AAR awarded five year P 8A Poseidon engine overhaul contract by U.S. Navy

Wood Dale, Illinois - AAR CORP. (NYSE: AIR), a leading provider of aviation services to commercial and government operators, MROs, and OEMs, has been awarded a five-year indefinite delivery / indefinite quantity contract with an aggregate ceiling value of approximately $1.2 billion by the U.S. Navy's Naval Air Systems Command (NAVAIR) to perform engine depot maintenance and repair for its P-8A Poseidon Aircraft fleet. This new award follows a recently announced award under which AAR will continue to perform P-8A airframe maintenance for the U.S. Navy.

Beginning October 2024, AAR, along with strategic partner Delta TechOps, will provide program management, supply chain management, engineering support, and maintenance and repair services to increase engine asset availability for the Navy's growing fleet. The additional engine maintenance capability achieved through this partnership with AAR will enable the U.S. Navy to continue flying the P-8A and complete its vital national security mission.

This contract is an important step forward in AAR's strategy to grow and advance its commercial derivative business through the delivery of integrated solutions. It is also expected to increase the volume of engine part sales in the Company's Part Supply segment.

"AAR's tailored solutions integrate government and commercial capabilities to provide parts supply, maintenance, and other services to meet customers' unique mission-critical needs," said Nicholas Gross, AAR's Senior Vice President of Integrated Solutions. "We are proud to expand our support of the Navy's maritime patrol and reconnaissance mission through P-8A maintenance and repair."

For more information on AAR's government solutions, visit https://www.aarcorp.com/en/services/government-solutions/.

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

About Delta TechOps
Delta TechOps is the largest airline maintenance, repair and overhaul (MRO) provider in North America. In addition to supplying maintenance and engineering support for Delta's large fleet of aircraft, Delta TechOps provides high-quality service to more than 150 other aviation and airline customers around the world and has developed strategic partnerships for next-generation engines with Pratt & Whitney and Rolls-Royce. The organization specializes in high-skill work such as engines, components, and line maintenance. Delta TechOps employs thousands of aviation maintenance professionals and is one of the world's most-experienced providers with more than 90 years of aviation experience. For more information visit www.deltatechops.com.

This press release may contain 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, reflecting management's expectations about future conditions, including anticipated activities and benefits under the five-year contract. Forward-looking statements 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 beliefs of management, as well as assumptions and estimates based on information currently available to management and are subject to certain risks and uncertainties that could cause actual results to differ materially from historical results or those anticipated. For a discussion of these and other risks and uncertainties, refer to "Risk Factors" in AAR CORP.'s most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q. 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. These events and uncertainties are difficult or impossible to predict accurately and many are beyond management's control. Management assumes 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.

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