Nomura Holdings, Inc, the Tokyo-headquartered financial group, has disclosed a combined voting rights position of 5.34% in easyJet plc (EZJ), crossing a regulatory notification threshold on 4 November 2026. The disclosure, filed with easyJet on 6 November 2026, covers both direct shareholdings and cash-settled swap instruments held through its London-based subsidiary, Nomura International plc. The notification was made under DTR5 rules, which require major holders to disclose positions once certain thresholds are crossed. Investors may be watching the development given the meaningful increase in Nomura's overall exposure to the UK low-cost carrier.

Key Points

  • easyJet plc (EZJ), UK-listed low-cost airline, ISIN: GB00B7KR2P84
  • Nomura Holdings, Inc has notified a combined position of 5.34% in easyJet, crossing the 5% disclosure threshold on 4 November 2026
  • Total voting rights held: 40,457,590; previous combined position stood at 5.29%
  • Investors should watch whether Nomura's swap positions, the largest component of its holding, are extended or converted ahead of their December 2026 expiry dates

Nomura's 5.34% Combined Position in easyJet Breaks Down Between Shares and Four Swap Contracts

According to the TR-1 filing, Nomura Holdings holds 1.10% of easyJet's voting rights through direct shares, amounting to 8,312,488 shares held via Nomura International plc in London. The remaining 4.24% is held through four separate cash-settled swap instruments totalling 32,145,102 voting rights. The swaps carry expiry dates of 10 November 2026, 2 December 2026, 4 December 2026, and 9 December 2026 respectively, and are all designated for cash rather than physical settlement, meaning they do not automatically result in direct share ownership upon expiry.

How Nomura's Position in easyJet Changed From the Previous Notification

The previous notification from Nomura recorded a combined position of 5.29% in easyJet, comprising 2.24% in direct voting rights attached to shares and 3.05% through financial instruments. The updated disclosure shows the direct share component has fallen to 1.10%, whilst the financial instruments component has risen to 4.24%, producing a marginally higher combined total of 5.34%. The announcement states the threshold crossing date was 4 November 2026, with easyJet notified two days later on 6 November 2026, in line with standard regulatory timelines under UK disclosure rules.

easyJet's Position as a Major UK Low-Cost Carrier Provides Context for Institutional Interest

easyJet plc operates as one of Europe's largest short-haul, low-cost airlines, serving routes across the UK and continental Europe. The airline's shares are listed on the London Stock Exchange and form part of key UK equity indices, making them a common constituent in institutional portfolios. Nomura's use of cash-settled swaps, rather than outright share purchases, to build the majority of its economic exposure reflects a strategy that provides market participation without immediate voting control, though the position still triggers regulatory disclosure obligations above the 5% combined threshold.