As you imply, it’s odd to suggest that this is an issue that would’ve particularly impacted Q3 of 2025 after 2-3 years of incredibly strong numbers. I think what he actually means by that is ‘leisure is cooling off a bit and we don’t have business travel to take up the slack like we used to’.

The other big difference that the Telegraph doesn’t really touch on here but I think is likely more instructive is that Spain’s economy has been the bright spot in Europe while the U.K. and BA’s traditional short haul business markets from there (a lot of which was Germany) have struggled post-COVID.