航线分析，2025年6月：美国国内航班计划削减使得行业运力增长在2025年第三季度目前预计上升1%，未来几周9月及以后仍有可能继续削减。

Barclays Route Therapydetailed airline capacity reportRestricted - External North America AirlinesPOSITIVENorth America AirlinesBrandon R. Oglenski+1 212 526 8903brandon.oglenski@barclays.comBCI, USJohn Dorsett+1 212 526 8487john.dorsett@barclays.comBCI, USEric Morgan, CFA+1 212 526 9642eric.morgan@barclays.comBCI, USDavid Zazula, CFA+1 212 526 5108david.zazula@barclays.comBCI, US trans-Atlantic market was reduced roughly one point in the third quarter by Delta, American, AirFrance-KLM andLufthansaGroup. In US-Latin, JetBlue reduced 2Q two points and 3Q fourpoints while American and Delta reduced 3Q by one point each. Looking at the major alliances’US-Atlantic schedules, Oneworld scheduled capacity is +2% in 3Q25, SkyTeam is +6% and StarAlliance is +4%.Looking at weighted competitive capacity in 2Q25 Spirit and Frontier have the largestcompetitive overlap increase.Please see slides 11-13 for more detail.Beyond August 2025, schedules remain fluid. However, in this report we provide currentpublished status through 4Q25 to track future changes as carriers provide updates.Wenote schedules generally become firm about 45-60 days out.2 Analyst(s) Certification(s):I, Brandon R. Oglenski, hereby certify (1) that the views expressed in this research report accurately reflect my personal views about any or all of thesubject securities or issuers referred to in this research report and (2) no part of my compensation was, is or will be directly or indirectly related to thespecific recommendations or views expressed in this research report.Important Disclosures:Barclays Research is produced by the Investment Bank of Barclays Bank PLC and itsaffiliates(collectively and each individually, "Barclays"). Allauthors contributing to this research report are Research Analysts unless otherwise indicated. The publication date at the top of the report reflects thelocal time where the report was produced and maydifferfrom the release date provided in GMT.Availability of Disclosures:Where any companies are the subject of this research report, for current important disclosures regarding those companies please refer to https://publicresearch.barclays.com or alternatively send a written request to: Barclays Research Compliance, 745 Seventh Avenue, 13th Floor, New York, NY10019 or call +1-212-526-1072.The analysts responsible for preparing this research report have received compensation based upon various factors including the firm's total revenues,a portion of which is generated by investment banking activities, the profitability and revenues of the Markets business and the potential interest of thefirm's investing clients in research with respect to the asset class covered by the analyst.Analysts regularly conduct site visits to view the material operations of covered companies, but Barclays policy prohibits them from accepting paymentor reimbursement by any covered company of their travel expenses for such visits.Barclays Research Department produces various types of research including, but not limited to, fundamental analysis, equity-linked analysis,quantitative analysis, and trade ideas. Recommendations contained in one type of Barclays Research maydifferfrom those contained in other types ofBarclays Research, whether as a result ofdifferingtime horizons, methodologies, or otherwise.In order to access Barclays Statement regarding Research Dissemination Policies and Procedures, please refer to https://publicresearch.barclays.com/S/RD.htm. In order to access Barclays Research Conflict Management Policy Statement, please refer to: https://publicresearch.barclays.com/S/CM.htm.Unless otherwise indicated, prices are sourced from Bloomberg and reflect the closing price in the relevant trading market, which may not be the lastavailable closing price at the time of publication.Risk Disclosure(s)Master limited partnerships (MLPs) are pass-through entities structured as publicly listed partnerships. For tax purposes, distributions to MLP unitholders may be treated as a return of principal. Investors should consult their own tax advisors before investing in MLP units.Disclosure(s) regarding Information SourcesBloomberg® is a trademark and service mark of Bloomberg Finance L.P. and itsaffiliates(collectively “Bloomberg”) and the Bloomberg Indices aretrademarks of Bloomberg. Bloomberg or Bloomberg’s licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve orendorse this material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the resultsto be obtained therefrom and, to the maximum extent allowed by law, Bloomberg shall have no liability or responsibility for injury or damages arisingin connection therewith.Types of investment recommendations produced by Barclays Equity Research:In addition to any ratings assigned under Barclays’ formal rating systems, this publication may contain investment recommendations in the form oftrade ideas, thematic