REG - Jet2 PLC - Half-year Financial Report
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RNS Number : 0527I Jet2 PLC 19 November 2025
Jet2 plc
Interim Results for the half year ended 30 September 2025
Continued growth with record passenger numbers, profitability and EPS
Strategic expansion at London Gatwick airport
Full year expectations in line
New £100m share buyback
Group financial highlights (unaudited) HY26 HY25 % change
Revenue £5,342.2m £5,085.4m 5%
Operating profit £715.2m £701.5m 2%
Profit before FX revaluation and taxation* £780.0m £772.4m 1%
Profit before taxation £800.3m £791.4m 1%
Profit for the period after taxation £600.2m £592.9m 1%
Basic earnings per share 300.4p 279.3p 8%
Interim dividend per share 4.5p 4.4p 2%
· Further progress made against our growth strategy as the Group delivered
another record performance in terms of passenger numbers, revenue and
profitability.
· More people choosing Jet2 - an increase of 750,000 passengers flown to 14.09m
(2024: 13.34m); 40% growth from pre-pandemic passenger numbers (2019:
10.07m).
· Strong financial performance - amidst a fast-moving, late booking market,
Group Revenue grew by 5% to £5,342.2m and Operating profit by 2% to £715.2m.
Basic EPS increased 8% to 300.4p. Diluted EPS increased 17% to 292.2p.
· Financial resilience - total cash and money market deposits remained strong at
£3,354.4m (2024: £3,596.4m), the decrease in part due to the £250m share
buyback programme launched in April 2025.
· Investing for growth - performance at our two new operating bases at
Bournemouth and London Luton is encouraging; 23 new Airbus A321neo aircraft
operational over Summer 2025 (17% of total fleet mix); and our groundbreaking
Retail Operations Centre is now fully automated.
· New base at London Gatwick airport for Summer 2026 - secured slots for six
aircraft following the release of additional capacity by the airport. Our
14(th) UK base will be operational from late March 2026, bringing Jet2's
differentiated, service-led offering to a further 15 million potential
customers.
· Winter 2025/26 - on sale seat capacity is currently 7.7% higher than Winter
2024/25 at 5.5m seats with the late booking profile experienced during Summer
2025 continuing.
· Our expectations for full year unchanged - excluding start-up investment for
London Gatwick, we are currently on track to deliver in line with market
expectations(‡).
· Returning capital to shareholders - interim dividend increased by 2.3% to 4.5p
(2024: 4.4p). In addition, reflecting the Board's continued confidence in the
prospects for the business we are announcing a further share buyback of
£100m.
Steve Heapy, Jet2 plc Chief Executive Officer, commented:
"We are very pleased to report another record financial performance for the
first half of the year, illustrating how our flexible operating model can
adapt to changing consumer behaviour.
Customers may be booking later, but it is clear they still want their
well-earned holidays in the sun with a brand they can trust. Our
differentiated, service-led, end-to-end product offering continues to set us
apart, delivering seamless, great-value experiences that ensure customers come
back time and time again.
As ever, in line with our People, Service, Profits philosophy, underpinning
this proposition are our outstanding Colleagues. I would like to thank them
for their dedication to delivering our Customer First service which plays such
a vital role in our continued growth and supports our position as the UK's
No.1 tour operator and third largest airline.
As announced last week, we are thrilled to launch our award-winning Customer
First service from London Gatwick next year - a once in a generation
opportunity to further accelerate our growth from the UK's largest beach and
city leisure destination airport.
We believe the annual overseas holiday remains a cherished priority for many,
often taking precedence over other discretionary spending even in uncertain
economic times. We continue to build loyalty by offering customers an
extensive product range, highly flexible holiday options and exceptional
customer service giving them the freedom to tailor their travel plans to suit
their individual needs. Our proven business model continues to deliver and
this gives us confidence in our future growth prospects.
* Further information on the calculation of this measure can be found in Note 3.
(‡) Based on Company compiled consensus, the Board believes that, excluding
start-up costs for London Gatwick, the current average market expectations for
Operating Profit (EBIT) for the year ending 31 March 2026 to be £453m.
Analyst and Investor meeting
The management team will host an investor and analyst conference call at
9.00am UK time, on Wednesday 19 November 2025. The meeting will be available
to join remotely via audio-cast. To access the meeting, please register at the
following link: https://brrmedia.news/JET2_HY26
(https://brrmedia.news/JET2_HY26)
A replay of the meeting will be made available on the Company's investor
relations website: www.jet2plc.com/en/company-reports
(http://www.jet2plc.com/en/company-reports)
CEO REVIEW
Results for the half year
We are very pleased to report another record financial performance as Group
Operating profit rose by 2% to £715.2m (2024: £701.5m). Group profit before
foreign exchange revaluation and taxation grew by 1% to £780.0m (2024:
£772.4m) and, combined with our £250.0m share buyback programme, contributed
to basic earnings per share strengthening by 8% to 300.4p (2024: 279.3p).
Diluted earnings per share strengthened further still by 17% to 292.2p (2024:
249.7p), as the potential dilutive impact of the convertible bond was
eliminated.
For the reporting period, seat capacity rose by 8% to 15.98m (2024: 14.85m)
including 4% of growth from the launch of our new operating bases at
Bournemouth and London Luton airports. Passenger sectors flown increased by 6%
to 14.09m (2024: 13.34m) with our range of destinations across Greece, the
Balearics and mainland Spain proving to be very popular amongst our Customers
this summer. Consequently, average load factor remained resilient at 88.2%
(2024: 89.8%).
