Aar Corp. · NYSE:AIR

Aar — Investor Day (May 2026)

119 slides from Aar's investor day presentation, May 12, 2026

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: Simplified Segmentation Aligned to Parts, Repair, and Software Platform Approach
Simplified Segmentation Aligned to Parts, Repair, and Software Platform Approach Benefits LTM Q3 FY26 Adj. EBITDA margin ✓ Segments aligned to Prior New core, focused operations Expeditionary Services 12.1% 12.1% Legacy Commercial Programs Mobility Systems Commercial Programs 14.7% 5.3% ✓ Better per
Slide 4: Q4 and FY2026 Outlook
Q4 and FY2026 Outlook Q4 FY26 Outlook FY 2026 Outlook Prior Current as of Jan 6, 2026 as of May 12, 2026 Approaching Total adj. Sales growth 19% – 21% Total adj. Sales growth 17% ~19% Approaching Organic adj. Sales growth1 6% – 8% Organic adj. Sales growth1 11% ~12% Adjusted Operating margin 10.2% –
Slide 5: Today's Agenda
Today’s Agenda 8:30 a.m. 10:20 a.m. Welcome & Opening Remarks Break Chris Tillett | VP, Investor Relations Strategic Update 10:35 a.m. John M. Holmes | Chairman, President and Chief Executive Officer Software Andrew Schmidt | SVP, Software Aviation Aftermarket Overview Government Solutions Christoph
Slide 7: 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 8: 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 $3.1B Parts Supply Engineering Sales by & Software customer type NYSE List
Slide 9: From Legacy Operator to High-Quality Aviation Platform
Repositioned portfolio From Legacy Operator to High-Quality Aviation Platform 2018 What management changed Today • New Chairman/CEO & CFO LEADERSHIP • Broad, less-focused revenue mix • Highly strategic aviation • New leadership bench with 25+ years avg. industry tenure aftermarket platform • Lower-m
Slide 10: AAR Has Transformed
Repositioned portfolio AAR Has Transformed ✓ Scaled and focused ✓ Connected platform approach ✓ Higher growth, higher margins ✓ Deep and experienced leadership bench ✓ Investments driving growth and expansion © 2026 AAR CORP. All rights reserved worldwide 10
Slide 12: Track Record of Strong Financial Performance
Repositioned portfolio Track Record of Strong Financial Performance… Driving significant growth and margin expansion over the past 4 years Adj. Sales ($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 13: On Track to Achieve / Exceed Our Updated 2023 Investor Day Targets
Repositioned portfolio …On Track to Achieve / Exceed Our Updated 2023 Investor Day Targets July 2023 Update post-TPS1 On track to achieve / exceed Investor Day acquisition (July 2024) updated targets2 3-5 yr organic targets, 3-5 yr organic targets, FY 2024 - LTM Q3 FY26 FY 2024 to FY 2026/28 FY 2025
Slide 14: Experienced Leadership Team Executing Our Strategy
Differentiated culture Experienced Leadership Team Executing Our Strategy Deep industry expertise and focus on the customer experience John M. Holmes John Cooper Jessica Garascia Nicholas Gross Chairman, SVP, Global Government SVP, General Counsel, SVP, Government Programs President and CEO and Defe
Slide 15: 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 mission Our vision Go above and beyond to provide value-driven aerospace aftermarket solutions to meet the evolving needs of our customers worldwide. © 2026 AAR
Slide 16: 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 17: 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 19: 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 20: 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 21: 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 22: 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 23: 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 24: Clear Strategy for Long-term Value Creation
Focused strategy Clear Strategy for Long-term Value Creation WIN LEVERAGE SCALE MORE CORE OUR PLATFORM WITH DISCIPLINE • Deepening customer relationships • Leveraging integrated aviation aftermarket • Prioritizing disciplined M&A as a means to platform to drive sales growth across the achieving stra
Slide 25: 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 27: Strong Secular Trends are Driving Aviation Aftermarket Growth
Strong Secular Trends are Driving Aviation Aftermarket Growth AAR well positioned to benefit from key tailwinds Global air travel growth New aircraft deliveries remains resilient are constrained Driving more repair and maintenance cycles Further extending aftermarket demand Global aircraft fleet Sup
