Jun 10 2025
Transport
Recent Research
easyJet, Solid statement, all about the summer
May 22 2025
IAG, Modest Q1 beat; FY25 outlook unchanged
May 9 2025
Meet your Transport Research team
Ryanair Holdings
Invests in engines
Ryanair has announced an agreement with CFM to buy 30 spare engines in a $500m investment (at list prices). This is separate from future plans of in-sourcing some engine shops. We...
Wizz Air Holdings
FY25 impacted by GTF related costs; FY26 return to capacity growth
Wizz Air has reported a net profit of €213.9m, ahead of the €125-175m guided range. The result includes an income tax credit of €194.2m. Unit costs were impacted by GTF groundings with...
easyJet
Solid statement, all about the summer
easyJet has indicated that “current bookings are supportive of performance meeting FY25 consensus” — Davy: £700m, consensus: £703m. Forward bookings: Q3 80% sold, +0.5ppts...
Ryanair Holdings
All set for the summer; new €750m share buyback
Ryanair’s FY25 is at the very top end of previous guidance; FY26 guidance, while measured, implies strong demand with an ever-strengthening balance sheet. A new €750m follow-on...
Datalex
FY24 revenue declines; intentions for subsequent capital raise
Datalex reported a loss after tax of $10.2m for 2024 (Davy: -$11.2m), a 13% increase compared to the loss recorded in 2023 (US$9.0m). The year-on-year increase is primarily due to...
Hostelworld
Growth to reaccelerate with balance sheet optionality
Hostelworld’s Capital Markets Day outlined an ambitious strategy to drive further revenue and updated on capital allocation. Its platform and social strategy are primed to deliver...
IAG
Modest Q1 beat; FY25 outlook unchanged
IAG has delivered an operating profit before exceptionals of €198m (consensus: €133m, Davy: €64m), an improvement of €130m versus last year. Margin improved by 1.7ppts to 2.8% for the...
Norwegian Air
Q1 losses improved by purchase of leased aircraft
Norwegian delivered usual Q1 losses, with EBT of -NOK756m (consensus: -NOK976m, 2024: -NOK903m), the group operating margin improved to -9.3% (versus -12.4% in 2024). A non-recurring...
Irish Continental Grp
Company performing well
In a very uncertain macro environment, at a micro level the company is performing well. Further advancements, including the purchase of the James Joyce cruise ferry, suggest that the...
Air France KLM
Improved Q1 loss
Air France KLM improved losses in Q1, ahead of expectations, and reaffirmed its full year outlook. We will look to the 09:30 CET analyst/investor call for any colour on different...
