Oct 9 2025
Transport
Recent Research
Airlines, Contrasting fortunes
Oct 6 2025
IAG, Very strong Q2 performance
Aug 1 2025
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Hostelworld
FY25 EBITDA guidance maintained
Hostelworld has updated on year-to-date (ytd) trading this morning. Net revenue for the nine months is “broadly flat” year-on-year (yoy), although there has been an acceleration in...
Airlines
Contrasting fortunes
The ULCCs (ultra low-cost carriers) under our coverage will report Q2 (peak summer) results next month. Ryanair will report record profits as cashflow and growth power ahead....
Lufthansa
Capital Markets Day 2025: 2028-2030 targets unveiled
Lufthansa has announced new medium-term financial targets for 2028-2030 at its Capital Markets Day in Munich. The targets include 8-10% adjusted EBIT margin, adjusted return on...
Irish Continental Grp
‘Wind in her sails’ – set to reap benefits of investment; raising price target
Irish Continental Group (ICG) has achieved its key ambition of ownership of all vessels in service under the Irish Ferries brand, eliminating the necessity for chartering in passenger...
Jet2 plc
AGM statement; mix shift; consensus downgrades expected
Jet2 has issued a trading statement ahead of its AGM today. The company has highlighted a pronounced late booking environment, noting package holiday pricing continues to display a...
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...
