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Investors have grown more positive on European airlines over the past week, according to Citi, though overall positioning across the sector remains net negative. Long crowding, a measure of how heavily investors are clustered on the same bullish trade, increased across every stock the bank covers.

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Short interest across the European airline sector has risen over the past month, according to Citi, with the shift most pronounced at International Consolidated Airlines Group SA (LSE:IAG). The bank's quantitative team tracks long and short positioning across its coverage, and found positioning turned more negative month on month for every name except easyJet.

Air France-KLM SA (AFLYY) Q2 2026 Earnings Call Transcript