Mar 26 2026
Transport
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Hostelworld
Positive start to FY26
Hostelworld has reported FY25 numbers this morning. With most of the headline numbers pre-reported, the key focus is on FY26. The better momentum in H225 has continued into the early...
Airlines
The Sun Also Rises: where to go from here in aviation
In our January 14th report, “The Sun Also Rises”, we argued that the aviation industry may have lost nearly half a decade of growth (almost a ‘lost generation’) during the pandemic,...
On the Beach Group plc
Temporarily suspending guidance; confident in medium-term ambition
On the Beach Group (OTB) is one of the UK's largest online package holiday specialists. While the group has limited exposure to destinations in the Middle East, it has experienced a...
Lufthansa
Measured but positive outlook
In 2025, Lufthansa achieved nearly €40bn in revenue and €2bn (€1960m, +19%, Davy: €1970m, consensus: €1912m) in operating profit. At the AGM, it is proposing a dividend increase to €0.33...
Irish Continental Grp
Record year
Irish Continental Group (ICG) delivered a record year due, we believe, to the compounding effect of strong operational and financial execution. EBITDA at €150.6m was 4% ahead of our...
Wizz Air Holdings
Cut to guidance on the back of Middle East conflict
Wizz Air has announced that it expects FY26 net income to be c.€50m lower than guidance (previous guidance: ‘expected to be in the range of +€25m to -€25m') as a result of...
IAG
Over €5bn in operating income; returning €1.5bn excess cash
IAG delivered record profitability with operating profit of €5,024m in line with expectations (operating margin of 15.1%, ROIC of 18.5%). The total dividend payment is €448m, and IAG is...
Jet2 plc
FY26 consensus updated; summer 27 UK beach market competitive
The company expects FY26 EBIT to be in line with market expectations £439m (previously £453m, excluding Gatwick investments). This includes approximately £10m of promotional and...
Air France KLM
Strong Q4, leading to operating result breaching €2bn
A strong Q4 resulted in Air France KLM breaching €2bn operating profit (margin 6.1%). 2026 is a significant and important strategic year for the group – potentially becoming a...
Norwegian Air
NOK volatility impacts Q4 results
Norwegian has delivered Q4 EBIT of NOK21m (consensus: NOK201m). Consensus missed significantly driven by other losses of NOK92m consisting of negative non-recurring effects related to...
