Sep 25 2026
Transport
Recent Research
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Airlines - low-cost carriers
Working through fuel
The ultra-low-cost carriers (ULCCs) will report Q2 (peak summer) results in November. Ryanair will report Q2 profits near all-time highs as current year hedges largely protect margin;...
On the Beach Group plc
FY26 in top half of guided range; FY27 guidance issued
On The Beach announced today that FY26 adjusted PBT will fall in the upper half of its guided range at £22-23m (previously £18-25m), in line with consensus (consensus: £22m, Davy:...
Wizz Air Holdings
Mid-term targets announced ahead of CMD; Q2 RASK better and H2 capacity cut by 5%
Wizz Air will host a Capital Markets Day at 14:00 BST today. Ahead of the presentation, the company has announced its medium-term targets out to FY30 – revenue €10bn; ex-fuel CASK...
Jet2 plc
Encouraging outlook; move to Main Market
Jet2 provided a somewhat encouraging outlook with load factors +1.5 ppts (previously +1.2 ppts) and booked-to-date passengers +8.8% (previous statement +7.1%). Customers have...
Ryanair Holdings
Reacting to high oil price
We view today’s Ryanair statement as positive as it confirms the Q2 (peak summer) yield environment and notes that capacity reduction in the winter will reduce winter losses by...
Irish Continental Grp
Decent H1 but vulnerable to macro headwinds
ICG produced a decent H1 with EBITDA growth of 7.3%. The full effect of the macro headwinds appears to be hitting in the summer, with car and RoRo freight volumes trending down 7.9%...
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...
