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美国

证券交易委员会

华盛顿特区 20549

_______________________________________________________________

10-Q 表格

_______________________________________________________________


☒	根据 1934 年证券交易法第 13 或 15(d) 条款提交的季度报告

截至 2026 年 8 月 31 日的季度

或


☐	根据 1934 年证券交易法第 13 或 15(d) 条款提交的过渡报告

For the transition period from to

申报文件编号 001-32959

_______________________________________________________________

AIRCASTLE LIMITED

(注册人根据其章程指定的确切名称)

_______________________________________________________________


百慕大	98-0444035
(注册或组织所在司法管辖区)	(IRS 雇主识别号)

c/o Aircastle Advisor LLC
201 Tresser Boulevard, Suite 400
Stamford
Connecticut
06901
(主要行政办公地址)

注册人电话号码，包括区号： (203) 504-1020

_______________________________________________________________

根据该法第 12(b) 条款注册的证券：

每类证券的标题

交易代码

注册交易所名称

普通股，每股面值 $0.01

N/A

NONE

优先股，每股面值 $0.01

N/A

NONE

通过勾选标记表明注册人是否：(1) 在过去的 12 个月中（或注册人被要求提交此类报告的较短期限内）已提交根据 1934 年证券交易法第 13 或 15(d) 条款要求提交的所有报告，以及 (2) 在过去 90 天内一直受此类报告提交要求的约束。是 ☑ 否 ☐

通过勾选标记表明注册人是否在过去的 12 个月中（或注册人被要求提交此类文件的较短期限内）已根据规则 405 提交了根据规则 S-T（本章 §232.405）要求提交的每一个交互数据文件。是 ☑ 否 ☐

通过勾选标记表明注册人是否为大型加速申报人、加速申报人、非加速申报人、较小的报告公司或新兴增长公司。请参阅交易法规则 12b-2 中关于“大型加速申报人”、“加速申报人”、“较小的报告公司”和“新兴增长公司”的定义。


大型加速申报人	☐	加速申报人	☐
非加速申报人	☑	较小的报告公司	☐
		新兴增长公司	☐

如果是新兴增长公司，通过勾选标记表明注册人是否已选择不使用根据交易法第 13(a) 条款提供的任何新或修订的财务会计准则的延长过渡期来合规。 ¨

请用复选标记标明注册人是否为空壳公司（根据《交易法》第12b-2条的定义）。是 ☐ 否 ☑

截至2026年10月9日，注册人普通股已发行在外股份为17,840股，每股面值0.01美元。

Aircastle Limited and Subsidiaries

Form 10-Q


		页号。
	第一部分。 – 财务信息
项目 1.	合并财务报表
	2026年8月31日和2026年2月28日的合并资产负债表	3
	2026年和2025年截至8月31日的三个月和六个月的合并收益及综合收益表	4
	2026年和2025年截至8月31日的六个月的合并现金流量表	5
	2026年8月31日和2025年8月31日止三个月和六个月的股东权益变动表 8月 31日和2025年	7
	未审计合并财务报表附注	8
项目 2.	管理层对财务状况和经营成果的讨论与分析	20
项目 3.	关于市场风险的定量和定性披露	35
项目 4.	内部控制和程序	35
	第二部分。 – 其他信息
项目 1.	法律诉讼	36
项目 1A.	风险因素	36
项目 2.	股权证券的未注册销售及收益的使用	36
项目 3.	高级证券违约	36
项目 4.	矿山安全披露	36
项目 5.	其他信息	36
项目 6.	附注	37
签字	38

第一部分。 — 财务信息

项目 1. 合并财务报表

Aircastle Limited and Subsidiaries

合并资产负债表

（金额以千计，每股数据除外）


	2026年8月31日		2026年2月28日
	（未审计）
资产
现金及现金等价物	$	173,080			$	179,889

应收账款	24,083			18,239

待租飞机设备，净额	8,057,814			8,267,353
租赁净投资，净额	242,197			267,085
未合并权益法投资	32,010			47,540
其他资产	302,957			209,680

资产总计	$	8,832,141			$	8,989,786

负债和股东权益
负债
有担保融资借款，净额	$	110,823			$	112,355
无担保融资借款，净额	5,397,989			5,139,411
应付账款、应计费用和其他负债	392,300			381,274
预收租赁租金	52,281			63,514

保证金	67,277			65,424
维护付款	532,764			560,157

负债总计	6,553,434			6,322,135

承诺和或有事项

股东权益
优先股，面值 $0.01，授权股数 50,000,000 股，截至 2026 年 8 月 31 日未发行且流通在外的股份为 0 股，截至 2026 年 2 月 28 日已发行且流通在外的股份为 400 股（清算优先权总额为 $400,000）	—			—
普通股，面值 $0.01，授权股数 250,000,000 股，截至 2026 年 8 月 31 日和 2026 年 2 月 28 日已发行且流通在外的股份为 17,840 股	—			—
额外实收资本	1,978,774			2,378,774
留存收益	299,933			288,877


股东权益总额	2,278,707			2,667,651

负债和股东权益总额	$	8,832,141			$	8,989,786

附注是这些未经审计的合并财务报表的组成部分。

Aircastle Limited and Subsidiaries

合并收益及综合收益表

（单位：千美元）

（未经审计）


	截至 8 月 31 日止三个月		截至 8 月 31 日止六个月
	2026		2025		2026		2025
收入：
租赁租金收入	$	186,858			$	190,116		$	381,438	$	373,159
直接融资及销售型租赁收入	5,389			5,191			10,827		10,333
租赁溢价、折价及激励的摊销	7,871			(1,513)			8,262		1,253
维护收入	43,004			9,708			67,162		47,840

租赁收入总额	243,122			203,502			467,689		432,585
出售或处置飞行设备的利得	38,162			23,889			49,028		54,178
其他收入	1,669			119			1,766		591

收入总额	282,953			227,510			518,483		487,354

经营费用：
折旧	91,728			96,762			184,556		192,578
利息，净额	75,387			70,529			146,603		139,370
销售、一般及行政费用	20,331			24,247			41,907		44,938
信贷损失准备	(92)			(116)			(275)		26
飞行设备减值	7,730			31,153			11,091		36,219
维护及其他成本	8,108			3,977			13,400		8,221

经营费用总额	203,192			226,552			397,282		421,352

其他收入（费用）：
债务清偿损失	—			—			—		(2,973)

其他	358			61,041			(136)		60,585

其他收入（费用）总额	358			61,041			(136)		57,612

持续经营业务所得税及未合并权益法投资收益前的收益	80,119			61,999			121,065		123,614
所得税费用	11,163			5,228			18,689		17,949
未合并权益法投资收益，税后净额	372			462			570		855

净利润	$	69,328			$	57,233		$	102,946	$	106,520

优先股股利	(5,367)			(10,500)			(5,367)		(10,500)

普通股股东可分配净利润	$	63,961			$	46,733		$	97,579	$	96,020





普通股股东可分配综合收益总额	$	63,961			$	46,733		$	97,579	$	96,020

附注是这些未经审计的合并财务报表的组成部分。

Aircastle Limited and Subsidiaries

合并现金流量表

（单位：千美元）

（未经审计）


	截至 8 月 31 日止六个月
	2026		2025
经营活动产生的现金流量：
净利润	$	102,946			$	106,520
将净利润调节为经营活动提供的净现金及现金等价物的调整：
折旧	184,556			192,578
递延融资成本的摊销	9,483			9,129
租赁溢价、折价及激励的摊销	(8,262)			(1,253)
递延所得税	14,997			13,329


租赁净投资变动	(2,156)			2,983
包含在收益中的保证金、维护付款及保险结算款	(21,822)			(88,490)
出售或处置飞行设备的利得	(49,028)			(54,178)
债务清偿损失	—			2,973
飞行设备减值	11,091			36,219
信贷损失准备	(275)			26
来自未合并权益法投资的分配	10,055			—
其他	—			(859)
某些资产和负债的变动：
应收账款	2,880			(745)
其他资产	3,515			1,950
应付账款、应计费用及其他负债	(11,559)			1,113
预收租赁租金	(8,127)			(2,648)

经营活动提供的净现金及现金等价物	238,294			218,647
投资活动产生的现金流量：
飞机设备的购置及改进	(376,435)			(980,225)
出售或处置飞机设备的收益	357,134			299,523
保险理赔结算收益	—			40,926

出售债务证券投资的收益	—			10,128
飞机采购定金及进度款，扣除返还的定金及飞机销售定金	15,365			(584)

来自未合并权益法投资的分配额超过收益的部分	5,475			—
其他	(759)			588

投资活动提供（使用）的净现金及现金等价物	780			(629,644)
筹资活动产生的现金流量：



优先股赎回	(400,000)			—
担保及无担保债务融资所得款项	1,162,634			1,590,489
担保及无担保债务融资的偿还	(906,687)			(1,298,264)

递延融资费用	(8,384)			(12,005)



收到的保证金及维护付款	57,680			84,842
返还的保证金及维护付款	(48,736)			(33,490)

已支付股利	(102,390)			(52,284)


筹资活动提供（使用）的净现金及现金等价物	(245,883)			279,288
现金及现金等价物的净减少额：	(6,809)			(131,709)

期初现金及现金等价物	179,889			279,052

期末现金及现金等价物	$	173,080			$	147,343

附注是这些未经审计的合并财务报表的组成部分。

Aircastle Limited and Subsidiaries

合并现金流量表（续）

（单位：千美元）

（未经审计）


	截至 8 月 31 日止六个月
	2026		2025






现金流量信息的补充披露：
支付的现金利息，扣除资本化金额	$	133,855		$	122,652
支付的现金所得税	$	2,686		$	109

非现金投资活动的补充披露：
资产收购中承担的预付租赁租金、保证金、维护付款、其他负债及其他资产	$	17,100		$	45,848

出售飞机设备结算的预付租赁租金、保证金、维护付款、其他负债及其他资产	$	24,468		$	31,089
从待租赁飞机设备转至租赁净投资及其他资产的款项	$	235,745		$	7,289

