Exhibit 99.1

Aircastle Announces Third Quarter 2016 Results

Quarterly Dividend Increased to $0.26 per Common Share

Key Financial Metrics

Highlights

Stamford, CT. November 1, 2016 – Aircastle Limited (the “Company” or “Aircastle”) (NYSE: AYR) reported a third quarter 2016 net income of $27.4 million, or $0.35 per diluted common share, and adjusted net income of $29.7 million, or $0.38 per diluted common share. The third quarter results included total revenues of $194.7 million, a decrease of 8.2%, versus $212.1 million in the third quarter of 2015.

Note: Non-GAAP items reconciled in the Appendix.

Commenting on the results, Ron Wainshal, Aircastle’s CEO, stated “Over the past several months, investor demand for aircraft increased markedly, causing prices to rise. We seized on this opportunity to improve the quality of our portfolio by reducing our freighter and wide-body aircraft holdings while also planting the seeds for profitable future asset sales.”

Mr. Wainshal added, “We expect to complete $1.5 billion in acquisitions in 2016, taking Aircastle’s owned and managed fleet to nearly 200 aircraft. This investment level exceeds last year’s, though we’ve slowed our pace of growth during the second half as we remain disciplined buyers with limited investment commitments. Despite the competitive market, we’re still generating attractive new investments by providing aircraft sellers with value-added propositions that play to our strengths.”

Mr. Wainshal concluded, “Aircastle continues to grow profitably and responsibly as we reshape our portfolio towards modern, narrow-body aircraft that offer solid long-term return profiles. At the same time, we are replacing less promising assets, even if they have higher near-term accounting yields. We are encouraged with our success in building and enhancing the company’s sustainable earnings power, and to that end, we are increasing our quarterly dividend to $0.26 per share.”

Michael Inglese, Aircastle’s CFO added, “We are working to drive our net cash interest margins higher as older and more expensive debt rolls off and gets replaced by flexible and attractively priced new financings and as we deploy our strong cash balances. Similarly, we expect our portfolio management efforts to enhance the strength and duration of our revenue yields.”

Financial Results

Third Quarter Results

Total revenues were $194.7 million, a decrease of $17.4 million, or 8.2%, from the prior year. The decrease was driven by $8.9 million less in maintenance revenue and a $7.5 million drop in lease termination fees, stemming from a decline in scheduled lease expirations this year.

Lease rental and finance and sales-type lease revenues during the third quarter were $187.3 million versus $189.9 million the prior year. The 1.4% decrease reflects the net year-over-year impact from aircraft acquisitions, dispositions and lease extensions.

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Net income for the third quarter was $27.4 million, an improvement of $41.4 million compared to a net loss of ($14.0) million in the previous year, while adjusted net income for the third quarter of 2016 improved by $39.4 million. Lower total revenues and gains from aircraft sales were offset by a $67.9 million reduction in aircraft impairment charges and $9.1 million less in depreciation expense.

Adjusted EBITDA for the third quarter was $181.1 million, down 16.3%, or $35.2 million, versus the same quarter last year. This result is driven primarily by declines of $15.8 million in gains from aircraft sales, $11.5 million in total lease revenue and finance lease and maintenance revenue, and $7.5 million in early termination fees.

Aviation Assets

We acquired ten aircraft for $303 million during the third quarter. During the first nine months of 2016, we purchased 32 aircraft for $961 million. The aircraft we acquired year to date had an average age of 6.8 years and an average remaining lease term of 6.4 years. For the full year, we expect to complete $1.5 billion in aircraft acquisitions, of which $1.4 billion will be narrow-body aircraft.

During the third quarter of 2016, we sold five aircraft, including two freighters and two wide-bodies. These sales reduced our freighter fleet to nine aircraft, accounting for 8.6% of the total net book value of our flight equipment held for lease. We also sold one A321 aircraft to our joint venture with IBJ Leasing. Total sales proceeds during the third quarter were approximately $150 million. We expect to record increased asset sales activity during the fourth quarter of 2016.

During the first three quarters of 2016, we sold nineteen aircraft for proceeds of $489 million and a net gain on sale of $14.9 million. These sales included five wide-body and two freighter aircraft. Excluding the six aircraft sold to our joint ventures with Ontario Teachers’ Pension Plan and IBJ Leasing, the average age of the other thirteen aircraft sold was approximately seventeen years.