We experienced robust demand for our flight-only product with flown passengers
rising by 16% to 4.77m (2024: 4.11m), reflecting a continuation in consumer
behaviour towards shorter booking lead times and reaffirming the flexibility
of our fully integrated operating model to adapt to changing consumer trends.
Package holiday customers also increased by 1% to 4.73m (2024: 4.67m), with
97% choosing a beach holiday, highlighting continued appetite for our
award-winning end-to-end Jet2holidays offering.
The average price of a Jet2holiday remained resilient, increasing by 3% to
£933 (2024: £904) as supply-led inflation increases were largely passed
through to customers. Flight-only ticket yield per passenger sector reduced by
7% driven by promotional pricing initiatives which included targeted
reallocation of marketing investment to optimise load factors in a competitive
market.
As is typical for the Group, losses are to be expected in the second half of
the financial year as we continue to invest in:
· additional aircraft to support seat capacity growth of approximately 9% for
Summer 2026;
· establishing a presence at London Gatwick airport ahead of our first flight in
late March 2026;
· marketing to optimise our forward booking position ahead of Summer 2026;
· maintaining appropriate operational staffing levels throughout the winter to
ensure resilience and readiness ahead of Summer 2026; and
· recruiting new colleagues to support further growth.
Returning capital to shareholders
In consideration of the Group's strong half-year performance, cash generation
and positive full-year outlook, and in line with our established capital
allocation principles, the Board has declared an increased interim dividend of
4.5p per share (2024: 4.4p). The dividend will be paid on 13 February 2026 to
shareholders on the register on 9 January 2026, with the ex-dividend date
being 8 January 2026.
In addition, reflecting the Board's continued confidence in the prospects for
the business, as well as providing the opportunity to take advantage of
prevailing market conditions to repurchase shares at favourable price levels,
we are pleased to announce a further share buyback of £100m today.
Growth
New UK bases
Summer 2025 marked the first season for our new operating bases at Bournemouth
and London Luton, with performance encouraging, particularly given the later
on-sale date for London Luton. We look forward to continuing to grow in these
regions by building our brand awareness and understanding and currently plan
to add a further aircraft at London Luton for Summer 2026 as we steadily build
a loyal customer base.
More recently, we were delighted to announce the launch of Real Package
holidays from Jet2holidays® and Jet2.com's award-winning leisure flights at
London Gatwick airport from late March 2026, which materially expands in our
addressable market.
This exciting development will bring Jet2 to the world's busiest single runway
airport having secured slots for six aircraft following the release of
additional capacity by the airport. London Gatwick currently serves a
catchment area of almost 15 million people who can access it by road or rail
within 60 minutes - 7 million of whom live within 30 miles - and has become
the UK's leading airport for beach holidays and city breaks, with more short
and mid-haul beach holiday departures than any other UK airport.
Five Airbus A321neo aircraft will be based at London Gatwick, with a further
aircraft positioned overseas. This development marks a transformational next
step, further underpinning and accelerating our growth strategy and expanding
our presence in the South of England, while also taking the total number of
Jet2 bases across the UK to 14. Following the launch, over 90% of the UK
population will live within a 90-minute drive of one of our fourteen bases.
Looking further ahead, this development also provides Jet2 with a strong
strategic foothold to benefit from future expansion at London Gatwick,
including the potential introduction of a second runway.
Aircraft fleet
We took delivery of nine owned and leased A321neo aircraft in the reporting
period, with one additional aircraft expected over Winter 2025/26. For Summer
2026, we anticipate operating 31 A321neo aircraft (Summer 2025: 23),
increasing the proportion of larger gauge, more fuel-efficient aircraft to 22%
of the total fleet (2025: 17%).
New destinations for Summer 2026
We have enhanced our diverse Greek offering through the introduction of Samos,
the Olympus Riviera and Meganisi. These stunning destinations invite our
Customers to immerse themselves in Greece's natural beauty, rich history and
culture. Furthermore, we will launch brand-new flights and holidays to La
Palma, our fifth Canary Island destination.
With an increasing number of customers looking to enjoy a European city break,
Jet2CityBreaks is also launching Palermo in Sicily, offering the perfect
combination of serene beach experiences along the Sicilian coast and
culturally enriching days in a lively, historic city.
Finally, Jet2Villas has expanded its portfolio by 10% to over 3,500 villa
properties across more than 45 destinations, catering for those holidaymakers
who want the freedom of a villa holiday together with all the benefits of a
package holiday.
Operational highlights
Our people
We extend sincere thanks to our Colleagues for their unfaltering commitment to
upholding our Customer First ethos. Their ongoing dedication to delivering a
world-class service plays a key role in our continued growth, reinforces our
People, Service, Profits philosophy and ultimately helps underpin our position
as the UK's No.1 tour operator and third largest airline.
In May 2025, we were delighted to launch Jet2FlightPath, our first fully
funded pilot programme, designed to support 60 aspiring pilots each year on
their journey to the flight deck. By removing the financial barriers
associated with pilot training, this initiative provides opportunities for
talented individuals from diverse social and economic backgrounds to pursue a
career in aviation. Alongside our ongoing investment in apprenticeships more
generally, the programme plays a pivotal role in nurturing future talent and
establishing a strong pipeline of skilled professionals, who will form the
foundation of our business moving forward.
