#1Aircastle Financial Update Third Quarter 2023 AIRCASTLE A MARUBENI & MIZUHO LEASING COMPANY AIRCASTLE 737 MAX#2Forward-Looking Statements / Property of Aircastle 4 AIRCASTLE A MARUBENI & MIZUHO LEASING COMPANY All statements included or incorporated by reference in this presentation, 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 ability to acquire, sell, lease or finance aircraft, raise capital, pay dividends and increase revenues, earnings, EBITDA and Adjusted EBITDA and the global aviation industry and aircraft leasing sector. Words such as "anticipates," "expects," "intends," "plans," "projects," "believes," "may," "will," "would," "could," "should," "seeks," "estimates" and variations on these words and similar expressions are intended to identify such forward-looking statements. These statements are based on our historical performance and that of our subsidiaries and on our current plans, estimates and expectations and are subject to a number of factors that could lead to actual results materially different from those described in the forward-looking statements; Aircastle can give no assurance that its expectations will be attained. Accordingly, you should not place undue reliance on any such forward-looking statements which are subject to certain risks and uncertainties that could cause actual results to differ materially from those anticipated as of the date of this presentation. 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 presentation. Aircastle expressly disclaims any obligation to revise or update publicly any forward- looking statement to reflect future events or circumstances. The information contained herein is the property of Aircastle and shall not be disclosed, copied, distributed or transmitted, or used for any purpose, without the express written consent of Aircastle. 2#3Overview of Aircastle As of November 30, 2023 AIRCASTLE A MARUBENI & MIZUHO LEASING COMPANY 245 Aircraft (Owned & Managed) 2 73 Lessees $2.8B Available Liquidity' 2.3x Net Debt to Equity 3 42 Countries 79% Unsecured Debt $7.1B NBV³ S&P Global BBB- Fitch Ratings BBB+ MOODY'S Baa3 1. Includes undrawn facilities of $1.8 billion, $0.6 billion of projected adjusted operating cash flows and sales through January 5, 2025, $0.3 billion of committed equity and $0.1 billion of unrestricted cash. Adjusted contractual commitments includes debt maturities of $1.0 billion, committed investments and PDPs of $0.4 billion and Preference Share Dividends of $21 million. 2. Includes both owned and managed aircraft, flight equipment held for lease, and net investment in direct financing and sales-type leases. 3. As of November 30, 2023. Includes 50% of $400 million (or $200 million) of hybrid capital preference shares. The ratio excludes debt issuance costs or discounts which are reflected in the net debt totals that are displayed on the consolidated balance sheet. 3#4Current Aviation Market Themes Positioned to Capture Current Market Opportunities 4 AIRCASTLE A MARUBENI & MIZUHO LEASING COMPANY Macro demand drivers Strong passenger demand is driving airlines towards profitability in 2023; IATA predicts full traffic recovery in 2024 OEM shortages Airbus and Boeing production levels well below pre-COVID levels and are only slowly recovering; short term targets seem optimistic New tech engine growing pains Global narrow-body shortage Lower on-wing time and higher maintenance frequency of new tech engines bring higher demand for extensions on current tech aircraft OEM production issues and delivery delays driving robust demand for existing mid-life aircraft and bolstering associated aircraft values 4#5900 800 700 600 500 400 300 200 100 0 Global Air Traffic Growth Remains Strong, Driving Demand for Aircraft and Increased