Jet2 Plc warned Wednesday its FY27 operating profit may fall short of market expectations by as much as 10%, citing costs tied to its new London Gatwick base. The British package holiday operator maintained full-year profit to March 2026 would meet current forecasts of £439 million, absorbing approximately £10 million in Gatwick startup costs.

Jefferies estimates FY27 operating profit at approximately £400 million versus a consensus of £444 million, creating a £44 million gap after accounting for £40-50 million in Gatwick investment costs. Jet2 has added 8% more seats for Summer 2026, reaching 20 million total, with 1.1 million seats coming from new bases including Gatwick.

While bookings run 7.9% ahead of the prior year with more than 260,000 passengers already booked at Gatwick, analysts see pricing risks. Jet2's commitment to "investing in load factor" suggests yield dilution to fill capacity, with package holidays maintaining approximately 66% of total bookings. The company trades at a 50% discount to historical valuation levels.