附注是这些未经审计的合并财务报表的组成部分。

Aircastle Limited and Subsidiaries

合并股东权益变动表

（单位：千美元，股数除外）

（未经审计）


	普通股	优先股		额外实收资本	留存收益		股东权益总额
	股数	金额		股数	金额
2026 年 2 月 28 日余额	17,840		$	—		400			$	—		$	2,378,774	$	288,877	$	2,667,651
净收入	—		—		—			—			—		33,618	33,618
普通股股利	—		—		—			—			—		(86,523)	(86,523)

2026 年 5 月 31 日余额	17,840		$	—		400			$	—		$	2,378,774	$	235,972	$	2,614,746

净收入	—		—		—			—			—		69,328	69,328
优先股股利	—		—		—			—			—		(5,367)	(5,367)
优先股赎回	—		—		(400)			—			(400,000)		—	(400,000)

2026 年 8 月 31 日余额	17,840		$	—		—			$	—		$	1,978,774	$	299,933	$	2,278,707





	普通股	优先股		额外实收资本	留存收益		股东权益总额
	股数	金额		股数	金额
2025 年 2 月 28 日余额	17,840		$	—		400			$	—		$	2,378,774	$	146,613	$	2,525,387
净收入	—		—		—			—			—		49,287	49,287
普通股股利	—		—		—			—			—		(30,784)	(30,784)

余额，2025年5月31日	17,840		$	—		400			$	—		$	2,378,774	$	165,116	$	2,543,890

净利润	—		—		—			—			—		57,233	57,233
优先股股利	—		—		—			—			—		(10,500)	(10,500)

余额，2025年8月31日	17,840		$	—		400			$	—		$	2,378,774	$	211,849	$	2,590,623

附注是这些未经审计的合并财务报表的组成部分。

Aircastle Limited 及其子公司

未经审计合并财务报表附注

（金额以千美元计，每股金额除外）

2026年8月31日

附注1. 重要会计政策概要

组织架构

Aircastle Limited（“Aircastle”、“本公司”、“我们”、“我们”或“我们的”）是一家百慕大公司，根据1981年百慕大公司法第14节的规定，于2004年10月29日成立。Aircastle 的业务是收购、租赁、管理和出售商用喷气式飞机。

本公司由 Marubeni Corporation（“Marubeni”）和 Mizuho Leasing Company, Limited（“Mizuho Leasing”，与 Marubeni 一起统称“股东”）的关联公司控制。

Aircastle 是一家控股公司，通过由 Aircastle 直接或间接全资拥有的子公司开展业务。

列报基础和合并原则

所列合并财务报表是按照美国公认会计原则（“U.S. GAAP”）编制的。

随附的合并财务报表为未经审计报表，是根据证券交易委员会（“SEC”）关于中期财务报告的规则和法规编制的，在我们看来，反映了所有必要的调整，包括正常的经常性项目，以公允地列报中期期间的结果。所列期间的经营结果不一定代表对整个年度可能预期的结果。根据 SEC 的规则和法规，通常包含在按照美国 GAAP 编制的合并财务报表中的某些信息和附注披露已被省略。然而，我们认为这些披露足以使所列信息不具误导性。这些财务报表应与本公司截至2026年2月28日的年度报告（Form 10-K）中包含的合并财务报表和附注一并阅读。

合并财务报表包括 Aircastle 及其所有子公司的账目，包括 Aircastle 是主要受益人的任何可变利益实体（“VIE”）。所有公司间交易和余额已在合并中予以抵销。

我们管理和分析业务，并根据一个经营和可报告分部报告经营成果：租赁、融资、出售和管理商用飞行设备。我们的首席执行官是首席运营决策者（“CODM”）。作为一个单一的可报告分部实体，CODM 利用合并净收益来评估分部业绩和分配资源。提供给 CODM 的主要分部费用和其他分部项目，包括总资产，与公司合并资产负债表和损益表中提供的信息一致。

公司管理层已审查并评估了自 2026 年 8 月 31 日资产负债表日及随后的日期起，直至本 10-Q 表格中包含的合并财务报表发布之日止的所有事件或交易，以确定其是否需要确认和/或披露。

风险与不确定性

在正常经营过程中，Aircastle 遇到几种重大的经济风险类型，包括信用风险、市场风险、航空业风险和资本市场风险。信用风险是指承租人无法或不愿履行合同规定的付款义务及其他对 Aircastle 的其他合同义务的风险。市场风险反映了由于利差或其他市场因素（包括融资担保物的价值）的变化而导致融资价值的变化。航空业风险是指商业航空业衰退的风险，这可能会对承租人付款能力产生不利影响，增加提前终止租赁的风险，并对租赁费率和公司飞机价值产生负面影响。资本市场风险是指公司无法以合理的利率获得资金来资助其业务增长或对现有债务进行再融资的风险。

Aircastle Limited 及其子公司

未审计合并财务报表附注

（金额以千美元计，每股金额除外）

2026 年 8 月 31 日

会计估计的使用

按照美国公认会计原则（U.S. GAAP）编制财务报表，要求管理层做出影响合并财务报表及附注中报告金额的估计和假设。虽然 Aircastle 认为在编制合并财务报表时使用的估计和相关假设是适当的，但实际结果可能与这些估计存在差异。

近期会计准则

2024 年 11 月，财务会计准则委员会（“FASB”）发布了会计准则更新（“ASU”）第 2024-03 号，利润表——综合收益列报——费用分拆披露（220-40 小主题）：利润表费用分拆（“ASU 2024-03”）。该准则要求实体在利润表中列报的某些成本和费用周围提供额外的披露。该准则旨在改善实体费用相关的披露，并回应投资者对更详细费用类型信息的要求。该准则自 2026 年 12 月 15 日之后的年度期间以及 2027 年 12 月 15 日之后的中期期间起生效。允许提前采用。公司目前正在评估 ASU 2024-03 对其合并财务报表的影响。

2025年12月，FASB发布了 ASU No. 2025-11，中期报告（主题 270）：范围改进（“ASU 2025-11”）。ASU 2025-11 澄清了美国 GAAP 下中期财务报表披露的范围和要求。修订案创建了一份全面的中期披露要求清单，并引入了一项披露原则，要求实体在中期期间披露自上一年度末以来任何对其产生重大影响的事件或变化。ASU 2025-11 对在 2027 年 12 月 15 日之后开始的年度期间内的中期报告期间有效，对于公共商业实体，以及对于所有其他实体，则在 2028 年 12 月 15 日之后开始。允许提前采用。修订案可追溯或前瞻性地应用于任何或所有已列报的前期中期期间。公司目前正在评估 ASU 2025-11 对其合并财务报表的影响。

附注 2. 公允价值计量

公允价值计量和披露需要使用估值技术来计量公允价值，该技术应最大化使用可观察输入并最小化使用不可观察输入。

按公允价值计量的资产（定期）

下表列示了我们截至 2026 年 8 月 31 日和 2026 年 2 月 28 日的金融资产，这些资产按公允价值层级在层级内进行定期公允价值计量。按公允价值计量的资产根据对其公允价值计量具有重大意义的最低层级输入进行整体分类。


			2026 年 8 月 31 日的公允价值计量使用公允价值层级
	截至 2026 年 8 月 31 日		活跃市场中相同资产的报价价格 (第 1 层级)		其他重大可观察输入 (第 2 层级)		重大不可观察输入 (第 3 层级)	估值技术
资产:
现金及现金等价物	$	173,080			$	173,080		$	—	$	—	市场




权益证券投资	5,308			1,410			—		3,898	市场/收入

Aircastle Limited 及其子公司

未审计合并财务报表附注

(金额以千美元计，每股金额除外)

2026 年 8 月 31 日


			2026 年 2 月 28 日的公允价值计量使用公允价值层级
	截至 2026 年 2 月 28 日的公允价值		活跃市场中相同资产的报价价格 (第 1 层级)		其他重大可观察输入 (第 2 层级)		重大不可观察输入 (第 3 层级)	估值技术
资产:
现金及现金等价物	$	179,889			$	179,889		$	—	$	—	市场





权益证券投资	5,704			1,806			—		3,898	市场/收入

我们的现金及现金等价物主要由在活跃市场交易且极易变现的货币市场证券组成。这些证券采用活跃市场中相同证券的可观察输入值（Level 1）进行估值。我们对权益证券的投资主要源于从各种已进入破产程序或类似重组的航空公司客户处获得的和解索赔股份。对于在活跃市场交易的权益证券投资，我们采用报价的市场价格（Level 1）进行估值。对于没有活跃市场或市场数据有限的其它权益证券投资，我们采用收益法（Level 3）进行估值。

截至2026年8月31日止的三个月和六个月期间，我们没有将资产转入或转出 Level 3。

非经常性按公允价值计量的资产

当美国通用会计准则要求应用公允价值，包括当事件或情况的变化表明这些资产的账面金额可能无法收回时，我们会按非经常性基础对某些资产和负债进行公允价值计量。受这些计量影响的资产包括我们的飞机和未合并的权益法投资。

当我们确定账面价值可能无法收回时，我们会按公允价值记录飞机。飞机减值测试中的公允价值计量基于市场法（Level 2 或 3），其中包括第三方评估数据，以及收益法（Level 3），该法反映了公司关于飞机租赁和出售的未来现金流现值的假设和评估数据。Level 3 估值包含重要的不可观察输入值。有关更多信息，请参阅下文的“飞机估值”。

我们按照权益法核算未合并的权益法投资。我们的投资按成本记录，并通过未分配收益和亏损以及股息和资本的分配进行调整。每当事件或情况的变化表明公允价值低于其账面价值且该减值不属于暂时性时，我们都会对该投资进行减值审查。

金融工具

除现金外，我们的金融工具主要由现金等价物、应收账款、债务和权益证券投资、应付账款以及有担保和无担保融资组成。由于现金及现金等价物、应收账款和应付账款的短期性质，其公允价值近似于这些金融工具的账面价值。

我们投资的公允价值（由债务和权益证券组成）是通过活跃市场中交易的证券的报价市场价格（Level 1）确定的，或者对于没有活跃市场或市场数据有限（Level 3）的证券，采用收益法确定。我们高级票据的公允价值是采用报价的市场价格（Level 1）估算的。所有其他有担保和无担保融资的公允价值是采用基于我们当前类似借款安排的增量借款利率的折现现金流分析（Level 2）估算的。