Slide 28: Industry Requirements Drive Demand
Industry Requirements Drive Demand Durable, regulation-driven industry, largely insulated from OEM production cycles What makes markets durable Essential safety & reliability Maintenance is mandatory Need for efficiency • Operations demand high level of precision • Maintenance is required at specifi
Slide 29: Global Commercial Air Travel Growth Remains Resilient
Global Commercial Air Travel Growth Remains Resilient Large, global traffic base supports Global Available Seat Kilometer (ASK) growth continued fleet growth and long-term ASK Growth aftermarket demand 25% Year-to-date global commercial flight ~5% High 20% CAGR scenario growth ~1-2%, while capacity
Slide 30: Growing & Aging Global Aircraft Fleet
Growing & Aging Global Aircraft Fleet Average fleet age will continue to rise through the end of the decade, remain elevated thereafter • Widebody & narrowbody fleet is 45,000 41,910 16.0 expected to grow from ~29,000 38,947 40,406 aircraft in 2026 to ~42,000 aircraft in 40,000 36,176 37,539 15.5 20
Slide 31: Large Opportunity in Aviation Aftermarket
Large Opportunity in Aviation Aftermarket Clear opportunities to grow above the market by increasing share Global Parts & Repair addressable market1 Parts Supply MRO Component Maintenance Parts Supply MRO Component AAR today: Maintenance <4% Line Maintenance ~4% total market CAGR2 MRO Maintenance &
Slide 32: Positioned to Capture Value Across Growing Maintenance Software Workflow
Positioned to Capture Value Across Growing Maintenance Software Workflow Core M&E and • Maintenance and Engineering (M&E) systems of record ~$3B workflow Aviation M&E software • Mission-critical, regulatory- ecosystem market1 software driven platforms • Structurally attractive with higher MSD+ CAGR
Slide 33: Shifting Priorities Create Large & Growing Government Solutions Opportunity
Shifting Priorities Create Large & Growing Government Solutions Opportunity Record budget pushes government outlays to high-single-digit growth • High-single-digit aviation O&M defense FY 2027 Presidential Budget budget growth sets the stage for years of investment Aviation O&M • Record-setting U.S.
Slide 35: Key Messages | Parts
Key Messages | Parts Large global ~$900M new parts Distribution activity in ~$25B market 1 independent driven by growing global aircraft fleets, increasing useful life of existing fleets, and expanding U.S. & foreign military parts provider support Differentiated Unique, two-way exclusive distributi
Slide 36: Parts Supply Segment Overview
Parts Supply Segment Overview Leading independent provider of parts to global commercial and government aftermarket Key segment Parts Supply financials activities New parts Distribution (~$900M LTM sales) $1.4B • Differentiated business model serving both commercial LTM Q3 FY26 and government market
Slide 37: Parts Distribution Overview
Parts Distribution Overview Value proposition Source and distribute Driving market share gains for OEM partners while new aircraft parts generating returns accretive to AAR Offer customers fast delivery and reduced inventory costs >35K+ 100% >2,500 Customers’ single point of contact for broad unique
Slide 38: Leading Independent Parts Provider with Unique Competitive Advantages
Leading Independent Parts Provider with Unique Competitive Advantages Maximizing value for our partners through: Two-way exclusive Distribution Model Market share analysis by end market Enables OEMs to have one partner for all supply & aftermarket needs In each market, AAR agrees to OEMs agree to on
Slide 39: Accelerating Growth by Capturing Adjacent Aftermarket, International & OEM Opportunities
Accelerating Growth by Capturing Adjacent Aftermarket, International & OEM Opportunities with Two-way Exclusive Distribution Model Aftermarkets served New opportunity: OEMs Defense Business + Japanese Commercial General Aviation1 OEM (including foreign military) Military • Global technical • Captain
Slide 40: Strong Distribution Performance Track Record
Strong Distribution Performance Track Record Leveraging our leading market position to accelerate growth and continue to drive margin expansion Distribution sales +700% total growth +17% CAGR FY 2012 – LTM Q3 FY26 FY 2012 – LTM Q3 FY26 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019
