Context

Défence

Rising global tensions and geopolitical instability are supporting higher defense budgets and a renewed focus on sovereignty, advanced technologies, and secure supply chains. The winners will be the companies that anticipate new defense requirements and effectively manage supply chain and technological risks.

Aviation

In 2025, airlines generated record revenues and rising profits, albeit with structurally low margins and a high sensitivity to fuel prices, macroeconomic conditions, and geopolitics. Furthermore, airlines are seeking to transition to the most efficient aircraft, which will affect the valuation of less fuel-efficient planes and widen the valuation gaps with the newest aircraft generations. Demand is strong, and the order books of Airbus and Boeing are full; the primary constraint is supply (engines, critical parts, skilled labor). Significant investments are required in decarbonization (SAF, new aircraft) and digitalization.