With most European airlines having now reported second-quarter earnings, the picture is filling in. But it’s a mosaic—not a portrait. Some carriers did well. Some did lousy. One thing we learned from Ryanair and Wizz Air is that it’s good to be an ultra-low-cost carrier in Europe right now.

As for the legacy carriers, it’s not all bad—especially if your home economy is in the UK and you’re somewhat sheltered from the euro. Case in point: IAG, parent company of British Airways, Iberia and Vueling, which had a decent quarter. The Lufthansa Group plodded. Air France/KLM struggled. And Icelandair seems to be enjoying life in its own little corner of the canvas.