easyJet Summer outlook broadly unchanged versus mid-April. Better near-term picture but offset by slightly worse Q4 bookings

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easyJet Summer outlook broadly unchanged versus mid-April. Better near-term picture but offset by slightly worse Q4 bookings

C A Z E N O V E Europe Equity Research

21 May 2026

easyJet

Summer outlook broadly unchanged versus mid-April. Underweight

Better near-term picture but offset by slightly worse Q4 EZJ.L, EZJ LN

bookings Price (13 May 26):351p

Price Target (Dec-27):340p

Our Take: Q2 in-line with pre-released figures; summer outlook indicates little net European Transport & Logistics

ACchange to the trading update in mid April although with a slightly worse Q4 Harry J Gowers

bookings position. We expect the share price reaction to be muted today. In terms (44-20) 7134-7522

of new information this morning, Q3 bookings are -1% versus prior year harry.gowers@jpmorgan.com

(previously -2%) with Q3 booked RASK at c-4% (JPMe -5%). However, May has J.P. Morgan Securities plc

seen close in bookings strength (also highlighted by Ryanair this week). Q4 Alexia Dogani

bookings are -3% versus prior year (previously -2%) with ticket yields modestly (44-20) 3493-3791

alexia.dogani@jpmorgan.com

up which is also unchanged. We expect consensus to see some downgrades on the J.P. Morgan Securities plc

slightly weaker Q4 bookings picture. Although there has not been a large

Bhavpreet S Batra

deceleration in trends since the last update, the concern for the market may be we (91-22) 6157-5046

haven’t seen a decent pick up in demand for peak summer at this stage, visibility bhavpreet.batra@jpmorgan.com

remains low, and yields may weaken from here in order to drive load factors higher. J.P. Morgan India Private Limited

However, the close-in strength in May is also encouraging, and if that continues we Shikha Khurana

could see better earnings momentum as we move through the summer months.