DAVY VIEW

Jet2 has delivered a FY26 operating profit of £439.6m, in line with consensus. Today it has also announced a £250m share buyback programme, reflecting the cash generation of the business. For FY27, while bookings had previously been impacted by the Middle East conflict, the company has said reduced geopolitical uncertainty has led to strong booking momentum in recent weeks, supported by targeted price investment. Load factors (+1.2ppts) and booked-to-date passengers (+7.1%, previously +6.2%) are both ahead. Consensus currently stands at operating profit of c.£250m, which we expect to move to c.£270m on the back of this statement (Davy: £260m).