Exhibit 99.1

AAR reports first quarter fiscal year 2026 results

Wood Dale, Illinois, September 23, 2025 — AAR CORP. (NYSE: AIR), a leading provider of aviation services to commercial and government operators, MROs, and OEMs, reported today financial results for the fiscal year 2026 first quarter ended August 31, 2025.

FIRST QUARTER FISCAL YEAR 2026 HIGHLIGHTS

(As compared to Q1 FY2025)

“Our first quarter was a strong start to the fiscal year as we drove significant growth across all of our segments. Adjusted sales were up 17% organically largely driven by Parts Supply which was up 27% in the quarter. Once again, we saw exceptional performance out of our new parts Distribution activities as we continue to win new business and expand our market share,” said John M. Holmes, AAR’s Chairman, President and CEO.

“Our solid operational performance across Parts Supply and Repair & Engineering, as well as cost discipline, resulted in adjusted EBITDA up 18%, with adjusted EBITDA margins expanding to 11.7% from 11.3% last year.”

“During the quarter, we made investments across the Company with particular focus on supporting continued the rapid growth in Parts Supply. We also acquired Aerostrat, adding to our Trax software capabilities. As we convert these investments into profitable growth, we expect to generate positive operating cash flows over the remainder of the fiscal year.”

Holmes concluded, “We remain focused on our strategic objectives and our financial position is strong. We anticipate our sales growth will continue across all of our segments. Demand for our Parts Supply offerings remains very high and we have invested in inventory to support that demand. In Repair & Engineering, our existing hangars have a multi-year backlog and the 15% new capacity coming online in Oklahoma City and Miami in calendar 2026 has also been sold out. Additionally, we are encouraged by continued growth across our government activities and also excited by the opportunities we see for Trax within our Integrated Solutions segment. Finally, we are seeing the benefits of our prior investments and portfolio upgrades and we expect these actions to continue to drive further margin improvement and cash flow generation.”

RECENT UPDATES

NEW BUSINESS

PORTFOLIO UPDATE

FIRST QUARTER FISCAL YEAR 2026 RESULTS

Consolidated first quarter sales increased 12% to $739.6 million, compared to $661.7 million in the same quarter last year. Sales to commercial customers increased 11%, or $50.4 million, primarily due to double digit growth across both aftermarket parts trading and new parts Distribution within the Company’s Parts Supply segment. Sales to government customers increased 15% over the same period last year, primarily due to increased order volume for new parts Distribution activities. Sales to commercial customers were 71% of consolidated sales in both the current and prior year quarters.

The Company reported net income of $34.4 million, or $0.95 per diluted share. For the first quarter of the prior year, the Company reported net income of $18.0 million, or $0.50 per diluted share. Adjusted diluted earnings per share in the first quarter of fiscal year 2026 were $1.08, compared to $0.85 in the first quarter of the prior year.

Selling, general, and administrative expenses were $71.2 million in the current quarter, compared to $75.9 million in the prior year quarter. Acquisition, amortization, and integration expenses were $4.4 million in the quarter, compared to $7.1 million in the prior year quarter.

Operating margins were 8.8% in the quarter, compared to 6.6% in the prior year quarter. Adjusted operating margin increased to 9.7% in the current year quarter from 9.1% in the prior year quarter, primarily as a result of increased volume and profitability in our new parts Distribution activities.

Net interest expense for the quarter was $18.5 million, compared to $18.3 million last year. Average diluted share count increased from 35.6 million shares in the prior year quarter to 35.9 million shares in the current year quarter.

Cash flow used in operating activities was $44.9 million during the current quarter, compared to $18.6 million of cash used in the prior year quarter. As of August 31, 2025, net debt was $950.0 million and net leverage was 2.82x.

Conference call information

On Tuesday, September 23, 2025, at 4 p.m. Central time, AAR will hold a conference call to discuss the results. A listen-only webcast and slides can be accessed at https://edge.media-server.com/mmc/p/kv7caivs. Participants may join via phone by registering at https://register-conf.media-server.com/register/BI7581c58558ab4bbca7c34164605107b2. Once registered, participants will receive a dial-in number and a unique PIN that will allow them to access the call.

