Situation.
Airline with approximately EUR 3.5bn revenue in acute distress, with liquidity runway measured in months.
Turnaround.
European airline
Challenge.
Cost, network and stakeholder issues had to be resolved simultaneously under public scrutiny. Unit cost was approximately 30% above the low-cost competitor set.
What we did.
Ran a cash-first turnaround across network, fleet, cost and stakeholder negotiations, supported by a weekly liquidity view.
The outcome.
Approximately EUR 270m of annualised cost measures were agreed, unprofitable routes cut and liquidity stabilised against the agreed plan.
Anonymised engagement. Figures are approximate. Targets, assessed potential, approved programmes and realised results are described separately in the outcome. Converted amounts use ECB reference rates dated 18 September 2026, rounded to two significant figures.
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