Jet2 vs EasyJet: why the prices moved differently

Weekly · monthly · quarterly news summaries, side by side in time

Jet2 PLC (JET2.LSE)

EasyJet PLC (EZJ.LSE)

Q3 20266 Jul – 9 Oct 2026

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EasyJet agrees £5.7bn Apollo takeover at £7.15/share

Apollo takeover agreed at £7.15/share EasyJet agreed to a £5.7bn takeover by Apollo at £7.15 per share, about 81% above the pre-bidding price. The board unanimously recommends the deal and founder Stelios supports it, giving shareholders a premium exit.
This is the major new event that drove the stock in Q3.
Deal risks: approvals and fallback The deal still needs shareholder and regulatory approval. If it falls through, shares could fall back toward pre-bid levels. This is a real risk that could hurt the price.
It highlights the main downside risk to the agreed deal.
Moody's warns of junk downgrade Moody's warned the buyout could cut EasyJet's credit rating two notches to junk due to rising debt, aircraft spending above £3bn, and dipping profit. A downgrade would raise borrowing costs and worry investors.
It shows a specific financial risk from the buyout that could weigh on the stock.
Fuel costs and weak demand hit profit Higher fuel prices from the US-Iran conflict cut quarterly profit 70% to £85m and forced 700,000 winter seats to be cut. Ryanair's profit drop signaled sector-wide headwinds, adding pressure.
It explains operational headwinds that hurt earnings and sentiment.

August 202623 Jul – 9 Oct 2026

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Apollo's £5.7bn takeover wins, but fuel costs force winter cuts

Apollo seals £5.7bn takeover at £7.15 a share Apollo agreed to buy easyJet for about £5.7bn, or £7.15 a share in cash — roughly 81% above the price before the bidding war. The board unanimously recommends it and founder Stelios Haji-Ioannou supports it, giving shareholders a certain, premium exit.
This is the single biggest force on EZJ.LSE's price: a recommended all-cash offer at a large premium.
Moody's warns takeover could push debt to junk Moody's put easyJet's credit rating under review for a possible two-notch cut to junk, because Apollo's buyout will load the airline with debt just as spending on new planes jumps above £3bn and profit dips. That raises financial risk if the deal completes.
It is the main counterweight to the takeover: the deal that lifts the share price also weakens easyJet's finances.
Fuel spike forces another 700,000 winter seats cut EasyJet is removing a further 700,000 seats from its winter schedule — about 3,500 flights — after jet fuel prices nearly doubled when war in Iran disrupted the Strait of Hormuz. Rivals Ryanair and Loganair are also cutting, showing this is an industry-wide cost squeeze.
It shows the operating problem that will still face easyJet after the takeover: high fuel costs eating into profit.
Bid deadlines aligned to August 7, then resolved EasyJet set a joint August 7 deadline for Apollo and Castlelake to make firm offers or walk away. Apollo then bid and Castlelake withdrew, ending the contest. The deadline itself was a step on the way to the deal, not a separate lasting force.
It explains how the takeover battle was resolved, which is the key event of the period.

Latest23 Jul – 9 Oct 2026

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Apollo's £5.7bn takeover wins, but fuel costs force winter cuts

Apollo seals £5.7bn takeover at £7.15 a share Apollo agreed to buy easyJet for about £5.7bn, or £7.15 a share in cash — roughly 81% above the price before the bidding war. The board unanimously recommends it and founder Stelios Haji-Ioannou supports it, giving shareholders a certain, premium exit.
This is the single biggest force on EZJ.LSE's price: a recommended all-cash offer at a large premium.
Moody's warns takeover could push debt to junk Moody's put easyJet's credit rating under review for a possible two-notch cut to junk, because Apollo's buyout will load the airline with debt just as spending on new planes jumps above £3bn and profit dips. That raises financial risk if the deal completes.
It is the main counterweight to the takeover: the deal that lifts the share price also weakens easyJet's finances.
Fuel spike forces another 700,000 winter seats cut EasyJet is removing a further 700,000 seats from its winter schedule — about 3,500 flights — after jet fuel prices nearly doubled when war in Iran disrupted the Strait of Hormuz. Rivals Ryanair and Loganair are also cutting, showing this is an industry-wide cost squeeze.
It shows the operating problem that will still face easyJet after the takeover: high fuel costs eating into profit.
Bid deadlines aligned to August 7, then resolved EasyJet set a joint August 7 deadline for Apollo and Castlelake to make firm offers or walk away. Apollo then bid and Castlelake withdrew, ending the contest. The deadline itself was a step on the way to the deal, not a separate lasting force.
It explains how the takeover battle was resolved, which is the key event of the period.

