REG - Jet2 PLC - Final Results
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RNS Number : 2435Q Jet2 PLC 09 July 2025
Jet2 plc
PRELIMINARY RESULTS FOR YEAR ENDED 31 MARCH 2025
Record Passenger numbers, Revenue and Profitability
Jet2 plc, the Leisure Travel group (the "Group" or the "Company"), announces
its preliminary results for the year ended 31 March 2025.
Group financial highlights 2025 2024 Change
Revenue £7,173.5m £6,255.3m 15%
Operating profit £446.5m £428.2m 4%
Profit before FX revaluation and taxation(†) £577.7m £520.1m 11%
Profit before taxation £593.2m £529.5m 12%
Profit after taxation £446.8m £399.2m 12%
Basic earnings per share 213.1p 185.9p 15%
Final dividend per share 12.1p 10.7p 13%
* Further progress made against our growth strategy - total flown passengers
grew 12% to 19.77m (2024: 17.72m); higher margin per passenger package holiday
customers rose 8% to 6.58m (2024: 6.08m) with flight-only passengers up 18% to
6.62m (2024: 5.61m).
* Group profit before FX revaluation and taxation increased by 11% to
£577.7m(†) (2024: £520.1m(†)).
* Strategic investment - new bases at Bournemouth and London Luton airports mean
85% of the UK population are now within a 90-minute drive of our thirteen UK
bases.
* Liquidity - year-end total cash, including money market deposits, was
£3,155.8m (2024: £3,184.7m) with 'Own Cash'(†) (excluding advance customer
deposits), at £1,096.9m (2024: £1,331.4m). Total debt reduced by 22% and net
cash increased by 17% to £2,017.9m (2024: £1,729.3m).
* Basic EPS improved by 15% to 213.1p (2024: 185.9p) and diluted EPS increased
22% to 207.2p (2024: 170.4p) as the potential dilutive impact of the
convertible bond was eliminated.
* Increased dividend - the Board has resolved to pay a final dividend of 12.1p
per share (2024: 10.7p), an increase of 13%, reflecting the positive financial
performance, bringing the total dividend to 16.5p per share for the year
(2024: 14.7p).
* Shareholder Returns - reflecting our confidence in the prospects of our
business and a commitment to return value to shareholders, we announced on 29
April 2025 the launch of a share buyback programme of up to £250m. The
programme is currently over 35% complete.
* Bookings for Summer 2025 continue to be made closer to departure as previously
announced, but it is clear that customers' eagerness to get away from it all
and enjoy a relaxing overseas holiday in the sun remains strong, provided
pricing is attractive.
* We are currently trading in line with market expectations(‡) supported by
our flexible and fully integrated business model which provides the Group with
the ability to balance average load factor, pricing and product mix, in order
to maximise overall profitability.
Steve Heapy, Jet2 plc Chief Executive Officer, commented: "These results
reaffirm the enduring appeal, resilience and differentiation of our product
offering founded on end-to-end customer care, all of which help to create
cherished holiday memories for our Customers. The strength of our proposition,
delivered by Colleagues who are dedicated to providing award-winning Customer
First service, will enable us to fulfil our long-term strategy: To be the UK's
Leading and Best Leisure Travel business."
† Further information on the calculation of this measure can be found in Note 2.
‡ Based on Company compiled consensus, the Board believes the current average
market expectations for Group profit before FX revaluation and taxation for
the year ending 31 March 2026 to be £579m.
Analyst and Investor meeting
The management team will host an analyst and investor meeting at 9.00am UK
time, on Wednesday 9 July 2025. The meeting will be available to join remotely
via audio-cast. To access the meeting remotely, please register at the
following link: https://brrmedia.news/JET2_FY25
(https://brrmedia.news/JET2_FY25)
A replay of the meeting will be available shortly on the Company's investor
relations website: www.jet2plc.com/en/company-reports
(http://www.jet2plc.com/en/company-reports)
For further information, please contact:
Jet2 plc Tel: 0113 239 7692
Steve Heapy, Chief Executive Officer
Gary Brown, Group Chief Financial Officer
Institutional investors and analysts: Tel: 0113 848 0242
Mark Buxton, Finance & Investor Relations Director
Cavendish Capital Markets Limited - Nominated Adviser Tel: 020 7220 0500
Katy Birkin / George Lawson
Canaccord Genuity Limited - Joint Broker Tel: 020 7523 8000
Adam James / Harry Rees
Jefferies International Limited - Joint Broker Tel: 020 7029 8000
Ed Matthews / Jee Lee
Burson Buchanan - Financial PR Tel: 020 7466 5000
Richard Oldworth / Toto Berger
Notes to Editors
Jet2 plc is a Leisure Travel Group, comprising Jet2holidays, the UK's leading
provider of ATOL protected package holidays to leisure destinations across the
Mediterranean, Canary Islands and European Leisure Cities and Jet2.com, the
UK's third largest airline by number of passengers flown, which specialises in
scheduled holiday flights. In the financial year ended 31 March 2025, over 66%
of flown passengers took an end-to-end package holiday with the remainder
taking a flight-only.
Jet2 currently operates from 13 UK airport bases at Belfast International,
Birmingham, Bournemouth, Bristol, East Midlands, Edinburgh, Glasgow, Leeds
Bradford, Liverpool John Lennon, London Luton, London Stansted, Manchester and
Newcastle.
OUR CHAIRMAN'S STATEMENT
Another year of strategic growth and financial success
I am delighted to report that 2025 has been another year of record
performance, underlining the popularity of our ATOL-protected package holidays
and award-winning leisure flights which continue to resonate with our
Customers.
This success highlights the strength of our distinctive, service-led,
end-to-end product proposition and the breadth of our hotel portfolio across
an extensive range of holiday destinations - a reflection of why customers
continue to choose Jet2, underpinned by our unwavering Customer First ethos.
Demand for our products remained strong during the year despite a trend toward
later bookings, highlighting that, notwithstanding economic uncertainty,
customers continue to prioritise the annual overseas holiday as an essential
and eagerly anticipated experience.
Our Leisure Travel business is guided by a clear philosophy: People, Service,
Profits. We believe our Colleagues are the cornerstone of our success, setting
us apart through their unwavering dedication to delivering exceptional
customer service which contributes significantly to our growth and long-term
prosperity. On behalf of the Board, I would like to extend our sincere thanks
to them all for their outstanding work and commitment.
In addition, I would like to acknowledge my fellow Board members for their
invaluable guidance and considerable support, both of which are vital in such
a complex and fast-moving industry.
Operational and financial highlights
In early 2025, we celebrated the successful operational launch of two new
bases at Bournemouth and London Luton airports, extending our reach further
into the South of England, meaning we can now offer the Jet2 holiday
experience to 85% of the UK population who live within a 90-minute drive of
our thirteen UK bases.
We also delivered another year of impressive financial results - Group Revenue
grew by 15% to £7,173.5m (2024: £6,255.3m), with Profit before taxation
increasing by 12% to £593.2m (2024: £529.5m). As a result of this strong
performance, the Board has resolved to pay a final dividend of 12.1p per share
(2024: 10.7p) bringing the total dividend to 16.5p per share for the year
(2024: 14.7p), an increase of 12%. This final dividend is subject to
shareholders' approval at the Company's Annual General Meeting on 4 September
2025 and will be payable on 22 October 2025 to shareholders on the register at
the close of business on 19 September 2025, with the ex-dividend date being 18
September 2025.
As at 31 March 2025, our cash and money market deposits totalled £3,155.8m
(2024: £3,184.7m), of which our 'Own Cash'(†) amounted to £1,096.9m (2024:
£1,331.4m).