On 1 October 2025, our inaugural ShareSave scheme matured, delivering a
collective gain on colleague savings of more than £26.0m. We are pleased that
our ShareSave schemes continue to be extremely popular with over 7,200
colleagues currently taking advantage of these opportunities to invest in the
Group's future and share in its success.
Award-winning customer service
Jet2holidays is the UK's largest tour operator and is ATOL-licensed for over 7
million customers, representing over 20% of total ATOL licences issued at 1
October 2025.
We understand the eagerness of our valued Customers to go on their well-earned
holidays and we are committed to ensuring they enjoy a smooth, stress-free
experience from start to finish. Consequently, we pride ourselves on being an
industry leader cancelling just 0.05% (2024: 0.07%) of our 82,000 flights
during the reporting period. And whether on the ground in the UK, onboard our
aircraft or in-resort, our friendly Colleagues embody our Customer First ethos
by taking responsibility for our Customers' well-being and overall holiday
satisfaction.
With customer satisfaction levels exceeding 90% and net promoter scores
consistently in the mid-60s for both Jet2.com and Jet2holidays, coupled with
our high customer retention rate of 59% across both brands, it is evident how
much our Customers truly value our high-quality holiday products and the VIP
customer service that we provide. As a result, Jet2.com has been recognised as
a Which? Recommended Provider for ten consecutive years and Jet2holidays has
received similar accolades for 7 successive years. Furthermore, both Jet2.com
and Jet2holidays have been highly ranked by the UK Customer Satisfaction Index
(UKCSI) for delivering first class customer service - Jet2holidays was placed
twelfth and the only tour operator included amongst the top 25 rated
organisations, whilst Jet2.com was placed 19th - as both brands were classed
as the best companies in their respective tourism and transport industry
categories for customer service.
Enhancing brand awareness and customer loyalty
We have taken a long-term, consistent approach to building brand equity with
strong visual and sonic branding in our marketing campaigns which has resulted
in high levels of brand awareness.
Our popular and instantly recognisable Jet2holidays advertisement generated
significant social media prominence over the summer following a viral internet
trend. Our tagline - Nothing beats a Jet2holiday - reached over 80 billion
global views across 11.8 million social media posts with 'Hold my Hand' named
the global Song of the Summer 2025 by TikTok. This unprecedented activity has
resulted in increased marketing reach and widened our brand awareness amongst
younger demographics.
Our myJet2 membership programme has grown by 62% in the past year, now
exceeding 8.4m subscribers, enabling targeted, cost-efficient marketing, which
has been particularly valuable during Summer 2025's competitive environment.
In addition, to increase the frequency of myJet2 member usage and remain front
of mind, we have recently refreshed our myJet2perks proposition, giving
members the chance to access new exclusive discounts, as well as giveaways
across a range of popular brands and retailers.
Consequently, the proportion of Jet2holidays bookings via our best-in-class
mobile app increased by 5ppts to 31% (2024: 26%) as we leveraged the benefit
of a more personalised myJet2 experience.
Building operational resilience
In August 2025, we were delighted to unveil our new hangar at Manchester
Airport, which will play a critical role in supporting our operations and
future growth. This facility, adjacent to our existing hangar, will enable our
maintenance teams to work on up to three aircraft simultaneously, and six
aircraft across both hangars, further enhancing our in-house maintenance
capabilities.
Investments in digital technology
Having completed extensive testing, we were pleased to successfully commence
automation processes at our groundbreaking Retail Operations Centre in early
November. This leading-edge equipment, alongside customer data intelligence,
will in time support a bespoke onboard retail experience for our Customers as
we aim to have the right products, at the right time, every time, further
optimising our inflight revenue potential.
In October 2025, we commenced a pilot for the upgrade of our revenue
management system which will harness the power of AI to optimise how we price
our holiday and flight products. The solution utilises a wide range of data
points including search demand, competitor fares, and an array of external
market data to create the optimum price. The pilot, which currently covers 5%
of flights is progressing well. Assuming future pilot performance is in line
with expectations we plan to progressively roll out across the majority of
flights in the next financial year.
Influencing government environmental agenda
Implementation of a Revenue Certainty Mechanism (RCM) in the UK to support the
development of a viable Sustainable Aviation Fuel (SAF) market, together with
UK and EU airspace modernisation are two of the most significant influences on
the pace of aviation decarbonisation. These initiatives fall within
governmental responsibility and require prompt and decisive action.
Consequently, we are engaged with the current UK Government RCM consultation.
However, the pace of change in this area remains slow, with the RCM not
expected to be enacted until the end of 2026, two years after the introduction
of SAF mandates in the UK.
We also continue to collaborate with UK and EU authorities and the UK Civil
Aviation Authority to accelerate airspace modernisation, which is essential
for reducing emissions and achieving the industry's net-zero 2050 target.
Outlook
Financial year ending 31 March 2026 (FY26)
Winter 2025/26 on sale seat capacity is currently 7.7% higher than Winter
2024/25 at 5.5m seats.
The closer to departure booking profile experienced during Summer 2025 has
continued, with average pricing to date for both our leisure travel products
following a similar trend to Summer 2025 and marketing spend being reinvested
into pricing where appropriate, as previously announced.
In addition, to fully capitalise on the strategic opportunity at London
Gatwick airport, the Group will incur promotional and resourcing start-up
costs to firmly establish Jet2's operations and market leading customer
service ahead of operational launch in late March 2026.
