AIR.PA · PEAD ↑ 71

Print-day reaction was a muted +0.3% from the prior close, a notably restrained move given the magnitude of the EPS miss. The overnight gap into T+1 was flat at 0.0%, with no after-hours pressure extending the print-day ambiguity. Over the following two trading sessions, the stock drifted sharply higher by +0.9%, a continuation that diverged cleanly from the initial subdued reaction and suggests the market rapidly repriced away from the headline miss. Cumulative abnormal return of +5.6% versus SPY.US clears the long threshold; per the documented PEAD pattern, the read holds through 2026-07-24.