A replay of the conference call will be available for on-demand listening shortly after the completion of the call at the webcast link and will remain available for approximately one year.

The slides are also available on AAR’s website at https://www.aarcorp.com/en/investors/events-and-presentations/.

About AAR

AAR is a global aerospace and defense aftermarket solutions company with operations in over 20 countries. Headquartered in the Chicago area, AAR supports commercial and government customers through four operating segments: Parts Supply, Repair & Engineering, Integrated Solutions, and Expeditionary Services. Additional information can be found at aarcorp.com/.

Contact: Investor Relations | +1-630-227-5830 | investors@aarcorp.com

This press release contains certain statements relating to future results, which are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995, which reflect management’s expectations about future conditions, including, but not limited to, continued demand in the commercial and government aviation markets; market position; anticipated activities and benefits related to new or expanding business relationships; contributions from acquisitions; expansion of capabilities and operational footprint; opportunities for margin improvement through operations, integration activities and other efficiency initiatives; and continued sales growth, earnings performance, debt management, and capital allocation.

Forward-looking statements often address our expected future operating and financial performance and financial condition, or targets, goals, commitments, and other business plans, and often may also be identified because they contain words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “likely,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “seek,” “should,” “target,” “will,” “would,” or similar expressions and the negatives of those terms.

These forward-looking statements are based on the beliefs of Company management, as well as assumptions and estimates based on information available to the Company as of the dates such assumptions and estimates are made, and are subject to certain risks and uncertainties that could cause actual results to differ materially from historical results or those anticipated, depending on a variety of factors, including: (i) factors that adversely affect the commercial aviation industry; (ii) adverse events and negative publicity in the aviation industry; (iii) a reduction in sales to the U.S. government and its contractors; (iv) cost overruns and losses on fixed-price contracts; (v) nonperformance by subcontractors or suppliers; (vi) our ability to manage our operational footprint; (vii) a reduction in outsourcing of maintenance activity by airlines; (viii) a shortage of skilled personnel or work stoppages; (ix) competition from other companies; (x) financial, operational and legal risks arising as a result of operating internationally; (xi) inability to integrate acquisitions effectively and execute operational and financial plans related to the acquisitions; (xii) failure to realize the anticipated benefits of acquisitions; (xiii) circumstances associated with divestitures; (xiv) inability to recover costs due to fluctuations in market values for aviation products and equipment; (xv) cyber or other security threats or disruptions; (xvi) a need to make significant capital expenditures to keep pace with technological developments in our industry; (xvii) restrictions on use of intellectual property and tooling important to our business; (xviii) inability to fully execute our stock repurchase program and return capital to stockholders; (xix) limitations on our ability to access the debt and equity capital markets or to draw down funds under loan agreements; (xx) our ability to manage our debt; (xxi) non-compliance with restrictive and financial covenants contained in our debt and loan agreements; (xxii) changes in or non-compliance with laws and regulations related to federal contractors, the aviation industry, international operations, safety, and environmental matters, and the costs of complying with such laws and regulations; and (xxiii) exposure to product liability and property claims that may be in excess of our liability insurance coverage. Should one or more of those risks or uncertainties materialize adversely, or should underlying assumptions or estimates prove incorrect, actual results may vary materially from those described.

For a discussion of these and other risks and uncertainties, refer to our Annual Report on Form 10-K, Part I, “Item 1A, Risk Factors” and our other filings filed from time to time with the U.S Securities and Exchange Commission. These events and uncertainties are difficult or impossible to predict accurately and many are beyond the Company’s control. The risks described in these reports are not the only risks we face, as additional risks and uncertainties are not currently known or foreseeable or impossible to predict accurately or risks that are beyond the Company’s control or deemed immaterial may materially adversely affect our business, financial condition or results of operations in future periods. We assume no obligation to update any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events, except as required by law.

