European Aviation Daily: Icarus – 11 May 2026

Research evidence excerpt

European Aviation Daily: Icarus – 11 May 2026

Equity Research

11 May 2026

European Aviation Daily

Icarus – 11 May 2026

IAG post 1Q we maintain OW and raise PT, IAG issues for

debate, EU policy adaptations for fuel shortages

European Transportation

NEUTRAL

•• IAG post 1Q maintain OW rating, Issues for debate, Convert tender offer

•• EU policy moves on kerosene, slots and tankering Andrew Lobbenberg

+44 (0)20 3555 0639

•• Consumer anxiety pressures fares andrew.lobbenberg@barclays.com

Barclays, UK

Monday, 18 May 2026, 1400-1500 London, Virtual - Barclays: Cleared for Take Off? Jet Fuel

Rahul Singh

supply and policy debate as geopolitics evolve - Join us for an expert call with Thorsten Luft,

+91 (0)22 6175 2529

jet fuel and SAF Consultant, former Lufthansa VP Strategic Fuel Management, with 20 years rahul.xb.singh@barclays.com

experience at airBP, to discuss the evolving outlook for jet fuel supply in Europe, scenarios and Barclays, UK

policy development. Register here

Helene Iselin

IAG: Wrong place for this moment in time. Not for long +44 (0)20 7773 7391

helene.iselin@barclays.com

Strong 1Q but lower, though realistic, fuel recovery guidance. Little exposure to markets Barclays, UK

enjoying Gulf-chaos Schadenfreude. But we expect Asian yield strength will inflect to weakness

Marco Limitesoon. We expect the Atlantic to resume its role as the most attractive airline market. OW PT

+39 (0)2 6372 2582

£4.70 (£4.25)

marco.limite@barclays.com

BBI, Milan

A lower, but more credible, fuel recovery guidance than peers in our view: IAG offered a more

conservative fuel recovery guidance than Lufthansa and US full service peers, anticipating Emilie Fung

revenue strength recovering 60% of fuel price increases in FY26, with lower recovery in 2Q and +44 (0)20 3555 2335