Form 8-K

8-K — AAR CORP

Accession: 0001104659-26-085429

Filed: 2026-07-21

Period: 2026-07-21

CIK: 0000001750

SIC: 3720 (AIRCRAFT & PARTS)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — tm2620584d1_8k.htm (Primary)

EX-99.1 — EXHIBIT 99.1 (tm2620584d1_ex99-1.htm)

EX-99.2 — EXHIBIT 99.2 (tm2620584d1_ex99-2.htm)

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Common Stock, $1.00 par value

AIR

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13

or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported):

July 21, 2026

AAR

CORP.

(Exact name of registrant as specified in its

charter)

Delaware

1-6263

36-2334820

(State of Incorporation )

(Commission

File Number)

(IRS Employer Identification No.)

One AAR Place

1100 N. Wood Dale Road

Wood Dale, Illinois 60191

(Address and Zip Code of Principal Executive Offices)

Registrant’s telephone number, including

area code: (630) 227-2000

Not Applicable

(Former name or former address, if changed since

last report)

Check the appropriate box below if the Form 8-K

filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities

Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange

Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under

the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under

the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class

Trading Symbol(s)

Name of Each Exchange on Which Registered

Common

Stock, $1.00 par value

AIR

New

York Stock Exchange

NYSE Texas

Indicate by check mark whether the

registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or

Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b—2 of this chapter).                                Emerging

growth company ¨

an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying

with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Item 2.02 Results of Operations and Financial Condition.

On July 21, 2026, AAR CORP. (the “Company”)

issued a press release and supplemental slide presentation reporting the Company’s financial results for the fourth quarter ended

May 31, 2026. Copies of the Company’s press release and supplemental slide presentation are attached hereto as Exhibit 99.1 and

Exhibit 99.2, respectively.

The information furnished under Item 2.02 of this

Current Report on Form 8-K and the exhibit attached hereto shall not be deemed to be “filed” for the purposes of Section 18

of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section. It may only be incorporated

by reference in another filing under the Exchange Act or Securities Act of 1933, as amended, if such subsequent filing specifically references

this Form 8-K.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.

Description

99.1

Press Release issued by AAR CORP. dated July 21, 2026.

99.2

Slide Presentation by AAR CORP. dated July 21, 2026.

104

Cover Page Interactive Data File (embedded within the Inline XBRL document)

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 hereunto duly authorized.

Date: July 21, 2026

AAR CORP.

By:

/s/ DYLAN Z.

WOLIN

Dylan Z. Wolin

Senior Vice President and Chief Financial Officer

(Principal Financial Officer)

EX-99.1 — EXHIBIT 99.1

EX-99.1

Filename: tm2620584d1_ex99-1.htm · Sequence: 2

Exhibit 99.1

AAR

reports fourth quarter and fiscal year 2026 results

Wood Dale, Illinois,

July 21, 2026 — AAR CORP. (NYSE: AIR), a leading provider of aviation services to commercial and government operators, MROs, and

OEMs, reported today ﬁnancial results for the fourth quarter and ﬁscal year 2026 ended May 31, 2026.

FOURTH QUARTER

FISCAL YEAR 2026 HIGHLIGHTS

(As compared

to Q4 FY2025)

· Sales

of $928 million; increased 23%

· GAAP

diluted EPS of $1.27

· Adjusted

diluted EPS of $1.53; increased 32%

· GAAP

Net income of $51 million

· Adjusted

EBITDA of $116 million; increased 27%

· Adjusted

EBITDA margin increased from 12.4% to 12.5%

FISCAL YEAR

2026 HIGHLIGHTS

(As compared

to FY2025)

· Sales

of $3.3 billion; increased 19%

· GAAP

diluted EPS of $4.86

· Adjusted

diluted EPS of $5.05; increased 29%

· GAAP

Net income of $188 million

· Adjusted

EBITDA of $401 million; increased 24%

· Adjusted

EBITDA margin increased from 11.8% to 12.1%

“Our momentum

continued into the fourth quarter as we delivered another strong set of results. Total adjusted sales were up 26%, including 13% organically,”

stated John M. Holmes, AAR’s Chairman, President and CEO. “Growth was driven by each of our key parts, repair, and software

platform activities in the quarter, led by our Parts Supply segment which grew 39%. Within Parts Supply, new parts Distribution activity

organic growth was 19%. Our Repair, Engineering, and Software segment reported 35% sales growth in the quarter driven by a significant

increase in our Component MRO activities, higher volumes in our Airframe MRO facilities, and growth in recurring revenue at Trax.”

“Our strong

topline performance translated to an adjusted EBITDA increase of 27% in the quarter. We expanded our adjusted EBITDA margins from 12.4%

to 12.5% year over year, despite the expected short-term dilutive impact of the HAECO Americas acquisition. Going forward, we expect

further margin expansion as we shift our sales mix to higher margin offerings, complete the HAECO Americas integration, and continue

to realize acquisition-related synergies.

“For the

full Fiscal Year 2026, adjusted sales were up 20%, and organic adjusted sales grew 14%. Adjusted EBITDA increased 24% while adjusted

EBITDA margins grew from 11.8% to 12.1%.

“Earlier

in the fourth quarter we announced a new reporting structure consisting of four operating segments: Parts Supply; Repair, Engineering,

and Software (RE&S); Government Solutions; and Legacy Commercial Programs. Along with the segment realignment we announced our intention

to wind down the Legacy Commercial Programs business, reflecting our continued focus on growth, margin expansion, and additional cash

flow generation. Total adjusted EBITDA margin from the combined Parts Supply, RE&S, and Government Solutions segments in the fourth

quarter and full year was 13.0% and 12.7%, respectively.

“Cash flow

performance in the quarter was also strong, helping us to continue to reduce our leverage. Adjusted cash from operations was $58 million

in the quarter and $94 million for the full fiscal year, resulting in net leverage of 2.03x at the end of the fourth quarter. We are

well within our target range of 2.0x to 2.5x, giving us flexibility to continue funding our strategic growth. Adjusted cash from operations

as a percent of adjusted EBITDA was 50% for the fourth quarter and 24% over the last year.