AAR CORP. and subsidiaries

AAR CORP. and subsidiaries

AAR CORP. and subsidiaries

AAR CORP. and subsidiaries

Adjusted net income, adjusted diluted earnings per share, adjusted sales, organic sales growth, adjusted organic sales growth, adjusted operating margin, adjusted cash flow used in operating activities, adjusted EBITDA, adjusted EBITDA margin, net debt, and net debt to adjusted EBITDA (net leverage) are “non-GAAP financial measures” as defined in Regulation G of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). We believe these non-GAAP financial measures are relevant and useful for investors as they illustrate our core operating performance, cash flows, and leverage unaffected by the impact of certain items that management does not believe are indicative of our ongoing and core operating activities. When reviewed in conjunction with our GAAP results and the accompanying reconciliations, we believe these non-GAAP financial measures provide additional information that is useful to gain an understanding of the factors and trends affecting our business and provide a means by which to compare our operating performance and leverage against that of other companies in the industries we compete. These non-GAAP measures should be considered as a supplement to, and not as a substitute for, or superior to, the corresponding measures calculated in accordance with GAAP.

Our non-GAAP financial measures reflect adjustments for certain items including, but not limited to, the following:

Adjusted EBITDA is net income before interest income (expense), other income (expense), income taxes, depreciation and amortization, stock-based compensation, and items of an unusual nature including but not limited to business divestitures and acquisitions, FCPA settlement and investigation costs, certain legal judgments, acquisition, integration, and amortization expenses from recent acquisition activity, and significant customer contract terminations.

Pursuant to the requirements of Regulation G of the Exchange Act, we are providing the following tables that reconcile the above-mentioned non-GAAP financial measures to the most directly comparable GAAP financial measures:

Exhibit 99.2

© 2025 AAR CORP. All rights reserved worldwide. 1 First Quarter Fiscal Year 2026 Earnings Call September 23, 2025 © 2025 AAR CORP.

All rights reserved worldwide. 2 Note : All results and expectations in the presentation reflect continuing operations unless otherwise noted . This presentation contain s certain statements relating to future results, which are forward - looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995 , which reflect management’s expectations about future conditions , including, but not limited to, continued demand in the commercial and government aviation markets, anticipated activities and benefits under extended, expanded and new services, supply and distribution agreements, contributions from our acquisitions, production efficiencies in our hangars and progress on hangar expansions, continued sales growth, margin expansion, debt management, capital allocation and expenses . These forward - looking statements are based on the beliefs of Company management, as well as assumptions and estimates based on information available to the Company as of the dates such assumptions and estimates are made, and are subject to certain risks and uncertainties that could cause actual results to differ materially from historical results or those anticipated, depending on a variety of factors, including : ( i ) factors that adversely affect the commercial aviation industry ; (ii) adverse events and negative publicity in the aviation industry ; (iii) a reduction in sales to the U . S . government and its contractors ; (iv) cost overruns and losses on fixed - price contracts ; (v) nonperformance by subcontractors or suppliers ; (vi) our ability to manage our operational footprint ; (vii) a reduction in outsourcing of maintenance activity by airlines ; (viii) a shortage of skilled personnel or work stoppages ; (ix) competition from other companies ; (x) financial, operational and legal risks arising as a result of operating internationally ; (xi) inability to integrate acquisitions effectively and execute operational and financial plans related to the acquisitions ; (xii) failure to realize the anticipated benefits of acquisitions ; (xiii) circumstances associated with divestitures ; (xiv) inability to recover costs due to fluctuations in market values for aviation products and equipment ; (xv) cyber or other security threats or disruptions ; (xvi) a need to make significant capital expenditures to keep pace with technological developments in our industry ; (xvii) restrictions on use of intellectual property and tooling important to our business ; (xviii) inability to fully execute our stock repurchase program and return capital to stockholders ; (xix) limitations on our ability to access the debt and equity capital markets or to draw down funds under loan agreements ; (xx) our ability to manage our debt ; (xxi) non - compliance with restrictive and financial covenants contained in our debt and loan agreements ; (xxii) changes in or non - compliance with laws and regulations related to federal contractors, the aviation industry, international operations, safety, and environmental matters, and the costs of complying with such laws and regulations ; and (xxiii) exposure to product liability and property claims that may be in excess of our liability insurance coverage . Should one or more of those risks or uncertainties materialize adversely, or should underlying assumptions or estimates prove incorrect, actual results may vary materially from those described . For a discussion of these and other risks and uncertainties, refer to our Annual Report on Form 10 - K, Part I, “Item 1 A, Risk Factors” and our other filings filed from time to time with the U . S . Securities and Exchange Commission . We assume no obligation to update any forward - looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events , except as required by law . Non - GAAP Financial Measures : This presentation includes certain non - GAAP financial measures . Please refer to the Appendix for additional information on these non - GAAP financial measures and reconciliations to the most directly comparable GAAP financial measures . Unless otherwise noted, the statements made and the information provided in this presentation are as of September 23 , 202 5 . Forward - looking Statements © 2025 AAR CORP.

