Biz Av Summit Takes: Corporate Jet Investor Highlights Fractional Strength

研报英文原文证据摘录

Biz Av Summit Takes: Corporate Jet Investor Highlights Fractional Strength

Aerospace & Defense Electronics

Equity Research

June 30, 2026

Ultra Long Range Demand Remains Strong. Demand for ultra long range aircraft remains healthy

across Gulfstream, Bombardier and Dassault, with no single best aircraft for every buyer and loyalty

often tied to brand culture. Gulfstream delivered 136 large aircraft last year vs. Dassault at 37, and

Gulfstream pricing remains firm given long backlogs and limited discounting. G700/G800 customer

feedback is positive, with lower cabin pressure described as a noticeable improvement vs. the G650,

while the G650 remains very difficult to source. Anecdotally, one seller of a G800 is reportedly seeking

~$90MM, while G650 pricing varies by age in a tight market.

Innovation Hinges On Engines And Certification. Near-term innovation is more likely to come from

aircraft refreshes and meaningful step changes in propulsion rather than a wave of clean-sheet

models. A new engine in the super-midsize category could create a major shift, with the segment

currently strong across Challenger, Gulfstream and Textron offerings. Certification remains a key

gating item for more disruptive programs, including Otto and eVTOLs, as buyers remain skeptical of

timelines until aircraft are certified and in service.

ESG, SAF And Connectivity Remain Active Themes. Europe remains more sensitive to ESG scrutiny

than the US, with business aviation facing outsized media and protest attention despite a relatively

small CO2 footprint. SAF remains the key decarbonization lever, and business aviation has led a

large share of SAF offtake activity over the past three to four years, with 10%-30% blends viewed

as achievable despite higher cost.