Exhibit 99.1

FOR IMMEDIATE RELEASE

Aircastle Announces Second Quarter 2016 Results

Declared Third Quarter 2016 Dividend of $0.24 per Common Share

Celebrates 10^th Anniversary of Initial Public Offering

Key Financial Metrics

Highlights

Stamford, CT. August 4, 2016 – Aircastle Limited (the “Company” or “Aircastle”) (NYSE: AYR) reported second quarter 2016 net income of $20.0 million, or $0.25 per diluted common share and adjusted net income of $24.2 million, or $0.31 per diluted common share. The second quarter results included total lease rental and finance and sales-type lease revenues of $180.3 million, a decrease of 3%, as compared to $186.7 million in the second quarter of 2015.

Note: Non-GAAP items reconciled in the Appendix.

Commenting on the results, Ron Wainshal, Aircastle’s CEO, stated “We mark the ten year anniversary of Aircastle’s initial public offering with yet another successful quarter, noting that we’ve built an aircraft portfolio that is worth nearly four and half times more today and has delivered excellent performance along the way. We’ve also created a truly unique and relevant company that is both the world’s largest aircraft value investor and one that is positioned to prosper and grow both in stable and turbulent times.”

Mr. Wainshal continued, “Thanks to our talented team, supportive partners and our conservative and flexible capital structure, we are seizing on prime investment opportunities arising from the heightened volatility we see in the world today. Our reliability as a trading partner allowed us to purchase $660 million in aircraft during the first half of the year and our strong investment pipeline gives us confidence that we’ll exceed last year’s $1.4 billion in acquisitions. At the same time our strength and agility as a borrower enabled us to raise $1.1 billion of attractively priced debt capital in moments when the market was favorable.”

Concluding, Mr. Wainshal added, “By limiting our long-term capital commitments, maintaining our financial flexibility and continuing to de-risk our portfolio, we are in a very strong position today. Aircastle is continuing to grow profitably, consistently originating investments with attractive returns despite the extremely low yield environment and competition for new business. We are also building on our track record of sharing profits with our shareholders by declaring our 41^st consecutive quarterly dividend.”

Financial Results

Second Quarter Results

Total revenues were $190.0 million, a decrease of $14.6 million, or 7% from the previous year. A decrease of $8.8 million in maintenance revenues and a $6.4 million drop in lease rental and finance and sales-type lease revenue accounted for most of the change. During the second quarter of 2015, we recorded $21.3 million of maintenance revenue, primarily due to the expiration of four leases with significant return compensation payments. The decline in lease rental and finance lease revenue was due to the sale of 43 aircraft since the second quarter of 2015.

During the second quarter, we agreed to sell two 25-year old 747-400 freighters scheduled to come off lease within the next twelve months and recorded an impairment charge of $5.1 million. Both aircraft were sold in July.

We completed our annual fleet review for wide-body and freighter aircraft during the second quarter this year given weaker market dynamics for these aircraft. In connection with this review, we recorded impairment charges of $11.7 million and maintenance revenue of $4.0 million related to one sixteen-year old A330-200 approaching lease expiry. We will perform our annual fleet review for narrow-body aircraft in the third quarter.

Adjusted EBITDA for the second quarter was $182.4 million, down $32.2 million, or 15% from the second quarter of 2015, mostly due to lower revenues of $14.6 million and lower gains from the sale of flight equipment of $18.9 million.

Net income in the second quarter was $20.0 million, down 52%, or $21.8 million. The decrease was primarily due to lower revenues of $14.6 million and lower gain on sale of $18.9 million, partially offset by lower aircraft impairment charges of $7.2 million and lower depreciation and taxes of $4.4 million.

Adjusted net income for the quarter was $24.2 million, down $23.0 million compared to the prior year period. The decrease was primarily due to lower revenues of $14.6 million, and lower gain on sale of $18.9 million, partially offset by lower aircraft impairment charges of $7.2 million.

Aviation Assets

During the second quarter of 2016, we acquired nineteen aircraft for approximately $560 million. In the first half of 2016, we acquired a total of 22 aircraft for $660 million. These aircraft have a weighted average remaining lease term of 5.7 years. Narrow-body aircraft comprise all but three of this total, with the remainder being wide-body aircraft assumed to be on last leases.

