Slide 1: Investor Presentation
Investor Presentation September 2025
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 statements relating to future results, which are forward-looking statements as that term is defined in the Private Securities Lit
Slide 3: AAR Overview
AAR Overview Leader in Aviation Aftermarket Services
Slide 4: AAR Business Overview
AAR Business Overview Leading, Independent, Pure-play Aviation Aftermarket Services Provider AIR Sales by Segment… …by Customer Type …by Geography NYSE Ticker Other Expeditionary Services APAC $2.7B Parts Supply Gov’t FY2025 Adj. Sales Integrated EMEA Solutions $324M Repair & Engineering Commercial
Slide 5: AAR Transformation: More Focus, More Growth, More Margin
AAR Transformation: More Focus, More Growth, More Margin Past Present Future • Diverse portfolio • Focused, connected portfolio in core • Pure play provider of aftermarket aviation aftermarket aviation services services • Little intellectual property • Exited / restructured multiple non-core • Diffe
Slide 6: What We Do
What We Do Three Core Business Segments Parts Supply Repair & Engineering Integrated Solutions Used Serviceable Distribution Airframe MRO Component Services Government Commercial Trax Material (USM) • Distributor of new • Largest independent • Largest independent • Diverse capabilities • Complex • F
Slide 7: Broad Range of Services Drives a Virtuous Cycle of Growth
Broad Range of Services Drives a Virtuous Cycle of Growth Parts Supply: Distribution & USM CUSTOMER CASE STUDY • Sourcing to supply Repair & Engineering and Integrated Solutions • Legacy Airframe MRO and Parts • Data for use in repair capability development Supply customer • Sales channels supported
Slide 8: Strategic objectives for FY26
Strategic objectives for FY26 Market share gains and • Win market share via new business wins in new parts Distribution new business wins • Complete Oklahoma City hangar expansion; progress on Miami hangar • Drive Component Services volume through cross selling • New business wins in Integrated Solu
Slide 9: Finance Overview
Finance Overview Generating Growth and Margin Expansion; Disciplined Approach to Capital Allocation
Slide 10: Successfully Delivering Accelerating Growth and Margin Expansion
Successfully Delivering Accelerating Growth and Margin Expansion Adj. Sales ($M) Adj. EBITDA ($M) and Margin ✓ Strong execution driving CAGR 14.8% CAGR significant Adjusted EBITDA $2,748 27.5% margin expansion $324 $2,321 ✓ Growth in Distribution and improved efficiency in $1,991 $242 $1,817 11.8% A
Slide 11: Disciplined Balance Sheet Management and Capital Allocation Priorities
Disciplined Balance Sheet Management and Capital Allocation Priorities CAPITAL ALLOCATION PRIORITIES Maintain Flexible Balance Sheet Pro Forma Net Leverage • Target net leverage ratio of 2.0x – 2.5x Lower by • Max leverage ratio of ~3.75x EBITDA 0.86x Organic Investment to Drive Growth 3.58 • Suppor
Slide 12: Clear path to growth and increased profitability
Clear path to growth and increased profitability Multi-pronged growth and margin expansion plan 5 Plannin g 4 Plannin Continued g 3 Plannin M&A Digital and IP g 2 Plannin enabled g Cost efficiency offerings: Trax, 1 Plannin and synergy PMA $324 Market share g realization $242 11.8% Strong gains and
Slide 13: Appendix
Appendix
Slide 14: Non-GAAP financial measures
Non-GAAP financial measures Adjusted EBITDA: FY15 and FY22 through FY25 ($ in millions) FY15 FY22 FY23 FY24 FY25 Sales $1,448.0 $1,820.0 $1,990.5 $2,318.9 $2,780.5 Net income 10.2 78.7 90.2 46.3 12.5 Net income margin 0.7% 4.3% 4.5% 2.0% 0.4% Sales $1,448.0 $1,820.0 $1,990.5 $2,318.9 $2,780.5 Contra
Slide 15: Non-GAAP financial measures
Non-GAAP financial measures Net Leverage ($ in millions) Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Total debt $277.0 $997.0 $992.0 $997.0 $1,032.0 $977.0 Less: cash and cash equivalents (69.2) (85.8) (49.3) (61.7) (84.4) (96.5) Net debt $207.8 $911.2 $942.7 $935.3 $947.6 $880.5 Adjusted EBITDA
Slide 16: Non-GAAP financial measures
Non-GAAP financial measures FY15 Sales by segment ($ in millions) Parts Supply $464.3 Repair & Engineering 469.4 Integrated Solutions 382.4 Aviation Services 1,316.1 (a) Expeditionary Services 131.9 Total Sales $1,448.0 (a) Restated to reflect the reclassification of our Contractor-Owned, Contractor