Whilst there is a significant proportion of the Winter season still to sell,
we are currently on track to deliver in line with market expectations(‡)
(excluding London Gatwick start-up investment) for the year ending 31 March
2026.
Financial year ending 31 March 2027 (FY27)
For Summer 2026, capacity growth will be primarily focussed at London Gatwick
airport with over 900,000 seats on-sale. Whilst we know that consumers
prioritise their hard-earned overseas holidays, we remain conscious of the
economic backdrop. Accordingly, we have chosen to exercise capacity discipline
at our existing bases with measured growth of 3.9%. As a result, total on-sale
capacity of 20.1m seats is approximately 8.9% higher than Summer 2025, and 61%
higher than pre-pandemic capacity (2019: 12.5m). Bookings at this very early
stage are in line with management expectations.
In addition, we are approximately 70% hedged for Summer 2026 for both USD and
jet fuel, 50% hedged for Euro and 90% hedged for calendar year 2026 carbon
emissions allowances, locking in a healthy proportion of cost certainty.
Establishing our holiday operations and service at London Gatwick will
understandably take time and a meaningful step-up in short-term investment.
Consequently, in FY27 the Group plans to substitute three short-term leased
(ACMI) aircraft into its existing bases in order to release Airbus A321neos
for the London Gatwick operation, with these higher cost ACMI aircraft
replaced with new, more efficient A321neo aircraft from our pre-existing
Airbus delivery stream ahead of Summer 2028. The Group expects the London
Gatwick operation to move into profitability in FY29 and to deliver meaningful
profit growth thereafter.
Following another period of strong results and significant operational
progress, we have a clear path to deliver further profitable growth,
underpinned by our trusted brand, loyal customer base and proven business
model. The opening of our new base at London Gatwick provides us with a unique
opportunity to extend Jet2's footprint and attract new customers. This,
combined with our core strengths, gives us confidence not only in the year
ahead but also in our long-term ambition to be the UK's Leading and Best
Leisure Travel business.
(‡) Based on Company compiled consensus, the Board believes that, excluding
start-up costs for London Gatwick, the current average market expectations for
Operating Profit (EBIT) for the year ending 31 March 2026 to be £453m.
CFO REPORT
Customer demand & revenue
The Group has delivered another record first half financial performance,
demonstrating the versatility of our Leisure Travel offering to meet the trend
of late bookings.
Total seat capacity increased by 8% to 15.98m (2024: 14.85m) with flown
passengers growing by 6% to 14.09m (2024: 13.34m), resulting in an average
load factor of 88.2% (2024: 89.8%).
Demand for our shorter lead-time, more price-sensitive Flight-only product
rose sharply with a 16% increase in passengers to 4.77m (2024: 4.11m). Package
holiday customers grew by 1% to 4.73m (2024: 4.67m) resulting in a package
holiday mix of 66.1% (2024: 69.2%).
The average package holiday price was resilient, rising by 3% to £933 (2024:
£904). Meanwhile, Flight-only ticket yield per passenger sector fell by 7% to
£121.88 (2024: £130.81) reflecting promotional pricing which helped to
support the average load factor and overall profitability.
Non-ticket revenue per passenger sector increased by 4% to £26.09 (2024:
£25.18), driven by the higher flight-only mix which boosted airline hold
baggage revenue, increased in-flight retail revenue as inflationary input cost
increases were passed on, plus the launch of a new in-flight product range.
As a result, overall Group Revenue increased by 5% to £5,342.2m (2024:
£5,085.4m).
Operating expenses
Hotel accommodation costs increased 7% to £2,295.3m (2024: £2,137.2m)
primarily due to inflationary rate increases of 6%, an increased proportion of
bookings to higher star rated hotels, plus customer volume growth, partially
offset by a 2% currency benefit for Euro-denominated hotel costs.
Fuel costs remained stable at £488.0m (2024: £486.5m) as a 7% increase in
flying activity was offset by a 5% reduction in the blended fuel price and a
3% efficiency improvement from the growing A321neo fleet. The total fuel cost
also included an additional £17m in SAF premium costs, reflecting the
introduction of SAF mandates from January 2025.
Landing, navigation and third-party handling costs rose 10% to £404.2m (2024:
£367.5m), the growth above flying activity linked to average rate increases
across UK and European airport bases, with notable increases in: Eurocontrol
charges; third party handling costs in Turkey; and the pass through of airport
charges linked to the London Stansted transformation programme.
Travel agents commission grew 1% to £135.3m (2024: £133.9m) as higher
average package holiday prices were offset by a reduction in independent
travel agent booking volumes, as the overall proportion of direct bookings
(via web and app) increased by 1ppt to 80% (2024: 79%).
Maintenance costs rose by 8% to £100.0m (2024: £92.4m) due to flying
activity growth and average rate increases as global demand and supply chain
constraints continued to impact general maintenance inflation. This was
partially offset by a fleet mix benefit as our Boeing 757-200 aircraft were
replaced with new A321neo aircraft, together with currency benefits on USD
denominated costs.
In-resort transfer costs increased by 5% to £89.2m (2024: £84.7m) due to
increases in average rates per passenger, largely attributable to third-party
driver salary costs.
Carbon costs fell by 21% to £61.7m (2024: £78.5m) as we benefited from lower
hedged rates for both UK and EU Emissions Trading Scheme allowances which
combined fell from £61 to £44 per tonne.