Slide 41: Large and Growing Addressable Market with Significant Runway for Growth
Large and Growing Addressable Market with Significant Runway for Growth Key market drivers New parts Distribution total addressable market Airlines are… • Cost conscious due to rising oil prices ~$25B today and tariffs - looking for solutions to mitigate impacts ~4% • Maximizing inventory management
Slide 42: Continuing to Accelerate Distribution Growth and Drive Margin Expansion
Continuing to Accelerate Distribution Growth and Drive Margin Expansion through Clear Strategic Initiatives WIN Further penetrate adjacent aftermarket opportunities MORE CORE Drive international expansion by applying proven Distribution business model in other regions (e.g., APAC, foreign military)
Slide 44: Key Messages | Repair
Key Messages | Repair Leading ~$950M Repair operation with a ~$50B market 1 independent opportunity; leading independent MRO in North America delivering safe, high-quality maintenance solutions global provider Differentiated Winning with industry-leading labor efficiency and 2 offering turnaround ti
Slide 45: Repair, Engineering, & Software Segment Overview
Repair, Engineering, & Software Segment Overview Leading independent MRO and aviation maintenance software business Key segment Repair, Engineering, & Software financials activities Airframe MRO (~$575M LTM sales) $1.0B • Focus: narrowbody and regional aircraft in North America • Multi-year agreemen
Slide 46: Repair Overview
Repair Overview Delivering safe, high-quality maintenance solutions with industry-leading turnaround times Value Proposition Maintain and repair aircraft and aircraft Industry-leading labor efficiency and turnaround times components driven by continuous improvement mindset 65 years of experience in
Slide 47: Driving Industry-leading Turnaround Times
Driving Industry-leading Turnaround Times “D/C Check” maintenance Focus on removing days • Comprehensive inspection and repair of the entire aircraft from maintenance visits • Implemented Kaizen and Gemba walks • Performed every 1-3 years (C check) or 6-10 years (D check) • Proprietary Paperless Han
Slide 48: Strong Performance Track Record in Repair
Strong Performance Track Record in Repair Driving strong profitable growth by delivering industry-leading labor efficiency and turnaround times for our customers Key accomplishments Airframe & Component MRO Sales since 2023 Investor Day ✓ Acquired Triumph Product Support, HAECO Americas, and ART1 +1
Slide 49: Large Addressable Market in Repair with Strong Secular Growth Drivers
Large Addressable Market in Repair with Strong Secular Growth Drivers Key market drivers Repair total addressable market 1 Increasing air travel driving growing airline demand for high-quality ~$50B+ today solutions, delivered on time ~2% 2 Regulations require regular maintenance Total AAR Modificat
Slide 50: Increasing Repair & Engineering Capabilities and Capacity through Targeted Acquisitions
Increasing Repair & Engineering Capabilities and Capacity through Targeted Acquisitions TRIUMPH Product Support Aircraft Reconfig Technologies – ART1 $725M $21M $35M 100+ Announced Saved in cost Announced Employees transaction value synergies transaction value Key ✓ Unlocked new repair capabilities
Slide 51: Accelerating Long-term Growth Strategy with HAECO Americas Acquisition
Accelerating Long-term Growth Strategy with HAECO Americas Acquisition Clear strategic rationale aligned Applying AAR’s proven integration with longer-term growth playbook playbook to improve profitability and position business for growth Expands hangar capacity – enabling Revenue optimization Impro
Slide 52: Expanding Hangar Capacity to Meet MRO Customer Demand
Expanding Hangar Capacity to Meet MRO Oklahoma City +80,000 sq ft Online Q1 CY 2026 Customer Demand in Key Markets Additional ~200K sq. ft. capacity expansion, with 6 lines of maintenance ~$60M incremental revenue All new capacity has already been sold to customers; focused on increasing throughput
Slide 53: Investing in Capabilities to Service Next-gen Components
Investing in Capabilities to Service Next-gen Components Adding repair Expanding Deepening OEM capabilities for engineering relationships next-generation expertise engine components OEM channel Enhancing ability to partnerships and repair Investing in capabilities perform more complex authorizations
