State of the Union - Biz Jets: Demand Strong, Supply Tight, Some Pricing

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State of the Union - Biz Jets: Demand Strong, Supply Tight, Some Pricing

g, while backlogs now

extend to 2030 for some aircraft. Long wait times are pushing buyers into the pre-owned market and

supporting premium pricing for aircraft available now. Corporate Jet Investor sees firm Gulfstream

pricing remaining, given long backlogs and limited discounting.

Utilization Solid - Let by Fractionals - Fractional Market Taking Off, +9%. Fractional flight activity

continues to grow globally, up 9% y-o-y from 2025 and 85% since 2019, making the segment an

important demand driver. Corporate Jet Investor notes a structural shift toward fractional and

managed models, with fractional fleet size up 58% since 2019. WingX attributes fractional growth

to longer wait times for new aircraft shifting incremental demand toward operators with available

aircraft, particularly fractional and program operators. Regionally, North America is the largest driver

of demand, accounting for 69% of global fixed-wing activity, with U.S. business jet activity up ~5%

YTD, benefitting from continued growth in ultra-high net worth populations and corporate profits.

Europe is improving but remains a slower-growth market, with activity +3% YTD and only +10% vs

2019, compared with much stronger post-pandemic growth in the U.S.

Large Cabin Taking Share on Gulfstream Interest and New Young UHNW Buyers. Corporate Jet

Investor highlighted a clear delivery gap and tight large-cabin market, with Gulfstream delivering

136 aircraft versus Dassault’s 37. The G700/G800 customer feedback is very positive, with new

models demonstrating notably improved cabin pressure. A G800 resale interest near ~$90MM.

Guardian Jet pointed to demand skewing toward newer 5-10 year-old aircraft, with particular