Nov 26 2025
Transport
Recent Research
Air France KLM, Flat Q3 result
Nov 6 2025
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Irish Continental Grp
Steady as she goes
Irish Continental Group (ICG) has issued a solid trading statement. We are likely to keep our €145m 2025 EBITDA forecast unchanged. Year-end net debt is likely to be in the c.€235m...
easyJet
FY25 in line; mid-term target raised for holidays
EasyJet has reported a FY25 headline PBT of £665m, +9% year-on-year (yoy) (consensus: £652m (Davy: £664.3m). EasyJet holidays delivered £250m PBT, achieving its medium-term target...
Jet2 plc
FY26 in line; additional £100m buyback announced
Jet2 has reported a H1 operating profit of £715.2m, +2% year-on-year (yoy). EPS grew 8% to 300.4p, reflecting share buyback EPS acceleration. The company has announced a £100m reload...
Wizz Air Holdings
Q2 performance in line, H2 decline as anticipated
Wizz has reported a Q2 PAT of €285.1m, 8% ahead of median consensus of €264m (Davy: €280m) reflecting a 14.9% margin. RASK was soft in Q2 (-0.9%) while ex-fuel CASK improved, down 6%...
IAG
Q3 broadly in line; further buybacks likely in February
IAG has reported an operating profit of €2053m, 2% behind consensus of €2096m (Davy: €2103m). PRASK was down 2.4% (-0.3% at constant currency) in the quarter with ex-fuel unit costs...
Wizz Air Holdings
Amended Airbus delivery schedule
Wizz Air has announced this morning a revised agreement with Airbus to reschedule its current orderbook. Wizz’s remaining orderbook of 273 total aircraft remains intact ─ the...
Air France KLM
Flat Q3 result
Air France KLM has reported a Q3 operating result of €1,203m, 5% behind consensus of €1,265m (Davy: €1,265m). On 5% capacity increases, group unit revenues were down 0.5%, while unit...
Ryanair Holdings
Record Q2, good outlook
Ryanair (RYA) produced a record Q2, ahead of Davy and sell-side estimates. We view the outlook statement as positive – RYA now expects to recover “all” of last year’s 7% full-year...
Lufthansa
In-line Q3
Adjusted EBIT of €1.33bn was broadly flat on last year (the nine- month period is €300m ahead) and in line with estimates (€1,317m; Davy €1,274m). Despite ongoing global uncertainties, the...
Norwegian Air
Disciplined capacity, favourable currency and strong cost execution
Norwegian Air produced an historic high EBIT and profit before tax (EBT) quarter. Operating margins were 25.1% and exceeded consensus by c.10%. We expect that our and consensus...
