Jet2 plc Finalizes Initial Phase of Share Buyback Program with Acquisition of 412,152 Shares

Jet2’s Share Buyback Reflects Strategic Capital Management

Following shareholder approval at the Annual General Meeting on 4 September 2025, Jet2 plc initiated this share repurchase programme. The execution of the first tranche between 20 and 24 July 2026 underscores the company’s focus on enhancing shareholder value while optimizing its capital structure. The repurchase of 412,152 shares marks a significant reduction in the ordinary share count, with all repurchased shares designated for cancellation rather than retention in treasury.

Jefferies International Limited acted as the executing broker, conducting the purchases across multiple trading venues during regular market hours. The transactions were spread over five consecutive trading days to comply with market abuse regulations and to achieve effective pricing. This phased approach indicates a disciplined capital allocation strategy rather than concentrated buying.

Share Purchase Pricing and Execution Over Five Trading Days

On 20 July 2026, Jet2 acquired 82,431 shares at a volume-weighted average price of A314.5179 per share, with individual prices ranging from A314.35 to A314.65. The following day, 21 July, saw the purchase of 82,429 shares at a slightly lower average price of A314.4988, with prices between A314.41 and A314.61. Daily purchase volumes remained consistent at approximately 82,430 shares.

On 22 July, 82,431 shares were bought at the lowest volume-weighted average price of the period, A314.4528, despite a peak individual trade price of A314.69. The last two days, 23 and 24 July, involved purchases of 82,430 and 82,431 shares respectively, at average prices of A314.3990 and A314.5225 per share. Overall, the five-day buyback achieved a blended volume-weighted average price near A314.49 per share for all 412,152 shares. Execution took place on multiple venues including AIM, TRQX, BATE, AQXE, and CHIX, demonstrating broad market participation.

Capital Structure Post-Cancellation and FCA Disclosure Impact

Following cancellation of the repurchased shares, Jet2 will have 190,106,364 ordinary shares of 1.25p each outstanding. The company confirmed that no shares will be held in treasury, ensuring all shares remain either in active circulation or are cancelled. This adjustment affects existing shareholders under the FCA’s Disclosure Guidance and Transparency Rules.

The revised share count of 190,106,364 will serve as the denominator for shareholders to assess their notification obligations for interests or changes in interests under FCA transparency thresholds such as 3%, 5%, and 10%. The reduction in total shares outstanding increases the proportionate ownership represented by any given shareholding, potentially triggering disclosure requirements for investors previously below these thresholds.

Operational Overview of Jet2.com Airline and Jet2holidays

Jet2 plc operates as a diversified leisure travel group with two main segments: Jet2holidays, the UK’s leading ATOL-protected package holiday provider to destinations in the Mediterranean, Canary Islands, and European cities; and Jet2.com, the UK’s third-largest airline by passenger numbers, specializing in scheduled holiday flights that support the package holiday business.

For the year ended 31 March 2026, over 63% of flown passengers used integrated package holidays combining airline and accommodation, with the remainder booking flight-only services. Jet2 operates from 14 UK airport bases including Belfast International, Birmingham, Bournemouth, Bristol, East Midlands, Edinburgh, Glasgow, Leeds Bradford, Liverpool John Lennon, London Gatwick, London Luton, London Stansted, Manchester, and Newcastle.

Regulatory Compliance Governing the Share Buyback

The buyback programme was authorized at the Annual General Meeting on 4 September 2025, granting Jet2 the authority to repurchase shares within defined limits. Execution complies with the Market Abuse Regulation (EU) No 596/2014, incorporated into UK law post-Brexit, which sets out rules on timing, pricing, volume, and disclosure obligations for buybacks.

Jet2 has disclosed detailed daily transaction data for the first tranche, including shares purchased, price ranges, volume-weighted averages, and venue breakdowns. A full trade-level breakdown by Jefferies International Limited is available in the attached PDF on the London Stock Exchange’s regulatory news platform, ensuring transparency for shareholders and investors.

Distribution of Trades Across Multiple Market Venues

The 412,152 shares were purchased across several trading venues, reflecting the fragmented nature of modern equity markets. Approximately 47% (193,186 shares) traded on AIM, Jet2’s primary listing. The remainder was executed on TRQX (28,918 shares, 7%), BATE (110,194 shares, 27%), AQXE (16,689 shares, 4%), and CHIX (30,461 shares, 7%).

This multi-venue execution aligns with broker instructions and prevailing market conditions. Volume-weighted average prices across venues were closely aligned, indicating efficient price discovery without significant venue-specific liquidity issues. The approach also avoids concentrating demand on a single market infrastructure provider.

Industry Context and Jet2’s Competitive Position

Operating in the UK leisure travel sector, Jet2’s vertically integrated model combines leading ATOL-protected package holidays with a major airline operation. This dual positioning differentiates it from competitors focused solely on either tour operations or airline services. The sector has undergone significant disruption due to the COVID-19 pandemic, followed by recovery involving fleet renewal and destination expansion investments.

Jet2’s presence across 14 UK airports provides geographic diversification, reducing reliance on any single location. Its portfolio of Mediterranean, Canary Islands, and European leisure destinations offers exposure to established holiday markets with stable seasonal demand. Coordinated scheduling between airline and holiday operations optimizes capacity and revenue management.

Capital Allocation Insights from the Share Buyback

The share buyback announcement signals Jet2’s board’s capital allocation priorities and confidence in the company’s valuation. Opting to return capital via share repurchases rather than alternatives such as debt reduction or acquisitions indicates management’s view that buybacks offer attractive value creation. The July 2026 tranche execution confirms the programme’s activation as planned.

Purchases priced between A314.21 and A314.69 per share provide transparency on valuation levels deemed appropriate by management. Future tranches may offer further insights into valuation and capital deployment strategies, subject to market conditions and available resources.

Outlook for Future Buyback Tranches and Investor Considerations

This initial tranche is part of a broader buyback programme launched on 8 July 2026. The company has not disclosed the total programme size, timeline for subsequent tranches, or maximum share price limits. Investors will monitor forthcoming announcements for updates on further tranche executions and pricing.

The consistent daily purchase volume of around 82,430 shares suggests a measured, systematic approach rather than opportunistic buying. Future tranche disclosures will reveal whether this disciplined execution continues or adjusts based on market and company factors. The post-cancellation share count of 190,106,364 shares will remain the basis for FCA disclosure calculations until updated by future buybacks.