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1、7T2se3r0Ot6kwoPa7T2se3r0Ot6kwoPaDistributed on:16/10/2025 13:23:47 GMTDistributed on:16/10/2025 13:23:47 GMT16 October 2025Deutsche BankResearch North America United States Industrials Aerospace&Defense Electronics Industry Commercial Aerospace Date Industry Update Trends in A320neo Engine Delivery

2、ShareBottom LineThis note provides a brief collection of charts showing trends in engine delivery share on A320neo family aircraft.As discussed in our September 19 weekly,LEAP delivery share has been on an upward trend after what had been a period of decline over the last few years.Trailing 90 day d

3、elivery share is now at 65%for LEAP,35%for GTF.We think many of the factors discussed in our note Infinite Game:FLIGHT DECK in Action help explain the improved delivery performance from GE Aerospace.At the CFM level,we think LEAP deliveries for 3Q could be near or potentially even above pre-pandemic

4、 records;We forecast 448 LEAP engine deliveries in 3Q,which compares to 455 in 3Q19the previous record.We expect another(smaller)sequential step-up in LEAP deliveries from 3Q to 4Q,and think there could be an opportunity for the spare engine ratio to step up modestly in 4Q vs.3Q.The strength in LEAP

5、 delivery performance should help accelerate the burn-off of supplier inventory that in some cases built up during 2024.This should be a positive for LEAP-oriented suppliers as they enter CY2026,including HWM,WWD,ATI,and CRS.For P&W,we assume the softness in GTF OE deliveries is a result of the comp

6、eting demand for spare engines and aftermarket demand for scarce parts;34%of the GTF-powered A320neo fleet remains on the ground.Scott DeuschleResearch Analyst+1-212-250-2014Sam Desai,CFAResearch Associate+1-212-250-9761Deutsche Bank Securities Inc.IMPORTANT RESEARCH DISCLOSURES AND ANALYST CERTIFIC