Holmes concluded,

“Our record Fiscal Year 2026 financial performance demonstrates that the strategic and operational changes we have made are creating

a more durable, higher-growth, and higher-margin aviation aftermarket services platform. Over the last five years, we have grown adjusted

EBITDA at a 37% CAGR while expanding adjusted EBITDA margins by an average of 100 basis points annually. Our execution has delivered

industry leading turnaround times in our hangars, significant market share gains in distribution, and innovative new software products.

Our recent acquisitions are performing well, with integration efforts proceeding ahead of schedule. Together, these achievements

have strengthened our balance sheet and increased our financial flexibility to continue investing in our platform. Our disciplined growth

strategy has us well-positioned to continue creating long-term value for our employees, customers, and shareholders.”

RECENT UPDATES

· Announced

segment realignment and wind-down of Commercial Programs business, reflecting continued focus

on growth, margin expansion, and additional cash flow generation

· Signed

a multi-year commercial distribution agreement with Woodward to provide high-demand consumable

parts for the CFM LEAP, GEnx, and CF34 engines

· Component

MRO facility in Wellington, Kansas received Collins Aerospace Supplier of the Year Award

· Expanded

Airbus proprietary component repair offering to include Airbus A320 slat repair at our Chonburi,

Thailand Component MRO facility

· Launched

Airvoyant, an AI-powered aviation procurement solution to connect buyers directly to suppliers

· Completed

acquisition of Aircraft Reconfig Technologies in April, adding FAA Organization Designation

Authorization (ODA) to AAR’s Engineering Services capabilities

· Awarded

a $305 million follow-on contract to provide contractor logistics support for the U.S. Navy

and Marine Corps C-40A fleet, ensuring the fleet’s continued operational readiness

and long-term sustainment

FOURTH QUARTER

FISCAL YEAR 2026 RESULTS

Consolidated fourth

quarter sales increased 23% to $928.0 million, compared to $754.5 million in the same quarter last year. Sales to commercial customers

increased 31%, or $161 million, primarily due to double-digit organic growth across new parts Distribution within the Company's Parts

Supply segment and the impact of the Company’s acquisitions of HAECO Americas and ADI. Sales to government customers increased

5%, or $12 million, over the same period last year, primarily due to the impact of ADI’s sales to government customers. Sales to

commercial customers were 73% of consolidated sales, compared to 69% in the prior year quarter.

The Company reported

net income of $50.7 million, or $1.27 per diluted share. For the fourth quarter of the prior year, the Company reported net income of

$34.0 million, or $0.95 per share. Adjusted diluted earnings per share in the fourth quarter of ﬁscal year 2026 were $1.53, compared

to $1.16 in the fourth quarter of the prior year.

Selling, general,

and administrative expenses were $99.6 million in the current quarter, compared to $77.4 million in the prior year quarter. Acquisition,

amortization, and integration expenses were $11.3 million in the quarter, compared to $0.3 million in the prior year quarter.

Operating margins

were 8.6% in the quarter, compared to 9.7% in the prior year quarter. Adjusted operating margin increased to 10.6% in the current year

quarter from 10.5% in the prior year quarter, primarily as a result of improved proﬁtability in the Company’s government

business.

Net interest expense

for the quarter was $16.3 million, compared to $18.4 million last year. Average diluted share count increased from 35.6 million shares

in the prior year quarter to 39.6 million shares in the current year quarter primarily due to the Company’s equity offering in

the second quarter of fiscal year 2026.

Cash ﬂow

provided by operating activities was $55.3 million during the current quarter, compared to $51.4 million in the prior year quarter. As

of May 31, 2026, net debt was $816.0 million and net leverage was 2.03x.

FISCAL YEAR

2026 RESULTS

Full Fiscal

Year 2026 consolidated sales were $3.3 billion, an increase of 19% over Fiscal Year 2025 with growth primarily resulting from

increased volumes in our Parts Supply segment and our HAECO Americas acquisition.

Operating margins

were 8.4% for the full year, compared to 6.7% in fiscal year 2025. Adjusted operating margin increased to 10.2% in Fiscal Year 2026 from

9.6% in Fiscal Year 2025. The improved adjusted margins are primarily driven by growth in new parts Distribution.

Full Fiscal Year

2026 net income was $187.7 million, or $4.86 per diluted share. In Fiscal Year 2025, net income was $12.5 million, or $0.35 per share.

Fiscal Year 2025 results included after-tax charges of $115.0 million associated with the sale of our Landing Gear Overhaul business

and our FCPA settlement and related costs. Our adjusted diluted earnings per share was $5.05 in the current year, compared to $3.91 last

year, reflecting the impact of our improved operating efficiency on higher sales volumes.

Sales to commercial

customers were 72% of consolidated sales in the current year, compared to 71% in the prior year. Cash flow provided by operating activities

was $98.7 million in Fiscal Year 2026. Excluding our accounts receivable financing program, our cash flow provided by operating activities

was $94.3 million in Fiscal Year 2026.

FIRST QUARTER

AND FULL YEAR FY 2027 GUIDANCE

The Company is

providing the following guidance for the first quarter and full year fiscal 2027:

First quarter

FY 2027

As of July

21, 2026

Sales

growth (ex. LCP)1

21%

- 23%

Adjusted

EBITDA margin (ex. LCP)2

12.25%

- 12.75%

1 Reflects

total sales growth excluding the Legacy Commercial Programs segment.

2 Reflects

adjusted EBITDA margin excluding the Legacy Commercial Programs segment.

Full year

FY 2027

As of July

21, 2026

Sales

growth (ex. LCP)1

Low

double-digits to low teens

Conference call information

On Tuesday, July

21, 2026, 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/prwtjj9w. Participants may join via phone by registering at https://register-conf.media-server.com/register/BIeb8076db5c7c4237951e1cdddea84779.

