Slide 1: AAR CORP. Segment Realignment
AAR CORP. Segment Realignment May 6, 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 may contain certain statements relating to future results, which are forward-looking statements as that term is defined in the Private Securities
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. Operating Income margin ✓ Segments aligned to Prior New core, focused operations Expeditionary Services 10.1% 10.1% Legacy Commercial Programs Mobility Systems 12.8% 2.1% Commercial Programs 9.
Slide 4: Simplified segmentation aligned to Parts, Repair, and Software platform approach
Simplified segmentation aligned to Parts, Repair, and Software platform approach LTM Q3 FY26 Adj. EBITDA margin Prior New Expeditionary Services 12.1% 12.1% Legacy Commercial Programs Mobility Systems Commercial Programs 14.7% 5.3% Integrated Solutions 10.9% Government Solutions Government Programs
Slide 5: Simplified segmentation aligned to Parts, Repair, and Software platform approach
Simplified segmentation aligned to Parts, Repair, and Software platform approach LTM Q3 FY26 Adj. Sales Prior New Expeditionary Services $3.1B $3.1B Legacy Commercial Programs Mobility Systems $89M Commercial Programs $234M Integrated Solutions Government Solutions Government Programs $710M $514M Go
Slide 6: Appendix
Appendix © 2026 AAR CORP. All rights reserved worldwide. 6
Slide 7: Non-GAAP financial measures – new segmentation
Non-GAAP financial measures – new segmentation Parts Supply Last twelve Three months ended Year ended Three months ended months ended August 31, November 30, February 28, May 31, May 31, August 31, November 30, February 28, February 28, ($ in millions) 2024 2024 2025 2025 2025 2025 2025 2026 2026 Sa
Slide 8: 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 9: 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 10: 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 11: 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 12: 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 13: 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 14: 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 15: 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 16: 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 $0.0
Slide 17: Non-GAAP financial measures
Non-GAAP financial measures Consolidated Last twelve Three months ended Year ended Three months ended months ended August 31, November 30, February 28, May 31, May 31, August 31, November 30, February 28, February 28, ($ in millions) 2024 2024 2025 2025 2025 2025 2025 2026 2026 Sales $661.7 $686.1 $