easyJet: The future’s bright, the future’s ... less bad than the present

Research evidence excerpt

easyJet: The future’s bright, the future’s ... less bad than the present

sure

52 Week range GBP 5.91-3.33travel, which seems to be the travel sector most heavily impacted by the war. Flag carriers see

windfall gains on trading to Asia and Africa and resilient premium demand on the Atlantic.

Business travel is somewhat resilient, as is visiting friends and relations and domestic

travel. Even easyJet’s leisure travel peers, Jet2 and TUI, face notably smaller estimate cuts

through the current instability. We think this reflects the fact that easyJet actually does not have

enough holidays exposure: the attachment rate is only around 20% on UK beach routes and

6.3% across the whole network in 1H26. Hence easyJet sees only limited benefit from the

defensiveness of the Holidays business, which continues to drive profit growth. Source: IDC

Link to Barclays Live for interactive charting

Strategic developments look helpful: At the 1H26 results easyJet showcased several strategic

developments that we see as supportive for the recovery path of the business. We have been European Transportation

waiting and watching for the launch of loyalty and now it will come in 2027. Everyone has been Andrew Lobbenberg

waiting for the up-gauging story to become a reality in the business, yet from next fiscal year it +44 (0)20 3555 0639

should really take effect, with the company flagging a £110m benefit in FY27 and £140m in FY28. andrew.lobbenberg@barclays.com

The Holidays business is prioritising the commercial launch in Berlin, and we note some Barclays, UK

Rahul Singh

+91 (0)22 6175 2529

Barclays Capital Inc. and/or one of its affiliates does and seeks to do business with companies rahul.xb.singh@barclays.com

covered in its research reports.