Slide 54: PMA and DER Repair Solutions Improving Customer Outcomes
PMA and DER Repair Solutions Improving Customer Outcomes Customer AAR solution Outcomes challenges • Competitors are unable to address • Delivering proprietary solutions for Enhanced parts availability specific repair issues, or the OEM repairs that do not exist elsewhere in does not include the rep
Slide 55: Increased Efficiencies with Paperless Hangar
Increased Efficiencies with Paperless Hangar Leveraging one software platform to serve customers Paperless hangar Outcomes Before paperless hangar implementation After paperless hangar implementation Decreases downtime / maintenance turnaround time Digital record enhances safety, quality, and compli
Slide 56: Executing Repair Strategy to Deliver Growth and Increased Efficiencies
Executing Repair Strategy to Deliver Growth and Increased Efficiencies WIN MORE CORE Expand hangar capacity to meet increasing customer MRO demand Utilize complete range of Airframe & Component MRO solutions to drive growth and extend duration of customer agreements L E V E RAGE Evaluate geographic
Slide 59: Software
WIP: Draft presentation; please refer to yellow boxes in the upper right corners for Work in Progress (WIP) notes; slide design subject to change Software Andrew Schmidt SVP, Software © 2026 AAR CORP. All rights reserved worldwide 59
Slide 60: Key Messages | Software
Key Messages | Software Leading the market with the most comprehensive Industry leading 1 software portfolio cloud-based, mobile, and AI-enabled aviation aftermarket software – driving greater value across all aspects of airline & MRO technical operations Focused growth Winning new customers, growin
Slide 61: Delivering Complete and Innovative Software Solutions for the Aviation Aftermarket
Delivering Complete and Innovative Software Why we Solutions for the Aviation Aftermarket win Competitively positioned AAR Software in aviation aftermarket Software ✓ Complete suite of innovative products to modernize aviation technical operations Cloud-based system of record ✓ Advanced mobile apps
Slide 62: Trax is the Market Leader in Cloud-based and Mobile Software
Trax is the Market Leader in Cloud-based and Mobile Software Powering Airlines and MRO Technical Operations Flagship of our software portfolio 100+ 6,000+ customers commercial aircraft The core operating system that enables compliant, (~20% of global fleet) efficient, and fully connected end-to-end
Slide 63: Adaptive Software for the Aviation MRO Market
Adaptive Software for the Aviation MRO Market Product Functionality • Supports all aspects of aircraft technical operations • Modular and 100% cloud-based • Regulatory system of record, • Modern, cloud-based MRO ERP (eMRO) is the essential system of enabling end-to-end work record, helping ensure co
Slide 64: Trax Delivers Extensive Value to Customers
Trax Delivers Extensive Value to Customers Essential regulatory system of record Enables 100% digital/paperless workflows Streamlines end-to-end information flow Supports better decision-making through immediate access to data Increases maintenance efficiency Improves asset utilization Leading airli
Slide 65: Aerostrat Continues to Perform Above Expectations
Aerostrat Continues to Perform Above Expectations Core of our planning platform: long-range AUG 2025 Acquired by AAR 5,500+ aviation maintenance planning software Commercial aircraft Automates complex scheduling, ensures heavy maintenance capacity, maximizes yield, and minimizes aircraft out-of-serv
Slide 66: Aviation Parts Procurement Opportunity
Aviation Parts Procurement Opportunity Airline MRO procurement today: Fragmented, manual processes and disconnected systems • Teams spend time on repetitive manual data entry instead of strategic sourcing • Limited competitive vendor response and data-driven decision making The opportunity • Parts p
Slide 67: Transforming Parts Procurement with AI… and One (or Zero) Clicks
Transforming Parts Procurement with AI… and One (or Zero) Clicks Sourcing Agent AI generated Automates the procurement workflow recommendation from requisition to invoice (end-to-end) Confidence Score Intelligent sourcing decisions using data science and agentic AI Automated ordering controlled by A
Slide 68: Automating Parts Procurement with Airvoyant
