European Aviation Daily: Icarus – 8 July 2026

Research evidence excerpt

European Aviation Daily: Icarus – 8 July 2026

Equity Research

European Transportation

8 July 2026

European Aviation Daily

Icarus – 8 July 2026

Jet2 FY26 results commentary and SBB reassure; June

quarter previews for airlines; fragility of peace in focus.

NEUTRAL

•• Jet2 FY26 commentary reassures on bookings and SBB

•• June quarter airline previews - our ratings maintained - prefer LCCs and leisure-focused Andrew Lobbenberg

names, cautious on Asian windfalls +44 (0)20 3555 0639

andrew.lobbenberg@barclays.com

•• Fresh Gulf escalation highlights fragility of peace Barclays, UK

Rahul Singh

Jet2: FY26 as guided, challenging start to S27 but outlook brightens, new +91 (0)22 6175 2529

SBB rahul.xb.singh@barclays.com

J2 F26 £440m EBIT in line with £438m consensus. Summer 2026 commentary speaks of Barclays, UK

investing in price, but with booking flows now currently strong. 90% FY27 hedging also good. Helene Iselin

New £250m SBB to build confidence. Expect initial positive reaction. Call at 0900 UK. +44 (0)20 7773 7391

helene.iselin@barclays.com

View: We expect the shares to trade up today, despite yesterday’s advance in oil prices as a Barclays, UK

result of fresh Gulf hostilities. New £250m SBB and increase in dividend both favourable. Recent

Marco Limite

booking trends which were challenging through the conflict, now brighten in terms of volume;

+39 (0)2 6372 2582

pricing still down but probably less than looked likely in April. Moreover, the risk of a calamitous marco.limite@barclays.com

"lates" market is gone. 90% FY27 fuel hedging is encouraging. LGW launch looks to go well and BBI, Milan

company plans more growth in the south. FY26 results rather a non-event, in line with narrow

Emilie Fung

post-close guidance.