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/quarterly-results/

About AAR

AAR is a leading

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 three primary operating segments: Parts Supply; Repair, Engineering, and Software;

and Government Solutions. Additional information can be found at aarcorp.com/.

Contact: Chris Tillett –

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,

our first quarter and full year FY 2027 guidance; continued focus on sales growth, margin expansion, and cash flow generation; financial

flexibility and disciplined capital allocation; successful integration of acquisitions and achievement of related synergies; and creation

of long-term value for employees, customers and stockholders.

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

and repair 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) failure to complete, integrate, and realize

the anticipated benefits of acquisitions, including execution of related operational and financial plans; (xii) circumstances associated

with divestitures; (xiii) inability to recover costs due to fluctuations in market values for aviation products and equipment; (xiv)

cyber or other security threats or disruptions; (xv) a need to make significant capital expenditures to keep pace with technological

developments in our industry; (xvi) restrictions on use of intellectual property and tooling important to our business; (xvii) inability

to protect the value of our intellectual property; (xviii) our ability to manage our debt and fund our other liquidity needs; (xix) limitations

on our ability to access the debt and equity capital markets or to draw down funds under loan agreements; (xx) non-compliance with restrictive

and financial covenants contained in our debt and loan agreements; (xxi) 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 (xxii) exposure to product liability and property claims that may be in excess of our liability insurance

coverage. Should one or more of these 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

Condensed

consolidated statements of income

(In

millions except per share data - unaudited)

Three

months

ended

May

31,

Year

ended

May

31,

2026

2025

2026

2025

Sales

$ 928.0

$ 754.5

$ 3,308.0

$ 2,780.5

Cost of sales

751.3

604.3

2,686.0

2,252.8

Gross profit

176.7

150.2

622.0

527.7

Provision

for (Recovery of) credit losses

(0.1 )

0.5

2.1

0.2

Selling,

general, and administrative

99.6

77.4

349.3

347.7

Earnings

from joint ventures

2.9

0.7

7.2

5.4

Operating income

80.1

73.0

277.8

185.2

Bargain purchase gain (loss)

(6.2 )

––

29.5

––

Gain on sale of headquarters

building

––

9.8

––

Gain

(Loss) related to sale and exit of businesses, net

1.2

(7.1 )

1.4

(72.4 )

Interest expense, net

(16.3 )

(18.4 )

(70.5 )

(73.6 )

Other

income (expense), net

(1.1 )

0.1

(2.1 )

(0.3 )

Income before income tax

expense

57.7

47.6

245.9

38.9

Income

tax expense

7.0

13.6

58.2

26.4

Net

income

$ 50.7

$ 34.0

$ 187.7

$ 12.5

Earnings per share

– Basic

$ 1.28

$ 0.95

$ 4.88

$ 0.35

Earnings per share

– Diluted

$ 1.27

$ 0.95

$ 4.86

$ 0.35

Share data used for earnings per share:

Weighted average shares outstanding –

Basic

39.4

35.4

38.3

35.6

Weighted average shares outstanding –

Diluted

39.6

35.6

38.4

35.8

AAR CORP. and

subsidiaries

Condensed

consolidated balance sheets

(In

millions)

May

31,

2026

May

31,

2025

(unaudited)

ASSETS

Cash and cash

equivalents

$ 84.0

$ 96.5

Restricted cash

23.8

12.7

Accounts receivable, net

386.8

354.8

Contract assets

148.4

140.3

Inventories, net

979.0

809.2

Other

current assets

120.1

97.1

Total

current assets

1,742.1

1,510.6

Property, plant, and equipment,

net

166.9

158.5

Goodwill and intangible

assets, net

861.9

750.4

Operating lease right-of-use

assets, net

210.8

93.3

Rotable assets, net

180.3

172.4

Other

non-current assets

193.9

159.4

Total

assets

$ 3,355.9

$ 2,844.6

LIABILITIES AND EQUITY

Accounts payable

$ 295.6

$ 303.1

Other

current liabilities

317.6

251.6

Total

current liabilities

613.2

554.7

Long-term debt

893.9

968.0

Operating lease liabilities

101.1

79.6

Other

non-current liabilities

43.9

30.7

Total

liabilities

1,652.1

1,633.0

Equity

1,703.8

1,211.6

Total

liabilities and equity

$ 3,355.9

$ 2,844.6

AAR CORP. and

subsidiaries

Condensed

consolidated statements of cash flows

(In

millions – unaudited)

Three

months

ended

May

31,

Year

ended

May

31,

2026

2025

2026

2025

Cash flows provided by

operating activities:

Net

income

$ 50.7

$ 34.0

$ 187.7

$ 12.5

Adjustments

to reconcile net income to net cash provided by operating activities

Depreciation

and amortization

21.8

14.3

75.3

57.8

Stock-based

compensation expense

4.5

4.3

17.8

19.9

Bargain

purchase gain (loss)

6.2

––

(29.5 )

––

Gain

on sale of building

––

(9.8 )

––

Loss

(Gain) on sale of business

––

5.9

(1.0 )

68.9

Changes

in certain assets and liabilities:

Accounts

receivable

42.8

(40.6 )

7.7

(82.8 )

Contract

assets

(6.1 )

11.2

8.1

(26.6 )

Inventories

(3.5 )

(32.7 )

(69.0 )

(109.3 )

Other

current assets

12.0

7.1

(11.9 )

(5.8 )

Rotable

assets

3.3

0.3

(22.3 )

(23.9 )

Accounts

payable and accrued liabilities

(53.4 )

39.9

(28.3 )

111.4

Other

(23.0 )

7.7

(26.1 )

14.0

Net

cash provided by operating activities

55.3

51.4

98.7

36.1

Cash flows provided by

(used in) investing activities:

Property,

plant, and equipment expenditures

(12.0 )

(10.0 )

(36.6 )

(34.7 )

Acquisitions,

net of cash acquired

(37.4 )

(4.4 )

(259.4 )

(1.5 )

Hangar

expansion activity, net

(4.3 )

(4.5 )

(28.8 )

(4.0 )