Automating Parts Procurement with Airvoyant Customer Feedback Expanded Agentic Workforce Launched April 21, 2026 “Love the new user experience” Ordering Agent “The agentic AI approach aligns with other TechOps initiatives we have going” Demand Agent “We want agents to help us Shop Inventory Agent ma
Slide 69: Significant Growth Opportunities in Software
Significant Growth Opportunities in Software Aviation aftermarket Software Commercial Off The Shelf (COTS): ~50% Legacy systems: ~50% Peer A (Competing with airlines) Software from 1970s & 1980s Peer B (Not an MRO player) Needs to be upgraded Gaining market Significant growth share opportunities Rep
Slide 70: Executing Our Software Strategy to Accelerate Profitable Growth
Executing Our Software Strategy to Accelerate Profitable Growth Expanding with Growing portfolio Acquiring new customers WIN existing customers of solutions MORE CORE Leverage credibility Upgrade legacy Trax Create new, innovative created by Delta, ERP customers to new software solutions and America
Slide 71: Significant Progress Delivered to Date with Software
Significant Progress Delivered to Date with Software Expanding with Enhancing portfolio Acquiring new customers WIN existing customers with new solutions MORE CORE Increased annual revenue Material Reseller PTC Selected to replace legacy 4x through additional planning Servigistics TechOps ERP system
Slide 72: Government Solutions
WIP: Draft presentation; please refer to yellow boxes in the upper right corners for Work in Progress (WIP) notes; slide design subject to change Government Solutions Nicholas Gross SVP, Government Programs © 2026 AAR CORP. All rights reserved worldwide 72
Slide 73: Key Messages | Government Solutions
Key Messages | Government Solutions Market 1 leader ~$500M segment with a ~$48B pipeline opportunity; driven by shift to commercial solutions, streamlined contracting processes, and increased defense spending Differentiated Uniquely positioned to deliver commercial best practices 2 offering to gover
Slide 74: Government Solutions Segment Overview
Government Solutions Segment Overview Critical supply chain partner to our customers – improving performance and reducing total costs Key segment Key Focus financials offerings platforms • Delivering commercial best practices across • P-8 • UH-60 $514M maintenance and supply chains, increasing readi
Slide 75: Government Programs Overview
Government Programs Overview Value proposition Provide aircraft maintenance, supply chain solutions, and flight operation support for Commercial best practices provide savings government customers for customers Tailored solutions to optimize fleet readiness Global reach with the ability to simplify
Slide 76: Confident in Ability to Accelerate Growth and Capture Large Pipeline Opportunity
Confident in Ability to Accelerate Growth and Capture Large Pipeline Opportunity Key market drivers Government Programs current pipeline 1 Department of War’s growing focus on readiness and reducing total lifecycle costs $20B 5-10 years 2 Commercializing Defense Industrial Base ~$48B • Current DoW p
Slide 77: Government Solutions Provides Diversification and Balance to the AAR Portfolio
Government Solutions Provides Diversification and Balance to the AAR Portfolio Government Solutions drives incremental work across AAR Many programs require limited capital investment Steady revenue stream with customers who pay reliably and on time Business creates balance and stability during mark
Slide 78: Executing Our Government Strategy to Drive Profitable Growth
Executing Our Government Strategy to Drive Profitable Growth and Deliver Unique, Value-Add Solutions for Military Customers WIN MORE CORE Commercialize service offerings for the military; increasing adoption of commercial Parts, Repair, and Software Expand classified mod-work and increase coverage o
Slide 79: Case Study: Leveraging Contractor Field Teams to Perform Complex Aircraft Repairs
Case Study: Leveraging Contractor Field Teams to Perform Complex Aircraft Repairs Strengthening AAR’s market leadership by delivering agile, responsive, and rapid maintenance solutions to the U.S. Department of War Customer Unique AAR solution Outcomes challenge ~240 aircraft delivered • Air Force L
Slide 80: Key Messages | Government Solutions
