Flight Club Europe to US volumes softer over recent months; IAG core markets remain best-performing

研报英文原文证据摘录

Flight Club Europe to US volumes softer over recent months; IAG core markets remain best-performing

J P M O R G A N Europe Equity Research

15 May 2026

Flight Club

Europe to US volumes softer over recent months; IAG

core markets remain best-performing

US inbound passenger volumes from W. Europe saw a large decline in April, down European Transport & Logistics

AC-21% versus prior year, although in our view partly due to Easter timing effects. In Harry J Gowers

contrast, US outbound passenger volumes to W. Europe saw growth of +4% in (44-20) 7134-7522

April. Attempting to adjust for Easter timing, the combined March-April period harry.gowers@jpmorgan.com

was down -10% versus prior year for inbound passenger volumes from W. Europe J.P. Morgan Securities plc

to the US, on a declining trend versus prior months. Germany volumes into the US Alexia Dogani

showed the weakest trend within that, down -18% versus prior year for the (44-20) 3493-3791

alexia.dogani@jpmorgan.com

combined March-April period. We continue to see similar volume trends overall J.P. Morgan Securities plc

as seen during 2025 with stronger US into Europe versus European point of sale,

Bhavpreet S Batra

and more resilient trends for IAG’s core markets of UK/Spain/Ireland, both for the (91-22) 6157-5046

March-April combined and year-to-date. We estimate total weighted volume bhavpreet.batra@jpmorgan.com

growth year-to-date is flat for IAG’s core markets, versus -7% at Air France-KLM J.P. Morgan India Private Limited

and -10% at Lufthansa, with Air France-KLM and Lufthansa on a decelerating Shikha Khurana

trend through to March-April. All three European Flag Carriers saw strong (91-22) 6157-5022

Transatlantic pricing in Q1 of mid to high single digits %, and we expect pricing shikha.khurana@jpmchase.com