Gulfstream Large-Cabin Global Active Fleet Q1 Grows YoY to ~375 Aircraft; US Accounts for ~87% of Flight Volume — APAC and Middle East Penetration Has Room to Improve

AviGo data shows Gulfstream G500/G600/G700/G800 global active fleet grew from ~351 in Q1 2025 to ~375 in Q1 2026 (~+6.8% YoY), mainly driven by G700 batch delivery. Flight volume highly concentrated in US (~86.6%); Europe six countries combined ~10%; China and UAE share extremely small (each ~1%). Combined with Cirium forecast that global business jet deliveries through 2045 will maintain growth (specific basis — cumulative new delivery or in-service fleet — pending further confirmation; annual delivery basically aligns with industry's recent 700–800 level), APAC fleet's recent growth, though somewhat elevated, remains at low level — Gulfstream large-cabin penetration improvement in APAC and Middle East will be the key variable for future growth. Confidence ★★★ (KG + AviGo dual cross-verification; Cirium forecast specific basis warrants further verification).