2026年3月航空服务业更新

Janurary 2026 Aviation Services Observations and Key Trends Global Flight Growth, EngineBottlenecks, and Pricing Across the supply chain, demand continuesto outpace new aircraft deliveries despiteOEM efforts to accelerate production.Delivery shortfalls remain high atapproximately 5,300 aircraft, while theaverage global fleet age has increased 2019, jet card rates are up 26.9%, broadly inline with cumulative inflation. At year-end 2025, the average jet card hourlyrate across seven aircraft categories was$11,578, inclusive of fuel surcharges andthe 7.5% federal excise tax, and based onoccupied flight hours. Average hourly ratesranged from $6,625 for turboprops to $19,208 In response, MRO capacity expansionremains incremental and back-endloaded. StandardAero’s approximately70,000-square-foot Winnipeg engineMRO expansion is not expected to comeonline until the second half of 2026,4 Longer-term pricing trends varied bycategory. Turboprop hourly rates increased39.1% relative to 2019 levels, while ultra-long-range jet rates rose 14.1% over the same Business aviation concluded 2025 withstrong momentum, as global flight activityrose 4.2% year-over-year in December,according to the Argus InternationalTraqPak data. North America reported a2.1% year-over-year gain to close out a yearin which 11 of the 12 months finished inpositive territory, while Europe extendedits growth streak to eight consecutivemonths with a 1.3% increase. Across NorthAmerica, midsize jets led December metrics while operators increasingly extend heavymaintenance contracts to keep agingfleets in service. HAECO’s extension of itsA380 heavy maintenance agreement withEmirates through 2030, covering multiple Expansion Continues Greenbriar Equity Group’sacquisitionofWest Star Aviationreflects continuedprivate capital focus on aftermarket-heavyaviation services, where engine and MRObottlenecks, aging fleets, and delayeddeliveries support durable demand and Charter and Membership Models Evolvein Normalizing Price Environment6 Bain Capital’sacquisition ofAPP JetCentermarks the firm’s entry into FBOs,targeting high-quality, supply-constrainedairports where long-term growth in flightactivity and a shortage of modern hangarinfrastructure for next-generation aircraft According to Private Jet Card Comparisons,which tracks over 500 membership, card,and fractional programs, jet card pricinggrowth moderated in 2025, with providerscontinuing to enhance contract flexibility Engine & MRO Capacity Remains a MajorBottleneck for Aircraft Production Engine-related issues and heavymaintenance constraints continued topressure aircraft availability in 2025.Inspections tied to Pratt & Whitney’s GTFprogram remained a key bottleneck, withapproximately 640 GTF-powered aircraftgrounded and inspection turnaround times Igneo’sacquisition ofInfinity Aviationlaunches the fund’s FBO platform, positioning Igneo to capture ancillary revenue growth asbusiness aviation activity remains resilient Average jet card hourly rates roseapproximately 1.7% year-over-year at theend of 2025, trailing estimated U.S. inflationof approximately 2.8%. Compared with pre- 1.Source: ARGUS International TRAQPak, January 19, 2026.2.Source: IATA. “Pratt & Whitney Engine Issues”, November 20, 2025.3.Source: IATA. “Aerospace Supply Chain Bottlenecks Continue to Constrain Airlines”, December 9, 2025.4.Source: StandardAero. “StandardAero Breaks Ground On Winnipeg Facility Expansion”, November 10, 2025.5.Source: HAECO. “HAECO Extends Heavy Maintenance Contract with Emirates for A380 Aircraft”, November 17, 2025.6.Source: © Private Jet Card Comparisons. “Jet Card rates end 2025 up 1.7% YOY after 0.1% dip from Q3”, January 1, 2026. Business JetOperations and Business Jetand Commercial Public Company 1-Year Stock Performance (Indexed Market Capitalization for the Period January 2025–January 2026) Public Company Public Company 5-Year Stock Performance (Indexed Market Capitalization for the Period January 2020–January 2026) Aircraft OEMs:ENXTPA:AIR, ENXTPA:AM, NYSE:BA, NYSE:ERJ, NYSE:GD, NYSE:TXT, TSX:BBD.B Commercial Airlines:NasdaqGS:AAL, NasdaqGS:JBLU, NasdaqGS:UAL, NasdaqGS:ULCC, NYSE:ALK,NYSE:DAL, NYSE:LUV, Aerospace Supply Chain & Aftermarket:ENXTPA:SAF, NasdaqCM:ASLE, NasdaqGS:ATRO,NasdaqGS:VSEC, NasdaqGS:WWD, NYSE:AIR, NYSE:DCO, NYSE:HXL, NYSE:LOAR, NYSE:MOG.A,NYSE:RBC, NYSE:SPR, NYSE:TDG, NYSE:WCC, TSX:CAE, TSX:MAL, XTRA:MTX Premier, Global Boutique Globally integrated advisory capabilities, deep sector experience, and unmatched industry intelligence driven by frequent dialogue with themost relevant market participants Firm Snapshot Global Footprint Aviation Services Contacts Gordie Vap+1 704 969 1581gvap@williamblair.com Josh Ollek+1 704 969 1583 jollek@williamblair.com Dan Capek+1 704 969 1725dcapek@williamblair.com Disclosure “William Blair” is a trade name for William Blair & Company, L.L.C., William Blair Investment Management, LLC andWilliam Blair International, L