US Airlines "Expert Call Recap: Insights From a Current Industry Executi..."

研报英文原文证据摘录

US Airlines "Expert Call Recap: Insights From a Current Industry Executi..."

Global Research

26 June 2026ab

US Airlines Equities

AmericasExpert Call Recap: Insights From a Current

Industry Executive Airlines

Atul Maheswari

Analyst

atul.maheswari@ubs.com

We hosted an expert call with an executive of a North American airline (non- +1-212-713 4103

covered)

Thomas Wadewitz

He noted that demand has remained strong through the entirety of 2Q with trends that Analyst

developed in March broadly continuing over the rest of the year thus far. Both yield and thomas.wadewitz@ubs.com

load factors are up nicely over this period. For 2Q, RASM is up mid-teens for the back of +1-212-713 6116

the cabin while premium cabins are up around 30% at his airline. Trends over the last

few weeks remain solid with this week showcasing trends consistent with the 2Q

average. Based on forward bookings, the expert does not currently see any slowdown in

trends for the post-summer period of September. Other important points from the

discussion included:

Close-in fares: The expert noted that it has particularly encouraging that even

the ultra low cost players are holding close-in fares high. Legacy airlines are also

doing the same, which is helping drive strong yields in the sector.

3Q revenue growth relative to 2Q: Based on the expert's assessment, the

industry is likely to see higher YoY revenue growth in 3Q relative to 2Q

assuming close-in remains strong in July. The expert sees no reason currently

that close-in strength would not continue in July/Aug.

Transcontinental pricing slowdown: The expert noted that he has seen

some moderation in Transcontinental pricing recently, which is essentially the

one spot where he has seen some relative softness. He has not seen any