Global Aerospace: BofA Commercial Aero: Mixed performance in May

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Global Aerospace: BofA Commercial Aero: Mixed performance in May

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Global Aerospace

BofA Commercial Aero: Mixed performance

in May

Industry Overview

May 2026 in review: Legacy NB remains under pressure 11 June 2026

Global commercial cycles showed a modest sequential improvement in May, with the

overall YoY decline narrowing slightly, driven by a mixed performance across engine Equity

Globalfamilies. The key +ve was a clear rebound in widebody-linked OEMs, with both GE and

Aerospace and DefenceRolls-Royce seeing the strongest MoM improvement. This reflects the continued

resilience in long-haul demand and higher utilisation of newer widebody fleets.

Benjamin Heelan >>

In contrast, trends across narrowbody platforms were more mixed. Newer-generation ResearchMerrill LynchAnalyst(DIFC)

engines (LEAP and GTF) continued to deliver solid growth, albeit at a slightly moderating benjamin.heelan@bofa.com

pace, while legacy narrowbody platforms weakened further. In particular, V2500 and David Holmes, CFA >>

Research Analyst

CFM56 families saw incremental deterioration, underscoring ongoing structural pressure MLI (UK)

on older fleets. Overall, the data reinforces the current bifurcation in the market: david.a.holmes@bofa.com

widebody and new-tech narrowbody engines continue to outperform, while legacy Lorenzo Di Patrizi >>

narrowbody platforms remain in decline. MLI (UK)

Ronald J. Epstein

Exhibit 1: Major engine families monthly average flight cycles yoy growth Research Analyst

Monthly YoY cycles reported mixed performance across all major engine families in May-26 vs Apr-26 BofAS

Nathan Gee, CFA >>

CFM56 -5B CFM56 -7B CFM56 CFM GTF Rolls-Royce Research Analyst

(A320ceo) (737NG) family V2500 LEAP family commercial P&W GE Total Merrill Lynch (Singapore)