July 20266 Jul – 27 Jul 2026

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Apollo's £6.90 takeover wins, but fuel costs and sector weakness weigh

Apollo takeover at £6.90 per share EasyJet agreed to a £5.7bn takeover by Apollo at £6.90 per share, beating Castlelake's £6.50 bid. The bidding war delivered a higher payout for shareholders and sparked a 10–14% share surge as investors priced in completion.
This is the major new event that drove the stock price up during the period.
Deal not yet approved The deal is only agreed in principle and still requires shareholder and regulatory approval. Failure could send shares back toward pre-bid levels, so the rally may not hold.
This is a key risk that could reverse the positive price impact.
Fuel costs cut profit 70% Higher fuel prices from the US-Iran conflict cut quarterly profit 70% to £85m, with only partial hedging leaving further exposure. This shows operational challenges that could weigh on the stock.
This is a new negative fundamental factor affecting earnings.
Ryanair profit drop pressures sector Ryanair's one-third profit drop pressured the whole budget airline sector, showing industry-wide headwinds that could weigh on EasyJet regardless of its own results.
This is a new sector-wide negative that could affect EasyJet's stock.

11 Jul – 27 Jul 2026

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Apollo's £5.7bn bid lifts EasyJet, but fuel costs and deal risk weigh

Apollo's £5.7bn takeover bid Apollo made a surprise £5.7bn counterbid for EasyJet, topping Castlelake's earlier offer. This is a firm deal at a much higher price than the market expected, so the shares jumped as investors priced in the takeover going through.
This is the main new event driving the stock, as a higher bid directly raises the potential payout to shareholders.
Deal still needs approval The takeover is only agreed in principle, so it still needs a shareholder vote and regulatory clearances. If either falls through, the shares could fall back sharply toward their pre-bid level, which is the main risk for anyone buying now.
This is the key counterweight: the deal is not certain, so the upside depends on it completing.
Fuel costs hit profits Higher fuel prices from the US-Iran conflict caused EasyJet's quarterly profit to drop 70% to £85m. EasyJet has only partially hedged its fuel needs, so it remains exposed to further price swings, which could pressure future earnings.
This is a new operational headwind that directly reduces profits and could weigh on the share price if fuel costs stay high.
Ryanair's weak results drag sector Ryanair reported a one-third drop in quarterly profit, which pressured airline stocks including EasyJet. This shows that the whole budget airline sector is facing tough conditions, not just EasyJet, which can pull the share price down even if EasyJet's own results beat expectations.
This is a new sector-wide negative that affects sentiment toward EasyJet shares.

6 Jul – 10 Jul 2026

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EasyJet agrees £5.7bn Apollo takeover, topping Castlelake's bid

Apollo wins with £5.7bn takeover deal EasyJet agreed in principle to a £5.7 billion takeover by US private equity firm Apollo at £6.90 per share, beating Castlelake's earlier offer. This is a firm deal at a much higher price than the market expected, so the shares jumped 14% as investors priced in the takeover going through.
This is the single biggest new event of the period and directly explains the share surge.
Bidding war pushed price up to £6.90 Apollo's offer topped Castlelake's rival bid, turning a long takeover saga into a competitive auction. A higher final price means more cash for shareholders than the £6.50 Castlelake had offered, which is why the stock reacted so strongly.
Shows the competitive dynamic that lifted the takeover price and the shares.
Shares surged 10-14% on the news EasyJet stock soared 10% on July 6 when the Castlelake deal was first reported, then another 14% on July 10 when Apollo's higher offer emerged. The market is now pricing in a high chance the deal completes, though the shares may still trade below the offer price until it is certain.
Captures the market's immediate reaction and what it implies about deal certainty.
Deal still needs shareholder and regulatory approval The takeover is only agreed in principle, so it still needs a shareholder vote and regulatory clearances. If either falls through, the shares could fall back sharply toward their pre-bid level, which is the main risk for anyone buying now.
Provides the essential counterweight: the deal is not yet final and could still fail.