Aircastle Limited 及其子公司

未经审计合并财务报表附注

（金额以千美元计，每股金额除外）

2026年8月31日

截至2026年8月31日和2026年2月28日，我们的金融工具的账面价值和公允价值如下：


	2026年8月31日		2026年2月28日

资产	资产的账面金额		资产的公允价值		资产的账面金额		资产的公允价值
权益证券投资(1)	$	5,308			$	5,308		$	5,704	$	5,704
其他投资，净额	728			728			728		728

负债	负债的账面金额		负债的公允价值		负债的账面金额		负债的公允价值
信用额度	$	125,000			$	125,000		$	240,000	$	240,000

无担保定期贷款	975,000			983,267			600,000		604,385
其他融资	112,490			106,404			114,177		107,299
高级债券	4,350,000			4,344,684			4,350,000		4,452,826

_______________

(1)参见按持续基础计量公允价值的资产。

飞机估值

可回收性评估

我们至少每年对所有飞机和其他飞行设备进行可回收性评估，并在事件或情况变化表明飞机或其他飞行设备的账面价值或净值可能无法回收时更频繁地进行评估。我们将在2026财年第三季度进行年度可回收性评估。

对于存在减值迹象的资产，我们评估该资产预计未来未折现的净现金流量是否超过其净值。未折现的现金流量包括当前合同租赁租金和维护费用、未来预计的租赁费率和维护费用、过渡成本、预计停机时间以及飞机的预计残值或废品价值。如果飞机未通过可回收性测试，将按预计公允价值进行减记，从而产生减值费用。

我们的估计和假设基于对特定飞机类型的全球需求的当前和未来预期，以及飞机租赁市场和航空业的历史经验，以及来自第三方行业来源的信息。在估算未折现现金流量时考虑的因素可能会在以后期间发生变化，并可能受到未来预计租赁租金和维护费用、残值、经济状况、技术、特定飞机类型的航空公司需求以及其他因素（如飞机的位置和对记录和技术文件的可访问性）的影响。

如果我们的估计或假设发生变化，包括与已进入司法破产程序或类似程序或重组的客户相关的估计或假设，我们可能会修订我们的现金流量假设并记录未来的减值费用。虽然我们认为在可回收性评估中使用的估计和相关假设是适当的，但实际结果可能与这些估计不同。

Aircastle Limited及其子公司

未审合并财务报表的附注

（金额以千美元计，每股金额除外）

2026年8月31日

注3. 出租用飞行设备，净额

下表总结了截至2026年8月31日公司用于出租的飞行设备在六个月内的活动情况：


	金额
截至2026年2月28日的余额	$	8,267,353
增加额	391,505
折旧	(183,255)
处置和转入租赁净投资及待售资产	(406,698)
减值	(11,091)

截至2026年8月31日的余额	$	8,057,814

累计折旧	$	1,885,811

注释4. 租赁租金收入

截至2026年8月31日，现有经营租赁下飞行设备的最低未来租赁租金支付额如下：


截至2月28/29日的财年	金额(1)
2027年（财年剩余时间）	$	373,459
2028	685,806
2029	606,436
2030	500,357
2031	418,918
之后	1,077,962
总计	$	3,662,938

_______________

(1)反映了承租人租赁租金延期的影响。

截至2026年8月31日和2026年2月28日，我们在合并资产负债表中记录的维护付款中的租赁激励负债金额分别为1850万美元和2350万美元。

注释5. 租赁净投资，净额

截至2026年8月31日和2026年2月28日，公司租赁净投资分别包括12架和14架飞机。减少的主要原因是截至2026年8月31日，2架涉及销售型租赁的飞机被归类为待售资产。

截至2026年8月31日和2026年2月28日，我们的租赁净投资的组成部分如下：


	2026年8月31日		2026年2月28日
租赁应收款	$	102,634			$	119,712
飞行设备的未担保残值	145,369			153,472
租赁净投资	248,003			273,184
信用损失准备金	(5,806)			(6,099)
租赁净投资，净额	$	242,197			$	267,085

Aircastle Limited及子公司

未审合并财务报表的附注

（金额以千美元计，除非另有说明）

2026年8月31日

截至2026年8月31日，租赁净投资下的未来租赁付款如下：


截至2月28/29日的财年	金额
2027年（财年剩余时间）	$	11,618
2028	23,327
2029	23,010
2030	20,329
2031	22,797
之后	28,650
将收到的总租赁付款	129,731
租赁付款的现值 - 租赁应收款	(102,634)
未贴现租赁付款与租赁应收款之间的差额	$	27,097

注释6. 风险集中

以下表格中的地区分类基于我们客户的主营业务所在地。

截至2026年8月31日和2026年2月28日，我们机队的净账面价值（用于出租的飞行设备和租赁净投资，或“净账面价值”）的地理集中情况如下：


	2026年8月31日	2026年2月28日
地区	飞机数量（架）	净账面价值%		飞机数量（架）	净账面价值%
亚洲和太平洋	71		30	%	70	27	%
欧洲	69		21	%	79	23	%
中东和非洲	14		5	%	14	5	%
北美洲	66		30	%	72	30	%
南美洲	32		11	%	36	12	%
未出租	11	(1)	3	%	6	3	%
总计	263		100	%	277	100	%

_______________

(1)停租飞机的数量受到某些此前租给已停止运营客户的飞机的影响，这些飞机预计将在较长时间内保持停租状态，同时还有该期间的飞机归还以及相关转换和销售的时间影响。截至2026年8月31日的11架停租飞机中，有4架已随后被出售、交付给客户，或已确认租赁意向书。其余7架中，有4架预计将在较长时间内保持停租状态，其余3架正在寻求租赁或出售。

下表列示了根据每个承租人的主要营业地，截至2026年8月31日和2026年2月28日，我们的飞行设备中归属于个别国家的净值，这些国家的净值占我们用于租赁的飞行设备总净值的至少10%：


	2026年8月31日		2026年2月28日
国家	净值值	净值百分比	承租人数量		净值值	净值百分比	承租人数量
美国	$	1,406,992		17%	5		$	1,516,062		18%	8
印度	1,338,434		16%	3		1,161,997		14%	4

Aircastle Limited and Subsidiaries

未经审计的合并财务报表附注

（金额以千美元计，除非另有说明）

2026年8月31日

我们从用于租赁的飞行设备中获得的租赁收入的地理集中情况如下：


	截至2026年8月31日的三个月		截至2026年8月31日的六个月
地区	2026		2025		2026	2025
亚洲和太平洋	29	%		26	%	28	%	27	%
欧洲	25	%		27	%	25	%	28	%
中东和非洲	5	%		5	%	5	%	5	%
北美洲	30	%		30	%	31	%	29	%
南美洲	11	%		12	%	11	%	11	%

总计	100	%		100	%	100	%	100	%

下表显示了在所列期间内租赁收入至少占总租赁收入5%的承租人数量及其合计租赁收入百分比：


	截至2026年8月31日的三个月	截至2026年8月31日的六个月
	2026	2025	2026	2025
	承租人数量	合计租赁收入百分比	承租人数量	合计租赁收入百分比	承租人数量	合计租赁收入百分比	承租人数量	合计租赁收入百分比
按租赁收入排名的最大的承租人	3	23%	2	16%	3	22%	2	16%

截至2026年8月31日的三个月内，美国和印度的总收入分别为22%和10%。美国的总收入包括来自飞行设备出售或处置收益的2270万美元。

截至2026年8月31日的六个月，美国和印度的总收入分别为19%和11%。美国的总收入包括来自飞行设备出售或处置收益的2260万美元。

中东冲突

中东持续的武装冲突和加剧的地缘政治紧张局势已扰乱了商业航空和该地区及全球更广泛的经济活动，且可能继续造成扰乱。近期的升级加剧了油价和航油价格的波动，增加了运营成本，并给航空公司盈利能力及流动性带来额外压力。

尽管对我们业务、财务状况和经营成果的最终影响尚不确定，但这些情况已对商业航空活动产生不利影响，且可能继续产生不利影响，包括通过空域关闭、航班运营减少、燃油和保险成本增加、供应链中断以及更广泛的宏观经济影响。此类情况可能导致租赁重组、付款延期或违约。

截至2026年8月31日的六个月期间，我们位于中东的航空公司客户约占我们净账面价值和租赁租金收入的5%。尽管我们对该地区的直接敞口有限，并且分散在不同的承租人和飞机类型上，但冲突的影响，尤其是燃油成本的上升，已对全球航空公司产生不利影响，且可能继续产生不利影响。我们继续关注那些对燃油成本上升更为敏感的客户，包括那些历史上依赖海湾地区燃油供应的客户。地区或更广泛经济状况的持续恶化，包括燃油价格持续高企，可能对我们的业务、财务状况和经营成果产生不利影响。

Aircastle Limited和子公司

未审合并财务报表附注

（金额以千美元计，除非另有说明）

2026年8月31日

附注7. 不合并的权益法投资

我们与三井住友租赁公司有一项不合并的权益法投资，截至2026年8月31日，该投资包含4架飞机，净账面价值为1.43亿美元。


	金额
截至2026年2月28日的余额	$	47,540

来自不合并的权益法投资的分配	(16,100)
不合并的权益法投资的收益，税后	570

截至2026年8月31日的余额	$	32,010

2026年3月27日，我们从权益法投资方收到了1610万美元的分配款。

附注8. 来自担保和无担保债务融资的借款

我们担保和无担保债务融资的未偿金额如下：


	截至2026年8月31日		截至 2026年2月28日
债务义务	未偿借款		飞机数量	利率		最终约定到期日		未偿借款
担保债务融资：

其他融资(1)	$	112,490		4		2.36% 至 4.14%		11/30/31 至 06/27/32		$	114,177
减：债务发行成本和折扣	(1,667)								(1,822)

