Q3 small beat, stronger bookings momentum into peak summer, however still requiring price stimulation

Research evidence excerpt

Q3 small beat, stronger bookings momentum into peak summer, however still requiring price stimulation

C A Z E N O V E Europe Equity Research

23 July 2026

easyJet Underweight

EZJ.L, EZJ LN

Q3 small beat, stronger bookings momentum into peak Price (22 Jul 26):585p

summer, however still requiring price stimulation Price Target (Dec-27):360p

Our Take: Q3 small beat on better pricing with some better bookings momentum European Transport & Logistics

ACinto Q4. easyJet reported Q3 PBT at £85m (versus JPMe £55m), with Q3 RASK Harry J Gowers

-3%, an improvement versus the -4% booked RASK position in May. easyJet (44-20) 7134-7522

reports that stronger late bookings have continued, however price stimulation is harry.gowers@jpmorgan.com

still required, with Q4 bookings now -2% versus prior year (previously -3%), but J.P. Morgan Securities plc

with ticket yields broadly flat compared to previously modestly up. Therefore, the Alexia Dogani

load factor gap for Q4 has closed slightly, but with some degradation in yields. This (44-20) 3493-3791

alexia.dogani@jpmorgan.com

is generally what we have seen from peers, who have also reported better bookings J.P. Morgan Securities plc

momentum, however not translating into an improvement in pricing. easyJet has

Bhavpreet S Batra

also given some expanded Q1 (December quarter) commentary, with bookings - (91-22) 6157-5046

2% versus prior year, however with positive yield momentum and ticket yields bhavpreet.batra@jpmorgan.com

currently up MSD %. At face value, that is positive, also likely to be impacted by J.P. Morgan India Private Limited

normalising capacity growth, however we would caution that at c19% sold it is also Shikha Khurana

too early to be meaningful. In our view, the outlook is generally in line with what (91-22) 6157-5022