Jan 14 2026
Transport
Recent Research
Irish Continental Grp, Steady as she goes
Nov 26 2025
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Airlines
The Sun Also Rises
The aviation industry may have lost nearly half a decade of growth (almost a ‘lost generation’) during the pandemic, but we believe earnings are in the middle of an upcycle. We are in a...
On the Beach Group plc
Results in line; FY26 momentum building
On The Beach has reported a headline adjusted PBT of £35m, in line with consensus (Davy: £35m). Total transaction volume (TTV) was up 11% year-on-year (yoy), while revenue was up 6%...
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...
