Train of Thought: European Transportation Credit Update: Low-cost carriers flag soft summer air fares as fuel prices climb

Research evidence excerpt

Train of Thought: European Transportation Credit Update: Low-cost carriers flag soft summer air fares as fuel prices climb

J P M O R G A N Europe Credit Research

24 July 2026

Train of Thought: European

Transportation Credit Update

Low-cost carriers flag soft summer air fares as fuel

prices climb

Europe Corporate Credit -

Healthcare, Transportation and

Sustainable Investing

Danielle Ward, CFA AC

(44-20) 7742-7344

danielle.x.ward@jpmorgan.com

Erik Wolf

The 2026 Extel Global Fixed Income Research Survey closes today - thank (44 20) 3493-4385

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you for your support so far! If you have not yet voted we would greatly value

Adeline Z Kwok, CFA

your input in the Developed Europe: Manufacturing/General Industrials (IG) +

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Manufacturing/General Industrials (HY) and Global: Sustainability (ESG) adeline.zinhe.kwok@jpmorgan.com

categories. We really appreciate your time and effort in participating. J.P. Morgan Securities plc

Danielle and Erik

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This week we summarise takeaways from the latest airline industry updates from

Ryanair and easyJet, plus possible implications from an upcoming EU review of

airline ownership rules as we await further communication from Apollo (and/or

Castlelake) on the possible formalisation of a takeover bid for easyJet. We also take

a look at the generally-solid Q2 results from the A&D space, the latest commentary

from airport issuers, and initial takeaways from Andy Burnham’s first week as UK

Prime Minister.

European airline reporting kicked off with Ryanair and easyJet issuing

somewhat cautious commentary on peak summer air fares:

• With read-through to the broader European (short-haul) airline sector,

we take note of Ryanair’s more subdued commentary provided for peak-