easyJet: Checking-In for Q3 earnings

Research evidence excerpt

easyJet: Checking-In for Q3 earnings

C A Z E N O V E Europe Equity Research

02 July 2026

easyJet Underweight

EZJ.L, EZJ LN

Checking-In for Q3 earnings Price (01 Jul 26):560p

▲Price Target (Dec-27):360p

Prior (Dec-27):340p

We provide a preview ahead of Q3 earnings (23rd July). We forecast Q3 PBT at

£55m (there are very few estimates for Bloomberg Q3 consensus), below prior year European Transport & Logistics

£286m due to higher costs and lower pricing. However, our Sep-26E PBT Harry J Gowers AC

estimates increase by +80%, off a low base, due to the impact from lower spot/ (44-20) 7134-7522

forward jet fuel prices, and we now forecast Sep-26E PBT at £105m, which is harry.gowers@jpmorgan.com

J.P. Morgan Securities plc

c10% below Bloomberg consensus. The majority of the investor focus near-term

Alexia Doganiremains on a potential bid for easyJet by Castlelake, with the PUSU deadline this

(44-20) 3493-3791

Sunday 5th July. However, from an earnings perspective, in our view the focus will alexia.dogani@jpmorgan.com

be around summer bookings/pricing and if easyJet has seen any improvement in J.P. Morgan Securities plc

demand trends post a resolution in the Middle East and better sentiment on jet fuel Bhavpreet S Batra

availability. Previously Q4 bookings were -3% versus the prior year and had (91-22) 6157-5046

softened slightly due to easyJet holding out for higher yields and some customer bhavpreet.batra@jpmorgan.com

hesitancy to book. In our view it's likely that the Q4 period will require some price J.P. Morgan India Private Limited

stimulation to try and close that load factor gap, with RDC data showing easyJet’s Shikha Khurana

peak summer fares at -1% (JPMe flat). If a successful bid from Castlelake fails to (91-22) 6157-5022

shikha.khurana@jpmchase.com