2025年三季度航空航天与国防报告（英）2025

INDUSTRY RESEARCH Aerospace &Defense Report PE trends and investment strategies Contents PE activity3Aerospace & defense PE ecosystem market map21Aerospace & defense PE investor map22Q3 2025 timeline23Aerospace & defense PE deal summary24Segment data25Defense26Commercial aerospace30Airlines31 Institutional Research Group Analysis Jim CorridoreSenior Research Analyst, Industrialsjim.corridore@pitchbook.com DataOscar AllawayData Analystpbinstitutionalresearch@pitchbook.com Publishing Report designed byJosie Doan PE activity Aerospace & defense PE activityrebounds in Q3 More clarity on tariffs, a new defense budget with well-outlinedstrategic priorities, and an improved production outlook forBoeing seem to have aided the deal environment in aerospace& defense (A&D) in Q3 2025. The vertical totaled 87 deals inQ3, up 78% from Q2’s 49 deals and up 3.6% from a year ago, We attribute strength in A&D deal count to several factors.First, on the defense side, government budgets have continuedon a strong trajectory, as evidenced by the recently proposed$1 trillion US defense budget, which is up $100 billion over Aerospace & defense PE ecosystem market map This market map is an overview of PE-backed companies that have received private capital or other notable private investments.The full market map can be viewed on the PitchBook Platform. Aerospace & defense PE investor map Investor map is a representative overview of active investors in global buyouts and growth equity. Investors are classified by PE strategy.The full investor map can be viewed on the PitchBook Platform. Commercial Commercial aerospace demandremains intact Looking at PE deal activity in commercial aerospace, deal countcontinues to be relatively strong. In the first nine months of2025, there were 96 deals, compared with 88 in the first ninemonths of 2024, an increase of 9%. In the third quarter of 2025,there were 44 deals, up from 25 in Q2 and 27 in Q1, and above PitchBook Data, Inc. Nizar TarhuniExecutive Vice President of Researchand Market Intelligence Paul CondraGlobal Head of Private Markets Research Additional research Industry research Q3 PitchBook Analyst Note:Breaking Down the New US Q2 2025 Analyst Note:The Potential Impact ofTariffs on the Aerospace & Q2 2025 Aerospace &Defense Report 2025 Vertical Snapshot:Defense TechDownload the reporthere Download the reporthere Download the reporthere PitchBook, a Morningstar company ©2025 by PitchBook Data, Inc. All rights reserved. No part of this publication may be reproduced in any form or by any means—graphic, electronic, ormechanical, including photocopying, recording, taping, and information storage and retrieval systems—without the express written permission of PitchBookData, Inc. Contents are based on information from sources believed to be reliable, but accuracy and completeness cannot be guaranteed. Nothing hereinshould be construed as any past, current or future recommendation to buy or sell any security or an offer to sell, or a solicitation of an offer to buy any