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Analyses on El Al (6)
- May 20, 2026May 20, 2026
- Follow-up
El Al follow-up: the fuel hedge bought time, but summer remains exposed
El Al's fuel hedge bought time and brought in cash, but it did not close the summer fuel-cost test. After the March and April monetizations, remaining cover was only about 14% through February 2027, while the company frames April-September jet-fuel expense as about USD 200 milli…

El Al in the first quarter: the emergency hid the normalization test
El Al's first quarter is mainly a normalization test hidden by an emergency. The loss came from Operation Lion's Roar, but January and February already showed lower load factor, lower RASK and higher CASK excluding fuel as competition returned.

- February 25, 2026February 25, 2026
- Follow-up
El Al 2025: How Much the Competition Authority and Legal Overhang Can Change the Story
El Al's 2026 test no longer runs only through the return of competition to the skies, but through whether the legal, regulatory, and labor layer remains contained or turns into structural cost and constraint.

- Follow-up
El Al 2025: How Much of the Frequent Flyer Club Value Really Reaches Shareholders
El Al’s club is a stronger economic engine in 2025, but only part of the value it creates remains accessible to shareholders because part of the proceeds is deferred as revenue in advance, a Phoenix loan with collateral and covenants still sits on the asset, and from February 20…

- Follow-up
El Al 2025: How Much Liquidity Is Really Free After Leases, Deferred Revenue and Capital Returns
El Al ended 2025 with strong liquidity, but not with $685 million of free cash. Once deferred revenue, lease obligations, near-term repayments and the January 2026 dividend are brought back into the frame, the real capital-allocation cushion is much narrower.

El Al in 2025: The Cash Is Still Flowing, but 2026 Is Already a Normalization Test
El Al exits 2025 with strong liquidity, a strong brand, and demand that has not broken, but the debate has shifted from survival to normalization: can the airline defend yield and cash generation as foreign carriers return and cargo cools.




























