Place the bread slices on a flat surface. Using the bottom of a drinking glass, press a wide indentation into the center of each slice. Do not press all the way through.
Place the prepared bread in the air fryer basket. Carefully crack one egg into the indentation of each slice and season with salt and black pepper.
Air fry at 330°F (165°C) for 5 minutes.
If using cheese, sprinkle it over the eggs and continue cooking for another 2–4 minutes, depending on your preferred yolk consistency.
For a runny yolk, aim for about 7 minutes total; for a soft, jammy yolk, cook for about 8 minutes; and for a firm yolk, cook for around 9 minutes.
Carefully remove the toast from the air fryer and serve immediately.