Our carefully managed balance sheet enabled us to invest strategically in
future growth, including adding a further seven new, more efficient Airbus
A321neo aircraft to our fleet. In addition, we repurchased £384.5m in
principal aggregate amount of existing convertible bonds ahead of their June
2026 maturity and acquired 11.3m shares, representing 5.3% of our issued share
capital, for consideration of £158.5m through our Employee Benefit Trust
(EBT), both actions proactively avoiding future shareholder dilution.
Looking ahead
Our strong financial foundation together with considered investments position
us well for further growth and success. In Summer 2025, we expect to operate a
fleet of 135 aircraft (Summer 2024: 126 aircraft), including 23 A321neo with a
further pipeline of 132 delivering through to 2035.
In addition, we remain confident that our flexible and fully integrated
business model continues to be valued by our Customers, whilst also providing
the Group with the ability to optimise volumes, pricing and product mix, to
maximise overall profitability and deliver sustained value.
With this in mind and demonstrating the Board's continued confidence in the
prospects for the business, we recently announced the launch of a share
buyback programme of up to £250m, with the first tranche of £125m commencing
on 29 April 2025. This programme, aligned with our capital allocation
framework, underscores our commitment to returning value to our supportive
investors.
We believe we are poised for an exciting future and moving forward, we will
remain true to our People, Service, Profits philosophy, which underpins every
aspect of our business. The strength of our proposition, founded on the
excellence of our Colleagues who are dedicated to delivering award-winning
customer service, will enable us to fulfil our long-term strategy: To be the
UK's Leading and Best Leisure Travel business.
___________________
Robin Terrell
Non-Executive Chairman
8 July 2025
† Further information on the calculation of these measures can be found in
Note 2.
CEO REVIEW
Results for the financial year
I am very pleased to report another record-breaking financial performance, as
our Leisure Travel business delivered Group Revenue growth of 15% to
£7,173.5m (2024: £6,255.3m) and an increase in Group profit before foreign
exchange revaluation & taxation of 11% to £577.7m(†) (2024: £520.1m).
Having increased seat capacity by 13% to 22.29m, we successfully adapted to
the growing trend of customers booking closer to their departure date. Our
higher absolute margin per passenger package holiday customers grew by 8% to
6.58m (2024: 6.08m) accounting for 66.5% of total passengers flown (2024:
68.3%). In addition, demand for our award-winning flight-only product
increased significantly by 18% to 6.62m passengers, reaffirming the
effectiveness of our fully integrated, flexible operating model which allowed
us to capitalise on the later booking trend.
These results not only underline the enduring appeal, resilience and
differentiation of our Customer First product offering, but also demonstrate
that, despite pressures on household budgets, consumers continue to prioritise
their hard-earned holidays over other areas of discretionary spend.
(†) Further information on the calculation of this measure can be found in
Note 2.
Strategy and Operating Model
We understand the importance of holidays - those eagerly awaited moments to
unwind with family and friends. Whether basking in the sun on white sandy
beaches or exploring the sights and sounds of a new city, each holiday creates
lifelong memories. This understanding fuels our firm commitment to deliver a
VIP customer experience at every opportunity and supports our long-term
ambition: To be the UK's Leading and Best Leisure Travel business.
Our differentiated, end-to-end operating model is founded on quality,
extensive product choice and exceptional customer service and is designed to
deliver unforgettable holiday experiences. Customers have four means of
booking: (Web; App; Contact Centre or via independent travel agent partners)
and an unrivalled product choice from one of our thirteen UK bases to a
portfolio of over 5,200 hotels spanning over 700 resorts across more than 75
fabulous destinations. Whether they wish to enjoy a sun-soaked beach, a
charming city escape, a private villa retreat, magical Christmas markets, a
romantic wedding, exhilarating cycling routes, or world-class golf
experiences, we provide the opportunity to do them all!
Growth
Our Airbus delivery pipeline
In June 2024, the Group exercised its remaining 36 A321neo aircraft purchase
rights meaning we are now committed to 146 owned and 9 leased Airbus A321neo
aircraft through to 2035, of which 14 had been received by the end of the
financial year. We expect to take delivery of a further 10 aircraft over the
forthcoming year, although the delivery profile remains under continuous
review given aircraft and engine manufacturer supply chain constraints.
Base footprint
We were very pleased to expand our footprint further with two new bases at
Bournemouth and London Luton airports, bringing our total UK bases to
thirteen. These additions mean even more consumers across the London region
and South of England can now access our award-winning Real Package Holidays
from Jet2holidays® and leisure flights with Jet2.com. With over 710,000 seats
on sale from these bases for Summer 2025, early signs are encouraging.
Furthermore, following the successful launch of Liverpool John Lennon Airport
in March 2024, we have added a fifth aircraft for Summer 2025 to meet strong
demand across this region. We believe many growth opportunities remain across
our existing bases as we continue to attract customers from other operators
and strategically expand our route network.
New destinations
While customer preferences remained consistent - with 95% of Jet2holidays
customers choosing beach resorts and 5% opting for Jet2CityBreaks - we
continue to introduce exciting new destinations to satisfy emerging trends and
to broaden our appeal.
Our first flights to Morocco launched in October 2024 to great acclaim and
with encouraging uptake. We flew 65,000 holidaymakers during winter, allowing
them to experience the vibrant culture of Marrakech or simply relax on one of
Agadir's stunning golden-sand beaches. Given the positive customer feedback,
we have increased capacity to both destinations for future seasons.
Additionally, we commenced flights and package holidays to Jerez for Summer
2025, giving our Customers the opportunity to explore the delights of Seville,
Cadiz and the wider Costa de la Luz region. We also unveiled Samos for Summer
2026, a destination which will allow customers to immerse themselves in the
charm and beautiful landscapes that the island has to offer.
Finally, we have continued to expand our Jet2CityBreaks programme, with the
addition of Murcia and Braga for summer sun exploration and Tallinn, Geneva
and Salzburg from Winter 2025/26, allowing customers to visit new and exciting
Christmas markets or hit the snowy slopes this winter.
Operational highlights
Award-winning customer service
Jet2holidays is the UK's largest tour operator and is ATOL-licensed for over 7
million customers, representing over 21% of total licences issued at 1 April
2025.
We consider it a top priority that our Customers reach their intended
destination in good time to enjoy their well-deserved holidays meaning our
flight cancellations are limited to very rare circumstances only. We are
pleased that this approach resulted in a cancellation rate of only 0.05%
during the year, materially lower than our peers, across our operation of over
116,000 flights.
We are incredibly proud that our brands continue to be recognised by leading
independent consumer focused organisations including Which?, TripAdvisor,
Trustpilot and Feefo. Jet2.com was named a Which? Recommended Provider for the
10th year running, whilst Feefo awarded us its exclusive Exceptional Service
Award - the only airline to have been recognised in this category.
Furthermore, Jet2holidays was named a Which? Recommended Provider across a
total of six categories, whilst retaining its Feefo Platinum Trusted Service
Award for the fourth consecutive year having been rated as 4.8 out of 5.0 from
over 7,000 reviews.
We know that when we provide great service, our Customers return time after
time, as demonstrated through our 61% repeat booking rate for package
holidays. Net promoter scores (NPS) are a real-time measure of customer
service, gauging whether respondents would recommend a product to a friend or
colleague. Given its importance, we are extremely proud to maintain an NPS in
the mid-60s for both Jet2.com and Jet2holidays which is significantly higher
than industry norms. Furthermore, our ranking on the UK Consumer Satisfaction
Index published by the Institute of Customer Service places us amongst the
highest rated brands in the consumer sector and the highest rated airline and
tour operator.
