European Aviation Daily: Icarus – 15 July 2026

Research evidence excerpt

European Aviation Daily: Icarus – 15 July 2026

Equity Research

15 July 2026

European Aviation Daily

Icarus – 15 July 2026

Maintain OW and NOK20 PT post 2Q, issues for debate, Jet2

model revision for working capital and fleet financing; new

Gulf challenges European Transportation NEUTRAL

European Transportation

•• Norwegian Air Shuttle – maintain OW and NOK20 PT post 2Q results; issues for debate Andrew Lobbenberg

+44 (0)20 3555 0639•• Jet2 model update for aircraft financing and working capital andrew.lobbenberg@barclays.com

•• Fresh Gulf challenges Barclays, UK

Rahul Singh

Norwegian (OW, PT NOK20): Messy 2Q, no hard landing, can they execute NLTG? +91 (0)22 6175 2529

2Q profits heavily impacted by one-off ETS fine, high fuel and war impact on unit revenues. Unit rahul.xb.singh@barclays.com

Barclays, UKrevenue trends look to brighten from mid-June, though future geopolitics are uncertain.

Executing the NLTG acquisition becomes next focus. We like the deal. Maintain OW, PT Helene Iselin

unchanged at NOK20. +44 (0)20 7773 7391

helene.iselin@barclays.com

A challenging 2Q26: Profits in 2Q26 were heavily affected by the NOK733m one-off impact of Barclays, UK

the ETS legal dispute. This affected EBIT, whilst our forecast anticipated the impact falling below Marco Limite

EBIT. Profitability was further impacted by the volatile fuel price through the Iran conflict, with +39 (0)2 6372 2582

Norwegian's 50% fuel hedging offering a strong cushion relative to its Nordic rival SAS (private, marco.limite@barclays.com

not covered) yet rather weak protection relative to Western European peers. Furthermore, BBI, Milan

Norwegian's 2Q profit was hit by NOK84m of adverse FX translation effects, as well as Emilie Fung