All rights reserved worldwide. 3 Q1 Highlights © 2025 AAR CORP. All rights reserved worldwide. 3 Delivered 17% adjusted organic sales growth with margin expansion New parts Distribution a key driver, generating meaningful double - digit growth Captured new business wins with Trax and enhanced our software capabilities with Aerostrat acquisition See Appendix for reconciliation of Non - GAAP financial measures.

© 2025 AAR CORP. All rights reserved worldwide. 4 Optimized portfolio driving growth and profitability Executing on our strategic objectives See Appendix for reconciliation of Non - GAAP financial measures. Objectives Market share gains and new business wins • Secured multi - year exclusive defense agreement with AmSafe Bridport to distribute their product lines across the KC - 46 and C - 40 platforms to the global defense and military aftermarket • Continued progress on Oklahoma City and Miami hangar expansions Cost efficiency and synergy realization • Strong operational performance and turnaround time in Airframe MRO • Generating synergies from Product Support acquisition Software and IP - enabled offerings • Trax selected to modernize Delta TechOps’ maintenance and engineering systems with Trax’s advanced eMRO and eMobility solutions • Expanded Trax’s agreement with JetBlue Airways to include an additional eMobility app and its cloud hosting solution Disciplined portfolio management • Acquired Aerostrat , a leading long - range maintenance planning software company, enhancing our Trax software solutions Q1 Updates Q1 Results +17% Adjusted Organic Sales +18% Adjusted EBITDA +27% Adjusted EPS © 2025 AAR CORP.

All rights reserved worldwide. 5 First quarter FY26 performance highlights Consolidated Sales: 71% commercial; 29% government / defense. See Appendix for reconciliation of Non - GAAP financial measures. Q1 FY25 Q1 FY26 Adj. EPS $0.85 $1.08 Parts Supply Integrated Solutions Repair & Engineering Expeditionary Services Margin Q1 FY25 Q1 FY26 $652.2 $739.6 Adj. Sales by Segment (M) $168.9 $185.0 $217.6 $214.6 $249.7 $317.8 $16.0 $22.0 Q1 FY25 Q1 FY26 Adj. Operating Income (M) Corporate / other ($ 7.2 ) Corporate / other ($ 8.2 ) $59.2 $71.6 9.7% 9.1% Q1 FY25 Q1 FY26 Corporate / other ($2.3) Corporate / other ($3.1) Adj. EBITDA (M) 11.7% 11.3% $73.7 $86.7 UP 13% UP 18% UP 21% UP 27% ORGANIC: UP 17% © 2025 AAR CORP.

