Core Viewpoint - easyJet's share price has declined following a solid Q3 update due to a less optimistic near-term outlook, but there are indications that the shares may recover [2][6]. Financial Performance - Passenger revenue increased by 9.7% to £1.76 billion, ancillary revenue rose by 5.6% to £732 million, and Holidays revenue surged by 27.4% to £428 million, leading to a total group revenue growth of 10.9% to £2.92 billion [3]. - The airline's headline EBIT margin improved by 115 basis points to 10.04%, driven by a 7.3% decline in fuel unit costs to 1.65p, resulting in a slight increase in total fuel costs to £627 million [4][5]. - Headline pre-tax profit (PBT) saw a healthy increase of 21.1% to £286 million, aligning with previous forecasts [5]. Guidance and Market Reaction - The absence of reiterated FY25 guidance led to a decline in the share price, with analysts adjusting PBT estimates down to approximately £656 million from £697 million due to anticipated impacts from ATC staff strikes and higher fuel costs [6][7]. - Despite the negative sentiment, Q4 forward bookings are 1.0% higher than the previous year, and there is an upward adjustment in ASK growth for the year from 8.0% to 9.0% [8]. Future Outlook - The company aims for a medium-term PBT exceeding £1.00 billion and a 60.0% increase in net book value, with expectations of reiterating or upgrading its outlook in November [10]. - The stock is currently undervalued with an EV/EBITDA ratio of 2.4 compared to the sector average of 8.4, and projected earnings growth at a CAGR of 11.9% through FY27 suggests a potential for recovery [11].

Financial Performance - Sun Country Airlines reported revenue of $263.62 million for the quarter ended June 2025, marking a year-over-year increase of 3.6% [1] - The earnings per share (EPS) for the same period was $0.14, compared to $0.06 a year ago, indicating significant growth [1] - The reported revenue exceeded the Zacks Consensus Estimate of $254.49 million, resulting in a surprise of +3.59% [1] - The company also delivered an EPS surprise of +16.67%, with the consensus EPS estimate being $0.12 [1] Key Metrics - Fuel cost per gallon was reported at $2.43, matching the two-analyst average estimate [4] - Total revenue per available seat mile (TRASM) was 11.26 cents, below the average estimate of 11.79 cents [4] - Available seat miles (ASMs) were reported at 1.57 million, slightly above the average estimate of 1.56 million [4] - Revenue passenger miles were 1.29 billion, aligning with the average estimate [4] - Adjusted cost per available seat mile (CASM) was 8.34 cents, compared to the estimated 8.5 cents [4] - Load factor was reported at 81.8%, below the average estimate of 82.5% [4] - Fuel gallons consumed were 20.95 million, exceeding the average estimate of 20.21 million [4] - Operating revenues from passenger services were $214.67 million, surpassing the estimated $209.43 million [4] - Other operating revenues were $14.15 million, above the average estimate of $12.67 million [4] - Cargo operating revenues reached $34.8 million, compared to the estimated $32.55 million [4] Stock Performance - Shares of Sun Country Airlines have returned -3.9% over the past month, contrasting with the Zacks S&P 500 composite's +2.7% change [3] - The stock currently holds a Zacks Rank 3 (Hold), suggesting it may perform in line with the broader market in the near term [3]

Core Insights - Rakesh Gangwal has decided to step down from his role as Chair at Southwest Airlines, but will remain a member of the Board, indicating a transition in leadership while maintaining continuity [1] - Elliott Investment Management expresses gratitude for Gangwal's leadership during a transformational period for Southwest Airlines and remains confident in the company's future trajectory [1] Company Overview - Southwest Airlines is undergoing significant changes in leadership, with the departure of its independent Chair, which may impact its strategic direction [1] - Elliott Investment Management, managing approximately $72.7 billion in assets, is a significant stakeholder in Southwest Airlines, indicating strong institutional support for the company's long-term value creation plans [2]

Airlines have long been champions of price discrimination. Two charts show how some of America’s big legacy carriers have started charging more for solo travellers https://t.co/5P3Rui8XhT ...

