Aar Corp. · NYSE:AIR
Aar — William Blair 46th Annual Growth Stock Conference (2026)
34 slides from Aar's conference presentation, 2026
Slide 1: William Blair 46th Annual Growth Stock Conference
William Blair 46th Annual Growth Stock Conference John M. Holmes Chairman, President and Chief Executive Officer © 2026 AAR CORP. All rights reserved worldwide
Slide 2: Forward-Looking Statements
Forward-Looking Statements Note: All results and expectations in the presentation reflect continuing operations unless otherwise noted. This presentation contains certain forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Forward-looking state
Slide 3: Key Messages
Key Messages Repositioned Multi-year investments creating a resilient aviation 1 portfolio aftermarket platform underpinned by long-term secular growth Differentiated High-performance culture focused on safety, 2 culture quality, compliance, and execution enabling industry-leading customer service F
Slide 4: The Independent Leader in the Aviation Aftermarket
Repositioned portfolio The Independent Leader in the Aviation Aftermarket Helping customers increase efficiency and reduce costs while maintaining high levels of quality, service, and safety LTM Q3 FY26 Government Repair, AIR $3.1B Parts Supply Engineering Sales by & Software customer type NYSE List
Slide 5: From Legacy Operator to High-Quality Aviation Platform
Repositioned portfolio From Legacy Operator to High-Quality Aviation Platform 2018 What management changed Today • New Chairman/CEO & CFO LEADERSHIP • Broad, diverse revenue mix • Highly strategic aviation • New leadership bench with 25+ years avg. industry tenure aftermarket platform • Less connect
Slide 6: © 2026 AAR CORP. All rights reserved worldwide
© 2026 AAR CORP. All rights reserved worldwide 6
Slide 7: Track Record of Strong Financial Performance
Repositioned portfolio Track Record of Strong Financial Performance… Driving significant growth and margin expansion over the past 4 years Adj. Sales ($M) Adj. EBITDA ($M) Adj. Op. Income ($M) Adj. EPS and margin (%) and margin (%) +15% CAGR +26% CAGR +31% CAGR +19% CAGR ~90 avg. bps/yr ~100 avg. bp
Slide 8: AAR's Culture of 'Doing it right. Nonstop.'
Differentiated culture AAR’s Culture of ‘Doing it right. Nonstop. ’ Empowers Our People and Enables Strong Execution for Our Customers Our values Our mission Go above and beyond to provide value-driven aerospace aftermarket solutions to meet the evolving needs of our customers worldwide. © 2026 AAR
Slide 9: Highly Diversified Base of Customers and OEMs
Focused strategy Highly Diversified Base of Customers and OEMs Trusted partner with 15+ year relationships with each of top 10 customers Commercial customers OEMs Government and military customers US: Air Force; Navy; Army; Department of State Colombia: Air Force Japan: Ministry of Defense Netherlan
Slide 10: Why AAR Wins
Focused strategy Why AAR Wins Unique, integrated platform enables consistent growth at above-market rates Industry-leading aftermarket expertise Global footprint • Knowledge, expertise, and track record of serving • Largest independent MRO in North America customers in a highly regulated environment
Slide 11: Focused strategy
Focused strategy © 2026 AAR CORP. All rights reserved worldwide 11
Slide 12: Parts
Focused strategy Parts Leading aviation Parts provider New parts Distribution to global commercial and • Large independent provider with scale, government aftermarkets global presence, and exclusive two-way agreements with OEMs 100% ~90% • Structured as true extension of OEMs into new parts Distribu
Slide 13: Repair
Focused strategy Repair Leading independent airframe Airframe MRO & component MRO provider to • High value, complex repairs on current and key airlines and OEMs next-gen platforms • Focus on narrowbody and regional aircraft, ~15% 15,000+ supported by multi-year agreements with blue chip customers No
Slide 14: Software
Focused strategy Software Leading innovator with robust suite of aviation software solutions • Comprehensive, cloud-based ERP system used by major airlines and MROs to digitize aircraft maintenance 130+ 6,000+ • Solutions support entire spectrum of customers aircraft maintenance activities and creat
Slide 15: Government Solutions
Focused strategy Government Solutions Solutions Leading provider of commercial • Delivering commercial best practices across supply chain and maintenance maintenance and supply chains, increasing solutions to government customers readiness and decreasing overall cost • Revitalizing aging supply chai
Slide 16: Integrated Business: Platform for Self-Reinforcing Growth
Integrated Business: Platform for Self-Reinforcing Growth Parts • New parts Distribution drives long-term relationships with OEMs • OEM relationships support technical requirements for Component MRO • Highly transactional USM business Software keeps us in close contact with Parts • Data available th
Slide 17: Focused strategy
Focused strategy © 2026 AAR CORP. All rights reserved worldwide 17
Slide 18: The AAR Financial Framework
Faster, profitable growth The AAR Financial 3-year targets1 Total AAR Framework Total AAR excluding Legacy Commercial Programs Delivering sustained value creation Adj. Sales over the next three years CAGR 6 – 10% 8 – 12% Adj. EBITDA margin 13%+ 13 – 14%+ Adj. EPS CAGR ~15% ~15%+ Operating Cash Flow
Slide 19: Appendix
APPENDIX © 2026 AAR CORP. All rights reserved worldwide 19
Slide 20: Non-GAAP financial measures: Adjusted Sales & Adjusted EBITDA
Non-GAAP financial measures Adjusted Sales & Adjusted EBITDA Year ended May 31, ($ in millions) 2018 2022 2023 2024 2025 Sales $1,748.3 $1,820.0 $1,990.5 $2,318.9 $2,780.5 Net income 15.6 78.7 90.2 46.3 12.5 Net income margin 0.9% 4.3% 4.5% 2.0% 0.4% Sales $1,748.3 $1,820.0 $1,990.5 $2,318.9 $2,780.
