DAVY VIEW

Jet2 has not issued FY25 profit before tax (PBT) guidance today (Davy FY25 PBT €536.5m; FactSet consensus PBT €538.2m). Summer 2024 on sale seat capacity of 17.17m seats is +12.4% year-on-year (yoy), with average loads 1.2ppts behind summer 2023. For summer 2024, the company has highlighted a softer flight-only yield environment offset by resilient package pricing. Winter 2024/25 average load factor is 0.8ppts ahead of winter 2023/24 at the same point against a +15.0% seat capacity to 5.14m seats. Summer 2025 is already on sale, with growth in seat capacity +6.4% yoy.