Collectively, these metrics are the clearest indication that our Customers
truly appreciate the quality of our product and give us belief that the
strength of our brands is unparalleled in the UK Leisure Travel industry.
Our People
Our guiding principles of People, Service, Profits continue to influence the
way we engage and motivate our Colleagues - we firmly believe this underpins
our Customer First ethos.
Providing outstanding, attentive service remains our ultimate goal, ensuring
customer interactions exceed expectations every step of the way. Consequently,
the ongoing commitment of our Colleagues to embody the Company's 'Take Me
There' values (Be Present; Create Memories; Take Responsibility; and Work As
One Team) is absolutely essential. This dedication has distinguished us in the
industry, earning consistent recognition as a leader in exceptional customer
service.
To acknowledge our Colleagues' tremendous efforts, we were pleased to announce
a pay increase of 3.0% for the year ending 31 March 2026, preceded by a pay
award of 5.5% for the year ended 31 March 2025, taking our compounded salary
increase over the last four years to over 28%. We firmly believe that happy
and well-paid colleagues are fundamental to our success.
In recognition of their contribution to the successful operational and
financial performance of the Group for the year ended 31 March 2025, we are
very pleased to once again be able to award both our Discretionary Colleague
Profit Share Scheme for non-management colleagues and our Discretionary Bonus
Scheme for management colleagues. The latter scheme was relaunched during the
year alongside a new performance management framework which in part is
intrinsically linked to the 'Take Me There' values, reinforcing their cultural
importance.
There are three ShareSave schemes in operation and we have been delighted with
the uptake, with over 7,800 colleagues participating. These schemes allow
colleagues to purchase shares at a 20% discount to the prevailing share price
at inception. We believe that providing colleagues with the opportunity to
invest and share in the Company's success, not only strengthens their
connection to the business but also positively influences engagement and
performance across our brands.
In November 2024, we launched our first company-wide Jet2 Colleague survey to
assess views on pay and benefits, communication, development and work-life
balance as well as thoughts on our leadership. The survey provided invaluable
feedback which we have been assessing to guide our future engagement. The
overall scores were very positive, and we were extremely pleased that 84% of
Colleagues felt proud to work for Jet2. In addition, 94% have a good
understanding of our 'Take Me There' values; 88% recognise the contribution
their roles play towards the success of Jet2; and 82% feel their job makes
good use of their skills.
Digital and technology developments
The Group is committed to making strategic investments which enrich our
Customers' holiday experiences.
We have continued our investment in big data, cloud architecture and carefully
governed Artificial Intelligence (AI) during the year. In addition to speed
and productivity benefits, this will provide better-quality intelligence on
customer behaviour, ensuring the business remains agile and efficient in its
customer acquisition strategy.
We are upgrading our digital marketing infrastructure to a cloud-based
platform which will support the delivery of a more personalised marketing
experience across our web and app channels. This increasingly customer
data-driven approach, together with new content management and digital asset
management platforms will improve the efficiency and effectiveness of our
marketing campaigns and increase conversion rates thereby reducing the cost of
acquiring customers.
Our myJet2 membership programme now has over 7.0m active subscribers with more
than 90% of mobile app bookers being members. The programme complements our
customer retention strategy and is designed to encourage more users to book
through either web or app channels by providing: tailored browsing; exclusive
discounts and rewards; a streamlined booking process; enhanced pre-travel
support; and in-resort experiences. In addition, our two-fold investment in
the mobile app and myJet2 should also reduce reliance on more expensive
third-party marketing tools.
We are also progressing the upgrade of our revenue management system by
harnessing the power of AI led machine learning to optimise real-time product
pricing. A proof of concept is scheduled to commence later in 2025, and we
look forward to exploring the capabilities and potential of this advanced
pricing model.
Several core operational systems were upgraded in the year to leverage more
efficient technology. A state-of-the-art, digital crew management system will
equip us for more effective crew resource planning, rostering, and tracking. A
new load control system implementing 'dynamic loading' procedures is helping
our ground operations team optimise hold baggage distribution contributing to
improved fuel efficiency across our operations. Finally, Jet2.com upgraded its
safety management system to an industry-leading solution that further supports
and evolves our safety culture and compliance through more advanced risk
mitigation processes.
Investing in infrastructure to improve performance and resilience
We have made excellent progress on the construction of our second maintenance
hangar at Manchester Airport, which will become fully operational in late
Summer 2025. Located adjacent to our existing facility, this new hangar will
enhance our in-house aircraft maintenance capabilities, provide increased
resilience against the availability of third-party hangar slots and support
the growth of our aircraft fleet over the coming decade.
In addition, our second flight training centre at Cheadle, Manchester, now
houses two full flight simulators and two fixed base simulators, together with
a full complement of cabin crew training equipment, ensuring further
resilience to support our growth aspirations.
Finally, we have installed leading-edge automation and cart scanning security
equipment at our Retail Operations Centre (ROC) in-flight retail distribution
facility. Commissioning of the equipment is ongoing and will support our
increasingly personalised in-flight retail offer to customers over the coming
years.
Our sustainability commitment
We believe that travel is a force for good, fostering economic growth,
cultural exchange, social development and providing mental health benefits and
we are proud of the positive impact we make within the UK and across Europe
and beyond.
Nonetheless we acknowledge, and are committed to, addressing the environmental
challenges associated with travel. Consequently, in May 2024, we refreshed our
Sustainability Strategy reaffirming our commitment to reaching net zero by
2050 through a series of targets in the air; on the ground; and in resort.
However, it is important to highlight that a number of these targets will
require further collaborative efforts in order to be achieved. It is essential
that the UK Government supports the technologies, innovation and policies
required to achieve net zero, such as sufficient SAF production and airspace
modernisation, whilst also ensuring that flights and holidays remain
accessible to all.
In January 2025, we retired the final six of our more fuel intensive Boeing
757-200 aircraft replacing them with A321neo aircraft, which provide a 20%
reduction in fuel and carbon emissions per seat versus our fleet average. In
addition, we have installed aerodynamic split scimitar winglets which reduce
average fuel burn by up to 1.5% on over 60% of our Boeing 737-800NG aircraft,
with the remainder being completed this summer. These actions, plus the
integration of 14 A321neo aircraft into the fleet, resulted in our carbon
emissions intensity reducing to 65.7gCO(2e)/RPK (2024: 66.4 gCO(2e)/RPK) as we
made positive progress towards our 2035 goal of 43.55gCO(2e)/RPK.
We believe that Sustainable Aviation Fuel (SAF) remains one of the most
effective solutions to lower carbon emissions and will play a vital role in
achieving net-zero status by 2050. Ahead of the UK's SAF mandate, which came
into effect in January 2025, Jet2.com purchased over 1,000 tonnes of SAF for
its operations at London Stansted, Bristol and Malaga airports during 2024.
During the year, we were awarded a B rating following our first submission to
CDP, formerly the Carbon Disclosure Project - an international non-profit
organisation that helps companies disclose their environmental impact. We are
looking forward to progressively improving our rating as we continue to
implement our Sustainability Strategy.
Finally, Jet2holidays has added over 1,200 hotel partners to its Certified
Sustainable Hotels collection, giving our Customers the ability to make more
sustainable accommodation choices.
More detailed information on the Group's Sustainability Strategy can be found
on the Jet2 plc website.
Promoting our interests at home and abroad
The Group represents the interests of the airline industry and hence
passengers by actively lobbying the UK Government and EU Commission
independently and through trade organisations of which it is a member,
including Airlines UK, Airlines for Europe (A4E) and ABTA. Furthermore, Jet2
is a member of the Jet Zero Taskforce, and I attend these meetings.
