easyJet: Trading Update for quarter ended 31 December 2025

easyJetAnnouncement

Today 07:00

29 January 2026
easyJet plc
(‘easyJet’)

easyJet Trading Update for the quarter ended 31 December 2025 (Q1’FY26)

Q1 results in line with expectations with strategic route investments
performing to plan and booked load factors for the remainder of FY26 ahead
year on year

* Q1 headline loss before tax £(93) million (Q1’25: £(61) million)
  * ASK Capacity: +9% YoY (Seats: +5% YoY)
  * Passenger growth: +7% YoY
    * Load factor improved by 2 percentage points to 90%
  * RASK: flat YoY
  * Total headline CASK: increased by 2% YoY
  * easyJet holidays: £50 million headline PBT with customer growth of 20%
* Continued improvement in operational performance and customer satisfaction
  * On-time performance: 77%, +4ppts YoY
  * Airline CSAT: 83%, +4ppts YoY
  * Holidays CSAT: 84%, +1ppt YoY
* FY26 Outlook unchanged
  * Capacity growth:
    * FY26 ASK capacity expected to grow c.7% YoY with seats expected to grow
      c.3% YoY.
    * FY26 easyJet holidays customers planned to grow up to 15%, from a base
      of 3.1m customers
  * Forward bookings:
    * Airline
      * Q2: 63% sold (+2ppts YoY). RASK expected to be up low single digits
        YoY
      * H2: 22% sold (+1ppt YoY)
    * easyJet holidays
      * H1: 97% sold, with average selling price up high single digits
      * H2: 47% sold
  * Cost:
    * FY26 total headline CASK is expected to see modest inflation as cost and
      operational efficiencies alongside favourable fuel prices partially
      offset market-wide cost inflation

Kenton Jarvis, easyJet’s CEO, said:

“We have seen continued demand for our flights and holidays over the last
quarter, growing airline passenger numbers and load factor with easyJet
holidays maintaining its strong growth trajectory attracting 20% more
customers year on year. Our focus on, and investment in, customer experience
and punctuality is driving strong results with a four percentage point rise in
customer satisfaction and on time performance year on year. 

“Bookings are building well for the summer season, with our largest ever
January booking period. We remain committed to delivering sustainable value
and continue to progress towards our medium-term target of generating over £1
billion in profit before tax.”

Overview

We see continued demand for travel, with airline passengers increasing 7%,
ahead of seat capacity growth of 5%, leading to a 90% load factor (+2
percentage points year on year). Demand for easyJet holidays also continues to
grow, with customer numbers increasing 20% year on year. Our focus on
operational performance, resulted in a 4 percentage point improvement in
on-time performance, to 77%. This improvement in punctuality, alongside
targeted enhancements across all aspects of the customer journey, drove a 4
percentage point improvement in airline customer satisfaction scores to 83%,
continuing the improvement seen in FY25.

easyJet reported a headline loss before tax of £93 million, which is £32
million higher than the previous year. This performance reflects the first
winter operating our strategic investments at Milan Linate and Rome Fiumicino,
the time required for capacity investments to reach maturity and the continued
competitive environment in specific markets. This is partially offset by
profit growth in easyJet holidays and the continued reduction in disruption
costs. Looking ahead, we are starting to see revenue maturity benefits in the
March quarter and remain confident that our strategic investments will lead to
further revenue maturity over the coming years as our capacity investments
embed themselves into our network.

This year, the traditionally busy January booking period has seen record
levels in both volume and revenue as bookings continue to build for Summer
2026. H2’26 is 22% sold for the airline and 47% sold for holidays. We remain
focused on operational execution and delivering our medium term target of
sustainably generating over £1 billion in profit before tax.

Sustainability
Sustainalytics ranked easyJet as the top-rated airline globally (out of 69
airlines assessed), scoring 18.0. We also remain one of Europe’s leading
airlines on MSCI (AA), CDP (B) and retained our place on the FTSE4Good index.

FY26 Outlook unchanged

* Airline forward bookings;
  * Q2 63% sold (+2ppts YoY) with RASK expected to be up low single digits YoY
    reflecting revenue maturity benefits, throughout the quarter, from our
    capacity investments in prior years and a modest benefit in March from the
    timing shift of Easter YoY.
  * H2 22% sold (+1ppt YoY)
    * Q3 29% sold (+1ppt YoY)
    * Q4 15% sold, (+1ppt YoY)
* Airline cost outlook
  * FY26 total headline CASK is expected to see modest inflation as cost and
    operational efficiencies alongside favourable fuel prices partially offset
    market-wide cost inflation from increasing environmental costs, wages, and
    airport charges.
    * Unit cost inflation is expected to be weighted towards the first half,
      driven by the annualisation of resilience measures implemented for
      Summer 2025, the phasing of airport rate increases, higher year on year
      winter load factors, and our continued investment in e‐commerce.
  * Material upgauging benefit expected in FY27 and FY28 as A319 retirements
    accelerate as aircraft deliveries ramp up.

