Feb 27 2026
Transport
Recent Research
Norwegian Air, NOK volatility impacts Q4 results
Feb 13 2026
easyJet, Wider winter losses
Jan 29 2026
Ryanair Holdings, Continues to excel
Jan 26 2026
Meet your Transport Research team
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...
easyJet
Wider winter losses
easyJet has reported a Q1 headline loss before tax of £93m (Q1 25 loss: £61m). The result was driven by RASK flat and total CASK +2%. Cask inflation reflects the first winter operating...
Wizz Air Holdings
Near breakeven year as expected
Wizz FY26 guide as expected a range of +€25m to -€25m (Davy €0.4m). Challenges with the GTF remain and aircraft deferred deliveries only kick-in in FY28 – we could see yield pressure...
Ryanair Holdings
Continues to excel
Q3 numbers continue to excel. Ryanair is cautiously guiding FY26 profit after tax (pre-exceptional) in a range of €2.13-2.23bn. We are likely to broadly keep our €2.21bn forecasts...
Hostelworld
FY25 trading update
Hostelworld issued a full year trading update this morning, with the key metrics coming in broadly in line with our expectations. Revenue momentum improved in H2 owing to better...
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%...