Consistent with our Sustainability Strategy, priorities have focused on
securing increased supply of SAF, the introduction of a Revenue Certainty
Mechanism in the UK to support the development of a viable SAF market and
advocating for airspace modernisation. In September 2024, we hosted an event
at the Labour Party Conference and regularly meet with Department for
Transport Ministers and officials in order to highlight the economic and
societal importance of aviation in the UK. We also have regular dialogue on
matters of importance with Governments, both national and regional, in key
destination countries including Spain, Greece, Portugal and Türkiye.
In addition, our Group Chief Financial Officer meets monthly with the UK Civil
Aviation Authority on the financial performance of the Group and our
Accountable Manager, the Chief Operations Officer of Jet2.com, meets with his
respective safety counterparts as a matter of course.
Engagement with trade agents, tourism bodies and our suppliers
Our annual independent travel agent conferences are unique events that bring
together over 350 of Jet2holidays top-selling travel agents, Directors and
senior management, alongside members of the trade media. We have hosted these
four-day conferences for the past ten years, with structured business
sessions, supplier showcases and purposeful networking opportunities. The
objective of the event is to gain valuable exposure, raise product awareness,
boost sales and build lasting relationships with our much-valued independent
travel agent partners.
Each year, we work closely with over 5,200 hotels offering a comprehensive
range of board basis and holiday duration options, catering for all customer
budgets. We directly contract with 85% of our hoteliers and have placed
advance deposits guaranteeing approximately 11% of our expected total room
requirement for the Summer 2025 season to ensure we have stock at the most
in-demand properties in the lates market.
For the eleventh time, we hosted an exclusive Jet2holidays Gala Dinner at the
December 2024 travel industry World Travel Market event in London. The dinner
provided an excellent opportunity to update key tourism partners on our
strategic objectives ahead of Summer 2025, to network, build relationships and
celebrate our many combined successes.
In January 2025, we welcomed 200 of our strategic supplier partners to our
annual supplier conference held in Manchester. The event included a behind the
scenes tour of our ROC facility; informative presentations by Jet2 operational
Directors; and the distribution of awards recognising those suppliers who had
demonstrated service excellence.
Outlook
Summer 2025 on sale seat capacity at 18.5m seats is currently 8.0% higher than
Summer 2024.
Bookings for Summer 2025 continue to be made closer to departure, as
previously announced, but it is clear that customers' eagerness to get away
from it all and enjoy a relaxing overseas holiday in the sun remains strong,
provided pricing is attractive.
We are currently trading in line with market expectations(‡) supported by
our flexible and fully integrated business model which provides the Group with
the ability to balance average load factor, pricing and product mix, in order
to maximise overall profitability.
We are fully hedged for fuel and foreign exchange for the season and over 90%
for the full financial year and our carbon emissions are also fully hedged,
providing important cost certainty.
We are satisfied with our progress for FY26 to date, although we remain
mindful of the late booking profile which limits forward visibility and the
evolving geo-political and economic landscapes. With the peak summer months of
July, August and September not yet complete, plus the majority of Winter
2025/2026 seat capacity of 5.8m still to sell, it remains premature, as is
always the case at this time of year, to provide definitive guidance as to
Group profitability for the financial year ending 31 March 2026.
A further update on peak summer trading will be provided at our AGM on 4
September 2025.
____________________
Steve Heapy
Chief Executive Officer
8 July 2025
CFO REPORT
The Group's financial performance for the year ended 31 March 2025 is reported
in accordance with UK-adopted international accounting standards and
applicable law.
Summary Income Statement 2025 2024 Change
£m £m
Revenue 7,173.5 6,255.3 15%
Operating expenses (6,727.0) (5,827.1) (15%)
Operating profit 446.5 428.2 4%
Net financing income (excluding Net FX revaluation gains) 120.9 88.6 36%
Profit on disposal of property, plant and equipment 10.3 3.3 212%
Profit before FX revaluation and taxation 577.7 520.1 11%
Net FX revaluation gains 15.5 9.4 65%
Profit before taxation 593.2 529.5 12%
Net financing income (including Net FX revaluation gains) (136.4) (98.0) 39%
Depreciation 282.1 248.8 (13%)
EBITDA* 738.9 680.3 9%
* EBITDA is included as an alternative performance measure in order to aid
users in understanding the underlying operating performance of the Group.
Further information can be found in Note 2.
Customer demand & revenue
We are very pleased to report another year of record financial performance as
our Leisure Travel business once again proved that its unique, fully
integrated approach is adaptable to changing trading environments, enabling it
to maximise overall operating profitability.
Total seat capacity increased by 13% to 22.29m (2024: 19.73m) with flown
passengers growing by 12% to 19.77m (2024: 17.72m) at an average load factor
of 88.7% (2024: 89.8%).
The Group experienced a later booking profile throughout the year resulting in
strong demand for our more price sensitive, shorter lead time flight-only
product which increased by 18% to 6.62m (2024: 5.61m) passengers. Meanwhile,
higher absolute margin per passenger package holidays, remained very popular
with customers growing 8% to 6.58m (2024: 6.08m), representing 66.5% (2024:
68.3%) of the passenger mix.
Average package holiday pricing was resilient rising 5% to £873 (2024: £830)
as supplier-led cost increases were passed through to customers. Flight-only
ticket yield per passenger sector softened by 2% to £118.81 (2024:
£121.26(†)) reflecting promotional pricing which helped to support the
average load factor and overall profitability.
Non-ticket revenue per passenger sector increased by 6% to £25.56 (2024:
£24.12(†)), which included a very pleasing 13% rise in in-flight retail
spend per passenger due to improved product mix and on-board stock
availability, supported by the first full year of ROC operations.
Additionally, hold baggage income benefitted from the higher mix of
flight-only passengers.
As a result, overall Group Revenue increased by 15% to £7,173.5m (2024:
£6,255.3m).
(†) The prior year Flight-only ticket yield per passenger sector and
Non-ticket revenue per passenger sector have been restated. Further
information on this can be found in Note 3.
Operating expenses
Total Operating expenses increased in line with revenue growth, rising by 15%
to £6,727.0m (2024: £5,827.1m), primarily a result of a combined 10%
increase in volume and activity, plus inflationary rate increases of 5%.
Hotel accommodation costs increased 21% to £2,971.6m (2024: £2,465.0m)
driven by the 8% growth in package holiday customers plus supply-led
inflation, particularly in the areas of wages, food and energy, alongside an
increased mix of customers choosing higher star rated hotels.
Fuel costs increased 6% to £739.0m (2024: £697.4m), as a 14% increase in
flying hours was offset by reductions in average hedged rates, together with
incremental benefits from our growing fleet of more fuel-efficient A321neo
aircraft.
Landing, navigation and third-party handling increased 16% to £552.7m (2024:
£474.9m) reflecting the 12% increase in flown passengers and rate increases
across both airport charges and Eurocontrol flying fees.
Travel agent commission increased by 11% to £184.5m (2024: £166.9m) due to
increases in the average package holiday price and higher independent travel
agent booking volumes.
Maintenance costs rose by 16% to £175.8m (2024: £152.0m) primarily due to
increased aircraft rotations and changes to the mix of fleet - in Summer 2024
we operated 37 leased aircraft (Summer 2023: 30), which attract a higher
average maintenance rate than owned aircraft. Together with inflationary
growth in the cost of servicing existing aircraft, this resulted in a combined
5% average rate increase.
Transfer costs increased by 19% to £119.8m (2024: £100.6m) due to
Jet2holidays customer growth together with inflationary increases in driver
salaries and fuel costs.
