easyJet: Issues for debate post 1H FY26 results

研报英文原文证据摘录

easyJet: Issues for debate post 1H FY26 results

Equity Research

European Transportation

22 May 2026

easyJet

Issues for debate post 1H FY26

results

Key issues include unit revenue trends, CASKx inflation, EZJ.L/EZJ LN OVERWEIGHT

Holidays growth, loyalty and fleet. European Transportation NEUTRAL

Price Target GBP 4.80

Price (21-May-26) GBP 3.50What's the debate? This report provides a set of issues for investors to discuss with easyJet

Potential Upside/Downside +37.0%management after its 1H FY26 results on 21 May 2026. Source: Bloomberg, Barclays Research

Revenue trends, unit cost inflation, Holidays, loyalty and fleet top the agenda: After the 1H

results, investors remain focused on the impact of the Middle East and on unit revenue trends European Transportation

and consumer confidence. CASKx inflation was elevated in 1H but should ease in 2H. The Andrew Lobbenberg

Holidays business is proving successful – how easyJet continues to scale this business will likely +44 (0)20 3555 0639

be a key focus. Fleet and cash are also related topics. easyJet has plenty of liquidity, yet faces andrew.lobbenberg@barclays.com

Barclays, UKhigh future capex obligations, which holds easyJet back from offering SBBs.

Rahul Singh

Overweight rating: We rate the stock Overweight with a price target of £4.80. We see easyJet as +91 (0)22 6175 2529

one of our favoured investment opportunities for when there is a credible peace in the Iran rahul.xb.singh@barclays.com

conflict. Its core business of European leisure travel is highly impacted by consumer uncertainty; Barclays, UK

but overall we see value potential from its business model. Before Iran, there was plausible Marco Limite

investor debate around the pathway to the £1bn PBT. We suspect this will return. +39 (0)2 6372 2582