Our fleet utilization during the third quarter was 98.2%. During the quarter, we delivered three aircraft that had been off-lease to airline customers. Two of these were 737-800s acquired from a Brazilian airline prior to their delivery from Boeing and had been undergoing reconfiguration for a new lessee in China. The other aircraft was a mid-aged A330-200 that underwent maintenance prior to its delivery to Aerolineas Argentinas. We expect fleet utilization during the fourth quarter of 2016 to be in excess of 99%.

As of September 30, 2016, Aircastle owned 175 aircraft having a net book value of $6.3 billion. We also manage eleven aircraft with a net book value of $629 million dollars on behalf of our joint ventures with Ontario Teachers’ Pension Plan and IBJ Leasing of Japan.

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Portfolio yield for the quarter was down by 31 basis points compared to last year, reflecting the shift to assets with less risk and better long-term earnings profiles but with lower near-term yields. The net cash interest margin was 59 basis points lower compared to last year due to the drop in portfolio yield as well as higher cash balances from borrowings completed earlier in 2016.

Annual Fleet Review & Other Impairments

We completed our annual fleet review for narrow-body aircraft during the third quarter and recorded impairment charges of $2.2 million and impairment losses of $2.6 million across several older 757s due to come off lease over the next fifteen months. We anticipate selling all six of our 757s at lease end.

In addition, during the quarter we recorded $6.6 million of other impairment charges, offset by $5.6 million of maintenance revenue and $2.4 million of reversed lease incentives on three older 747 converted freighters which we expect to scrap as their leases expire over the next eighteen months.

Funding

During the third quarter we finished drawing down under the secured bank facility closed during the second quarter of 2016. These draw-downs brought the total facility amount to $434 million. This brings total debt funding raised for the year to $1.1 billion, of which approximately $700 million was unsecured. Funding sources include the U.S. bond market, Japanese banks and leading international aerospace banking institutions.

Common Dividend

On October 28, 2016, our Board of Directors declared a fourth quarter 2016 cash dividend of $0.26 per share on Aircastle common shares, payable on December 15, 2016 to shareholders of record on November 29, 2016. This is our 42^nd consecutive dividend and represents an 8.3% increase over the previous quarter’s cash dividend. Since 2010, Aircastle has increased its dividend seven times for a total increase of 260% over that period.

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Conference Call

In connection with this earnings release, management will host an earnings conference call on Tuesday, November 1, 2016 at 10:00 A.M. Eastern time. All interested parties are welcome to participate on the live call. The conference call can be accessed by dialing (800) 499-4035 (from within the U.S. and Canada) or (416) 204-9269 (from outside of the U.S. and Canada) ten minutes prior to the scheduled start and referencing the passcode “1757279”.

A simultaneous webcast of the conference call will be available to the public on a listen-only basis at www.aircastle.com. Please allow extra time prior to the call to visit the site and download the necessary software required to listen to the internet broadcast. A replay of the webcast will be available for one month following the call. In addition to this earnings release an accompanying power point presentation has been posted to the Investor Relations section of Aircastle’s website.

For those who are not available to listen to the live call, a replay will be available until 1:00 P.M. Eastern time on Thursday, December 1, 2016 by dialing (888) 203-1112 (from within the U.S. and Canada) or (719) 457-0820 (from outside of the U.S. and Canada); please reference passcode “1757279”.

About Aircastle Limited

Aircastle Limited acquires, leases and sells commercial jet aircraft to airlines throughout the world. As of September 30, 2016, Aircastle owned and managed on behalf of its joint ventures 186 aircraft leased to 65 customers located in 35 countries.