Proceeds

from sale of building and land

0.3

––

25.1

4.7

Proceeds

from sale of business

––

48.0

0.6

48.0

Other

(3.5 )

(1.5 )

(9.6 )

(1.8 )

Net cash provided by (used

in) investing activities

(56.9 )

27.6

(308.7 )

10.7

Cash flows provided by

(used in) financing activities:

Short-term

borrowings (repayments) on Revolving Credit Facility, net

5.0

(55.0 )

(227.0 )

(20.0 )

Proceeds

from equity offering, net

––

273.9

––

Proceeds

from long-term borrowings, net

––

153.0

––

Purchase

of treasury stock

––

(10.1 )

––

(10.1 )

Other

4.3

(5.6 )

8.7

(3.6 )

Net

cash provided by (used in) financing activities

9.3

(70.7 )

208.6

(33.7 )

Increase (Decrease) in

cash and cash equivalents

7.7

8.3

(1.4 )

13.1

Cash,

cash equivalents, and restricted cash at beginning of period

100.1

100.9

109.2

96.1

Cash,

cash equivalents, and restricted cash at end of period

$ 107.8

$ 109.2

$ 107.8

$ 109.2

AAR CORP. and

subsidiaries

Third-party

sales by segment

(In

millions - unaudited)

Three

months ended

May

31,

Year

ended

May

31,

2026

2025

2026

2025

Parts Supply

$ 423.8

$ 305.5

$ 1,487.7

$ 1,099.6

Repair, Engineering,

and Software

314.4

232.7

1,080.8

931.0

Government Solutions

130.2

141.5

502.3

495.4

Legacy

Commercial Programs

59.6

74.8

237.2

254.5

$ 928.0

$ 754.5

$ 3,308.0

$ 2,780.5

Operating

income (loss) by segment

(In

millions- unaudited)

Three

months ended

May

31,

Year

ended

May

31,

2026

2025

2026

2025

Parts Supply

$ 53.7

$ 49.7

$ 186.2

$ 156.8

Repair, Engineering,

and Software

21.7

21.2

84.6

84.0

Government Solutions

18.7

11.6

56.7

35.1

Legacy

Commercial Programs

1.5

1.3

––

8.6

95.6

83.8

327.5

284.5

Corporate

and other

(15.5 )

(10.8 )

(49.7 )

(99.3 )

$ 80.1

$ 73.0

$ 277.8

$ 185.2

Adjusted net income,

adjusted diluted earnings per share, organic adjusted 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:

· Costs

associated with U.S. Foreign Corrupt Practices Act (“FCPA”) matters that we self-reported

to the U.S. Department of Justice and other agencies, including investigation costs and settlement

charges.

· Expenses

associated with recent acquisition activity, including professional fees for legal, due diligence,

and other acquisition activities, intangible asset amortization (including amortization of

favorable lease assets classified within operating lease right-of-use assets), integration

costs, bargain purchase gains, and compensation expense related to contingent consideration

and retention agreements.

· Legal

judgments and reversals related to or impacted by the Russia/Ukraine conflict.

· Contract

termination costs and benefits are comprised of gains and losses that are recognized at the

time of modifying, terminating, or restructuring certain customer and vendor contracts, including

the impact from the U.S. government exercising their termination for convenience in the first

quarter of fiscal year 2025 for our Mobility Systems business’s new-generation pallet

contract.

· Losses

related to our exit from our Indian joint venture, our Landing Gear Overhaul business, and

our Composites manufacturing business, including legal fees for the performance guarantee

associated with the Composites’ A220 aircraft contract.

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, headquarters relocation

activity, product line exits, and significant customer contract terminations.

The Company is

not providing a reconciliation of forward-looking financial measures to the most directly comparable forward-looking GAAP measure 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.

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:

Adjusted

net income

(In

millions - unaudited)

Three

months ended

May

31,

Year

ended

May

31,

2026

2025

2026

2025

Net income

$ 50.7

$ 34.0

$ 187.7

$ 12.5

Acquisition,

integration, and amortization expenses

17.9

3.1

54.0

26.7

Bargain purchase gain

6.2

––

(29.5 )

––

Loss

(Gain) related to sale of business/joint venture, net

(1.2 )

7.1

(1.4 )

70.3

Impairment

charges and loss on sale of equity investments

0.7

––

1.0

––

Gain on sale of headquarters

building

––

(9.8 )

––

Impairment charge related

to product line exit

––

4.9

––

Severance charges

––

1.0

––

Government

COVID-related subsidy liability (reversal)

––

0.8

(0.7 )

0.8

FCPA

settlement and investigation costs

––

65.3

Russian

bankruptcy court judgment (reversal)

––

(11.1 )

Contract termination

cost

––

0.2

Tax

effect on adjustments (a)

(13.3 )

(3.5 )

(12.2 )

(25.1 )

Adjusted

net income

$ 61.0

$ 41.5

$ 195.0

$ 139.6

(a) Calculation uses estimated statutory

tax rates on non-GAAP adjustments except for the impact from non-deductible items including

the bargain purchase gain and the FCPA settlement charge.

Adjusted

diluted earnings per share

(unaudited)

Three

months

ended

May

31,

Year

ended

May

31,

2026

2025

2026

2025

Diluted

earnings per share

$ 1.27

$ 0.95

$ 4.86

$ 0.35

Acquisition,

integration, and amortization expenses

0.45

0.09

1.40

0.74

Bargain purchase gain

0.16

––

(0.77 )

––

Impairment charges and

loss on sale of equity investments

0.02

––

0.02

––

Loss

(Gain) related to sale of business/joint venture, net

(0.04 )

0.20

(0.02 )

1.97

Gain

on sale of headquarters building

––

(0.26 )

––

Impairment

charge related to product line exit

––

0.13

––

Severance charges

––

0.03

––

Government

COVID-related subsidy liability (reversal)

––

0.02

(0.02 )

0.02

FCPA

settlement and investigation costs

––

1.84

Russian

bankruptcy court judgment (reversal)

––

(0.31 )

Tax

effect on adjustments (a)

(0.33 )

(0.10 )

(0.32 )

(0.70 )

Adjusted

diluted earnings per share

$ 1.53

$ 1.16

$ 5.05

$ 3.91

(a) Calculation uses estimated statutory

tax rates on non-GAAP adjustments except for the impact from non-deductible items including

the bargain purchase gain and the FCPA settlement charge.

