FY26 preview (8 July) - focus on Summer trading

研报英文原文证据摘录

FY26 preview (8 July) - focus on Summer trading

Deutsche Bank Group

Deutsche Numis Research

Rating Company Date

Hold JET2 PLC 1 July 2026

Company Update

Europe

United Kingdom

Reuters Bloomberg Exchange Ticker Price at 30 Jun 2026 (GBP) 1,292.00

JET2.L JET2 LN LSE JET2

Price Target (GBP) 1,086.00

Leisure & Hotels

1,834.00 -

Travel Services 52-week range (GBP) 1,050.00

FY26 preview (8 July) - focus on

Valuation & Risks Summer trading

Richard Stuber

Headline Mar-FY26 previously disclosed Research Analyst

n At Jet2's post close trading update at the end of April, it confirmed that Mar- +44-20-754-54617

FY26 EBIT will be £435-440m, c.-2% yoy (DBe £438m, consensus £439m).

This includes £11m of start-up costs associated with the launch of its Tim Barrett

Gatwick base. It closed the year with net cash of £2.0bn - but this will Research Analyst

include c.£2bn of advanced customer deposits. +44-20-7541-1559

Sonu Churiwal

Summer trading and margin guidance will be key Research Associate

n The Middle East conflict caused the already later booking profile to be even

closer to departure. This is consistent with other travel companies,

including OTB ("industry-wide later booking profile", 12 May) and TUI Price/price relative

("booking closer to departure dates", 13 May). Barclaycard data for May (27 2000

Apr - 22 May) showed spend at travel agents was -5.3% yoy. 1500

n In addition to later bookings, and in part due to the 7.7% increase in 1000

capacity (of which c.6% relates to new and maturing bases), Jet2 confirmed 500

it was "investing" in load factor. We forecast 8.0% increase in seat capacity 2024 2025 2026

for FY27 (including Winter) with average booking price for flight-only -7.8% JET2 PLC – (Rebased)

yoy and for package holidays +3.0%.

Performance (%) 1m 3m 12m