All rights reserved worldwide. 6 Q1 Sales and profitability Parts Supply See Appendix for reconciliation of Non - GAAP financial measures. Sales (M) Adj. EBITDA (M) Commercial Government / Defense Margin Q1 FY25 Q1 FY26 $32.7 $43.8 Q1 FY25 Q1 FY26 $30.1 $40.9 Q1 FY25 Q1 FY26 $249.7 $317.8 13.1% 13.8% 12.1% 12.9% Parts Supply • Strong demand for aftermarket parts • Continued strong growth in new parts Distribution • USM delivered meaningful growth in quarter Adj. Operating Income (M) UP 27% UP 34% UP 36% © 2025 AAR CORP.

All rights reserved worldwide. 7 Q1 Sales and profitability Repair & Engineering $217.6 $214.6 Sales (M) Adj. EBITDA (M) Commercial Government / Defense Margin Q1 FY25 Q1 FY26 $27.9 $28.1 Q1 FY25 Q1 FY26 $24.3 $24.9 12.8% 13.1% 11.2% 11.6% See Appendix for reconciliation of Non - GAAP financial measures. Repair & Engineering • Organic growth excluding Landing Gear of 8% • Airframe MRO near capacity with strong production efficiency • Component Services completing integration with closure of NY facility Adj. Operating Income (M) UP 1% UP 2% Q1 FY25 Q1 FY26 DOWN 1% ORGANIC: UP 8% © 2025 AAR CORP.

All rights reserved worldwide. 8 Sales (M) Adj. EBITDA (M) Q1 Sales and profitability Integrated Solutions See Appendix for reconciliation of Non - GAAP financial measures. Q1 FY25 Q1 FY26 $10.5 $11.0 Q1 FY25 Q1 FY26 $13.5 $14.2 Q1 FY25 Q1 FY26 $168.9 $185.0 8.0% 7.7% 6.2% 5.9% Integrated Solutions • Strong growth in government activities driven by recent new business wins • Continued growth opportunities in Trax Commercial Government / Defense Margin Adj. Operating Income (M) UP 10% UP 5% UP 5% © 2025 AAR CORP.

All rights reserved worldwide. 9 Balance sheet highlights See Appendix for reconciliation of Non - GAAP financial measures. Net Leverage Invested to support growth and acquired Aerostrat in Q1 Pro forma net leverage 2.82x decreased 0.76x since Product Support acquisition Target net leverage of 2.0x – 2.5x Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 FY26 3.17 3.31 3.30 3.58 March 1, 2024 Product Support acquisition 3.06 2.72 Expect to achieve target net leverage in FY26 2.0 2.5 LOWER BY 0.76x 2.82 © 2025 AAR CORP.

All rights reserved worldwide. 10 7% - 10% Sales growth 1 9.6% - 10.0% Adjusted operating margin 28% Estimated tax rate 2026 Dynamics AAR Framework for 2026 Continued strong growth in both commercial and government Distribution Parts Supply Dynamic environment persists through FY26 USM Full utilization with additional capacity coming online in 2H FY26 and FY27 Airframe MRO Repair & Engineering Integration complete and focused on capturing additional volume Component Services Trax continuing to deliver high growth Software Integrated Solutions Near - term program headwinds offset by new business wins Government Q2 2026 Guidance 1 Sales growth reflects growth from Q2 FY25 organic sales of $665.7 million, which excludes Landing Gear sales of $20.4 million .

© 2025 AAR CORP. All rights reserved worldwide. 11 Appendix © 2025 AAR CORP.

