Jan 29 2026
Transport
Recent Research
Ryanair Holdings, Continues to excel
Jan 26 2026
Hostelworld, FY25 trading update
Jan 15 2026
Airlines, The Sun Also Rises
Jan 14 2026
Irish Continental Grp, Steady as she goes
Nov 26 2025
Meet your Transport Research team
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%...
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%...