Reliance on Leasing AIRCASTLE A MARUBENI & MIZUHO LEASING COMPANY Passenger Traffic Continues to Recover Post-COVID Industry RPKs (billions per month) Jan Apr Jul Oct Jan Apr Jul Oct Jan 2017 2018 Apr Jul Oct Jan Apr Jul 2019 2020 Oct Ro Jan Apr լոՐ 2021 Actual Seasonally Adjusted Oct Jan Apr Jul Oct Jan Apr Jul 2022 1. Source: IATA Quarterly Air Transport Chartbook Q3 2023 2. Source: Ascend (excludes freighters) 2023 1 Number of Aircraft Lessors Own nearly half of Aircraft Market Today Proportion of Global Fleet on Operating Lease 25,000 20,000 50% 52% 15,000 43% 42% 30% 39% 10,000 27% 23% 5,000 0 Note: Global fleet includes aircraft manufactured by Airbus and Boeing; only Narrow-body Jets and Wide-body Jets; only in-service aircraft; and only those whose primary use is Passenger. Airline Owned Fleet ■Operating Lease LO 5 2#6A Unique and Better Business Model Overview of Aircastle's Strategy AIRCASTLE A MARUBENI & MIZUHO LEASING COMPANY ✓ Leading secondary market aircraft investor with global platform - Focus on asset $ acquisitions and dispositions when attractive opportunities arise Disciplined investment strategy emphasizing profitable growth Robust portfolio management with an experienced team and an established platform + Conservative financial leverage and a balanced approach towards capital allocation ↑ Flexible and efficient access to capital - Investment Grade Corporate Credit Rating from Standard & Poor's, Fitch and Moody's: BBB- / BBB+ / Baa3 Leverage relationships with strategic shareholders, Marubeni and Mizuho Leasing, to enhance corporate capabilities and support liquidity position 6#7Evolution of Aircastle's Fleet Portfolio Rebalancing to Concentrate on Highly Liquid Narrowbodies AIRCASTLE A MARUBENI & MIZUHO LEASING COMPANY FYE 20131 Mostly wide-body and freighter focused. fleet Weighted Average Age 9.9 years $4.9B NBV Q3 20232 Narrow-body focused fleet with growing number of new tech aircraft De-risked of wide-bodies and freighters. Weighted Average Age 9.4 years $6.8B NBV 2% • Narrow-bodies make up 92% of fleet (by number of aircraft) and 86% by NBV Since 2018, new technology aircraft have comprised 58% of new investments amounting to $2.1 billion Strategically Investing in New Technology 3 19% 45% 12% 36% 86% ■ Narrowbody ■ Widebody ■ Freighter ■ Narrowbody ■ Widebody ■ Freighter 1: NBV as of December 31, 2013 (excludes JV aircraft). 2: NBV as of November 30, 2023 (excludes JV aircraft). 3: New technology includes Airbus A320neo and A321neo, Boeing 737MAX8, and Embraer E2. Source: Company filings AIRCASTLE * Boeing 737MAX8 AIRCASTLE Airbus A320neo Fleet NBV of high efficiency - low emissions aircraft increased 46% vs PY Embraer E2 Airbus A321neo 7#8Diversified Customer Base Across Geographies 72 Lessees in 42 Countries All top ten customers either flag carriers or leading LCCs Balanced fleet distribution by geography Customer Exposure (% of NBV') IndiGo 13 LATAM 13 AIRLINES KLM 11 Lion Air 10 4.3% 5.3% 6.7% AIRCASTLE A MARUBENI & MIZUHO LEASING COMPANY Geographic Exposure (% of NBV) USA 23 8.5% India 16 Mexico 14 Chile 13 10 Viva 7 4.0% ***aerobus American Airlines Netherlands 11 5.3% 3.9% Argentina 9 4.7% Aerolíneas Argentinas 7 3.8% FRONTIER 5 3.6% AIRLINES volaris AIR CANADA 6 3.2% LO 5 3.1% Canada 7 4.4% UK 20 4.3% Thailand 80 Spain 16 4.1% 4.0% 6.7% 7.9% 11.2% # Denotes # of aircraft No Customer Accounts for > 9% of NBV Note: Data for owned aircraft only as of November 30, 2023; 73 Lessees referenced on Slide 3 includes one customer leasing an aircraft through our joint venture. 