AAR Corp Parts Supply and Engineering Initiatives

What's changed since 2019 Investor Day 1 2 3 4 Exited underperforming business & consolidated facilities Exited certain loss-making contracts, sold certain non-core businesses, closed highest cost hangar and secondary Mobility location Fortified skilled labor pipeline and retention Partnered with trade schools and colleges to develop aviation curriculum and career paths, worked with airline customers to secure better wages Narrowed airframe maintenance focus to drive efficiency Prioritized larger customers with consistent demand, aligned facilities with specific customers and aircraft platforms, focused on 737 Added dedicated USM supply and new distribution lines Fortress partnership for capital-light USM supply; won new distribution lines with Unison, Arkwin, Ontic, Northrop, Collins Expanded digital solutions 5 Acquired Trax maintenance software, launched paperless hangar initiative, added capability to PAARTSSM Store eCommerce platform • • . More profitable $2.86 FY23 adj EPS from continuing ops vs. $2.56 for LTM Feb '20 despite 11% lower sales Higher margin 7.5% FY23 adjusted op margin vs. 5.5% for LTM Feb '20 despite 11% lower sales Stronger cash conversion 1.1x net leverage despite $180m investment in Parts growth and Trax, and $92m share repo ⚫ Better capability and offerings Improved turnarounds, expanded sources of Parts Supply, differentiated software solutions More focused Fewer, more connected businesses Note: FY ends May 31; figures reflect continuing operations; adjusted EPS reflects dilution; see Appendix for reconciliation of non-GAAP financial measures AAR On course: Stronger, better business creates foundation for further growth © 2023 AAR CORP. All rights reserved worldwide. 14

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