扣除债务发行成本和折扣后的担保债务融资总额	110,823								112,355

无担保债务融资：
2026年到期的高级债券(2)	—				4.25%		06/15/26		650,000
2.850% 2028年到期的高级债券	750,000				2.85%		01/26/28		750,000
6.500% 2028年到期的高级债券	650,000				6.50%		07/18/28		650,000
2029年到期的高级债券	650,000				5.95%		02/15/29		650,000
5.250% 2030年到期的高级债券	500,000				5.25%		03/15/30		500,000
5.000% 2030年到期的高级债券	650,000				5.00%		09/15/30		650,000
5.000% 2031年到期的高级债券	650,000				5.00%		05/15/31		—
5.750% 2031年到期的高级债券	500,000				5.75%		10/01/31		500,000
无担保定期贷款	975,000				4.94% 至 5.16%		2030年4月28日至2031年5月20日		600,000
循环信用额度	125,000				4.86% 至 5.54%		2028年2月28日至2029年1月30日		240,000
减：债务发行成本和折扣	(52,011)								(50,589)

无担保债务融资，扣除债务发行成本和折扣	5,397,989								5,139,411

担保和无担保债务融资，扣除债务发行成本和折扣	$	5,508,812								$	5,251,766

______________

(1)截至2026年8月31日，这些融资下的借款加权平均固定利率为3.11%。

(2)于2026年5月13日偿还，未产生债务提前注销的收益或损失。

Aircastle Limited及其子公司

未审计合并财务报表附注

（金额以千美元计，每股金额除外）

2026年8月31日

无担保债务融资

2026年5月无担保定期贷款

2026年5月20日，Aircastle Advisor, LLC（“AALLC”），公司的全资子公司，与贷款人签订了信用协议（“2026年5月信用协议”），提供了一笔3.75亿美元的无担保定期贷款（“2026年5月定期贷款”）。2026年5月定期贷款的利率为定期SOFR（在2026年5月信用协议中定义）加上每年1.30%，并于2031年5月20日到期。在2026年11月20日或之前，2026年5月定期贷款的总信用承诺可增加至最高4.25亿美元。2026年5月信用协议包含其他常规条款，包括11亿美元的最低净值担保条款、2.0:1.0的最低利息覆盖率担保条款和1.25:1.0的最低未抵押资产比率担保条款。公司和Aircastle（爱尔兰）指定活动公司（“AIDAC”），公司的全资子公司，同意对AALLC在2026年5月信用协议下的义务提供全额且无条件担保。

2026年10月无担保定期贷款

2026年10月1日，公司与日本国际协力银行（“JBIC”）以及一家商业银行银团（“商业贷款人”）签订了信用协议（“2026年10月信用协议”），提供总额为4亿美元的无担保定期贷款（“2026年10月定期贷款”），其中2.4亿美元由JBIC提供，1.6亿美元由商业贷款人提供。2026年10月定期贷款的利率基于定期SOFR（在2026年10月信用协议中定义）加上适用的利差，加权平均利差为每年0.88%，并于2031年10月1日到期。2026年10月信用协议包含多项条款，其中包括要求合并净资产不低于11亿美元、最低利息覆盖率2.0:1.0以及最低未抵押资产比率1.25:1.0的约定。2026年10月定期贷款中商业贷款人的1.6亿美元部分由AALLC和AIDAC提供全额且无条件担保。就2026年10月定期贷款中JBIC的2.4亿美元部分，我们的股东已同意根据适用的2026年10月信用协议中定义的“安慰函”，向JBIC就公司在此项下的义务提供安慰函。

5.000% 2031年到期的高级债券

2026年4月28日，公司和AIDAC以99.636%的发行价格发行了总额为6.5亿美元的2031年到期的5.000%高级债券（“2031年到期的5.000%高级债券”）。公司和AIDAC在2031年到期的5.000%高级债券下的义务由AALLC提供全额且无条件担保。2031年到期的5.000%高级债券将于2031年5月15日到期，并以每年5.00%的利率计息，每年5月15日和11月15日支付利息，首次支付将于2026年11月15日进行。

循环信用额度

截至2026年8月31日，我们循环信用额度下有1.25亿美元未偿还，并有20亿美元可用于借款。

截至2026年8月31日，我们已遵守所有融资协议中的适用约定。

第9号附注：股东权益

普通股股息

2026年6月11日，公司支付了8650万美元的普通股股息，该股息已于2026年5月31日计提，并经公司董事会和股东批准。

优先股股息和赎回

2026年3月17日，公司支付了其5.250% A系列优先股（“A系列优先股”）的半年度股息1050万美元，该股息已于2026年2月28日计提，并经公司董事会批准。

Aircastle Limited及其子公司

未审合并财务报表的附注

（金额以千美元计，除非另有说明）

2026年8月31日

（注：A系列优先股）

2026年6月17日（“优先股赎回日”），公司以每股市值100万美元的价格赎回了所有400股已发行的A系列优先股，总计4.054亿美元，其中包括截至但不包括优先股赎回日累计未付的540万美元股息。因此，不再有A系列优先股流通，与该赎回的A系列优先股相关的股息不再累积，且该赎回的A系列优先股的所有指定、权利、优先权、权力、资格、限制和限制均告终止。

第10号注释。关联方交易

我们在2026年8月31日止三个月内，因公司内部服务协议向股东支付了190万美元，而在2025年同期为230万美元；在2026年8月31日止六个月为370万美元，而在2025年同期为440万美元，其中股东为公司提供某些管理及行政服务。这些费用记录在合并损益表的销售、一般及行政费用中。

详见第7号注释，其中列示了截至2026年8月31日止六个月从按权益法核算的被投资方收到的分配。

第11号注释。所得税

所得税是根据公司业务开展和收入产生的司法管辖区的税法和税率计提的。

百慕大政府颁布了《百慕大公司所得税法》（“百慕大 CIT 法”），该法对自2025年3月1日开始的财年对公司征收15%的公司所得税（“百慕大 CIT”）。公司已适当考虑了百慕大 CIT 及其对当期和递延所得税的影响。

由于百慕大 CIT 法的颁布，公司现在按司法管辖区列示收入来源及所得税费用的相关组成部分。以往，此类信息是按美国和非美国基础列示的，因为百慕大在以前期间是一个零税率司法管辖区。

下表总结了按司法管辖区（包括百慕大、美国和其他司法管辖区，主要是爱尔兰）的收入情况。截至2026年8月31日止三个月和六个月期间，持续经营前的收入和未合并权益法投资的收益如下：


	截至8月31日的三个月		截至8月31日的六个月
	2026		2025		2026		2025
百慕大	$	23,544			$	18,350		$	30,990	$	29,795
美国	1,862			(8,557)			14,960		1,533
其他	54,713			52,206			75,115		92,286

持续经营前的收入和未合并权益法投资的收益	$	80,119			$	61,999		$	121,065	$	123,614

我们的百慕大、美国和爱尔兰的飞机拥有子公司需在其各自司法管辖区缴税。

公司还有爱尔兰、新加坡和美国的子公司，为我们的百慕大、美国和爱尔兰的飞机拥有子公司提供管理服务，并需在其各自司法管辖区缴税。

Aircastle Limited及附属公司

未审合并财务报表附注

（金额以千美元计，每股金额除外）

2026年8月31日

我们确认了截至2026年8月31日和2025年8月31日止六个月的所得税费用分别为1870万美元和1790万美元。截至2026年8月31日和2025年8月31日止六个月的税后税率分别为15.4%和14.5%。税后税率的上升主要是由于我们在不同司法管辖区的利润组合以及百慕大净经营亏损的利用。

第12号注释。利息，净额

下表显示了利息净额的组成部分：


	截至8月31日的三个月		截至8月31日的六个月
	2026		2025		2026		2025
借款和其他负债的利息	$	71,922			$	68,624		$	140,388	$	134,901


递延融资费用和债务折扣的摊销	4,706			4,659			9,483		9,129
利息支出	76,628			73,283			149,871		144,030
减：利息收入	(1,241)			(2,754)			(3,268)		(4,660)


利息，净额	$	75,387			$	70,529		$	146,603	$	139,370

第13号注释。承诺和或有事项

截至2026年8月31日止三个月，我们在康涅狄格州斯坦福、爱尔兰都柏林和新加坡租赁办公空间的租金费用分别为50万美元和40万美元，截至2026年8月31日止六个月分别为70万美元和90万美元。

截至2026年8月31日，我们不可撤销的办公租赁相关的未来最低租赁付款如下：


财年结束于2月28日/29日	金额
2027年（财年剩余部分）	$	1,606
2028	3,227
2029	2,434
2030	1,625
2031	1,428
之后	14,268
总计	$	24,588

截至2026年8月31日，我们承诺购买22架飞机，价值9.043亿美元。

截至2026年8月31日，包括这些飞机剩余进度付款2910万美元、合同价格调整和其他调整，减去已支付的金额，承诺如下：


财年结束于2月28日/29日	金额
2027年（财年剩余部分）	$	671,518
2028	109,215
2029	123,524
2030	—
2031	—
此后	—

总计	$	904,257

Aircastle Limited 及其子公司

未审合并财务报表附注

（金额以千美元计，每股金额除外）

2026年8月31日

附注14. 其他资产

截至2026年8月31日和2026年2月28日，其他资产包括以下内容：


	2026年8月31日 2026年2月28日		2026年2月28日 2026年2月28日
递延所得税资产	$	6,529			$	6,556
租赁激励和溢价，扣除累计摊销66,115千美元和82,350千美元	17,245			28,211
待售飞行设备	157,664			45,120
飞机预付款和巴西航空工业公司E-2进度付款	24,943			14,887


使用权资产(1)	12,620			13,279

权益证券投资(2)	5,308			5,704

其他资产	78,648			95,923

其他资产总计	$	302,957			$	209,680

______________

(1)扣除租赁激励和租户补贴。

(2)参见附注2。

附注15. 信用损失准备

下表显示了截至2026年8月31日六个月期间与我们租赁净投资相关的信用损失准备的变动情况：


	租赁净投资，净额
2026年2月28日余额	$	6,099
信用损失拨备	(275)
核销	(18)

2026年8月31日的余额	$	5,806

注16. 应付账款、应计费用和其他负债

应付账款、应计费用和其他负债截至2026年8月31日和2026年2月28日如下：


	2026年8月31日 2026年2月28日		2026年2月28日 2026年2月28日
应付账款、应计费用和其他负债	$	60,636			$	54,605
应付股息	—			10,500
递延所得税负债	162,029			147,059
应计利息应付	67,903			61,366
租赁负债	14,548			15,898
租赁折扣，扣除43,433和37,943的摊销额后净额	87,184			91,846


