European Leisure and Travel "Leisure and Travel weekly. Key investor..."

Research evidence excerpt

European Leisure and Travel "Leisure and Travel weekly. Key investor..."

Global Research

3 July 2026ab

European Leisure and Travel Equities

Europe including UKLeisure and Travel weekly. Key investor questions

and newsflow Leisure Goods & Services

Jarrod Castle, CFA

Analyst

jarrod.castle@ubs.com

Highlights of the week: Sodexo, Accor, Jet2, easyJet, Entain +44-20-7568 8883

Ben Shelley, ACA

Sodexo (Neutral). The company reported 3Q26 organic revenue growth of +2.0%, Analyst

ahead of consensus -0.1%, with revenue of €6.17bn vs €6.04bn consensus (link). By ben.shelley@ubs.com

geography, North America (-0.1% vs -3.8% consensus) and Rest of World (+10.6% vs +44-20-7568 3957

+7.3%) drove the beat, while Europe (+0.6% vs +1.1%) was slightly softer. Full-year Artem Prokopets

organic revenue guidance was raised to +1.2-1.5% (vs +0.8% consensus), while margin Analyst

guidance was unchanged between 3.2-3.4% (consensus 3.3%). The 16 July investor artem.prokopets@ubs.com

update is the next key catalyst as management outlines its medium-term ambitions. +44-20-7901 5625

Ivar Billfalk-Kelly

easyJet (Neutral). We upgrade our price target from £5.55 to £6.10 following Analyst

significant EPS upgrades driven by lower fuel costs and improving demand trends, but ivar.billfalk-kelly@ubs.com

+44-20-7568 3240

downgrade the stock from Buy to Neutral as our valuation excludes any potential M&A

premium (link). While Castlelake has submitted four takeover proposals, no firm offer Robin M. Farley

has been made ahead of the 5 July PUSU deadline. We believe easyJet shares are unlikely Analyst

to return to pre-approach levels given improved sector fundamentals, lower jet fuel robin.farley@ubs.com

+1-212-713 2060

prices and the market’s renewed focus on intrinsic value. Forecast changes increase