MTU: GTF AoG Tracker - Storage Improves on Record Returns to Service

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MTU: GTF AoG Tracker - Storage Improves on Record Returns to Service

EUROPE | Aerospace & Defense Electronics EquityJulyResearch8, 2026

MTU: GTF AoG Tracker - Storage Improves on

Record Returns to Service

Our AoG tracker indicates storage at around 600 (about 540 excluding storage

for <60 days), which is now clearly declining vs last month. Returns to service

at 43 represent the highest level observed since the start of the recall. Entries

into storage at 24 is also lower than usual and still likely partly driven by short-

term storage. Flight hours were up 4% mom on higher utilization and fleet and

up c. 17% yoy, ahead of the LEAP up c. 12%.

GTF AoG tracker shows 43 aircraft returning to service in June. The number of aircraft on ground

(AoG) for the A320 is now around 600 but stands closer to 540 once stripped of aircraft stored for

fewer than 60 days, removing the effect of short-term storage unrelated to the recall campaign.

Returns to service at 43 (for aircraft stored more than 60 days) are now a new month record on

our data, and are driven by those that had been in storage for 350+ days (32 a/c). This is above

new entries into storage at 24, a relatively lower level than seen in recent months, and likely to be

further revised down, as we expect a portion of those will only be short-term storage (just like last

month, of the 67 initially recorded, only 44 remain now). We view the significant accelerating in

return to service as an indication that parts availability has now improved, while turnaround time

improvements in the shops are likely to help sustain a steady stream of returns to service in the

coming months. The average storage time for the 574 aircraft in storage as of 8 July remains high at

559 days.