应付账款、应计费用和其他负债总额	$	392,300			$	381,274

第17号附注：期后事项

2026年10月1日，公司与JBIC和商业贷款人签订了2026年10月信贷协议，以无担保定期贷款总额4亿美元。详见第8号附注。

第2项管理讨论与分析财务状况和经营成果

本管理层讨论与分析财务状况和经营成果包含涉及风险、不确定性和假设的前瞻性声明。您应将以下讨论与我们历史合并财务报表及其中的附注一起阅读。此处反映的期间的经营成果不一定反映未来期间可能预期的结果，由于各种因素，包括但不限于在“风险因素”中描述并包含在我们截至2026年2月28日止年度的10-K年度报告中的因素，我们的实际结果可能与前瞻性声明中讨论的结果有重大差异。我们的合并财务报表是按照美国通用会计原则（U.S. GAAP）编制的，除非另有说明，本报告中其他财务信息也按照U.S. GAAP编制。除非另有说明，本报告中所有“美元”和“$”的引用均指，本报告中的所有货币金额均以美元表示。

本季度10-Q表格报告（本“报告”）中包含或引用的所有陈述，除对历史事实的描述外，均属于根据联邦证券法定义的前瞻性声明，包括1995年私人证券诉讼改革法案。前瞻性声明的示例包括但不限于与我们收购、出售、租赁或融资飞机、筹集资金、支付股息和增加收入、收益、EBITDA和调整后EBITDA以及全球航空业和飞机租赁行业的能力有关的声明。诸如“预期”、“预计”、“使能够”、“意图”、“计划”、“定位”、“预计”、“相信”、“可能”、“将”、“会”、“可以”、“应该”、“寻求”、“估计”等词语以及这些词语的变体和类似表达旨在识别此类前瞻性声明。这些声明基于我们及我们的子公司的历史业绩，以及我们当前的计划、估计和期望，并受可能导致实际结果与前瞻性声明中描述的结果有重大差异的若干因素影响；Aircastle无法保证其期望能够实现。因此，您不应过分依赖任何此类前瞻性声明，这些声明受某些风险和不确定性的影响，可能导致实际结果与本报告日期所预期的结果有重大差异。这些风险或不确定性包括但不限于Aircastle向证券交易委员会（“SEC”）提交的文件中不时描述的风险，以及在Aircastle截至2026年2月28日的年度报告10-K表格第I部分-第1A项中之前披露的“风险因素”。此外，不断出现新的风险和不确定性，Aircastle无法预测或评估每种可能使实际结果与任何前瞻性声明中包含的结果不同的因素的影响。此类前瞻性声明仅反映本报告的日期。Aircastle明确否认有义务公开修订或更新任何前瞻性声明以反映未来事件或情况。

网站和公司报告的访问

公司互联网网站上的信息不属于本报告，也不被引用或纳入本报告或我们向SEC提交或提供的任何其他报告中。

概况

Aircastle 全球收购、租赁和出售商用喷气式飞机给航空公司。我们是领先的二级市场投资者，通过多种收购渠道获取飞机，包括其他飞机租赁公司、通过购买-租赁交易的航空公司、金融机构和其他飞机所有者以及飞机制造商。我们有丰富的经验，能够成功管理飞机在其整个生命周期中的运营，包括租赁和技朮管理、飞机交还、过渡以及资产出售或处置。我们出售飞机和发动机资产，无论是附带租赁还是按拆解方式出售，目的是产生利润并重新投资出售所得资金。我们的飞机由一支经验丰富的团队在美国、爱尔兰和新加坡进行管理。

As of August 31, 2026, we owned and managed 268 aircraft leased to 67 airline customers located in 42 countries. The Net Book Value of our fleet was $8.3 billion as of August 31, 2026. The weighted average age of our fleet was 9.0 years, and the weighted average remaining lease term was 5.3 years. The weighted average utilization rate of our fleet was 98% for the six months ended August 31, 2026. Utilization was impacted by certain aircraft previously leased to a customer that has ceased operations, which are expected to remain off-lease for an extended period, as well as aircraft redeliveries during the period and the timing of related transitions or sales. During the six months ended August 31, 2026, we purchased 9 aircraft and sold 16 aircraft and other flight equipment. As of August 31, 2026, we had commitments to purchase 22 aircraft for $904.3 million, with deliveries through November 2028, which included estimated amounts for pre-delivery deposits, contractual price escalations and other adjustments.

Financial Condition

Our total revenues, net income and Adjusted EBITDA were $518.5 million, $102.9 million and $455.6 million, respectively, for the six months ended August 31, 2026. Cash flow provided by operating activities was $238.3 million for the six months ended August 31, 2026. The Company’s financial performance reflects continued strong global passenger demand for air travel and solid demand for our aircraft, supported by continued constraints in aircraft and engine production and deliveries despite gradual improvements in supply chain conditions and manufacturing output. Notwithstanding geopolitical uncertainties, including the conflict in the Middle East, demand for our assets remained strong during the period. Strong gains from aircraft and engine sales, together with lease extension activity across the portfolio, contributed positively to our financial results.

Market Conditions

Demand for air travel remained resilient during the six months ended August 31, 2026, supporting continued demand for leased aircraft. Aircraft leasing companies own approximately 49% of the world’s commercial passenger jet aircraft. Although aircraft production and supply chain conditions have shown signs of gradual improvement, aircraft supply remained constrained due to ongoing production and delivery challenges at aircraft and engine manufacturers, limiting the availability of new aircraft and supporting demand for lease placements, lease extensions and secondary market aircraft. In addition, many airlines continue to pursue fleet modernization initiatives, including the replacement of older aircraft with more fuel-efficient aircraft, supporting demand for newer technology aircraft. Supply constraints, together with ongoing financing needs across the airline industry, continued to support favorable conditions in the aircraft leasing market.

Although geopolitical developments, including the conflict in the Middle East, have contributed to market volatility and higher fuel costs for airlines, global passenger travel demand has remained resilient. Aircastle’s portfolio, which is primarily comprised of new technology and mid-life narrow-body aircraft, continues to be attractive to airlines seeking to support growing passenger traffic and fleet modernization objectives. The Company maintains a diversified global portfolio and a disciplined approach to capital allocation, which we believe supports its ability to respond to evolving market conditions and pursue investment opportunities.

We employ a team of experienced senior professionals with extensive industry and financial experience. Our leadership team has an average of more than 30 years of relevant industry experience and has effectively enabled us to manage through prior downturns in the aviation industry, such as the COVID-19 pandemic, the 2008 global financial crisis, and the September 11, 2001 terror attacks.

Middle East Conflict

Ongoing armed conflicts and heightened geopolitical tensions in the Middle East have disrupted, and may continue to disrupt, commercial aviation and broader economic activity in the region and globally. Recent escalations have contributed to volatility in oil and jet fuel prices, increasing operating costs and placing additional pressure on airline profitability and liquidity.

While the ultimate impact on our business, financial condition and results of operations remains uncertain, these conditions have adversely affected, and may continue to adversely affect, commercial aviation activity, including through airspace closures, reduced flight operations, increased fuel and insurance costs, supply chain disruptions and broader macroeconomic effects. Such conditions could result in lease restructurings, payment deferrals or defaults.

As of and for the six months ended August 31, 2026, our airline customers located in the Middle East represented approximately 5% of both our Net Book Value and lease rental revenue. Although our direct exposure to the region is limited and diversified across lessees and aircraft types, the effects of the conflict, particularly higher fuel costs, have adversely affected, and may continue to adversely affect, airlines globally. We continue to monitor customers that are more financially sensitive to higher fuel costs, including those that have historically relied on fuel supplies from the Gulf region. A sustained deterioration in regional or broader economic conditions, including persistently elevated fuel prices, could adversely affect our business, financial condition and results of operations.

Acquisitions and Sales

During the six months ended August 31, 2026, we purchased 9 aircraft for $385.6 million. As of August 31, 2026, we had commitments to purchase 22 aircraft for $904.3 million, with deliveries through November 2028, which included estimated amounts for pre-delivery deposits, contractual price escalations and other adjustments. As of October 9, 2026, we have purchased 4 additional aircraft and have commitments to purchase 20 aircraft for $767.3 million.

During the six months ended August 31, 2026, we sold 16 aircraft and other flight equipment for net proceeds of $357.1 million and recognized gains on the sale or disposition of flight equipment totaling $49.0 million. As of October 9, 2026, we have sold 8 additional aircraft, including certain aircraft classified as held for sale as of August 31, 2026.

Fiscal Year 2026 Lease Expirations and Lease Placements

As of October 9, 2026, we had 8 off-lease aircraft and 5 aircraft with a lease expiring in fiscal year 2026, which combined account for 3% of our Net Book Value at August 31, 2026, still to be placed or sold. We expect to sell or part out 7 of these aircraft.

Fiscal Years 2027 to 2030 Lease Expirations and Lease Placements

Taking into account lease and sale commitments, we currently have the following number of aircraft with lease expirations scheduled between fiscal years 2027 and 2030, representing the percentage of our Net Book Value as of August 31, 2026, specified below:

•2027: 26 aircraft, representing 7%;

•2028: 29 aircraft, representing 8%;

•2029: 39 aircraft, representing 13%; and

•2030: 21 aircraft, representing 7%.

Finance

We operate in a capital-intensive industry and have a demonstrated track record of consistently raising substantial capital from both debt and equity investors. Since our inception, we have raised $2.6 billion in equity capital from private and public investors. We have also obtained $26.2 billion in debt capital from a variety of sources, including the unsecured bond market, commercial banks, export credit agency-backed debt, the aircraft securitization market and Japanese Operating Lease with Call Option financings, which have been originated by Marubeni. The diversity and global nature of our financing sources demonstrate our ability to adapt to changing market conditions and seize new growth opportunities.

