easyJet: Half-year Report
Today 07:00
21 May 2026
easyJet plc
Results for the six months ending 31 March 2026
H1 FY26 result was in line with our April trading statement. Performance so
far in H2 has seen strong late bookings, but has been impacted by the Middle
East conflict through higher fuel costs and lower forward visibility.
* H1 FY26 headline loss before tax 1 : £(552) million (H1 FY25: £(394)
million)
Reported H1 FY26 loss before tax: £(552) million (H1 FY25: £(401)
million)
* ASK capacity: +8% YoY (Seats: +4% YoY)
* Passenger growth: +6% YoY with load factor improved by 2 ppts to 90%
* RASK: +1% YoY (Q2’26 +3% YoY, benefiting from modest route maturity, FX and
earlier Easter)
* Total headline CASK: increased 5% YoY, including previously flagged one-offs
and £25 million additional fuel costs incurred in March
* easyJet holidays: £61 million headline PBT 1 with customer growth of 22%
* Operational performance and customer satisfaction continue to improve
* On-time performance: 78%, +1ppt YoY
* Airline CSAT: 84%, +2ppts YoY
* Holidays CSAT: 85%, +1ppt YoY
* Managing near-term uncertainty from a position of strength
* Strong balance sheet
* £4.7 billion of liquidity and net cash of £434 million
* £5.0 billion book value of owned assets
* Forward bookings have been impacted by the conflict in the Middle East,
resulting in a later booking curve. However, bookings in the month of
departure continue to show year‐on‐year strength
* Intend to operate the full summer schedule on sale
* Focused on execution to enable further progress towards our medium‐term
target of >£1bn PBT as conditions normalise
* Disciplined low-cost airline:
* Capital allocation focus:
* Driving towards targeted £2.5 million PBT per aircraft; incremental
FY26 aircraft have been deployed to existing bases that exceeded this
target in FY25, alongside the opening of new bases in Marrakech and
Newcastle
* Capacity growth moderates from H1 FY27
* Accelerating upgauging; all A319 aircraft to be retired by FY29,
delivering c.£250 million of incremental annual cost efficiencies
across FY27 & FY28
* Capital-light extensions:
* Continued progress at easyJet holidays
* Launching in 500 high-street retailers in Berlin to accelerate growth
in Germany
* Launch of flight-plus-hotel in late FY26 with inventory increasing
from c.8,000 to c.13,000 hotels
* Loyalty programme to launch in FY27
* Leveraging the Group: continue to build on our brand, delivering a
consistent, seamless customer experience
* Lean, digital organisation: investments to drive simplification and
automation within fixed cost base
Kenton Jarvis, CEO of easyJet, commenting on the results said:
“Despite conflict in the Middle East creating near‐term uncertainty, easyJet
is well placed to manage the current environment, supported by one of the
strongest investment‐grade balance sheets in European aviation.
“We delivered a strong operational performance in the first half, with
positive demand driving a 90% load factor, up 2 ppts vs last year, and further
improved customer satisfaction, alongside continued growth in our holidays
business.
“easyJet is not seeing any disruption to fuel supply, we continue to operate
normally and our customers should book with confidence, taking advantage of
our great value fares.
“Our strategy is clear - through disciplined growth, accelerated upgauging,
and continued expansion of easyJet holidays, we aim to bounce back from this
year’s Middle East related setbacks, and then further progress towards our
medium-term financial targets and deliver attractive shareholder returns as
the operating environment normalises.“
Overview
The performance for the first half of easyJet’s 2026 financial year was in
line with the trading update released on 16 April 2026. Demand for travel
remained positive during the period, with airline passengers increasing 6%
year on year, resulting in a load factor of 90%, an improvement of 2
percentage points versus last year. easyJet holidays continued to see strong
demand, with customer numbers increasing by 22% year on year.
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 performance elsewhere was also impacted by
continued capacity investments to drive winter aircraft utilisation,
competitive overcapacity in certain beach markets and cost inflation weighted
towards the first half of the financial year. This was 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 a continued investment cost in digitalisation.
As set out in the April trading update, the second half of easyJet’s 2026
financial year will be impacted by the conflict in the Middle East, with
higher fuel costs and near‐term uncertainty around customer demand. We
continue to see positive late bookings since the conflict began, however
overall bookings for the summer period are behind where they were at this
point last year.
As the Group navigates this near‐term volatility from a position of strength,
easyJet remains focused on its self‐help strategic initiatives aimed at
delivering medium‐term margin and profit improvement. These actions are
expected to support attractive shareholder returns as the business returns to
a normalised operating environment.
Balance sheet
easyJet continues to have one of the strongest investment-grade balance sheets
in European Aviation (rated Baa2, stable, by Moody's and BBB+, stable by
Standard & Poor's). As at 31 March 2026, the Group’s net cash position was
£434 million (31 March 2025: £327 million), with access to £4.7 billion of
liquidity (31 March 2025: £5.3 billion). This is £1.1 billion above our
liquidity policy of unearned revenue plus £500 million, providing operational
and financial flexibility and pre‐funding a proportion of future capital
expenditure.
The strength of our balance sheet will allow us to navigate the near-term
uncertainty as well as support future disciplined fleet growth and
modernisation which is planned to deliver upgauging, margin improvement, and
attractive shareholder returns. The net book value of owned assets is £5.0
billion with 86% of our A320neo family aircraft owned. We expect the book
value of our owned assets to grow to more than £7.5 billion by FY28.
Sustainability
We are ranked as Europe’s leading airline on MSCI (rated AAA) and
Sustainalytics (score of 18.9) and retained our place on the FTSE4Good index.
Actions taken to navigate the near-term volatility caused by the Middle East
conflict
* Hedging
* easyJet’s historic layered approach to jet fuel hedging provides near‐term
mitigation of fuel price volatility
* Short term additional hedging temporarily suspended due to elevated
near-term fuel prices
* Forward fuel curve remains in backwardation, with management of additional
forward hedging continuing as normal
* Schedule optimisation
* In March, we reviewed the schedule resulting in a 0.3% net seat reduction
for this summer
* Redeployed some capacity from countries adjacent to the Middle East
conflict into domestic and city routes across the network
* Some high‐frequency flows were thinned in April and May in response to
the elevated fuel price
* Intention is to now operate the full summer schedule on sale as planned
* No current operational impact
* No operations into Tel Aviv (nor in any of the directly impacted countries
in the region)
* No impact from fuel supply, with normal supply visibility of a rolling 4
week period
* Proactively engaging with fuel suppliers, airports, government & airline
bodies
* Business actions
* Minimum ticket fare raised
* Active review of all discretionary cost
Outlook: there remains uncertainty over the FY26 financial outturn due to the
current external environment with fuel prices remaining elevated and lower
than normal visibility of forward bookings.
* Airline forward bookingshave been impacted by escalations in the Middle East
* H2 58% sold (-2ppts YoY)
* Q3: 79% sold, -1ppt YoY (+1ppt improvement since April trading update,
demonstrating the later booking trend)
* Booked RASK to date is -4% YoY, also impacted by the earlier timing of
Easter YoY
* Q4: 40% sold, -3ppts YoY, with ticket yield modestly up
* Airline cost outlook
* H2 FY26 headline CASK ex fuel is expected to increase by low single digits
* H2 FY26 Fuel CASK remains uncertain due to price volatility
* 72% hedged at $726/MT
* Every $100/MT movement in price equates to c.£35m fuel costs
* Upgauging cost efficiencies are expected to deliver approximately £250
million of incremental annual cost efficiencies across FY27 and FY28 as
A319 retirements accelerate
* Digital investments to drive simplification and automation within fixed
cost base
* Capacity
* Disciplined seat capacity growth of 3% expected in FY26
* 46% of H1 FY26 growth reflects the annualisation of new bases opened
during FY25
* Sector length and ASKs in H2 are expected to be lower than previous
guidance, reflecting capacity reallocation from longer leisure routes to
shorter domestic and city markets following the Middle East conflict
+------------------------------------+-------------+-------------+------------+
| | H1'26 | H2'26 | FY26 |
| | | | |
+------------------------------------+-------------+-------------+------------+
| Seat capacity growth YoY | 4% | 2% | 3% |
+------------------------------------+-------------+-------------+------------+
| Av. sector length growth YoY | 4% | 3% | 3% |
+------------------------------------+-------------+-------------+------------+
| ASK capacity growth YoY | 8% | 5% | 6% |
+------------------------------------+-------------+-------------+------------+
* More moderated H1’27 growth expected following the 20% increase in asset
utilisation over the past three years where we have grown H1 ASK capacity by
33%, with the focus now to mature this growth over the coming years.
* easyJet holidays customers are expected to grow by low double digits in
FY26, in a competitive market, from a base of 3.1m customers
* H2 FY26 is 76% sold
Fuel & FX Hedging
+-----------+--------+-------+-------+---+----------+--------+-------+-------+
| Jet fuel | H2'26 | H1'27 | H2’27 | | USD | H2'26 | H1'27 | H2’27 |
+-----------+--------+-------+-------+---+----------+--------+-------+-------+
| Hedged | 72% | 53% | 29% | | Hedged | 75% | 51% | 29% |
| position | | | | | position | | | |
+-----------+--------+-------+-------+---+----------+--------+-------+-------+
| Average | 726 | 719 | 745 | | Average | 1.32 | 1.33 | 1.34 |
| hedged | | | | | hedged | | | |
| rate | | | | | rate | | | |
| ($/MT) | | | | | (USD/GBP) | | | |
+-----------+--------+-------+-------+---+----------+--------+-------+-------+
| Current | c. | | | | Current | c.1.34 | | |
| spot | 1,350 | | | | spot | | | |
| ($/MT) at | | | | | (USD/GBP) | | | |
| 19.05.26 | | | | | at | | | |
| | | | | | 19.05.26 | | | |
+-----------+--------+-------+-------+---+----------+--------+-------+-------+
* Carbon obligation including free allowances
* 100% covered for CY26 at €66/MT
* USD lease payments hedged for the next three years at 1.28
* Capex hedged for the next 12 months in EUR & USD
Capacity
During Q2 easyJet flew 21.6 million seats. In the same period last year
easyJet flew 20.8 million seats. Load factor was 89.5% (Q2 FY25: 87.5%),
+2ppts year on year.
Passenger numbers in the quarter increased to 19.3 million (Q2 FY25: 18.2
million).
+-----------+----------+----------+----------+---------+---------+-----------+
| | January | February | March | Q2 | Q2 | Variance |
| | 2026 | 2026 | 2026 | FY26 | FY25 | favourable/ |
| | | | | | | (adverse) |
+-----------+----------+----------+----------+---------+---------+-----------+
| Number of | 32,134 | 39,026 | 48,230 | 119,390 | 114,624 | 4% |
| flights | | | | | | |
+-----------+----------+----------+----------+---------+---------+-----------+
| | | | | | | |
| | | | | | | |
+-----------+----------+----------+----------+---------+---------+-----------+
| | 5,136 | 6,378 | 7,799 | 19,313 | 18,235 | 6% |
| Passengers | | | | | | |
| (thousand) | | | | | | |
+-----------+----------+----------+----------+---------+---------+-----------+
| | | | | | | |
| | | | | | | |
+-----------+----------+----------+----------+---------+---------+-----------+
| Seats | 5,800 | 7,059 | 8,719 | 21,578 | 20,843 | 4% |
| flown | | | | | | |
| (thousand) | | | | | | |
+-----------+----------+----------+----------+---------+---------+-----------+
| | | | | | | |
| | | | | | | |
+-----------+----------+----------+----------+---------+---------+-----------+
| Load | 88.6% | 90.4% | 89.4% | 89.5% | 87.5% | 2ppts |
| factor | | | | | | |
+-----------+----------+----------+----------+---------+---------+-----------+
Financial Summary
+------------------------------+---------+---------+-------------------------+
| | H1 FY26 | H1 FY25 | Variance favourable/ |
| | | | (adverse) |
+------------------------------+---------+---------+-------------------------+
| Passenger revenue (£’m) | 2,361 | 2,156 | 10% |
+------------------------------+---------+---------+-------------------------+
| Airline ancillary revenue | 1,075 | 978 | 10% |
| (£’m) | | | |
+------------------------------+---------+---------+-------------------------+
| Holidays revenue 2 (£’m) | 518 | 400 | 30% |
+------------------------------+---------+---------+-------------------------+
| Group revenue (£’m) | 3,954 | 3,534 | 12% |
+------------------------------+---------+---------+-------------------------+
| Fuel costs (£’m) | (982) | (949) | (3%) |
+------------------------------+---------+---------+-------------------------+
| Airline headline EBITDA | (2,644) | (2,227) | (19%) |
| costs ex fuel 1 (£’m) | | | |
+------------------------------+---------+---------+-------------------------+
| Holidays EBITDA costs1,2 | (462) | (363) | (27%) |
| (£’m) | | | |
+------------------------------+---------+---------+-------------------------+
| Group headline EBITDA | (4,088) | (3,539) | (16%) |
| costs 1 (£’m) | | | |
+------------------------------+---------+---------+-------------------------+
| Group headline EBITDA 1 | (134) | (5) | (2580%) |
| (£’m) | | | |
+------------------------------+---------+---------+-------------------------+
| Airline depreciation & | (391) | (359) | (9%) |
| amortisation (£’m) | | | |
+------------------------------+---------+---------+-------------------------+
| Holidays depreciation & | (8) | (5) | (60%) |
| amortisation 1 (£’m) | | | |
+------------------------------+---------+---------+-------------------------+
| Group headline LBIT 1 (£’m) | (533) | (369) | (44%) |
+------------------------------+---------+---------+-------------------------+
| Airline financing costs | (32) | (31) | (3%) |
| excluding balance sheet | | | |
| revaluations (£’m) | | | |
+------------------------------+---------+---------+-------------------------+
| Airline balance sheet | 0 | (6) | 100% |
| revaluations (£’m) | | | |
+------------------------------+---------+---------+-------------------------+
| Holidays financing costs | 13 | 12 | 8% |
| (£’m) | | | |
+------------------------------+---------+---------+-------------------------+
| Group headline LBT 1 (£’m) | (552) | (394) | (40%) |
+------------------------------+---------+---------+-------------------------+
| Reported LBT (£’m) | (552) | (401) | (38%) |
+------------------------------+---------+---------+-------------------------+
| | | | |
| | | | |
+------------------------------+---------+---------+-------------------------+
| Airline passenger RASK (p) | 3.93 | 3.88 | 1% |
+------------------------------+---------+---------+-------------------------+
| Airline ancillary RASK (p) | 1.78 | 1.76 | 1% |
+------------------------------+---------+---------+-------------------------+
| Total airline RASK (p) | 5.71 | 5.64 | 1% |
+------------------------------+---------+---------+-------------------------+
| Total airline revenue per | 73.36 | 69.78 | 5% |
| seat (£) | | | |
+------------------------------+---------+---------+-------------------------+
| | | | |
| | | | |
+------------------------------+---------+---------+-------------------------+
| Airline headline CASK ex | (5.10) | (4.72) | (8%) |
| fuel (p) | | | |
+------------------------------+---------+---------+-------------------------+
| Airline Fuel CASK (p) | (1.63) | (1.71) | 5% |
+------------------------------+---------+---------+-------------------------+
| Airline total headline CASK | (6.73) | (6.43) | (5%) |
| (p) | | | |
+------------------------------+---------+---------+-------------------------+
| Airline total headline cost | (86.45) | (79.55) | (9%) |
| per seat (£) | | | |
+------------------------------+---------+---------+-------------------------+
| | | | |
| | | | |
+------------------------------+---------+---------+-------------------------+
| Sector length (km) | 1,284 | 1,237 | 4% |
+------------------------------+---------+---------+-------------------------+
| Available seat kilometres | 60,126 | 55,570 | 8% |
| (ASK) (millions) | | | |
+------------------------------+---------+---------+-------------------------+
| Cash and other cash | 3,446 | 3,622 | (5%) |
| investments (£’m) | | | |
+------------------------------+---------+---------+-------------------------+
| Net cash (£’m) | 434 | 327 | 33% |
+------------------------------+---------+---------+-------------------------+
Footnotes
1) We use a range of measures to monitor the financial performance of the
Group. These measures include both statutory measures in accordance with IFRS
and alternative performance measures (‘APMs’) which are consistent with the
way that the business measures its performance. These measures are not defined
under International Financial Reporting Standards (IFRS), should be considered
in addition to IFRS measurements, may differ to definitions given by
regulatory bodies applicable to the Group and may differ to similarly titled
measures presented by other companies. See page 41 for reconciliations and
definition of non-GAAP measures and a full glossary with definition of terms.
2) easyJet holidays numbers include elimination of intercompany airline
transactions.
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.
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
Investor presentation and conference call
A recording of easyJet’s Investor presentation is available on the corporate
website - easyJet plc - Investors - Reports and presentations
(https://corporate.easyjet.com/investors/reports-and-presentations/default.aspx)
There will be an analyst Q&A session at 10:30am BST on 21 May 2026 at Nomura,
One Angel Lane, London, EC4R 3AB. A webcast of this will be available both
live and for replay (please register on the following link):
https://brrmedia.news/EZJ_HY26
Alternatively dial-in details are as follows: +44 (0) 33 0551 0200 quoting
‘easyJet Half Year 26’ when prompted.
Strategy
easyJet’s purpose is to make low-cost travel easy. Our strategy is built
around four key priorities that leverage our structural benefits in the
European aviation market. These strategic initiatives guide easyJet towards
its goal of becoming Europe's most loved airline, delivering value for our
customers, shareholders, and people. The details of our strategic priorities
are as follows:
* Building Europe’s best network
* Strengthening revenue
* Delivering ease and reliability
* Driving our low-cost model
Building Europe’s best network
Our strategy remains focused on disciplined, targeted growth, deploying
capacity selectively where we see the strongest returns.
Ahead of the summer season, we opened two new bases in Newcastle and
Marrakech, each operating three aircraft, and added a further seven aircraft
to our highest‐performing bases. Capacity deployment continues to be focused,
with additional growth pursued only where we expect it to generate attractive
and sustainable value.
Our new base in Newcastle is performing in line with expectations. Demand has
been particularly strong for easyJet holidays. The launch of our Marrakech
base, our first located outside Europe, represents an important strategic
milestone for the Group. This base enables us to broaden our market reach for
the destination, while continuing to serve our established customer base
across Europe, and further diversifies our network footprint.
We are entering the second summer season for our new bases at Milan Linate and
Rome Fiumicino, following the strategically important award of new slots at
these primary airports. Prior to the impact of the Middle East conflict, we
saw early signs of route maturity, including year‐on‐year improvements in
forward bookings and a stronger contribution. We expect sequential improvement
over the coming years at these bases as these routes continue to mature and
easyJet has a proven track record of improving returns following strategic
capacity investments that include the award of remedy slots.
Strengthening revenue
Airline:
We remain focused on continuous improvement across both our customer
proposition and our digital capabilities, with particular emphasis on our
fully owned mobile app. During the period, we launched new Smart Bundles,
which combine baggage, seat selection and Speedy Boarding. These have been
well received by customers, with attachment rates of bundle increasing since
launch.
This summer we are offering customers a Flex Pass, allowing ticket changes
without a change fee. Demand for the product has been strong, and it is
already generating incremental returns for the airline.
In‐flight retail performance continues to improve, with profit per seat
increasing 9% in the first half. We have introduced a new summer onboard
range, further strengthening the customer proposition.
Our mobile app remains a key differentiator for the Group. We saw a 5%
increase in customers citing the app as a reason to book with easyJet,
alongside a 10 percentage point improvement in app booking experience customer
satisfaction scores. This is driving improved conversion and brand loyalty,
with the app now the fastest‐growing booking channel accounting for 38% of
direct airline bookings and 31% of direct holidays bookings.
easyJet holidays:
easyJet holidays continues to deliver strong, profitable growth through its
digitally delivered, low‐overhead operating model, with growth outperforming
the wider market as we gain market share profitably in a competitive
environment, with a number of growth initiatives still to come.
Later this year, we plan to launch a new flight‐plus‐hotel proposition ahead
of the forthcoming winter season. This will allow customers to book city
breaks seamlessly within the airline book flow, improving the end‐to‐end
customer experience and supporting higher conversion rates. As part of this,
we will be expanding our hotel inventory across key European city
destinations.
We continue to make good progress in growing our holidays proposition across
other European source markets. In Germany, this will be further supported by
the introduction of easyJet holidays through around 500 high‐street travel
agents within the Berlin catchment area. Establishing these distribution
partnerships is an important step, reflecting the fact that approximately 70%
of package holiday sales in the German market continue to be made offline.