In-flight cost of sales increased by 17% to £83.4m (2024: £71.4m) driven by
increased flying activity and passenger numbers, plus the impact of inflation
on cost prices of goods sold.
Staff costs increased by 11% to £491.0m (2024: £443.4m) which included a 3%
annual pay award to recognise our Colleagues' hard work in line with our
People, Service, Profits philosophy. In addition, we incurred £11m of
additional costs as a result of UK government changes to employer national
insurance rates and the national living wage. Finally, average headcount
increased by 5% as: additional Airbus-trained pilots were recruited to support
the growing proportion of A321neo aircraft within the fleet; we launched our
new operations at Bournemouth and London Luton airports; together with flying
programme growth across our pre-existing bases.
Brand and direct marketing costs fell 17% to £113.9m (2024: £136.5m)
primarily due to a shift in our customer acquisition strategy, which saw
marketing monies allocated into pricing to attract bookings in a late booking
and competitive marketplace. Furthermore, investments in our digital marketing
technology infrastructure have helped to improve our underlying cost per
acquisition efficiency.
As a result, total operating expenses increased 6% to £4,627.0m (2024:
£4,383.9m).
Operating profit
Overall Group operating profit increased 2% to £715.2m (2024: £701.5m).
Given the late customer booking profile which led to reduced forward
visibility, additional costs incurred for SAF and employer NI regulatory
changes, plus investment into our two new operating bases at Bournemouth and
London Luton, we were satisfied that operating profit margins remained stable
at 13.4% (2024: 13.8%).
Group profit before foreign exchange revaluation & taxation
Finance income reduced to £80.8m (2024: £98.2m) driven by lower bank
interest rates compared to the prior year, together with lower average cash
balances as a result of capital allocation decisions including the early
repurchase of £387.4m in principal aggregate amount of its convertible bonds;
the £250.0m share buyback programme; and shares purchased by the Employee
Benefit Trust (EBT).
Finance expenses of £22.0m (2024: £29.9m) reduced as the convertible bond
was fully repaid in the second half of the previous financial year.
Consequently, Net financing income (excluding Net FX revaluation gains)
decreased by 14% to £58.8m (2024: £68.3m),
As a result, Group profit before foreign exchange revaluation & taxation
increased 1% to £780.0m (2024: £772.4m).
Statutory net profit for the period and Earnings per share
A net FX revaluation gain of £20.3m (2024: £19.0m) arose from the
retranslation of foreign currency denominated monetary balances as Sterling
strengthened against the US Dollar. In addition, sales of engines from our
retired 757-200 aircraft fleet resulted in a profit on disposal of £6.0m
(2024: £2.6m).
The Group tax charge of £200.1m (2024: £198.5m) reflects an effective tax
rate of 25% (2024: 25%).
Consequently, Group statutory profit after taxation improved 1% to £600.2m
(2024: £592.9m) and basic earnings per share increased 8% to 300.4p (2024:
279.3p). Diluted earnings per share also increased 17% to 292.2p (2024:
249.7p) as the potential dilutive impact of the convertible bond was
eliminated.
Cash flows
Net cash generated from operating activities
In the reporting period, the Group generated operating cash inflows before
working capital movements of £877.8m (2024: £861.8m) reflecting the strong
trading performance.
Reduced advance customer cash receipts during the period, primarily due to the
later customer booking profile and an increase in the mix of flight-only
bookings, led to cash outflows of £243.8m (2024: £36.8m). At the period end,
total advance customer deposits were £1,279.3m (2024: £1,278.1m).
Lower interest rates year-on-year contributed to a decrease in net finance
income to £64.8m (2024: £79.9m). After claiming capital allowances on new
aircraft spend and utilising further tax losses incurred during the Covid
pandemic, corporation tax payments were £16.9m (2024: £18.7m).
Overall, the Group generated £681.9m of cash from its operating activities
(2024: £886.2m).
Net cash used in investing activities
Capital expenditure of £312.2m (2024: £229.4m) reflects continued investment
in the Group's fleet and infrastructure, including the purchase of six
A321neos in the period and payments for the construction of our new
maintenance hangar at Manchester Airport which opened in August.
Consequently, free cash flow amounted to £369.7m (2024: £656.8m).
Net cash used in financing activities
Net cash used in financing activities of £176.7m (2024: £239.5m), was
primarily driven by £230.8m spent on the purchase and cancellation of shares
during the period under the Group's £250.0m share buyback programme, which
completed post-period end on 6 October 2025. Financing repayments decreased to
£136.9m (2024: £178.3m) as the Group made early repayments on four Boeing
737-800NG loans (2024: six).
The Group maximised the benefits of competitive rates of debt in the Jolco
market, with new loans advanced of £190.7m in the period (2024: £47.8m)
helping support the acquisition of new aircraft in line with our Airbus
delivery schedule.
Overall, this resulted in a net cash inflow of £243.9m (2024: £458.5m) and
total cash and money market deposits of £3,354.4m (2024: £3,596.4m). Total
debt decreased by 5% to £1,269.2m (2024: £1,334.8m) with net cash, stated
after borrowings and lease liabilities decreasing by 8% to £2,085.2m (2024:
£2,261.6m).
In October 2025, the EBT purchased a further 2.3m shares at an average price
per share of £13.85, eliminating any potential remaining dilution from the
Company's outstanding share awards.
Liquidity
The Group maintains a strong balance sheet and ample liquidity, which are
essential in this fast-paced, capital-intensive industry, whilst also
affording it the flexibility to pursue its growth aspirations.
