Global Airlines, Hotels and Aerospace "Update on travel intentions and ..."

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Global Airlines, Hotels and Aerospace "Update on travel intentions and ..."

e France, US, +44-20-7568 4375

and UK show declines. Business flight expectations declined across all markets, with Joern Iffert, CFA

significant drops in the UK (-19% YoY), US (-11% YoY), and France (-11% YoY). Analyst

Nevertheless, air travel spending intentions improved which we would attribute to joern.iffert@ubs.com

airfare pressure. Leisure spending is projected to rise +4.8% YoY (vs flight numbers +41-44-239 88 00

down c6%), and business spending +2.6% YoY (vs flight intentions down c10%), Arpine Kocharyan

though both are below prior survey expectations. The UK leads with +6.0% YoY leisure Analyst

and +5.1% YoY business spending growth, followed by US, Germany and France. Price, arpine.kocharyan@ubs.com

+1-212-713 2086destination and airline brand remain the top factors for flight selection.

Ivar Billfalk-Kelly

Leisure/business accommodation intentions down in N12M Analyst

ivar.billfalk-kelly@ubs.com

Versus last year's survey, Leisure and Business accommodation intentions for the next 12

+44-20-7568 3240

months are down in all surveyed markets except US and France business travel. The

overall number of nights in accommodation for leisure travellers decreased to 9.5 vs 9.8 Ian Douglas-Pennant

in 2025 while business nights remained stable at 5.9. We note that leisure expectations Analyst

ian.douglas-pennant@ubs.com

were c3% below expectations of the last survey across the surveyed markets. Leisure

+44-20-7568 0936

accommodations (hotels/motels/B&B and shared accommodation) are expected to see

an improved preference vs the last survey while business see a decline. Leisure and Stephen Ju

Analystbusiness spending are expected to rise YoY, though below prior expectations. UK leads