Delivering ease and reliability
We are increasingly leveraging data and technology to drive efficiencies
across the business, resulting in a smoother, more resilient end‐to‐end
journey for our customers.
Over the past two years, we have made significant progress in transforming how
customers interact with our contact centre. Generative AI has been a key
enabler, supporting the shift of customer communications from voice to live
chat and enabling the automation of emails and claims handling. This has
delivered a faster and more efficient service for customers while reducing
complexity and cost. This transformation remains ongoing, and we expect to
unlock further efficiencies and savings as these capabilities are extended and
embedded.
We have also expanded our automated service recovery capability which is now
available to almost all customers who experience disruption, including on the
day of travel. Customers can now view their best available options within
minutes of disruption and resolve their revised journey plans in just two
clicks. As a result, 87% of customers now self‐serve, an increase of 15
percentage points year on year, with approximately one third already using the
two‐click resolution option.
Operational efficiency is also being enhanced through targeted innovations. At
Gatwick, we are reducing turnaround times through the use of remote smart
stands, which also improve safety and support more accurate prediction of
pushback times. On board, crews are now using a suite of digital tools,
including electronic cabin logs and reports, as well as a new weather
application that helps predict and avoid turbulence, improving both
operational efficiency and the customer experience.
Looking ahead, the Group’s schedule for the next financial year is being built
using SkyMax, which now incorporates profit optimisation, further
strengthening our ability to deploy capacity effectively. We continue to
develop tools that automate decision‐making within network control, enabling
faster responses and more cost‐optimal outcomes when disruption occurs.
Together, these initiatives demonstrate how our targeted technology
investments are starting to deliver tangible efficiency and reliability
benefits today, with further gains expected as these capabilities continue to
scale over the coming years.
Driving our low-cost model
We are fully committed to delivering low-cost travel and this is even more
important to ensure we are doing all we can in the current climate.
We have actively actioned various resilience measures that have meant we have
been able to substantially reduce disruption costs over the last two years.
The additional capacity over the past two winters has meant that annual
utilisation levels have returned to above 10 hours per day. Following these
investments, our growth through winter over the coming years will return to
normalised levels.
We have been driving efficiencies across the business with the use of advanced
technology integration and automation. These initiatives are already
delivering benefits and we expect a step up in efficiency and cost savings in
future years.
Delivering for our customers
Our people‐led service strategy, enabled by technology, continues to deliver
tangible improvements in the customer experience. In the first half, Airline
customer satisfaction increased by two percentage points to 84%, while easyJet
holidays increased one percentage point to 85%.
We continue to invest in frontline delivery. During the period, we launched
the next phase of our enhanced training programme for ground operations
colleagues, alongside the continued rollout of our internal colleague app.
This provides real‐time information to ground staff, customer service teams
and crew, supporting more consistent service delivery and faster issue
resolution.
At the same time, we are simplifying and digitalising the customer journey.
Since last summer, we have delivered a series of enhancements to our mobile
app, including proactive flight notifications, automated disruption handling
and the re‐introduction of passport scanning to support faster online
check‐in.
Our sustained focus on operational delivery and customer experience has
further strengthened and diversified the easyJet brand. We continue to benefit
from a loyal customer base, with 71% of bookings coming from returning
customers, including a growing number of easyJet Plus subscription members. To
complement this, we will be launching a new loyalty programme in FY27. We will
host a seminar on the new rewards proposition early next year, which will
leverage the strength of our brand and further enhance our differentiated
customer offering.
Our People
Our people are essential to our success, and their warmth and professionalism
truly set us apart.
Once again, we have been recognised as a best place to work by Glassdoor and
we are the only airline in the top 50.
We continue to retain and engage great talent across the group, supported by
high levels of colleague engagement, with our latest score at 74% trending
positively and ahead of the global benchmark
CFO review
easyJet Group reported a H1 2026 loss before tax of £552 million. This result
was broadly in line with expectations, excluding £25 million of unexpected
additional fuel costs incurred in March due to the sudden impact of the Middle
East conflict and a £32 million net increase in legal provisions across a
number of historic cases.
Financial Performance Group summary
+----------------------------+--+---------+---------+------------------------+
| £ million | | H1 2026 | H1 2025 | Variance favourable/ |
| | | | | (adverse) |
+----------------------------+--+---------+---------+------------------------+
| | | 3,954 | 3,534 | 420 |
| | | | | |
| Group revenue | | | | |
+----------------------------+--+---------+---------+------------------------+
| Group headline EBIT | | (4,487) | (3,903) | (584) |
| Costs 1 | | | | |
+----------------------------+--+---------+---------+------------------------+
| Group headline EBIT 1 | | (533) | (369) | (164) |
| | | | | |
+----------------------------+--+---------+---------+------------------------+
| Airline headline EBIT | | (581) | (401) | (180) |
| | | | | |
+----------------------------+--+---------+---------+------------------------+
| Holidays headline EBIT | | 48 | 32 | 16 |
+----------------------------+--+---------+---------+------------------------+
| Group net finance | | (18) | (18) | - |
| income/expense | | | | |
+----------------------------+--+---------+---------+------------------------+
| Foreign exchange loss | | (1) | (7) | 6 |
| | | | | |
+----------------------------+--+---------+---------+------------------------+
| Group headline loss before | | (552) | (394) | (158) |
| tax | | | | |
+----------------------------+--+---------+---------+------------------------+
| Non-headline items 1 | | - | (7) | 7 |
+----------------------------+--+---------+---------+------------------------+
| Group Loss before tax | | (552) | (401) | (151) |
+----------------------------+--+---------+---------+------------------------+
| Cash and other cash | | 3,446 | 3,622 | (176) |
| investments | | | | |
+----------------------------+--+---------+---------+------------------------+
| Adjusted net cash 1 | | 434 | 327 | 107 |
+----------------------------+--+---------+---------+------------------------+
| Owned Assets | | 5,042 | 4,553 | 489 |
+----------------------------+--+---------+---------+------------------------+
1 easyJet use a range of measures to monitor the financial performance of the
Group. These measures include both statutory measures in accordance with the
International Financial Reporting Standards (IFRS) and alternative performance
measures (‘APMs’) which are consistent with the way that the business measures
its performance. These measures are not defined under IFRS, should be
considered in addition to IFRS measurements, may differ to definitions given
by regulatory bodies applicable to the Group and may differ to similarly
titled measures presented by other companies. See page 41 for reconciliations
and definition of non-GAAP measures and a full glossary with definition of
terms.
The Group reported a headline first‐half loss before tax of £552 million,
compared with a headline loss of £394 million in H1 2025.
The airline loss before interest and tax reflects our first winter of
operation at Milan Linate and Rome Fiumicino (which performed in line with
expectations equating to a £30 million investment cost), continued winter
capacity investments to drive aircraft utilisation, the competitive
overcapacity in specific beach markets and one-offs including £32 million of
net increased legal provisions and additional fuel costs of £25 million.
As a partial offset the airline continued to see an overall positive demand
throughout the winter period, with 6% more customers choosing to fly with the
airline resulting in a 2 percentage points year-on-year improvement in load
factor.
easyJet holidays performed strongly, with earnings before interest and taxes
increasing 50% to £48 million. This was driven by both customer growth and
margin improvements.
The Group continues to maintain a strong investment‐grade credit rating, with
an adjusted net cash position of £434 million, liquidity of £4.7 billion and
owned assets of £5.0 billion, compared with £4.6 billion as at 31 March 2025.
This provides the financial flexibility to navigate near‐term challenges
arising from the Middle East conflict, while also funding elements of future
capital expenditure requirements.
Airline Performance
+-----------+--+------+------+------+------+--+------+-----+-----+-----+--+--+
| | | | | | | | | | | | | |
| | | | Total | | | | Airline | | | | | |
| | | | £ | | | | revenue/cost | | | | | |
| | | | million | | | | per | | | | | |
| | | | | | | | ASK | | | | | |
| | | | | | | | (pence) | | | | | |
+-----------+--+------+------+------+------+--+------+-----+-----+-----+--+--+
| | | H1 | | H1 | | | | H1 | H1 | | | |
| | | 2026 | | 2025 | Variance | | | 2026 | 2025 | Variance | | |
| | | | | | favourable | | | | | favourable/ | | |
| | | | | | / | | | | | (adverse) | | |
| | | | | | (adverse) | | | | | | | |
+-----------+--+------+------+------+------+--+------+-----+-----+-----+--+--+
| Revenue | | | | | | | | | | | | |
| | | | | | | | | | | | | |
+-----------+--+------+------+------+------+--+------+-----+-----+-----+--+--+
| Passenger | | | | | 10% | | | | | 1% | | |
| revenue | | 2,361 | | 2,156 | | | | 3.93 | 3.88 | | | |
+-----------+--+------+------+------+------+--+------+-----+-----+-----+--+--+
| Ancillary | | | | 978 | 10% | | | | | 1% | | |
| revenue | | 1,075 | | | | | | 1.78 | 1.76 | | | |
+-----------+--+------+------+------+------+--+------+-----+-----+-----+--+--+
| Total | | | | | 10% | | | | | 1% | | |
| airline | | 3,436 | | 3,134 | | | | 5.71 | 5.64 | | | |
| revenue | | | | | | | | | | | | |
+-----------+--+------+------+------+------+--+------+-----+-----+-----+--+--+
| Headline | | | | | | | | | | | | |
| EBIT | | (4,017) | | (3,535) | (14%) | | | (6.68) | (6.37) | (5%) | | |
| costs | | | | | | | | | | | | |
+-----------+--+------+------+------+------+--+------+-----+-----+-----+--+--+
| Fuel | | | | | (3%) | | | | | 5% | | |
| | | (982) | | (949) | | | | (1.63) | (1.71) | | | |
+-----------+--+------+------+------+------+--+------+-----+-----+-----+--+--+
| Headline | | | | | | | | | | | | |
| EBIT | | (3,035) | | (2,586) | (17%) | | | (5.05) | (4.66) | (8%) | | |
| costs ex | | | | | | | | | | | | |
| fuel | | | | | | | | | | | | |
+-----------+--+------+------+------+------+--+------+-----+-----+-----+--+--+
| Airline | | | | | | | | | | | | |
| headline | | (581) | | (401) | (45%) | | | (0.97) | (0.73) | (33%) | | |
| LBIT | | | | | | | | | | | | |
+-----------+--+------+------+------+------+--+------+-----+-----+-----+--+--+
Airline Revenue
Total airline revenue of £3,436 million was £302 million ahead of the
comparative period (H1 2025: £3,134 million). Airline revenue growth of 10%
reflects positive demand across easyJet’s primary airport network. Passenger
numbers increased by 6%, driven by a 4% increase in seat capacity together
with a higher load factor of 90%, representing a two percentage point
year‐on‐year increase, alongside higher yields primarily due to the increased
sector length, flying more to further afield leisure destinations.
H1 2026 revenue per available seat kilometre (RASK) increased by 1% year on
year, including a Q2 RASK increase of 3%. This reflected the benefits in Q2
from the early signs of revenue maturity from prior‐year capacity investments,
the earlier comparative timing of Easter, and favourable FX tailwinds. These
benefits were partially offset by the comparison to a prior‐year non-recurring
£15 million credit from aged contract liabilities, and competitive conditions
on specific beach routes throughout the first half, similar to that
experienced during the previous summer period.
Overall first‐half revenue result was not impacted by the start of the Middle
East conflict, as in-month strong late demand in March for domestic, city and
Western Mediterranean routes offset weakness in Egypt, Turkey and Cyprus.
Headline Airline EBIT Costs
+-------------+--+--------+-------+-----------+--+-------+-------+-----------+
| | | Total | | | | | | |
| | | £ | | | | Airline | | |
| | | million | | | | cost | | |
| | | | | | | per | | |
| | | | | | | ASK | | |
| | | | | | | (pence) | | |
+-------------+--+--------+-------+-----------+--+-------+-------+-----------+
| Headline | | | | Variance | | H1 | H1 | Variance |
| costs | | Airline | Airline | favourable/ | | 2026 | 2025 | favourable/ |
| excluding | | H1 | H1 | (adverse) | | | | (adverse) |
| fuel | | 2026 | 2025 | | | | | |
+-------------+--+--------+-------+-----------+--+-------+-------+-----------+
| Operating | | | | | | | | |
| costs and | | | | | | | | |
| income | | | | | | | | |
+-------------+--+--------+-------+-----------+--+-------+-------+-----------+
| Airports | | 1,012 | 877 | (15%) | | 1.68 | 1.58 | (6.3%) |
| and ground | | | | | | | | |
| handling | | | | | | | | |
+-------------+--+--------+-------+-----------+--+-------+-------+-----------+
| Crew | | 661 | 548 | (21%) | | 1.10 | 0.99 | (11.1%) |
| | | | | | | | | |
+-------------+--+--------+-------+-----------+--+-------+-------+-----------+
| Navigation | | 247 | 211 | (17%) | | 0.41 | 0.38 | (7.9%) |
| | | | | | | | | |
+-------------+--+--------+-------+-----------+--+-------+-------+-----------+
| Maintenance | | 245 | 226 | (8%) | | 0.41 | 0.41 | - |
| | | | | | | | | |
+-------------+--+--------+-------+-----------+--+-------+-------+-----------+
| Selling and | | 123 | 94 | (31%) | | 0.20 | 0.17 | (17.6%) |
| marketing | | | | | | | | |
+-------------+--+--------+-------+-----------+--+-------+-------+-----------+
| Other costs | | 361 | 284 | (27%) | | 0.61 | 0.50 | (22.0%) |
| | | | | | | | | |
+-------------+--+--------+-------+-----------+--+-------+-------+-----------+
| Other | | (5) | (13) | (62%) | | | | (50.0%) |
| income | | | | | | (0.01) | (0.02) | |
+-------------+--+--------+-------+-----------+--+-------+-------+-----------+
| Total | | 2,644 | 2,227 | (19%) | | 4.40 | 4.01 | (9.7%) |
| operating | | | | | | | | |
| costs and | | | | | | | | |
| income | | | | | | | | |
+-------------+--+--------+-------+-----------+--+-------+-------+-----------+
| Ownership | | | | | | | | |
| costs | | | | | | | | |
+-------------+--+--------+-------+-----------+--+-------+-------+-----------+
| | | 360 | 335 | (8%) | | 0.60 | 0.60 | - |
| Depreciation | | | | | | | | |
+-------------+--+--------+-------+-----------+--+-------+-------+-----------+
| | | 31 | 24 | (29%) | | 0.05 | 0.05 | - |
| Amortisation | | | | | | | | |
+-------------+--+--------+-------+-----------+--+-------+-------+-----------+
| Total | | 391 | 359 | (9%) | | 0.65 | 0.65 | - |
| ownership | | | | | | | | |
| costs | | | | | | | | |
+-------------+--+--------+-------+-----------+--+-------+-------+-----------+
| Headline | | | | (17%) | | | | (8.4%) |
| EBIT costs | | (3,035) | (2,586) | | | (5.05) | (4.66) | |
| excluding | | | | | | | | |
| fuel | | | | | | | | |
+-------------+--+--------+-------+-----------+--+-------+-------+-----------+
H1 2026 airline headline EBIT CASK excluding fuel increased by 8%, with the
inflationary cost impact weighted to the first half of the year. Unit cost
inflation is expected to moderate in the second half of the financial year to
a low single‐digit increase.
In the half year we achieved a c.6% benefit to CASK excluding fuel from
increased aircraft utilisation. This however was offset by inflation and
foreign exchange headwinds due to the strengthening of sterling against the
Euro, which together drove around a 6% increase in CASK excluding fuel, and a
two percentage point increase in passenger load factor and increased
per‐passenger costs, primarily in airport and ground handling.
CASK excluding fuel also increased due to strategic investments, including the
annualisation of the resilience measures implemented to support Summer 2025,
the investments in digitalisation and marketing, as well as the wet‐lease
costs associated with our new Italian bases (which will end next year).
The year-on-year increase also contains one‐off items, including £32 million
of net increased legal provisions. It is of note that within depreciation
there was a £34 million reduction in the depreciation charge for the half year
ended 31 March 2026 arising from the annual review of aircraft residual
values, offset by a £10 million adverse impact from the absence of the prior
year accounting for a lease buyback, and additional depreciation charges on
our growing fleet.
Fuel CASK decreased by 5% in the first half, supported by favourable hedge
positions, with the average effective jet fuel price 8% lower year on year at
$726/MT, and benefits from the fleet modernisation associated with our neo
aircraft. These tailwinds more than offset the phase‐out of free ETS
allowances and higher SAF mandates in the UK, and the fuel increase in March.
Holidays Performance
+----------------------------+---------+---------+---------------------------+
| £ million (reported) | H1 2026 | H1 2025 | Variance favourable/ |
| | | | (adverse) |
+----------------------------+---------+---------+---------------------------+
| Total easyJet holidays | 518 | 400 | 30% |
| revenue | | | |
+----------------------------+---------+---------+---------------------------+
| easyJet holidays direct | (393) | (296) | (33%) |
| operating costs | | | |
+----------------------------+---------+---------+---------------------------+
| Selling and marketing | (34) | (35) | 3% |
+----------------------------+---------+---------+---------------------------+
| Other costs and other | (35) | (32) | (9%) |
| income | | | |
+----------------------------+---------+---------+---------------------------+
| Depreciation and | (8) | (5) | (60%) |
| amortisation | | | |
+----------------------------+---------+---------+---------------------------+
| Headline EBIT | 48 | 32 | 50% |
+----------------------------+---------+---------+---------------------------+
| | | | |
| | | | |
+----------------------------+---------+---------+---------------------------+
| Average Selling Price £ | 623 | 578 | 8% |
+----------------------------+---------+---------+---------------------------+
| easyJet holidays customers | 1,302 | 1,067 | 22% |
| (thousands) | | | |
+----------------------------+---------+---------+---------------------------+
easyJet holidays revenue increased by 30% in the period, driven by a 22%
increase in customers alongside an 8% increase in average selling price.
Direct operating costs increased by 33%, reflecting higher volumes and cost
inflation, primarily within accommodation. The modest margin benefit primarily
reflects lower selling and distribution costs in March, due to the summer
demand impact following the start of the conflict in the Middle East.
Overall, easyJet holidays delivered a 50% increase in headline EBIT to £48
million in H1 2026.
Group loss after tax
+---------------------------+--+---------+---------+-------------------------+
| | | H1 2026 | H1 2025 | Variance favourable/ |
| | | | | (adverse) |
| £ million (reported) | | | | |
+---------------------------+--+---------+---------+-------------------------+
| Headline loss before tax | | (552) | (394) | (40%) |
| | | | | |
+---------------------------+--+---------+---------+-------------------------+
| Headline tax credit | | 175 | 102 | 71% |
| | | | | |
+---------------------------+--+---------+---------+-------------------------+
| Headline loss after tax | | (377) | (292) | (29%) |
| | | | | |
+---------------------------+--+---------+---------+-------------------------+
| Non-headline items before | | - | (7) | 100% |
| tax | | | | |
+---------------------------+--+---------+---------+-------------------------+
| Non-headline tax credit | | - | 2 | (100%) |
| | | | | |
+---------------------------+--+---------+---------+-------------------------+
| Total reported loss after | | (377) | (297) | (27%) |
| tax | | | | |
+---------------------------+--+---------+---------+-------------------------+
Corporate tax has been recognised at an effective rate of 31.7% (H1 2025:
25.9%), resulting in an overall tax credit of £175 million (H1 2025: £104
million). The forecast effective tax rate is higher than the standard rate of
corporation tax in the United Kingdom (25%), principally due to permanent
differences on employee share based payment costs increasing the forecasted
tax charge. This is partially offset by the impact of differences in tax rates
in jurisdictions where easyJet has a taxable presence outside the UK.
Foreign exchange impact
Foreign exchange rates have been broadly stable compared to the comparative
period resulting in a net favourable foreign exchange impact of £15 million on
headline profit before tax, when compared with translating the same revenues
and costs at H1 2025 average exchange rates.
The impact on the income statement from the functional currency translation of
foreign currency monetary assets and liabilities was a £1 million loss in the
period (H1 2025: £7 million).
Non-headline items
A non-headline charge of £nil million was recognised in the period. For
further details on the prior year non-headline items, please see note 3 in the
condensed consolidated interim financial information.
Summary adjusted net cash reconciliation
The below table represents the reconciliation of operating loss to adjusted
net cash. This presentation differs from the statement of cashflows in the
consolidated interim financial information which represents the movement of
cash and cash equivalents. Therefore, equivalent movements between cash and
debt facilities are not shown.
