Board recommends Castlelake offer

Research evidence excerpt

Board recommends Castlelake offer

Accessible version

easyJet

Rating Change: NO RATING | PO: NA | Price: 558.20 GBp

Move to No rating 06 July 2026

easyJet announced yesterday that the Board is minded to recommend the fifth offer Equity

from Castlelake of GBp690 per share in cash (see easyJet: Castlelake interest emerges).

As per easyJet, the Board has taken into consideration feedback from shareholders in

Key Changesreviewing this offer. The deadline for Castlelake to provide a firm offer has now been

extended until 5pm on 3 August. We move to No Rating given the shares are no longer (GBp) Previous Current

trading on fundamentals. Investors should not rely on our prior ratings or PO. Inv. Opinion B-1-8 -6-

Inv. Rating BUY NO RATING

Price Obj. 430.00 NARegulatory hurdles?

As per the airline, Castlelake confirmed that it would agree to a "best endeavours" 2026E EPS 12.87 14.88

commitment to obtain any regulatory clearances and approvals required to complete a 2027E EPS 32.81 40.83

transaction. Castlelake needs to satisfy the own and control requirements for regional 2028E EPS 62.03 63.31

nationals in both the UK and EU to continue operating easyJet as an airline. It has 2026E DPS 2.57 2.98

partnered with Peter Bellew and Mark Breen, who are EU nationals, so can provide the

ownership and control required for EU Partner status. Pending approval of this structure Muneeba Kayani >>

Research Analyst

by the UK and EU regulators remains a risk to the transaction, in our view. MLI (UK)

+44 20 7996 5208

A smaller airline? muneeba.kayani@bofa.com

Kate Xiao, CFA >>

As per the release, Castlelake intends to support easyJet’s future growth and Research Analyst

transformation into a stronger, more resilient airline, and is backing its fleet MLI (UK) +44 20 7996 3051