Carbon costs increased by 9% to £115.9m (2024: £106.3m). The expansion of
the EU Emissions Trading Scheme (ETS) from 1 January 2024 to include flights
from the Canaries and Madeira to the UK, combined with increased flying
activity, led to a 31% increase in the required UK and EU ETS carbon
allowances. However, this increase was largely offset as we took advantage of
weaker ETS markets when purchasing carbon allowances and also benefitted from
a rebasing of EU ETS free allowances.
In-flight cost of sales increased by 26% to £117.1m (2024: £92.6m) which
included flown passenger growth, cost growth driven by the 13% increase in
spend per head, together with the associated cabin crew commission on the
increased sales.
Staff costs of £841.8m (2024: £744.1m) increased as a result of a 5.5% pay
award to support the retention of motivated colleagues who continue to excel
in providing our renowned Customer First service. In addition, costs increased
as: incremental headcount supported the 13% Summer 2024 seat capacity growth;
the ROC completed its first full year of operations; investment was made to
support our Summer 2025 flying programme growth of 8.0% including two new
bases; and pilot recruitment was undertaken earlier to support our expanding
Airbus A321neo fleet.
Marketing costs were 8% higher than the previous year at £286.0m (2024:
£264.2m) as bookings through our website and app represented a greater
portion of the booking mix with resultant marketing activity increasing by 10%
in these channels. This was partially offset by a higher mix of flight-only
bookings at a lower average marketing cost per acquisition. We will continue
to commit investment to our digital marketing technology infrastructure to
reduce our cost per acquisition over the coming years.
Operating profit
Overall Group operating profit increased 4% to £446.5m (2024: £428.2m).
Operating profit per sector seat was 9% lower at £20 (2024: £22) and
operating profit margin declined by 0.6ppts to 6.2% (2024: 6.8%). However,
given the additional costs associated with our strategic investment in new
bases at Bournemouth and London Luton, the inflationary increases within our
cost base and the later customer booking profile which led to reduced forward
visibility, we were pleased with the overall result.
Net financing income
Net financing income (excluding Net FX revaluation gains) increased by £32.3m
to £120.9m (2024: £88.6m), primarily due to £178.9m (2024: £159.5m) of
finance income, driven by higher average cash deposits combined with increased
bank interest rates as compared to the prior year.
Finance expenses decreased to £58.0m (2024: £70.9m) following a reduction in
total debt of 22% to £1,137.9m (2024: £1,455.4m) which included the
prepayment of certain higher margin aircraft loan balances and the repurchase
of the majority of the convertible bond in the second half of the year.
In addition, a net FX revaluation gain of £15.5m (2024: £9.4m) resulted from
the year end revaluation of US dollar denominated Lease liabilities and
Borrowings with Sterling strengthening by 2% over the year.
Profit on disposal of property, plant and equipment
Profit on sale of assets increased by £7.0m to £10.3m (2024: £3.3m)
including airframes, engines and APUs, primarily from the retirement of Boeing
757-200 aircraft during the year.
Statutory profit for the year
As a result, Group statutory profit before taxation increased 12% to £593.2m
(2024: £529.5m), with profit per sector seat maintained at £27 (2024: £27).
Overall profit before taxation margin declined slightly to 8.3% (2024: 8.5%).
Taxation
The Group tax charge of £146.4m (2024: £130.3m) reflects an effective tax
rate of 25% (2024: 25%).
Statutory net profit for the year and Earnings per share
Group statutory profit after taxation increased 12% to £446.8m (2024:
£399.2m) and basic earnings per share improved by 15% to 213.1p (2024:
185.9p). Diluted earnings per share increased 22% to 207.2p (2024: 170.4p) as
the potential dilutive impact of the convertible bond was eliminated.
Other comprehensive income and expense
The Group had Other comprehensive expense of £27.0m (2024: £2.7m income)
primarily due to adverse fair value movements in both currency and fuel
derivatives at the balance sheet date.
Cash flows
The following table sets out condensed cash flow data and the movement in Cash
and cash equivalents and money market deposits:
Summary of Cash Flows 2025 2024 Change
£m £m
EBITDA 738.9 680.3 9%
Other Income Statement adjustments 2.9 11.4 (75%)
Operating cash flows before movements in 741.8 691.7 7%
working capital
Movements in working capital 235.4 362.8 (35%)
Interest and taxes 80.5 39.0 106%
Net cash generated from operating activities 1,057.7 1,093.5 (3%)
Purchase of property, plant and equipment, (398.6) (410.0) 3%
right-of-use assets and equity investments
Movement on borrowings (371.9) 17.7 (2,201%)
Movement on lease liabilities (134.6) (116.5) (16%)
Dividends paid in the year (31.6) (25.8) (22%)
Purchase of own shares (158.5) - (100%)
Other items 8.6 1.1 682%
Net (decrease) / increase in cash and money market deposits ((a)) (28.9) 560.0 (105%)
(a) Cash flows are reported including the movement on money market deposits
(cash deposits with maturity of more than three months from point of
placement) to give readers an understanding of total cash generation. The
Consolidated Statement of Cash Flows reports net cash flow excluding these
movements. Further information on these balances as at the year-end can be
found in Note 2.
Net cash generated from operating activities
Following the strong trading performance, Group EBITDA improved by 9% to
£738.9m (2024: £680.3m), which combined with adjustments for profit on sale
of assets and share-based payment charges, resulted in an operating cashflow
before movements in working capital of £741.8m (2024: £691.7m).
Movements in working capital, in particular on advance customer cash receipts
and supplier payments, resulted in cash inflows of £235.4m (2024: £362.8m).
Net finance income cashflows increased to £124.1m (2024: £84.2m) owing to
higher average cash balances and interest rates. Corporation tax payments were
£43.6m (2024: £45.2m) as deferred tax assets in respect of losses incurred
during the Covid pandemic continued to be utilised.
Overall, net cash generated from operating activities was slightly lower than
the prior year at £1,057.7m (2024: £1,093.5m).
Net cash used in investing activities
Total capital expenditure of £398.6m (2024: £410.0m) primarily represented
balance payments for Airbus A321neo aircraft delivered during the year,
together with pre-delivery payments for future deliveries and for the exercise
of 36 purchase rights.
Additionally, we invested in the construction of a second engineering hangar
at Manchester airport and the installation of leading-edge automation
equipment at the ROC.
Net cash used in financing activities
Net cash used in financing activities amounted to £696.6m (2024: £124.6m)
including the early repurchase of the convertible bond (£398.8m) and further
repayments of aircraft borrowings and lease liabilities of £254.2m (2024:
£289.5m). Loans advanced of £146.5m (2024: £190.7m) related to Jolco
financing for aircraft deliveries in the period.
Dividend payments were £31.6m (2024: £25.8m) reflecting the positive
financial performance.
In addition, we repurchased 11.3m shares for consideration of £158.5m through
our newly established EBT, to proactively avoid shareholder dilution from
satisfying share award schemes.
Other items included proceeds from the sale of retired aircraft and engines of
£10.3m (2024: £3.3m).
Overall, this resulted in a net cash outflow of £28.9m (2024: £560.0m
inflow) and year-end total cash and money market deposits(†) of £3,155.8m
(2024: £3,184.7m). Net cash, stated after borrowings and lease liabilities
increased by 17% to £2,017.9m (2024: £1,729.3m).
At 31 March 2025, the Group had received £2,058.9m (2024: £1,853.3m) of
payments in advance of travel from customers, an increase of 11%, and held an
'Own Cash'(†) balance of £1,096.9m (2024: £1,331.4m).
† Further information on the calculation of this measure can be found in
Note 2.