+--------------------+--+--------+---+-------+--------+---+------+--------+--+
| | | H1 | | | H1 | | | Change | |
| | | 2026 | | | 2025 | | | | |
+--------------------+--+--------+---+-------+--------+---+------+--------+--+
| | | £ | | | £ | | | £ | |
| | | million | | | million | | | million | |
+--------------------+--+--------+---+-------+--------+---+------+--------+--+
| Operating loss | | (533) | | | (376) | | | (157) | |
| | | | | | | | | | |
+--------------------+--+--------+---+-------+--------+---+------+--------+--+
| Net tax paid | | (9) | | | (8) | | | (1) | |
| | | | | | | | | | |
+--------------------+--+--------+---+-------+--------+---+------+--------+--+
| Net working | | (422) | | (404) | | | (18) | | |
| capital movement | | | | | | | | | |
| excluding unearned | | | | | | | | | |
| revenue | | | | | | | | | |
+--------------------+--+--------+---+-------+--------+---+------+--------+--+
| Unearned revenue | | 1,106 | | | 1,287 | | | (181) | |
| movement | | | | | | | | | |
+--------------------+--+--------+---+-------+--------+---+------+--------+--+
| Depreciation and | | 399 | | | 364 | | | 35 | |
| amortization | | | | | | | | | |
+--------------------+--+--------+---+-------+--------+---+------+--------+--+
| Net capital | | (577) | | | (529) | | | (48) | |
| expenditure | | | | | | | | | |
+--------------------+--+--------+---+-------+--------+---+------+--------+--+
| Additions and | | (46) | | | (74) | | | 28 | |
| extensions to | | | | | | | | | |
| lease liabilities | | | | | | | | | |
+--------------------+--+--------+---+-------+--------+---+------+--------+--+
| Purchase of own | | - - | | | (25) | | | 25 | |
| shares for | | | | | | | | | |
| employee share | | | | | | | | | |
| schemes | | | | | | | | | |
+--------------------+--+--------+---+-------+--------+---+------+--------+--+
| Ordinary dividends | | (100) | | | (91) | | | (9) | |
| paid | | | | | | | | | |
+--------------------+--+--------+---+-------+--------+---+------+--------+--+
| Other (including | | 14 | | | 2 | | | 12 | |
| the effect of | | | | | | | | | |
| exchange rate | | | | | | | | | |
| movements) | | | | | | | | | |
+--------------------+--+--------+---+-------+--------+---+------+--------+--+
| Net | | (168) | | | 146 | | | (314) | |
| (decrease)/increase | | | | | | | | | |
| in adjusted net | | | | | | | | | |
| cash | | | | | | | | | |
+--------------------+--+--------+---+-------+--------+---+------+--------+--+
| Adjusted net cash | | 602 | | | 181 | | | 421 | |
| at the beginning | | | | | | | | | |
| of the period | | | | | | | | | |
+--------------------+--+--------+---+-------+--------+---+------+--------+--+
| Adjusted net cash | | 434 | | | 327 | | | 107 | |
| at the end of the | | | | | | | | | |
| period | | | | | | | | | |
+--------------------+--+--------+---+-------+--------+---+------+--------+--+
Adjusted net cash as at 31 March 2026 was £434 million (31 March 2025: £327
million) and comprised of cash, cash equivalents and other investments of
£3,446 million (31 March 2025: £3,622 million), borrowings of £2,017 million
(31 March 2025: £2,123 million) and lease liabilities of £995 million (31
March 2025: £1,172 million).
Net working capital movement excluding unearned revenue, reflects the
settlement of summer flying costs since 30 September 2025, lower trade and
other payables associated with reduced winter flying volumes and purchases of
ETS credits to meet future flying obligations.
The increase in unearned revenue reflects our seasonal booking curve with
customers booking for Summer 2026 and beyond. The increase in H1 2026 has been
marginally lower than the comparative increase in H1 2025 as the 2026 Q3 and
Q4 booking portfolio to date has been slower than in the comparative period
reflecting the travel uncertainty generated by the escalation in the Middle
East conflict.
Net capital expenditure in the period reflects the continued investment in
fleet modernisation and the growth in the overall size of the fleet, alongside
pre-delivery payments against easyJet’s future order book. Expenditure
includes three new aircraft, capitalised maintenance, long life parts, engines
and aircraft spares. Investment has also continued on easyJet’s digital
infrastructure and customer facing platforms, supporting the increased
efficiency of the organisation and improved customer service. During the
period, the FY25 announced dividend was paid, leading to a £100 million cash
outflow.
Summary consolidated statement of financial position
+---------------------+-------------+---------------+-----------+---------+--+
| | 31 March | 30 September | Change | | |
| | 2026 | 2025 | | | |
+---------------------+-------------+---------------+-----------+---------+--+
| | £ million | £ million | £ million | | |
| | | | | | |
+---------------------+-------------+---------------+-----------+---------+--+
| Goodwill and other | | 776 | 771 | 5 | |
| non-current | | | | | |
| intangible assets | | | | | |
+---------------------+-------------+---------------+-----------+---------+--+
| Owned property, | | 5,042 | 4,791 | 251 | |
| plant and | | | | | |
| equipment 1 | | | | | |
+---------------------+-------------+---------------+-----------+---------+--+
| Right of use assets | | 928 | 1,015 | (87) | |
+---------------------+-------------+---------------+-----------+---------+--+
| Equity investments | | 64 | 64 | - | |
+---------------------+-------------+---------------+-----------+---------+--+
| Trade and other | | 570 | 530 | 40 | |
| receivables 2 | | | | | |
+---------------------+-------------+---------------+-----------+---------+--+
| Other assets 3 | | 1,039 | 696 | 343 | |
+---------------------+-------------+---------------+-----------+---------+--+
| Derivative | | 799 | (46) | 845 | |
| financial | | | | | |
| instruments | | | | | |
+---------------------+-------------+---------------+-----------+---------+--+
| Unearned revenue | | (3,056) | (1,950) | (1,106) | |
+---------------------+-------------+---------------+-----------+---------+--+
| Trade and other | | (1,591) | (1,654) | 63 | |
| payables | | | | | |
+---------------------+-------------+---------------+-----------+---------+--+
| Other liabilities | | (1,348) | (1,321) | (27) | |
| (excluding debt) 4 | | | | | |
+---------------------+-------------+---------------+-----------+---------+--+
| Capital employed | | 3,223 | 2,896 | 327 | |
+---------------------+-------------+---------------+-----------+---------+--+
| Cash, cash | | 3,446 | 3,528 | (82) | |
| equivalents and | | | | | |
| other | | | | | |
| investments 5 | | | | | |
+---------------------+-------------+---------------+-----------+---------+--+
| Debt (excluding | | (2,017) | (1,881) | (136) | |
| lease liabilities) | | | | | |
+---------------------+-------------+---------------+-----------+---------+--+
| Lease liabilities | | (995) | (1,045) | 50 | |
+---------------------+-------------+---------------+-----------+---------+--+
| | | | | | |
| | | | | | |
+---------------------+-------------+---------------+-----------+---------+--+
| Adjusted net cash | | 434 | 602 | (168) | |
+---------------------+-------------+---------------+-----------+---------+--+
| | | | | | |
| | | | | | |
+---------------------+-------------+---------------+-----------+---------+--+
| Net assets | | 3,657 | 3,498 | 159 | |
+---------------------+-------------+---------------+-----------+---------+--+
| Owned assets of | | | | | |
| £5.0 billion | | | | | |
| include aircraft | | | | | |
| and spares, land | | | | | |
| and other. | | | | | |
| Trade and other | | | | | |
| receivables were | | | | | |
| previously included | | | | | |
| within 'Other | | | | | |
| assets', the | | | | | |
| comparative has | | | | | |
| been represented | | | | | |
| accordingly. | | | | | |
| Other assets | | | | | |
| include other | | | | | |
| non-current assets | | | | | |
| and current | | | | | |
| intangible assets. | | | | | |
| Other liabilities | | | | | |
| include provisions | | | | | |
| for liabilities and | | | | | |
| charges, current | | | | | |
| tax liabilities, | | | | | |
| other liabilities, | | | | | |
| post-employment | | | | | |
| benefit obligations | | | | | |
| and deferred tax | | | | | |
| liabilities. | | | | | |
| Other investments | | | | | |
| include term | | | | | |
| deposits, tri-party | | | | | |
| repos and managed | | | | | |
| investments. | | | | | |
| | | | | | |
+---------------------+-------------+---------------+-----------+---------+--+
| | | | | | |
| | | | | | |
+---------------------+-------------+---------------+-----------+---------+--+
easyJet continues to maintain one of the strongest investment grade balance
sheets in European aviation (Baa2 stable, by Moody's and BBB+ stable, by
Standard & Poor's). As at 31 March 2026, the Group’s adjusted net cash
position was £434 million (30 September 2025: £602 million), with access to
£4.7 billion of liquidity (30 September 2025: £4.8 billion). Total liquidity
is £1.1 billion above our liquidity policy of unearned revenue plus £500
million, providing operational and financial flexibility and pre‐funding a
proportion of future capital expenditure.
The strength of the balance sheet allows easyJet to navigate the current
near-term uncertainty as well as support future disciplined fleet growth and
modernisation to deliver future cost benefits. The net book value of owned
assets is £5.0 billion 1 (an increase of £251 million from 30 September
2025), with 86% of A320neo family aircraft owned. We expect the book value of
our owned assets to grow to more than £7.5 billion by FY28.
Key movements on the statement of financial position include growth in
property, plant and equipment driven by the acquisition of three new aircraft,
further predelivery payments against the aircraft order book and continued
investment in aircraft spares and engines. The decrease in right of use assets
reflects depreciation, partly offset by additions and extensions to simulator
leases and extensions to leased aircraft.
The increase in other assets reflects a higher ETS intangible asset balance,
driven by both an increase in the volume of credits held compared to September
2025 and higher credit prices. The balance at 31 March 2026 comprises
purchased credits relating to calendar year 2025 that are expected to be
settled in H2 2026, together with credits acquired for calendar year 2026 and
future periods.
The movement in derivative financial instruments is predominantly driven by
favourable movements in the fair value of jet fuel hedges as the market
forward curve is significantly higher than easyJet's hedged rate. We have
confidence in the recoverability of these derivative assets as our banking
partners through which we place hedges, maintain high investment-grade credit
ratings and a significant amount of this fair value is maturing in H2.
The increase in unearned revenue versus 30 September 2025 reflects our
seasonal booking curve with customers booking for Summer 2026 and beyond.
In addition our financing position remains strong, with no bond maturities due
until FY28.
Capital allocation
Capital discipline remains central to the Group’s strategy, underpinning both
the maximisation of returns on capital and the management of near‐term
uncertainty on demand and fuel prices. The Group continues to focus on
disciplined capital deployment to deliver sustainable and attractive returns.
Capacity is allocated selectively, using detailed financial data, with
priority given to bases offering the highest profitability. A profit before
tax annual hurdle rate of £2.5 million per aircraft is in place, with all
aircraft allocated to existing bases delivering returns above this threshold.
Improvement plans are in place for underperforming bases, and the Group will
continue to take decisive action on capacity deployment where profitability
targets are not met or where the path to improvement is insufficient.
As fleet modernisation accelerates, a significant proportion of planned
capacity growth in FY27 and FY28 is expected to be delivered through upgauging
and moderated capacity growth, reinforcing both capital discipline and our
focus on driving improved returns.
Alongside this, we continue to invest selectively in strategic capabilities
that we believe are critical for the future, including the investment in our
heavy base maintenance facility in Malta where we are expanding the capacity
from four and a half to six bays.
Finally, we continue to invest in our digital capabilities, supporting the
digitalisation of key commercial, operational and enterprise processes.
Fleet
As at 31 March 2026, easyJet’s total fleet comprised 356 aircraft (30
September 2025: 356 aircraft), including the acquisition of three new A321neo
family aircraft and the retirement of three A319s in the period.
The average age of the fleet increased to 11.3 years (30 September 2025: 10.9
years). The average gauge of the fleet is currently 181.9 seats per aircraft
(30 September 2025: 181.3 seats).
Fleet as at 31 March 2026:
+-----------+-----+-------+-------+-------+---+-------+---+-------+-------+--+
| | | Owned | | Total | | % of | | | Firm | |
| | | | Leased | | | fleet | | Changes | | |
| | | | | | | | | since | Orders | |
| | | | | | | | | | | |
| | | | | | | | | Sep-25 | | |
+-----------+-----+-------+-------+-------+---+-------+---+-------+-------+--+
| A319 | | 18 | 61 | 79 | | 22% | | (3) | - | |
| | | | | | | | | | | |
+-----------+-----+-------+-------+-------+---+-------+---+-------+-------+--+
| A320 | | 107 | 73 | 180 | | 51% | | - | - | |
| | | | | | | | | | | |
+-----------+-----+-------+-------+-------+---+-------+---+-------+-------+--+
| A320neo | | 70 | 5 | 75 | | 21% | | - | | |
| | | | | | | | | | 125 1 | |
+-----------+-----+-------+-------+-------+---+-------+---+-------+-------+--+
| A321neo | | 13 | 9 | 22 | | 6% | | 3 | | |
| | | | | | | | | | 162 1 | |
+-----------+-----+-------+-------+-------+---+-------+---+-------+-------+--+
| | 208 | 148 | 356 | | | | - | | | |
| | | | | | | | | 287 2 | | |
+-----------+-----+-------+-------+-------+---+-------+---+-------+-------+--+
| | | 58% | 42% | | | | | | | |
| Percentage | | | | | | | | | | |
| of total | | | | | | | | | | |
| fleet | | | | | | | | | | |
+-----------+-----+-------+-------+-------+---+-------+---+-------+-------+--+
| | | 86% | 14% | | | | | | | |
| Percentage | | | | | | | | | | |
| of total | | | | | | | | | | |
| neo | | | | | | | | | | |
| sub-fleet | | | | | | | | | | |
+-----------+-----+-------+-------+-------+---+-------+---+-------+-------+--+
1. easyJet retains the option to alter the aircraft type of future
deliveries, subject to providing sufficient notification to the OEM.
2. easyJet has an order book of 287 aircraft due by FY34 and 100 purchase
rights.
Our flexible fleet plan allows us to expand or contract the size of the fleet
depending on the demand outlook.
+--------------------------------+---+--+--+--+---------+----------+---------+
| Number of aircraft | | | | | FY26 | FY27 | FY28 |
| | | | | | | | |
+--------------------------------+---+--+--+--+---------+----------+---------+
| Current fleet plan | | | | | 370 | 381 | 389 |
| | | | | | | | |
+--------------------------------+---+--+--+--+---------+----------+---------+
| New aircraft deliveries | | | | | 17 | 30 | 43 |
| | | | | | | | |
+--------------------------------+---+--+--+--+---------+----------+---------+
| Aircraft retirements | | | | | 3 | 19 | 35 |
| | | | | | | | |
+--------------------------------+---+--+--+--+---------+----------+---------+
| Gross capital expenditure | | | | | c.1,700 | c.2,300 | c.3,300 |
| (£’m) | | | | | | | |
+--------------------------------+---+--+--+--+---------+----------+---------+
Capital expenditure comprises new fleet delivery payments, maintenance‐related
expenditure, lease payments and other capital expenditure, including IT
development. The H1 2026 fleet excludes two wet‐leased aircraft from the
Lufthansa Group, which form part of easyJet’s agreement as the slot remedy
taker at Milan Linate and Rome Fiumicino.
In the coming years, easyJet will retire older, less efficient aircraft, and
benefit from a greater proportion of A320neo family aircraft in the fleet,
which offer superior fuel efficiency and higher seating capacity, generating
significant efficiency savings. This upgauging benefit is being accelerated,
with all A319 aircraft now expected to be retired by FY29. Across FY27 and
FY28, approximately £250 million of cumulative cost savings are expected from
this fleet modernisation programme.