Adjusted operating margin

(In millions - unaudited)

Three

months ended

Year ended

May 31,

2026

February

28, 2026

May 31,

2025

May 31,

2026

May 31,

2025

Sales

$ 928.0

$ 845.1

$ 754.5

$ 3,308.0

$ 2,780.5

Contract termination costs

––

(18.7 )

––

(32.2 )

Adjusted sales

$ 928.0

$ 845.1

$ 735.8

$ 3,308.0

$ 2,748.3

Operating income

$ 80.1

$ 65.8

$ 73.0

$ 277.8

$ 185.2

Acquisition,

integration and amortization expenses

17.9

15.5

3.1

54.0

26.8

Impairment charge related to product line exit

––

4.9

––

4.9

––

Government

COVID-related subsidy liability (reversal)

––

0.8

(0.7 )

0.8

Severance

charges

––

1.0

––

Gain

related to sale of joint venture

––

(2.1 )

FCPA settlement and investigation costs

––

65.3

Contract termination cost

––

0.2

Russian bankruptcy court judgment (reversal)

––

(11.1 )

Adjusted operating income

$ 98.0

$ 86.2

$ 76.9

$ 337.0

$ 265.1

Operating margin

8.6 %

7.8 %

9.7 %

8.4 %

6.7 %

Adjusted operating margin

10.6 %

10.2 %

10.5 %

10.2 %

9.6 %

Organic adjusted sales growth for the three months ended May 31, 2026

(unaudited)

GAAP sales growth

23.0 %

Impact of contract termination benefit

2.5

Impact of Landing Gear Overhaul divestiture

1.1

Impact of acquisitions within the last twelve months

(13.5 )

Organic adjusted sales growth

13.1 %

Organic adjusted sales growth for the year ended May 31, 2026

(unaudited)

GAAP sales growth

19.0 %

Impact of contract termination benefit

1.2

Impact of Landing Gear Overhaul divestiture

2.4

Impact of acquisitions within the last twelve months

(8.6 )

Organic adjusted sales growth

14.0 %

Adjusted cash provided by operating activities

(In

millions - unaudited)

Three months

ended

May 31,

Year

ended

May 31,

2026

2025

2026

2025

Cash provided by operating activities

$ 55.3

$ 51.4

$ 98.7

$ 36.1

Amounts outstanding on accounts receivable financing program:

Beginning of period

28.2

20.2

21.3

13.7

End of period

(25.7 )

(21.3 )

(25.7 )

(21.3 )

Adjusted cash provided by operating activities

$ 57.8

$ 50.3

$ 94.3

$ 28.5

Adjusted EBITDA

(In millions - unaudited)

Three months ended

May 31,

Year ended

May 31,

2026

2025

2026

2025

Net income

$ 50.7

$ 34.0

$ 187.7

$ 12.5

Income tax expense

7.0

13.6

58.2

26.4

Other (income) expense, net

1.1

(0.1 )

2.1

0.3

Interest expense, net

16.3

18.4

70.5

73.6

Depreciation and amortization

21.0

13.7

72.1

55.2

Acquisition and integration expenses (benefit)

10.2

(0.9 )

28.2

10.8

Bargain purchase gain

6.2

––

(29.5 )

––

Loss (Gain) related to sale and exit of business/joint venture, net

(1.2 )

7.1

(1.4 )

70.3

Gain on sale of headquarters building

––

(9.8 )

––

Impairment charge related to product line exit

––

4.9

––

Severance

charges

––

1.0

––

Government COVID-related subsidy liability (reversal)

––

0.8

(0.7 )

0.8

FCPA settlement and investigation costs

––

65.3

Russian bankruptcy court judgment (reversal)

––

(11.1 )

Contract termination cost

––

0.2

Stock-based compensation

4.5

4.3

17.8

19.9

Adjusted EBITDA

$ 115.8

$ 90.9

$ 401.1

$ 324.2

Net income margin

5.5 %

4.5 %

5.7 %

0.4 %

Adjusted EBITDA margin

12.5 %

12.4 %

12.1 %

11.8 %

Net debt

(In millions - unaudited)

May 31, 2026

May 31, 2025

Total debt

$ 900.0

$ 977.0

Less: Cash and cash equivalents

(84.0 )

(96.5 )

Net debt

$ 816.0

$ 880.5

Net debt to adjusted EBITDA

(In millions - unaudited)

May 31, 2026

May 31, 2025

Adjusted EBITDA for the year ended

$ 401.1

$ 324.2

Net debt at year end

816.0

880.5

Net

debt to Adjusted EBITDA

2.03

2.72

EX-99.2 — EXHIBIT 99.2

EX-99.2

Filename: tm2620584d1_ex99-2.htm · Sequence: 3

Exhibit 99.2

Fourth Quarter Fiscal Year 2026 Earnings Call July 21, 2026

Note : All results and expectations in the presentation reflect continuing operations unless otherwise noted . This presentation contains certain statements relating to future results, which are forward - looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995 , which reflect management’s expectations about future conditions, including, but not limited to, our first quarter and full year FY 2027 guidance ; continued focus on sales growth, margin expansion, and cash flow generation ; financial flexibility and disciplined capital allocation ; successful integration of acquisitions and achievement of related synergies ; and creation of long - term value for employees, customers and stockholders . 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 and repair 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) failure to complete, integrate, and realize the anticipated benefits of acquisitions, including execution of related operational and financial plans ; (xii) circumstances associated with divestitures ; (xiii) inability to recover costs due to fluctuations in market values for aviation products and equipment ; (xiv) cyber or other security threats or disruptions ; (xv) a need to make significant capital expenditures to keep pace with technological developments in our industry ; (xvi) restrictions on use of intellectual property and tooling important to our business ; (xvii) inability to protect the value of our intellectual property ; (xviii) our ability to manage our debt and fund our other liquidity needs ; (xix) limitations on our ability to access the debt and equity capital markets or to draw down funds under loan agreements ; (xx) non - compliance with restrictive and financial covenants contained in our debt and loan agreements ; (xxi) 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 (xxii) 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 . These events and uncertainties are difficult or impossible to predict accurately and many are beyond our 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 our 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 . 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 July 21 , 2026 . Forward - looking Statements © 2026 AAR CORP. All rights reserved worldwide 2

