Jet2: Stronger late booking momentum recently plus new share buyback. Expect shares to rise today

Research evidence excerpt

Jet2: Stronger late booking momentum recently plus new share buyback. Expect shares to rise today

C A Z E N O V E Europe Equity Research

08 July 2026

Jet2 Neutral

JET2.L, JET2 LN

Stronger late booking momentum recently plus new Price (07 Jul 26):1,356p

share buyback. Expect shares to rise today Price Target (Dec-27):1,200p

Our Take: Pricing remains softer but improvement in recent bookings momentum European Transport & Logistics

ACpost Middle East and new £250m share buyback. Jet2 reported Mar-26 EBIT at Harry J Gowers

£440m, in line with the pre-released range of £435-440m. The new information this (44-20) 7134-7522

morning is around the summer outlook, where load factors are behind by -0.6% harry.gowers@jpmorgan.com

(previously -1.5%) but were up +1.2% for the first four months. This is due to a later J.P. Morgan Securities plc

booking profile, with stronger volumes coming through in the close-ins and better Alexia Dogani

booking momentum post Middle East. No additional pricing colour has been given (44-20) 3493-3791

alexia.dogani@jpmorgan.com

but pricing across both segments appears to remain “attractive” and largely J.P. Morgan Securities plc

unchanged versus before. Despite better momentum recently, in our view it will

Bhavpreet S Batra

still remain a more challenging near-term earnings set-up given a competitive UK (91-22) 6157-5046

outbound leisure market, the impact from the Middle East, and immaturity at recent bhavpreet.batra@jpmorgan.com

new bases, in particular Gatwick. However, the new £250m share buyback J.P. Morgan India Private Limited

programme is a positive surprise (c10% of the market cap) and better close-in Shikha Khurana

bookings momentum should also be taken well by the market. We expect Mar-27E (91-22) 6157-5022