* Capacity
  * Disciplined seat capacity growth of 3% expected, slightly below FY25.
    * 46% of H1’26 growth is from annualising new bases opened during FY25.

+---------------------------------+--------------+--------------+-------------+
|                                 |    H1'26     |    H2'26     |    FY26     |
|                                 |              |              |             |
+---------------------------------+--------------+--------------+-------------+
| Seat capacity growth YoY        |      4%      |      2%      |     3%      |
+---------------------------------+--------------+--------------+-------------+
| Sector length growth YoY        |      4%      |      4%      |     4%      |
+---------------------------------+--------------+--------------+-------------+
| ASK capacity growth YoY         |      8%      |      6%      |     7%      |
+---------------------------------+--------------+--------------+-------------+

* easyJet holidays customers planned to grow by up to 15% in FY26, from a base
  of 3.1m customers
  * FY’26 64% sold
    * H1’26 is 97% sold, with average selling price up high single digits.
    * H2’26 is 47% sold.

Fuel & FX Hedging

+-----------+--------+-------+-------+---+----------+--------+-------+-------+
| Jet Fuel  | H1'26  | H2'26 | H1’27 |   | USD      | H1'26  | H2'26 | H1’27 |
+-----------+--------+-------+-------+---+----------+--------+-------+-------+
| Hedged    |  84%   |  62%  |  43%  |   | Hedged   |  80%   |  62%  |  40%  |
| position  |        |       |       |   | position |        |       |       |
+-----------+--------+-------+-------+---+----------+--------+-------+-------+
| Average   |  715   |  688  |  671  |   | Average  |  1.30  | 1.31  | 1.32  |
| hedged    |        |       |       |   | hedged   |        |       |       |
| rate      |        |       |       |   | rate     |        |       |       |
| ($/MT)    |        |       |       |   | (USD/GBP) |        |       |       |
+-----------+--------+-------+-------+---+----------+--------+-------+-------+
| Current   | c.$730 |       |       |   | Current  | c.1.37 |       |       |
| spot      |        |       |       |   | spot     |        |       |       |
| ($/MT) at |        |       |       |   | (USD/GBP) |        |       |       |
| 27.01.26  |        |       |       |   | at       |        |       |       |
|           |        |       |       |   | 27.01.26 |        |       |       |
+-----------+--------+-------+-------+---+----------+--------+-------+-------+

Capacity
During Q1 easyJet flew 25.2 million seats, a 5% increase on the same period
last year (24.1 million seats). Load factor was 90% up 2ppts year on year (Q1
FY25: 88%).
Passenger numbers in the quarter increased to 22.7 million (Q1 FY25: 21.2
million).

+---------------+------------+-------------+-------------+---------+---------+
|               |    October |    November |    December |      Q1 |      Q1 |
|               |       2025 |        2025 |        2025 |    FY26 |    FY25 |
+---------------+------------+-------------+-------------+---------+---------+
| Number of     |     55,051 |      38,612 |      46,450 | 140,113 | 133,096 |
| flights       |            |             |             |         |         |
+---------------+------------+-------------+-------------+---------+---------+
|               |            |             |             |         |         |
|               |            |             |             |         |         |
+---------------+------------+-------------+-------------+---------+---------+
| Passengers    |      8,944 |       6,281 |       7,488 |  22,713 |  21,236 |
| (thousand)    |            |             |             |         |         |
+---------------+------------+-------------+-------------+---------+---------+
|               |            |             |             |         |         |
|               |            |             |             |         |         |
+---------------+------------+-------------+-------------+---------+---------+
| Seats flown   |      9,919 |       6,948 |       8,380 |  25,247 |  24,072 |
| (thousand)    |            |             |             |         |         |
+---------------+------------+-------------+-------------+---------+---------+
|               |            |             |             |         |         |
|               |            |             |             |         |         |
+---------------+------------+-------------+-------------+---------+---------+
| Load factor   |        90% |         90% |         89% |     90% |     88% |
+---------------+------------+-------------+-------------+---------+---------+