STATISTICS
+---------------------------------+---------+---------+----------------------+
| GROUP | H1 2026 | H1 2025 | Increase/ (decrease) |
+---------------------------------+---------+---------+----------------------+
| Operating measures | | | |
| | | | |
+---------------------------------+---------+---------+----------------------+
| Seats flown (millions) | 46.8 | 44.9 | 4% |
+---------------------------------+---------+---------+----------------------+
| Passengers (millions) | 42.0 | 39.5 | 6% |
+---------------------------------+---------+---------+----------------------+
| Booked load factor | 89.8% | 87.9% | 1.9ppt |
+---------------------------------+---------+---------+----------------------+
| Available seat kilometres (ASK) | 60,126 | 55,570 | 8% |
| (millions) | | | |
+---------------------------------+---------+---------+----------------------+
| Revenue passenger kilometres | 54,418 | 49,255 | 10% |
| (RPK) (millions) | | | |
+---------------------------------+---------+---------+----------------------+
| Average sector length | 1,284 | 1,237 | 4% |
| (kilometres) | | | |
+---------------------------------+---------+---------+----------------------+
| Sectors (thousands) | 260 | 248 | 5% |
+---------------------------------+---------+---------+----------------------+
| Block hours (thousands) | 569 | 530 | 7% |
+---------------------------------+---------+---------+----------------------+
| On-time performance (%) | 78.4% | 77.0% | 1.4ppt |
+---------------------------------+---------+---------+----------------------+
| CO2 emissions per passenger | 64.3 | 66.4 | (3%) |
| kilometre (G) | | | |
+---------------------------------+---------+---------+----------------------+
| Number of aircraft owned/leased | 356 | 355 | 0% |
| at end of the period | | | |
+---------------------------------+---------+---------+----------------------+
| Number of routes operated in | 1,043 | 930 | 12% |
| winter season | | | |
+---------------------------------+---------+---------+----------------------+
| Number of airports served in | 160 | 152 | 5% |
| winter season | | | |
+---------------------------------+---------+---------+----------------------+
| Financial measures | | | |
+---------------------------------+---------+---------+----------------------+
| Loss before tax per ASK (pence) | (0.92) | (0.72) | (28%) |
+---------------------------------+---------+---------+----------------------+
| Loss before tax per seat (£) | (11.78) | (8.93) | (32%) |
+---------------------------------+---------+---------+----------------------+
| Headline loss before tax per | (0.92) | (0.71) | (30%) |
| ASK (pence) | | | |
+---------------------------------+---------+---------+----------------------+
| Headline loss before tax per | (11.78) | (8.78) | (34%) |
| seat (£) | | | |
+---------------------------------+---------+---------+----------------------+
| Headline loss per share (p) | (50.10) | (38.90) | (29%) |
+---------------------------------+---------+---------+----------------------+
+---------------+---+--------+---+--------+--------+---+--------+------------+
| AIRLINE | | H1 | | | H1 | | | |
| | | 2026 | | | 2025 | | | Favourable/ |
| | | | | | | | | (adverse) |
+---------------+---+--------+---+--------+--------+---+--------+------------+
| Operating | | | | | | | | |
| measures | | | | | | | | |
+---------------+---+--------+---+--------+--------+---+--------+------------+
| Airline | | 83.8% | | | 81.8% | | | 2.0ppt |
| customer | | | | | | | | |
| satisfaction | | | | | | | | |
| (%) | | | | | | | | |
+---------------+---+--------+---+--------+--------+---+--------+------------+
| Financial | | | | | | | | |
| measures | | | | | | | | |
+---------------+---+--------+---+--------+--------+---+--------+------------+
| Profit / | | | | | | | | |
| (Loss) | | | | | | | | |
+---------------+---+--------+---+--------+--------+---+--------+------------+
| Airline loss | | (1.02) | | (0.80) | | | (28%) | |
| before tax | | | | | | | | |
| per ASK | | | | | | | | |
| (pence) | | | | | | | | |
+---------------+---+--------+---+--------+--------+---+--------+------------+
| Airline loss | | | | (9.91) | | | (32%) | |
| before tax | | (13.08) | | | | | | |
| per seat (£) | | | | | | | | |
+---------------+---+--------+---+--------+--------+---+--------+------------+
| Airline | | (1.02) | | (0.79) | | | (29%) | |
| headline loss | | | | | | | | |
| before tax | | | | | | | | |
| per ASK | | | | | | | | |
| (pence) | | | | | | | | |
+---------------+---+--------+---+--------+--------+---+--------+------------+
| Airline | | | | (9.77) | | | (34%) | |
| headline loss | | (13.09) | | | | | | |
| before tax | | | | | | | | |
| per seat (£) | | | | | | | | |
+---------------+---+--------+---+--------+--------+---+--------+------------+
| Airline | | (581) | | (401) | | | (45%) | |
| headline loss | | | | | | | | |
| before | | | | | | | | |
| interest and | | | | | | | | |
| tax (£m) | | | | | | | | |
+---------------+---+--------+---+--------+--------+---+--------+------------+
| Airline | | (0.97) | | (0.73) | | | (33%) | |
| headline loss | | | | | | | | |
| before | | | | | | | | |
| interest and | | | | | | | | |
| tax per ASK | | | | | | | | |
| (pence) | | | | | | | | |
+---------------+---+--------+---+--------+--------+---+--------+------------+
| Airline | | | | (8.95) | | | (39%) | |
| headline loss | | (12.40) | | | | | | |
| before | | | | | | | | |
| interest and | | | | | | | | |
| tax per seat | | | | | | | | |
| (£) | | | | | | | | |
+---------------+---+--------+---+--------+--------+---+--------+------------+
| Revenue | | | | | | | | |
+---------------+---+--------+---+--------+--------+---+--------+------------+
| Airline | | 5.71 | | 5.64 | | | 1.2% | |
| revenue per | | | | | | | | |
| ASK (pence) | | | | | | | | |
+---------------+---+--------+---+--------+--------+---+--------+------------+
| Airline | | 5.63 | | 5.64 | | | (0.2%) | |
| revenue per | | | | | | | | |
| ASK at | | | | | | | | |
| constant | | | | | | | | |
| currency | | | | | | | | |
| (pence) | | | | | | | | |
+---------------+---+--------+---+--------+--------+---+--------+------------+
| Airline | | 73.36 | | 69.78 | | | 5.1% | |
| revenue per | | | | | | | | |
| seat (£) | | | | | | | | |
+---------------+---+--------+---+--------+--------+---+--------+------------+
| Costs | | | | | | | | |
+---------------+---+--------+---+--------+--------+---+--------+------------+
| Airline | | 6.73 | | 6.43 | | | (4.7%) | |
| headline cost | | | | | | | | |
| per ASK | | | | | | | | |
| (pence) | | | | | | | | |
+---------------+---+--------+---+--------+--------+---+--------+------------+
| Airline | | 6.67 | | 6.42 | | | (3.9%) | |
| headline cost | | | | | | | | |
| per ASK at | | | | | | | | |
| constant | | | | | | | | |
| currency | | | | | | | | |
| (pence) | | | | | | | | |
+---------------+---+--------+---+--------+--------+---+--------+------------+
| Airline | | 5.10 | | 4.72 | | | (8.1%) | |
| headline cost | | | | | | | | |
| per ASK | | | | | | | | |
| excluding | | | | | | | | |
| fuel (pence) | | | | | | | | |
+---------------+---+--------+---+--------+--------+---+--------+------------+
| Airline | | 86.45 | | 79.55 | | | (8.7%) | |
| headline cost | | | | | | | | |
| per seat (£) | | | | | | | | |
+---------------+---+--------+---+--------+--------+---+--------+------------+
| Airline | | 65.47 | | 58.28 | | | | |
| headline cost | | | | | | | (12.1%) | |
| per seat | | | | | | | | |
| excluding | | | | | | | | |
| fuel (£) | | | | | | | | |
+---------------+---+--------+---+--------+--------+---+--------+------------+
| Airline | | 64.17 | | 58.56 | | | (9.6%) | |
| headline cost | | | | | | | | |
| per seat exc | | | | | | | | |
| fuel at | | | | | | | | |
| constant | | | | | | | | |
| currency (£) | | | | | | | | |
+---------------+---+--------+---+--------+--------+---+--------+------------+
| | | | | | | | | |
+---------------+---+--------+---+--------+--------+---+--------+------------+
| HOLIDAYS | | H1 | | | H1 | | | |
| | | 2026 | | | 2025 | | | Favourable/ |
| | | | | | | | | (adverse) |
+---------------+---+--------+---+--------+--------+---+--------+------------+
| Operating | | | | | | | | |
| measures | | | | | | | | |
+---------------+---+--------+---+--------+--------+---+--------+------------+
| easyJet | | 1,302 | | | 1,067 | | | 22.0% |
| holidays | | | | | | | | |
| customers | | | | | | | | |
| (thousands) 1 | | | | | | | | |
+---------------+---+--------+---+--------+--------+---+--------+------------+
| easyJet | | 85% | | | 84% | | | 1.0ppt |
| holidays | | | | | | | | |
| customer | | | | | | | | |
| satisfaction | | | | | | | | |
| (%) | | | | | | | | |
+---------------+---+--------+---+--------+--------+---+--------+------------+
| Financial | | | | | | | | |
| measures | | | | | | | | |
+---------------+---+--------+---+--------+--------+---+--------+------------+
| easyJet | | 48 | | | 32 | | | 50% |
| holidays | | | | | | | | |
| earnings | | | | | | | | |
| before | | | | | | | | |
| interest and | | | | | | | | |
| tax (£m) | | | | | | | | |
+---------------+---+--------+---+--------+--------+---+--------+------------+
| easyJet | | 61 | | | 44 | | | 39% |
| holidays | | | | | | | | |
| profit before | | | | | | | | |
| tax (£m) | | | | | | | | |
+---------------+---+--------+---+--------+--------+---+--------+------------+
| easyJet | | | | | | | | |
| holidays | | | | | | | | |
| customer | | | | | | | | |
| numbers | | | | | | | | |
| excluding | | | | | | | | |
| agency | | | | | | | | |
| commission | | | | | | | | |
| customers are | | | | | | | | |
| 1.1 million | | | | | | | | |
| (H1 2025: 0.9 | | | | | | | | |
| million). | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
+---------------+---+--------+---+--------+--------+---+--------+------------+
PRINCIPAL RISKS AND UNCERTAINTIES
The Board is ultimately responsible for determining the nature and extent of
the principal risks it is willing to take to achieve its strategic objectives,
setting its risk appetite, and maintaining the Group’s systems of internal
control and risk management. The Audit Committee and the Board are accountable
for reviewing and assessing the risk management processes and associated
internal control framework. The Risk and Assurance team, which reports to the
Chief Financial Officer, ensures that comprehensive processes are in place for
identifying, assessing and mitigating the Group’s principal and emerging
risks.
The Board, with the assistance of the Audit Committee, has reconsidered the
principal risks and uncertainties affecting the Group at the half year. The
principal risks and uncertainties facing the Group are unchanged, are as
detailed in the 2025 Annual Report and Accounts and are as follows:
Changing legal & regulatory landscape
* Significant safety and security event
* Significant digital security event
* Macroeconomic conditions and geopolitical events
* Network, expansion and primary airports
* Critical technology failure
* Significant operational disruption
* Talent and critical skills acquisition
* Climate change transition risks
One of our principal risks is ‘Macroeconomic conditions and geopolitical
events’. This risk includes volatility impacts from jet fuel, FX rates and
interest rates which can have a material impact on our costs, albeit mitigated
partially by our hedging programme. In 2025 the introduction of or an increase
in tariffs on many goods and services traded between the US and other
countries occurred. In general, the impact of these tariffs on costs within
the supply chain was limited, as was any direct suppression of demand. We will
continue to monitor the impact of any changes to or new tariffs which could
impact our supply chain.
Whilst the tariff uncertainty receded during the six month period ending 31
March 2026, the escalation of conflict in the Middle East during March has
been the major adverse geopolitical event of this period. Given the shape of
our network, the situation has had a relatively small direct impact on our
operations – flights to Tel Aviv continue to be suspended and those to Cyprus
were temporarily suspended for a short period of time. The escalation of the
conflict has introduced near-term uncertainty with regards to customer demand,
fuel price volatility and an emerging fuel supply risk.
As expected, the booking curve has shortened in recent weeks, resulting in
lower than normal forward visibility.
The biggest impact in March was on the price of jet fuel, leading to
approximately £25 million of incremental costs as a consequence of needing to
purchase unhedged fuel requirements for that month (18%) at prevailing spot
prices.
There is clearly heightened uncertainty over the availability and price of jet
fuel for the coming months. As we progress through the second half of the
financial year, we will continue to monitor changes in customer demand across
the network and the price and availability of jet fuel. In line with the wider
industry, we remain in close contact with our fuel suppliers and airports
around fuel supply. We will plan accordingly to minimise the impact and any
disruption for our customers whilst this period of uncertainty continues.
CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATION
Condensed consolidated income statement (unaudited)
+------------+-------+--------+--------+-------+---+--------+--------+-------+
| | | Six | | | | | | |
| | | months | | | | | | |
| | | ended | | | | | | |
| | | 31 | | | | | | |
| | | March | | | | | | |
+------------+-------+--------+--------+-------+---+--------+--------+-------+
| | | 2026 | | | | 2025 | | |
+------------+-------+--------+--------+-------+---+--------+--------+-------+
| | | | | Total | | | | Total |
| | | Headline | Non-headline | | | Headline | Non-headline | |
| | | | (note | | | | (note | |
| | | | 3) | | | | 3) | |
+------------+-------+--------+--------+-------+---+--------+--------+-------+
| | Notes | £ | £ | £ | | £ | £ | £ |
| | | million | million | million | | million | million | million |
+------------+-------+--------+--------+-------+---+--------+--------+-------+
| Passenger | | 2,361 | - | 2,361 | | 2,156 | - | 2,156 |
| revenue | | | | | | | | |
+------------+-------+--------+--------+-------+---+--------+--------+-------+
| Ancillary | | | | | | | | |
| revenue | | | | | | | | |
+------------+-------+--------+--------+-------+---+--------+--------+-------+
| Airline | | 1,075 | - | 1,075 | | 978 | - | 978 |
| ancillary | | | | | | | | |
| revenue | | | | | | | | |
+------------+-------+--------+--------+-------+---+--------+--------+-------+
| easyJet | | 518 | - | 518 | | 400 | - | 400 |
| holidays | | | | | | | | |
| revenue 1 | | | | | | | | |
+------------+-------+--------+--------+-------+---+--------+--------+-------+
| Total | | 1,593 | - | 1,593 | | 1,378 | - | 1,378 |
| ancillary | | | | | | | | |
| revenue | | | | | | | | |
+------------+-------+--------+--------+-------+---+--------+--------+-------+
| Total | | 3,954 | - | 3,954 | | 3,534 | - | 3,534 |
| revenue | | | | | | | | |
+------------+-------+--------+--------+-------+---+--------+--------+-------+
| | | | | | | | | |
+------------+-------+--------+--------+-------+---+--------+--------+-------+
| Fuel | | (982) | - | (982) | | (949) | - | (949) |
+------------+-------+--------+--------+-------+---+--------+--------+-------+
| Airports | | | - | | | (877) | - | (877) |
| and ground | | (1,012) | | (1,012) | | | | |
| handling | | | | | | | | |
+------------+-------+--------+--------+-------+---+--------+--------+-------+
| Crew | | (661) | - | (661) | | (548) | - | (548) |
+------------+-------+--------+--------+-------+---+--------+--------+-------+
| Navigation | | (247) | - | (247) | | (211) | - | (211) |
+------------+-------+--------+--------+-------+---+--------+--------+-------+
| | | (245) | - | (245) | | (226) | - | (226) |
| Maintenance | | | | | | | | |
+------------+-------+--------+--------+-------+---+--------+--------+-------+
| easyJet | | (393) | - | (393) | | (296) | - | (296) |
| holidays | | | | | | | | |
| direct | | | | | | | | |
| operating | | | | | | | | |
| costs 1 | | | | | | | | |
+------------+-------+--------+--------+-------+---+--------+--------+-------+
| Selling | | (157) | - | (157) | | (129) | - | (129) |
| and | | | | | | | | |
| marketing | | | | | | | | |
+------------+-------+--------+--------+-------+---+--------+--------+-------+
| Other | | (396) | - | (396) | | (316) | (7) | (323) |
| costs | | | | | | | | |
+------------+-------+--------+--------+-------+---+--------+--------+-------+
| Other | | 5 | - | 5 | | 13 | - | 13 |
| income | | | | | | | | |
+------------+-------+--------+--------+-------+---+--------+--------+-------+
| EBITDA | | (134) | - | (134) | | (5) | (7) | (12) |
+------------+-------+--------+--------+-------+---+--------+--------+-------+
| | | | | | | | | |
+------------+-------+--------+--------+-------+---+--------+--------+-------+
| | 8,9 | (360) | - | (360) | | (335) | - | (335) |
| Depreciation | | | | | | | | |
+------------+-------+--------+--------+-------+---+--------+--------+-------+
| | | (39) | - | (39) | | (29) | - | (29) |
| Amortisation | | | | | | | | |
| of | | | | | | | | |
| intangible | | | | | | | | |
| assets | | | | | | | | |
+------------+-------+--------+--------+-------+---+--------+--------+-------+
| Operating | | (533) | - | (533) | | (369) | (7) | (376) |
| loss | | | | | | | | |
+------------+-------+--------+--------+-------+---+--------+--------+-------+
| | | | | | | | | |
+------------+-------+--------+--------+-------+---+--------+--------+-------+
| Interest | | 50 | - | 50 | | 64 | - | 64 |
| receivable | | | | | | | | |
| and other | | | | | | | | |
| financing | | | | | | | | |
| income | | | | | | | | |
+------------+-------+--------+--------+-------+---+--------+--------+-------+
| Interest | | (68) | - | (68) | | (82) | - | (82) |
| payable | | | | | | | | |
| and other | | | | | | | | |
| financing | | | | | | | | |
| charges | | | | | | | | |
+------------+-------+--------+--------+-------+---+--------+--------+-------+
| Foreign | | (1) | - | (1) | | (7) | - | (7) |
| exchange | | | | | | | | |
| loss | | | | | | | | |
+------------+-------+--------+--------+-------+---+--------+--------+-------+
| Net | | (19) | - | (19) | | (25) | - | (25) |
| finance | | | | | | | | |
| charge | | | | | | | | |
+------------+-------+--------+--------+-------+---+--------+--------+-------+
| Loss | | (552) | - | (552) | | (394) | (7) | (401) |
| before tax | | | | | | | | |
+------------+-------+--------+--------+-------+---+--------+--------+-------+
| Tax credit | 4 | 175 | - | 175 | | 102 | 2 | 104 |
+------------+-------+--------+--------+-------+---+--------+--------+-------+
| Loss for | | (377) | - | (377) | | (292) | (5) | (297) |
| the period | | | | | | | | |
+------------+-------+--------+--------+-------+---+--------+--------+-------+
| Loss per | | | | | | | | |
| share, | | | | | | | | |
| pence | | | | | | | | |
+------------+-------+--------+--------+-------+---+--------+--------+-------+
| Basic | 5 | (50.1) | - | | | | (0.6) | |
| | | | | (50.1) | | (38.9) | | (39.5) |
+------------+-------+--------+--------+-------+---+--------+--------+-------+
1 easyJet holidays revenue and direct operating costs exclude the flight
element of holiday packages that is eliminated on consolidation.
Condensed consolidated statement of comprehensive income (unaudited)
+-----------------------+---+---+--+-------+----------------+----------------+
| | | | | | Six months | Six months |
| | | | | | ended | ended |
+-----------------------+---+---+--+-------+----------------+----------------+
| | | | | | 31 March 2026 | 31 March 2025 |
+-----------------------+---+---+--+-------+----------------+----------------+
| | | | | Notes | £ million | £ million |
+-----------------------+---+---+--+-------+----------------+----------------+
| Loss for the period | | | | | (377) | (297) |
+-----------------------+---+---+--+-------+----------------+----------------+
| Other comprehensive | | | | | | |
| income/(loss) | | | | | | |
+-----------------------+---+---+--+-------+----------------+----------------+
| | | | | | | |
| | | | | | | |
+-----------------------+---+---+--+-------+----------------+----------------+
| Items that may be | | | | | | |
| reclassified to the | | | | | | |
| income statement: | | | | | | |
+-----------------------+---+---+--+-------+----------------+----------------+
| Cash flow hedges | | | | | | |
+-----------------------+---+---+--+-------+----------------+----------------+
| Fair value gains in | | | | | 825 | 57 |
| the period 1 | | | | | | |
+-----------------------+---+---+--+-------+----------------+----------------+
| (Gains)/losses | | | | | (8) | 39 |
| transferred to the | | | | | | |
| income statement | | | | | | |
+-----------------------+---+---+--+-------+----------------+----------------+
| Losses transferred to | | | | | - | 8 |
| the statement of | | | | | | |
| financial position | | | | | | |
+-----------------------+---+---+--+-------+----------------+----------------+
| Related deferred tax | | | | 4 | (204) | (26) |
| charge | | | | | | |
+-----------------------+---+---+--+-------+----------------+----------------+
| Cost of hedging 2 | | | | | | |
| | | | | | | |
+-----------------------+---+---+--+-------+----------------+----------------+
| Fair value losses in | | | | | (1) | (2) |
| the period | | | | | | |
+-----------------------+---+---+--+-------+----------------+----------------+
| Losses transferred to | | | | | 2 | 7 |
| the income statement | | | | | | |
+-----------------------+---+---+--+-------+----------------+----------------+
| Related deferred tax | | | | 4 | - | (1) |
| charge | | | | | | |
+-----------------------+---+---+--+-------+----------------+----------------+
| Items that will not | | | | | | |
| be reclassified to | | | | | | |
| the income statement: | | | | | | |
+-----------------------+---+---+--+-------+----------------+----------------+
| Cash flow hedges | | | | | | |
| | | | | | | |
+-----------------------+---+---+--+-------+----------------+----------------+
| Fair value gains in | | | | | 2 | - |
| the period | | | | | | |
+-----------------------+---+---+--+-------+----------------+----------------+
| Related deferred tax | | | | 4 | - | - |
| charge | | | | | | |
+-----------------------+---+---+--+-------+----------------+----------------+
| Remeasurement gain of | | | | | - | 1 |
| post-employment | | | | | | |
| benefit obligations | | | | | | |
+-----------------------+---+---+--+-------+----------------+----------------+
| Related deferred tax | | | | 4 | - | - |
| charge | | | | | | |
+-----------------------+---+---+--+-------+----------------+----------------+
| Fair value loss on | | | | | - | (8) |
| equity investment | | | | | | |
+-----------------------+---+---+--+-------+----------------+----------------+
| | | | | | 616 | 75 |
+-----------------------+---+---+--+-------+----------------+----------------+
| Total comprehensive | | | | | 239 | (222) |
| income/(loss) for the | | | | | | |
| period | | | | | | |
+-----------------------+---+---+--+-------+----------------+----------------+
1 Management have assessed the risk of recoverability of the derivative
assets to which the fair value gains are attributable. easyJet’s banking
partners maintain high investment-grade credit ratings and a significant
amount of this fair value is maturing in H2 2026. Accordingly, management have
confidence in the recognition of the fair value gain.
2 In the current reporting period, the Group has re-presented the cost of
hedging within other comprehensive income, such that amounts previously
presented as a single line item for cost of hedging have been disaggregated
into separate line items to separately disclose its components, providing more
relevant information to users of the financial statements. Accordingly, the
comparative amounts have been re-presented to conform to the current period
presentation. This reclassification has no impact on the previously reported
total comprehensive income.
