Jet2 plc: FY26 as guided Challenging start to S27 but outlook brightens, new SBB

Research evidence excerpt

Jet2 plc: FY26 as guided Challenging start to S27 but outlook brightens, new SBB

Equity Research

European Transportation

8 July 2026

Jet2 plc

FY26 as guided Challenging start

to S27 but outlook brightens, new First Look

JET2.L/JET2 LN OVERWEIGHTSBB

European Transportation NEUTRAL

J2 F26 £440m EBIT in line with £438m consensus. Summer Price Target GBp 1600

2026 commentary speaks of investing in price, but with Price (07-Jul-26) GBp 1356

booking flows now currently strong. 90% FY27 hedging also Source:PotentialBloomberg,Upside/DownsideBarclays Research +18.0%

good. New £250m SBB to build confidence. Expect initial

European Transportationpositive reaction. Call at 0900 UK.

Andrew Lobbenberg

+44 (0)20 3555 0639

View: We expect the shares to trade up today despite yesterday’s advance in oil prices as a andrew.lobbenberg@barclays.com

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

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

pricing still down but probably less than looked likely in April. Moreover, the risk of a calamitous +91 (0)22 6175 2529

"lates" market is gone. 90% FY27 fuel hedging is encouraging. LGW launch looks to go well and rahul.xb.singh@barclays.com

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

post close guidance. The confidence regarding the inflection in summer trading should read Marco Limite

across to other holiday oriented businesses (easyJet/TUI) though easyJet currently a special sit. +39 (0)2 6372 2582

Also constructive for boader LCC market. marco.limite@barclays.com

BBI, Milan

FY26 EBIT of £440m at the top of guidance range: FY26 EBIT of £440m is at the top of the