Exhibit 99.1

FOR IMMEDIATE RELEASE

Contact:

Frank Constantinople, SVP Investor Relations

Tel: +1-203-504-1063

fconstantinople@aircastle.com

The IGB Group

Leon Berman

Tel: +1-212-477-8438

lberman@igbir.com

Aircastle Announces Second Quarter 2012 Results

Board Declares Third Quarter Dividend on Common Shares of $0.15

Highlights

Stamford, CT. August 2, 2012 – Aircastle Limited (the “Company” or “Aircastle”) (NYSE: AYR) reported second quarter 2012 net income of $16.3 million, or $0.23 per diluted common share, and adjusted net income of $25.8 million, or $0.36 per diluted common share. The second quarter results included lease rental revenues of $153.6 million versus $143.4 million in the second quarter of 2011.

Commenting on the results, Ron Wainshal, Aircastle’s CEO, stated: “We are executing our business plan effectively. During the second quarter, we were very successful in acquiring attractive investments as shrinking bank market capacity is making it more difficult for many of our competitors to source financing. At the same time and in conjunction with the issuance of $800 million in unsecured notes, we increased our unencumbered asset base to $2.0 billion, or 42% of our fleet, enhancing our profile with capital markets investors. Operationally, we are continuing to manage our portfolio well and have made good progress with lease placements despite challenging market conditions.”

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Second Quarter Results

Lease rental revenues for the second quarter were $153.6 million, up $10.3 million, or 7%, year over year, due primarily to an increase of $27.0 million from aircraft acquisitions, partially offset by lower revenues from aircraft sold of $8.5 million and lease extensions, transitions and terminations of $8.2 million.

Total revenues for the second quarter were $172.2 million, an increase of $23.3 million, or 16%, versus the previous year. This increase primarily reflects higher lease rental revenue as discussed above, as well as $5.4 million of higher maintenance revenues and $5.1 million of lower amortization of net lease premiums, discounts and incentives.

Following Cimber Sterling’s bankruptcy in May, we repossessed three aircraft. In the second quarter, we recorded $7.7 million of maintenance revenue and reversed $6.9 million of lease incentive amortization for work we had anticipated being completed prior to the return of these aircraft that was not performed. These aircraft have all been successfully placed with new lessees.

EBITDA for the second quarter was $146.8 million, up $4.5 million, or 3%, from the second quarter of 2011, as higher lease rental revenues of $10.3 million and higher maintenance and other revenues totaling $8.0 million were partially offset by lower gains from the sale of aircraft of $7.4 million, higher aircraft impairment charges of $4.9 million and higher maintenance expenses of $1.9 million.

During the second quarter, we recorded a $2.9 million gain reflecting an insurance settlement associated with a Boeing 767-300ER that had been leased to LOT Polish Airlines. Additionally, after evaluating future revenues and higher than expected aircraft-specific maintenance costs relating to one Boeing 767-300ER, which came off lease during the quarter, we recorded an impairment charge of $8.0 million. This was partially offset by maintenance and other revenue of $2.4 million. We also sold one Boeing 757-200 during the quarter which resulted in an impairment charge of $2.1 million.

Net income for the second quarter was $16.3 million, down $7.0 million, or 30%, as the $23.3 million increase in total revenues was offset by higher interest, net of $8.2 million, higher depreciation of $8.5 million, lower gains on the sale of flight equipment of $7.4 million and higher aircraft impairment charges of $4.9 million.

Adjusted net income for the quarter was $25.8 million, down $6.4 million year over year, and reflects higher total revenues of $23.3 million offset by higher depreciation of $8.5 million, higher adjusted interest expense of $7.4 million, lower gains on sale of flight equipment of $7.4 million, higher aircraft impairment charges of $4.9 million and higher maintenance costs of $1.9 million.

Aviation Assets

Thus far in 2012, we have invested $490 million in aircraft and aircraft-secured debt investments consisting of 14 aircraft and one secured loan. More than $400 million of these investments were completed during the second quarter. In addition, we have entered into commitments to acquire more than $200 million in aircraft which we expect to close during the second half of 2012.

With respect to aircraft sales, during the second quarter we disposed of two aircraft: the Boeing 767-300ER leased to LOT Polish Airlines as mentioned above, and one Boeing 757-200 aircraft that had been scheduled to come off lease later this year and that we sold to the lessee.

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As of June 30, 2012, Aircastle owned 155 aircraft having a net book value of $4.7 billion. Of these, 67 aircraft with a net book value of $2.0 billion are unencumbered.

Financing Update

In April 2012, we closed an $800 million unsecured notes offering, consisting of $500 million of 6.75% senior notes due 2017 and $300 million of 7.625% senior notes due in 2020, both of which were issued at par. Aircastle used the net proceeds from the offering to repay outstanding indebtedness under its Term Financing No. 1 and the termination of associated interest rate derivatives, with the balance used for general corporate purposes, including the purchase of aviation assets.

In June 2012, our new five-year interest rate swap arrangement became effective for Securitization No. 2, resulting in a new fixed pay interest rate of 1.58%. The new swap arrangement provides a significant reduction in interest costs compared to the previous equivalent rate of 5.56% with estimated savings of approximately $30 million over the next twelve months. The new swap arrangement was structured to hedge approximately 75% of the expected debt balance of Securitization No. 2 and matures in June of 2017.

