Morgan Stanley | We have analysed the air traffic from the main European aiports (ADP, Aena, Fraport, Heathrow, Zurich) in May. In general, all of them have beaten our expectations.
Specifically, Aena offers the best figures, with 22.2 million passengers, only -10% vs 2019 (and -7% vs 2019 in seat capacity). Looking ahead to the summer, we expect seat capacity to stabilise (-5%/-8% vs 2019), which could come under pressure from last minute cancellations and the cuts in services in July/August.
Focusing on Aena’s individual airports, Madrid and Barcelona (-17% and -189% vs 2019 respectively) have lagged behind other airports with more of a bias towards leisure, like Malaga, Mallorca or the Canary Islands.