Financial Summary

+------------------------------+---------+---------+-------------------------+
|                              |   Q1'26 |   Q1'25 |    Variance favourable/ |
|                              |         |         |               (adverse) |
+------------------------------+---------+---------+-------------------------+
| Passenger revenue (£’m)      |   1,362 |   1,255 |                      9% |
+------------------------------+---------+---------+-------------------------+
| Airline ancillary revenue    |     584 |     535 |                      9% |
| (£’m)                        |         |         |                         |
+------------------------------+---------+---------+-------------------------+
| Holidays revenue 1  (£’m)    |     311 |     247 |                     26% |
+------------------------------+---------+---------+-------------------------+
| Group revenue (£’m)          |   2,257 |   2,037 |                     11% |
+------------------------------+---------+---------+-------------------------+
| Fuel costs (£’m)             |   (512) |   (500) |                    (2)% |
+------------------------------+---------+---------+-------------------------+
| Airline headline EBITDA      | (1,359) | (1,182) |                   (15)% |
| costs ex fuel (£’m)          |         |         |                         |
+------------------------------+---------+---------+-------------------------+
| Holidays EBITDA costs 1      |   (264) |   (207) |                   (28)% |
| (£’m)                        |         |         |                         |
+------------------------------+---------+---------+-------------------------+
| Group headline EBITDA costs  | (2,135) | (1,889) |                   (13)% |
| (£’m)                        |         |         |                         |
+------------------------------+---------+---------+-------------------------+
| Group headline EBITDA (£’m)  |     122 |     148 |                   (18)% |
+------------------------------+---------+---------+-------------------------+
| Airline depreciation &       |   (194) |   (185) |                    (5)% |
| amortisation (£’m)           |         |         |                         |
+------------------------------+---------+---------+-------------------------+
| Holidays depreciation &      |     (4) |     (3) |                   (33)% |
| amortisation 1  (£’m)        |         |         |                         |
+------------------------------+---------+---------+-------------------------+
| Group headline LBIT (£’m)    |    (76) |    (40) |                   (90)% |
+------------------------------+---------+---------+-------------------------+
| Airline financing costs      |    (22) |    (19) |                   (16%) |
| excluding balance sheet      |         |         |                         |
| revaluations (£’m)           |         |         |                         |
+------------------------------+---------+---------+-------------------------+
| Holidays financing costs     |       7 |       6 |                     17% |
| (£’m)                        |         |         |                         |
+------------------------------+---------+---------+-------------------------+
| Balance sheet revaluations   |     (2) |     (8) |                     75% |
| (£’m)                        |         |         |                         |
+------------------------------+---------+---------+-------------------------+
| Group headline LBT (£’m)     |    (93) |    (61) |                   (52%) |
+------------------------------+---------+---------+-------------------------+
|                              |         |         |                         |
|                              |         |         |                         |
+------------------------------+---------+---------+-------------------------+
| Airline passenger RASK (p)   |    4.15 |    4.16 |                      0% |
+------------------------------+---------+---------+-------------------------+
| Airline ancillary RASK (p)   |    1.78 |    1.77 |                      1% |
+------------------------------+---------+---------+-------------------------+
| Total airline RASK (p)       |    5.93 |    5.93 |                      0% |
+------------------------------+---------+---------+-------------------------+
| Total airline revenue per    |   77.08 |   74.36 |                      4% |
| seat (£)                     |         |         |                         |
+------------------------------+---------+---------+-------------------------+
|                              |         |         |                         |
|                              |         |         |                         |
+------------------------------+---------+---------+-------------------------+
| Airline headline CASK ex     |  (4.81) |  (4.61) |                    (4%) |
| fuel (p)                     |         |         |                         |
+------------------------------+---------+---------+-------------------------+
| Airline fuel CASK (p)        |  (1.56) |  (1.66) |                      6% |
+------------------------------+---------+---------+-------------------------+
| Airline total headline CASK  |  (6.37) |  (6.27) |                    (2%) |
| (p)                          |         |         |                         |
+------------------------------+---------+---------+-------------------------+
| Airline total headline cost  | (82.74) | (78.70) |                    (5%) |
| per seat (£)                 |         |         |                         |
+------------------------------+---------+---------+-------------------------+
|                              |         |         |                         |
|                              |         |         |                         |
+------------------------------+---------+---------+-------------------------+
| Sector length (km)           |   1,299 |   1,255 |                      4% |
+------------------------------+---------+---------+-------------------------+
| Available seat kilometres    |  32,802 |  30,213 |                      9% |
| (ASK) (millions)             |         |         |                         |
+------------------------------+---------+---------+-------------------------+
| Cash and other cash          |     2.8 |     2.8 |                      0% |
| investments (£’bn)           |         |         |                         |
+------------------------------+---------+---------+-------------------------+
| Net debt (£’m)               |   (106) |   (484) |                     78% |
+------------------------------+---------+---------+-------------------------+

1) easyJet holidays numbers include elimination of intercompany airline
transactions
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

Glossary - refer to easyJet plc 2025 annual report easyJet Annual Report and
Accounts 2025
(https://s203.q4cdn.com/522538739/files/doc_financials/2025/ar/easyJetARA25_DIGITAL_sm.pdf)

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