Airlines & airports (AO) | Our aviation infra coverage sees kerosene supply as manageable for now

研报英文原文证据摘录

Airlines & airports (AO) | Our aviation infra coverage sees kerosene supply as manageable for now

Connecting the dots

Release date: 27 May 2026

Carlos Caburrasi

Equity Research Analyst

+34 914 36 52 02

ccaburrasiortega@keplercheuvreux.comAirlines & airports

Europe

Our aviation infra coverage sees kerosene supply as manageable for now

Key points:

Management teams across our aviation infrastructure coverage have sought to reassure the market that there is no immediate jet

fuel supply issue. While the geopolitical backdrop has increased uncertainty around kerosene availability and pricing, the

comments so far point to continued physical supply, potentially through year-end.

That said, the main risk is not an imminent disruption to operations, but rather the potential for regional bottlenecks, higher fuel

costs and broader macroeconomic consequences should the blockade of the Strait of Hormuz continue.

Aena

Management sounded relatively reassuring, noting that, based on feedback from fuel storage companies, there was no indication

of a jet fuel supply issue at Spanish airports.

That said, Aena has stepped up its monitoring of the situation, in coordination with fuel suppliers, airlines and relevant sector

bodies.

ENAV

In April, fuel suppliers implemented temporary rationing advisories at Bologna, Milan Linate, Treviso and Venice airports, under a

framework prioritising medical emergency flights, state aircraft and flights longer than three hours.

However, CFO Luca Colman said feedback from airlines remained supportive and suggested that they did not appear particularly

affected over the next two to three months.

Flughafen Wien

Management does not currently see a threat to jet fuel availability in Vienna, supported by a stable and efficient supply chain and