i n v e s tm e n t ba n k i n g di v i s i on. Ea r l i er i n h i s c a r e e r , W ol i n was an A ss oc i a te a t M c M an u s & M i l e s , a bo u tiq u e i n v e s tm e n t ba n k spe ci a l izi n g i n fi n anc i a l adv i so r y an d p r i v a te pl ac e m en t s. W ol i n e a rn ed a B a c h e l or o f A r ts i n e c ono mi c s f r o m T u f ts U n i v e r s i ty an d a M aster o f B u s i n e s s A dm i n i st r a tion i n fi n anc e f r o m t h e W h ar t on S c h oo l o f t h e Un i v e r s i ty o f P en n s y l van i a.

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FAQ

What did AAR CORP. (AIR) disclose in its May 12, 2026 Investor Day 8-K?

AAR CORP. furnished an Investor Day presentation outlining strategy, new segment structure, and multi‑year financial targets. It detailed LTM Q3 FY26 adjusted results, Q4 FY26 outlook, and a three‑year framework for adjusted sales growth, margins, EPS CAGR, and cash conversion.

How is AAR CORP. (AIR) performing financially as of LTM Q3 FY26?

As of LTM Q3 FY26, AAR reported adjusted sales of $3.116 billion, adjusted EBITDA of $376 million with a 12.1% margin, and adjusted EPS of $4.67. These figures reflect sustained growth in its aviation aftermarket platform across parts, repair, software, and government solutions.

What Q4 FY26 outlook did AAR CORP. (AIR) provide at Investor Day?

For Q4 FY26, AAR projects total adjusted sales growth of 19–21% and organic adjusted sales growth of 16–18%. It also targets an adjusted operating margin of 10.2–10.5% and assumes an estimated tax rate of 28%, based on its current operating plans.

What are AAR CORP.’s (AIR) three-year financial targets from FY2026?

AAR’s three‑year framework from an FY2026 baseline targets adjusted sales CAGR of 6–10%, adjusted EBITDA margin of at least 13%, and adjusted EPS CAGR of about 15%. It also aims for operating cash flow of roughly 30% or more of adjusted EBIT over that period.

How important is the Parts Supply segment to AAR CORP. (AIR)?

Parts Supply is a core growth engine, with LTM Q3 FY26 sales of $1.4 billion and adjusted EBITDA of $201 million, a 14.7% margin. It combines new parts distribution and used serviceable material activity and has delivered 30% year‑over‑year sales growth and 42% EBITDA growth.

What margins does AAR CORP. (AIR) generate in Repair, Engineering & Software?

In LTM Q3 FY26, the Repair, Engineering & Software segment produced $1.0 billion of sales and $127 million of adjusted EBITDA, a 12.7% margin. The business spans airframe MRO, component repair, and aviation software, with targeted capacity expansions and next‑generation component capabilities.

How large is AAR CORP.’s (AIR) Government Solutions business and pipeline?

Government Solutions generated $514 million of adjusted sales and $56 million of adjusted EBITDA in LTM Q3 FY26, a 10.9% margin. Management cites a total pipeline of about $48 billion over the next ten years, driven by higher defense spending and a shift toward commercial‑style solutions.

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