Terror attacks like the one that killed 84 people this month in southern France and economic uncertainty are being blamed for disappointing earnings reports from Europe’s biggest airlines.

“We’re at the end of the big bull run for earnings,” Robin Byde, an analyst at Cantor Fitzgerald Europe, told the Financial Times.

The newspaper cited profit declines or warnings at U.K. discount carrier EasyJet, Germany’s Lufthansa, British Airways and Spain’s Iberia airline. Ryanair, Europe’s biggest low-cost carrier by sales, reports results on Monday.

While terror and the U.K. vote to leave the European Union are hurting demand for travel services, the European airline industry also has too many planes in the air.

“Ticket prices are falling partly because airlines are pressing ahead with plans for new aircraft and routes, even as demand grows more slowly than expected,” the FT says. “The question is whether the industry can regain capacity discipline, and better align the introduction of new aircraft with growth in demand.”