European Aviation Daily: Icarus – 29 May 2026

Research evidence excerpt

European Aviation Daily: Icarus – 29 May 2026

Our revenue estimates show some varying trends: Figure 1 shows the March, June and

September estimated YoY changes for key revenue KPIss. It is worth noting that the RASK here

includes ticket and ancillary revenues. At Wizz RASK is supported by the reduction in average

stage length, which results in stronger RASK than the fares might suggest.

Ratings unchanged: Our ratings and price targets are unchanged. We have OW ratings across

our short haul airline coverage, seeing these businesses as the best investment opportunities

for the post war recovery, once it comes.

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Aegean: Issues for debate post 1Q FY26 results

This report provides a set of issues for investors to discuss with Aegean management after its 1Q

FY26 results on 19 May 2026. Key issues include revenue trends, fuel hedging and availability,

GTF groundings.

What's the debate? This report provides a set of issues for investors to discuss with the Aegean

management team after its 1Q FY26 results on 19 May 2026.

Top of the agenda: Capacity and network planning amid Middle East conflict, unit revenue, fuel

availability and hedging and GTF issues.

View and valuation: We rate the stock Overweight with a price target of €16.50. Aegean is

poorly placed for current challenges, with considerable exposure to Middle East routes,

relatively low fuel hedging and persisting GTF groundings. However, we see Aegean well placed

as a recovery play: demand to Greece remains vibrant, and we expect Greece's position

between Mid-East impacted tourist markets and Western Europe should leave tourism demand

stable. Aegean is navigating the GTF problem with fewer financial consequences than most