2026年一季度航空航天与国防报告（英）2026

Aerospace &Defense Report Iran War adds fuel to an already hot sector Contents Key takeaways3PE deal activity4Top PE deals9PE exit activity11Top PE exits13Issue spreads remain supportive; Iran war introduces near-term macro uncertainty15Operation Epic Fury: PE implications across the A&D vertical16European defense showing positive trends for PE investors17PE activity19Aerospace & defense PE ecosystem market map26Aerospace & defense PE investor map272026 timeline through April28Aerospace & defense PE deal summary29Segment data30Airlines & airline services31Commercial aerospace33Defense35References37 Institutional Research Group Jim CorridoreLead Research Analyst, Industrialsjim.corridore@pitchbook.com Oscar Allaway Senior Data Analystpbinstitutionalresearch@pitchbook.comPublished on May 13, 2026 PE deal activity Aerospace & defense PE deal count more than doubles in Q1 Aerospace & defense (A&D) remains a strong area for PE deal activity. PitchBook data estimates 143PE deals took place in Q1 2026 (100 confirmed deals plus 43 estimated deals). That estimated totalcompares with 64 confirmed deals in Q1 2025, a YoY increase of 123%. Q1 was also up 22% over thefourth quarter of 2025, which had an estimated 117 deals. PitchBook estimates Q1 2026 deal value of $11.3 billion, down 26% compared to Q1 2025’s deal valueof $15.4 billion and 7.4% below Q4 2025’s $12.2 billion. With deal count up sharply and deal valuesdown, it is clear that PE is targeting smaller deals and is likely to build platforms to scale around. Also,in general, defense PE deals are smaller since PE cannot participate at the prime contractor level andhas to invest in smaller component and subcomponent manufacturers in order to participate in thegrowth in that sector. Deal values have been trending somewhat lower over the past six quarters in linewith these trends. We attribute strength in A&D deal activity to geopolitical tensions and a focus by governments aroundthe world on increasing defense budgets. PE is also investing in areas where defense is growing, suchas electronics, UAVs, missile and missile defense supply chains and ships and aircraft. Many of theseareas are smaller in size than the average defense company, driving down overall deal value, despitethe rise in deal count. PitchBook believes there are still many small to medium-sized Tier 3 and Tier 4suppliers that can be acquired to build scale, with exit opportunities including eventual purchase by aprime or by selling to another PE firm interested in the space. For that reason, the current positive dealclimate for A&D, particularly in the defense category, is likely to persist. Defense Q1 slowdown after strong 2025; electronics makes up most ofdeal activity Defense posted 18 deals in Q1 2026, up from six in Q1 2025 and down from 25 in Q4 2025. Deal valueof $1.2 billion was double that of Q1 2025 but down from Q4’s $1.8 billion. Defense electronics continued to lead subsegment deal count. Within confirmed Q1 2026 deals,MNC Solutions ($650 million) and BCubed Engineering ($110 million) were both defense electronicstransactions. The fiscal year 2027 budget proposal released April 3 included specific increases inEW, radar modernization, and C4ISR accounts that directly validate the PE investment thesis beingexecuted across this subsegment. Given recent US defense priority shifts discussed in our Q3 2025analyst noteBreaking Down the New US Defense Budget, sponsors now have an unusually clearprocurement roadmap. Nizar TarhuniExecutive Vice President of Research and Market Intelligence PitchBook providesactionable insights acrossthe global capital markets. Paul CondraGlobal Head of Private Markets Research James UlanDirector of Emerging Technology Research Additional research: Q1 2026 Analyst Note:The Iran War ViewedThrough a PE LensDownload the reporthere Q1 2026 Analyst Note: TheMost Investable Corner inDefense? Electronics Report created by: Jim CorridoreLead Research Analyst, Industrials Download the reporthere Oscar AllawaySenior Data Analyst PitchBook Insightsis an online compendium of in-depth data, news, analysis, and perspectives thatshape the private capital markets. Josie DoanGraphic 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 tobu