公务航空峰会要点：通用航空制造商协会强调技术在航空安全中的重要性

USA | Aerospace & Defense Electronics Biz Av Summit Takes: GAMA EmphasizesImportance of Tech in Aviation Safety We hosted Jens Hennig, VP of Operations at GAMA, at our Jefferies BusinessAviation Summit. Key takes: 1) Investments have been made in ATC technology,but foundational infrastructure has been neglected, causing an infrastructure/technology mismatch; 2) Q1 shipments were strong for business jets, whilerotorcraftwas more modest;3)GAMA has emphasized to the TrumpAdministration that regulations are essential for safety and serve as catalystsfor innovation. Regulatory Collaboration and Innovation.GAMA works closely with FAA, EASA, and other globalregulators to modernize airworthiness standards and enable innovation through regulation. Theassociation focuses exclusively on the regulatory environment, especially airworthiness standardsand certification processes under Part 21. GAMA has emphasized to the Trump administrationthat, while some view regulations as burdensome, they’re often essential for safety and serve ascatalysts for innovation. ATC’s Infrastructure and Technology Mismatch. While significant investments have been made inair traffic control technology over the past two decades, foundational infrastructure, like buildingsand communication lines, has been neglected. This created a mismatch, with modern systemsrunning on outdated supporting infrastructure. A long-term, comprehensive plan is needed toensure the system remains robust, even 40 years in the future. 2025 Demand Off to a Strong Start.First quarter shipments were solid across pistons, turbopropsand business jets, while rotorcraft growth was more modest. The strong growth is attributed toproduct innovation, continued pent-up demand unlock from the pandemic, multi-year backlogs,increased behavioral shifts, such as large fleet purchases. The more modest growth experiencedwithin rotorcrafts reflects a comparison to its peak, roughly a decade ago, which resulted from highoil prices and EMS demand. However, new product introductions are keeping the segment healthy. Improving Aviation Safety Requires Continued Advancement of Technology.GAMA views thecontinued advancement of technologies like ADS-B and performance-based navigation as a priority,especially after recent safety incidents. ADS-B enhances existing collision avoidance systems,making them faster and more adaptive, with new legislation pushing for broader adoption of thetechnology. Existing regulations are largely in place, but detailed guidance is still required, especiallyfor emerging technologies like eVTOLs and powered-lift aircraft. GAMA is working closely withthe FAA and other global regulators to define practical implementation details regarding batterysystems and other operational procedures. Technologies like Runway Overrun Awareness andSurface Indications and Alerts are being adopted, some internationally mandated, others underdiscussion in the U.S. Sheila Kahyaoglu * | Equity Analyst+1 (212) 336-7216 | sheila.kahyaoglu@jefferies.com Greg Konrad, CFA * | Equity Analyst+1 (212) 284-2391 | gkonrad@jefferies.com New President of GAMA Leverages Background in Helicopters. James Viola started as GAMApresident and CEO in March of this year. James’ background includes time in the Army and a longcareer at the FAA. Additionally, he has experience in helicopters, both in the Army as well as when heran the U.S. and the International Helicopter Association for Operators. GAMA expects to leveragehis knowledge of navigating the government regulatory process, and his insight into the vertical liftmarket potential. Ellen Page * | Equity Associate+1 (212) 323-3381 | epage@jefferies.com Kyle Wenclawiak * | Equity Associate+1 (212) 323-7671 | kwenclawiak@jefferies.com Conor Walters * | Equity Associate+1 (212) 323-3395 | cwalters@jefferies.com Continued on next page... Please see analyst certifications, important disclosure information, and information regarding the status of non-US analysts on pages 4 - 8 of this report.* Jefferies LLC / Jefferies Research Services, LLC Aerospace & Defense ElectronicsEquity ResearchJune 12, 2025 Speaker Bios •Jens Hennigis Vice President, Operations for the General Aviation Manufacturers Association(GAMA) and is responsible for GAMA’s activities for safety, security, and operations. He is theassociation’s primary staff person on Air Traffic Control modernization and issues affectingmanufacturer flight operations. Jens’ engagement in policy and rulemaking committees coversa range of topics including ADS-B, air traffic management, landing and takeoff performance,and rulemaking cost analysis. Jens also chairs the U.S. Transportation Security Administration’sAviation Security Advisory Committee (ASAC) general aviation subcommittee and served as co-chair of FAA’s Aircraft System Information Security / Protection working group on cybersecurity. Analyst Certification: I, Sheila Kahyaoglu, certify that all of the views expressed in this research rep