European Aviation Daily: Icarus – 26 May 2026

Research evidence excerpt

European Aviation Daily: Icarus – 26 May 2026

Barclays | European Aviation Daily

listing. The repayment leaves the airline with a fully unencumbered fleet of 620 Boeing 737

aircraft, providing optionality for future secured financing and buffering against industry-wide

cost pressures. The company notes its BBB+ ratings from Fitch and S&P which it says will further

widen the cost gap with competitors exposed to expensive long-term debt and aircraft leases.

Chief Financial Officer Neil Sorahan indicated the airline may opportunistically revisit bond

markets from 2029 to support planned deliveries of up to 50 Boeing MAX-10 aircraft annually

In less supportive news for the shares, Ryanair is losing out in an MSCI reweighting, with its

weighting being reduced on own and control grounds. Its share of EU ownership has slumped at

last reported to some 30%, getting close to the 20% level at which the company has said

ownership and control rules will be reimposed. Hence MSCI has haircut its weighting. Our index

experts anticipate some 33m shares to sell from the reweight by Friday accounting for 12.7x

ADV.

TAP: Cuts first-quarter loss but warns on significantly higher fuel prices

TAP reported 1Q results yesterday, narrowing its first-quarter loss, with EBIT improving €86m to

a €36m loss. PRASK improved 6% YoY in the quarter on 4% capacity growth. Yields were flat yet

loads improved 4.8 points. There was highly differentiated trends by region. European PRASK,

boosted by Easter timing was up 10% on nearly flat capacity. The South Atlantic was solid up

7% on 6% capacity growth yesterday the North Atlantic was down 3% on 9% capacity growth.

As the US and European listed flags report it is premium that is strong on the Atlantic, and TAP is

less exposed to this market than the peers.