"Doug is a decisive leader and has a proven track record of creating shareholder value. He is well-prepared to take on this important role and has a strong appreciation for and understanding of Southwest's history and future direction," said Bob Jordan, President, Chief Executive Officer, and Vice Chairman of the Board of Southwest. "I am immensely grateful to Rakesh for his leadership, vision, and tireless dedication. Under his guidance, the Board has challenged and inspired the Leadership Team to work wit ...

Core Insights - Sun Country Airlines reported a total revenue of $264 million for the second quarter of 2025, marking a 3.6% increase compared to the same period in 2024 [3][8] - The company achieved a GAAP diluted EPS of $0.12 and an adjusted diluted EPS of $0.14, reflecting significant year-over-year growth [2][4] - The airline has successfully integrated additional cargo aircraft into its operations, with expectations to have all 20 freighters in service by the end of the third quarter [2][5] Financial Performance - Total operating revenue for the second quarter was $263.6 million, up from $254.4 million in 2024, representing a 3.6% increase [3] - Operating income increased by 31.5% to $16.3 million, with a GAAP operating margin of 6.2% and an adjusted operating margin of 6.8% [3][4] - Net income for the quarter was approximately $6.6 million, a 263% increase from $1.8 million in the previous year [3][4] Cargo and Charter Operations - Cargo revenue surged by 36.8% to $35 million, driven by a 9.5% increase in cargo block hours and new contract rates with Amazon [9][5] - Charter revenue also saw a 6.4% increase, totaling $54 million, although it was slightly below the growth rate of charter block hours [8][9] Capacity and Demand - The company experienced a 3.9% decline in total available seat miles (ASMs) due to a strategic reduction in passenger service to accommodate cargo growth [2][7] - Scheduled service TRASM increased by 3.7%, indicating robust demand despite a 6.2% decrease in scheduled service ASMs [2][8] Cost Structure - CASM increased by 6.3%, while adjusted CASM rose by 11.3%, primarily due to reduced scheduled service capacity [5][10] - Total operating expenses increased by 2.2% year-over-year, reflecting the impact of rising landing fees and airport rent [10][11] Balance Sheet and Liquidity - As of June 30, 2025, total liquidity stood at $207 million, with net debt at $431 million [12][13] - Cash and cash equivalents decreased to $37 million from $83.2 million in the previous year, indicating a need for careful cash management [12][32] Fleet and Future Outlook - The airline's fleet included 45 passenger aircraft and 19 cargo aircraft as of June 30, 2025, with plans to expand the cargo fleet further [14][30] - Guidance for the third quarter of 2025 anticipates total revenue between $250 million and $260 million, reflecting a modest growth outlook [15]

Core Insights - C.H. Robinson Worldwide, Inc. (CHRW) reported mixed second-quarter 2025 results, with earnings exceeding estimates while revenues fell short [1] Financial Performance - Quarterly earnings per share were $1.29, surpassing the Zacks Consensus Estimate of $1.17 and reflecting a 12.2% year-over-year improvement [2][9] - Total revenues amounted to $4.13 billion, missing the Zacks Consensus Estimate of $4.22 billion and declining 7.7% year over year due to the divestiture of the Europe Surface Transportation business, lower pricing in ocean services, and reduced fuel surcharges in truckload services [2][9] Profitability Metrics - Adjusted gross profits increased by 0.8% year over year to $693.2 million, driven by higher adjusted gross profit per transaction in customs, truckload, and less than truckload (LTL) services, partially offset by the divestiture and lower ocean service volumes [3] - The adjusted operating margin improved to 31.1%, up 520 basis points from the previous year, while operating expenses decreased by 6.3% year over year to $477.3 million [3] Segment Performance - North American Surface Transportation reported total revenues of $2.91 billion, down 2.4% year over year, with adjusted gross profits growing 3% to $432.24 million [4] - Global Forwarding revenues fell 13.4% year over year to $797.80 million, but adjusted gross profits increased by 1.9% to $187.58 million [5] - Revenues from other sources decreased 26.5% year over year to $420.51 million, with adjusted gross profits from transportation services totaling $693.23 million, up 0.8% from the prior year [6][7] Cash Flow and Shareholder Returns - CHRW generated $227.1 million in cash from operations in Q2 2025, an increase from $166.4 million in the same quarter last year [8][10] - The company returned $160.7 million to shareholders, including $74.9 million in cash dividends and $85.8 million through share repurchases [10] Balance Sheet Overview - At the end of Q2, CHRW had cash and cash equivalents of $155.99 million, up from $129.94 million at the end of the previous quarter, while long-term debt slightly increased to $922.31 million [8]