1. References to NBV includes flight equipment held for lease and net investments in direct financing and sales type leases. Well Diversified Across Regions 9.7% 8#9Third Quarter Results & Highlights 4 AIRCASTLE A MARUBENI & MIZUHO LEASING COMPANY 1 Operating Results Three Months Ended November 30, Nine Months Ended November 30, $ in millions 2023 2022 2023 2022 Total revenue $239 $258 $625 $607 Total operating expenses $210 $186 $564 $540 Income before taxes $31 $73 $67 $70 Q3 2023 Highlights Acquired 6 narrow-body passenger aircraft including 4 A320neo family aircraft Sold 8 aircraft with an average age of 19 years for proceeds of $73 and a net gain of $20 million; (Q3 2022 included gains on sale of $54 million primarily related to 3 freighter and wide-body aircraft previously on lease to Russian airlines Higher operating expenses primarily a result of an increase in interest costs and a provision for credit losses related to an airline restructuring Ratings upgrade from Fitch to BBB+, Outlook Stable Net income $26 $50 $54 $49 Fleet utilization at 99% EBITDA $178 $211 $519 $484 Adjusted EBITDA $213 $240 $556 $552 In December 2023, subsequently received $43 million in settlement proceeds relating to aircraft formerly on lease to two Russian airlines 1. Above summary of operating results does not feature income tax provision, earnings of unconsolidated equity method investments, or loss on extinguishment of debt. 9#10Conservative Debt Profile AIRCASTLE A MARUBENI & MIZUHO LEASING COMPANY Investment Grade Since 2018 S&P: BBB- Fitch: BBB+ Moody's Baa3 Average remaining debt maturity of 2.7 years 79% of total debt is unsecured 80% of aircraft & other flight equipment are unencumbered ($5.4 billion) 2.3x1 Net Debt/Equity Debt Maturity Profile as of November 30, 2023 (in millions) $416 $219 $33 $344 $1,400 $20 $155 $650 $650 $500 FY2023 FY2024 FY2025 FY2026 FY2027 & Thereafter Unsecured bonds and term loans Secured debt 1. As of November 30, 2023. Includes 50% of $400 million (or $200 million) of hybrid capital preference shares. The ratio excludes debt issuance costs or discounts which are reflected in the net debt totals that are displayed on the consolidated balance sheet. 10#11Strong Liquidity Position $2.8 Billion of Available Liquidity' as of January 5, 2024 Committed equity $300 $2,500 $2,000 $1,500 Undrawn facilities, $1,800 Debt payments $1,000 Cash, $100 $500 CFFO & Sales thru Jan 5, 2025 $600 $0 Sources ($ in millions) AIRCASTLE A MARUBENI & MIZUHO LEASING COMPANY thru Jan 5, 2025 $1,000 Purchases & PDPs $400 Strong liquidity position with $2.8 billion from available sources, including committed equity Limited committed order book provides capital allocation flexibility Strong balance sheet base with $5.4 billion of unencumbered assets Uses 1 - Includes undrawn facilities of $1.8 billion, $0.3 billion of committed equity, $0.6 billion of projected adjusted operating cash flows and sales through Jan 5, 2025, and $0.1 billion of unrestricted cash. Adjusted contractual commitments includes debt maturities of $1.0 billion, committed investments and PDPs of $0.4billion and Preference Share Dividends of $21 million. 11#12Capital Structure Summary ($ in millions) As of November 30, 2023 As of August 31, 2023 Unrestricted cash and cash equivalents $ 106 $ 726 As of May 31, 2023 4 AIRCASTLE A MARUBENI & MIZUHO LEASING COMPANY $136 Debt¹ Bank Financings Total Secured Debt O/S Rate O/S Rate O/S Rate 903 5.46% 923 5.46% 942 5.35% 903 5.46% 923 5.46% 942 5.35% Senior Notes 4.40% due 2023 650 4.40% 650 4.40% Senior Notes 4.125% due 2024 500 4.13% 500 4.13% 500 4.13% Senior Notes 5.25% due 2025 650 5.25% 650 5.25% 650 5.25% Senior Notes 4.25% due 2026 650 4.25% 650 4.25% 650 4.25% Senior Notes 2.85% due 2028 750 2.85% 750 2.85% 750 2.85% Senior Notes 6.50% due 2028 650 6.50% 650 6.50% Other Unsecured Bank Financings 155 7.06% 155 6.90% 155 6.68% Drawn Bank Revolvers 130 6.90% 20 7.21% 395 6.73% Total Unsecured Debt 3,485 4.76% 4,025 4.51% 3,750 4.51% Total Debt and Weighted Avg. Rate Shareholders' equity² Total capitalization Net debt to equity³ Unsecured debt to total debt 4,388 4.91% 2,115 $ 6,503 2.3x 79% 4,948 4.79% 4,692 4.69% 2,089 1,894 $ 7,037 $ 6,586 2.3x 81% 2.8x 80% 1. The debt totals in the above table do not include debt issuance costs or discounts which are reflected in the net debt totals that are displayed on the consolidated balance sheet. 