AAR Corp. reported fiscal 2027 first-quarter sales of $918.0 million, up 24% from $739.6 million, and announced an agreement to acquire a 65% controlling interest in privately held aircraft-maintenance company MRO Holdings for $1.8 billion. AAR will issue approximately $780 million in new equity to MRO investors, including Bain Capital, Roberto Kriete's family and Caoba Capital, and can acquire the remaining 35% within six years after closing. Adjusted EBITDA rose 34% to $116.5 million, while adjusted diluted earnings per share increased 38% to $1.49. AAR said the transaction would add scale to its integrated aviation aftermarket strategy and could improve EBITDA margins to 19%-20% within three to four years, from a current range of 13%-14%. The company expects second-quarter fiscal 2027 sales growth of 14% to 16% and an adjusted EBITDA margin of 13.0% to 13.4%, excluding Legacy Commercial Programs and any impact from the MRO acquisition.