Condensed consolidated statement of financial position (unaudited)
+--------------------------------+-------+---------------+-------------------+
| | | As at | As at |
| | | 31 March 2026 | 30 September 2025 |
+--------------------------------+-------+---------------+-------------------+
| | Notes | £ million | £ million |
+--------------------------------+-------+---------------+-------------------+
| Non-current assets | | | |
+--------------------------------+-------+---------------+-------------------+
| Goodwill | | 387 | 387 |
+--------------------------------+-------+---------------+-------------------+
| Other intangible assets | | 389 | 384 |
+--------------------------------+-------+---------------+-------------------+
| Property, plant and equipment | 8 | 5,042 | 4,791 |
+--------------------------------+-------+---------------+-------------------+
| Right of use assets | 9 | 928 | 1,015 |
+--------------------------------+-------+---------------+-------------------+
| Derivative financial | | 125 | 63 |
| instruments | | | |
+--------------------------------+-------+---------------+-------------------+
| Equity investment | | 64 | 64 |
+--------------------------------+-------+---------------+-------------------+
| Other non-current assets | | 149 | 178 |
+--------------------------------+-------+---------------+-------------------+
| | | 7,084 | 6,882 |
+--------------------------------+-------+---------------+-------------------+
| Current assets | | | |
+--------------------------------+-------+---------------+-------------------+
| Trade and other receivables | | 570 | 530 |
+--------------------------------+-------+---------------+-------------------+
| Current intangible assets | | 890 | 518 |
+--------------------------------+-------+---------------+-------------------+
| Derivative financial | | 747 | 49 |
| instruments | | | |
+--------------------------------+-------+---------------+-------------------+
| Other investments | | 1,158 | 2,024 |
+--------------------------------+-------+---------------+-------------------+
| Cash and cash equivalents | | 2,288 | 1,504 |
+--------------------------------+-------+---------------+-------------------+
| | | 5,653 | 4,625 |
+--------------------------------+-------+---------------+-------------------+
| Current liabilities | | | |
+--------------------------------+-------+---------------+-------------------+
| Trade and other payables | | (1,591) | (1,654) |
+--------------------------------+-------+---------------+-------------------+
| Unearned revenue | | (3,048) | (1,945) |
+--------------------------------+-------+---------------+-------------------+
| Borrowings | 10 | (16) | (6) |
+--------------------------------+-------+---------------+-------------------+
| Lease liabilities | 9 | (256) | (251) |
+--------------------------------+-------+---------------+-------------------+
| Derivative financial | | (39) | (100) |
| instruments | | | |
+--------------------------------+-------+---------------+-------------------+
| Current tax liabilities | | (10) | (11) |
+--------------------------------+-------+---------------+-------------------+
| Provisions for liabilities | 11 | (168) | (185) |
+--------------------------------+-------+---------------+-------------------+
| | | (5,128) | (4,152) |
+--------------------------------+-------+---------------+-------------------+
| Net current assets | | 525 | 473 |
+--------------------------------+-------+---------------+-------------------+
| | | | |
+--------------------------------+-------+---------------+-------------------+
| Non-current liabilities | | | |
+--------------------------------+-------+---------------+-------------------+
| Unearned revenue | | (8) | (5) |
+--------------------------------+-------+---------------+-------------------+
| Borrowings | 10 | (2,001) | (1,875) |
+--------------------------------+-------+---------------+-------------------+
| Lease liabilities | 9 | (739) | (794) |
+--------------------------------+-------+---------------+-------------------+
| Derivative financial | | (34) | (58) |
| instruments | | | |
+--------------------------------+-------+---------------+-------------------+
| Other liabilities | | (23) | (18) |
+--------------------------------+-------+---------------+-------------------+
| Post-employment benefit | | (11) | (20) |
| obligations | | | |
+--------------------------------+-------+---------------+-------------------+
| Provisions for liabilities | 11 | (855) | (829) |
+--------------------------------+-------+---------------+-------------------+
| Deferred tax liabilities | | (281) | (258) |
+--------------------------------+-------+---------------+-------------------+
| | | (3,952) | (3,857) |
+--------------------------------+-------+---------------+-------------------+
| Net assets | | 3,657 | 3,498 |
+--------------------------------+-------+---------------+-------------------+
| | | | |
+--------------------------------+-------+---------------+-------------------+
| Shareholders' equity | | | |
+--------------------------------+-------+---------------+-------------------+
| Share capital | | 207 | 207 |
+--------------------------------+-------+---------------+-------------------+
| Share premium | | 2,166 | 2,166 |
+--------------------------------+-------+---------------+-------------------+
| Hedging reserve | | 593 | (26) |
| | | | |
+--------------------------------+-------+---------------+-------------------+
| Cost of hedging reserve | | - | (1) |
+--------------------------------+-------+---------------+-------------------+
| Translation reserve | | 75 | 75 |
+--------------------------------+-------+---------------+-------------------+
| Retained earnings | | 616 | 1,077 |
+--------------------------------+-------+---------------+-------------------+
| Total equity | | 3,657 | 3,498 |
+--------------------------------+-------+---------------+-------------------+
Condensed consolidated statement of changes in equity (unaudited)
+-------------+---------+---------+---------+---------+--------+--------+---------+
| | Share | Share | Hedging | Cost of | | | Total |
| | capital | premium | reserve | hedging | Translation | Retained | equity |
| | | | | reserve | reserve | earnings/ | |
| | | | | | | (accumulated | |
| | | | | | | losses) | |
+-------------+---------+---------+---------+---------+--------+--------+---------+
| | £ | £ | £ | £ | £ | £ | £ |
| | million | million | million | million | million | million | million |
+-------------+---------+---------+---------+---------+--------+--------+---------+
| At 1 | 207 | 2,166 | (26) | (1) | 75 | 1,077 | 3,498 |
| October | | | | | | | |
| 2025 | | | | | | | |
+-------------+---------+---------+---------+---------+--------+--------+---------+
| Loss for | - | - | - | - | - | (377) | (377) |
| the period | | | | | | | |
+-------------+---------+---------+---------+---------+--------+--------+---------+
| Other | - | - | 615 | 1 | - | - | 616 |
| comprehensive | | | | | | | |
| income/(loss) | | | | | | | |
+-------------+---------+---------+---------+---------+--------+--------+---------+
| Total | - | - | 615 | 1 | - | (377) | 239 |
| comprehensive | | | | | | | |
| income/(loss) | | | | | | | |
+-------------+---------+---------+---------+---------+--------+--------+---------+
| Fair value | - | - | 4 | - | - | - | 4 |
| loss | | | | | | | |
| transferred | | | | | | | |
| to | | | | | | | |
| property, | | | | | | | |
| plant and | | | | | | | |
| equipment | | | | | | | |
+-------------+---------+---------+---------+---------+--------+--------+---------+
| Dividends | - | - | - | - | - | (100) | (100) |
| paid | | | | | | | |
+-------------+---------+---------+---------+---------+--------+--------+---------+
| Share | | | | | | | |
| incentive | | | | | | | |
| schemes | | | | | | | |
+-------------+---------+---------+---------+---------+--------+--------+---------+
| Employee | | | | | | | |
| share | | | | | | | |
| schemes - | | | | | | | |
+-------------+---------+---------+---------+---------+--------+--------+---------+
| value of | - | - | - | - | - | 16 | 16 |
| employee | | | | | | | |
| services | | | | | | | |
+-------------+---------+---------+---------+---------+--------+--------+---------+
| At 31 March | 207 | 2,166 | 593 | - | 75 | 616 | 3,657 |
| 2026 | | | | | | | |
+-------------+---------+---------+---------+---------+--------+--------+---------+
| | | | | | | | |
| | | | | | | | |
+-------------+---------+---------+---------+---------+--------+--------+---------+
| | Share | Share | Hedging | Cost of | | | Total |
| | capital | premium | reserve | hedging | Translation | Retained | equity |
| | | | | reserve | reserve | earnings/ | |
| | | | | | | (accumulated | |
| | | | | | | losses) | |
+-------------+---------+---------+---------+---------+--------+--------+---------+
| | £ | £ | £ | £ | £ | £ | £ |
| | million | million | million | million | million | million | million |
+-------------+---------+---------+---------+---------+--------+--------+---------+
| At 1 | 207 | 2,166 | (137) | (8) | 72 | 673 | 2,973 |
| October | | | | | | | |
| 2024 | | | | | | | |
+-------------+---------+---------+---------+---------+--------+--------+---------+
| Loss for | - | - | - | - | - | (297) | (297) |
| the period | | | | | | | |
+-------------+---------+---------+---------+---------+--------+--------+---------+
| Other | - | - | 78 | 4 | - | (7) | 75 |
| comprehensive | | | | | | | |
| income/(loss) | | | | | | | |
+-------------+---------+---------+---------+---------+--------+--------+---------+
| Total | - | - | 78 | 4 | - | (304) | (222) |
| comprehensive | | | | | | | |
| income/(loss) | | | | | | | |
+-------------+---------+---------+---------+---------+--------+--------+---------+
| Dividends | - | - | - | - | - | (91) | (91) |
| paid | | | | | | | |
+-------------+---------+---------+---------+---------+--------+--------+---------+
| Share | | | | | | | |
| incentive | | | | | | | |
| schemes | | | | | | | |
+-------------+---------+---------+---------+---------+--------+--------+---------+
| Employee | | | | | | | |
| share | | | | | | | |
| schemes - | | | | | | | |
+-------------+---------+---------+---------+---------+--------+--------+---------+
| value of | - | - | - | - | - | 15 | 15 |
| employee | | | | | | | |
| services | | | | | | | |
+-------------+---------+---------+---------+---------+--------+--------+---------+
| Purchase of | - | - | - | - | - | (25) | (25) |
| own shares | | | | | | | |
+-------------+---------+---------+---------+---------+--------+--------+---------+
| At 31 March | 207 | 2,166 | (59) | (4) | 72 | 268 | 2,650 |
| 2025 | | | | | | | |
+-------------+---------+---------+---------+---------+--------+--------+---------+
Condensed consolidated statement of cash flows (unaudited)
+------------------------------+-------+------------------+------------------+
| | | Six months ended | Six months ended |
+------------------------------+-------+------------------+------------------+
| | | 31 March 2026 | 31 March 2025 |
+------------------------------+-------+------------------+------------------+
| | Notes | £ million | £ million |
+------------------------------+-------+------------------+------------------+
| Cash flows from operating | | | |
| activities | | | |
+------------------------------+-------+------------------+------------------+
| Cash generated from | 13 | 600 | 946 |
| operations | | | |
+------------------------------+-------+------------------+------------------+
| Dividends paid | 6 | (100) | (91) |
+------------------------------+-------+------------------+------------------+
| Interest and other financing | | (77) | (82) |
| charges paid | | | |
+------------------------------+-------+------------------+------------------+
| Interest and other financing | | 54 | 70 |
| income received | | | |
+------------------------------+-------+------------------+------------------+
| Settlement of derivatives | | (10) | (45) |
+------------------------------+-------+------------------+------------------+
| Tax paid | | (9) | (8) |
+------------------------------+-------+------------------+------------------+
| Net cash generated from | | 458 | 790 |
| operating activities | | | |
+------------------------------+-------+------------------+------------------+
| | | | |
+------------------------------+-------+------------------+------------------+
| Cash flows from investing | | | |
| activities | | | |
+------------------------------+-------+------------------+------------------+
| Purchase of property, plant | | (532) | (484) |
| and equipment | | | |
+------------------------------+-------+------------------+------------------+
| Proceeds from sale of | | - | 1 |
| property, plant and | | | |
| equipment | | | |
+------------------------------+-------+------------------+------------------+
| Purchase of non-current | | (45) | (45) |
| other intangible assets | | | |
+------------------------------+-------+------------------+------------------+
| Decrease in other | | 876 | 508 |
| investments | | | |
+------------------------------+-------+------------------+------------------+
| Settlement of derivatives | | 1 | (9) |
+------------------------------+-------+------------------+------------------+
| Net cash generated | | 300 | (29) |
| from/(used in) investing | | | |
| activities | | | |
+------------------------------+-------+------------------+------------------+
| | | | |
+------------------------------+-------+------------------+------------------+
| Cash flows from financing | | | |
| activities | | | |
+------------------------------+-------+------------------+------------------+
| Purchase of own shares for | | - | (25) |
| employee share schemes | | | |
+------------------------------+-------+------------------+------------------+
| Proceeds from debt financing | | 134 | - |
| and other borrowings | | | |
+------------------------------+-------+------------------+------------------+
| Repayment of other | | (3) | - |
| borrowings | | | |
+------------------------------+-------+------------------+------------------+
| Repayment of capital element | | (113) | (116) |
| of leases | | | |
+------------------------------+-------+------------------+------------------+
| Net cash generated | | 18 | (141) |
| from/(used in) financing | | | |
| activities | | | |
+------------------------------+-------+------------------+------------------+
| Effect of exchange rate | | 8 | 49 |
| movements | | | |
+------------------------------+-------+------------------+------------------+
| Net increase in cash and | | 784 | 669 |
| cash equivalents | | | |
+------------------------------+-------+------------------+------------------+
| Cash and cash equivalents at | | 1,504 | 1,343 |
| beginning of period | | | |
+------------------------------+-------+------------------+------------------+
| Cash and cash equivalents at | | 2,288 | 2,012 |
| end of period | | | |
+------------------------------+-------+------------------+------------------+
Notes to the condensed consolidated interim financial information (unaudited)
1. General information
easyJet plc (the Company) is a Company registered in England (Company no.
03959649) and domiciled in the United Kingdom (UK). The condensed consolidated
interim financial information of the Company as at and for the six months
ended 31 March 2026 comprises the Company and its interest in its subsidiaries
(together referred to as the Group). Its principal business is that of a
low-cost airline carrier operating principally in Europe. The consolidated
financial statements of the Group as at and for the year ended 30 September
2025 are available upon request to the Company Secretary from the Company’s
registered office at Hangar 89, London Luton Airport, Luton, Bedfordshire, LU2
9PF, England or are available on the corporate website at
http://corporate.easyJet.com.
1A. Basis of preparation
The condensed consolidated interim financial information has been prepared in
accordance with IAS 34 ‘Interim Financial Reporting’ under UK-adopted
international accounting standards and the Disclosure and Transparency Rules
of the United Kingdom’s Financial Conduct Authority. It should be read in
conjunction with the Annual Report and Accounts for the year ended 30
September 2025, which were prepared in accordance with UK-adopted
International Financial Reporting Standards (IFRS) and in conformity with the
requirements of the Companies Act 2006.
The interim financial information does not constitute statutory accounts
within the meaning of sections 434 and 435 of the Companies Act 2006.
Statutory accounts for the year ended 30 September 2025 were approved by the
Board of Directors on 25 November 2025 and have been delivered to the
Registrar of Companies. The report of the auditor was unqualified.
The Group’s financial risk management objectives and policies are materially
consistent with those disclosed in the consolidated financial statements as at
and for the year ended 30 September 2025.
1B. Going concern
In adopting the going concern basis in preparing this condensed consolidated
interim financial information, the Directors have considered the Group’s
business activities, together with factors likely to affect its future
development and performance through to September 2027, including the Group’s
principal risks and uncertainties.
As at 31 March 2026, the Group had an adjusted net cash position of £434
million and total liquidity of £4.7 billion, comprising cash, cash equivalents
and other investments of £3.4 billion, together with £1.3 billion of undrawn
revolving credit facilities. In addition, 58% of the total aircraft fleet are
owned (eight of which are encumbered) within which 86% of the higher value neo
aircraft are in ownership.
The Directors have reviewed the Group’s financial forecasts and funding
requirements, taking into account severe but plausible downside scenarios. A
base case has been prepared, reflecting management’s best estimate of the
Group’s expected performance over the going concern period. This base case
incorporates the anticipated financial impacts of climate-related factors
embedded within the Group’s strategic plans, including fleet renewal, expected
Emissions Trading Scheme (‘ETS’) costs (including the phase-out of free
allowances from 1 January 2026 onwards), Sustainable Aviation Fuel (‘SAF’)
requirements, the cost of carbon removal credits and other sustainability
initiatives. The base case also considers the impact of the current
macroeconomic environment for airlines including fuel prices, cost inflation
and consumer demand. These factors continue to be closely monitored.
The Group remains exposed to movements in fuel prices and foreign exchange
rates. At the date of approval, the Group is approximately 72% hedged for fuel
in H2 2026 at c.$726 per metric tonne, 53% hedged for H1 2027 at c $719 per
metric tonne and 29% hedged for H2 2027 at c $745 per metric tonne.
A severe but plausible downside scenario has also been modelled, reflecting a
deterioration in trading conditions, and a protracted period of heightened
geopolitical uncertainty, with additional consequential impacts on fuel prices
and supply, cost inflation and consumer demand. Accordingly, the downside
scenario modelled assumes a 5% reduction in airline yield, a 5% reduction in
easyJet holidays profit contribution, a 25% reduction in seat capacity over a
two month operating window, an additional US$100 per metric tonne increase in
fuel prices, and incremental operating cost inflation of 1.5%. While this
scenario results in a significant reduction in liquidity, sufficient headroom
on available facilities is maintained throughout the period.
Having therefore assessed the current liquidity position, committed funding
facilities, the going concern base case and severe but plausible downside
forecasts, the Directors have a reasonable expectation that the Group has
sufficient resources to continue in operational existence for the foreseeable
future. Accordingly, the Directors continue to adopt the going concern basis
of accounting in preparing this condensed consolidated interim financial
information.
1C. Accounting policies, judgements and estimates
In preparing this condensed consolidated interim financial information, the
accounting policies and the critical judgements and estimates applied, are
consistent with those described in the Annual Report and Accounts for the year
ended 30 September 2025.
2. Seasonality
The airline and package holiday industries are highly seasonal. The airline
industry experiences significantly higher demand and yields during the summer
period. Accordingly, revenue and profitability are typically higher in the
second half of the financial year, and historically the airline operating
segment has reported a loss for the first half of the financial year. The
easyJet holidays operating segment also experiences higher demand during the
summer months and consequentially higher profitability in the second half of
the financial year.
3. Non-headline items
Non-headline items are those where, in management’s opinion, their separate
reporting provides an additional understanding to users of the financial
statements of easyJet’s underlying trading performance, and which are
significant by virtue of their size and/or nature. In considering the
categorisation of an item as non-headline, management’s judgement includes,
but is not limited to, a consideration of:
* whether the item is outside of the principal activities of the easyJet Group
(being to provide point-to-point airline services and package holidays);
* the specific circumstances which have led to the item arising, including
whether that item was first generated via headline or non-headline activity;
the presumption being that when subsequently extinguishing an item from the
statement of financial position, any impact should be reflected in the same
way as the initial creation of the item;
* if the item is irregular in nature; and,
* whether the item is unusual by virtue of its size.
An analysis of the amounts presented as ‘non-headline’ is given below:
+--------------------------------------+------------------+------------------+
| | Six months ended | Six months ended |
+--------------------------------------+------------------+------------------+
| | 31 March 2026 | 31 March 2025 |
+--------------------------------------+------------------+------------------+
| | £ million | £ million |
+--------------------------------------+------------------+------------------+
| Restructuring charge | - | 7 |
+--------------------------------------+------------------+------------------+
| Total non-headline charge before tax | - | 7 |
+--------------------------------------+------------------+------------------+
| Tax credit on non-headline items | - | (2) |
+--------------------------------------+------------------+------------------+
| Total non-headline charge after tax | - | 5 |
+--------------------------------------+------------------+------------------+
During the six month period ending 31 March 2026, there have been no
non-headline transactions. In the comparative period, the non-headline charges
relate to the base restructuring programme in France and Italy, partially
offset by a release following the finalisation of historic cases from the
restructuring programme in Germany, and the associated tax credits.
4. Tax credit
Tax on loss on ordinary activities:
+--------------------------+------------------------+------------------------+
| | Six months ended | Six months ended |
+--------------------------+------------------------+------------------------+
| | 31 March 2026 | 31 March 2025 |
+--------------------------+------------------------+------------------------+
| | £ million | £ million |
+--------------------------+------------------------+------------------------+
| Current tax | (8) | (7) |
+--------------------------+------------------------+------------------------+
| Deferred tax | 183 | 111 |
+--------------------------+------------------------+------------------------+
| | 175 | 104 |
+--------------------------+------------------------+------------------------+
| Effective tax rate | 31.7% | 25.9% |
+--------------------------+------------------------+------------------------+
The forecast effective tax rate (using currently enacted rates) is higher than
the standard rate of corporation tax in the United Kingdom (25%), principally
due to permanent differences on share based payment costs increasing the
forecasted tax charge. This is offset by the impact of differences in tax
rates in jurisdictions where easyJet has a taxable presence outside the UK.
The forecasted effective tax rates have been determined on the basis that
deferred tax assets on UK tax losses are fully recognised.
The current tax charge includes the impact of the Global Minimum Tax
legislation implemented in the UK, specifically a multinational top-up tax in
respect of Malta which is not expected to exceed £500,000 for the six months
ended 31 March 2026.
Tax on items recognised directly in other comprehensive loss:
+--------------------------------------------+---------------+---------------+
| | 31 March 2026 | 31 March 2025 |
+--------------------------------------------+---------------+---------------+
| | £ million | £ million |
+--------------------------------------------+---------------+---------------+
| Charge to other comprehensive income | | |
+--------------------------------------------+---------------+---------------+
| Deferred tax on change in fair value of | (204) | (27) |
| cash flow hedges | | |
+--------------------------------------------+---------------+---------------+
| Total charge to other comprehensive income | (204) | (27) |
+--------------------------------------------+---------------+---------------+
A charge of £2 million in respect of share based payment costs was recognised
directly in shareholders’ equity in the period (31 March 2025: £1 million).
5. Loss per share
Basic loss per share has been calculated by dividing the total loss for the
period by the weighted average number of ordinary shares in issue during the
period after adjusting for ordinary shares held in employee benefit trusts.
Headline basic loss per share is also presented, based on headline loss for
the period.