This financial foundation has allowed us to confidently pursue our growth
ambitions at London Gatwick. We know that meaningful start-up investment
will be required to provide a solid operational platform which, over time,
will enable us to fully capitalise on the scale of the opportunity.
In addition, our financial strength positions us to meet: increasing capital
expenditure requirements whilst targeting a 65% mix of unencumbered aircraft
in our fleet by the end of 2030; our debt repayment obligations; and provides
flexibility to respond to macroeconomic challenges.
Finally, in a further demonstration of the confidence in the Group's
sustainable cash generative business model and strong balance sheet and
reflecting the Board's conviction in the prospects for the business, we are
today announcing an on-market share buyback programme of up to £100m. Shares
will be cancelled following purchase, providing a further positive enhancement
to EPS.
Key Performance Indicators (unaudited) HY26 HY25 Change
Seat capacity 15.98m 14.85m 8%
Flown passengers 14.09m 13.34m 6%
Load factor 88.2% 89.8% (1.6ppts)
Flight-only passengers 4.77m 4.11m 16%
Package holiday customers 4.73m 4.67m 1%
Package holiday customers % of total flown passengers 66.1% 69.2% (3.1ppts)
Flight-only ticket yield per passenger sector (excl. taxes) £121.88 £130.81 (7%)
Average package holiday price £933 £904 3%
Non-ticket revenue per passenger sector £26.09 £25.18 4%
Advance sales made as at 30 September £2,512.2m £2,514.3m 0%
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.
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
Headland Consultancy - Financial PR Tel: 020 3805 4827
Ed Young / Will Smith / Jack Gault
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 its most recent 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. During the same period over 80% of Group
revenue related to package holidays with the majority of the balance
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, Manchester, Newcastle, London Luton and
London Stansted. A 14(th) UK base at London Gatwick airport will commence
operations on 26 March 2026.
Jet2 plc
Condensed Consolidated Income Statement (Unaudited)
for the half year ended 30 September 2025
Note Half year ended Half year ended Year
30 September 30 September ended
2025 2024 31 March
£m £m 2025
£m
Revenue 4 5,342.2 5,085.4 7,173.5
Operating expenses 5 (4,627.0) (4,383.9) (6,727.0)
Operating profit 715.2 701.5 446.5
Finance income 80.8 98.2 178.9
Finance expense (22.0) (29.9) (58.0)
Net FX revaluation gains 20.3 19.0 15.5
Net financing income 79.1 87.3 136.4
Profit on disposal of property, plant and equipment 6.0 2.6 10.3
Profit before taxation 800.3 791.4 593.2
Taxation 6 (200.1) (198.5) (146.4)
Profit for the period 600.2 592.9 446.8
(all attributable to equity shareholders of the Parent)
Earnings per share
- basic 8 300.4p 279.3p 213.1p
- diluted 8 292.2p 249.7p 207.2p
Jet2 plc
Condensed Consolidated Statement of Comprehensive Income (Unaudited)
for the half year ended 30 September 2025
Half year ended Half year ended Year
30 September 30 September 2024 ended
2025 £m 31 March
£m 2025
£m
Profit for the period 600.2 592.9 446.8
Other comprehensive income / (expense)
Cash flow hedges:
Fair value gains / (losses) 36.1 (199.8) (119.1)
Net amount transferred to Consolidated Income Statement 63.4 42.3 78.2
Cost of hedging reserve movement (1.5) 15.0 8.3
Related taxation (charge) / credit (24.5) 35.6 8.1
Revaluation of foreign operations (2.7) (5.2) (2.5)
70.8 (112.1) (27.0)
Total comprehensive income for the period 671.0 480.8 419.8
(all attributable to equity shareholders of the Parent)
Jet2 plc
Condensed Consolidated Statement of Financial Position (Unaudited)
at 30 September 2025
30 September 2025 30 September 2024 31 March
2025
£m £m
£m
Non-current assets
Intangible assets 26.8 26.8 26.8
Property, plant and equipment 1,666.9 1,326.0 1,453.1
Right-of-use assets 721.2 596.1 679.6
Trade and other receivables 40.3 25.0 35.4
Derivative financial instruments 5.1 7.3 8.0
Other equity investment - 2.0 -
2,460.3 1,983.2 2,202.9
Current assets
Inventories 92.9 88.9 145.3
Trade and other receivables 305.2 253.3 392.7
Derivative financial instruments 61.7 1.9 13.0
Money market deposits 1,930.4 1,706.3 1,969.0
Cash and cash equivalents 1,424.0 1,890.1 1,186.8
3,814.2 3,940.5 3,706.8
Total assets 6,274.5 5,923.7 5,909.7
Current liabilities
Trade and other payables 1,144.4 1,015.7 612.8
Deferred revenue 1,291.9 1,294.1 2,097.8
Borrowings 35.6 32.7 80.0
Lease liabilities 171.5 119.1 156.7
Provisions 49.2 60.0 56.5
Derivative financial instruments 39.3 173.9 79.4
2,731.9 2,695.5 3,083.2
Non-current liabilities
Deferred revenue 13.0 12.6 24.1
