Trading Update for the six months ended 31 March 2026

16 April 2025

easyJet plc
(‘easyJet’)

Trading Update for the six months ended 31 March 2026

easyJet expects to report a headline loss before tax of between £540 million and £560 million for the first half of FY26. Demand across the first half remained positive, with the airline delivering a load factor of 90%, up two percentage points year on year. easyJet holidays saw continued strong demand, with customer numbers increasing by 22% in the first half.

The underlying first‑half result was broadly in line with expectations, with revenue and costs in line, excluding approximately £25 million of additional fuel costs in March due to the Middle East conflict and around a £30 million net increase in legal provisions across a number of historic cases.

Strategic investments at Milan Linate and Rome Fiumicino performed in line with expectations in their first year of winter operations (£30 million investment cost). Year-on-year results were also impacted by continued capacity investments to drive winter aircraft utilisation and competitive overcapacity in specific markets. Nevertheless, Q2 RASK rose by approximately 3% year on year, driven by modest route maturity and the earlier timing of Easter, as strong late demand for domestics, cities and the Western Mediterranean offset war-related softness in Egypt, Turkey and Cyprus.

Operational performance continued to improve year on year, with Airline on‑time performance of 78%, improving one percentage point year on year and Airline customer satisfaction of 84%, up two percentage points year on year. easyJet holidays also continued to see strong customer satisfaction scores of 85%.

Expectations for full‑year Airline headline CASK ex fuel remain broadly in line with previous estimates. However, recent volatility in fuel prices mean that full‑year fuel and total headline CASK expectations remain subject to fuel price developments over the coming months.

• As previously noted, Airline headline CASK ex fuel has seen inflation weighted towards the first half, driven by the annualisation of resilience measures implemented for Summer 2025, the phasing of above inflation airport rate increases, higher winter load factors year on year, and the continued investment in digitalisation. The first half also included approximately £30 million of net additional legal provisions. As a result, H1 Airline headline CASK ex fuel increased by around 8%. Moving into the second half of the financial year, Airline headline CASK ex fuel is anticipated to increase by low single digits over this period.
• Fuel costs in March were impacted by the escalation of the conflict in the Middle East, leading to approximately £25 million of incremental costs. This was driven by the purchase of unhedged fuel requirements for March (18%) at prevailing spot prices. For the first half, fuel CASK decreased by approximately 5% year on year. Combined with the movement in Airline headline CASK ex fuel, this resulted in Airline headline CASK increasing by around 5% in the first half.

The conflict in the Middle East has introduced near-term uncertainty around fuel costs and customer demand. As expected, the booking curve has shortened in recent weeks, resulting in lower than normal forward visibility.

easyJet remains well positioned to manage this volatility, supported by its investment grade balance sheet. The Group has net cash of £434 million, liquidity of £4.7 billion and owns 86% of its neo aircraft, providing both financial and operational flexibility.

easyJet is 70% hedged at $706 per metric tonne for jet fuel over the summer period, although fuel prices remain volatile for the unhedged portion. In line with the wider industry, we remain in close contact with our fuel suppliers and airports around fuel supply.

Near‑term bookings, hedge position and sensitivities

Bookings

• Q3: 63% sold, ‑2 percentage points year on year, with ticket yield marginally down
  • Every 1 percentage point movement in Q3 RASK equates to approximately £26 million of revenue
• Q4: 30% sold, ‑2 percentage points year on year, with ticket yield modestly up
  • Every 1 percentage point movement in Q4 RASK equates to approximately £33 million of revenue
• easyJet holidays
  • H2 is currently 67% sold
  • FY26 customer growth is expected to increase low double‑digit YoY in a competitive market

Fuel

• H2 FY26: 70% hedged at $706 per metric tonne (current spot at 15/04/26: $1,500)
• Every $100 movement in fuel prices equates to c.£40 million cost in H2 FY26

Whilst we navigate the current operating environment, easyJet remains firmly focused on executing multiple self‑help initiatives to deliver its medium‑term financial targets. The Group will publish its full half‑year results on Thursday, 21 May 2026, which will include the normal update on strategic initiatives.

Kenton Jarvis, easyJet’s CEO, said:
“easyJet saw continued positive demand in the first half, driven by our great value flights and holidays, alongside a continued focus on our operations and customer experience.  

“Despite these positives, our H1 financial performance worsened year on year, impacted by the conflict in the Middle East and the competitive environment in some markets. Following our busiest Easter holiday period ever, the operational ramp up into peak summer continues as planned.

“easyJet’s financial strength from our investment grade balance sheet and £4.7 billion of liquidity mean we are well placed to navigate current geopolitical challenges while remaining focused on our medium term targets.”  

For further details please contact easyJet plc:
Institutional investors and analysts:
Adrian Talbot Investor Relations [phone]

Media:
Anna Knowles Corporate Communications [phone]
Harry Cameron Teneo [phone]
This announcement may contain statements which constitute 'forward-looking statements'. Although easyJet believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that these expectations will prove to have been correct. Because these statements involve risks and uncertainties, actual results may differ materially from those expressed or implied by these forward-looking statements.