Aircastle Announces First Quarter 2026 Results

Highlights for the Three Months Ended May 31, 2026

• Total revenues of $236 million and net income of $34 million
• 6% increase in lease rental revenue compared to first quarter 2025
• Adjusted EBITDA⁽¹⁾ of $208 million
• Acquired 4 aircraft for $117 million
• Sold 5 aircraft and other flight equipment for proceeds of $114 million and gains on sales of $11 million
• New technology aircraft comprised 52% of our fleet's net book value as of May 31, 2026

Liquidity

• Raised $1 billion in new financings: $650 million unsecured senior notes at 5.000% and a $375 million unsecured term loan with 4 lenders; term loan is expandable to $425 million 
• 98% of total debt is unsecured as of May 31, 2026
• Adjusted net debt-to-equity of 2.2 times as of May 31, 2026
• Total liquidity of $2.6 billion as of July 1, 2026, which includes $2.0 billion of undrawn facilities, $0.5 billion of projected adjusted operating cash flows and sales through July 1, 2027, and $0.1 billion of unrestricted cash
• 270 unencumbered aircraft and other flight equipment with a net book value of $8.3 billion

STAMFORD, Conn., July 9, 2026 /PRNewswire/ -- Mike Inglese, Aircastle's CEO, stated, "Over the past several months, we've seen conflict-related fuel prices challenge airline profitability, yet our customers are finding ways to manage costs. Despite this challenge to the sector, supply shortages have aviation investors seeing consistently high values for aircraft and engines. Favorable rental revenues and gains on sales enabled us to complete our first quarter of 2026 with $34 million in net income."

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

Aviation Assets

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

Conference Call

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

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

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

About Aircastle Limited

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

Safe Harbor

All statements in this press release, other than characterizations of historical fact, are forward-looking statements within the meaning of the federal securities laws, including the Private Securities Litigation Reform Act of 1995.  Examples of forward-looking statements include, but are not necessarily limited to, statements relating to our proposed public offering of notes and our ability to acquire, sell, lease or finance aircraft, raise capital, pay dividends and increase revenues, earnings, EBITDA and Adjusted EBITDA and the global aviation industry and aircraft leasing sector. Words such as "anticipates," "expects," "enables," "intends," "plans," "positions," "projects," "believes," "may," "will," "would," "could," "should," "seeks," "estimates" and variations on these words and similar expressions are intended to identify such forward-looking statements.  These statements are based on our historical performance and that of our subsidiaries and on our current plans, estimates and expectations and are subject to a number of factors that could lead to actual results being materially different from those described in the forward-looking statements; Aircastle can give no assurance that its expectations will be attained.  Accordingly, you should not place undue reliance on any such forward-looking statements which are subject to certain risks and uncertainties that could cause actual results to differ materially from those anticipated as of the date of this press release.  These risks or uncertainties include, but are not limited to, those described from time to time in Aircastle's filings with the SEC and previously disclosed under "Risk Factors" in Item 1A of Aircastle's most recent Form 10-K and any subsequent filings with the SEC.  In addition, new risks and uncertainties emerge from time to time, and it is not possible for Aircastle to predict or assess the impact of every factor that may cause its actual results to differ from those contained in any forward-looking statements.  Such forward-looking statements speak only as of the date of this press release.  Aircastle expressly disclaims any obligation to revise or update publicly any forward-looking statement to reflect future events or circumstances.

We define EBITDA as income (loss) from continuing operations before income taxes, interest expense, and depreciation and amortization.  We use EBITDA to assess our consolidated financial and operating performance, and we believe this non-U.S. GAAP measure is helpful in identifying trends in our performance.

This measure provides an assessment of controllable expenses and affords management the ability to make decisions which are expected to facilitate meeting current financial goals, as well as achieving optimal financial performance.  It provides an indicator for management to determine if adjustments to current spending decisions are needed.

EBITDA provides us with a measure of operating performance because it assists us in comparing our operating performance on a consistent basis as it removes the impact of our capital structure (primarily interest charges on our outstanding debt) and asset base (primarily depreciation and amortization) from our operating results.  Accordingly, this metric measures our financial performance based on operational factors that management can impact in the short-term, namely the cost structure, or expenses, of the organization.  EBITDA is one of the metrics used by senior management and the Board of Directors to review the consolidated financial performance of our business.

We define Adjusted EBITDA as EBITDA (as defined above) further adjusted to give effect to adjustments required in calculating covenant ratios and compliance as that term is defined in the indenture governing our senior unsecured notes.  Adjusted EBITDA is a material component of these covenants.

Contact:
Aircastle (Ireland) DAC (US)
Jim Connelly, SVP ESG & Corporate Communications         
Tel: +1-203-504-1871
[email protected]    

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SOURCE Aircastle Ireland DAC