The airline sector is being propelled by a tangible improvement in its fundamentals, as highlighted by the latest data published by IATA and analyzed by Jefferies.

Specifically, in 2025, global air cargo demand increased by 3.4%, with an acceleration at the end of the year (+4.3% in December).

This growth is mainly driven by international traffic (+4.2%), which accounts for nearly 90% of the market, as well as by the Asia-Pacific region, which has become the sector's main engine.

Passenger data confirm this trend, with rising traffic at Ryanair, Wizz Air, Finnair, Norwegian, and Air Canada, accompanied by load factors exceeding 85%.

Crucially, this surge in demand has occurred without excess capacity. Global capacities have grown at a similar pace, allowing load factors to remain broadly stable. "This supply discipline is viewed very positively by investors, in a sector historically prone to overcapacity and pricing pressure," Jefferies analysts point out.

Another favorable signal is that the industrial cycle remains supportive. The renewal of cargo fleets, the ramp-up of more efficient long-haul aircraft, and strong visibility on maintenance activities are all supporting medium-term profitability for airlines.

Finally, macroeconomic indicators reinforce this optimism. Global semiconductor sales, which are closely correlated with air cargo, surged by nearly 30% at the end of 2025, suggesting additional catch-up potential for air transport in 2026.

In this context, the airline sector is enjoying renewed interest on the stock market, driven by genuine demand growth in both cargo and passenger traffic. This dynamic is largely international, fueled by long-haul routes and the most profitable regions, especially Asia-Pacific.

Last week, both Boeing and Airbus published highly favorable outlooks for demand growth in this area.

Investors thus anticipate continued improvement in the airline sector in 2026, supported by advanced macroeconomic indicators, fueling the sector's stock market revaluation.