RE: Trading update25 Feb 2026 22:46
The suprising events of today show the bear trend remains intact, for now, notwithstanding the board's positivity and improved communications/ tone today. I thought the update marked an arrival in the reality zone, that more details/ improved transparency help and not hinder the investment case. Shame it has taken 30+ years to do this.
Once again there is the sight of Jet2 down very sharply, well over 4% at one point, and -11.3% YTD whilst blue chips put on another 100 points and hit another record. And once again the seller of T20s was busy offering the stock with zero premium to T2 suggesting ample availability.
Jefferies is the house broker and has to strike a tone of caution given the potential cost base inflation v a more competitive revenue environment as EZJ try to grab market share. This is getting expectations in the right place and no bad thing.
I was disappointed the board did not mention AIM and buried its head in the sand, as per normal. This is the main play for this stock given the re-rating it will trigger. The movement today has wrong footed punters mucking about with +/- 100p in the share price which is not enough in itself to get large investors out of bed.
Still the ongoing US fracas should keep holiday makers in Europe / North Africa/ Turkey which should help.