The Engine Cowl

Ep 5: How European airline consolidation is progressing easyJet has recently been the subject of several bids by Castlelake to acquire the airline. The move comes amid a broader trend of M&A activity in the sector. In this episode, John Strickland and Garth Lund look at ongoing consolidation among key European airlines.

The EU wants to overhaul passenger rights. After years under review, revised legislation has entered its final phase for approval. Following two months of conciliation talks, a joint text published on June 15 will now be voted on by the European Council and Parliament. While some proposed changes are positive, the legislation could prove problematic for airlines and passengers alike. The joint text contains 148 pages’ worth of amendments to existing regulations.

For almost a decade, Caravelo has been at the forefront of scaling the flight subscription model with airlines worldwide. In this episode, Iñaki Uriz, CEO and Co-founder of Caravelo, joins Garth Lund to break down why the subscription model is increasingly popular with both airlines and customers alike.

On the surface, IndiGo’s FY26 results saw a substantial deterioration compared to the prior year. The airline swung from a net profit of ₹75,934 million ($799 million) in FY25 to a net loss of ₹23,936 million ($252 million) in FY26. Two factors accounted for most of that swing: Foreign exchange losses increased by ₹73,578 million ($774 million), driven by a 10% depreciation in the rupee against the dollar.

E4: How Europe's three large LCCs are weathering a challenging environment Ryanair recently published an impressive set of results for the past financial year and announced that it is nearly debt-free. Meanwhile, easyJet saw non-fuel cost inflation increase over the past six months. In this episode of Airline Insight, John Strickland and Garth Lund review recent performance and outlook for Europe's three independent low-cost carriers.

Ryanair confirmed this week that it will repay its last remaining bond on May 25, funded entirely from cash. Once settled, the €1.2 billion bond repayment will leave Europe's largest low-cost carrier nearly debt-free, with 620 of its 647 aircraft owned outright and unencumbered. €2.1 billion net cash €3.6 billion total cash 620 unencumbered aircraft out of a fleet of 647 Ryanair's €2.1 billion net cash position stands out in an industry where net debt is the norm.

easyJet published its FY2026 H1 (October to March) results on May 21. Despite unit revenue growth, higher non-fuel expenses widened the airline’s H1 operating loss from £369 million last year to £533 million in FY26. Capacity measured in available seat kilometers (ASKs) was up 8% year-on-year (YoY), driven partially by a 4% increase in average stage length.

Advanced AI and machine-learning techniques are transforming how airlines optimize their revenue. Wiremind has been at the forefront of this shift since 2014. In this episode, Charles Pierre, CTO and Co-founder of Wiremind, joins Garth Lund to explore the future of revenue management. This deep dive covers AI’s evolution in revenue management, what airline RM can learn from other industries, and the potential of agentic AI to improve pricing decisions.

Copa Airlines once again posted a strong set of results for Q1 2026 with margin performance among the best in the industry. Operating margin came in at 24.6%, up from 23.8% in the same quarter last year. Revenue per available seat mile (RASM) was up 2.7% year-on-year (YoY) while total cost per available seat mile (CASM) was up 1.6%. Ex-fuel CASM declined by 1.0% compared to last year.

Q1 saw almost across-the-board margin improvement among Europe's network airlines but higher fuel prices have put a damper on expectations for the rest of 2026. In this episode of Airline Insight, John Strickland and Garth Lund look at how the three network airlines groups in Europe performed in Q1 and the lessons for the year ahead.