We intend to fund new investments through cash on hand, funds generated from operations, maintenance payments received from lessees, equity offerings, unsecured bond offerings, borrowings secured by our aircraft, draws under our revolving credit facilities and proceeds from future aircraft sales. We may repay all or a portion of such borrowings from time to time with the net proceeds from subsequent long-term debt financings, additional equity offerings or cash generated from operations and asset sales. Accordingly, our ability to execute our business strategy, particularly the acquisition of additional commercial jet aircraft or other aviation assets, depends to a significant degree on our ability to obtain additional debt and equity capital on terms we deem attractive.

See “Liquidity and Capital Resources” below.

AIRCASTLE AIRCRAFT INFORMATION

The following table sets forth certain information with respect to our owned aircraft and aircraft managed by us as of August 31, 2026 and 2025:


	As of August 31,
	2026		2025
Owned Aircraft	(Dollars in millions)
Net Book Value of Flight Equipment	$	8,300			$	8,470
Net Book Value of Unencumbered Flight Equipment	$	8,185			$	8,351
Number of Aircraft	263			270
Number of Unencumbered Aircraft	259			266
Number of Lessees	67			75
Number of Countries	42			46
Weighted Average Age (years)(1)	9.0			8.6
Weighted Average Remaining Lease Term (years)(1)	5.3			5.7
Weighted Average Fleet Utilization during the Second Quarter(2)	97.4	%		99.7	%
Weighted Average Fleet Utilization during the six months ended August 31, 2026, and 2025(2)	97.6	%		99.6	%
Portfolio Yield for the Second Quarter(3)	9.3	%		9.4	%
Portfolio Yield for the six months ended August 31, 2026, and 2025(3)	9.3	%		9.6	%

Managed Aircraft

Number of Managed Aircraft(4)	5			8

(1)Weighted by Net Book Value.

(2)Aircraft on lease as a percentage of total days in period weighted by net book value. Utilization was impacted by certain aircraft previously leased to a customer that has ceased operations, which are expected to remain off-lease for an extended period, as well as aircraft redeliveries during the period and the timing of related transitions or sales.

(3)Lease rental revenue, together with interest income and cash collections on our net investment in leases for the period, expressed as a percentage of the average Net Book Value for the period; quarterly information is annualized.

(4)Number of managed aircraft as of August 31, 2026 includes 4 aircraft owned by our joint venture with Mizuho Leasing.

PORTFOLIO DIVERSIFICATION


	Owned Aircraft as of August 31, 2026	Owned Aircraft as of August 31, 2025
	Number of Aircraft	% of Net Book Value		Number of Aircraft	% of Net Book Value
Aircraft Type
Passenger:
Narrow-body - new technology(1)	100		54	%	91		50	%

Narrow-body - current technology	148		40	%	160		42	%
Wide-body - current technology	12		5	%	14		7	%

Total Passenger	260		99	%	265		99	%
Freighter - current technology	3		1	%	5		1	%
Total	263		100	%	270		100	%

Manufacturer
Airbus	170		64	%	175		64	%
Boeing	73		29	%	74		29	%
Embraer	20		7	%	21		7	%
Total	263		100	%	270		100	%

Regional Diversification
Asia and Pacific	71		30	%	67		26	%
Europe	69		21	%	85		25	%
Middle East and Africa	14		5	%	14		6	%
North America	66		30	%	73		33	%
South America	32		11	%	31		10	%
Off-lease	11	(2)	3	%	—		—	%

Total	263		100	%	270	100	%

(1) Includes Airbus A320-200neo and A321-200neo, Boeing 737-MAX8, 737-MAX9, and Embraer E2 aircraft.

(2) The number of aircraft off-lease was impacted by certain aircraft previously leased to a customer that has since ceased operations, which are expected to remain off-lease for an extended period, as well as aircraft redeliveries during the period and the timing of related transitions and sales. Of the 11 off-lease aircraft as of August 31, 2026, 4 aircraft have subsequently been sold, delivered to a customer, or are subject to a confirmed letter of intent for lease. Of the remaining 7 aircraft, 4 are expected to remain off-lease for an extended period, while the remaining 3 aircraft are being marketed for lease or sale.

The top ten customers for our owned aircraft at August 31, 2026, were as follows:


Customer	Country	Percent of Net Book Value	Number of Aircraft
IndiGo	India	12.6%	20
United	United States	6.7%	10
KLM	Netherlands	5.7%	15
LATAM	Chile	4.7%	13
American Airlines	United States	4.6%	16
Frontier Airlines	United States	4.4%	7
WestJet	Canada	3.7%	7
Viva Aerobus	Mexico	3.6%	9
AirAsia	Malaysia	3.1%	12
Lion Air Group	Indonesia	3.0%	10

Total top ten customers		52.1%	119
All other customers		47.9%	144

Total all customers		100.0%	263

COMPARATIVE RESULTS OF OPERATIONS

Results of Operations for the three months ended August 31, 2026, as compared to the three months ended August 31, 2025:


	Three Months Ended August 31,
	2026		2025
	(Dollars in thousands)
Revenues:
Lease rental revenue	$	186,858			$	190,116
Direct financing and sales-type lease revenue	5,389			5,191
Amortization of lease premiums, discounts and incentives	7,871			(1,513)
Maintenance revenue	43,004			9,708
Total lease revenue	243,122			203,502
Gain on sale or disposition of flight equipment	38,162			23,889
Other revenue	1,669			119
Total revenues	282,953			227,510
Operating expenses:
Depreciation	91,728			96,762
Interest, net	75,387			70,529
Selling, general and administrative	20,331			24,247
Provision for credit losses	(92)			(116)
Impairment of flight equipment	7,730			31,153
Maintenance and other costs	8,108			3,977
Total operating expenses	203,192			226,552

Other income:


Other	358			61,041

Total other income	358			61,041

Income from continuing operations before income taxes and earnings of unconsolidated equity method investment	80,119			61,999
Income tax provision	11,163			5,228
Earnings of unconsolidated equity method investment, net of tax	372			462

Net income	$	69,328			$	57,233

Revenues:

Total revenues increased $55.4 million, attributable to:

Lease rental revenue decreased $3.3 million, primarily attributable to:

•a $16.4 million decrease related to the sale of 32 aircraft and other flight equipment since September 1, 2025;

•a $9.7 million decrease related to early lease terminations, including terminations associated with 2 customers that either filed for bankruptcy protection or ceased operations; and

•a $5.0 million decrease due to lease extensions, amendments, transitions and other changes.

This was partially offset by an increase of $27.9 million related to 42 aircraft purchased since September 1, 2025.

Amortization of lease premiums, discounts and lease incentives:


	Three Months Ended August 31,
	2026		2025
	(Dollars in thousands)
Amortization of lease premiums	$	(770)			$	(1,734)
Amortization of lease discounts	5,258			3,919
Amortization of lease incentives	3,383			(3,698)

Amortization of lease premiums, discounts and incentives	$	7,871			$	(1,513)

The amortization of lease incentives decreased $7.1 million, primarily due to early lease terminations and the associated reversal of lease incentive liabilities during the three months ended August 31, 2026.

Maintenance revenue. For the three months ended August 31, 2026 and 2025, we recorded $43.0 million and $9.7 million of maintenance revenue, respectively, primarily from maintenance payments received by us and recognized into income in connection with scheduled aircraft lease expirations, early lease terminations and aircraft returns.

Gain on sale or disposition of flight equipment. During the three months ended August 31, 2026, we sold 11 aircraft and other flight equipment generating gains of $38.2 million, compared to 4 aircraft and other flight equipment sold with gains of $23.9 million during the three months ended August 31, 2025.

Operating expenses:

Total operating expenses decreased $23.4 million, attributable to:

Depreciation expense decreased $5.0 million, primarily reflecting a $14.2 million decrease related to 30 aircraft sold since September 1, 2025, as well as residual adjustments and other changes for aircraft for which impairments were recorded or leases were extended. This decrease was partially offset by an increase of $9.2 million related to 42 aircraft acquired since September 1, 2025.

Interest, net increased $4.9 million due to a higher weighted average debt outstanding of $267.8 million.

Selling, general and administrative expenses decreased $3.9 million, primarily due to lower personnel costs and reduced legal fees related to Russia insurance recovery matters.

Impairment of flight equipment. During the three months ended August 31, 2026, we recorded impairment charges totaling $7.7 million, primarily related to the early lease termination of 2 narrow-body aircraft and 2 narrow-body freighter aircraft. For these aircraft, we recognized $23.4 million of maintenance payments, cash security deposits, and the reversal of lease incentive liabilities into revenue during the three months ended August 31, 2026.

During the three months ended August 31, 2025, we recorded impairment charges totaling $31.2 million, including $22.4 million related to aircraft leased to 2 customers that filed for bankruptcy protection. For these aircraft, the Company recognized $4.9 million of maintenance payments and lease rentals received in advance into revenue during the three months ended August 31, 2025. The remaining impairment charges relate to other flight equipment recorded within other assets that were subject to tear-down and parts sales programs and 1 converted narrow-body freighter aircraft.

Maintenance and other costs increased $4.1 million, primarily attributable to higher technical expenses related to the timing of aircraft transitions, including costs associated with aircraft subject to early lease terminations.

Other income:

Total other income decreased by $60.7 million. During the three months ended August 31, 2025, the Company entered into settlement agreements with certain insurers under the Company’s contingent and possessed policies (“C&P policies”) for an aggregate settlement amount of $55.7 million related to aircraft previously leased to Russian airlines.

Income tax provision:

Income tax provision. We recognized income tax provisions of $11.2 million and $5.2 million for the three months ended August 31, 2026 and 2025, respectively, with effective tax rates of 13.9% and 8.4% for the respective periods. The increase in our effective rate was primarily attributable to the mix of profits between the various jurisdictions in which we operate and the utilization of Bermuda net operating losses.

