May 28 2026
Transport
Recent Research
IAG, Expects 60% pass through on fuel
May 8 2026
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Package holidays
Integrated airlines versus asset-light platforms
The UK holiday market is facing challenges as second order effects from the outbreak of the Middle East war continue to weigh on the sector. Consumer sentiment has shifted, with...
easyJet
Winter losses grow; H2 impacted by late booking curve
EasyJet has reported a H1 FY26 headline loss before tax of £552m, in line with consensus and guidance given in April’s trading update. On a capacity increase of 8% (ASKs), RASK was up...
Ryanair Holdings
Executing well through market turbulence after year of record profits
After a year of record net profits of €2.26bn (+40%), Ryanair is executing well through market turbulence. Marking to market for fuel, our estimates will come down to c.€1.92bn for...
On the Beach Group plc
Guidance reinstated at materially lower levels
On The Beach has reported its H1 FY26 results this morning with headline adjusted EBITDA of £6.4m (£12.8m H1 25) impacted by the Middle East war. Guidance had been suspended in March...
Wizz Air Holdings
Signals a more positive F26 result but is using promotional fares for the summer
Wizz Air expects to report a breakeven to slightly positive net profit result for the full year ended March 31st 2026 (it reports on June 11th). We assume FX plays a part in this. Wizz...
IAG
Expects 60% pass through on fuel
IAG is trading well in Q1, but as expected it is likely to have a significantly higher fuel bill for FY2026. Based on the fuel curve as at May 5th 2026, including hedging positions and...
Irish Continental Grp
Group executing through geopolitical turbulence
Irish Continental Group’s (ICG) scheduled AGM trading update continues the strong strategic implementation to date. It is too early to change our EBITDA 2026 estimates (€153.2m), but...
Hostelworld
AGM statement, reiterates guidance
Hostelworld released a brief trading update ahead of its AGM today. It notes that to date its revenues have not been materially impacted by the conflict in the Middle East. It...
Lufthansa
Adjusted EBIT for full year 2026 still expected to be significantly above prior year
Lufthansa has maintained its outlook statement. The increased kerosene prices currently lead to additional costs of €1.7bn in 2026. Due to these uncertainty factors, the...
Air France KLM
Strong Q1; some significant measure of pass through on fuel likely
Air France KLM delivered an operating loss of €27m (€301m improvement yoy), significantly better than company consensus of a €351m loss. The fuel price increase since the start of the...