Key Messages © 2026 AAR CORP. All rights reserved worldwide 3 1 Connected platform approach focused on parts, repair, and software delivering higher, more profitable growth 2 Total adj. sales +26%, adj. EBITDA +27%, adj. operating income +27%, and adj. EPS +32% year - over - year in Q4 3 Expect continued double - digit sales growth and further margin expansion 4 Strong and improving cash flow to strengthen balance sheet and support disciplined approach to capital allocation

Q4 Highlights © 2026 AAR CORP. All rights reserved worldwide 4 Consolidated Sales: 73% commercial; 27% government / defense. See Appendix for reconciliation of Non - GAAP financial measures. Optimized Portfolio Driving Growth and Profitability Q4 Results $928 26% Adj. Sales (M) Adj. Sales growth $116 12.5% +10 bps Adj. EBITDA (M) Adj. EBITDA margin Margin growth $98 10.6% +10 bps Adj. Operating Income (M) Adj. Op. Income margin Margin growth $1.53 32% Adj. EPS Growth • Delivered outstanding performance in Q4 and FY 2026 • Record adj. sales of $928M, +26% YoY driven by growth across key parts, repair, and software activities • Higher - margin solutions driving continued adj. EBITDA margin expansion • Margins +10 bps YoY including expected short - term dilution from HAECO Americas integration • +32% YoY adj. EPS growth driven by operating performance • $58M Q4 adj. cash from operations, $94M FY 2026

AAR Results © 2026 AAR CORP. All rights reserved worldwide 5 Consolidated Sales: 72% commercial; 28% government / defense. See Appendix for reconciliation of Non - GAAP financial measures. $3.91 $5.05 FY 2025 FY 2026 Adj. EPS $2,748 $3,308 FY 2025 FY 2026 Adj. Sales ( M ) $265 $337 FY 2025 FY 2026 Adj. Op. Income (M) & Margin (%) $324 $401 FY 2025 FY 2026 Adj. EBITDA (M) & Margin (%) +20% +24% + 27 % +29% 11.8% 12.1% 9.6% 10.2% +30 bps +60 bps FY 2026 Sales and Profitability

Executing on Our Strategic Objectives © 2026 AAR CORP. All rights reserved worldwide 6 WIN MORE CORE LEVERAGE OUR PLATFORM SCALE WITH DISCIPLINE • Signed exclusive Distribution agreement with Woodward for LEAP, GEnx , and CF34 parts • Inducted first aircraft into new OKC Airframe MRO facility in March 2026 • Won multiple new awards in Component MRO, driving double - digit sales growth in Q4 • Launched Airvoyant , an AI - driven procurement solution for airlines and MROs • Initiated rollout of Paperless Hangar technology in OKC; early stages of implementation at Greensboro • Awarded five - year, $305M follow - on contract to continue providing contractor logistics support to US Navy and Marine Corps • HAECO Americas integration remains ahead of schedule • Continued expansion of Trax with Delta; 10,000+ Trax users at Delta today • Completed acquisition of Aircraft Reconfig Technologies in April 2026 1. Excludes acquired GSO and LCQ sites

$49.7 $56.5 Q4 FY25 Q4 FY26 Q4 Sales and Profitability Parts Supply See Appendix for reconciliation of Non - GAAP financial measures. Sales (M) Adj. EBITDA (M) & Margin (%) $52.1 $61.7 Q4 FY25 Q4 FY26 • Continued above - market organic sales growth in new parts Distribution of +19% • New parts Distribution sales to commercial customers +28% organically • High - teens adj. EBITDA growth • Margin compression due to YoY impact of $6.5M gain in Used Serviceable Materials (USM) in Q4 FY25 Adj. Op. Income (M) & Margin (%) © 2026 AAR CORP. All rights reserved worldwide 7 +39% +18% 17.1% 14.6% +14% 16.3% 13.3% (250) bps (300) bps $305.5 $423.8 Q4 FY25 Q4 FY26 Commercial Government / Defense

$24.3 $31.3 Q4 FY25 Q4 FY26 Q4 Sales and Profitability Repair, Engineering, & Software See Appendix for reconciliation of Non - GAAP financial measures. Sales (M) Adj. EBITDA (M) & Margin (%) $28.0 $36.0 Q4 FY25 Q4 FY26 • Record sales in Component MRO • Airframe MRO organic growth driven by volume & capacity increases • Strong recurring revenue, margin growth at Trax • Continued progress on HAECO Americas integration • Acquisition ~130 bps dilutive to Q4 segment margins as expected © 2026 AAR CORP. All rights reserved worldwide 8 +35% +29% 12.0% 11.5% +29% 10.4% 10.0% (50) bps (40) bps $232.7 $314.4 Q4 FY25 Q4 FY26 Adj. Op. Income (M) & Margin (%) Commercial Government / Defense

$11.6 $18.7 Q4 FY25 Q4 FY26 Q4 Sales and Profitability Government Solutions See Appendix for reconciliation of Non - GAAP financial measures. 1. Worldwide Aviation Support Services (WASS) is a government program for the U.S. Department of State Sales (M) Adj. EBITDA (M) & Margin (%) Commercial Government / Defense $13.2 $20.8 Q4 FY25 Q4 FY26 • Sales driven by decline in WASS 1 program as newer programs continue to ramp • Better program mix driving substantial margin improvement • Growth and margin expansion at Mobility Systems driven by pallet shipments © 2026 AAR CORP. All rights reserved worldwide 9 (8%) +58% 9.3% 16.0% +61% 8.2% 14.4% +670 bps +620 bps $141.5 $130.2 Q4 FY25 Q4 FY26 Adj. Op. Income (M) & Margin (%)

