European Airlines Pricing Pulse - June 2026

Research evidence excerpt

European Airlines Pricing Pulse - June 2026

J P M O R G A N Europe Equity Research

30 June 2026

European Airlines

Pricing Pulse - June 2026

We publish our monthly LCC pricing monitor, with data sourced from RDC European Transport & Logistics

ACAviation. (1) Q2 estimated RDC fares are tracking +6% for easyJet (JPMe -1%), Harry J Gowers

+3% for Ryanair (JPMe -4%). In our view, the data is likely showing stronger (44-20) 7134-7522

trends than we think the LCCs will realistically deliver in the June quarter given harry.gowers@jpmorgan.com

the Easter drag in April and the bookings impact from the Middle East conflict. (2) J.P. Morgan Securities plc

Q3 estimated RDC fares show -5% on average for the LCCs including easyJet -1% Alexia Dogani

(JPMe flat), Ryanair -2% (JPMe flat), and Wizz -14%. On average this is materially (44-20) 3493-3791

alexia.dogani@jpmorgan.com

below the level fares were tracking at pre-conflict which was +4%, but has also J.P. Morgan Securities plc

worsened slightly sequentially versus last month which showed -4%, due to softer

Bhavpreet S Batra

three month out fares for August. In our view, based on recent LCC commentary, (91-22) 6157-5046

although close-in volumes are coming in as expected for European short-haul this bhavpreet.batra@jpmorgan.com

summer, we are yet to see any material acceleration in pricing off the back of the J.P. Morgan India Private Limited

improved sentiment surrounding the Middle East. However, this could still Shikha Khurana

materialise in the close-in bookings for July-August. Overall, we continue to prefer (91-22) 6157-5022

the European Flag Carriers for better long-haul supply-demand dynamics, and are shikha.khurana@jpmchase.com

more selective on the European LCCs. We remain OW Ryanair, Neutral Jet2 and J.P.