Key Messages | Government Solutions Market 1 leader ~$500M segment with a ~$48B pipeline opportunity; driven by shift to commercial solutions, streamlined contracting processes, and increased defense spending Differentiated Uniquely positioned to deliver commercial best practices 2 offering to gover
Slide 82: Key Messages | Financial Overview
Key Messages | Financial Overview Delivering consistent Successfully generating growth and margin 1 financial results expansion Strong, flexible 2 balance sheet Moderate leverage to support value-accretive capital deployment opportunities Disciplined M&A 3 strategy & framework objectives and shareho
Slide 83: Clear Transformative Strategic and Financial Actions
Clear Transformative Strategic and Financial Actions… Added differentiated capabilities through strategic acquisitions in key business lines: Parts, Repair, Software Simplified the portfolio by exiting / restructuring non-core businesses Extended our leading position in core activities (e.g., Airfra
Slide 84: Resulted in Strong Financial Performance
…Resulted in Strong Financial Performance Adj. Sales ($M) Adj. EBITDA ($M) Adj. EPS and margin (%) +15% CAGR +26% CAGR +19% CAGR ~90 avg. bps/yr $3,116 $4.67 $2,748 $376 $3.91 $2,321 $324 $3.33 $1,991 $1,817 $2.86 $242 $2.41 $190 11.8% 12.1% $156 10.4% 9.5% 8.6% FY 2022 FY 2023 FY 2024 FY 2025 LTM F
Slide 85: Strong Balance Sheet with Ample Liquidity
Strong Balance Sheet with Ample Liquidity Pro Forma Adjusted Net Leverage Cash and Cash Equivalents $79M Acquired TPS Target leverage 3.30x 2.0x – Total Debt $895M 2.72x 2.17x 2.5x Net Debt $817M 1.07x Available Credit $761M FY 2023 FY 2024 FY 2025 LTM Q3 FY26 Debt maturity schedule ($M) Total Avail
Slide 86: Clear Strategy to Drive Improved Cash Conversion
Clear Strategy to Drive Improved Cash Conversion Cash from Operations as % of Adj. EBITDA 40% ~30%+ 30% Working capital 25% management Growth in strong • Higher inventory Exit of less cash flow turns 20% 18% cash-generative activities • Lower AR days businesses • Repair 12% 11% • Landing Gear • Gove
Slide 87: Balanced and Disciplined Capital Allocation Strategy Driving Value Creation
Balanced and Disciplined Capital Allocation Strategy Driving Value Creation Capital allocation priorities 1 2 3 4 Organic investment M&A to accelerate Maintain flexible Returns to to drive growth strategic execution balance sheet shareholders • Support new business • Disciplined adherence • Target P
Slide 88: Repositioned the Portfolio through Strategic M&A and Divestitures
Repositioned the Portfolio through Strategic M&A and Divestitures Simplified and enhanced portfolio offers larger scale, higher growth, and higher margins Date closed March 2023 March 2024 August 2025 September 2025 November 2025 April 2026 Global provider of Provider of aircraft MRO Global distribu
Slide 89: Continuing to Execute Disciplined, Programmatic M&A Strategy
Continuing to Execute Disciplined, Programmatic M&A Strategy Focus areas Strategic filters Financial criteria • Additional new parts • Accelerates execution of • Accretive to revenue growth Distribution product lines and strategic objectives or adj. EBITDA margins end-markets • Differentiated capabi
Slide 90: Financial Framework
Financial Total AAR Total AAR excluding Legacy Framework Commercial Programs Adj. Sales 6 – 10% 8 – 12% 3-year targets CAGR Adj. EBITDA margin 13%+ 13 – 14%+ Adj. EPS CAGR ~15% ~15%+ Operating Cash Flow as % of adj. EBITDA ~30%+ ~30% • Target CAGRs reflect growth • Cash conversion expected to Releva
Slide 91: Adjusted Sales Growth Bridge
Adjusted Sales Growth Bridge Key tailwinds Sustained commercial air travel growth over medium-to-long term with fleet age remaining elevated 8 - 12% 6 - 10% CAGR CAGR Expect continued above-market growth in new parts Distribution Legacy Commercial Continued penetration of software market Government
Slide 92: Adj. EBITDA Margin Expansion Bridge
Adj. EBITDA Margin Expansion Bridge Key tailwinds Growth in higher-margin Parts, Software, and Component MRO activities Continued efficiency gains in Airframe MRO 13 – 14%+ Mix-shift toward higher-margin programs 13% within Government Solutions Legacy Scale on fixed costs Commercial ~12% Programs wi
Slide 95: Why Invest in AAR | Compelling Investment Opportunity
Why Invest in AAR | Compelling Investment Opportunity 1 Multi-year investments creating a resilient aviation aftermarket platform underpinned by long-term secular growth High-performance culture focused on safety, quality, 2 compliance, and execution enabling industry-leading customer service 3 Clea
