Jul 31 2025
Transport
Recent Research
Lufthansa, Decent Q2
Jul 31 2025
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Air France KLM
Q2 consensus beat; full-year outlook reconfirmed
Air France’s operating result of €736m (€223m above last year) resulted in a 9% beat to consensus estimates of €675m. Revenues were up 6.2% year-on-year (yoy), driven by higher...
Lufthansa
Decent Q2
Lufthansa reported Q2 adjusted EBIT of €871m (Davy €844m, consensus €805m) and confirmed full year guidance. There is unlikely to be material change to forecasts. We note that there...
Hostelworld
H1 revenues flat, but recent trends are more reassuring
Hostelworld (HSW) released its interim results this morning. It had already updated on the key line items on July 10th, so focus quickly shifts to recent trading and outlook. Trading in H1...
Wizz Air Holdings
Q1 cost inflation saved by FX tailwinds
Wizz Air has reported a Q1 net income of €38.4m. The result is an improvement from the €1.2m result in 2024 and largely driven by a €154.5m FX tailwind in the quarter. Unit revenues for...
Ryanair Holdings
What’s it worth? We increase our price target to €27
As Ryanair points out, like any airline its final FY’26 outcome “remains heavily exposed to adverse external developments, including the risk of tariff wars, macro-economic shocks,...
Ryanair Holdings
Blowout Q1, well positioned for the summer
Ryanair’s record performance in Q1 and strong bookings into the summer leave it very well positioned. Q2 fares are set to recover “almost all” of last year’s 7% decline. As ever, cost...
easyJet
Solid Q3, peak summer key, some additional costs
Q3 headline profit before tax (PBT) improved by £50m, and easyJet expects Q4 unit revenue (RASK) to continue the Q3 trend, adjusting for the impact of Easter timing (67% sold, +1%...
Norwegian Air
Record unit revenues and strong demand outlook for summer
Norwegian Air reported a Q2 profit before tax (EBT) of NOK1055m, 18.5% ahead of consensus. Unit revenues for the group were up 10% while unit costs were up 7%, resulting in operating...
Hostelworld
H1 trading soft but guidance reiterated
H1 revenue was in line with last year, with both booking volumes and values broadly flat. aEBITDA was down year-on-year (yoy). Despite an underwhelming start to the year, management...
Jet2 plc
FY25 results in line; growth but no formal guidance for FY26
Jet2 has reported a FY25 headline profit before revaluation and taxation of £577.7m, an 11% increase on the prior year and in line with consensus. On sale seat capacity for summer 2025...
