DAVY VIEW

The company expects FY26 EBIT to be in line with market expectations £439m (previously £453m, excluding Gatwick investments). This includes approximately £10m of promotional and resourcing start-up costs ahead of the London Gatwick base launch (cost guide previously £10-15m). On FY27 and key summer trading, the company is growing capacity at 8% versus the market growing 5.5%. It is investing in load factor and an attractive pricing strategy in a competitive UK holiday market. The group will provide a further update in April 2026. FY27 Davy EBIT £449m, consensus £444m. We expect downward movement to consensus.