Balance Sheet Highlights See Appendix for calculation of net leverage and reconciliation of Non - GAAP financial measures. Q4 FY26 ending net leverage of 2.03x Q4 FY26 net debt outstanding $816M 2.72 2.82 2.49 2.17 2.03 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Net Leverage Target net leverage 2.0 2.5 © 2026 AAR CORP. All rights reserved worldwide 10 Q4 FY26 adj. operating cash flow $58M FY 2026 adj. operating cash flow % of adj. EBITDA 24%

Q1 FY27 Outlook Total sales growth (ex. LCP) 1 21 % – 23% Adj. EBITDA margin (ex. LCP) 2 12.25 % – 12.75% Q1 FY27 Guidance © 2026 AAR CORP. All rights reserved worldwide 11 Estimated tax rate 28% • Continued strength in higher - growth activities like new parts Distribution and Software • Recent acquisitions contributing to year over year revenue growth • Improving program mix driving margin expansion in Government Solutions • Expect HAECO Americas to remain moderately dilutive to short - term margins Q1 FY27 comments 1. Reflects total sales growth excluding the Legacy Commercial Programs segment 2. Reflects adjusted EBITDA margin excluding the Legacy Commercial Programs segment

FY 2027 Outlook © 2026 AAR CORP. All rights reserved worldwide 12 1. Reflects total sales growth excluding the Legacy Commercial Programs segment 2. Target CAGRs reflect growth from FY 2026 baseline; includes FY 2026 acquisitions, future M&A incremental to framework 8 – 12% 3 - year target 2 Low double - digits to low teens FY 2027 Guidance Total sales growth (ex. LCP) 1 FY 2027 comments • Commercial flight activity consistent with recent averages • Continued strength in new parts Distribution • Growth in recurring software revenue • Miami Airframe MRO expansion inductions begin in Q2 • HAECO Americas integration complete by 2H FY 2027 • Continuation of recent higher margins in Government Programs, driven by mix - shift

© 2026 AAR CORP. All rights reserved worldwide 15 This presentation includes financial results for the Company with respect to adjusted sales, adjusted diluted earnings per share, adjusted EBITDA , adjusted operating income, adjusted EBITDA margin, adjusted cash from operations, and net leverage 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 total sales growth and adjusted EBITDA 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 . Non - GAAP Financial Measures

Adjusted diluted earnings per share © 2026 AAR CORP. All rights reserved worldwide 16 Non - GAAP Financial Measures Q4 FY26 Q4 FY25 FY26 FY25 Diluted earnings per share $1.27 $0.95 $4.86 $0.35 Acquisition, integration, and amortization expenses 0.45 0.09 1.40 0.74 Bargain purchase gain 0.16 - (0.77) - Impairment charges and loss on sale of equity investments 0.02 0.02 - Loss (Gain) related to sale and exit of business/joint venture, net (0.04) 0.20 (0.02) 1.97 Gain on sale of headquarters building - - (0.26) - Impairment charge related to product line exit - - 0.13 - Severance charges - - 0.03 - Government COVID-related subsidy liability (reversal) - 0.02 (0.02) 0.02 FCPA settlement and investigation costs - - 1.84 Russian bankruptcy court judgment (reversal) - - (0.31) Tax effect on adjustments (a) (0.34) (0.10) (0.32) (0.70) Adjusted diluted earnings per share $1.52 $1.16 $5.05 $3.91 (a) Calculation uses estimated statutory tax rates on non-GAAP adjustments except for the impact from non-deductible items including the bargain purchase gain and the FCPA settlement charge.

Q4 Adjusted sales, operating income, operating margin, EBITDA, and EBITDA margin by segment © 2024 AAR CORP. All rights reserved worldwide. 17 © 2026 AAR CORP. All rights reserved worldwide Non - GAAP Financial Measures Q4 FY26 Q4 FY25 Repair, Legacy Repair, Legacy ($ in millions) Parts Engineering, Government Commercial Corporate Parts Engineering, Government Commercial Corporate Supply and Software Solutions Programs & Other Consolidated Supply and Software Solutions Programs & Other Consolidated Sales $423.8 $314.4 $130.2 $59.6 $0.0 $928.0 $305.5 $232.7 $141.5 $74.8 $0.0 $754.5 Operating income (loss) 53.7 21.7 18.7 1.5 (15.5) 80.1 49.7 21.2 11.6 1.3 (10.8) 73.0 Operting income margin 12.7% 6.9% 14.4% 2.5% NA 8.6% 16.3% 9.1% 8.2% 1.7% NA 9.7% Sales $423.8 $314.4 $130.2 $59.6 $0.0 $928.0 $305.5 $232.7 $141.5 $74.8 $0.0 $754.5 Contract termination benefit - - - - - - - - - (18.7) - (18.7) Adjusted sales $423.8 $314.4 $130.2 $59.6 $0.0 $928.0 $305.5 $232.7 $141.5 $56.1 $0.0 $735.8 Operating income (loss) 53.7 21.7 18.7 1.5 (15.5) $80.1 49.7 21.2 11.6 1.3 (10.8) $73.0 Acquisition, integration & amortization expenses 2.8 9.6 - - 5.5 17.9 - 3.1 - - - 3.1 Government COVID-related subsidy liability (reversal) - - - - - - - - - - 0.8 0.8 Adjusted operating income $56.5 $31.3 $18.7 $1.5 ($10.0) $98.0 $49.7 $24.3 $11.6 $1.3 ($10.0) $76.9 Adjusted operating margin 13.3% 10.0% 14.4% 2.5% NA 10.6% 16.3% 10.4% 8.2% 2.3% NA 10.5% Operating income (loss) $53.7 $21.7 $18.7 $1.5 ($15.5) $80.1 $49.7 $21.2 $11.6 $1.3 ($10.8) $73.0 Depreciation and amortization 7.3 9.4 1.9 1.7 0.7 21.0 1.9 7.5 1.3 1.9 1.1 13.7 Stock-based compensation 0.5 0.4 0.2 0.1 3.3 4.5 0.5 0.2 0.3 0.1 3.2 4.3 Acquisition and integration expenses 0.2 4.5 - - 5.5 10.2 - (0.9) - - - (0.9) Government COVID-related subsidy liability (reversal) - - - - - 0.8 0.8 Adjusted EBITDA $61.7 $36.0 $20.8 $3.3 ($6.0) $115.8 $52.1 $28.0 $13.2 $3.3 ($5.7) $90.9 Adjusted EBITDA margin 14.6% 11.5% 16.0% 5.5% NA 12.5% 17.1% 12.0% 9.3% 5.9% NA 12.4%