Results of Operations for the six months ended August 31, 2026, as compared to the six months ended August 31, 2025:


	Six Months Ended August 31,
	2026		2025
	(Dollars in thousands)
Revenues:
Lease rental revenue	$	381,438			$	373,159
Direct financing and sales-type lease revenue	10,827			10,333
Amortization of lease premiums, discounts and incentives	8,262			1,253
Maintenance revenue	67,162			47,840
Total lease revenue	467,689			432,585
Gain on sale or disposition of flight equipment	49,028			54,178
Other revenue	1,766			591
Total revenues	518,483			487,354
Operating expenses:
Depreciation	184,556			192,578
Interest, net	146,603			139,370
Selling, general and administrative	41,907			44,938
Provision for credit losses	(275)			26
Impairment of flight equipment	11,091			36,219
Maintenance and other costs	13,400			8,221
Total operating expenses	397,282			421,352

Other (expense) income:
Loss on extinguishment of debt	—			(2,973)

Other	(136)			60,585

Total other (expense) income	(136)			57,612

Income from continuing operations before income taxes and earnings of unconsolidated equity method investment	121,065			123,614
Income tax provision	18,689			17,949
Earnings of unconsolidated equity method investment, net of tax	570			855

Net income	$	102,946			$	106,520

Revenues:

Total revenues increased $31.1 million, attributable to:

Lease rental revenue increased $8.3 million, primarily attributable to an increase of $58.9 million related to 52 aircraft purchased since March 1, 2025.

This was partially offset by:

•a $30.7 million decrease related to the sale of 46 aircraft and other flight equipment since March 1, 2025;

•a $12.4 million decrease related to early lease terminations, including terminations associated with 2 customers that either filed for bankruptcy protection or ceased operations; and

•a $7.5 million decrease due to lease extensions, amendments, transitions and other changes.

Amortization of lease premiums, discounts and lease incentives:


	Six Months Ended August 31,
	2026		2025
	(Dollars in thousands)
Amortization of lease premiums	$	(2,096)			$	(3,622)
Amortization of lease discounts	10,445			7,442
Amortization of lease incentives	(87)			(2,567)

Amortization of lease premiums, discounts and incentives	$	8,262			$	1,253

The amortization of lease discounts increased $3.0 million due to the acquisition of aircraft.

The amortization of lease incentives decreased $2.5 million, primarily due to early lease terminations and the associated reversal of lease incentive liabilities during the six months ended August 31, 2026.

Maintenance revenue. For the six months ended August 31, 2026 and 2025, we recorded $67.2 million and $47.8 million of maintenance revenue, respectively, primarily from maintenance payments received by us and recognized into income in connection with scheduled aircraft lease expirations, early aircraft lease terminations and aircraft returns.

Gain on sale or disposition of flight equipment. During the six months ended August 31, 2026, we sold 16 aircraft and other flight equipment for gains of $49.0 million, compared to 18 aircraft and other flight equipment sold with gains of $54.2 million during the six months ended August 31, 2025.

Operating expenses:

Total operating expenses decreased $24.1 million, attributable to:

Depreciation expense decreased $8.0 million, primarily reflecting a $28.2 million decrease related to 32 aircraft sold since March 1, 2025, as well as residual adjustments and other changes for aircraft for which impairments were recorded or leases were extended. This decrease was partially offset by an increase of $20.2 million related to 51 aircraft acquired since March 1, 2025.

Interest, net increased $7.2 million due to a higher weighted average debt outstanding of $281.1 million.

Selling, general and administrative expenses decreased $3.0 million, primarily due to lower personnel costs and reduced legal fees related to Russia insurance recovery matters.

Impairment of flight equipment. During the six months ended August 31, 2026, the Company recorded impairment charges totaling $11.1 million that primarily related to the early lease termination of 2 narrow-body aircraft and 2 narrow-body freighter aircraft. For these aircraft, we recognized $23.4 million of maintenance payments, cash security deposits, and the reversal of lease incentive liabilities into revenue during the six months ended August 31, 2026.

During the six months ended August 31, 2025, the Company recorded impairment charges totaling $36.2 million, including $22.4 million related to aircraft leased to 2 customers that filed for bankruptcy protection. For these aircraft, the Company recognized $4.9 million of maintenance payments and lease rentals received in advance into revenue during six months ended August 31, 2025. The remaining impairment charges relate to other flight equipment, 1 converted narrow-body freighter aircraft, and certain transactional impairments.

Maintenance and other costs increased $5.2 million, primarily attributable to higher technical expenses related to the timing of aircraft transitions, including costs associated with aircraft subject to early lease terminations.

Other income:

Total other income decreased by $57.7 million. During the six months ended August 31, 2025, the Company entered into settlement agreements with certain insurers under the Company’s C&P policies for an aggregate settlement amount of $55.7 million related to aircraft previously leased to Russian airlines.

Income tax provision:

Income tax provision. We recognized income tax provisions of $18.7 million and $17.9 million for the six months ended August 31, 2026 and 2025, respectively. Our effective tax rate for the six months ended August 31, 2026 and 2025 was 15.4% and 14.5%, respectively. The increase in our effective tax rate was primarily attributable to the mix of profits between the various jurisdictions in which we operate and the utilization of Bermuda net operating losses.

Aircraft Valuation

For complete information on impairment of flight equipment, refer to Note 2 in the Notes to the Unaudited Consolidated Financial Statements and “Comparative Results of Operations” above.

RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS

See Note 1 – “Summary of Significant Accounting Policies – Organization and Basis of Presentation” in the Notes to the Unaudited Consolidated Financial Statements above.

RECENT UNADOPTED ACCOUNTING PRONOUNCEMENTS

See Note 1 – “Summary of Significant Accounting Policies – Recent Accounting Pronouncements” in the Notes to the Unaudited Consolidated Financial Statements above.

LIQUIDITY AND CAPITAL RESOURCES

Our business is very capital intensive, requiring significant investments in order to expand our fleet and to maintain and improve our existing portfolio. Our operations have historically generated a significant amount of cash, primarily from lease rentals and maintenance collections. We have also met our liquidity and capital resource needs by utilizing several sources over time, including:

•unsecured indebtedness, including our current unsecured revolving credit facilities, unsecured term financings and senior notes;

•various forms of borrowing secured by our aircraft, including term financings and limited recourse securitization financings for new aircraft acquisitions;

•asset sales; and

•issuance of common and preference shares.

Going forward, we expect to continue to seek liquidity from these sources and other sources, subject to pricing and conditions we consider satisfactory.

During the six months ended August 31, 2026, we met our liquidity and capital resource needs with $238.3 million of cash flows from operations and $357.1 million of proceeds from the sale or disposition of aircraft and other flight equipment.

As of August 31, 2026, the weighted average maturity of our secured and unsecured debt financings was 3.4 years, and we were in compliance with all applicable covenants. In addition, 98% of our total debt is unsecured and $8.2 billion of our Net Book Value is unencumbered.

We believe we have sufficient liquidity to meet our contractual obligations over the next twelve months. As of October 1, 2026, total liquidity of $2.8 billion included $2.0 billion of undrawn credit facilities, $0.7 billion of projected adjusted operating cash flows and contracted asset sales and $0.1 billion of unrestricted cash through October 1, 2027. In addition, we believe payments received from lessees and other funds generated from operations, unsecured bond offerings, borrowings secured by our aircraft, borrowings under our revolving credit facilities and other borrowings and proceeds from future aircraft sales will be sufficient to satisfy our liquidity and capital resource needs over the next twelve months. Our liquidity and capital resource needs include payments due under our aircraft purchase obligations, required principal and interest payments under our long-term debt facilities, expected capital expenditures, lessee maintenance payment reimbursements and lease incentive payments.

Cash Flows


	Six Months Ended August 31,
	2026		2025
	(Dollars in thousands)
Net cash flow provided by operating activities	$	238,294			$	218,647
Net cash flow provided by (used in) investing activities	780			(629,644)
Net cash flow (used in) provided by financing activities	(245,883)			279,288

Operating Activities:

Cash flow provided by operating activities was $238.3 million and $218.6 million for the six months ended August 31, 2026 and 2025, respectively. The increase in operating cash flow was primarily attributable to higher customer collections, reflecting higher lease rates on newly acquired aircraft and lease extension activity. Additionally, we received a distribution from our equity method investee, of which $10.1 million was reflected in operating cash flow. These increases were partially offset by higher cash interest payments driven by higher weighted average debt outstanding and the timing of interest payments.

Investing Activities:

Cash flow provided by investing activities was $0.8 million for the six months ended August 31, 2026, compared to cash flow used in investing activities of $629.6 million for the six months ended August 31, 2025. The decrease of $630.4 million was primarily attributable to a $603.8 million decrease in acquisitions and improvements of flight equipment and a $57.6 million increase in proceeds from the sale or disposition of aircraft and other flight equipment. In addition, during the six months ended August 31, 2025, we received cash proceeds of $40.9 million in connection with Russia insurance settlements.

Financing Activities:

Cash flow used in financing activities was $245.9 million for the six months ended August 31, 2026, compared to cash flow provided by financing activities of $279.3 million for the six months ended August 31, 2025. The decrease of $525.2 million was primarily attributable to the $400.0 million redemption of preference shares, and to a lesser extent, a $50.1 million increase in dividends paid, a $42.4 million decrease in net maintenance and security deposits received, and a $36.3 million decrease in borrowings from secured and unsecured financings, net of repayments.

Debt Obligations

For complete information on our debt obligations, see Note 8 in the Notes to the Unaudited Consolidated Financial Statements.

Contractual Obligations

Our contractual obligations primarily consist of principal and interest payments on debt financings, aircraft acquisitions and rent payments pursuant to our office leases. Total contractual obligations increased to $7.5 billion at August 31, 2026, from $7.1 billion at February 28, 2026, due to higher aircraft purchase commitments, outstanding debt and interest obligations.

Capital Expenditures

From time to time, we make capital expenditures to maintain or improve our aircraft. These expenditures include the cost of major overhauls necessary to place an aircraft in service and modifications made at the request of lessees. For the six months ended August 31, 2026 and 2025, we incurred a total of $4.8 million and $14.2 million, respectively, of capital expenditures, including lease incentives, related to the improvement of aircraft.

As of August 31, 2026, the weighted average age of our aircraft, by Net Book Value, of our aircraft was approximately 9.0 years. In general, the costs of operating an aircraft, including maintenance expenditures, increases as aircraft age. Our lease agreements generally require the lessee to be primarily responsible for maintaining the aircraft.

