May 8 2026
Transport
Recent Research
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IAG
Expects 60% pass through on fuel
IAG is trading well in Q1, but as expected it is likely to have a significantly higher fuel bill for FY2026. Based on the fuel curve as at May 5th 2026, including hedging positions and...
Irish Continental Grp
Group executing through geopolitical turbulence
Irish Continental Group’s (ICG) scheduled AGM trading update continues the strong strategic implementation to date. It is too early to change our EBITDA 2026 estimates (€153.2m), but...
Hostelworld
AGM statement, reiterates guidance
Hostelworld released a brief trading update ahead of its AGM today. It notes that to date its revenues have not been materially impacted by the conflict in the Middle East. It...
Lufthansa
Adjusted EBIT for full year 2026 still expected to be significantly above prior year
Lufthansa has maintained its outlook statement. The increased kerosene prices currently lead to additional costs of €1.7bn in 2026. Due to these uncertainty factors, the...
Air France KLM
Strong Q1; some significant measure of pass through on fuel likely
Air France KLM delivered an operating loss of €27m (€301m improvement yoy), significantly better than company consensus of a €351m loss. The fuel price increase since the start of the...
Jet2 plc
FY26 in line; late booking profile for summer
Jet2 has announced that it expects to report FY26 operating profit of £435-440m, in line with market expectations (Davy: £439m, VA: £437m). The balance sheet is in good shape with...
Norwegian Air
Program X reducing winter losses; Iran war updates
Norwegian Air has reported an operating loss (EBIT) of NOK220m for Q1 (consensus operating loss NOK954m). Reduced capacity (ASKs) -6%, higher load factors and yield led to unit...
easyJet
Trading update illustrates exposure
With H1 results due on May 21st, easyJet has issued an unscheduled trading update illustrating challenges that include a near-term weaker booking profile into fiscal Q3/Q4. Essentially,...
Hostelworld
Positive start to FY26
Hostelworld has reported FY25 numbers this morning. With most of the headline numbers pre-reported, the key focus is on FY26. The better momentum in H225 has continued into the early...
Airlines
The Sun Also Rises: where to go from here in aviation
In our January 14th report, “The Sun Also Rises”, we argued that the aviation industry may have lost nearly half a decade of growth (almost a ‘lost generation’) during the pandemic,...