All rights reserved worldwide. 12 Non - GAAP financial measures This presentation includes financial results for the Company with respect to adjusted diluted earnings per share, adjusted sales, organic sales growth, adjusted organic sales growth, adjusted operating margin, adjusted EBITDA, adjusted EBITDA margin, net debt, pro forma net debt, net debt to adjusted EBITDA (net leverage), net debt to pro forma adjusted EBITDA, and pro forma net debt to pro forma adjusted EBITDA which are “non - GAAP financial measures” as defined in Regulation G of the Securities Exchange Act of 1934 , as amended (the “Exchange Act”) . We believe these non - GAAP financial measures are relevant and useful for investors as they illustrate our actual operating performance unaffected by the impact of certain items . When reviewed in conjunction with our GAAP results and the accompanying reconciliations, we believe these non - GAAP financial measures provide additional information that is useful to gain an understanding of the factors and trends affecting our business and provide a means by which to compare our operating performance against that of other companies in the industries we compete . These non - GAAP measures should be considered as a supplement to, and not as a substitute for, or superior to, the corresponding measures calculated in accordance with GAAP . Adjusted EBITDA is net income (loss) before interest income (expense), other income (expense), income taxes, depreciation and amortization, stock - based compensation, and items of an unusual nature including but not limited to business divestitures and acquisitions, workforce actions, COVID - related subsidies and costs, impairment and exit charges, facility consolidation and repositioning costs, FCPA investigation settlement and related costs, equity investment gains and losses, pension settlement charges, legal judgments, acquisition, integration and amortization expenses from recent acquisition activity, and significant customer events such as early terminations, contract restructurings, forward loss provisions, and bankruptcies . Adjusted operating income is adjusted EBITDA gross of depreciation and amortization and stock - based compensation . Pursuant to the requirements of Regulation G of the Exchange Act, we provide tables that reconcile the above - mentioned non - GAAP financial measures to the most directly comparable GAAP financial measures in the Appendix at the end of this presentation . The Company is not providing reconciliations of forward - looking adjusted organic sales growth and adjusted operating margin to the most directly comparable forward - looking GAAP measures because the information is not available without unreasonable effort . This is due to the inherent difficulty of forecasting the timing and amount of certain items, such as, but not limited to, unusual gains and losses, the ultimate outcome of pending litigation, the impact and timing of potential acquisitions and divestitures, and other structural changes or their probable significance . Each of the adjustments has not occurred, are out of the Company's control and/or cannot be reasonably predicted . For this reason, the Company is unable to address the probable significance of the unavailable information . 12 © 2025 AAR CORP.

All rights reserved worldwide. 13 Adjusted diluted earnings per share Non - GAAP financial measures 13 Q1 FY26 Q1 FY25 Diluted earnings per share $0.95 $0.50 Acquisition, integration, and amortization expenses 0.18 0.25 Severance charges 0.03 - Gain related to sale of business/joint venture (0.02) (0.03) Government COVID-related subsidy liability (0.02) - FCPA investigation costs - 0.14 Contract termination costs - 0.09 Tax effect on adjustments (a) (0.04) (0.10) Adjusted diluted earnings per share $1.08 $0.85 (a) Calculation uses estimated statutory tax rates on non-GAAP adjustments.

