Engine Flight Hours—NB -1% in Apr on Lower CFM56 (-10%) / V2500 (-13%); WB -3% on Lower GEnx (-1%) / GE90 (-5%)

研报英文原文证据摘录

Engine Flight Hours—NB -1% in Apr on Lower CFM56 (-10%) / V2500 (-13%); WB -3% on Lower GEnx (-1%) / GE90 (-5%)

Industry Update Equity Research

Flight Hours and Daily Utilization by Manufacturer and Engine Type

We are monitoring engine flight activity across the global fleet of passenger and freighter aircraft. We

track both flight hours and average daily utilization by engine type. Total flight hours on an engine type

incorporate both the number of engines in active service along with average utilization. Average daily

utilization measures the daily usage of engines that are in service only (not parked for maintenance/

storage).

We estimate total flight hours in the global fleet were down 2% YoY in April, while ~10% above April

2019 levels, while average daily utilization is at ~8.4 hours, ~5% below April 2019 levels.

Exhibit 1 - Total Flight Hours for Global NB/WB Fleet (Indexed to 100 in Same Month 2019)

Apr-20 Jul-20 Oct-20 Jan-21 Apr-21 Jul-21 Oct-21 Jan-22 Apr-22 Jul-22 Oct-22 Jan-23 Apr-23 Jul-23 Oct-23 Jan-24 Apr-24 Jul-24 Oct-24 Jan-25 Apr-25 Jul-25 Oct-25 Jan-26 Apr-26

Source: Cirium and Wells Fargo Securities, LLC

Exhibit 2 - Average Daily Utilization for Global NB/WB Fleet (Hours per Day)

Apr-19 Jul-19 Oct-19 Jan-20 Apr-20 Jul-20 Oct-20 Jan-21 Apr-21 Jul-21 Oct-21 Jan-22 Apr-22 Jul-22 Oct-22 Jan-23 Apr-23 Jul-23 Oct-23 Jan-24 Apr-24 Jul-24 Oct-24 Jan-25 Apr-25 Jul-25 Oct-25 Jan-26 Apr-26

We estimate that narrowbody engine flight hours were 1% lower YoY in April and 14% above April

2019 levels, driven primarily by higher GTF/LEAP flight hours (much larger installed base). Widebody

engine flight hours were 3% lower YoY in April and 3% above April 2019 levels primarily driven by lower

GEnx and GE90.

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