Adriian Den Heijer will report to Benjamin Smith, CEO of the Air France-KLM Group. "I wish to warmly congratulate Adriaan Den Heijer for his new position within our Group", said Benjamin Smith, CEO of Air France-KLM. "With 30 years of experience at KLM and Air France-KLM, Adriaan knows the ins and outs of our business. He has accomplished a fantastic job as head of our cargo division, and I am fully confident in his ability to lead our commercial teams while ensuring that our airlines continue to be industr ...

Core Insights - JetBlue Airways Corporation (JBLU) reported a second-quarter 2025 loss of 16 cents per share, which was narrower than the Zacks Consensus Estimate of a loss of 31 cents, aided by lower fuel costs [1] - Operating revenues were $2.36 billion, exceeding the Zacks Consensus Estimate of $2.29 billion but down 3% year over year [2] Financial Performance - Passenger revenues, which constitute 95% of total revenues, fell 3.8% year over year to $2.2 billion, slightly above the estimate of $2.1 billion [2] - Other revenues increased by 8.1% year over year to $177 million, surpassing the estimate of $171.5 million [2] - Revenue per available seat mile (RASM) decreased by 1.5% year over year to 14.17 cents, while passenger revenue per available seat mile fell by 2.3% to 13.1 cents [3] - The average fare rose by 0.1% year over year to $218.52, and yield per passenger mile increased by 0.2% [3] Capacity and Traffic - Consolidated traffic, measured in revenue passenger miles, declined by 4% year over year, and capacity, measured in available seat miles, dropped by 1.5% [4] - The consolidated load factor decreased by 2.1 percentage points to 81.9%, which was below the estimate of 85.1% [4] Operating Costs - Total operating costs decreased by 0.9% year over year to $2.35 billion, with salaries, wages, and benefits expenses rising by 8.5% [5] - Aircraft fuel expenses fell by 19.4% year over year, with the average fuel price per gallon at $2.4, down 16.2% [5] - Operating expenses per available seat mile (CASM) increased by 0.6% year over year, while CASM excluding fuel rose by 6% to 10.86 cents [5] Future Outlook - For the third quarter of 2025, capacity is expected to either decline by 1% or increase by up to 2%, with CASM excluding fuel predicted to rise by 4-6% [6] - Capital expenditures are anticipated to be around $375 million, and RASM is forecasted to decline by 2-6% from third-quarter 2024 actuals [6] - The average fuel cost per gallon is estimated to be between $2.5 and $2.65 [6] Annual Projections - For the full year 2025, capital expenditures are expected to be approximately $1.2 billion, with interest expenses projected at around $600 million [7] - CASM excluding fuel and special items is predicted to increase by 5-7%, and capacity is anticipated to decline in the range of 0.5-2.5% [7] Industry Comparison - Delta Air Lines reported second-quarter 2025 earnings of $2.10 per share, beating estimates but down 11% year over year due to high labor costs [8] - United Airlines reported second-quarter 2025 EPS of $3.87, slightly beating estimates but down 6.5% year over year [10] - United's operating revenues were $15.2 billion, missing estimates but up 1.7% year over year, with passenger revenues increasing by 1.1% [11]

Michiel Klinkers Marouane Mami michiel.klinkers@airfranceklm.com marouane.mami@airfranceklm.com Website : www.airfranceklm.com Attachment Paris, July 31, 2025 Availability of the 2025 First Half Financial Report Air France-KLM's 2025 First Half Financial Report (January-June 2025) was filed with the Autorité des Marchés Financiers (AMF) on July 31, 2025. The French language version of this document is available in the regulatory conditions and may be consulted in the Publication and Regulated information se ...