Also in April 2012, we delivered a new Airbus A330-200 aircraft on long-term lease to Virgin Australia Airlines, one of Australia’s leading carriers. Debt financing for this purchase was arranged and provided by The Bank of Tokyo – Mitsubishi UFJ, Ltd. (BTMU) and supported by a guarantee from Compagnie Française d’Assurance pour le Commerce Extérieur (COFACE), the French export credit agency. This debt bears interest at a fixed rate of 3.81% per annum and will be repaid over twelve years.

Common Dividend

On August 1, 2012, Aircastle’s Board of Directors declared a third quarter 2012 cash dividend on its common shares of $0.15 per share, payable on September 14, 2012 to shareholders of record on August 31, 2012.

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Share Repurchase Authorization

On May 24, 2012 the Company’s Board of Directors authorized the repurchase of up to $50 million of the Company’s common shares. Under the program, the Company may purchase its common shares from time to time in the open market or in privately negotiated transactions. The amount and timing of the purchases will depend on a number of factors including the price and availability of the Company’s common shares, trading volume and general market conditions. The Company may also from time to time establish a trading plan under Rule 10b5-1 of the Securities Exchange Act of 1934 to facilitate purchases of its common shares under this authorization.

Conference Call

In connection with this earnings release, management will host an earnings conference call on Thursday, August 2, 2012 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 (877) 857-6151 (from within the U.S. and Canada) or (719) 325-4940 (from outside of the U.S. and Canada) ten minutes prior to the scheduled start and referencing the “Aircastle Second Quarter Earnings Call.”

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 three months 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 11:59 P.M. Eastern time on Thursday, August 30, 2012 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 “5002334.”

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About Aircastle Limited

Aircastle Limited is a global company that acquires, leases and sells high-utility commercial jet aircraft to airlines throughout the world. As of June 30, 2012, Aircastle’s aircraft portfolio consisted of 155 aircraft on lease with 67 customers located in 36 countries.

Safe Harbor

Certain items in this press release and other information we provide from time to time, may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 including, but not necessarily limited to, statements relating to our ability to acquire, sell, lease or finance aircraft, raise capital, pay dividends, and increase revenues, earnings, 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 management’s current expectations and beliefs 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 Limited can give no assurance that its expectations will be attained. Accordingly, you should not place undue reliance on any forward-looking statements contained in this press release. Factors that could have a material adverse effect on our operations and future prospects or that could cause actual results to differ materially from Aircastle Limited’s expectations include, but are not limited to, significant capital markets disruption and volatility, and the significant contraction in the availability of bank financing which may adversely affect our continued ability to obtain additional capital to finance new investments or our working capital needs; volatility in the value of our aircraft; general economic conditions and business conditions affecting demand for aircraft and lease rates; our continued ability to obtain favorable tax treatment in Bermuda, Ireland and other jurisdictions; our ability to pay dividends; high or volatile fuel prices, lack of access to capital, reduced load factors and/or reduced yields, operational disruptions caused by political unrest in North Africa, the Middle East or elsewhere, uncertainties in the Eurozone arising from the sovereign debt crisis and other factors affecting the creditworthiness of our airline customers and their ability to continue to perform their obligations under our leases; termination payments on our interest rate hedges; and other risks detailed from time to time in Aircastle Limited’s filings with the Securities and Exchange Commission (“SEC”), including as previously disclosed in Aircastle’s 2011 Annual Report on Form 10-K, and in our other filings with the SEC, press releases and other communications. 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 Limited expressly disclaims any obligation to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in its expectations with regard thereto or change in events, conditions or circumstances on which any statement is based.

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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

(Dollars in thousands, except per share amounts)

(Unaudited)

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Aircastle Limited and Subsidiaries

Consolidated Statements of Comprehensive Income

(Dollars in thousands)

(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

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 Reconciliation

(Dollars in thousands)

(Unaudited)

We define EBITDA as income 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-GAAP measure is helpful in identifying trends in our performance. Using EBITDA assists us in comparing our operating performance on a consistent basis by removing the impact of our capital structure (primarily interest charges on our outstanding debt) and asset base (primarily depreciation and amortization) from our operating results.

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Aircastle Limited and Subsidiaries

Reconciliation of GAAP to Non-GAAP Measures

Adjusted Net Income Reconciliation

(Dollars in thousands)

(Unaudited)

Beginning with the quarter ended March 31, 2012, management, to be more consistent with reporting practices of peer aircraft leasing companies, has revised the calculation of Adjusted Net Income (“ANI”) to no longer exclude gains (losses) on sales of assets, and to exclude non-cash share based payment expense in the calculation of ANI. Beginning with our Quarterly Report for the quarter ended June 30, 2012, we also excluded Term Financing No. 1 hedge loss amortization charges which will be reported in Interest, net on our consolidated statement of income from the calculation of ANI. The calculation of ANI for the three months ended June 30, 2011 has been revised to be comparable with the current period presentation.

Management believes that ANI, when viewed in conjunction with the Company’s results under 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 elements related to interest rate derivative accounting and non-cash share based compensation. However, ANI is not a measure of financial performance or liquidity under GAAP and, accordingly, should not be considered as alternatives to net income (loss) or cash flow from operating activities as indicators of operating performance or liquidity.

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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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