Financial position
The following table sets out the condensed statement of financial position:
Summary Statement of Financial Position 2025 2024 Change
£m £m
Non-current assets ((a)) 2,159.5 1,858.4 16%
Other net liabilities ((b)) (165.5) (101.6) (63%)
Cash and money market deposits 3,155.8 3,184.7 (1%)
Deferred revenue (2,121.9) (1,926.6) (10%)
Borrowings (424.1) (755.8) 44%
Lease liabilities (713.8) (699.6) (2%)
Deferred taxation (211.1) (110.1) (92%)
Derivative financial instruments (67.1) (40.5) (66%)
Total shareholders' equity 1,611.8 1,408.9 14%
(a) Stated excluding derivative financial instruments and trade and other
receivables.
(b) Stated excluding cash and cash equivalents, money market deposits,
deferred revenue, borrowings, lease liabilities and derivative financial
instruments.
Liquidity
A strong balance sheet and access to ample liquidity are vital in this
fast-paced, capital-intensive industry, whilst also affording the Group
flexibility to pursue its future growth aspirations.
Consequently, in May 2025, the Group successfully renewed and expanded its
Revolving Credit Facility (RCF) on improved commercial terms with its four
supportive relationship banks: Barclays Bank plc; HSBC UK Bank plc; Lloyds
Bank plc; and National Westminster Bank plc. The new RCF, which remains
undrawn, runs to 31 October 2029 with an option to extend by a further two
years and provides the Group with unsecured available facilities of up to
£500m, an increase of £200m from the previous arrangement.
Shareholder value
Consistent with its capital allocation framework, the Group:
· Continued to invest in organic growth, including the launch of two new
operating bases;
· Purchased Airbus A321neo aircraft using its 'Own Cash' reserves;
· Repaid higher cost debt obligations and replaced with lower cost, longer-term
funding;
· Eliminated future dilution for shareholders through £158.5m of share
purchases via its Employee Benefit Trust and the early repurchase of £384.5m
in principal aggregate amount of its convertible bonds; and
· Continued to pay a dividend to shareholders, whilst maintaining a healthy 'Own
Cash' balance to protect against the impact of any unforeseen events.
In consideration of the Group's sustainable cash generative business model and
strong balance sheet and reflecting the continued confidence in the prospects
for the business, on 29 April 2025, an on-market share buyback programme of up
to £250.0m was launched. Shares will be cancelled following purchase,
providing a positive enhancement to EPS.
Moving forward, the Group will maintain a strong financial position to prepare
for increasing gross capital expenditure (which is expected to approach
£6.1bn in aggregate over the next seven years) and debt repayment
commitments, but also to provide financial resilience and flexibility for
those opportunities or challenges which may be presented. In addition, it will
continue to monitor its trading performance and cash generation and allocate
capital in line with its established capital allocation framework as
appropriate.
Our strong financial performance underscores the effectiveness of our business
model and strategic approach, and we remain committed to building on these
successes, investing in our business to deliver exceptional value to our
Customers and stakeholders.
___________________________
Gary Brown
Group Chief Financial Officer
8 July 2025
Leisure Travel Key Performance Indicators 2025 2024 Change
Seat capacity 22.29m 19.73m 13%
Flown passengers 19.77m 17.72m 12%
Load factor 88.7% 89.8% (1.1 ppts)
Flight-only passengers 6.62m 5.61m 18%
Package holiday customers 6.58m 6.08m 8%
Package holiday customers % of total flown passengers 66.5% 68.3% (1.8 ppts)
Flight-only ticket yield per passenger sector (excl. taxes)(†) £118.81 £121.26 (2%)
Average package holiday price £873 £830 5%
Non-ticket revenue per passenger sector(†) £25.56 £24.12 6%
Fuel requirement hedged for next twelve months 81.7% 81.7% -
Advance sales made as at 31 March £3,985.0m £3,720.0m 7%
(†) The prior year Flight-only ticket yield per passenger sector and
Non-ticket revenue per passenger sector have been restated. Further
information on this can be found in Note 3.
Certain information contained in this announcement would have been deemed
inside information as stipulated under the UK version of the EU Market Abuse
Regulation (2014/596) which is part of UK law by virtue of the European
Union (Withdrawal) Act 2018, as amended and supplemented from time to time,
until the release of this announcement.
COnsolidated income statement
for the year ended 31 March 2025
Results for the Results for the
year ended year ended
31 March 2025 31 March 2024
£m £m
Revenue 3 7,173.5 6,255.3
Operating expenses 4 (6,727.0) (5,827.1)
Operating profit 446.5 428.2
Finance income 178.9 159.5
Finance expense (58.0) (70.9)
Net FX revaluation gains 15.5 9.4
Net financing income 136.4 98.0
Profit on disposal of property, plant and equipment 10.3 3.3
Profit before taxation 593.2 529.5
Taxation (146.4) (130.3)
Profit for the year 446.8 399.2
(all attributable to equity shareholders of the Parent)
Earnings per share
- basic 5 213.1p 185.9p
- diluted 5 207.2p 170.4p
Consolidated statement of comprehensive income
for the year ended 31 March 2025
Year ended Year ended
31 March 31 March
2025 2024
£m £m
Profit for the year 446.8 399.2
Other comprehensive (expense) / income
Items that are or may be reclassified subsequently to profit or loss:
Cash flow hedges:
Fair value losses (119.1) (53.9)
Net amount transferred to Consolidated Income Statement 78.2 65.3
Cost of hedging reserve movement 8.3 (5.3)
Related taxation credit / (charge) 8.1 (1.5)
Revaluation of foreign operations (2.5) (1.9)
(27.0) 2.7
Total comprehensive income for the year 419.8 401.9
(all attributable to equity shareholders of the Parent)
Consolidated Statement of Financial Position
at 31 March 2025
2025 2024
£m £m
Non-current assets
Intangible assets 26.8 26.8
Property, plant and equipment 1,453.1 1,193.2
Right-of-use assets 679.6 636.4
Trade and other receivables 35.4 21.2
Derivative financial instruments 8.0 17.3
Other equity investment - 2.0
2,202.9 1,896.9
Current assets
Inventories 145.3 124.8
Trade and other receivables 392.7 332.8
Derivative financial instruments 13.0 30.8
Money market deposits 1,969.0 1,745.1
Cash and cash equivalents 1,186.8 1,439.6
3,706.8 3,673.1
Total assets 5,909.7 5,570.0
Current liabilities
Trade and other payables 612.8 477.4
Deferred revenue 2,097.8 1,903.9
Borrowings 80.0 44.6
Lease liabilities 156.7 131.0
Provisions 56.5 63.2
Derivative financial instruments 79.4 83.0
3,083.2 2,703.1
Non-current liabilities
Deferred revenue 24.1 22.7
Borrowings 344.1 711.2
Lease liabilities 557.1 568.6
Provisions 69.6 39.8
Derivative financial instruments 8.7 5.6
Deferred taxation 211.1 110.1
1,214.7 1,458.0
Total liabilities 4,297.9 4,161.1
Net assets 1,611.8 1,408.9
Shareholders' equity
Share capital 2.7 2.7
Share premium 19.8 19.8
Own shares reserve (143.7) -
Cash flow hedging reserve (37.4) (6.7)
Cost of hedging reserve (15.7) (21.9)
Other reserves (0.6) 53.3
Retained earnings 1,786.7 1,361.7
Total shareholders' equity 1,611.8 1,408.9
consolidated statement of cash flows
for the year ended 31 March 2025
2025 2024
£m £m
Profit before taxation 593.2 529.5
Net financing income (including Net FX revaluation gains) (136.4) (98.0)
Depreciation 282.1 248.8
Profit on disposal of property, plant and equipment (10.3) (3.3)
Equity settled share-based payments 13.2 14.7
Operating cash flows before movements in working capital 741.8 691.7
Increase in inventories (20.5) (84.6)
Increase in trade and other receivables (69.0) (55.7)
Increase in trade and other payables 106.5 134.5
Increase in deferred revenue 195.3 363.0
Increase in provisions 23.1 5.6
Cash generated from operations 977.2 1,054.5
Interest received 172.1 139.7
Interest paid (48.0) (55.5)
Income taxes paid (43.6) (45.2)
