Bernstein highlights IAG and Ryanair as its leading European airline selections, citing their strong margins and balance sheets amid surging fuel prices.
IAG benefits from long‑haul exposure, disciplined capacity management and industry‑leading unit economics, providing resilience to higher fuel prices.
Ryanair’s low‑cost model, best‑in‑class margins and net‑cash balance sheet enable profitability and potential market‑share gains as rivals cut capacity.