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Manama,November29, 2025: Gulf Air, the national carrier of the Kingdom of Bahrain, said in Press release that its A320 operations are running as normal following the completion of the mandatory Airbus-directed software update. The airline carried out the required work promptly after Airbus issued a global alert advising operators to apply the update before their next scheduled flights. The update was completed across Gulf Air’s A320 fleet alongside all mandated checks, in full accordance with the latest A320 Alert Operations guidelines. Gulf Air confirmed that all safety requirements have been met and that its A320 services are operating as normal following the completion of the Airbus-directed update.

Hong Kong, 28th November, 2025: Warburg Pincus, the pioneer of global growth investing, today announced the acquisition of Topcast Aviation Supplies Company Limited (“Topcast”), the largest independent distributor of civil aviation parts and Maintenance, Repair, and Overhaul (MRO) service provider in Asia Pacific. Headquartered in Hong Kong, Topcast offers integrated solutions to the civil aviation industry, including the distribution of aircraft parts and consumables, buyer-furnished equipment (BFE), Original Equipment Manufacturer (OEM) services, and repair and maintenance support. With an unparalleled local presence in Asia Pacific and particularly strong market leadership in Greater China, Topcast has become the partner of choice for airlines, MROs, and OEMs globally. The company operates across Asia Pacific, EMEA, and Americas, connecting global aviation parts manufacturers with the region’s fast-growing markets. Warburg Pincus is among the most active private equity investors in the global aviation sectors, with current and former investments including Accelya, Aquila Air Capital, CAMP Systems, Consolidated Precision Products, Extant Aerospace, TransDigm, Triumph and Wencor. Notably, Warburg Pincus has a strong presence in Asia Pacific, with over 30 years of local investment experience and around US$34 billion invested in more than 270 companies in the region, underscoring its localized and partnership-oriented approach to long-term growth and value creation. Ben Zhou, Managing Director and Co-Head of China Private Equity at Warburg Pincus, said, “Asia Pacific is one of the most dynamic and fast-growing civil aviation markets in the world. Topcast has built a strong reputation as a trusted and innovative partner to airlines, MROs, and OEMs, helping to ensure the efficiency, reliability, and safety of the aviation supply chain. It is a differentiated business with deep regional expertise, technical know-how, and a customer-centric approach. We look forward to supporting Topcast in deepening its local capabilities, expanding its global partnerships, and driving its next phase of sustainable growth.” Orson Lo, Chief Executive Officer of Topcast said, “We are excited to begin this new chapter with Warburg Pincus. Their deep sector experience, global network, localized approach and growth-oriented philosophy will support our mission to deliver best-in-class service and innovative solutions to the civil aviation industry in Asia Pacific and beyond. Together, we will continue to invest in our people, service infrastructure, digital capabilities, and global operations to better serve our partners around the world.”

Kuala Lumpur, 28th November 2025: Preliminary October 2025 traffic figures released today by the Association of Asia Pacific Airlines (AAPA) showed healthy growth in international passenger demand, underpinned by rising tourism activity and business travel. Recent progress in trade agreements following the April announcement of United States reciprocal tariffs has contributed to business confidence, while ongoing adjustments in supply chains have sustained growth in air cargo markets. For the month, the region’s carriers posted a 10.2% year-on-year increase in the number of international passengers carried to an aggregate total of 33.5 million, led by strong expansion in markets connecting North East Asia. In revenue passenger kilometre (RPK) terms, demand rose by 10.7%, while available seat capacity expanded by 9.3% year-on-year. As a result, the average international passenger load factor increased by 1.0 percentage point to 82.4% in October. International air cargo markets delivered another month of resilient growth, with Asia Pacific carriers reporting a 2.2% year-on-year increase in international air cargo demand, as measured in freight tonne kilometres (FTK). Shifting supply chains together with robust e-commerce volumes supported demand. Offered freight capacity expanded by 5.6% year-on-year, mainly on the back of increased belly-hold space, resulting in a 2.0 percentage point decline in the average freight load factor to 59.7%. Commenting on the results, Subhas Menon, AAPA Director General, said, “Asia Pacific airlines began the final quarter on stable ground, supported by continued expansion in the services sectors, while Asia’s export activity remained resilient as businesses diversified supply sources in response to trade tariffs. Overall, the number of international passengers carried increased by 10.4% to 322 million for the year to October, while cargo demand rose by 5.4% over the same period, helped by the restocking of inventory ahead of major on-line sales events.” Looking ahead, Mr. Menon concluded, “Broad-based growth in the global economy should underpin continued growth in both passenger and cargo markets in the coming months. However, this outlook is moderated by ongoing geopolitical and trade risks, despite relatively stable business confidence. In an increasingly competitive economic environment, Asian carriers remain committed to strengthening financial performance through improved efficiency, without compromising safety excellence or customer care standards.”

London, November 28, 2025: IBA, the aviation market intelligence and advisory company, reports that airline capacity to North America (scheduled seats) for Thanksgiving 2025 is up 2.0% year-on-year, led by a 2.8% increase from full-service carriers. However, despite this uplift, airline profitability continues to decline, with operating margins tightening across both full-service and low-cost segments. Data from the aviation intelligence platform IBA Insight, reports that scheduled seats within North America, including US domestic services, account for 89% of total capacity, with flights from Europe and other regions providing the remainder. Low-cost carriers have posted only 0.5% capacity growth, and the Big Four US airlines continue to dominate the market, collectively supplying 66% of scheduled seats. Despite this capacity rise, data from IBA Insight shows that profitability has weakened. Low-cost carriers saw a rolling twelve-month operating margin that had declined to – 2.3% by the end of October 2025, down from –1.3% a year previously, while full-service airlines slipped to 7.0% from 7.1% over the same period, reflecting cost pressures and softer revenues heading into the holiday period. Recent third-quarter results further highlight divergent pressures across business models. Full-service airlines have seen unit revenues soften by 0.4% in the twelve months to the end of October 2025, while low-cost carriers face rising unit costs, up 0.3%, driven partially by higher staffing and maintenance expenses. Performance among individual airlines varied, with Southwest Airlines delivering a modest 0.5% operating margin in Q3, whereas Spirit Airlines reported an improved but still negative –14.1% margin as it continues the structural changes initiated during its second Chapter 11 process. The airline capacity growth follows disruptions linked to the recent US government shutdown, which temporarily affected air traffic control staffing and forced airlines to trim schedules at several major airports. With restrictions now lifted and the FAA confirming a return to regular operations, carriers enter the Thanksgiving travel window with improved operational stability, though financial headwinds remain. Dan Taylor, Head of Consulting at IBA, says: While travellers prepare to tuck into their Thanksgiving feasts, airlines may find there is a little less on their own profit plates this year, with rising costs and softer revenues giving the industry more to chew on over the months ahead.”