Loss per share is based on:
+--------------------------------------+------------------+------------------+
| | Six months ended | Six months ended |
| | | |
+--------------------------------------+------------------+------------------+
| | 31 March 2026 | 31 March 2025 |
+--------------------------------------+------------------+------------------+
| | £ million | £ million |
+--------------------------------------+------------------+------------------+
| Total loss for the period | (377) | (297) |
+--------------------------------------+------------------+------------------+
| Headline loss for the period | (377) | (292) |
+--------------------------------------+------------------+------------------+
| | Six months ended | Six months ended |
| | | |
+--------------------------------------+------------------+------------------+
| | 31 March 2026 | 31 March 2025 |
+--------------------------------------+------------------+------------------+
| | million | million |
+--------------------------------------+------------------+------------------+
| Weighted average number of ordinary | 753 | 751 |
| shares used to calculate basic loss | | |
| per share | | |
+--------------------------------------+------------------+------------------+
| | | |
| | | |
+--------------------------------------+------------------+------------------+
| | Six months ended | Six months ended |
+--------------------------------------+------------------+------------------+
| | 31 March 2026 | 31 March 2025 |
+--------------------------------------+------------------+------------------+
| Basic loss per share | pence | pence |
+--------------------------------------+------------------+------------------+
| Total | (50.1) | (39.5) |
+--------------------------------------+------------------+------------------+
| Adjusted for non-headline | - | 0.6 |
+--------------------------------------+------------------+------------------+
| Headline | (50.1) | (38.9) |
+--------------------------------------+------------------+------------------+
Diluted loss per share figures are not separately presented for either period
as the impact of potential ordinary shares is anti-dilutive, and the Group is
loss making for the six months period ending in March of each financial year.
6. Dividends
The Company paid an ordinary dividend of 13.2 pence per share (2025: 12.1
pence per share), or £100 million (2025: £91 million) in respect of the year
ended 30 September 2025. The dividend was paid on 27 March 2026, with a record
date of 21 February 2026.
7. Segmental Reporting
+----------------------+---+-----------+-----------+-------------+-----------+
| | | Six | | | |
| | | months | | | |
| | | ended 31 | | | |
| | | March | | | |
| | | 2026 | | | |
+----------------------+---+-----------+-----------+-------------+-----------+
| | | Airline | easyJet | Intragroup | Group |
| | | | holidays | transactions | |
+----------------------+---+-----------+-----------+-------------+-----------+
| | | £ million | £ million | £ million | £ million |
+----------------------+---+-----------+-----------+-------------+-----------+
| Passenger revenue | | 2,361 | - | - | 2,361 |
+----------------------+---+-----------+-----------+-------------+-----------+
| Ancillary revenue | | 1,075 | 687 | (169) | 1,593 |
+----------------------+---+-----------+-----------+-------------+-----------+
| Total revenue | | 3,436 | 687 | (169) | 3,954 |
+----------------------+---+-----------+-----------+-------------+-----------+
| | | | | | |
| | | | | | |
+----------------------+---+-----------+-----------+-------------+-----------+
| Airline operating | | (3,147) | - | - | (3,147) |
| costs including fuel | | | | | |
+----------------------+---+-----------+-----------+-------------+-----------+
| easyJet holidays | | - | (559) | 166 | (393) |
| direct operating | | | | | |
| costs | | | | | |
+----------------------+---+-----------+-----------+-------------+-----------+
| Selling and | | (123) | (34) | - | (157) |
| marketing | | | | | |
+----------------------+---+-----------+-----------+-------------+-----------+
| Other costs and | | (356) | (38) | 3 | (391) |
| other income | | | | | |
+----------------------+---+-----------+-----------+-------------+-----------+
| Amortisation and | | (390) | (9) | - | (399) |
| depreciation | | | | | |
+----------------------+---+-----------+-----------+-------------+-----------+
| Net interest | | (33) | 15 | - | (18) |
| (payable)/receivable | | | | | |
| and other financing | | | | | |
| (charges)/income | | | | | |
+----------------------+---+-----------+-----------+-------------+-----------+
| Foreign exchange | | - | (1) | - | (1) |
| loss | | | | | |
+----------------------+---+-----------+-----------+-------------+-----------+
| Headline | | (613) | 61 | - | (552) |
| (loss)/profit before | | | | | |
| tax | | | | | |
+----------------------+---+-----------+-----------+-------------+-----------+
| Non-headline items | | - | - | - | - |
+----------------------+---+-----------+-----------+-------------+-----------+
| Total (loss)/profit | | (613) | 61 | - | (552) |
| before tax | | | | | |
+----------------------+---+-----------+-----------+-------------+-----------+
+----------------------+---+-----------+-----------+-------------+-----------+
| | | | | | |
| | | | | | |
| | | | | | |
| | | Six | | | |
| | | months | | | |
| | | ended 31 | | | |
| | | March | | | |
| | | 2025 | | | |
+----------------------+---+-----------+-----------+-------------+-----------+
| | | Airline | easyJet | Intragroup | Group |
| | | | holidays | transactions | |
+----------------------+---+-----------+-----------+-------------+-----------+
| | | £ million | £ million | £ million | £ million |
+----------------------+---+-----------+-----------+-------------+-----------+
| Passenger revenue | | 2,156 | - | - | 2,156 |
+----------------------+---+-----------+-----------+-------------+-----------+
| Ancillary revenue | | 978 | 542 | (142) | 1,378 |
+----------------------+---+-----------+-----------+-------------+-----------+
| Total revenue | | 3,134 | 542 | (142) | 3,534 |
+----------------------+---+-----------+-----------+-------------+-----------+
| | | | | | |
+----------------------+---+-----------+-----------+-------------+-----------+
| Airline operating | | (2,811) | - | - | (2,811) |
| costs including fuel | | | | | |
+----------------------+---+-----------+-----------+-------------+-----------+
| easyJet holidays | | - | (434) | 138 | (296) |
| direct operating | | | | | |
| costs | | | | | |
+----------------------+---+-----------+-----------+-------------+-----------+
| Selling and | | (94) | (35) | - | (129) |
| marketing | | | | | |
+----------------------+---+-----------+-----------+-------------+-----------+
| Other costs and | | (271) | (36) | 4 | (303) |
| other income | | | | | |
+----------------------+---+-----------+-----------+-------------+-----------+
| Amortisation and | | (359) | (5) | - | (364) |
| depreciation | | | | | |
+----------------------+---+-----------+-----------+-------------+-----------+
| Net interest | | (31) | 13 | - | (18) |
| (payable)/receivable | | | | | |
| and other financing | | | | | |
| income/(charges) | | | | | |
+----------------------+---+-----------+-----------+-------------+-----------+
| Foreign exchange | | (6) | (1) | - | (7) |
| loss | | | | | |
+----------------------+---+-----------+-----------+-------------+-----------+
| Headline | | (438) | 44 | - | (394) |
| (loss)/profit before | | | | | |
| tax | | | | | |
+----------------------+---+-----------+-----------+-------------+-----------+
| Non-headline items | | (7) | - | - | (7) |
+----------------------+---+-----------+-----------+-------------+-----------+
| Total (loss)/profit | | (445) | 44 | - | (401) |
| before tax | | | | | |
+----------------------+---+-----------+-----------+-------------+-----------+
Airline revenue is recognised at a point in time (when the flight takes
place). The easyJet holidays revenue detailed in this note includes both
flight revenue, recognised at the time the flight takes place, and remaining
ancillary revenue which is recognised over time, aligned to the duration of
the holiday. The easyJet holidays flight revenue is included in this note
within ancillary revenue (with the associated intragroup transaction) aligned
to the presentation of revenue to the Chief Operating Decision Maker (CODM).
The intragroup transactions column represents revenue and cost transactions
between Airline and easyJet holidays for the flight element of easyJet
holidays’ packages and Group recharges. These intercompany transactions are
eliminated on consolidation.
Assets and liabilities are not allocated to individual segments and are not
separately reported to, or reviewed by, the CODM, and therefore have not been
disclosed.
Geographical Revenue:
+--------------------------------------+------------------+------------------+
| | Six months ended | Six months ended |
+--------------------------------------+------------------+------------------+
| | 31 March 2026 | 31 March 2025 |
+--------------------------------------+------------------+------------------+
| | £ million | £ million |
+--------------------------------------+------------------+------------------+
| United Kingdom | 2,051 | 1,823 |
+--------------------------------------+------------------+------------------+
| France | 408 | 399 |
+--------------------------------------+------------------+------------------+
| Switzerland | 372 | 338 |
+--------------------------------------+------------------+------------------+
| Northern Europe (excluding | 330 | 286 |
| Switzerland) | | |
+--------------------------------------+------------------+------------------+
| Southern Europe (excluding France) | 724 | 636 |
+--------------------------------------+------------------+------------------+
| Other | 69 | 52 |
+--------------------------------------+------------------+------------------+
| | 3,954 | 3,534 |
| | | |
+--------------------------------------+------------------+------------------+
Geographical revenue is allocated according to the location of the first
departure airport on each booking.
Southern Europe comprises countries lying wholly or mainly south of the border
between Italy and Switzerland.
8. Property, plant and equipment
+----------------------+-----------------+-----------+-----------+-----------+
| | Aircraft and | Land | Other | Total |
| | spares | | | |
+----------------------+-----------------+-----------+-----------+-----------+
| | £ million | £ million | £ million | £ million |
+----------------------+-----------------+-----------+-----------+-----------+
| Cost | | | | |
+----------------------+-----------------+-----------+-----------+-----------+
| At 1 October 2025 | 6,623 | 44 | 88 | 6,755 |
+----------------------+-----------------+-----------+-----------+-----------+
| Additions | 389 | - | 15 | 404 |
+----------------------+-----------------+-----------+-----------+-----------+
| Disposals | (26) | - | - | (26) |
+----------------------+-----------------+-----------+-----------+-----------+
| At 31 March 2026 | 6,986 | 44 | 103 | 7,133 |
+----------------------+-----------------+-----------+-----------+-----------+
| Accumulated | | | | |
| depreciation | | | | |
+----------------------+-----------------+-----------+-----------+-----------+
| At 1 October 2025 | 1,938 | - | 26 | 1,964 |
+----------------------+-----------------+-----------+-----------+-----------+
| Charge for the | 127 | - | 3 | 130 |
| period | | | | |
+----------------------+-----------------+-----------+-----------+-----------+
| Disposals | (3) | - | - | (3) |
+----------------------+-----------------+-----------+-----------+-----------+
| At 31 March 2026 | 2,062 | - | 29 | 2,091 |
+----------------------+-----------------+-----------+-----------+-----------+
| Net book value | | | | |
+----------------------+-----------------+-----------+-----------+-----------+
| At 31 March 2026 | 4,924 | 44 | 74 | 5,042 |
+----------------------+-----------------+-----------+-----------+-----------+
| At 1 October 2025 | 4,685 | 44 | 62 | 4,791 |
+----------------------+-----------------+-----------+-----------+-----------+
+----------------------+-----------------+-----------+-----------+-----------+
| | Aircraft and | Land | Other | Total |
| | spares | | | |
+----------------------+-----------------+-----------+-----------+-----------+
| | £ million | £ million | £ million | £ million |
+----------------------+-----------------+-----------+-----------+-----------+
| Cost | | | | |
+----------------------+-----------------+-----------+-----------+-----------+
| At 1 October 2024 | 5,845 | 44 | 65 | 5,954 |
+----------------------+-----------------+-----------+-----------+-----------+
| Additions | 416 | - | 10 | 426 |
+----------------------+-----------------+-----------+-----------+-----------+
| Disposals | (15) | - | - | (15) |
+----------------------+-----------------+-----------+-----------+-----------+
| At 31 March 2025 | 6,246 | 44 | 75 | 6,365 |
+----------------------+-----------------+-----------+-----------+-----------+
| Accumulated | | | | |
| depreciation | | | | |
+----------------------+-----------------+-----------+-----------+-----------+
| At 1 October 2024 | 1,653 | - | 16 | 1,669 |
+----------------------+-----------------+-----------+-----------+-----------+
| Charge for the | 143 | - | 4 | 147 |
| period | | | | |
+----------------------+-----------------+-----------+-----------+-----------+
| Disposals | (4) | - | - | (4) |
+----------------------+-----------------+-----------+-----------+-----------+
| At 31 March 2025 | 1,792 | - | 20 | 1,812 |
+----------------------+-----------------+-----------+-----------+-----------+
| Net book value | | | | |
+----------------------+-----------------+-----------+-----------+-----------+
| At 31 March 2025 | 4,454 | 44 | 55 | 4,553 |
+----------------------+-----------------+-----------+-----------+-----------+
| At 1 October 2024 | 4,192 | 44 | 49 | 4,285 |
+----------------------+-----------------+-----------+-----------+-----------+
Additions of £404 million in the period were predominantly driven by three new
Airbus deliveries, combined with eight engine additions, aircraft heavy
maintenance additions, advance delivery payments for future aircraft and
spares additions.
The net book value of aircraft includes £626 million (30 September 2025: £483
million) relating to advance payments for future deliveries, and £59 million
(30 September 2025: £86 million) relating to life limited parts not yet in
use. Neither amount is depreciated.
The net book value of aircraft spares is £225 million (30 September 2025: £211
million).
The net book value of aircraft which are secured against JOLCO (Japanese
Operating Lease with Call Option) financing arrangements is £217 million (30
September 2025: £103 million).
The ‘Other’ categories are principally comprised of leasehold improvements,
computer hardware, fixtures, fittings and equipment, and work in progress in
respect of property, plant and equipment projects. The work in progress as at
31 March 2026 was £40 million (30 September 2025: £27 million).
As at 31 March 2026, easyJet was contractually committed to the acquisition of
nine CFM LEAP engines (30 September 2025: 12), and 287 Airbus A320 family
aircraft (30 September 2025: 290), with a total estimated list price 1 of
$34.8 billion (30 September 2025: $35.2 billion) before escalations and
discounts, for delivery in financial years 2026 (14 aircraft), 2027 and 2028
(73 aircraft) and 2029 to 2034 (200 aircraft). Additionally, easyJet maintains
purchase rights for a further 100 aircraft.
1.As Airbus no longer publishes list prices, the last available list price
published in January 2018 has been used for the estimated list price.
9. Leases
easyJet holds aircraft under leasing arrangements that are recognised as right
of use assets and lease liabilities, with remaining lease terms ranging up to
9 years. easyJet is contractually obliged to carry out maintenance on these
aircraft, and the cost of this is provided based on the number of flying
hours, days and cycles operated and the estimated cost of the maintenance
events. Further details on maintenance provisions are given in note 11.
Right of use assets
Information in respect of right of use assets, including the carrying amount,
additions and depreciation, is set out below.
+-------------------------------------+------------+------------+------------+
| | Aircraft | Other 1 | Total |
+-------------------------------------+------------+------------+------------+
| | £ million | £ million | £ million |
+-------------------------------------+------------+------------+------------+
| Net book value | | | |
+-------------------------------------+------------+------------+------------+
| At 1 October 2025 | 878 | 137 | 1,015 |
+-------------------------------------+------------+------------+------------+
| Additions | 107 | 36 | 143 |
+-------------------------------------+------------+------------+------------+
| Depreciation charge for the period | (220) | (10) | (230) |
+-------------------------------------+------------+------------+------------+
| Disposals 2 | - | - | - |
+-------------------------------------+------------+------------+------------+
| At 31 March 2026 | 765 | 163 | 928 |
+-------------------------------------+------------+------------+------------+
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
+-------------------------------------+------------+------------+------------+
| | Aircraft | Other 1 | Total |
| | | | |
+-------------------------------------+------------+------------+------------+
| | £ million | £ million | £ million |
+-------------------------------------+------------+------------+------------+
| Net book value | | | |
+-------------------------------------+------------+------------+------------+
| At 1 October 2024 | 1,116 | 74 | 1,190 |
+-------------------------------------+------------+------------+------------+
| Additions | 134 | 3 | 137 |
+-------------------------------------+------------+------------+------------+
| Depreciation charge for the period | (183) | (5) | (188) |
+-------------------------------------+------------+------------+------------+
| Disposals 2 | (9) | - | (9) |
+-------------------------------------+------------+------------+------------+
| At 31 March 2025 | 1,058 | 72 | 1,130 |
+-------------------------------------+------------+------------+------------+
1 Other right of use assets include aircraft training simulators with a net
book value of £97 million. The remaining £66 million comprises the assets
associated with facility leases and ground handling and other equipment
leases, with remaining lease terms ranging up to 18 years.
2 During the six month period ended 31 March 2026, there have been no right
of use asset disposals. In the comparative period, right of use asset
disposals included £9 million relating to the purchase of one aircraft that
was previously leased, with a corresponding £32 million of additions to
aircraft owned assets in note 8.
Lease liabilities
+----------------------------------+------------------+----------------------+
| | At 31 March 2026 | At 30 September 2025 |
+----------------------------------+------------------+----------------------+
| Lease liabilities included in | £ million | £ million |
| the statement of financial | | |
| position | | |
+----------------------------------+------------------+----------------------+
| Current | (256) | (251) |
+----------------------------------+------------------+----------------------+
| Non-current | (739) | (794) |
+----------------------------------+------------------+----------------------+
| Total | (995) | (1,045) |
+----------------------------------+------------------+----------------------+
| | | |
+----------------------------------+------------------+----------------------+
10. Borrowings
+--------------------------+---------------+-----------------+---------------+
| | Current | Non-current | Total |
| | | | |
+--------------------------+---------------+-----------------+---------------+
| | £ million | £ million | £ million |
+--------------------------+---------------+-----------------+---------------+
| At 31 March 2026 | | | |
+--------------------------+---------------+-----------------+---------------+
| Eurobonds | - | 1,780 | 1,780 |
+--------------------------+---------------+-----------------+---------------+
| Other borrowings | 16 | 221 | 237 |
+--------------------------+---------------+-----------------+---------------+
| | 16 | 2,001 | 2,017 |
+--------------------------+---------------+-----------------+---------------+
| | | | |
| | | | |
+--------------------------+---------------+-----------------+---------------+
| | Current | Non-current | Total |
+--------------------------+---------------+-----------------+---------------+
| | £ million | £ million | £ million |
+--------------------------+---------------+-----------------+---------------+
| At 30 September 2025 | | | |
+--------------------------+---------------+-----------------+---------------+
| Eurobonds | - | 1,778 | 1,778 |
+--------------------------+---------------+-----------------+---------------+
| Other borrowings | 6 | 97 | 103 |
+--------------------------+---------------+-----------------+---------------+
| | 6 | 1,875 | 1,881 |
+--------------------------+---------------+-----------------+---------------+
Amounts shown above are the net discounted value of the borrowings, net of
issue costs, and amortised at the effective interest rate over the life of the
debt instruments.
The proceeds received from JOLCO aircraft financing agreements are classified
as Other borrowings, and are secured against the associated owned aircraft. As
at 31 March 2026, eight aircraft are subject to JOLCO financing secured
against the aircraft (refer to note 8). The total carrying value of these
borrowings is £237 million (30 September 2025: three aircraft with a total
carrying value of £103 million). Refer to note 12 for further details on
borrowings.
11. Provisions for liabilities
+-----------------+--------------+---------------+-------------+-------------+
| | Maintenance | Restructuring | Other | Total |
| | provisions | | provisions | provisions |
+-----------------+--------------+---------------+-------------+-------------+
| | £ million | £ million | £ million | £ million |
+-----------------+--------------+---------------+-------------+-------------+
| At 1 October | 939 | 10 | 65 | 1,014 |
| 2025 | | | | |
+-----------------+--------------+---------------+-------------+-------------+
| Release of | - | - | (13) | (13) |
| provisions | | | | |
+-----------------+--------------+---------------+-------------+-------------+
| Additional | 104 | - | 46 | 150 |
| provisions | | | | |
| recognised | | | | |
+-----------------+--------------+---------------+-------------+-------------+
| Updated | 12 | - | - | 12 |
| discount rates | | | | |
| net of unwind | | | | |
| of discount | | | | |
+-----------------+--------------+---------------+-------------+-------------+
| Utilised | (149) | (4) | (2) | (155) |
+-----------------+--------------+---------------+-------------+-------------+
| Foreign | 15 | - | - | 15 |
| exchange | | | | |
| retranslation | | | | |
+-----------------+--------------+---------------+-------------+-------------+
| At 31 March | 921 | 6 | 96 | 1,023 |
| 2026 | | | | |
+-----------------+--------------+---------------+-------------+-------------+
The maintenance provisions provide for maintenance costs arising from legal
and constructive obligations relating to the condition of aircraft when
returned to the lessor. Restructuring provisions include amounts in respect of
potential liabilities for employee-related matters, and other provisions
include amounts for litigation matters, which arise in the normal course of
business.
+----------------+------+------+---------------------+-------------------------+
| | | | At 31 March 2026 | At 30 September 2025 |
+----------------+------+------+---------------------+-------------------------+
| | | | £ million | £ million |
+----------------+------+------+---------------------+-------------------------+
| Current | | | 168 | 185 |
+----------------+------+------+---------------------+-------------------------+
| Non-current | | | 855 | 829 |
+----------------+------+------+---------------------+-------------------------+
| | | | 1,023 | 1,014 |
+----------------+------+------+---------------------+-------------------------+
The split of the current/non-current maintenance provision is based on the
expected maintenance event timings. If actual aircraft usage varies from
expectation, the timing of the utilisation of the maintenance provision could
result in a material change in the classification between current and
non-current. The maintenance provisions presented in the table above are
expected to be utilised within seven years from 31 March 2026.