Borrowings 502.2 667.9 344.1
Lease liabilities 559.9 515.1 557.1
Provisions 96.5 57.2 69.6
Derivative financial instruments 0.6 6.0 8.7
Deferred taxation 309.0 183.6 211.1
1,481.2 1,442.4 1,214.7
Total liabilities 4,213.1 4,137.9 4,297.9
Net assets 2,061.4 1,785.8 1,611.8
Shareholders' equity
Share capital 2.5 2.7 2.7
Share premium 19.8 19.8 19.8
Own shares reserve (120.6) (95.5) (143.7)
Cash flow hedging reserve 37.2 (124.8) (37.4)
Cost of hedging reserve (16.8) (10.7) (15.7)
Other reserves (3.3) 48.1 (0.6)
Retained earnings 2,142.6 1,946.2 1,786.7
Total shareholders' equity 2,061.4 1,785.8 1,611.8
( )
Jet2 plc
Condensed Consolidated Statement of Cash Flows (Unaudited)
for the half year ended 30 September 2025
Half year ended Half year ended Year ended
30 September 2025 30 September 2024 31 March
£m £m 2025
£m
Profit before taxation 800.3 791.4 593.2
Net financing income (including Net FX revaluation gains) (79.1) (87.3) (136.4)
Depreciation 156.5 152.9 282.1
Profit on disposal of property, plant and equipment (6.0) (2.6) (10.3)
Equity settled share-based payments 6.1 7.4 13.2
Operating cash flows before movements in working capital 877.8 861.8 741.8
Decrease / (increase) in inventories 52.4 35.9 (20.5)
Decrease / (increase) in trade and other receivables 77.2 73.2 (69.0)
Increase in trade and other payables 424.0 459.8 106.5
(Decrease) / increase in deferred revenue (817.0) (619.9) 195.3
Increase in provisions 19.6 14.2 23.1
Cash generated from operations 634.0 825.0 977.2
Interest received 86.2 100.7 172.1
Interest paid (21.4) (20.8) (48.0)
Income taxes paid (16.9) (18.7) (43.6)
Net cash generated from operating activities 681.9 886.2 1,057.7
Cash used in investing activities
Purchase of property, plant and equipment (311.9) (225.0) (391.4)
Purchase of right-of-use assets (0.3) (4.4) (7.2)
Proceeds from sale of property, plant and equipment 12.6 2.7 10.3
Net decrease / (increase) in money market deposits 38.3 38.5 (225.6)
Net cash used in investing activities (261.3) (188.2) (613.9)
Cash used in financing activities
Repayment of convertible bond (2.9) - (398.8)
Repayment of borrowings (62.6) (103.5) (119.6)
New loans advanced 190.7 47.8 146.5
Payment of lease liabilities (71.4) (74.8) (134.6)
Purchase of own shares by Employee Benefit Trust - (109.0) (158.5)
Purchase of own shares for cancellation (230.8) - -
Proceeds from exercised share awards 0.3 - -
Dividends paid in the year - - (31.6)
Net cash used in financing activities (176.7) (239.5) (696.6)
Net increase / (decrease) in cash in the period 243.9 458.5 (252.8)
Cash and cash equivalents at beginning of period 1,186.8 1,439.6 1,439.6
Effect of foreign exchange rate changes (6.7) (8.0) -
Cash and cash equivalents at end of period 1,424.0 1,890.1 1,186.8
Jet2 plc
Condensed Consolidated Statement of Changes in Equity (Unaudited)
for the half year ended 30 September 2025
Share Share premium Own shares reserve Cash flow hedging reserve Cost of hedging reserve Other reserves Retained earnings Total shareholders' equity
capital
£m £m £m £m £m £m £m £m
Balance at 31 March 2024 2.7 19.8 - (6.7) (21.9) 53.3 1,361.7 1,408.9
Total comprehensive income - - - (118.1) 11.2 (5.2) 592.9 480.8
Share-based payments - - - - - - 7.4 7.4
Deferred tax on share-based payments - - - - - - (2.3) (2.3)
Purchase of own shares - - (109.0) - - - - (109.0)
Own shares issued under share schemes - - 13.5 - - - (13.5) -
Balance at 30 September 2024 2.7 19.8 (95.5) (124.8) (10.7) 48.1 1,946.2 1,785.8
Total comprehensive expense - - - 87.4 (5.0) 2.7 (146.1) (61.0)
Convertible bond repurchase - - - - - (37.4) - (37.4)
Convertible bond equity reclassification - - - - - (14.0) 14.0 -
Purchase of own shares by Employee Benefit Trust - - (49.5) - - - - (49.5)
Exercise price for options from EBT - - 1.3 - - - (1.3) -
Share-based payments - - - - - - 5.8 5.8
Deferred tax on share-based payments - - - - - - (0.3) (0.3)
Dividends paid in the year - - - - - - (31.6) (31.6)
Balance at 31 March 2025 2.7 19.8 (143.7) (37.4) (15.7) (0.6) 1,786.7 1,611.8
Total comprehensive income - - - 74.6 (1.1) (2.7) 600.2 671.0
Share-based payments - - - - - - 6.1 6.1
Deferred tax on share-based payments - - - - - - 3.0 3.0
Exercise price for options from EBT - - 23.1 - - - (23.1) -
Proceeds from exercised share awards - - - - - - 0.3 0.3
Purchase of own shares for cancellation (0.2) - - - - - (230.6) (230.8)
Balance at 30 September 2025 2.5 19.8 (120.6) 37.2 (16.8) (3.3) 2,142.6 2,061.4
Jet2 plc
Notes to the consolidated interim report
for the half year ended 30 September 2025 (Unaudited)
1. 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 interim financial report consolidates the financial statements of
Jet2 plc and its subsidiaries.
