DAVY VIEW

Jet2 has reported a H1 operating profit of £715.2m, +2% year-on-year (yoy). EPS grew 8% to 300.4p, reflecting share buyback EPS acceleration. The company has announced a £100m reload of its share buyback programme. Winter on sale capacity is 7.7% higher yoy, with the company citing a continued late booking profile and average pricing following the summer 2025 trends (Package: +3%, Flight only: -7%). The company expects no changes to full year consensus excluding previously announced Gatwick investments. Consensus EBIT for FY26 is £453m (Davy: £467.7m).