Adjusted sales, operating income and operating margin © 2024 AAR CORP. All rights reserved worldwide. 18 © 2026 AAR CORP. All rights reserved worldwide Non - GAAP Financial Measures ($ in millions) FY25 FY26 Sales $2,780.5 $3,308.0 Operating income (loss) 185.2 277.8 Operating income margin 6.7% 8.4% Sales $2,780.5 $3,308.0 Contract termination cost (benefit) (32.2) - Adjusted sales $2,748.3 $3,308.0 Operating income (loss) $185.2 $277.8 Acquisition, integration and amortization expenses 26.8 54.0 Impairment charge related to product line exit - 4.9 Government COVID-related subsidy liability (reversal) 0.8 (0.7) Severance - 1.0 FCPA settlement and investigation costs 65.3 - Contract termination cost (benefit) 0.2 - Gain related to sale of joint venture (2.1) - Russian bankruptcy court judgment (reversal) (11.1) - Adjusted operating income $265.1 $337.0 Adjusted operating margin 9.6% 10.2%

Trailing twelve months Adjusted EBITDA © 2024 AAR CORP. All rights reserved worldwide. 19 © 2026 AAR CORP. All rights reserved worldwide Non - GAAP Financial Measures Full Full ($ in millions) Q1 Q2 Q3 Q4 Year Q1 Q2 Q3 Q4 Year Q1 FY26 Q2 FY26 Q3 FY26 Net income (loss) $18.0 ($30.6) ($8.9) $34.0 $12.5 $34.4 $34.6 $68.0 $50.7 $187.7 $28.9 $94.1 $171.0 Income tax expense (benefit) 6.9 8.1 (2.2) 13.6 26.4 12.6 13.5 25.1 7.0 58.2 32.1 37.5 64.8 Other expense (income), net 0.1 0.2 0.1 (0.1) 0.3 0.1 0.2 0.7 1.1 2.1 0.3 0.3 0.9 Interest expense, net 18.3 18.8 18.1 18.4 73.6 18.5 18.6 17.1 16.3 70.5 73.8 73.6 72.6 Depreciation and amortization 13.5 14.0 14.0 13.7 55.2 13.8 17.1 20.2 21.0 72.1 55.5 58.6 64.8 Acquisition and integration expenses 5.0 3.2 3.5 (0.9) 10.8 2.4 8.1 7.5 10.2 28.2 8.2 13.1 17.1 Bargain purchase gain - - - - - - - (35.7) 6.2 (29.5) - - (35.7) Gain on sale of headquarters building - - - - - - - (9.8) - (9.8) - - (9.8) Impairment charge related to product line exit - - - - - - - 4.9 - 4.9 4.9 Loss (Gain) related to sale of business/joint venture, net (1.3) 0.5 64.0 7.1 70.3 (0.7) 0.1 0.4 (1.2) (1.4) 70.9 70.5 6.9 Severance charges - - - - - 1.0 - - - 1.0 1.0 1.0 1.0 Government COVID-related subsidy liability (reversal) - - - 0.8 0.8 (0.7) - - - (0.7) 0.1 0.1 0.1 Russian bankruptcy court judgment (reversal) - - (11.1) - (11.1) - - - - - (11.1) (11.1) - Contract termination cost (benefit) 3.2 - (3.0) - 0.2 - - - - - (3.0) (3.0) - FCPA settlement, investigation and remediation costs 5.0 59.2 1.1 - 65.3 - - - - - 60.3 1.1 - Stock-based compensation 5.0 5.0 5.6 4.3 19.9 5.3 4.3 3.7 4.5 17.8 20.2 19.5 17.6 Adjusted EBITDA $73.7 $78.4 $81.2 $90.9 $324.2 $86.7 $96.5 $102.1 $115.8 $401.1 $337.2 $355.3 $376.2 FY25 Twelve months ended FY26

Adjusted cash provided by operating activities © 2024 AAR CORP. All rights reserved worldwide. 20 © 2026 AAR CORP. All rights reserved worldwide Non - GAAP Financial Measures (In millions - unaudited) 2026 2025 2026 2025 Cash provided by operating activities $55.30 $51.40 $98.70 $36.10 Amounts outstanding on accounts receivable financing program: Beginning of period 28.2 20.2 21.3 13.7 End of period -25.7 -21.3 -25.7 -21.3 Adjusted cash provided by operating activities $57.80 $50.30 $94.30 $28.50 Three months ended May 31, Year ended May 31,

Net Leverage © 2024 AAR CORP. All rights reserved worldwide. 21 © 2026 AAR CORP. All rights reserved worldwide ($ in millions) Q4 Q1 Q2 Q3 Q4 Total debt $977.0 $1,030.0 $960.0 $895.0 $900.0 Less: cash and cash equivalents (96.5) (80.0) (75.6) (78.5) (84.0) Net debt $880.5 $950.0 $884.4 $816.5 $816.0 Adjusted EBITDA for the twelve months ended $324.2 $337.2 $355.3 $376.2 $401.2 Net debt to Adjusted EBITDA 2.72x 2.82x 2.49x 2.17x 2.03x FY25 FY26

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