European Airlines and Airports: UBS Evidence Lab inside: The beginning of the end that is yet to begin

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European Airlines and Airports: UBS Evidence Lab inside: The beginning of the end that is yet to begin

Powered by Lab Global30 JulyResearch2026ab Evidence UBS YES

European Airlines and Airports Equities

Europe including UKUBS Evidence Lab inside: The beginning of the

end that is yet to begin Airlines

Jarrod Castle, CFA

Analyst

jarrod.castle@ubs.com

Share price performance over last 30 days has been volatile +44-20-7568 8883

Over the last 30 days, airline share prices have in general seen share price pressure. Cristian Nedelcu, CFA

However, depending on the geopolitical news flow, it has been a case of start-stop Analyst

recovery as the outlook for a reduction in geopolitical tensions ebbs and flows. Indeed cristian.nedelcu@ubs.com

there have now been a number of starts for the beginning of the end of conflict in the +44-20-7568 4375

Middle East only for it to flare up again. This has meant for a number of investors it has Ivar Billfalk-Kelly

been best to stand on sidelines during the results season. In the case of positive share Analyst

price performance from Jet2, we attribute this to a new £250m buyback announced ivar.billfalk-kelly@ubs.com

with full year 2026 results. In the case of positive share price performance from easyJet, +44-20-7568 3240

this relates to approaches from both Castlelake and Apollo for the company. Amal Patel

We are half way through results season amal.patel@ubs.com

We are now half way through the European reporting season with one more low cost +44-20-7568 3973

(Wizz) and two network carriers (IAG and Lufthansa) still to report. On short haul, the

commentary has suggested headwinds on pricing during September quarter which we

attribute to over capacity, consumer hesitancy and the Middle East. N Atlantic pricing

continued to be buoyant in 2Q26.