EasyJet - On Track for >£600m PBT in FY24 and Another Record Summer

Wizz Air - Distortion Continues but Conditions Favourable to Pass Key Summer Test

Ryanair - Further Corroboration of Strong Summer Prospects

Global Airlines: Mexico's Volaris Shows GTF Groundings Can Drive Higher Pricing

European Airlines - Bridging Quarterly 2024 Prospects Encourages with Fuel Tailwinds/Tight Supply

Japan Airlines: Seasonality Scrutiny Still Suggests Significant Upside to FY24 Guidance

Founder & Managing Director, AIR Control Tower, AIR Control Tower

Neil Glynn

Founder & Managing Director, AIR Control Tower

AIR Control Tower

AIR Control Tower is an independent research and analysis platform. Its mission is to provide impactful insight and analysis across the global airline industry at a company and market level via detailed financial models to aid decision making for key stake holders at a time when risks have seldom, if ever, been higher and the global sector grapples with the imperative of funding de-carbonisation. Unique analysis forecasting global carrier-level earnings/cash flows, and restructuring/de-leveraging prospects, is designed to dynamically assess the health of the industry, predict surprises and identify potential requirements for third party support.

Insights on the global airline industry

Equity Bottom-Up

<ul>
<li>​Early three-month and six-month fare levels largely remain above prior year for the full service carriers (FSCs) and low cost carriers (LCCs)</li>
<li>EasyJet’s 2024 PBT can reach £600m, Ryanair FY25 net income can near-€2.5bn following €2.0bn in FY24, while Wizz Air can exceed €500m net income in FY25.</li>
<li>Wizz has the strongest potential to demonstrate its ability to improve EBITDAR/ASK by managing capacity, which may provide insight into future prospects as operations normalize/developmental routes mature.</li>
</ul>


​Early three-month and six-month fare levels largely remain above prior year for the full service carriers (FSCs) and low cost carriers (LCCs)
EasyJet’s 2024 PBT can reach £600m, Ryanair FY25 net income can near-€2.5bn following €2.0bn in FY24, while Wizz Air can exceed €500m net income in FY25.
Wizz has the strongest potential to demonstrate its ability to improve EBITDAR/ASK by managing capacity, which may provide insight into future prospects as operations normalize/developmental routes mature.


European Airlines - LCCs Unlikely to Pass Through Fuel Tailwinds in 2024

easyJet PLC

European Airlines - LCCs Unlikely to Pass Through Fuel Tailwinds in 2024