Q2 202622 Jun – 28 Jun 2026

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Castlelake raises EasyJet bid to £6.50 but board still says no

Fourth takeover bid at £6.50 per share Castlelake made a fourth informal offer of £6.50 per share, about £5 billion, up from £4.74 billion. The board rejected it as too low, but the higher price shows a serious buyer and supports the shares.
The raised bid is the main new event moving EZJ.LSE this period.
Bid deadline extended to July 5 EasyJet agreed to share limited commercial information and asked regulators to extend the bid deadline to July 5. This keeps a possible higher offer alive, which can keep the share price supported.
The extension is a new development that changes the takeover timeline and investor expectations.
Shares jump 6.4% on engagement EasyJet shares closed up 6.4% at £5.74 after the company engaged with Castlelake. The market is pricing in a chance of a better deal, though the price is still well below the £6.50 offer.
The share price reaction shows how the market is interpreting the new takeover developments.
Board says offer undervalues and has risks EasyJet's board rejected the bid as substantially undervaluing the company and raised concerns about the opaque ownership structure and high leverage. This is a real counterweight: no deal may happen, and the shares could fall back.
It gives the fair counterweight to the positive takeover news.

June 202622 Jun – 28 Jun 2026

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Castlelake raises EasyJet bid to £6.50 but board still says no

Fourth takeover bid at £6.50 per share Castlelake made a fourth informal offer of £6.50 per share, about £5 billion, up from £4.74 billion. The board rejected it as too low, but the higher price shows a serious buyer and supports the shares.
The raised bid is the main new event moving EZJ.LSE this period.
Bid deadline extended to July 5 EasyJet agreed to share limited commercial information and asked regulators to extend the bid deadline to July 5. This keeps a possible higher offer alive, which can keep the share price supported.
The extension is a new development that changes the takeover timeline and investor expectations.
Shares jump 6.4% on engagement EasyJet shares closed up 6.4% at £5.74 after the company engaged with Castlelake. The market is pricing in a chance of a better deal, though the price is still well below the £6.50 offer.
The share price reaction shows how the market is interpreting the new takeover developments.
Board says offer undervalues and has risks EasyJet's board rejected the bid as substantially undervaluing the company and raised concerns about the opaque ownership structure and high leverage. This is a real counterweight: no deal may happen, and the shares could fall back.
It gives the fair counterweight to the positive takeover news.

22 Jun – 28 Jun 2026

▲3▼1

Castlelake raises EasyJet bid to £6.50 but board still says no

Fourth takeover bid at £6.50 per share Castlelake made a fourth informal offer of £6.50 per share, about £5 billion, up from £4.74 billion. The board rejected it as too low, but the higher price shows a serious buyer and supports the shares.
The raised bid is the main new event moving EZJ.LSE this period.
Bid deadline extended to July 5 EasyJet agreed to share limited commercial information and asked regulators to extend the bid deadline to July 5. This keeps a possible higher offer alive, which can keep the share price supported.
The extension is a new development that changes the takeover timeline and investor expectations.
Shares jump 6.4% on engagement EasyJet shares closed up 6.4% at £5.74 after the company engaged with Castlelake. The market is pricing in a chance of a better deal, though the price is still well below the £6.50 offer.
The share price reaction shows how the market is interpreting the new takeover developments.
Board says offer undervalues and has risks EasyJet's board rejected the bid as substantially undervaluing the company and raised concerns about the opaque ownership structure and high leverage. This is a real counterweight: no deal may happen, and the shares could fall back.
It gives the fair counterweight to the positive takeover news.