Global Aerospace: BofA Commercial Aero: Legacy NB showing early signs of recovery

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Global Aerospace: BofA Commercial Aero: Legacy NB showing early signs of recovery

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Global Aerospace

BofA Commercial Aero: Legacy NB showing

early signs of recovery

Industry Overview

Legacy narrowbody shows signs of recovery in last weeks 02 July 2026

Legacy narrowbody engine platforms remain weak but are beginning to show early signs

of improvement. The CFM56 fleet saw a modest acceleration in activity, with flight Equity

Globalcycles improving to -7.6% YoY, while the V2500 also improved slightly to -18.5% YoY.

Aerospace and DefenceWhile both platforms remain well below pre-pandemic utilisation levels, the recent

week-on-week improvement suggests that the decline in older narrowbody fleet activity

Benjamin Heelan >>

may be starting to bottom out. Widebody engine trends remain constructive. The Trent Research Analyst

XWB continues to outperform, with flight activity strengthening to +7.0% YoY, reflecting Merrill Lynch (DIFC)

benjamin.heelan@bofa.com

ongoing demand for the A350 fleet and remaining significantly above 2019 levels. The

David Holmes, CFA >>

Trent 700 also improved sequentially, with utilisation reaching -13.9% YoY, representing Research Analyst

a notable step up from recent weeks, although activity remains below historical norms. MLI (UK)

david.a.holmes@bofa.com

Exhibit 1: Global commercial flights daily tracked YoY growth 7 day avg Lorenzo Di Patrizi >> Research Analyst

Global commercial 7-day YoY cycles improved by +1.4ppts to -0.7% this week, vs -2% last week MLI (UK)

driven by improvement across all global regions except Africa and Latam Ronald J. Epstein

Research Analyst

40% Africa Asia-Pacific Europe BofAS

Latin America Middle East North America Nathan Gee, CFA >>

20% ResearchMerrill LynchAnalyst(Singapore)

Andrew G. Didora, CFA