European Leisure and Travel: Leisure and Travel weekly, Key investor questions and newsflow

Research evidence excerpt

European Leisure and Travel: Leisure and Travel weekly, Key investor questions and newsflow

Global Research

9 July 2026ab

European Leisure and Travel Equities

Europe including UKLeisure and Travel weekly. Key investor questions

and newsflow Leisure Goods & Services

Jarrod Castle, CFA

Analyst

jarrod.castle@ubs.com

Highlights of the week: Allwyn, Lottomatica, Jet2, easyJet, Accor, Scandic +44-20-7568 8883

Ben Shelley, ACA

Allwyn (Neutral). We initiated coverage of Allwyn with a Neutral rating and €14 PT Analyst

(link). While the group benefits from attractive lottery exposure, diversified earnings and ben.shelley@ubs.com

a supportive dividend yield, we are more cautious than consensus and management on +44-20-7568 3957

medium term revenue growth. We believe margin expansion can largely offset this at Artem Prokopets

the earnings level, leaving our EBITDA and EPS forecasts broadly aligned with consensus. Analyst

With the shares appearing expensive relative to growth, but supported by defensive artem.prokopets@ubs.com

assets and an attractive yield, we view the risk reward as balanced. +44-20-7901 5625

Ivar Billfalk-Kelly

Lottomatica (Buy). Italian online sports betting data for June has now been released. Analyst

Incorporating a full quarter of data across both iGaming and online sports betting into ivar.billfalk-kelly@ubs.com

+44-20-7568 3240

our model points to Q2 online GGR growth of approximately 14-15%, below our

estimate of +17% and the consensus expectation of +19%. Based on the data, we Robin M. Farley

believe LTMC gained market share both year-on-year and quarter-on-quarter in the Analyst

overall online market. robin.farley@ubs.com

+1-212-713 2060

Cristian Nedelcu, CFAJet2 (Buy). Jet2 delivered FY26 PBT of c£545m, broadly in line with consensus (link).