JPM | Building Broadcast: HWDN, HOLN, GET, FER JPMC Construction Daily

Research evidence excerpt

JPM | Building Broadcast: HWDN, HOLN, GET, FER JPMC Construction Daily

with some better bookings momentum into Q4. easyJet

reported Q3 PBT at £85m (versus JPMe £55m), with Q3 RASK -3%, an improvement

versus the -4% booked RASK position in May. easyJet reports that stronger late bookings

have continued, however price stimulation is still required, with Q4 bookings now -2%

versus prior year (previously -3%), but with ticket yields broadly flat compared to

previously modestly up. Therefore, the load factor gap for Q4 has closed slightly, but with

some degradation in yields. This is generally what the team have seen from peers, who have

also reported better bookings momentum, however not translating into an improvement in

pricing. easyJet has also given some expanded Q1 (December quarter) commentary, with

bookings -2% versus prior year, however with positive yield momentum and ticket yields

currently up MSD %. At face value, that is positive, also likely to be impacted by

normalising capacity growth, however the team would caution that at c19% sold it is also

too early to be meaningful. In the team’s view, the outlook is generally in line with what

the market was expecting, but it is likely consensus PBT for Sep-26 comes down due to

the recent spike in fuel. The team would also expect the shares to be broadly muted on

results today given they have been pegged to the potential outcomes surrounding the

Apollo/Castlelake bids. Readacross for European Airports. Link to the team’s report.

• Bouygues: Equans announces acquisition of a majority stake in an Australian

company CV Services PTY. Equans has announced the acquisition of a majority stake

in Australian company CV Services PTY. With this acquisition, Equans reaffirms its bolt-