Maintenance reserves are generally paid by the lessee to provide for future major maintenance events. Provided a lessee performs scheduled maintenance of the aircraft, we are required to reimburse the lessee for qualifying maintenance payments. In certain cases, we are also required to make lessor contributions, in excess of amounts a lessee may have paid, towards the costs of maintenance events performed by or on behalf of the lessee. We may incur additional maintenance and modification costs in the future in the event we are required to remarket an aircraft or if a lessee fails to meet its maintenance obligations under the lease agreement.

Actual maintenance payments to us by lessees in the future may be less than projected as a result of a number of factors, such as a lessee default. Maintenance reserves may not cover the entire amount of actual maintenance expenses incurred and, where these expenses are not otherwise covered by the lessees, there can be no assurance that our operational cash flow and maintenance reserves will be sufficient to fund maintenance requirements, particularly as our aircraft age. See Item 1A. “Risk Factors – Risks Related to Our Leases – If lessees are unable to fund their maintenance obligations on our aircraft, we may incur increased costs at the conclusion of the applicable lease” in our Annual Report on Form 10-K for the year ended February 28, 2026.

Off-Balance Sheet Arrangements

We have an unconsolidated equity method investment in an aircraft leasing entity with Mizuho Leasing in which we hold a 25% equity interest. As of August 31, 2026, the Net Book Value of its 4 aircraft was $143.0 million.

The assets and liabilities of this entity are not included in our consolidated balance sheets, and we record our net investment under the equity method of accounting. See Note 7 in the Notes to the Unaudited Consolidated Financial Statements.

Foreign Currency Risk and Foreign Operations

At August 31, 2026, approximately 99% of our leases were payable to us in U.S. dollars. However, we incur Euro- and Singapore dollar-denominated expenses in connection with our subsidiaries in Ireland and Singapore. For the six months ended August 31, 2026, expenses, such as payroll and office costs, denominated in currencies other than the U.S. dollar totaled $9.6 million in U.S. dollar equivalents and represented approximately 23% of total selling, general and administrative expenses.

Our international operations are a significant component of our business strategy and permit us to more effectively source new aircraft, service the aircraft we own and maintain contact with our lessees. Therefore, our international operations and our exposure to foreign currency risk will likely increase over time. Although we have not entered into foreign currency hedges, if our foreign currency exposure increases, we may enter into hedging transactions in the future to mitigate this risk. For the six months ended August 31, 2026 and 2025, we incurred insignificant net gains and losses on foreign currency transactions.

Management’s Use of EBITDA and Adjusted EBITDA

We define EBITDA as income (loss) from continuing operations before interest expense, income taxes, 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.

The table below shows the reconciliation of net income to EBITDA and Adjusted EBITDA for the three and six months ended August 31, 2026 and 2025:


	Three Months Ended August 31,		Six Months Ended August 31,
	2026		2025		2026		2025

Net income	$	69,328			$	57,233		$	102,946	$	106,520
Depreciation	91,728			96,762			184,556		192,578
Amortization of lease premiums, discounts and incentives	(7,871)			1,513			(8,262)		(1,253)
Interest, net	75,387			70,529			146,603		139,370
Income tax provision	11,163			5,228			18,689		17,949

EBITDA	$	239,735			$	231,265		$	444,532	$	455,164
Adjustments:
Impairment of flight equipment	7,730			31,153			11,091		36,219

Loss on extinguishment of debt	—			—			—		2,973





Adjusted EBITDA	$	247,465			$	262,418		$	455,623	$	494,356

Limitations of EBITDA and Adjusted EBITDA

An investor or potential investor may find EBITDA and Adjusted EBITDA important measures in evaluating our performance, results of operations and financial position. We use these non-U.S. GAAP measures to supplement our U.S. GAAP results in order to provide a more complete understanding of the factors and trends affecting our business.

EBITDA and Adjusted EBITDA have limitations as analytical tools and should not be viewed in isolation or as substitutes for U.S. GAAP measures of income (loss). Material limitations in making the adjustments to our income (loss) to calculate EBITDA and Adjusted EBITDA, and using these non-U.S. GAAP measures as compared to U.S. GAAP net income (loss), income (loss) from continuing operations and cash flows provided by or used in operations, include:

•depreciation and amortization, though not directly affecting our current cash position, represent the wear and tear and/or reduction in value of our aircraft, which affects the aircraft’s availability for use and may be indicative of future needs for capital expenditures;

•the cash portion of income tax provision (benefit) generally represents charges (gains), which may significantly affect our financial results; and

•adjustments required in calculating covenant ratios and compliance as that term is defined in the indenture governing our senior unsecured notes, which may not be comparable to similarly titled measures used by other companies.

EBITDA and Adjusted EBITDA are not alternatives to net income (loss), income (loss) from operations or cash flows provided by or used in operations as calculated and presented in accordance with U.S. GAAP. You should not rely on these non-U.S. GAAP measures as a substitute for any such U.S. GAAP financial measure. We strongly urge you to review the reconciliations to U.S. GAAP net income (loss), along with our consolidated financial statements included elsewhere in this report. We also strongly urge you not to rely on any single financial measure to evaluate our business. In addition, because EBITDA and Adjusted EBITDA are not measures of financial performance under U.S. GAAP and are susceptible to varying calculations, EBITDA and Adjusted EBITDA as presented in this report, may differ from and may not be comparable to similarly titled measures used by other companies.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Interest rate risk is the exposure to loss resulting from changes in the level of interest rates and the spread between different interest rates. These risks are highly sensitive to many factors, including U.S. monetary and tax policies, U.S. and international economic factors and other factors beyond our control. We are exposed to changes in the level of interest rates and to changes in the relationship or spread between interest rates. Our primary interest rate exposures relate to our floating-rate debt obligations. Rent payments under our aircraft lease agreements typically do not vary during the term of the lease according to changes in interest rates. However, our borrowing agreements generally require payments based on a variable interest rate index, such as SOFR or an alternative reference rate. Therefore, to the extent our borrowing costs are not fixed, increases in interest rates may reduce our net income by increasing the cost of our debt without any corresponding increase in rents or cash flow from our securities.

Sensitivity Analysis

The following discussion about the potential effects of changes in interest rates is based on a sensitivity analysis, which models the effects of hypothetical interest rate shifts on our financial condition and results of operations. Although we believe a sensitivity analysis provides the most meaningful analysis permitted by the rules and regulations of the SEC, it is constrained by several factors, including the necessity to conduct the analysis based on a single point in time and by the inability to include the extraordinarily complex market reactions that normally would arise from the market shifts modeled. Although the following results of a sensitivity analysis for changes in interest rates may have some limited use as a benchmark, they should not be viewed as a forecast. This forward-looking disclosure also is selective in nature and addresses only the potential interest expense impacts on our financial instruments. It also does not include a variety of other potential factors that could affect our business as a result of changes in interest rates.

As of August 31, 2026, a hypothetical 100-basis point increase/decrease in our variable interest rate on our borrowings would result in an interest expense increase/decrease of $9.7 million and $9.7 million, respectively, over the next twelve months.

ITEM 4. CONTROLS AND PROCEDURES

Management’s Evaluation of Disclosure Controls and Procedures

The term “disclosure controls and procedures” is defined in Exchange Act Rules 13a-15(e) and 15d-15(e). This term refers to the controls and procedures of a company that are designed to ensure that information required to be disclosed by a company in the reports that it files under the Exchange Act is recorded, processed, summarized and reported within the time periods specified by the SEC and that such information is accumulated and communicated to the Company’s management, including its Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”) as appropriate, to allow timely decisions regarding required disclosure. An evaluation was performed under the supervision and with the participation of the Company’s management, including the CEO and CFO, of the effectiveness of the Company’s disclosure controls and procedures as of August 31, 2026. Based on that evaluation, the Company’s management, including the CEO and CFO, concluded that the Company’s disclosure controls and procedures were effective as of August 31, 2026.

Changes in Internal Control over Financial Reporting

There were no changes in the Company’s internal control over financial reporting, as such term is defined in Exchange Act Rules 13a-15(f) and 15d-15(f), that occurred during the quarter ended August 31, 2026, that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

PART II. — OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

The Company is not a party to any material legal or adverse regulatory proceedings.

ITEM 1A. RISK FACTORS

There have been no material changes to the disclosure related to the risk factors described in our Annual Report on Form 10-K for the year ended February 28, 2026, as filed with the SEC.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

None.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

ITEM 5. OTHER INFORMATION

Environmental, Social and Governance (“ESG”)

Information on our ESG initiatives can be found on our website at www.aircastle.com under “ESG.” The information on the Company’s website regarding our ESG initiatives is not part of, nor incorporated by reference, into this report, or any other report we file with, or furnish to, the SEC.

ITEM 6. EXHIBITS


Exhibit No.		Description of Exhibit

3.1		Amended and Restated Memorandum of Association (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed with the SEC on March 27, 2020).

3.2		Amended and Restated Bye-laws (incorporated by reference to Exhibit 3.2 to the Company’s Current Report on Form 8-K filed with the SEC on March 27, 2020).


4.1		Specimen Share Certificate (incorporated by reference to Exhibit 4.1 to the Company’s Registration Statement on Form S-1 (Amendment No. 2) (No. 333-134669) filed on July 25, 2006).

31.1		Certification by the Chief Executive Officer pursuant to Section 302 of the Sarbanes Oxley Act of 2002. *

31.2		Certification by the Chief Financial Officer pursuant to Section 302 of the Sarbanes Oxley Act of 2002. *

32.1		Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. *

32.2		Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. *

101		The following materials from the Company’s Quarterly Report on Form 10-Q for the quarter ended August 31, 2026, formatted in iXBRL (Inline eXtensible Business Reporting Language): (i) Consolidated Balance Sheets as of August 31, 2026 and February 28, 2026; (ii) Consolidated Statements of Income and Comprehensive Income for the three and six months ended August 31, 2026 and 2025; (iii) Consolidated Statements of Cash Flows for the six months ended August 31, 2026 and 2025; (iv) Consolidated Statements of Changes in Shareholders’ Equity for the three and six months ended August 31, 2026 and 2025; and (v) Notes to Unaudited Consolidated Financial Statements.*

104		Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.

* Filed herewith.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Dated: October 14, 2026


	AIRCASTLE LIMITED
	(Registrant)
	By:	/s/ Dane Silverman
		Dane Silverman
		Chief Accounting Officer and Authorized Officer

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