Jet2 plc Issues for debate post FY26 results: Key issues include the health of summer demand, expansion into Gatwick and capital allocation.

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Jet2 plc Issues for debate post FY26 results: Key issues include the health of summer demand, expansion into Gatwick and capital allocation.

Equity Research

European Transportation

9 July 2026

Jet2 plc

Issues for debate post FY26 results

Key issues include the health of summer demand, expansion

into Gatwick and capital allocation.

JET2.L/JET2 LN OVERWEIGHT

European Transportation NEUTRALWhat's the debate? This report provides a set of issues for investors to discuss with Jet2

Price Target GBp 2000management team after FY26 results on 8 July 2026.

Price (08-Jul-26) GBp 1467

Health of summer demand and Gatwick expansion top the agenda, followed by capital Potential Upside/Downside +36.3%

allocation: Summer'26 program growth of 8%, bookings ahead 7.1% with flight only pricing Source: Bloomberg, Barclays Research

down MSD while package pricing being stable is the latest trading update. How booking

momentum evolves since the end of May and the outlook for the peak lates market is important. European Transportation

Jet2's expansion into Gatwick is also key as the company plans more expansion in the southern Andrew Lobbenberg

UK. Capital allocation is a key topic as capex continues to grow. New £250m SBB is encouraging. +44 (0)20 3555 0639

andrew.lobbenberg@barclays.com

View and valuation: We rate the stock Overweight with a price target of £20.0. We think Barclays, UK

consumers continue to prioritise travel relative to other discretionary expenditure options.

Rahul Singh

Within travel, packages continue to outperform other travel offerings, attracting consumers on +91 (0)22 6175 2529

value, regulatory protection and simplicity of booking. In general, we admire the Jet2 business rahul.xb.singh@barclays.com

model, balance sheet and management team. Barclays, UK