Net cash generated from operating activities 1,057.7 1,093.5
Cash used in investing activities
Purchase of property, plant and equipment (391.4) (403.9)
Purchase of right-of-use assets (7.2) (4.1)
Purchase of equity investment - (2.0)
Proceeds from sale of property, plant and equipment 10.3 3.3
Net increase in money market deposits (225.6) (75.6)
Net cash used in investing activities (613.9) (482.3)
Cash used in financing activities
Repayment of convertible bond (398.8) -
Repayment of borrowings (119.6) (173.0)
New loans advanced 146.5 190.7
Payment of lease liabilities (134.6) (116.5)
Purchase of own shares by Employee Benefit Trust (158.5) -
Dividends paid in the year (31.6) (25.8)
Net cash used in financing activities (696.6) (124.6)
Net (decrease) / increase in cash in the year (252.8) 486.6
Cash and cash equivalents at beginning of year 1,439.6 955.2
Effect of foreign exchange rate changes - (2.2)
Cash and cash equivalents at end of year 1,186.8 1,439.6
Consolidated statement of changes in equity
for the year ended 31 March 2025
Share Share premium Own shares reserve Cash flow hedging reserve Cost of hedging reserve Other Retained earnings Total shareholders' equity
capital Reserves(1)
£m £m £m £m £m £m £m £m
Balance at 31 March 2023 2.7 19.8 - (15.3) (17.9) 55.2 967.9 1,012.4
Total comprehensive income - - - 8.6 (4.0) (1.9) 399.2 401.9
Share-based payments - - - - - - 14.7 14.7
Deferred tax on share-based payments - - - - - - 5.7 5.7
Dividends paid in the year - - - - - - (25.8) (25.8)
Balance at 31 March 2024 2.7 19.8 - (6.7) (21.9) 53.3 1,361.7 1,408.9
Total comprehensive income - - - (30.7) 6.2 (2.5) 446.8 419.8
Share-based payments - - - - - - 13.2 13.2
Deferred tax on share-based payments - - - - - - (2.6) (2.6)
Dividends paid in the year - - - - - - (31.6) (31.6)
Purchase of own shares by Employee Benefit Trust - - (158.5) - - - - (158.5)
Own shares issued under share schemes - - 14.8 - - - (14.8) -
Repayment of convertible bond - - - - - (37.4) - (37.4)
Reclassification of convertible bond equity component - - - - - (14.0) 14.0 -
Balance at 31 March 2025 2.7 19.8 (143.7) (37.4) (15.7) (0.6) 1,786.7 1,611.8
( )
(1) The equity component of the convertible bond was previously held in Other
reserves but this was extinguished during the year as the Group either
repurchased or gave notice to redeem all outstanding convertible bonds. The
remaining balance held in other reserves relates to foreign exchange
translation differences arising on revaluation of non-sterling functional
currency subsidiaries of the Group, which totalled £0.6m at 31 March 2025
(2024: £1.9m).
Notes to the PRELIMINARY ANNOUNCEMENT
for the year ended 31 March 2025
1. Accounting policies and general information
General information
Jet2 plc is a public limited company incorporated and domiciled in England and
Wales. The Company's ordinary shares are traded on AIM. The address of its
registered office is Low Fare Finder House, Leeds Bradford Airport, Leeds,
LS19 7TU.
The Group's preliminary announcement consolidates the financial statements of
Jet2 plc and its subsidiaries.
Basis of preparation
The financial information in this preliminary announcement has been prepared
and approved by the Board of Directors in accordance with UK-adopted
international accounting standards and applicable law ("UK-adopted IAS").
Whilst the information included in this preliminary announcement has been
prepared in accordance with UK-adopted IAS, the financial information for the
years ended 31 March 2025 and 31 March 2024 does not itself contain sufficient
information to comply with UK-adopted IAS, nor does it comprise statutory
financial statements within the meaning of section 434 of the Companies Act
2006.
The financial information set out above does not constitute the Company's
statutory accounts for the years ended 31 March 2025 or 31 March 2024 but is
derived from those accounts. Statutory accounts for 31 March 2024 have been
delivered to the Registrar of Companies, and those for 31 March 2025 will be
delivered in due course. The Auditor has reported on those accounts; their
reports:
i. were unqualified;
ii. did not include a reference to any matters to which the Auditor drew attention
by way of emphasis without qualifying their report; and
iii. did not contain a statement under section 498 (2) or (3) of the Companies Act
2006.
The 2025 Annual Report & Accounts (including the Auditor's Report) will be
made available to shareholders during the week commencing 4 August 2025. The
Jet2 plc Annual General Meeting will be held on 4 September 2025.
The Group's financial information is presented in pounds sterling, and all
values are rounded to the nearest £100,000 except were indicated otherwise.
The financial information has been prepared under the historical cost
convention except for all derivative financial instruments, which have been
measured at fair value. The accounting policies adopted are consistent with
those described in the Annual Report & Accounts for the year ended 31
March 2024.
Going concern
The Directors have prepared financial forecasts for the Group, comprising
profit before and after taxation, balance sheets and cash flows through to 31
March 2028.
For the purpose of assessing the appropriateness of the preparation of the
Group's financial statements on a going concern basis, two financial forecast
scenarios have been prepared for the 12-month period following approval of
these financial statements:
· A base case which assumes a full unhindered flying programme utilising an
aircraft fleet of 135 at budgeted load factor against a 8% increase in seat
capacity; and
· A downside scenario with load factors reduced to 70% from August 2025 to
reflect a material reduction in demand or the occurrence of operationally
disruptive events and a lack of available funding for new aircraft during this
period.
The forecasts consider the current cash position and an assessment of the
principal areas of risk and uncertainty as described in more detail in the
Group's Annual Report & Accounts.
In addition to forecasting the cost base of the Group, both scenarios reflect
no mitigating actions taken to defer uncommitted capital expenditure during
the forecast period. The base case scenario incorporates funding of future
aircraft deliveries with our well-established aircraft financing partners with
the downside scenario assuming that the RCF could be utilised to cover any
shortfall in the unlikely event that the deliveries could not be financed.
The Directors concluded that, given the combination of a closing total cash
and money market deposits balance of £3,155.8m at 31 March 2025 together with
the forecast monthly cash utilisation, the Group would have sufficient
liquidity under both scenarios throughout a period of at least 12 months from
the date of approval of the financial statements in July 2025. In addition,
the Group is forecast to meet its RCF covenants under both scenarios at 30
September 2025 and 31 March 2026 with significant headroom.
As a result, the Directors have a reasonable expectation that the Group as a
whole has adequate resources to continue in operational existence for a period
of at least 12 months from the date of approval of the financial statements.
For this reason, they continue to adopt the going concern basis in preparing
the financial statements for the year ended 31 March 2025.
2. Alternative performance measures
The Group's alternative performance measures are not defined by IFRS and
therefore may not be directly comparable with other companies' alternative
performance measures. These measures are not intended to be a substitute for,
or superior to, IFRS measurements.
Profit before FX revaluation and taxation
Profit before FX revaluation and taxation is included as an alternative
performance measure in order to aid users in understanding the underlying
performance of the Group excluding the impact of foreign exchange volatility.