Slide 97: Non-GAAP financial measures
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 $2,780.
Slide 98: Non-GAAP financial measures
Non-GAAP financial measures Adjusted operating income Year ended May 31, ($ 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 $2,780.5 Contr
Slide 99: Non-GAAP financial measures
Non-GAAP financial measures Adjusted diluted EPS from continuing operations Last twelve months ended Year ended May 31, February 28, ($ 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 100: Non-GAAP financial measures
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 101: Non-GAAP financial measures - 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 102: Non-GAAP financial measures – new segmentation
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 103: Non-GAAP financial measures – new segmentation
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 104: Non-GAAP financial measures – new segmentation
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 105: Non-GAAP financial measures – new segmentation
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 106: Non-GAAP financial measures
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 $0.0
Slide 107: Non-GAAP financial measures
Non-GAAP financial measures Consolidated Last twelve Three months ended Year ended Three months ended months ended August 31, November 30, February 28, May 31, May 31, August 31, November 30, February 28, February 28, ($ in millions) 2024 2024 2025 2025 2025 2025 2025 2026 2026 Sales $661.7 $686.1 $
Slide 108: Non-GAAP financial measures – 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 109: Non-GAAP financial measures – prior segmentation
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 110: Non-GAAP financial measures – prior segmentation
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 111: Non-GAAP financial measures – prior segmentation
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
Slide 113: John M. Holmes
John M. Holmes Chairman, President and Chief Executive Officer John M. Holmes is Chairman, President and CEO of AAR CORP. (NYSE: AIR), a leading aviation services provider to commercial and government customers worldwide. The $2.8B company serves customers in 100+ countries, with nearly 8,000 employ
Slide 114: Chris Jessup
Chris Jessup SVP and Chief Commercial Officer Christopher A. Jessup is Senior Vice President and Chief Commercial Officer at AAR. Jessup joined AAR in 2008 when the Company acquired Avborne, Inc., where he held various senior executive roles in sales, marketing and business development dating back t
Slide 115: Frank Landrio
Frank Landrio SVP, Distribution Frank Landrio is Senior Vice President, Distribution of AAR. In his role overseeing AAR's Distribution division, Mr. Landrio fosters strategic partnerships with OEMs to maximize their global commercial and military aftermarket sales Landrio joined AAR in 2007 as Vice
Slide 116: Tom Hoferer
Tom Hoferer SVP, Repair & Engineering Tom Hoferer is Senior Vice President, Repair & Engineering of AAR. Hoferer leads AAR’s Maintenance, Repair, and Overhaul (MRO) Services and Mobility Systems operations. He is recognized for strengths in performance management, strategic planning, and building te
Slide 117: Andrew Schmidt
Andrew Schmidt SVP, Software Andrew Schmidt is Senior Vice President of Software for AAR. Schmidt is responsible for scaling AAR’s software business by growing its customer base, enhancing customer support, and expanding product offerings through digital innovation. He helps to execute the Company’s
Slide 118: Nicholas Gross
Nicholas Gross SVP, Government Programs Nicholas Gross is Senior Vice President, Government Programs for AAR. Gross joined AAR in 2016 to oversee the development of custom solutions for government fleets worldwide and to enhance the Company’s aviation supply chain and contractor logistics support. I
Slide 119: Dylan Wolin
Dylan Wolin SVP and Chief Financial Officer Dylan Wolin is Senior Vice President and Chief Financial Officer of AAR and oversees AAR’s finance, accounting, tax, treasury, investor relations, and corporate development functions. Wolin rejoined AAR in 2026 from Federal Signal Corporation where he serv

