European Aviation Daily: Icarus – 21 May 2026

Research evidence excerpt

European Aviation Daily: Icarus – 21 May 2026

Equity Research

21 May 2026

European Aviation Daily

Icarus – 21 May 2026

easyJet and Aegean March quarter results, fuel confidence

builds

European Transportation

NEUTRAL

•• easyJet 1H loss as expected, 2H sees late bookings; strategic initiatives advance

•• Aegean 1Q results up YoY at EBITDA, summer demand is there, though fuel weighs Andrew Lobbenberg

+44 (0)20 3555 0639

•• Ryanair sales desk visit andrew.lobbenberg@barclays.com

Barclays, UK

•• Fuel confidence builds

Rahul Singh

easyJet: Winter losses in line, summer sees soft early but strong late +91 (0)22 6175 2529

rahul.xb.singh@barclays.com

bookings Barclays, UK

1H PBT pre-released; late bookings continue to make up for soft early bookings. Holidays

Helene Iselin

growth slows. Multiple strategic initiatives launched in fleet, holidays and loyalty. Expect

+44 (0)20 7773 7391

modest positive share reaction after significant weakness. helene.iselin@barclays.com

View: We expect shares to react modestly favourably: 1H losses are in line. 2H trading is tough,

but continues to show late bookings coming in and June quarter yields are aligned with Ryanair Marco Limite

commentary. Capacity changes for next winter, the launch of loyalty, the push of German +39 (0)2 6372 2582

marco.limite@barclays.com

holidays, imminent rebrand of city breaks and the acceleration of A319 phase-out all look

BBI, Milan

sensible. Slowing growth of Holidays may weigh on FY26 estimates, but after very weak share

performance, we expect the market to be modestly constructive. Briefing at 10:30. Emilie Fung

+44 (0)20 3555 2335

Forward guidance slightly adjusted, Holidays growth slows: easyJet guides to 2H ASK emilie.fung@barclays.com