BofA Commercial Aero: Global commercial cycles improving

Research evidence excerpt

BofA Commercial Aero: Global commercial cycles improving

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Global Aerospace

BofA Commercial Aero: Global commercial

cycles improving

Industry Overview

Global commercial cycles improved led by ME, Latam WoW 25 June 2026

Global commercial activity continues to stabilise, with 7‑day YoY cycles improving week-

on-week across most regions. The overall trend remains slightly negative, but the Equity

Globaldirection of travel is clearly positive, supported by broad-based regional recovery.

Aerospace and Defence

Regionally, the Middle East stands out as the key driver of improvement this week,

showing a sharp rebound from a particularly weak prior period. Latin America and Europe Benjamin Heelan >>

have both edged back into positive territory, reinforcing the view of a gradual global ResearchMerrill LynchAnalyst(DIFC)

recovery. North America and Asia-Pacific also moved in the right direction, though both benjamin.heelan@bofa.com

remain marginally negative, indicating a slower pace of normalisation. Africa was the David Holmes, CFA >>

Research Analyst

only region to deteriorate this week, albeit from a position of relative strength. MLI (UK)

david.a.holmes@bofa.com

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

Global commercial 7-day YoY cycles improved by +1.5ppts to -2% this week, vs -3.5% last week Research Analyst

driven by improvement in 7-day YoY cycles of all global regions except Africa. MLI (UK)

Ronald J. Epstein

40% Research Analyst Africa Asia-Pacific Europe BofAS

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

20% Research Analyst

Merrill Lynch (Singapore)

0% Andrew G. Didora, CFA Research Analyst

BofAS

-20% Muneeba Kayani >>

MLI (UK)

-40% Ken Hoexter

-60%

Kenjin Hotta >>