© 2025 AAR CORP. All rights reserved worldwide. 14 Non - GAAP financial measures A djusted sales, operating income, operating margin, EBITDA, and EBITDA margin © 2024 AAR CORP. All rights reserved worldwide. Q1 FY26 Q1 FY25 Parts Repair & Integrated Expeditionary Corporate Parts Repair & Integrated Expeditionary Corporate ($ in millions) Supply Engineering Solutions Services & Other Consolidated Supply Engineering Solutions Services & Other Consolidated Sales $317.8 $214.6 $185.0 $22.2 $0.0 $739.6 $249.7 $217.6 $168.9 $25.5 $0.0 $661.7 Operating income (loss) 40.9 20.4 9.7 3.0 (9.1) 64.9 30.1 21.1 7.7 (1.7) (13.8) 43.4 Operting income margin 12.9% 9.5% 5.2% 13.5% NA 8.8% 12.1% 9.7% 4.6% -6.7% NA 6.6% Sales $317.8 $214.6 $185.0 $22.2 $0.0 $739.6 $249.7 $217.6 $168.9 $25.5 $0.0 $661.7 Contract termination costs - - - - - - - - - (9.5) - (9.5) Adjusted sales $317.8 $214.6 $185.0 $22.2 $0.0 $739.6 $249.7 $217.6 $168.9 $16.0 $0.0 $652.2 Operating income (loss) 40.9 20.4 9.7 3.0 (9.1) $64.9 30.1 21.1 7.7 (1.7) (13.8) $43.4 Acquisition, integration & amortization expenses - 4.1 1.0 - 1.3 6.4 - 4.6 2.8 - 1.6 9.0 Severance charges - 0.4 0.3 - 0.3 1.0 - - - - - - Gain related to sale of business/joint venture, net - - - - - - - (1.4) - - - (1.4) Government COVID-related subsidy liability reversal - - - - (0.7) (0.7) - - - - - - Investigation costs - - - - - - - - - - 5.0 5.0 Contract termination costs - - - - - - - - - 3.2 - 3.2 Adjusted operating income $40.9 $24.9 $11.0 $3.0 ($8.2) $71.6 $30.1 $24.3 $10.5 $1.5 ($7.2) $59.2 Adjusted operating margin 12.9% 11.6% 5.9% 13.5% NA 9.7% 12.1% 11.2% 6.2% 9.4% NA 9.1% Operating income (loss) $40.9 $20.4 $9.7 $3.0 ($9.1) $64.9 $30.1 $21.1 $7.7 ($1.7) ($13.8) $43.4 Depreciation and amortization 2.2 6.1 4.0 0.4 1.1 13.8 2.1 6.2 3.7 0.4 1.1 13.5 Stock-based compensation 0.7 0.5 0.5 - 3.6 5.3 0.5 0.4 0.3 - 3.8 5.0 Acquisition and integration expenses - 1.1 - - 1.3 2.4 - 1.6 1.8 - 1.6 5.0 Severance charges - 0.4 0.3 - 0.3 1.0 - - - - - - Government COVID-related subsidy liability reversal - - - - (0.7) (0.7) - - - - - - Investigation costs - - - - - - - - - - 5.0 5.0 Contract termination costs - - - - - - - - - 3.2 - 3.2 Gain related to sale of joint venture - - - - - - - (1.4) - - - (1.4) Adjusted EBITDA $43.8 $28.5 $14.5 $3.4 ($3.5) $86.7 $32.7 $27.9 $13.5 $1.9 ($2.3) $73.7 Adjusted EBITDA margin 13.8% 13.3% 7.8% 15.3% NA 11.7% 13.1% 12.8% 8.0% 11.9% NA 11.3% © 2025 AAR CORP.

All rights reserved worldwide. 15 Q1 FY26 Adjusted organic sales growth 15 Repair & Consolidated Engineering Commercial Government GAAP sales growth 11.8% (1.4%) 10.7% 14.6% Impact of Landing Gear Overhaul divestiture 3.3% 9.6% 4.6% 0.0% Organic sales growth 15.1% 8.2% 15.3% 14.6% Adjusted sales growth (a) 13.4% (1.4%) 10.7% 20.6% Impact of Landing Gear Overhaul divestiture 3.4% 9.6% 4.6% 0.0% Adjusted organic sales growth 16.8% 8.2% 15.3% 20.6% (a) Adjusted government sales growth reflects the impact of excluding $9.5 million of sales in the first quarter of fiscal 2025 related to contract termination costs.

