European Transportation: Capital allocation – buyback barometer

Research evidence excerpt

European Transportation: Capital allocation – buyback barometer

Equity Research

13 May 2026

European Transportation

Capital allocation – buyback

barometer

SBBs live at DHL, Maersk, RYA & IAG. Maersk stable c6% avg European Transportation

for $500m 1st tranche vs c19% avg in 2H25 $1bn tranche. DHL NEUTRAL

resumed transactions last week, c2% ADL YTD vs 3% ADL European Transportation

Andrew Lobbenberg

needed to complete by YE. Jet2 completed £100m tranche, no +44 (0)20 3555 0639

follow-up announced. IAG to complete earlier in May. andrew.lobbenberg@barclays.com

Barclays, UK

Marco Limite

We have ongoing share buyback programmes across our European transportation

+39 (0)2 6372 2582

coverage. This weekly buyback barometer aims to monitor capital returns across our marco.limite@barclays.com

companies. BBI, Milan

FIGURE 1. European Transport: Summary of current share buyback programmes Emilie Fung

Total value of Timeline of +44 (0)20 3555 2335

Value of current % of market Timeline of % of market

Company current SBB current SBB emilie.fung@barclays.com tranche cap current tranche cap

programs program Barclays, UK

DHL €1.5bn* 2.8% Jan'26 - Dec'26 €6bn 11.1% Feb'22 - Dec'26 Helene Iselin

+44 (0)20 7773 7391

$500m (DKK

Maersk 1.4% Feb'26 - Aug'26 $1bn (DKK 6.3bn) 2.8% Feb'26 - Feb'27 helene.iselin@barclays.com 3.15bn)

IAG €500mn 2.8% Mar'26 - May'26 €1.5bn 8.5% Mar'26 - Mar'27

Rahul Singh

+91 (0)22 6175 2529

Ryanair €750m 3.2% May'25 - Dec'26 €750mn 3.2% May'25 - Dec'26

rahul.xb.singh@barclays.com

Barclays, UK* DHL’s €6bn SBB programme runs until 31 Dec'26, and with €4.5bn already completed since FY22, €1.5bn remains

outstanding in FY26. Ryanair launched a €750m SBB on 20 May'25, with the programme set to last until Dec'26. On 5 Feb'26,