European Airlines: European short haul revenue trends

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European Airlines: European short haul revenue trends

Equity Research

European Transportation

27 May 2026

European Airlines

European short haul revenue

trends

After the easyJet and Ryanair results we see live debate about European Transportation

how unit revenues evolve. We think Ryanair, easyJet, Jet2 NEUTRAL

and TUI are broadly consistent with one another, with European Transportation

Andrew Lobbenberg

Norwegian something of an outlier. In month bookings are +44 (0)20 3555 0639

strong. Demand further out is weak. andrew.lobbenberg@barclays.com

Barclays, UK

Rahul Singh

Some uncertainty in the investor base on summer short haul revenue trends: We have seen

+91 (0)22 6175 2529

some uncertainty among investors as to what is going on with summer unit revenue rahul.xb.singh@barclays.com

trends. Ryanair suggests flat unit revenues for summer being plausible, yet easyJet is pointing Barclays, UK

to September quarter advanced booking being three points down year on year and indeed

Emilie Fung

August booked loads being seven points weaker relative to last year than before the start of the +44 (0)20 3555 2335

Iran conflict. emilie.fung@barclays.com

A later booking curve: We think the comments from Ryanair and easyJet are actually

consistent with one another and also align with comments from Jet2 and TUI, though Marco Limite

+39 (0)2 6372 2582Norwegian is an outlier.

marco.limite@barclays.com

• Weak bookings up until a month before departure: What most airlines in short haul BBI, Milan

Europe see is weak booking demand since the start of the Iran conflict for bookings more Helene Iselin

than one month in the future. Consumers are reluctant to book into the future and airlines +44 (0)20 7773 7391

are having to discount fares to drive volumes more than a month in the future.