© 2025 AAR CORP. All rights reserved worldwide. 16 Trailing twelve months Adjusted EBITDA Non - GAAP financial measures 16 ($ in millions) Q4 FY23 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 FY25 Q1 FY26 Q3 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q1 FY26 Net income (loss) $23.2 ($0.6) $23.8 $14.0 $9.1 $46.3 $18.0 ($30.6) ($8.9) $34.0 $12.5 $34.4 $60.4 $64.9 $10.5 ($12.4) $28.9 Income tax expense (benefit) 7.0 (6.9) 7.9 6.5 4.5 12.0 6.9 8.1 (2.2) 13.6 26.4 12.6 14.5 25.8 26.0 17.3 32.1 Other expense (income), net 1.2 - 0.1 0.2 0.1 0.4 0.1 0.2 0.1 (0.1) 0.3 0.1 1.5 0.5 0.6 0.5 0.3 Interest expense, net 4.7 5.4 5.6 11.3 18.7 41.0 18.3 18.8 18.1 18.4 73.6 18.5 27.0 53.9 67.1 73.9 73.8 Depreciation and amortization 7.7 8.4 8.7 8.8 15.3 41.2 13.5 14.0 14.0 13.7 55.2 13.8 33.6 46.3 51.6 56.8 55.5 Loss (Gain) related to sale of business/joint venture, net 0.2 0.7 0.9 1.0 0.2 2.8 (1.3) 0.5 64.0 7.1 70.3 (0.7) 2.8 0.8 0.4 63.4 70.9 Acquisition and integration expenses 4.3 1.8 2.1 11.2 14.6 29.7 5.0 3.2 3.5 (0.9) 10.8 2.4 19.4 32.9 34.0 26.3 8.2 Severance charges - - - - 0.5 0.5 - - - - - 1.0 - 0.5 0.5 0.5 1.0 Government COVID-related subsidy liability (reversal) - - - - - - - - - 0.8 0.8 (0.7) - - - - 0.1 Pension settlement charge - 26.7 - - - 26.7 - - - - - - 26.7 - - - - Russian bankruptcy court judgment (reversal) - 11.2 - - 11.2 - - (11.1) - (11.1) - 11.2 - - (11.1) (11.1) Contract termination/restructuring costs (benefit) and loss provisions, net - - - - 4.8 4.8 3.2 - (3.0) - 0.2 - - 8.0 8.0 5.0 (3.0) FCPA settlement, investigation and remediation costs 1.6 1.1 2.6 2.0 4.8 10.5 5.0 59.2 1.1 - 65.3 - 7.3 14.4 71.0 70.1 60.3 Stock-based compensation 3.1 4.3 3.6 3.6 3.8 15.3 5.0 5.0 5.6 4.3 19.9 5.3 14.6 16.0 17.4 19.4 20.2 Adjusted EBITDA $53.0 $52.1 $55.3 $58.6 $76.4 $242.4 $73.7 $78.4 $81.2 $90.9 $324.2 $86.7 $219.0 $264.0 $287.1 $309.7 $337.2 Twelve months ended © 2025 AAR CORP.

All rights reserved worldwide. 17 Pro Forma Net Leverage 17 ($ in millions) Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Total debt $277.0 $997.0 $992.0 $997.0 $1,032.0 $977.0 $1,030.0 Less: cash and cash equivalents (69.2) (85.8) (49.3) (61.7) (84.4) (96.5) (80.0) Net debt $207.8 $911.2 $942.7 $935.3 $947.6 $880.5 $950.0 Adjusted EBITDA for the twelve months ended $219.0 $242.4 $264.0 $287.1 $309.7 $324.2 $337.2 Net debt to Adjusted EBITDA 0.95x 3.76x 3.57x 3.26x 3.06x 2.72x 2.82x Net debt $207.8 $911.2 $942.7 $935.3 $947.6 $880.5 $950.0 Product Support consideration plus fees of $30.3 million 755.3 n/a n/a n/a n/a n/a n/a Pro forma net debt $963.1 n/a n/a n/a n/a n/a $950.0 Adjusted EBITDA for the twelve months ended $219.0 $242.4 $264.0 $287.1 $309.7 $324.2 $337.2 Product Support adjusted EBITDA Twelve months ended February 29, 2024 49.9 n/a n/a n/a n/a n/a n/a Nine months ended February 29, 2024 n/a 33.5 n/a n/a n/a n/a n/a Six months ended February 29, 2024 n/a n/a 20.4 n/a n/a n/a n/a Three months ended February 29, 2024 n/a n/a n/a 7.7 n/a n/a n/a Pro forma adjusted EBITDA 268.9$ 275.9$ 284.4$ 294.8$ 309.7$ 324.2$ 337.2$ Pro forma net debt to pro forma adjusted EBITDA 3.58x n/a n/a n/a n/a n/a n/a Net debt to pro forma adjusted EBITDA n/a 3.30x 3.31x 3.17x 3.06x n/a n/a