During the second quarter we executed leases with two customers in China for three Boeing 737-800 aircraft acquired new upon delivery from the manufacturer. These aircraft had been part of a Brazilian airline’s order stream and were purchased on spec. We expect to deliver all three of these aircraft on lease before the end of the third quarter. We also signed leases with Azul, a Brazilian airline, for three Embraer E2 E195 aircraft from our order stream.

During the first half of 2016, we sold fourteen aircraft and other flight equipment for proceeds of approximately $340 million and recorded a gain on sale of $15.0 million. The aircraft sold consisted of two A330s, one 777-200 and six A320s sold to third parties. In addition five newer A320s were sold to our joint ventures with Ontario Teachers’ Pension Plan and IBJ Leasing. The weighted average age of the aircraft sold, excluding sales to our joint ventures, was approximately eleven years.

As of June 30, 2016, Aircastle owned and managed 179 aircraft with a net book value of $6.8 billion. Of this total, 169 aircraft having a net book value of $6.2 billion are owned, while we manage an additional ten aircraft with a net book value of approximately $612 million dollars on behalf of our joint ventures with Ontario Teachers’ and IBJ Leasing.

Financing Activity

Year-to-date, we’ve secured $1.1 billion of new financing. During the second quarter of 2016, we closed a $400 million term financing secured by seventeen aircraft, marking our return to the secured bank financing market. This financing can be enlarged by approximately $68 million by including two additional aircraft as collateral. We also prepaid our Securitization No. 2 in May which freed up approximately $500 million in collateral, further enhancing the Company’s financial position.

Common Dividend and Share Repurchase Activity

On August 2, 2016, Aircastle’s Board of Directors declared a third quarter 2016 cash dividend on its common shares of $0.24 per share, payable on September 15, 2016 to shareholders of record on August 26, 2016. This is our 41^st consecutive dividend. In addition, since the beginning of this year we repurchased 1.8 million shares at an average cost of $18.84, including 176,574 shares purchased during June and July for an average cost of $18.92 per share.

Conference Call

In connection with this earnings release, management will host an earnings conference call on Thursday, August 4, 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 (888) 430-8709 (from within the U.S. and Canada) or (719) 325-2323 (from outside of the U.S. and Canada) ten minutes prior to the scheduled start and referencing the passcode “8881544”.

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 Saturday, September 3, 2016 by dialing (866) 375-1919 (from within the U.S. and Canada) or (719) 457-0820 (from outside of the U.S. and Canada); please reference passcode “8881544”.

About Aircastle Limited

Aircastle Limited acquires, leases and sells commercial jet aircraft to airlines throughout the world. As of June 30, 2016, Aircastle owned and managed on behalf of its joint ventures 179 aircraft leased to 63 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 and Adjusted Net Income 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.

Aircastle Limited and Subsidiaries

Consolidated Balance Sheets

(Dollars in thousands, except share data)

Aircastle Limited and Subsidiaries

Consolidated Statements of Income

(Dollars in thousands, except per share amounts)

(Unaudited)

Aircastle Limited and Subsidiaries

Consolidated Statements of Cash Flows

(Dollars in thousands)

(Unaudited)

Aircastle Limited and Subsidiaries

Selected Financial Guidance Elements for the Third Quarter of 2016

($ in millions, except for percentages)

(Unaudited)

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.

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.

Aircastle Limited and Subsidiaries

Reconciliation of GAAP to Non-GAAP Measures

Adjusted Net Income Reconciliation

(Dollars in thousands)

(Unaudited)

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.

Aircastle Limited and Subsidiaries

Reconciliation of GAAP to Non-GAAP Measures

Net Cash Interest Margin Calculation

(Dollars in thousands)

(Unaudited)

Aircastle Limited and Subsidiaries

Reconciliation of GAAP to Non-GAAP Measures

Reconciliation of Net Income Allocable to Common Shares

(In thousands)

(Unaudited)

Aircastle Limited and Subsidiaries

Reconciliation of GAAP to Non-GAAP Measures

Reconciliation of Net Income Allocable to Common Shares

(In thousands)

(Unaudited)