Exhibit 99.1

FOR IMMEDIATE RELEASE

Contact:

Aircastle Announces Second Quarter 2017 Results

Declared Third Quarter 2017 Dividend of $0.26 per Common Share

Key Financial Metrics

Highlights

Note: Non-GAAP items reconciled in the Appendix.

Stamford, CT. August 8, 2017 – Aircastle Limited (the “Company” or “Aircastle”) (NYSE: AYR) reported a second quarter 2017 net loss of $(7.1) million, or $(0.09) per diluted common share and adjusted net income of $2.4 million, or $0.03 per diluted common share. The second quarter results included total lease rental and finance and sales-type lease revenues of $195.0 million, an increase of 8%, as compared to $180.3 million in the second quarter of 2016. The results also include $65.7 million of net aircraft impairment charges, including $13.5 million of related maintenance payments, and $5.1 million of separation and disability compensation paid to a former executive.

Commenting on the results, Mike Inglese, Aircastle’s CEO, stated, “Our strong core results in the second quarter highlight the portfolio de-risking that we have pursued since the beginning of 2015. Over the past two and a half years, we have taken advantage of market conditions to sell 75 aircraft, generating $111 million in gains on sale, while also enhancing the quality of our fleet. During that time, we also acquired 121 aircraft for $3.3 billion.”

Mr. Inglese continued, “In addition to our solid operating performance, during the first six months of 2017, we opportunistically sold fourteen aircraft and realized gains of more than $14 million. During the second quarter, we also reduced our freighter exposure by more than 45% by taking the opportunity to sell two younger production freighters to a carrier in Asia. Our three remaining production freighters are on longer term leases, and our orderly exit from the cargo market, which began several years ago, is nearing completion.”

Concluding, Mr. Inglese added, “Aircastle’s core business is strong, and we are poised for accretive growth in the second half of 2017. Our limited long-term capital commitments, significant financial flexibility, and proven value investment approach position us to continue to grow the business in a disciplined and profitable manner.”

Financial Results

Second Quarter Results

Total revenues were $223.5 million, an increase of $33.5 million, or 18%, from the previous year. An increase in lease rental and finance and sales-type lease revenue of $14.7 million and a $16.4 million rise in maintenance revenues accounted for most of the change. The increase in lease rental and finance lease revenue in the second quarter was due to net fleet growth over the past year. During the second

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quarter of 2017, we recorded $28.9 million of maintenance revenue versus $12.5 million in the prior year, primarily driven by return compensation associated with several wide-body aircraft which transitioned during the quarter, and $13.5 million associated with one of the production freighter aircraft that we agreed to sell.

During the quarter, we took the opportunity to sell two ten-year old 747-400 production freighters scheduled to come off lease within the next twelve months, and we recorded non-cash, transactional impairment charges of $76.2 million in connection with this sale, partially offset by $13.5 million of maintenance revenue. We also recorded transactional impairment charges in connection with the sale of a converted freighter in the amount of $3.1 million. During the quarter, we completed our annual fleet review with no additional impairment charges.

The net loss in the second quarter was $(7.1) million, versus net income of $20.0 million in the prior year. Higher aircraft impairment charges of $63.2 million and higher SG&A of $6.8 million were partially offset by higher total revenues of $33.5 million and higher gains from the sale of flight equipment of $11.4 million. SG&A increased due to separation and disability compensation paid to our former CEO under the terms of his employment and share-based award agreements.

Adjusted EBITDA for the second quarter was $224.1 million, up $41.7 million, or 23%, from the second quarter of 2016, primarily due to higher revenues of $33.5 million and higher gains from the sale of flight equipment of $11.4 million.

Adjusted net income for the quarter was $2.4 million, down $21.8 million compared to the prior year period. Higher aircraft impairment charges of $63.2 million and higher SG&A excluding stock-based compensation of $2.8 million were partially offset by higher total revenues and gain on sales from the sale of flight equipment of $44.9 million.

Breakdown of Second Quarter Results

Aviation Assets

During the second quarter of 2017, we acquired seven mid-aged narrow-body aircraft for approximately $86 million. In the first half of 2017, we acquired a total of fifteen aircraft for approximately $275.7 million. These aircraft have a weighted average age of approximately twelve years and a weighted average remaining lease term of 5.9 years.

During the second quarter, we sold thirteen aircraft for approximately $221.5 million. In the first half of 2017, we sold fourteen aircraft for total proceeds of $238.3 million and recorded a gain on sale of $14.3 million. The weighted average age of the aircraft sold was approximately twelve years with a weighted average remaining lease term of 7.0 years.

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During the second quarter, we also completed the transition of three A330 aircraft that were previously leased with Singapore Airlines. These aircraft are now leased to a European airline. The fourth Singapore A330 transitioned in the third quarter, and at quarter-end we had no remaining scheduled lease placements for the balance of 2017.

As of June 30, 2017, Aircastle owned and managed 203 aircraft with a net book value of $6.8 billion. Of this total, 190 aircraft having a net book value of $6.2 billion are owned, while we manage an additional thirteen aircraft with a net book value of approximately $675 million on behalf of our joint ventures with Ontario Teachers’ Pension Plan and IBJL Leasing. For the second half of 2017, we have closed or committed to close approximately $950 million of additional aircraft investments, and expect to sell approximately $600 million.

Financing Activity

Year-to-date, we’ve secured $500 million of new financing. During the first quarter of 2017, we issued $500 million in unsecured Senior Notes due 2024 bearing a coupon of 4.125%. On April 17, 2017, we repaid $500 million of maturing, unsecured Senior Notes bearing a coupon of 6.75%. The associated annual interest expense savings is approximately $13.1 million.

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Common Dividend

On August 4, 2017, Aircastle’s Board of Directors declared a third quarter 2017 cash dividend on its common shares of $0.26 per share, payable on September 15, 2017 to shareholders of record on August 31, 2017. This is our 45^th consecutive dividend.

Conference Call

In connection with this earnings release, management will host an earnings conference call on Tuesday, August 8, 2017 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) 263-0877 (from within the U.S. and Canada) or (323) 794-2130 (from outside of the U.S. and Canada) ten minutes prior to the scheduled start and referencing the passcode “5786728”.

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 3:00 P.M. Eastern time on Thursday, September 7, 2017 by dialing (888) 203-1112 (from within the U.S. and Canada) or (719) 457-8020 (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 June 30, 2017, Aircastle owned and managed on behalf of its joint ventures 203 aircraft leased to 71 customers located in 38 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

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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 2016 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 Third Quarter of 2017

($ 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)

Refer to the selected information accompanying this press release for a reconciliation of GAAP to Non-GAAP information.

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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-US 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 above reconciliation, provides useful information about operating and period-over-period performance, and provides 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 U.S. 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

(Dollars in thousands)

(Unaudited)

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

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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