Litigation matters contained within other provisions are defined as current
based on the dates of expected court judgement or settlement discussions
expected to conclude within the next 12 months. Provisions for restructuring
could be fully utilised within one year from 31 March 2026, and therefore are
classified as current.
12. Financial instruments
Carrying value and fair value of financial assets and liabilities
The fair values of financial assets and liabilities, together with the
carrying value at each reporting date, are as follows:
+---------+---+---+---+---+---+---+---+---+---+---+---+---+---+---+---+---+--+
| | | | | | | | | | | | | | | | | | |
| | Amortised | | | | | | | Held | | | | | | | | | |
| | cost | | | | | | | at | | | | | | | | | |
| | | | | | | | | fair | | | | | | | | | |
| | | | | | | | | value | | | | | | | | | |
+---------+---+---+---+---+---+---+---+---+---+---+---+---+---+---+---+---+--+
| At 31 | | | | | | | | | | | | | | | | | |
| March | Financial | | Financial | | | | | Cash | | Other | | Other 1 | | Carrying | | Fair | |
| 2026 | assets | | liabilities | | | | | flow | | financial | | | | value | | value | |
| | | | | | | | | hedges | | instruments | | | | | | | |
+---------+---+---+---+---+---+---+---+---+---+---+---+---+---+---+---+---+--+
| | £ | | £ | | | | | £ | | £ | | £ | | £ | | £ | |
| | million | | million | | | | | million | | million | | million | | million | | million | |
+---------+---+---+---+---+---+---+---+---+---+---+---+---+---+---+---+---+--+
| Other | | | - | | | | | - | | - | | - | | | | | |
| non-current | 149 | | | | | | | | | | | | | 149 | | 149 | |
| assets | | | | | | | | | | | | | | | | | |
+---------+---+---+---+---+---+---+---+---+---+---+---+---+---+---+---+---+--+
| Trade | | | - | | | | | - | | - | | | | | | | |
| and | 343 | | | | | | | | | | | 227 | | 570 | | 570 | |
| other | | | | | | | | | | | | | | | | | |
| receivables | | | | | | | | | | | | | | | | | |
+---------+---+---+---+---+---+---+---+---+---+---+---+---+---+---+---+---+--+
| Trade | - | | | | | | | - | | - | | | | | | | |
| and | | | (937) | | | | | | | | | (654) | | (1,591) | | (1,591) | |
| other | | | | | | | | | | | | | | | | | |
| payables | | | | | | | | | | | | | | | | | |
+---------+---+---+---+---+---+---+---+---+---+---+---+---+---+---+---+---+--+
| | - | | - | | | | | | | | | - | | | | | |
| Derivative | | | | | | | | 815 | | (16) | | | | 799 | | 799 | |
| financial | | | | | | | | | | | | | | | | | |
| instruments | | | | | | | | | | | | | | | | | |
+---------+---+---+---+---+---+---+---+---+---+---+---+---+---+---+---+---+--+
| Other | | | - | | | | | - | | | | - | | | | | |
| investments 2 | 1,005 | | | | | | | | | 153 | | | | 1,158 | | 1,158 | |
+---------+---+---+---+---+---+---+---+---+---+---+---+---+---+---+---+---+--+
| Cash | | | - | | | | | - | | | | - | | | | | |
| and | 1,298 | | | | | | | | | 990 | | | | 2,288 | | 2,288 | |
| cash | | | | | | | | | | | | | | | | | |
| equivalents 3 | | | | | | | | | | | | | | | | | |
+---------+---+---+---+---+---+---+---+---+---+---+---+---+---+---+---+---+--+
| | - | | | | | | | - | | - | | - | | | | | |
| Eurobonds | | | (1,780) | | | | | | | | | | | (1,780) | | (1,754) | |
| 4,5,6 | | | | | | | | | | | | | | | | | |
+---------+---+---+---+---+---+---+---+---+---+---+---+---+---+---+---+---+--+
| Other | - | | | | | | | - | | - | | - | | | | | |
| borrowings 7 | | | (237) | | | | | | | | | | | (237) | | (237) | |
+---------+---+---+---+---+---+---+---+---+---+---+---+---+---+---+---+---+--+
| Lease | - | | | | | | | - | | - | | - | | | | | |
| liabilities | | | (995) | | | | | | | | | | | (995) | | n/a | |
| 8 | | | | | | | | | | | | | | | | | |
+---------+---+---+---+---+---+---+---+---+---+---+---+---+---+---+---+---+--+
| Equity | - | | - | | | | | - | | | | - | | | | | |
| investments 9 | | | | | | | | | | 64 | | | | 64 | | 64 | |
+---------+---+---+---+---+---+---+---+---+---+---+---+---+---+---+---+---+--+
| | | | | | | | | | | | | | | | | | |
| | | Amortised | | | | | | | Held | | | | | | | | |
| | | cost | | | | | | | at | | | | | | | | |
| | | | | | | | | | fair | | | | | | | | |
| | | | | | | | | | value | | | | | | | | |
+---------+---+---+---+---+---+---+---+---+---+---+---+---+---+---+---+---+--+
| At 30 | | | | | | | | | | | | | | | | | |
| September | | Financial | | Financial | | | | | Cash | Other | Other 1 | | Carrying | | Fair | | |
| 2025 | | assets | | liabilities | | | | | flow | financial | | | value | | value | | |
| | | | | | | | | | hedges | instruments | | | | | | | |
+---------+---+---+---+---+---+---+---+---+---+---+---+---+---+---+---+---+--+
| | | £ | | | £ | | | | £ | £ | £ | | £ | | £ | | |
| | | million | | | million | | | | million | million | million | | million | | million | | |
+---------+---+---+---+---+---+---+---+---+---+---+---+---+---+---+---+---+--+
| Other | | | | | - | | | | - | - | - | | | | | | |
| non-current | | 178 | | | | | | | | | | | 178 | | 178 | | |
| assets | | | | | | | | | | | | | | | | | |
+---------+---+---+---+---+---+---+---+---+---+---+---+---+---+---+---+---+--+
| Trade | | | | | - | | | | - | - | | | | | | | |
| and | | 322 | | | | | | | | | 208 | | 530 | | 530 | | |
| other | | | | | | | | | | | | | | | | | |
| receivables | | | | | | | | | | | | | | | | | |
+---------+---+---+---+---+---+---+---+---+---+---+---+---+---+---+---+---+--+
| Trade | | - | | | | | | | - | - | | | | | | | |
| and | | | | | (1,127) | | | | | | (527) | | (1,654) | | (1,654) | | |
| other | | | | | | | | | | | | | | | | | |
| payables | | | | | | | | | | | | | | | | | |
+---------+---+---+---+---+---+---+---+---+---+---+---+---+---+---+---+---+--+
| | | - | | | - | | | | | | - | | | | | | |
| Derivative | | | | | | | | | (8) | (38) | | | (46) | | (46) | | |
| financial | | | | | | | | | | | | | | | | | |
| instruments | | | | | | | | | | | | | | | | | |
+---------+---+---+---+---+---+---+---+---+---+---+---+---+---+---+---+---+--+
| Other | | | | | - | | | | - | | - | | | | | | |
| investments 2 | | 1,873 | | | | | | | | 151 | | | 2,024 | | 2,024 | | |
+---------+---+---+---+---+---+---+---+---+---+---+---+---+---+---+---+---+--+
| Cash | | | | | - | | | | - | | - | | | | | | |
| and | | 486 | | | | | | | | 1,018 | | | 1,504 | | 1,504 | | |
| cash | | | | | | | | | | | | | | | | | |
| equivalents 3 | | | | | | | | | | | | | | | | | |
+---------+---+---+---+---+---+---+---+---+---+---+---+---+---+---+---+---+--+
| | | - | | | | | | | - | - | - | | | | | | |
| Eurobonds | | | | | (1,778) | | | | | | | | (1,778) | | (1,789) | | |
| 4,5,6 | | | | | | | | | | | | | | | | | |
+---------+---+---+---+---+---+---+---+---+---+---+---+---+---+---+---+---+--+
| Other | | - | | | | | | | - | - | - | | | | | | |
| borrowings 7 | | | | | (103) | | | | | | | | (103) | | (103) | | |
+---------+---+---+---+---+---+---+---+---+---+---+---+---+---+---+---+---+--+
| Lease | | - | | | | | | | - | - | - | | | | | | |
| liabilities | | | | | (1,045) | | | | | | | | (1,045) | | n/a | | |
| 8 | | | | | | | | | | | | | | | | | |
+---------+---+---+---+---+---+---+---+---+---+---+---+---+---+---+---+---+--+
| Equity | | - | | | - | | | | - | | - | | | | | | |
| investments 9 | | | | | | | | | | 64 | | | 64 | | 64 | | |
+---------+---+---+---+---+---+---+---+---+---+---+---+---+---+---+---+---+--+
1 Amounts disclosed in the 'Other' column are items that do not meet the
definition of a financial instrument. They are disclosed to facilitate
reconciliation of the carrying values of financial instruments to line items
presented in the statement of financial position.
2 Other investments comprise bank term deposits and tri-party repos maturing
greater than three months from inception. Fixed income security held as
collect to sell (also part of other investments) are measured at fair value
through other comprehensive income.
3 Cash and cash equivalents comprise cash held in bank accounts with no
access restrictions and bank term deposits and tri-party repos repayable on
demand or maturing within three months of inception. Money market funds (also
part of cash and cash equivalents) are measured at fair value through the
income statement.
4 easyJet plc established a £3,000 million Euro Medium Term Note (EMTN)
Programme on 7 January 2016. The two remaining bonds under this scheme are
guaranteed by easyJet Airline Company Limited, easyJet plc and easyJet FinCo
B.V. On 11 February 2022 the EMTN Programme increased in size to £4,000
million.
5 In March 2021, easyJet FinCo B.V. issued a €1,200 million bond under the
EMTN Programme guaranteed by easyJet Airline Company Limited and easyJet plc.
The Eurobond has a seven-year term and pays an annual fixed coupon of 1.875%.
easyJet subsequently entered into four cross-currency interest rate swaps to
convert €600 million of the fixed rate Eurobond to a sterling fixed rate
exposure. The Group designated these cross-currency interest rate swaps as a
cash flow hedge of the currency risk on the €600 million portion of the total
€1,200 million Eurobond. The cross-currency interest rate swaps are measured
at fair value with the effective portion taken through the statement of
comprehensive income. The element of the fair value generated by the change in
the spot rate is recycled to the income statement from the statement of
comprehensive income to offset the foreign currency translation of the
Eurobond. The carrying value of the fixed rate Eurobond at 31 March 2026 was
£1,044 million. The repayment value of the fixed rate Eurobond net of
cross-currency interest rate swaps at 31 March 2026 was £1,041 million. This
repayment value does not include capitalised set-up costs incurred in the
issuing of the bond.
6 In March 2024, easyJet plc issued a €850 million bond under the EMTN
Programme guaranteed by easyJet Airline Company Limited and easyJet FinCo B.V.
The Eurobond has a seven-year term and pays an annual fixed coupon of 3.75%.
easyJet subsequently entered into four cross-currency interest rate swaps to
convert €500 million of the fixed rate Eurobond to a sterling fixed rate
exposure. The Group designated these cross-currency interest rate swaps as a
cash flow hedge of the currency risk on the €500 million portion of the total
€850 million Eurobond. The cross-currency interest rate swaps are measured at
fair value with the effective portion taken through the statement of
comprehensive income. The element of the fair value generated by the change in
the spot rate is recycled to the income statement from the statement of
comprehensive income to offset the foreign currency translation of the
Eurobond. The carrying value of the fixed rate Eurobond at 31 March 2026 was
£736 million. The repayment value of the fixed rate Eurobond net of
cross-currency interest rate swaps at 31 March 2026 was £740 million. This
repayment value does not include capitalised set-up costs incurred in the
issuing of the bond.
7 In the six month period ended 31 March 2026, easyJet Airline Company
Limited entered into five JOLCO aircraft financing agreements, with the
proceeds received of £134 million classified as other borrowings, and secured
against the associated owned aircraft. As at 31 March 2026, eight aircraft are
subject to JOLCO financing secured against the aircraft, each with a term of
between six and seven years before the call option payment falls due. Upon
exercise and payment, contractual ownership of the aircraft transfers to
easyJet and the financing is extinguished. The carrying value of the JOLCO
borrowings at 31 March 2026 was £237 million (30 September 2025: £103
million), of which £101 million is fixed at a weighted average US Dollar
interest rate of 4.32%, and £136 million is floating at a weighted average US
Dollar interest rate of 4.12%.
8 Lease liabilities are valued in accordance with IFRS 16 and a fair value
determination is not applicable.
9 The equity investment of £64 million (30 September 2025: £64 million)
represents a 13.2% shareholding in a non‐listed entity, The Airline Group
Limited. Valuation movements are designated as being fair valued through other
comprehensive income due to the nature of the investment being held for
strategic purposes. There were no dividends received during the period (31
March 2025: £5 million).
In addition, easyJet has access to a $1.7 billion Revolving Credit Facility
which is fully undrawn at 31 March 2026. This is a committed facility that
commenced in June 2025 and is due to mature in June 2030 (with potential
extension to June 2032).
Fair value disclosures
The fair value measurement hierarchy levels have been defined as follows:
* Level 1, fair value of financial instruments based on quoted prices
(unadjusted) in active markets for identical assets or liabilities.
* Level 2, fair value of financial instruments in an active market (for
example, over the counter derivatives) which are determined using valuation
techniques which maximise the use of observable market data and rely as
little as possible on entity specific estimates.
* Level 3, fair value of financial instruments that are not based on
observable market data (i.e. unobservable inputs).
Where available, the fair values of financial instruments have been determined
by reference to observable market prices where the instruments are traded.
Where market prices are not available, the fair value has been estimated by
discounting expected future cash flows at prevailing interest rates and by
applying period-end exchange rates.
The fair values of the remaining two Eurobonds are classified as level 1 of
the IFRS 13 ‘Fair Value Measurement’ fair value hierarchy (valuations taken as
the closing market trade price for each respective Eurobond as at 31 March
2026). Apart from the equity investment, the remaining financial instruments
for which fair value is disclosed in the table above, and derivative financial
instruments, are classified as level 2.
The fair values of derivatives are calculated using observable market forward
curves (e.g. forward foreign exchange rates, forward interest rates or forward
jet fuel prices) and discounted to present value using risk free rates. The
impacts of counterparty credit, cross currency basis and market volatility are
also included where appropriate as part of the fair valuation.
The equity investment is classified as level 3 due to the use of forecast
dividends and discount rate. Forecasted dividends are discounted to present
value. Although there are other level 2 inputs to the valuation, the
discounted cash flow is a significant input which is not based on observable
market data. The fair value is assessed at each reporting date based on the
discounted cash flows of expected future dividends. A valuation report using
this method was prepared by an external valuation firm as at 30 September
2025. For the period ended 31 March 2026, management have reassessed the
valuation by updating key assumptions, including the discount rate, to reflect
current market conditions. Management concluded that these updates did not
result in a change in fair value of more than 10% and accordingly, the fair
value of the equity investment is held at £64 million (30 September 2025: £64
million). A 10% change in the discount rate would result in a change of
approximately £5 million in the fair value of the investment portfolio,
representing an impact of approximately 8%. The discount rate applied in
determining the fair value, has been derived using the Capital Asset Pricing
Model (CAPM) methodology. The discount rate applied as at 31 March 2026 was
12.5% (30 September 2025: 12.3%).
Unrealised gains and losses arising on equity investments are recognised in
other comprehensive income. No material unrealised gains or losses were
recognised during the period ending 31 March 2026, as the fair value movements
during the period were not considered significant.
13. Reconciliation of operating loss to cash generated from operations
+--------------------------------------+------------------+------------------+
| | Six months ended | Six months ended |
+--------------------------------------+------------------+------------------+
| | 31 March 2026 | 31 March 2025 |
+--------------------------------------+------------------+------------------+
| | £ million | £ million |
| | | |
+--------------------------------------+------------------+------------------+
| Operating loss | (533) | (376) |
+--------------------------------------+------------------+------------------+
| | | |
+--------------------------------------+------------------+------------------+
| Adjustments for non-cash items: | | |
+--------------------------------------+------------------+------------------+
| Depreciation | 360 | 335 |
+--------------------------------------+------------------+------------------+
| Loss on disposal of property, plant | 23 | 10 |
| and equipment | | |
+--------------------------------------+------------------+------------------+
| Gain on lease termination | - | (4) |
+--------------------------------------+------------------+------------------+
| Amortisation of intangible assets | 39 | 29 |
+--------------------------------------+------------------+------------------+
| Share based payments | 19 | 15 |
+--------------------------------------+------------------+------------------+
| | | |
+--------------------------------------+------------------+------------------+
| Changes in working capital and other | | |
| items of an operating nature: | | |
+--------------------------------------+------------------+------------------+
| Increase in trade and other | (12) | (122) |
| receivables | | |
+--------------------------------------+------------------+------------------+
| Increase in intangible assets | (402) | (131) |
+--------------------------------------+------------------+------------------+
| Decrease in trade and other payables | (3) | (129) |
+--------------------------------------+------------------+------------------+
| Increase in unearned revenue | 1,106 | 1,287 |
+--------------------------------------+------------------+------------------+
| Post-employment benefit | (8) | (7) |
| contributions | | |
+--------------------------------------+------------------+------------------+
| Increase in provisions | 2 | 1 |
+--------------------------------------+------------------+------------------+
| Decrease in other non-current assets | 10 | - |
+--------------------------------------+------------------+------------------+
| (Decrease)/Increase in derivative | (1) | 38 |
| financial instruments | | |
+--------------------------------------+------------------+------------------+
| Cash generated from operations | 600 | 946 |
+--------------------------------------+------------------+------------------+
14. Contingent liabilities and commitments
Contingent liabilities
In 2024 the Spanish Ministerio de Consumo (Ministry of Consumer Affairs)
issued easyJet with a €29 million fine for its hand luggage policy and the
charges applied to cabin bags. easyJet has appealed the fine and believes its
policy is entirely lawful. This is supported by a recent communication by the
European Commission who have opened an infringement procedure against Spain on
the basis that this contravenes European law. easyJet does not consider it
appropriate to recognise a provision for the charge. It is of note that a bank
guarantee covering the value of the fine (€29 million) was put in place in the
financial year ended 30 September 2025 at the request of the Spanish
authorities whilst easyJet’s appeal is in the court process. This does not
change easyJet’s position that it believes its policy is entirely lawful.
In addition to the above, there are ongoing matters in Italy and the
possibility of a claim being made by a third party supplier in the UK. These
matters have the potential to result in material recoveries. Management have
assessed the basis and likelihood of each case being brought, easyJet’s
response, and the potential of a successful resolution. At this stage, having
taken external legal advice, easyJet does not consider it appropriate to
provide for these matters.
There are a number of other contingent liabilities that arise in the normal
course of business, which if realised, are not expected to result in a
material liability to the Group.
Contingent commitments
Letters of credit and performance bonds.
At 31 March 2026, easyJet had outstanding letters of credit and performance
bonds totalling £72 million (30 September 2025: £72 million), of which £2
million (30 September 2025: £2 million) expires within one year. The fair
value of these instruments at each period end was negligible.
No amount is recognised on the statement of financial position in respect of
any of these financial instruments as it is not probable that there will be an
outflow of resources and the fair value has been assessed to be £nil.
Pathway to net zero
The airline industry has a responsibility to respond effectively to
climate-based challenges. It is therefore important that easyJet continues to
play a positive role as a leader in mapping out the transition towards our
ultimate ambition of zero carbon emission flying. This is set out through our
net zero roadmap. This roadmap references several partnerships with other
commercial companies to explore certain technologies which may assist with the
overall goal to decarbonise the aviation industry. The majority of these
partnerships are in fact agreements to work together on the areas identified
and do not involve a financial commitment from easyJet other than the time and
effort involved in the collaboration over an agreed period. Where there is a
signed agreement requiring a financial commitment from easyJet in the future,
any future payments are contingent on project progress or product/service
delivery and are therefore not certain, hence no liability has been recognised
for these payments.
