easyJet: Trading basically fine, but all about the deal. Remain Market-Perform, TP £6.60

Research evidence excerpt

easyJet: Trading basically fine, but all about the deal. Remain Market-Perform, TP £6.60

24 July 2026

Alex Irving, CFA

+44 20 7676 7044

European Transport alex.irving@bernsteinsg.com

easyJet PLC Antoine Madre

+33 1 58 98 74 52

Rating antoine.madre@bernsteinsg.com

Market-Perform

Price Target

EZJ.LN 660.00 GBp

easyJet: Trading basically fine, but all about the deal. Remain

Market-Perform, TP £6.60

easyJet’s FQ3 results were fine: RASK -3%, Holidays continuing to grow, CASKx and capacity

Close Date 22 Jul 2026

guides maintained. We cut numbers on a higher fuel forward curve, with some offset from

EZJ.LN Close Price (GBp) 585.20

better unit revenue in expectation of lower industry capacity. None of this especially matters to

Price Target (GBp) 660.00

shares near term, which will be shaped more by a) whether the formal bid from Apollo at £7.15

Upside/(Downside) 13%

materializes, and b) the EU commission’s view on the acceptability of the capital structure for

52-Week Range 683.80/332.80

ownership and control rules.

EDME 1,586.63

Quarter fine, cutting numbers on higher fuel costs. easyJet reported a Q3 ‘26 headline FYE Sep

PBT of £85m, down from £286m YoY. Airline RASK was -3% YoY (better than Ryanair) with Div Yield 2.1%

the movement of Easter and likely some consumer hesitance, and guidance for capacity on Market Cap (GBP) (M) 4,665

non-fuel cost was maintained. We cut numbers after marking the current fuel forward curve EV (GBp) (M) 4,167

and hedging positions to market, adding some offset in FY’27 and beyond in expectation of Performance YTD 1M 6M 12M

industry capacity rationalization with higher input costs. Absolute (%) 20.5 16.2 27.7 24.2

EDME (%) 7.9 0.5 5.1 16.3

The deal is all that mattes to shares right now.