伊卡洛斯- 2025年6月16日：爱琴海航空待讨论问题，5月美国来自欧洲的入境人数下降，中东旅行警告

Icarus – 16 June 2025 Aegean issues for debate, US arrivals from Europe fall in May,Middle East travel warnings European TransportationNEUTRAL •Aegean Airlines issues for debate••US arrivals from Europe fall in May••Middle East travel warnings• European Transportation Andrew Lobbenberg+44 (0)20 3555 0639andrew.lobbenberg@barclays.comBarclays, UK Barclays research: Aegean Airlines - Issues for debate post 1Q FY25 tradingupdate Rahul Singh+91 (0)22 6175 2529rahul.xb.singh@barclays.comBarclays, UK This report provides a set of issues for investors to discuss with Aegean managementafterits 1QFY25 results on 28 May 2025. Key issues include geopolitical exposure, unit revenue and costtrends, fleet planning and the new ancillary businesses. Helene Iselin+44 (0)20 7773 7391helene.iselin@barclays.comBarclays, UK https://live.barcap.com/go/publications/link?contentPubID=FC684c199e8784545406654521 Marco Limite+39 (0)2 6372 2582marco.limite@barclays.comBBI, Milan US European arrivals down in May The data for May international arrivals into the US has now been published. The validity of anytrend was debatedafterEaster timing saw April data upafterMarch being down. In arecent report, we argued that once you combine April and March, there was a clear trend ofweakening international demand to the US. May data shows a 3.9% decline in WesternEuropean arrivals into the US. Trends between countries are highlydifferentiated,withdramatic drops from Denmark (down 21%) and Germany (down 18%), as well as heavy declinesfrom Benelux and the balance of Scandinavia. France is also down 7%. However, UK arrivalsrise 2.5% and Italy rise 10% YoY. Emilie Fung+44 (0)20 3555 2335emilie.fung@barclays.comBarclays, UK Westjet sees demand to Europe and Caribbean in place of US Simpleflying (15 June 2025) reports that WestJet Airlines is seeing a notable drop in demand fortravel to the United States, with more passengers opting for destinations in the Caribbean andEurope instead. WestJet CEO Alexis von Hoensbroech noted that bookings for US destinationshave declined following political tensions earlier this year, while demand for leisure travel towarmer destinations and select European cities increased sharply. Thisshiftfollows escalatingtrade tensions andtariffsbetween the United States and Canada, which have influencedconsumer sentiment and travel choices. As a result, WestJet has adjusted its network strategy tomeet growing demand elsewhere, adding capacity to Caribbean and Mexican routes duringwinter and expanding transatlantic service to cities like Paris and Amsterdam. Barclays Capital Inc. and/or one of itsaffiliatesdoes and seeks to do business with companiescovered in its research reports. As a result, investors should be aware that the firm may have aconflict of interest that couldaffectthe objectivity of this report. Investors should consider thisreport as only a single factor in making their investment decision. This research report has been prepared in whole or in part by equity research analysts basedoutside the US who are not registered/qualified as research analysts with FINRA. Please see analyst certifications and important disclosures beginning on page 5.Completed: 16-Jun-25, 11:27 GMTReleased: 16-Jun-25, 11:31 GMTRestricted - External Hoensbroech said bookings to the US fell by 15 to 20% following the start of the trade disputeearlier this year. WestJet has scaled up its transatlantic network for summer 2025. The airlinehas returned to Amsterdam with a new six-weekly seasonal service from Halifax, whichlaunched in late May and runs through October 26. Furthermore, WestJet is expanding itspresence in the Caribbean and Mexican markets, where demand has surged in the wake ofreduced US-bound travel. Weakening US domestic travel demand The FT (16 June 2025) reports on weakening US domestic leisure demand, with news of USconsumers paring back their vacation plans and delaying travel bookings until the lastmoment. Fewer passengers travelled through US airports in the past 90 days than in the sameperiod last year, as airtrafficdeclined for the first time since the height of the Covid-19pandemic. Prices for airline tickets and hotel accommodation also dropped on a seasonally adjusted basisbetween April and May, according to figures published by the Bureau of Labor Statistics onWednesday. “The uncertainty in the environment is creating cautionary behaviours fromguests,” Joan Bottarini, chief financialofficerat hotel group Hyatt, told an investor conferencelast week in New York. In a relatively positive development for the Atlantic, the article notesthat wealthier consumers only marginally reduced their spending. “The higher end is stillactually prioritising travel and experiences and it’s showing up in our numbers,” said Hyatt’sBottarini. Middle East travel warnings Travel Weekly (13 June 2025) reported that the UK ForeignOfficeissued a string of alertswarning travellers visiting Middle Eastern and north African d