Aug 28 2025
Transport
Recent Research
IAG, Very strong Q2 performance
Aug 1 2025
Lufthansa, Decent Q2
Jul 31 2025
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Irish Continental Grp
Strong H1 and well positioned for the year
Irish Continental Group (ICG) delivered a strong H1 with EBITDA growth of 10.5% to €54.9m (ahead of our forecast of €52m). The summer looks strong, particularly on the freight side. With...
IAG
Very strong Q2 performance
The outlook for IAG remains confident, with a smaller increase in ex-fuel costs and resilient free cashflow generation. The group continues to see robust demand for air travel and...
Air France KLM
Q2 consensus beat; full-year outlook reconfirmed
Air France’s operating result of €736m (€223m above last year) resulted in a 9% beat to consensus estimates of €675m. Revenues were up 6.2% year-on-year (yoy), driven by higher...
Lufthansa
Decent Q2
Lufthansa reported Q2 adjusted EBIT of €871m (Davy €844m, consensus €805m) and confirmed full year guidance. There is unlikely to be material change to forecasts. We note that there...
Hostelworld
H1 revenues flat, but recent trends are more reassuring
Hostelworld (HSW) released its interim results this morning. It had already updated on the key line items on July 10th, so focus quickly shifts to recent trading and outlook. Trading in H1...
Wizz Air Holdings
Q1 cost inflation saved by FX tailwinds
Wizz Air has reported a Q1 net income of €38.4m. The result is an improvement from the €1.2m result in 2024 and largely driven by a €154.5m FX tailwind in the quarter. Unit revenues for...
Ryanair Holdings
What’s it worth? We increase our price target to €27
As Ryanair points out, like any airline its final FY’26 outcome “remains heavily exposed to adverse external developments, including the risk of tariff wars, macro-economic shocks,...
Ryanair Holdings
Blowout Q1, well positioned for the summer
Ryanair’s record performance in Q1 and strong bookings into the summer leave it very well positioned. Q2 fares are set to recover “almost all” of last year’s 7% decline. As ever, cost...
easyJet
Solid Q3, peak summer key, some additional costs
Q3 headline profit before tax (PBT) improved by £50m, and easyJet expects Q4 unit revenue (RASK) to continue the Q3 trend, adjusting for the impact of Easter timing (67% sold, +1%...
Norwegian Air
Record unit revenues and strong demand outlook for summer
Norwegian Air reported a Q2 profit before tax (EBT) of NOK1055m, 18.5% ahead of consensus. Unit revenues for the group were up 10% while unit costs were up 7%, resulting in operating...