AAR — Investor Day (May 2026) on 6ix

Aar — Investor Day (May 2026)

Slide 1: Investor Day | May 12, 2026

Slide 2: Forward-Looking Statements

Slide 3: Simplified Segmentation Aligned to Parts, Repair, and Software Platform Approach

Slide 4: Q4 and FY2026 Outlook

Slide 5: Today's Agenda

Slide 6: Strategic Update

Slide 7: Key Messages

Slide 8: The Independent Leader in the Aviation Aftermarket

Slide 9: From Legacy Operator to High-Quality Aviation Platform

Slide 10: AAR Has Transformed

Slide 11: © 2026 AAR CORP. All rights reserved worldwide

Slide 12: Track Record of Strong Financial Performance

Slide 13: On Track to Achieve / Exceed Our Updated 2023 Investor Day Targets

Slide 14: Experienced Leadership Team Executing Our Strategy

Slide 15: AAR's Culture of 'Doing it right. Nonstop.'

Slide 16: Highly Diversified Base of Customers and OEMs

Slide 17: Why AAR Wins

Slide 18: Focused strategy

Slide 19: Parts

Slide 20: Repair

Slide 21: Software

Slide 22: Government Solutions

Slide 23: Integrated Business: Platform for Self-Reinforcing Growth

Slide 24: Clear Strategy for Long-term Value Creation

Slide 25: The AAR Financial Framework

Slide 26: Aviation Aftermarket Overview

Slide 27: Strong Secular Trends are Driving Aviation Aftermarket Growth

Slide 28: Industry Requirements Drive Demand

Slide 29: Global Commercial Air Travel Growth Remains Resilient

Slide 30: Growing & Aging Global Aircraft Fleet

Slide 31: Large Opportunity in Aviation Aftermarket

Slide 32: Positioned to Capture Value Across Growing Maintenance Software Workflow

Slide 33: Shifting Priorities Create Large & Growing Government Solutions Opportunity

Slide 34: Parts

Slide 35: Key Messages | Parts

Slide 36: Parts Supply Segment Overview

Slide 37: Parts Distribution Overview

Slide 38: Leading Independent Parts Provider with Unique Competitive Advantages

Slide 39: Accelerating Growth by Capturing Adjacent Aftermarket, International & OEM Opportunities

Slide 40: Strong Distribution Performance Track Record

Slide 41: Large and Growing Addressable Market with Significant Runway for Growth

Slide 42: Continuing to Accelerate Distribution Growth and Drive Margin Expansion

Slide 43: Repair

Slide 44: Key Messages | Repair

Slide 45: Repair, Engineering, & Software Segment Overview

Slide 46: Repair Overview

Slide 47: Driving Industry-leading Turnaround Times

Slide 48: Strong Performance Track Record in Repair

Slide 49: Large Addressable Market in Repair with Strong Secular Growth Drivers

Slide 50: Increasing Repair & Engineering Capabilities and Capacity through Targeted Acquisitions

Slide 51: Accelerating Long-term Growth Strategy with HAECO Americas Acquisition

Slide 52: Expanding Hangar Capacity to Meet MRO Customer Demand

Slide 53: Investing in Capabilities to Service Next-gen Components

Slide 54: PMA and DER Repair Solutions Improving Customer Outcomes

Slide 55: Increased Efficiencies with Paperless Hangar

Slide 56: Executing Repair Strategy to Deliver Growth and Increased Efficiencies

Slide 57: Q&A

Slide 58: Break

Slide 59: Software

Slide 60: Key Messages | Software

Slide 61: Delivering Complete and Innovative Software Solutions for the Aviation Aftermarket

Slide 62: Trax is the Market Leader in Cloud-based and Mobile Software

Slide 63: Adaptive Software for the Aviation MRO Market

Slide 64: Trax Delivers Extensive Value to Customers

Slide 65: Aerostrat Continues to Perform Above Expectations

Slide 66: Aviation Parts Procurement Opportunity

Slide 67: Transforming Parts Procurement with AI… and One (or Zero) Clicks

Slide 68: Automating Parts Procurement with Airvoyant

Slide 69: Significant Growth Opportunities in Software

Slide 70: Executing Our Software Strategy to Accelerate Profitable Growth

Slide 71: Significant Progress Delivered to Date with Software

Slide 72: Government Solutions

Slide 73: Key Messages | Government Solutions

Slide 74: Government Solutions Segment Overview

Slide 75: Government Programs Overview

Slide 76: Confident in Ability to Accelerate Growth and Capture Large Pipeline Opportunity

Slide 77: Government Solutions Provides Diversification and Balance to the AAR Portfolio

Slide 78: Executing Our Government Strategy to Drive Profitable Growth

Slide 79: Case Study: Leveraging Contractor Field Teams to Perform Complex Aircraft Repairs