Train of Thought: European Transportation Credit Update: Q2 results from ACFP, AFFP, AIFP, CMACG, IAGLN, MCGLN, ROLLS & more

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Train of Thought: European Transportation Credit Update: Q2 results from ACFP, AFFP, AIFP, CMACG, IAGLN, MCGLN, ROLLS & more

J P M O R G A N Europe Credit Research

31 July 2026

Train of Thought: European

Transportation Credit Update

Q2 results from ACFP, AFFP, AIFP, CMACG, IAGLN,

MCGLN, ROLLS & more

Despite ongoing geopolitical uncertainty, the European Transportation sector has Europe Corporate Credit -

delivered a number of encouraging Q2 updates this week. In particular, we highlight Healthcare, Transportation and

a strong Q2 print from Air France-KLM, reassurance from IAG of its ability to meet Sustainable Investing

its med-term margin target this year, a guidance raise from Mobico, guidance for Danielle Ward, CFA AC

further sequential earnings improvement from CMA CGM, and a string of outlook (44-20) 7742-7344

raises from the A&D space. At the weaker end, Aeroports de Paris trimmed its FY danielle.x.ward@jpmorgan.com

financial outlook, though this was expected after the group’s recent revision to its Erik Wolf

Paris traffic forecasts as a result of the persisting Middle East conflict. (44 20) 3493-4385

erik.x.wolf@jpmorgan.com

Air France-KLM posted a strong set of Q2 results (30-Jul), benefitting from a Adeline Z Kwok, CFA

higher rate of fuel price recovery than previously expected, while IAG presented (44 20) 7134 0302

a slightly lower pace of fuel recovery, but reassured on its FY26 margin adeline.zinhe.kwok@jpmorgan.com

J.P. Morgan Securities plc

trajectory (31-Jul):

• AFFP’s (N) Q226 EBIT declined 34% YoY to €484m, but exceeded

company consensus by c. 40% as the group recovered c. 85% of additional

fuel expenses (vs. earlier expectations of recovering c. 60%). Revenue

growth of c.10% YoY was driven by 8% YoY yield growth, offset by a c.$0.9bn