What AAR promised, and what happened

Guidance Tracker · every commitment management made on a call, tracked from the quarter it was made

Guidance

What management said, and what became of it

20 of 23 judged targets kept · 17 open · verdicts reflect calls analysed to Aug 2026.

Target	Original wording	Said	Latest call	Verdict
Adjusted EBITDA margin, excluding legacy commercial programs	12.25% to 12.75%	May 2026	Aug 2026:Excluding legacy commercial programs, adjusted EBITDA margin was 13.3%, already within the 3-year target range that we established at our Investor Day a few months ago in May. Call transcript, Aug 2026 · no direct link	Achieved
Hangar capacity expansion completion	begin operation	Aug 2024	No later analysed call mentions it.	Ghosted
Total sales growth, excluding legacy commercial programs	low double digits to low teens	May 2026	Aug 2026:For the full year, we are increasing our sales outlook and now expect growth excluding LCP in the low teens. Call transcript, Aug 2026 · no direct link	Revised Up

A verdict describes what became of management’s own words in later analysed calls. “Delayed” is a change of date, “went quiet” a target the calls stopped mentioning. None of it is a judgement on the investment.

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