2. Includes full value of preference shares. 3. Calculates 50% of $400 million (or $200 million) of hybrid capital preference shares. 12#13Reconciliation of GAAP to Non-GAAP Measures ($ in millions) Three Months Ended Nov 30, Nine Months Ended Nov 30, 2023 Net income Depreciation $ 25,645 2022 $ 50,104 2023 $ 53,933 2022 $ 49,093 86,647 82,872 261,764 246,296 Amortization of lease premiums, discounts & incentives 2,641 3,763 16,972 14,669 Interest, net 57,037 50,757 170,963 151,638 Income tax provision 6,025 23,071 15,286 22,332 EBITDA 177,995 210,567 518,918 484,028 Adjustments: Impairment of flight equipment Loss on extinguishment of debt Adjusted EBITDA 34,959 29,880 37,156 67,979 463 $212,954 $240,447 $556,074 $552,470 AIRCASTLE A MARUBENI & MIZUHO LEASING COMPANY 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. 13#14Limitations of EBITDA and Adjusted EBITDA 4 AIRCASTLE A MARUBENI & MIZUHO LEASING COMPANY An investor or potential investor may find EBITDA and Adjusted EBITDA are important measures in evaluating our performance, results of operations and financial position. We use these non-US GAAP measures to supplement our US GAAP results in order to provide a more complete understanding of the factors and trends affecting our business. EBITDA and Adjusted EBITDA have limitations as analytical tools and should not be viewed in isolation or as substitutes for US GAAP measures of earnings. Material limitations in making the adjustments to our earnings to calculate EBITDA and Adjusted EBITDA and using these non-US GAAP measures as compared to US GAAP net income, income from continuing operations and cash flows provided by or used in operations, include: • depreciation and amortization, though not directly affecting our current cash position, represent the wear and tear and/or reduction in value of our aircraft, which affects the aircraft's availability for use and may be indicative of future needs for capital expenditures; the cash portion of income tax (benefit) provision generally represents charges (gains), which may significantly affect our financial results; and adjustments required in calculating covenant ratios and compliance as that term is defined in the indenture governing our senior unsecured notes may differ from and may not be comparable to, similarly titled measures used by other companies. EBITDA and Adjusted EBITDA are not alternatives to net income, income from operations or cash flows provided by or used in operations as calculated and in accordance with US GAAP. You should not rely on these non-US GAAP measures as a substitute for any such US GAAP financial measure. We strongly urge you to review the reconciliations to US GAAP net income, along with our consolidated financial statements included elsewhere in our Annual Report. We also strongly urge you to not rely on any single financial measure to evaluate our business. In addition, because EBITDA and Adjusted EBITDA are not measures of financial performance under US GAAP and are susceptible to varying calculations, EBITDA and Adjusted EBITDA as here, may differ from and may not be comparable to, similarly titled measures used by other companies. 14#15Contact James Connelly Senior Vice President, ESG & Corporate Communications 203-504-1871 [email protected] AIRCASTLE 737 MAX& Thank You