EBITDA
Earnings before interest, tax, depreciation and amortisation (EBITDA) is
included as an alternative performance measure in order to aid users in
understanding the underlying operating performance of the Group.
These two measures can be reconciled to the IFRS measure of profit before
taxation as below:
2025 2024
£m £m
Profit before taxation 593.2 529.5
Net FX revaluation gains (15.5) (9.4)
Profit before FX revaluation and taxation 577.7 520.1
Net financing income (excluding Net FX revaluation gains) (120.9) (88.6)
Depreciation of property, plant and equipment 156.7 135.8
Depreciation of right-of-use assets 125.4 113.0
EBITDA 738.9 680.3
'Own Cash'
'Own Cash' comprises cash and cash equivalents and money market deposits and
excludes advance customer deposits. It is included as an alternative measure
in order to aid users in understanding the liquidity of the Group.
2025 2024
£m £m
Cash and cash equivalents 1,186.8 1,439.6
Money market deposits 1,969.0 1,745.1
Cash and money market deposits 3,155.8 3,184.7
Deferred revenue (2,121.9) (1,926.6)
Trade and other receivables 63.0 73.3
'Own Cash' 1,096.9 1,331.4
Trade and other receivables relate to invoicing of amounts due from travel
agents in respect of package holiday deposits and balance payments.
3. Segmental reporting
IFRS 8 - Operating segments requires operating segments to be determined based
on the Group's internal reporting to the Chief Operating Decision Maker
("CODM").
The CODM is responsible for the overall resource allocation and performance
assessment of the Group. The Board of Directors approves major capital
expenditure, assesses the performance of the Group and also determines key
financing decisions. Consequently, the Board of Directors is considered to be
the CODM.
The information presented to the CODM for the purpose of resource allocation
and assessment of the Group's performance relates to its Leisure Travel
segment as a whole.
The Leisure Travel business specialises in offering package holidays by its
ATOL-licensed provider, Jet2holidays, to leisure destinations in the
Mediterranean, the Canary Islands and to European Leisure Cities, and
scheduled holiday flights by its airline, Jet2.com. Resource allocation
decisions are based on the entire route network and the deployment of its
entire aircraft fleet. All Jet2holidays customers fly on Jet2.com flights, and
therefore these offerings are inextricably linked and together represent the
only segment within the Group.
Revenue is principally generated from within the UK, the Group's country of
domicile. No customer represents more than 10% of the Group's revenue. Segment
revenue reported below represents revenue generated from external customers.
Revenues for the Group can be further disaggregated by their nature as
follows:
2025 2024
£m £m
Restated(1)
Package holidays 5,772.9 5,046.4
Flight-only ticket revenue 780.1 674.3
Non-ticket revenue 505.4 427.4
Other Leisure Travel 115.1 107.2
Total revenue 7,173.5 6,255.3
(1) The comparative disaggregation of revenue for the year ended 31 March 2024
have been restated to disclose certain ancillary revenues linked to the price
of a customer flight ticket within Flight-only ticket revenue. Previously
these amounts were included within Non-ticket revenue. For the year ended 31
March 2024, Non-ticket revenue reduced by £39.4m from £466.8m to £427.4m
and Flight-only ticket revenue increased by the same amount from £634.9m to
£674.3m. There are no changes to the total revenue reported.
4. Operating expenses
2025 2024
£m £m
Direct operating costs:
Accommodation 2,971.6 2,465.0
Fuel 739.0 697.4
Landing, navigation and third-party handling 552.7 474.9
Travel agent commission 184.5 166.9
Maintenance 175.8 152.0
Transfers 119.8 100.6
In-flight cost of sales 117.1 92.6
Carbon 115.9 106.3
Aircraft rentals (less than 12 months) 42.0 47.4
Other direct operating costs 132.5 118.1
Staff costs including agency staff 841.8 744.1
Marketing costs 286.0 264.2
Depreciation of property, plant and equipment 156.7 135.8
Depreciation of right-of-use assets 125.4 113.0
Other operating expenses 166.2 148.8
Total operating expenses 6,727.0 5,827.1
5. Earnings per share
Basic earnings per share is calculated by dividing the profit attributable to
the equity owners of the Parent Company by the weighted average number of
ordinary shares in issue during the year. In accordance with IAS 33 - Earnings
per Share, Own shares held by the Employee Benefit Trust are eliminated from
the weighted average number of shares.
Diluted earnings per share is calculated by dividing the profit attributable
to the equity owners of the Parent Company by the weighted average number of
ordinary shares in issue during the year, adjusted for the effects of
potentially dilutive share options and deferred share awards. The diluted
earnings per share for the year ended 31 March 2024 was also adjusted for the
potential conversion of the convertible bonds to ordinary shares, which were
due to mature in June 2026 but were subsequently either repurchased in the
year ended 31 March 2025 or announced to be redeemed during April 2025 at
their principal amount.
2025 2024
Number Number
Number of issued Ordinary Shares 214,681,281 214,681,281
Weighted average shares purchased by the Employee Benefit Trust (5,676,200) -
Weighted average shares utilised by the Employee Benefit Trust 693,473 -
Weighted average shares issued in the year 2,217 -
Total weighted average number of shares 209,700,771 214,681,281
2025 2024
Earnings Weighted average number of shares EPS Earnings Weighted average number EPS
of shares
£m millions pence £m
pence
millions
Basic EPS
Profit attributable to ordinary shareholders 446.8 209.7 213.1 399.2 214.7 185.9
Effect of dilutive instruments
Share options and deferred awards - 5.9 (5.9) - 5.7 (4.8)
Convertible bond - - - 13.4 21.7 (10.7)
Diluted EPS 446.8 215.6 207.2 412.6 242.1 170.4
6. Notes to Consolidated Statement of Cash Flows
Changes in cash and financing liabilities Cash and cash equivalents Money market deposits Borrowings Lease liabilities Total
Net cash / (debt)
£m £m £m £m £m
At 1 April 2024 1,439.6 1,745.1 (755.8) (699.6) 1,729.3
Repayment of borrowings - - 119.6 - 119.6
Repayment of convertible bond - - 368.1 - 368.1
New loans advanced - - (146.5) - (146.5)
Payment of lease liabilities - - - 134.6 134.6
Total changes from financing cash flows - - 341.2 134.6 475.8
Other cash flows (27.2) - - - (27.2)
Deposit placements (2,545.6) 2,545.6 - - -
Deposit receipts 2,320.0 (2,320.0) - - -
Exchange differences - (1.7) 2.4 13.5 14.2
Unwind of interest(1) - - (11.9) - (11.9)
Lease movements(2) - - - (162.3) (162.3)
At 31 March 2025 1,186.8 1,969.0 (424.1) (713.8) 2,017.9
(1) Unwind of interest relates to the discount rates applied on receipt of the
convertible bond and amortisation of transaction costs associated with
Borrowings and Lease liabilities.
(2) Lease movements include new leases and lease term amendments.
7. Contingent liabilities
The Group has issued various guarantees in the ordinary course of business,
none of which are expected to lead to a financial gain or loss. None of these
guarantees are considered to have a material fair value under IFRS 17 -
Insurance Contracts and consequently no liability has been recorded.
8. Post Balance Sheet Events
On 29 April 2025, Jet2 plc launched an on-market share buyback programme of up
to £250m and the shares will be cancelled following purchase.
On 9 May 2025, the Group renewed and expanded its RCF, which now has unsecured
available facilities of up to £500m, an increase of £200m from the previous
arrangement. The RCF runs to 31 October 2029 with an option to extend for a
further two years.
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