What‘s Up in the Skies: Global Flights Flat Y-o-Y, Flat Vs. 2019 Levels

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What‘s Up in the Skies: Global Flights Flat Y-o-Y, Flat Vs. 2019 Levels

ng 6/28, or 98% of the market, UnitedGlobalArabTotalEmirates W-o-W8% M-o-M18% Y-o-Y-16% v. 6%2019

on our ests. We assess regional traffic as follows: GlobalDomesticTotal 1%0% 4%4% 0%0% -1%0%

. International 2% 5% 1% 2%

Asia: 234,869 Flights for the Week of June 28 vs 228,079 in the prior week. Asia showed decline Source: Cirium® Hosted Service, Jefferies

from a scheduled flight perspective. Flights scheduled for the week of June 28 are -2% y-o-y, and Exhibit 2 - US Monthly ASMs - July -1% vs

1% vs 2019 levels. On a country-by-country basis, Kazakhstan is an outperformer, with flights +36% June -1%

vs 2019 levels. Vietnam shows growth, with flights +5% vs 2019 levels. Myanmar and Indonesia 160,000140,000 138,53916%14%

10%continue 120,000 12% to underperform, with flights down -58% and -31% versus 2019, respectively. China's 100,000 (MMs)

8%

80,000 ASMs 6%scheduled domestic flights are up +11% vs 2019 in the most recent week, with international flights

60,000 Total

remaining down -18%. 40,000 4%2%

20,000

0 0%-1%-1%0%-2%

North America: 1% Above 2019, Limited by Canada. We count 213,112 flights in NA for the most Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26 Jul-26

recent week, flat y-o-y, to 1% above 2019. This is tied to US flights flat relative to 2019, and +3% y- .Source: Cirium® Hosted Service,ASMs Y-o-YJefferiesChange

o-y, with the domestic side +3% (1% y-o-y), and international flights -3% (+1% y-o-y). Mexico is -4%

below 2019 levels, while Canada remains 13% below 2019 levels.