European Aviation Daily: Icarus – 10 June 2026

Research evidence excerpt

European Aviation Daily: Icarus – 10 June 2026

Equity Research

European Transportation

10 June 2026

European Aviation Daily

Icarus – 10 June 2026

AF-KLM SBB authorisation not new, ITA eyes breakeven,

Emirates plans to rebound.

NEUTRAL

•• AF-KLM and its SBB authorisation

•• ITA eyes breakeven Andrew Lobbenberg

+44 (0)20 3555 0639

•• Emirates plans fast rebound, as does Dubai andrew.lobbenberg@barclays.com

Barclays, UK

NEW! Friday, 12 June 2026 - 1400-1500 London - Virtual. Expert Access : Discussing short-

Rahul Singh

term and long-term trends in container shipping with Drewry. We are hosting an expert VC

+91 (0)22 6175 2529

with Philip Damas, Head of Drewry Supply Chain Advisors, to discuss the container shipping rahul.xb.singh@barclays.com

trading environment and the ST outlook for spot rates, as well as long-term demand/supply Barclays, UK

dynamics and the balance between oversupply risk vs improved capacity/pricing discipline.

Helene Iselin

Register here

+44 (0)20 7773 7391

helene.iselin@barclays.com

AF-KLM – Overdone buyback enthusiasm Barclays, UK

We sensed a reaction yesterday in AF-KLM shares from its AGM which authorised the buyback of

Marco Limiteup to 10% of the share capital. Whilst this might be interpreted as an exciting move towards

+39 (0)2 6372 2582

shareholder returns, we caution that the same language was included and approved in the

marco.limite@barclays.com

previous two years AGMs, without there being a SBB launched. It is, we believe, a standing BBI, Milan

authorisation to undertake shareholder returns if and when circumstances allow. It is not, we

Emilie Fungbelieve, the launch of a SBB programme and it is not new.

+44 (0)20 3555 2335

emilie.fung@barclays.comAF-KLM’s ability to launch SBB could be constrained trading trends and the capex demands