quotes that sum up... 4 ...the airlines' outlook for summer

“While there are clear signs of pent-up demand, bookings remain closer-in than was the norm (pre-Covid) at this time of year. At this time, Q2 average fares are tracking ahead of peak S.19 [summer 19] (pre-Covid) levels by a low double-digit percentage. Ryanair plans to grow FY23 traffic to 165m (+11% on pre-Covid traffic) and will pursue its load active, yield passive strategy to achieve this growth.” Michael O’Leary, CEO, Ryanair Source: Ryanair Q1 results FY23

“easyJet currently expects capacity in Q4 to be c.90% of Q4’19 with load factors above 90%. easyJet’s Q4 schedule is now 71% booked, 1ppt ahead of this point in FY19. Q4 sold ticket yield is currently 13% above FY19. easyJet is seeing yields track positively through the first half of FY23, with October half-term currently booked in line with FY19 on capacity at 95% of FY19 levels.” Source: easyJet Trading update for three months ended 30 June 2022 (Q3) Johan Lundgren, CEO, easyJet

“By now we have the largest part of the summer ramp-up behind us and expect to operate around 30% higher ASKs [Available Seat Kilometre] in the summer compared to pre-pandemic levels. We expect continued month-on-month momentum in net total fares and loads through the summer. We are encouragingly starting to see normalization of operational disruption levels as we have lowered utilization by circa 5% for the summer versus F20.” József Váradi, Chief Executive, Wizz Air Source: Wizz Air Q1 F23 Results - July 2022

Luis Gallego, Chief Executive Officer, IAG “Premium leisure remains strong while business travel continues a steady recovery. European shorthaul remains strong at c.80% bookings and revenue c.100% over last 5 weeks. Longhaul continues to lag partly due to most of Asia still closed but has increased to c.80% for bookings and c.90% for revenue. North Atlantic bookings at c.95% and revenue c.100% over last 5 weeks.” Source: IAG Q2 2022 Financial Results

Passengers flown vs Apr-Jun 2019 +9% -17% +17% -28% -10% +30% -26% 5% (+2pts) +15% 22% (+2pts) Not provided Not provided Summer 2022 capacity vs 2019 UK Market share (growth) Ryanair and Wizz Air have increased summer capacity compared to pre-pandemic levels. Sources: easyJet Trading update for three months ended 30 June 2022 (Q3), Ryanair Q1 results, Wizz Air Q1 F23 Results, IAG Q2 2022 Financial Results