Safe Harbor

All statements in this press release, other than characterizations of historical fact, are forward-looking statements within the meaning of the federal securities laws, including the Private Securities Litigation Reform Act of 1995. Examples of forward-looking statements include, but are not necessarily limited to, statements relating to our proposed public offering of notes and our ability to acquire, sell, lease or finance aircraft, raise capital, pay dividends, and increase revenues, earnings, EBITDA, Adjusted EBITDA, Adjusted Net Income, Cash Return on Equity and Net Cash Interest Margin and the global aviation industry and aircraft leasing sector. Words such as “anticipates,” “expects,” “intends,” “plans,” “projects,” “believes,” “may,” “will,” “would,” “could,” “should,” “seeks,” “estimates” and variations on these words and similar expressions are intended to identify such forward-looking statements. These statements are based on our historical performance and that of our subsidiaries and on our current plans, estimates and expectations and are subject to a number of factors that could lead to actual results materially different from those described in the forward-looking statements; Aircastle can give no assurance that its expectations will be attained. Accordingly, you should not place undue reliance on any such forward-looking statements which are subject to certain risks and uncertainties that could cause actual results to differ materially from those anticipated as of the date of this press release. These risks or uncertainties include, but are not limited to, those described from time to time in Aircastle’s filings with the SEC and previously disclosed under “Risk Factors” in Item 1A of Aircastle’s 2015 Annual Report on Form 10-K. In addition, new risks and uncertainties emerge from time to time, and it is not possible for Aircastle to predict or assess the impact of every factor that may cause its actual results to differ from those contained in any forward-looking statements. Such forward-looking statements speak only as of the date of this press release. Aircastle expressly disclaims any obligation to revise or update publicly any forward-looking statement to reflect future events or circumstances.

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Aircastle Limited and Subsidiaries

Consolidated Balance Sheets

(Dollars in thousands, except share data)

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Aircastle Limited and Subsidiaries

Consolidated Statements of Income (Loss)

(Dollars in thousands, except per share amounts)

(Unaudited)

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Aircastle Limited and Subsidiaries

Consolidated Statements of Cash Flows

(Dollars in thousands)

(Unaudited)

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Aircastle Limited and Subsidiaries

Selected Financial Guidance Elements for the Fourth Quarter of 2016

($ in millions, except for percentages)

(Unaudited)

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Aircastle Limited and Subsidiaries

Supplemental Financial Information

(Amount in thousands, except per share amounts)

(Unaudited)

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Aircastle Limited and Subsidiaries

Reconciliation of GAAP to Non-GAAP Measures

EBITDA and Adjusted EBITDA Reconciliation

(Dollars in thousands)

(Unaudited)

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

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

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

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

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Aircastle Limited and Subsidiaries

Reconciliation of GAAP to Non-GAAP Measures

Adjusted Net Income Reconciliation

(Dollars in thousands)

(Unaudited)

Management believes that ANI, when viewed in conjunction with the Company’s results under U.S. GAAP and the below reconciliation, provides useful information about operating and period-over-period performance and additional information that is useful for evaluating the underlying operating performance of our business without regard to periodic reporting elements related to interest rate derivative accounting, changes related to refinancing activity and non-cash share-based payment expense.

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Aircastle Limited and Subsidiaries

Reconciliation of GAAP to Non-GAAP Measures

Cash Return on Equity Calculation

(Dollars in thousands)

(Unaudited)

Note: LTM Average Shareholders’ Equity is the average of the most recent five quarters period end Shareholders’ Equity. Management believes that the cash return on equity metric (Cash ROE) when viewed in conjunction with the Company’s results under US GAAP and the above reconciliation, provide useful information about operating and period-over-period performance, and provide additional information that is useful for evaluating the underlying operating performance of our business without regard to periodic reporting impacts related to non-cash revenue and expense items and interest rate derivative accounting, while recognizing the depreciating nature of our assets.

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Aircastle Limited and Subsidiaries

Reconciliation of GAAP to Non-GAAP Measures

Net Cash Interest Margin Calculation - Revised

(Dollars in thousands)

(Unaudited)

We define net cash interest margin as lease rentals from operating leases, interest income and cash collections from finance and sales-type leases minus interest on borrowings, net settlements on interest rate derivatives and other liabilities adjusted for loan termination payments divided by the average net book of flight equipment (which includes net investment on finance and sales-type leases) for the period calculated on a quarterly and annualized basis.

Management believes that net cash interest margin, when viewed in conjunction with the Company’s results under U.S. GAAP and the above reconciliation, provides useful information about the effective deployment of our capital in the context of the yield on our aircraft assets, the utilization of those assets by our lessees, and our ability to borrow efficiently.

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Aircastle Limited and Subsidiaries

Reconciliation of GAAP to Non-GAAP Measures

Net Cash Interest Margin Calculation - Original

(Dollars in thousands)

(Unaudited)

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Aircastle Limited and Subsidiaries

Reconciliation of GAAP to Non-GAAP Measures

Reconciliation of Net Income Allocable to Common Shares

(In thousands)

(Unaudited)

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Aircastle Limited and Subsidiaries

Reconciliation of GAAP to Non-GAAP Measures

Reconciliation of Net Income Allocable to Common Shares

(In thousands)

(Unaudited)

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