DAVY VIEW

Jet2 provided a somewhat encouraging outlook with load factors +1.5 ppts (previously +1.2 ppts) and booked-to-date passengers +8.8% (previous statement +7.1%). Customers have continued to book closer to departure, underpinned by attractive pricing. Consensus current stands at operating profit of c.£258m for FY27 and c.£400m for FY28 (Davy £277m FY27, £473m FY28). We are likely to move this downwards towards consensus given fuel price moves. The Board also announced a move to the Main Market of the London Stock Exchange during this financial year.