IAG remains top pick: solid results, FY26 outlook and comparatively lower exposure to jet crack volatility than peers
Morgan Stanley | Analysis by Axel Stasse (analyst) shows that flag carriers are more exposed to rising aviation fuel prices than low-cost airlines. The main European low-cost carriers have directly hedged their exposure to jet fuel, which protects them from recent volatility. In contrast, flag carriers hedge mainly with Brent/diesel and add exposure to jet fuel closer to the flight, leaving them more exposed to crack spread volatility. Deutsche Lufthansa’s…
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