Slide 21: Non-GAAP financial measures: Adjusted operating income
Non-GAAP financial measures Adjusted operating income Year ended May 31, ($ in millions) 2018 2022 2023 2024 2025 Sales $1,748.3 $1,820.0 $1,990.5 $2,318.9 $2,780.5 Net income 15.6 78.7 90.2 46.3 12.5 Net income margin 0.9% 4.3% 4.5% 2.0% 0.4% Sales $1,748.3 $1,820.0 $1,990.5 $2,318.9 $2,780.5 Contr
Slide 22: Non-GAAP financial measures: Adjusted diluted EPS
Non-GAAP financial measures Adjusted diluted EPS from continuing operations Last twelve months ended Year ended May 31, February 28, ($ in millions) 2018 2022 2023 2024 2025 2026 Diluted EPS $ 0.41 $ 2.17 $ 2.53 $ 1.29 $ 0.35 $ 4.55 Loss from discontinued operations 1.71 (0.01) (0.01) - - - Acquisit
Slide 23: Non-GAAP financial measures: Net debt
Non-GAAP financial measures Net debt & Net debt to Pro Forma Adjusted EBITDA May 31, Feb 28, ($ in millions) 2023 2024 2025 2026 Total debt $ 272.0 $ 997.0 $ 977.0 $ 895.0 Less: Cash and cash equivalents (68.4) (85.8) (96.5) (78.5) Net debt $ 203.6 $ 911.2 $ 880.5 $ 816.5 Adjusted EBITDA 189.8 242.4
Slide 24: Non-GAAP financial measures - Parts Supply (new segmentation)
Non-GAAP financial measures - new segmentation Parts Supply Last twelve Three months ended Year ended Three months ended months ended August 31, November 30, February 28, May 31, May 31, August 31, November 30, February 28, February 28, ($ in millions) 2024 2024 2025 2025 2025 2025 2025 2026 2026 Sa
Slide 25: Non-GAAP financial measures - Repair, Engineering, and Software
Non-GAAP financial measures – new segmentation Repair, Engineering, and Software Last twelve Three months ended Year ended Three months ended months ended August 31, November 30, February 28, May 31, May 31, August 31, November 30, February 28, February 28, ($ in millions) 2024 2024 2025 2025 2025 2
Slide 26: Non-GAAP financial measures - Government Solutions
Non-GAAP financial measures – new segmentation Government Solutions Last twelve Three months ended Year ended Three months ended months ended August 31, November 30, February 28, May 31, May 31, August 31, November 30, February 28, February 28, ($ in millions) 2024 2024 2025 2025 2025 2025 2025 2026
Slide 27: Non-GAAP financial measures - Legacy Commercial Programs
Non-GAAP financial measures – new segmentation Legacy Commercial Programs Last twelve Three months ended Year ended Three months ended months ended August 31, November 30, February 28, May 31, May 31, August 31, November 30, February 28, February 28, ($ in millions) 2024 2024 2025 2025 2025 2025 202
Slide 28: Non-GAAP financial measures - Sales
Non-GAAP financial measures – new segmentation Sales Last twelve Year ended Three months ended Year ended Three months ended months ended May 31, August 31, November 30, February 28, May 31, May 31, August 31, November 30, February 28, February 28, ($ in millions) 2024 2024 2024 2025 2025 2025 2025
Slide 29: Non-GAAP financial measures: Corporate & Other
Non-GAAP financial measures Corporate & Other Last twelve Three months ended Year ended Three months ended months ended August 31, November 30, February 28, May 31, May 31, August 31, November 30, February 28, February 28, ($ in millions) 2024 2024 2025 2025 2025 2025 2025 2026 2026 Sales $0.0 $0.0
Slide 30: Non-GAAP financial measures: Consolidated
Non-GAAP financial measures Consolidated Last twelve Three months ended Year ended Three months ended months ended August 31, November 30, February 28, May 31, May 31, August 31, November 30, February 28, February 28, ($ in millions) 2024 2024 2025 2025 2025 2025 2025 2026 2026 Sales $661.7 $686.1 $
Slide 31: Non-GAAP financial measures - Parts Supply (prior segmentation)
Non-GAAP financial measures – prior segmentation Parts Supply Last twelve Three months ended Year ended Three months ended months ended August 31, November 30, February 28, May 31, May 31, August 31, November 30, February 28, February 28, ($ in millions) 2024 2024 2025 2025 2025 2025 2025 2026 2026
Slide 32: Non-GAAP financial measures - Repair & Engineering
Non-GAAP financial measures – prior segmentation Repair & Engineering Last twelve Three months ended Year ended Three months ended months ended August 31, November 30, February 28, May 31, May 31, August 31, November 30, February 28, February 28, ($ in millions) 2024 2024 2025 2025 2025 2025 2025 20
Slide 33: Non-GAAP financial measures - Integrated Solutions
Non-GAAP financial measures – prior segmentation Integrated Solutions Last twelve Three months ended Year ended Three months ended months ended August 31, November 30, February 28, May 31, May 31, August 31, November 30, February 28, February 28, ($ in millions) 2024 2024 2025 2025 2025 2025 2025 20
Slide 34: Non-GAAP financial measures - Expeditionary Services
Non-GAAP financial measures – prior segmentation Expeditionary Services Last twelve Three months ended Year ended Three months ended months ended August 31, November 30, February 28, May 31, May 31, August 31, November 30, February 28, February 28, ($ in millions) 2024 2024 2025 2025 2025 2025 2025
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