easyJet: Trading Update for the six months ended 31 March 2026

easyJetAnnouncement

Today 07:00

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 +44 (0) 7971 592 373

Media:
Anna Knowles Corporate Communications +44 (0) 7985 873 313
Harry Cameron Teneo +44 (0) 20 7353 4200
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