1、 See page 7 for Analyst Certification,Important Disclosures,Non-US Research Analyst disclosures and BNP Paribas Group Corporate Social Responsibility(CSR)policies.BNP Paribas has adopted strict CSR policies that govern financing and investment in certain sectors.For time of dissemination,please refe

2、r to the Cube.EQUITIES TRANSPORT&INFRASTRUCTURE DAILY NOTEDAILY NOTE Ryanair;known or unknown?,US tariffs,Container shipping,Air travel outlook,Aena,French politics,Wizz Air,Low-cost long-haul flights,Groupe ADP,Heathrow 15 JULY 2025 Sector Research Report Production time:07:52*(London time)Research

3、 Analyst&Publishing Entities James Hollins BNP Paribas London Branch (+44)203 430 8438 1)Thought provoking chart#1,519 Ryanair;known or unknown?2)EU and Mexico criticise Trumps proposed 30%tariff 3)OOCL reports drop in earnings in Q2 amid tariff uncertainty 4)Norwegian CEO Says Summer,Fall Bookings

4、Looking Very Promising 5)Aena;Spanish traffic+3.5%yoy in June 6)France:Budget season kicks off early 7)Wizz Air Exits Abu Dhabi Operations to Keep Costs in Check 8)Cheap,Long-Haul Flights Are Back 9)French independent regulator approves tariffs for Bordeaux airport 10)Heathrow:Third runway car park

5、plans more costly than entire Gatwick expansion THOUGHT PROVOKING CHARTKEY HIGHLIGHTSjk2582columbia.edu Juliet Kekimuli 08/14/25 03:49:36 AM Columbia University in the City of New York BNP Paribas Exane Research Transport&Infrastructure 15 JULY 2025 page 2 1)Thought provoking chart#1,519 Ryanair;kno

6、wn or unknown?European LCC quarterly profit vs consensus Source:BNPP Exane,Bloomberg The European Airlines results season commences on Thursday 17 July with easyJet,and we do not expect a uniform performance across the sector(1 beat,4 misses,1 in-line).Results will be positively impacted by the late