Aug 6 2026
Transport
Recent Research
Air France KLM, Fuel recapture rate of circa 85%
Jul 30 2026
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easyJet
Recommended bid at 715p
The easyJet Board has agreed the terms of a recommended acquisition of easyJet by Apollo. Under the terms of the offer, shareholders will be entitled to receive £7.15 per share in...
Wizz Air Holdings
Q1 a challenge; limited outlook given
Wizz Air has reported a Q127 net profit of -€198.2m (Davy: -€141.6m, consensus -€171m). The company commented as follows: “The industry has been extremely volatile over the June...
Lufthansa
Now expecting adjusted EBIT of €1.7-2.2bn
The Lufthansa Group now expects an adjusted EBIT of €1.7- 2.2bn for fiscal year 2026. The upper end of the range continues to represent a result significantly above the prior year...
IAG
Q2 broadly in line; delivering on strategy with operating margin at 12-15%
The Q2 result at €1,406m was broadly in line with estimates, and IAG expects to deliver full year operating margin within its 12-15% target range, generate significant free cash flow and...
Air France KLM
Fuel recapture rate of circa 85%
In the circumstances, Air France KLM had a strong quarter with a fuel recapture rate of 85% (above the estimated 60%) and adjusted operating profit of €484m (consensus: €340m)....
lastminute.com
Q2 resilience despite impact from conflict; outlook trimmed
Lastminute.com has reported Q2/H1 headline adjusted EBITDA of €11.2m (-23% yoy). Despite the Q2 impact from the Middle East conflict, which brought consumer uncertainty and a shift in...
Irish Continental Grp
Godot appears! Board recommends MBO
After many years of what felt like ‘waiting for Godot’, a Board recommended bid at €1.2bn was announced on Friday (July 24th). This implies an adjusted price/earnings multiple of...
easyJet
Q3 impacted by Middle East conflict
easyJet has reported a Q3 headline PBT of £85m, down from £286m in the prior year. The Q3 result was impacted by the Middle East conflict, with a later booking profile and increased...
Ryanair Holdings
Perfectly positioned for a tough environment
Ryanair’s effectively debt-free balance sheet and unencumbered aircraft fleet, order book and overall market position will see a widening cost advantage over its competitor set. It...
Norwegian Air
Middle East conflict and one- off charge impact Q2
Norwegian Air has reported a headline EBIT of NOK -603m (consensus NOK -517m), including a NOK 733m charge relating to the EU court case on ETS allowances. Underlying profit of NOK...