15. Related party transactions
The Company licenses the easyJet brand from easyGroup Ltd (‘easyGroup’), a
wholly owned subsidiary of easyGroup Holdings Limited, an entity in which
easyJet’s founder, Sir Stelios Haji-Ioannou, holds a beneficial controlling
interest. The Haji-Ioannou family concert party shareholding (being easyGroup
Holdings Limited and Polys Holding Limited) holds, in total, approximately
15.3% of the issued share capital of easyJet plc as at 31 March 2026.
Under the Amended Brand Licence signed in October 2010 and approved by the
shareholders of easyJet plc in December 2010, an annual royalty of 0.25% of
total revenue is payable by easyJet to easyGroup. The full term of the
agreement is 50 years.
easyJet and easyGroup have established a fund to meet the annual costs of
protecting the ‘easy’ (and related trade marks) and the ‘easyJet’ brands.
easyJet contributes up to £1 million per annum to this fund and easyGroup
contributes £100,000 per annum. If easyJet contributes more than £1 million
per annum, easyGroup will match its contribution in the ratio of 1:10 up to a
limit of £5 million contributed by easyJet and £500,000 contributed by
easyGroup.
Three side letters have been entered into: (i) a letter dated 29 September
2016 in which easyGroup consented to easyJet acquiring a portion of the equity
share capital in Founders Factory Limited 1 ; (ii) a letter dated 26 June 2017
in which easyJet’s permitted usage of the brand was slightly extended; and
(iii) a letter dated 2 February 2018 in which easyGroup agreed that certain
affiliates of easyJet have the right to use the brand.
1 Founders Factory Limited is a company which fosters innovation and supports
the development of startup businesses in several industries including travel.
easyJet does not have ultimate control or significant influence over Founders
Factory Limited.
The amounts included in the income statement, within other costs, for these
items were as follows:
+--------------------------------------+------------------+------------------+
| | Six months ended | Six months ended |
| | | |
+--------------------------------------+------------------+------------------+
| | 31 March 2026 | 31 March 2025 |
+--------------------------------------+------------------+------------------+
| | £ million | £ million |
+--------------------------------------+------------------+------------------+
| Royalty | 10 | 9 |
+--------------------------------------+------------------+------------------+
| Brand protection (legal fees paid | 1 | 1 |
| through easyGroup to third parties) | | |
+--------------------------------------+------------------+------------------+
| | 11 | 10 |
+--------------------------------------+------------------+------------------+
At 31 March 2026, £2 million was prepaid to easyGroup (30 September 2025: £2
million payable).
16. Events after the statement of financial position date
Subsequent to the statement of financial position date of 31 March 2026,
* Two A321neo aircraft were delivered by Airbus to easyJet in April 2026,
followed by one A320neo delivered in May 2026.
* In addition, one new CFM LEAP engine was delivered to easyJet in April 2026.
Glossary – Alternative performance measures (APMs)
Headline and non-headline
+--------------------------+-------------------------------------------------+
| Non-headline items | Non-headline items are those where, in |
| | management’s opinion, their separate reporting |
| | provides an additional understanding to users |
| | of the financial statements of easyJet’s |
| | underlying trading performance, and which are |
| | significant by virtue of their size/nature (see |
| | note 3). |
+--------------------------+-------------------------------------------------+
| Headline loss before tax | A measure of underlying performance which is |
| | not impacted by non-headline items. |
+--------------------------+-------------------------------------------------+
+----------------------------+-----------------------+-----------------------+
| | Six months ended 31 | Six months ended 31 |
| | March 2026 | March 2025 |
+----------------------------+-----------------------+-----------------------+
| | £ million | £ million |
+----------------------------+-----------------------+-----------------------+
| Statutory loss before tax | (552) | (401) |
+----------------------------+-----------------------+-----------------------+
| Total non-headline charge | - | 7 |
| before tax (see note 3) | | |
+----------------------------+-----------------------+-----------------------+
| Headline loss before tax | (552) | (394) |
+----------------------------+-----------------------+-----------------------+
LBIT/EBITDA
+---------------------+----------------------+---------------+---------------+
| LBIT 1 | Loss before interest | | |
| | and taxes. | | |
+---------------------+----------------------+---------------+---------------+
| Headline LBIT 1 | Loss before | | |
| | non-headline items, | | |
| | interest and taxes. | | |
+---------------------+----------------------+---------------+---------------+
| EBITDA | Earnings before | | |
| | interest, taxes, | | |
| | depreciation and | | |
| | amortisation. | | |
+---------------------+----------------------+---------------+---------------+
| Headline EBITDA | Earnings before | | |
| | non-headline items, | | |
| | interest, taxes, | | |
| | depreciation and | | |
| | amortisation. | | |
+---------------------+----------------------+---------------+---------------+
| | | | |
| | | | |
| | | Six months | Six months |
| | | ended 31 | ended 31 |
| | | March 2026 | March 2025 |
+---------------------+----------------------+---------------+---------------+
| | | £ million | £ million |
+---------------------+----------------------+---------------+---------------+
| LBIT | | (533) | (376) |
+---------------------+----------------------+---------------+---------------+
| Add back: | | | |
| | | | |
+---------------------+----------------------+---------------+---------------+
| Non-headline charge | | - | 7 |
| within LBIT (see | | | |
| note 3) | | | |
+---------------------+----------------------+---------------+---------------+
| Headline LBIT | | (533) | (369) |
+---------------------+----------------------+---------------+---------------+
| Add back: | | | |
+---------------------+----------------------+---------------+---------------+
| Depreciation | | 360 | 335 |
+---------------------+----------------------+---------------+---------------+
| Amortisation of | | 39 | 29 |
| intangible assets | | | |
+---------------------+----------------------+---------------+---------------+
| Headline EBITDA | | (134) | (5) |
+---------------------+----------------------+---------------+---------------+
| Non-headline charge | | - | (7) |
| within EBITDA (see | | | |
| note 3) | | | |
+---------------------+----------------------+---------------+---------------+
| EBITDA | | (134) | (12) |
+---------------------+----------------------+---------------+---------------+
1.LBIT is consistent with operating loss, and both exclude the impact of
foreign exchange gains and losses.
Loss per share
+---------------------------------------+------------------------------------+
| Basic headline loss per share – pence | Total headline loss for the period |
| | divided by the weighted average |
| | number of shares in issue during |
| | the period after adjusting for |
| | shares held in employee benefit |
| | trusts. |
+---------------------------------------+------------------------------------+
+----------------------------+-----------------------+-----------------------+
| | Six months ended 31 | Six months ended 31 |
| | March 2026 | March 2025 |
+----------------------------+-----------------------+-----------------------+
| | £ million | £ million |
+----------------------------+-----------------------+-----------------------+
| Total loss after tax for | (377) | (297) |
| the period | | |
+----------------------------+-----------------------+-----------------------+
| Total non-headline charge | - | 7 |
| before tax (see note 3) | | |
+----------------------------+-----------------------+-----------------------+
| Tax impact of non-headline | - | (2) |
| items | | |
+----------------------------+-----------------------+-----------------------+
| Headline loss after tax | (377) | (292) |
+----------------------------+-----------------------+-----------------------+
| | | |
+----------------------------+-----------------------+-----------------------+
| | Million | Million |
+----------------------------+-----------------------+-----------------------+
| Weighted average number of | 753 | 751 |
| ordinary shares used to | | |
| calculate basic loss per | | |
| share | | |
+----------------------------+-----------------------+-----------------------+
| | | |
+----------------------------+-----------------------+-----------------------+
| Headline loss per share | Pence | Pence |
+----------------------------+-----------------------+-----------------------+
| Basic | (50.1) | (38.9) |
+----------------------------+-----------------------+-----------------------+
Adjusted net cash
+----------------+---------------+------------+--------------+------------+--+
| Adjusted net | Total cash | | | | |
| cash | less | | | | |
| | borrowings | | | | |
| | and lease | | | | |
| | liabilities; | | | | |
| | cash includes | | | | |
| | cash | | | | |
| | equivalents, | | | | |
| | money market | | | | |
| | deposits and | | | | |
| | other cash | | | | |
| | investments, | | | | |
| | but excludes | | | | |
| | restricted | | | | |
| | cash. | | | | |
+----------------+---------------+------------+--------------+------------+--+
| | | At 31 | At 30 | At 31 | |
| | | March 2026 | September | March 2025 | |
| | | | 2025 | | |
+----------------+---------------+------------+--------------+------------+--+
| | | £ million | £ million | £ million | |
+----------------+---------------+------------+--------------+------------+--+
| Borrowings | | (2,017) | (1,881) | (2,123) | |
+----------------+---------------+------------+--------------+------------+--+
| Lease | | (995) | (1,045) | (1,172) | |
| liabilities | | | | | |
+----------------+---------------+------------+--------------+------------+--+
| Cash, cash | | 3,446 | 3,528 | 3,622 | |
| equivalents | | | | | |
| and other | | | | | |
| investments | | | | | |
| (excluding | | | | | |
| restricted | | | | | |
| cash) | | | | | |
+----------------+---------------+------------+--------------+------------+--+
| Adjusted net | | 434 | 602 | 327 | |
| cash | | | | | |
+----------------+---------------+------------+--------------+------------+--+
Constant currency
+---------------------+--+---------------------+--+--+--+--+--+--+--+--+--+--+
| Constant currency | | These performance | | | | | | | | | | |
| measures | | measures are | | | | | | | | | | |
| | | calculated by | | | | | | | | | | |
| | | translating the six | | | | | | | | | | |
| | | month period ended | | | | | | | | | | |
| | | 31 March 2026 | | | | | | | | | | |
| | | income statement at | | | | | | | | | | |
| | | the financial | | | | | | | | | | |
| | | period average | | | | | | | | | | |
| | | exchange rate for | | | | | | | | | | |
| | | six month period | | | | | | | | | | |
| | | ended 31 March | | | | | | | | | | |
| | | 2025, excluding any | | | | | | | | | | |
| | | income statement | | | | | | | | | | |
| | | impact in either | | | | | | | | | | |
| | | financial period | | | | | | | | | | |
| | | from foreign | | | | | | | | | | |
| | | currency exchange | | | | | | | | | | |
| | | gains and losses | | | | | | | | | | |
| | | arising from the | | | | | | | | | | |
| | | revaluation of the | | | | | | | | | | |
| | | statement of | | | | | | | | | | |
| | | financial position. | | | | | | | | | | |
| | | The purpose of this | | | | | | | | | | |
| | | APM is to provide a | | | | | | | | | | |
| | | like for like | | | | | | | | | | |
| | | comparison of | | | | | | | | | | |
| | | underlying | | | | | | | | | | |
| | | operating | | | | | | | | | | |
| | | performance by | | | | | | | | | | |
| | | excluding the | | | | | | | | | | |
| | | impact of exchange | | | | | | | | | | |
| | | rate movements. | | | | | | | | | | |
+---------------------+--+---------------------+--+--+--+--+--+--+--+--+--+--+
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
+---------------------+--+---------------------+--+--+--+--+--+--+--+--+--+--+
Glossary – Other
+-------------------------------------+--------------------------------------+
| Aircraft dry/wet leasing | Dry leasing arrangements relate |
| | solely to the provision of an |
| | aircraft. Wet leasing arrangements |
| | relate to the provision of aircraft, |
| | crew, maintenance and insurance. |
+-------------------------------------+--------------------------------------+
| Aircraft owned/leased at end of | Number of aircraft owned or on lease |
| period | arrangements of over one month’s |
| | duration at the end of the period. |
+-------------------------------------+--------------------------------------+
| Airline cost per ASK (CASK) | Total airline costs divided by |
| | available seat kilometres. |
+-------------------------------------+--------------------------------------+
| Airline cost per seat (CPS) | Total airline costs divided by seats |
| | flown. |
+-------------------------------------+--------------------------------------+
| Airline cost per seat, excluding | Total airline costs adding back fuel |
| fuel (CPS ex fuel) | costs, divided by seats flown. |
+-------------------------------------+--------------------------------------+
| Airline operating costs excluding | Includes costs relating to airports |
| fuel | and ground handling, crew, |
| | navigation, maintenance, airline |
| | selling and marketing costs, and |
| | airline other costs/income. |
+-------------------------------------+--------------------------------------+
| Airline revenue passenger | Number of passengers flown |
| kilometres (RPK) | multiplied by the number of |
| | kilometres those passengers were |
| | flown. |
+-------------------------------------+--------------------------------------+
| Airline revenue per RPK | Airline revenue divided by revenue |
| | passenger kilometres. |
+-------------------------------------+--------------------------------------+
| Airline revenue per ASK (RASK) | Airline revenue divided by available |
| | seat kilometres. |
+-------------------------------------+--------------------------------------+
| Airline revenue per seat (RPS) | Airline revenue divided by seats |
| | flown. |
+-------------------------------------+--------------------------------------+
| Attachment rate | Percentage of earned seats flown, |
| | excluding domestics, occupied by |
| | easyJet holidays customers. |
+-------------------------------------+--------------------------------------+
| Available seat kilometres (ASK) | Seats flown multiplied by the number |
| | of kilometres flown. |
+-------------------------------------+--------------------------------------+
| Block hours | Hours of service for an aircraft, |
| | measured from the time that the |
| | aircraft leaves the terminal at the |
| | departure airport to the time that |
| | it arrives at the terminal at the |
| | destination airport. |
+-------------------------------------+--------------------------------------+
| Capacity growth | Annual seat capacity growth. |
+-------------------------------------+--------------------------------------+
| Capital employed | Shareholders’ equity plus net |
| | (cash)/debt. |
+-------------------------------------+--------------------------------------+
| CSAT Airline (Customer Satisfaction | Customer satisfaction index, based |
| Score) | on the results of a customer |
| | satisfaction survey which measures |
| | how satisfied the customer was with |
| | their most recent flight, and |
| | includes results from customers who |
| | are completely, very and quite |
| | satisfied. |
+-------------------------------------+--------------------------------------+
| CSAT Holidays (Customer | Customer satisfaction index, based |
| Satisfaction Score) | on the results of a customer |
| | satisfaction survey which measures |
| | how satisfied the customer was with |
| | their most recent holiday, and |
| | includes results from customers who |
| | are completely and very satisfied. |
+-------------------------------------+--------------------------------------+
| Gauge | The average seat capacity per |
| | aircraft. |
+-------------------------------------+--------------------------------------+
| Load factor | Number of passengers as a percentage |
| | of number of seats flown. The load |
| | factor is not weighted for the |
| | effect of varying sector lengths. |
+-------------------------------------+--------------------------------------+
| Other costs | Administrative and operational costs |
| | not reported elsewhere, including |
| | disruption costs, IT costs, costs of |
| | third-party providers, some employee |
| | costs, wet lease costs and |
| | insurance. Additionally, some |
| | non-headline costs, such as loss on |
| | sale and leaseback transactions, and |
| | restructuring costs, are included in |
| | other costs. |
+-------------------------------------+--------------------------------------+
| Other income | Includes insurance receipts, |
| | supplier compensation payments, |
| | rental income, gains on sale of |
| | intangible assets, income from sale |
| | of excess aircraft spare parts, and |
| | gains on sale and leaseback |
| | transactions. |
+-------------------------------------+--------------------------------------+
| Passengers | Number of earned seats flown. Earned |
| | seats comprises seats sold to |
| | passengers (including no-shows), |
| | seats provided for promotional |
| | purposes and seats provided to staff |
| | for business travel. |
+-------------------------------------+--------------------------------------+
| Profit/loss before tax per seat | Profit/loss before tax divided by |
| | seats flown. |
+-------------------------------------+--------------------------------------+
| Revenue | The sum of passenger revenue and |
| | ancillary revenue, including package |
| | holiday revenue. |
+-------------------------------------+--------------------------------------+
| Seats flown | Seats available for passengers. |
+-------------------------------------+--------------------------------------+
| Sector | A one-way revenue flight. |
+-------------------------------------+--------------------------------------+
| Upgauging | Fleet modernisation increasing the |
| | average gauge. |
+-------------------------------------+--------------------------------------+
Statement of Directors’ responsibilities
The Directors are responsible for preparing the interim report in accordance
with applicable law and regulations. The Directors confirm to the best of
their knowledge, that the condensed consolidated interim financial information
has been prepared in accordance with UK adopted International Accounting
Standard 34, ‘Interim Financial Reporting’ and the Disclosure Guidance and
Transparency Rules sourcebook of the United Kingdom’s Financial Conduct
Authority.
The interim management report includes a fair review of the information
required by the Disclosure and Transparency Rules paragraphs 4.2.7 R and 4.2.8
R, namely:
an indication of important events that have occurred during the six months
ended 31 March 2026 and their impact on the condensed set of financial
information, and a description of the principal risks and uncertainties for
the remaining six months of the financial year; and
material related-party transactions during the six months ended 31 March 2026
and any material changes in the related-party transactions described in the
Annual report and Accounts for the year ended 30 September 2025.
The Directors of easyJet plc are listed in the Annual report and Accounts for
the year ended 30 September 2025. A list of current Directors is maintained on
the easyJet plc website: http://corporate.easyJet.com
(http://corporate.easyjet.com/).
The Directors are responsible for the maintenance and integrity of, amongst
other things, the financial and corporate governance information as provided
on the easyJet website (http://corporate.easyJet.com). Legislation in the
United Kingdom governing the preparation and dissemination of financial
information may differ from legislation in other jurisdictions.
The interim report was approved by the Board of Directors on 20 May 2026, for
issue on 21 May 2026. The interim report was signed on behalf of the Board of
Directors by:
Jan De Raeymaeker
Chief Financial Officer
Independent review report to easyJet plc
Report on the condensed consolidated interim financial information
Conclusion
We have been engaged by the company to review the condensed set of financial
statements in the half-yearly financial report for the six months ended 31
March 2026 which comprises the consolidated income statement, statement of
comprehensive income, the statement of financial position, the statement of
changes in equity, the statement of cash flows and related notes 1 to 16.
Based on our review, nothing has come to our attention that causes us to
believe that the condensed set of financial statements in the half-yearly
financial report for the six months ended 31 March 2026 is not prepared, in
all material respects, in accordance with United Kingdom adopted International
Accounting Standard 34 and the Disclosure Guidance and Transparency Rules of
the United Kingdom’s Financial Conduct Authority.
Basis for Conclusion
We conducted our review in accordance with International Standard on Review
Engagements (UK) 2410 “Review of Interim Financial Information Performed by
the Independent Auditor of the Entity” issued by the Financial Reporting
Council for use in the United Kingdom (ISRE (UK) 2410). A review of interim
financial information consists of making inquiries, primarily of persons
responsible for financial and accounting matters, and applying analytical and
other review procedures. A review is substantially less in scope than an audit
conducted in accordance with International Standards on Auditing (UK) and
consequently does not enable us to obtain assurance that we would become aware
of all significant matters that might be identified in an audit. Accordingly,
we do not express an audit opinion.
As disclosed in note 1A, the annual financial statements of the group are
prepared in accordance with United Kingdom adopted international accounting
standards. The condensed set of financial statements included in this
half-yearly financial report has been prepared in accordance with United
Kingdom adopted International Accounting Standard 34, “Interim Financial
Reporting”.
Conclusion Relating to Going Concern
Based on our review procedures, which are less extensive than those performed
in an audit as described in the Basis for Conclusion section of this report,
nothing has come to our attention to suggest that the directors have
inappropriately adopted the going concern basis of accounting or that the
directors have identified material uncertainties relating to going concern
that are not appropriately disclosed.
This Conclusion is based on the review procedures performed in accordance with
ISRE (UK) 2410; however future events or conditions may cause the entity to
cease to continue as a going concern.
Responsibilities of the directors
The directors are responsible for preparing the half-yearly financial report
in accordance with the Disclosure Guidance and Transparency Rules of the
United Kingdom’s Financial Conduct Authority.
In preparing the half-yearly financial report, the directors are responsible
for assessing the group’s ability to continue as a going concern, disclosing
as applicable, matters related to going concern and using the going concern
basis of accounting unless the directors either intend to liquidate the
company or to cease operations, or have no realistic alternative but to do so.
Auditor’s Responsibilities for the review of the financial information
In reviewing the half-yearly financial report, we are responsible for
expressing to the company a conclusion on the condensed set of financial
statements in the half-yearly financial report. Our Conclusion, including our
Conclusion Relating to Going Concern, are based on procedures that are less
extensive than audit procedures, as described in the Basis for Conclusion
paragraph of this report.
Use of our report
This report is made solely to the company in accordance with ISRE (UK) 2410.
Our work has been undertaken so that we might state to the company those
matters we are required to state to it in an independent review report and for
no other purpose. To the fullest extent permitted by law, we do not accept or
assume responsibility to anyone other than the company, for our review work,
for this report, or for the conclusions we have formed.
Deloitte LLP
Statutory Auditor
2 New Street Square
London
EC4A 3BZ
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