DAVY VIEW

Jet2 has formally guided that it expects group profit before foreign exchange (FX) revaluation and taxation for the year ending March 31st 2025 of £560-570m, an 8-10% increase on the prior year (Davy: £572.9m). On sale capacity for summer 2025 is currently 8.5% higher than summer 2024 at 18.6m seats. Pricing remains keen, with its package holiday product displaying a modest average increase and flight‐only slightly positive. The CEO commented as follows: “with the later booking profile and cost headwinds detailed, may mean profit margins in the year ahead come under some pressure”. Given the CEO commentary and current interest rates, we expect to cut back our FY26 PBT FX number by c.5% (currently: £603.8m).