Aircastle Announces Fourth Quarter and Full Year 2025 Results

Three Months Ended February 28, 2026

• Net income of $57 million on total revenues of $251 million and Adjusted EBITDA⁽²⁾ of $230 million;
• 22% increase to total revenue compared to fourth quarter 2024;
• Acquired 14 aircraft for $395 million; and
• Sold 13 aircraft and other flight equipment, including one B777-300ER, for proceeds of $361 million and gains on sale or disposition of $36 million;

Full Year Ended February 28, 2026

• Net income of $194 million, up 57% compared to $124 million in fiscal 2024;⁽¹⁾
• Acquired 46 aircraft during fiscal year 2025 for $1.7 billion; 51% of NBV as of February 28, 2026 composed of new technology aircraft;
• Sold 33 aircraft and other flight equipment with an average age of 17 years for proceeds of $730 million and a gain on sale or disposition of $96 million;
• Collected insurance settlement proceeds of $71 million; and
• Executed 174 transactions for fiscal year 2025, largely comprised of purchases, sales, lease  amendments, and extensions.

Liquidity & Credit Ratings

• Raised $1.25 billion in new financings from $650 million of unsecured senior notes at 5.000% and a $600 million unsecured term loan with 18 lenders;
• Extended $500 million of shareholder-affiliated revolving credit facilities;
• Ratings upgrades to Baa2 and BBB by Moody's and Standard & Poor's respectively;
• As of April 1, 2026, total liquidity of $2.6 billion includes $2.0 billion of undrawn credit facilities, $0.5 billion of projected adjusted operating cash flows through April 1, 2025, and $0.1 billion of unrestricted cash;
• As of February 28, 2025, we have 273 unencumbered aircraft and other flight equipment with a net book value of $8.4 billion.

STAMFORD, Conn., April 21, 2026 /PRNewswire/ -- Mike Inglese, Aircastle's Chief Executive Officer, commented, "During fiscal 2025, Aircastle's improved profitability and a strengthened fleet were recognized by ratings upgrades from both S&P and Moody's. We completed the year with 46 aircraft acquisitions, adding $1.7 billion in NBV.  New technology aircraft accounted for 51% of our fleet NBV at the end of the fiscal year.  Robust trading activity during the year also included the sale of 33 aircraft which generated gains of $96 million. Net income for fiscal 2025 improved 57% reflecting an outstanding year for our unique business."

Mr. Inglese concluded, "Recent events in the Middle East bring new uncertainties for airlines, most notably surging fuel costs. However, airlines have proven adept at managing through disruptions and global demand for travel is sustaining. As we move into 2026 with heightened vigilance, we plan to continue enhancing our fleet through our disciplined investment approach while efficiently accessing capital markets."

Aviation Assets

As of February 28, 2026, Aircastle owned 277 aircraft and other flight equipment having a net book value of $8.5 billion.  In addition we managed 5 aircraft.

Conference Call

In connection with this press release, management will host a conference call on Tuesday, April 21, 2026, at 9:00 A.M. Eastern Time.  All interested parties are welcome to participate on the live call.  The conference call can be accessed by dialing +1 (800) 836-8184 (from within the U.S. and Canada) or +1 (646) 357-8785 (outside the U.S. and Canada) ten minutes prior to the scheduled start. Please reference our company name "Aircastle" when prompted by the operator.

A simultaneous webcast of the conference call will be available to the public on a listen-only basis at www.aircastle.com. Please allow extra time prior to the call to visit the site and download the necessary software required to listen to the internet broadcast.

For those who are not available to listen to the live call, a replay will be available on Aircastle's website shortly after the live call.

About Aircastle Limited

Aircastle Limited acquires, leases, and sells commercial jet aircraft to airlines worldwide.  As of February 28, 2026, Aircastle owned and managed 282 aircraft leased to 76 customers located in 45 countries.

Safe Harbor

All statements in this press release, other than characterizations of historical fact, are forward-looking statements within the meaning of the federal securities laws, including the Private Securities Litigation Reform Act of 1995.  Examples of forward-looking statements include, but are not necessarily limited to, statements relating to our proposed public offering of notes and our ability to acquire, sell, lease or finance aircraft, raise capital, pay dividends, and increase revenues, earnings, EBITDA and Adjusted EBITDA and the global aviation industry and aircraft leasing sector. Words such as "anticipates," "expects," "intends," "plans," "projects," "believes," "may," "will," "would," "could," "should," "seeks," "estimates" and variations on these words and similar expressions are intended to identify such forward-looking statements.  These statements are based on our historical performance and that of our subsidiaries and on our current plans, estimates and expectations and are subject to a number of factors that could lead to actual results materially different from those described in the forward-looking statements; Aircastle can give no assurance that its expectations will be attained.  Accordingly, you should not place undue reliance on any such forward-looking statements which are subject to certain risks and uncertainties that could cause actual results to differ materially from those anticipated as of the date of this press release.  These risks or uncertainties include, but are not limited to, those described from time to time in Aircastle's filings with the SEC and previously disclosed under "Risk Factors" in Item 1A of Aircastle's most recent Form 10-K and any subsequent filings with the SEC.  In addition, new risks and uncertainties emerge from time to time, and it is not possible for Aircastle to predict or assess the impact of every factor that may cause its actual results to differ from those contained in any forward-looking statements.  Such forward-looking statements speak only as of the date of this press release.  Aircastle expressly disclaims any obligation to revise or update publicly any forward-looking statement to reflect future events or circumstances.

We define EBITDA as income (loss) from continuing operations before income taxes, interest expense, and depreciation and amortization. We use EBITDA to assess our consolidated financial and operating performance, and we believe this non-U.S. GAAP measure is helpful in identifying trends in our performance.

This measure provides an assessment of controllable expenses and affords management the ability to make decisions which are expected to facilitate meeting current financial goals, as well as achieving optimal financial performance. It provides an indicator for management to determine if adjustments to current spending decisions are needed.

EBITDA provides us with a measure of operating performance because it assists us in comparing our operating performance on a consistent basis as it removes the impact of our capital structure (primarily interest charges on our outstanding debt) and asset base (primarily depreciation and amortization) from our operating results. Accordingly, this metric measures our financial performance based on operational factors that management can impact in the short-term, namely the cost structure, or expenses, of the organization. EBITDA is one of the metrics used by senior management and the Board of Directors to review the consolidated financial performance of our business.

We define Adjusted EBITDA as EBITDA (as defined above) further adjusted to give effect to adjustments required in calculating covenant ratios and compliance as that term is defined in the indenture governing our senior unsecured notes. Adjusted EBITDA is a material component of these covenants.

Contact:
Aircastle (Ireland) DAC (US Branch)
Jim Connelly, SVP ESG & Corporate Communications
Tel: +1-203-504-1871
[email protected] 

SOURCE Aircastle Ireland DAC