航空航天与国防报告：私募股权趋势与投资策略（2025年第四季度）

INDUSTRY RESEARCH Aerospace & PE trends and investment strategies Contents PE activity3 Institutional Research Group Aerospace & defense PE ecosystem market map22 Jim CorridoreLead Research Analyst, Industrialsjim.corridore@pitchbook.com pbinstitutionalresearch@pitchbook.com Timeline since Q4 2025 Published on February 18, 2026 Aerospace & defense PE deal summary Segment data26 Airlines & airline services Commercial aerospace29 Defense PE activity PE deal activity shows trends remain solidly in place 2025 closed on strong footing for the aerospace & defense (A&D) sector, with both deal volume andaggregate value finishing meaningfully higher year over year. Commercial aerospace and airlines& airline services maintained momentum throughout the year, supported by sustained passenger PitchBook data shows private equity deal count in aerospace & defense picking up meaningfully in2025, with deal count rising 24.4% YoY to an estimated 357 transactions compared with 287 in 2024.Because deal reporting often lags and PitchBook applies a proprietary estimation methodology, it is Looking across the three subsectors we track, airlines & airline services was more mixed than theothers. Deal count declined 24% to 79 transactions from 100 the prior year, but deal value increased14% to $22.6 billion. That divergence points to higher average deal sizes and a handful of larger,higher-quality transactions driving value despite fewer overall deals. Commercial aerospace remained Defense Electronics saw strong deal activity Within the defense category, defense electronics is seeing the most deal activity, with 27 deals in 2025with a total deal value of $1.7 billion, up from 14 deals in 2024 with a total deal value of $1.6 billion and16 deals with a total deal value of $800 million in 2023. We think this remains a strong subcategoryfor defense since it aligns with a lot of defense department priorities in missile & missile defense,electronic warfare, jamming & defense communications, and command & control. There are numeroussubcomponents that go into large military weaponry, and while the prime contractors control much of Source: PitchBook • Geography: Global • As of December 31, 2025 Nizar TarhuniExecutive Vice President of Research and Market Intelligence PitchBook providesactionable insights across Paul CondraGlobal Head of Private Markets Research Report created by: Additional research: Jim CorridoreLead Research Analyst, Industrials Q3 2025 Analyst Note:Breaking Down the New US Q4 2025 Analyst Note: TheCommercial Aerospace Oscar AllawaySenior Data Analyst Download the reporthere Megan WoodardSenior Graphic Designer PitchBook Insightsis an online compendium of in-depth data, news, analysis, and perspectives that Drew SandersSenior Graphic Designer PitchBook subscribers enjoy exclusive access to a comprehensive suite of private market insights,including proprietary research, news, data, tools, and more on thePitchBook platform. Learn more aboutPitchBook’s Institutional Research team. COPYRIGHT © 2026 by PitchBook Data, Inc. All rights reserved. No part of this publication may be reproduced in any form or by anymeans—graphic, electronic, or mechanical, including photocopying, recording, taping, and information storage and retrieval systems—without the express written permission of PitchBook Data, Inc. Contents are based on information from sources believed to be reliable, butaccuracy and completeness cannot be guaranteed. Nothing herein should be construed as any past, current or future recommendation to Clickherefor PitchBook’s report methodologies.