Recent Research

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  FIRST LOOK NOTES

  20 Aug 2026

  Air Arabia

  HOLD

  Last Closing Price

  4.87

  Target Price

  5.10

  Upside (%)

  +4.72%

  UAE Equity Research - Air Arabia PJSC 2Q26 - First Look Note

  Average Seat load factor across all hubs stood at 81% in 2Q26, compared to 85% in 2Q25. No. of passengers who travelled across its hubs declined 23% YOY to more than 3.9 Mn in 2Q26, reflecting reduced operating capacity amid the regional conflict.

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  FIRST LOOK NOTES

  20 Feb 2026

  Air Arabia

  REDUCE

  Last Closing Price

  5.48

  Target Price

  5.10

  Upside (%)

  -6.93%

  UAE Equity Research - Air Arabia PJSC 4Q25 - First Look Note

  Seat load factors across all hubs stood at 86.9% in 4Q25, compared to 83% in 4Q24. No. of passengers who travelled across all its hubs surged from 4.7 Mn in 4Q24 to 5.7 Mn in 4Q25. The Company expanded its network by launching 30 new routes and added nine new aircraft to its fleet during 2025.

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  FIRST LOOK NOTES

  14 Nov 2025

  Air Arabia

  ACCUMULATE

  Last Closing Price

  3.91

  Target Price

  4.40

  Upside (%)

  +12.53%

  UAE Equity Research - Air Arabia 3Q25 - First Look Note

  Seat load factors across all hubs stood at 84.5% in 3Q25, compared to 81.2% in 3Q24. No. of passengers who travelled across all its hubs surged from 5.1 Mn in 3Q24 to 5.9 Mn in 3Q25. The Company expanded its network by launching 12 new routes and added six new aircraft to its fleet during 9M25.

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  FIRST LOOK NOTES

  19 Aug 2025

  Air Arabia

  HOLD

  Last Closing Price

  3.75

  Target Price

  4.00

  Upside (%)

  +6.67%

  UAE Equity Research - Air Arabia 2Q25 - First Look Note

  Seat load factor across all hubs stood at 85% in 2Q25, compared to 79% in 2Q24. No. of passengers who travelled across all its hubs surged from 4.5 Mn in 2Q24 to 5.1 Mn in 2Q25. Added two aircraft in 1H25 with a total fleet of 83 owned and leased fleet.

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  FIRST LOOK NOTES

  16 May 2025

  Air Arabia

  HOLD

  Last Closing Price

  3.52

  Target Price

  3.50

  Upside (%)

  -0.57%

  UAE Equity Research - Air Arabia PJSC 1Q25 - First Look Note

  The Company’s seat load factor stood at 84% in 1Q25. Order book of Air Arabia includes 120 aircraft of Airbus A320 category, with delivery scheduled from 2025. Added two new aircraft and now operates 83 aircraft including 74 Airbus A320 and 9 Airbus A321 in 1Q25.

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  FIRST LOOK NOTES

  25 Feb 2025

  Air Arabia

  HOLD

  Last Closing Price

  3.43

  Target Price

  3.50

  Upside (%)

  +2.04%

  UAE Equity Research - Air Arabia 4Q24 - First Look Note

  The Company’s seat load factor stood at 83% in 4Q24, compared to 81% in 4Q23. Added ten new aircraft and nine leased aircraft in FY24 and now operates 81 aircraft including 72 Airbus A320 and 9 Airbus A321. The Airline’s turnover grew 10.7% YOY to AED 6.6 Bn in 2024.

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