This interim report has been prepared and approved by the Directors in
accordance with UK-adopted international accounting standards and applicable
law. It does not fully comply with IAS 34 - Interim Financial Reporting, which
is not currently required to be applied by AIM companies.
2. Accounting policies
Basis of preparation of the interim report
This unaudited consolidated interim financial report for the half year ended
30 September 2025 does not constitute statutory accounts as defined in s435 of
the Companies Act 2006. The financial statements for the year ended 31 March
2025 were prepared in accordance with UK-adopted international accounting
standards and applicable law and have been delivered to the Registrar of
Companies. The report of the auditor on those financial statements was (i)
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 interim financial report has been prepared under the historical cost
convention except for all derivative financial instruments and other equity
investments, which have been measured at fair value. The accounting policies
applied within this interim report are consistent with those detailed in the
Annual Report & Accounts for the year ended 31 March 2025.
The Group's interim financial report is presented in pounds sterling and all
values are rounded to the nearest £100,000 except where indicated otherwise.
Going concern
The Directors have prepared financial forecasts for the Group, comprising
profit before and after taxation, balance sheets and projected cash flows
through to 31 March 2028.
To assess the appropriateness of the preparation of the Group's interim
financial report on a going concern basis, two financial forecast scenarios
have been prepared for the 12-month period following approval of this interim
financial report:
· A base case which assumes a full unhindered Summer 2026 flying programme
utilising a fleet of 140 aircraft at budgeted load factor against an 8%
increase in seat capacity; and
· A downside scenario with load factors reduced to 70% for 12 months from
November 2025 to reflect a possible reduction in demand or the occurrence of
operationally disruptive events and 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.
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 £3,354.4m at 30 September 2025 together
with the forecast monthly cash utilisation, under both scenarios the Group
would have sufficient liquidity throughout a period of at least 12 months from
the date of approval of this interim financial report. In addition, the Group
is forecast to meet its Revolving Credit Facility covenants at 31 March 2026
and 30 September 2026 under both scenarios 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 interim financial
report. For this reason, they continue to adopt the going concern basis in
preparing the unaudited interim report for the half year ended 30 September
2025.
3. 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 to aid users in understanding the underlying operating
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 can be reconciled to the IFRS measure of profit before taxation as
below:
Half year ended Half year ended Year ended
30 September 30 September 31 March
2025 2024 2025
£m £m £m
Profit before taxation 800.3 791.4 593.2
Net FX revaluation gains (20.3) (19.0) (15.5)
Profit before FX revaluation and taxation 780.0 772.4 577.7
Net financing income (excluding Net FX revaluation gains) (58.8) (68.3) (120.9)
Depreciation of property, plant and equipment 90.2 82.1 156.7
Depreciation of right-of-use assets 66.3 70.8 125.4
EBITDA 877.7 857.0 738.9
'Cash and Money Market Deposits'
'Cash and Money Market Deposits' comprises cash and cash equivalents and money
market deposits. It is included as an alternative measure to aid users in
understanding the total liquidity of the Group.
Half year ended Half year ended Year ended
30 September 30 September 31 March
2025 2024 2025
£m £m £m
Cash and cash equivalents 1,424.0 1,890.1 1,186.8
Money market deposits 1,930.4 1,706.3 1,969.0
Cash and money market deposits 3,354.4 3,596.4 3,155.8
4. 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 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 shown in the Consolidated Income Statement.
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 segments are inextricably linked and 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:
Half year ended 30 September 2025 Half year ended 30 September 2024 Year ended
31 March
2025
£m £m £m
Package holidays 4,347.8 4,172.7 5,772.9
Flight-only ticket revenue 579.1 533.2 780.1
Non-ticket revenue 367.6 336.0 505.4
Other Leisure Travel 47.7 43.5 115.1
Total revenue 5,342.2 5,085.4 7,173.5
5. Operating expenses
Half year ended 30 September 2025 Half year ended 30 September 2024 Year ended
31 March
2025
£m £m £m
Direct operating costs:
Accommodation 2,295.3 2,137.2 2,971.6
Fuel 488.0 486.5 739.0
Landing, navigation and third-party handling 404.2 367.5 552.7
Travel agent commission 135.3 133.9 184.5
Maintenance 100.0 92.4 175.8
Transfers 89.2 84.7 119.8
In-flight cost of sales 83.4 71.4 117.1
Carbon 61.7 78.5 115.9
Aircraft rentals (less than twelve months) 50.7 34.8 42.0
Other direct operating costs 75.1 85.0 132.5
Staff costs including agency staff 491.0 443.4 841.8
Marketing costs 113.9 136.5 286.0
Depreciation of property, plant and equipment 90.2 82.1 156.7
Depreciation of right-of-use assets 66.3 70.8 125.4
Other operating charges 82.7 79.2 166.2
Total operating expenses 4,627.0 4,383.9 6,727.0
6. Taxation
The taxation charge for the period of £200.1m (2024: £198.5m) reflects an
estimated annual effective tax rate of approximately 25% (2024: 25%).
7. Dividends
The declared interim dividend of 4.5p per share (2024: 4.4p) will be paid out
of the Company's available distributable reserves on 13 February 2025, to
shareholders on the register at 9 January 2026, with the ex-dividend date
being 8 January 2026. In accordance with IAS 1, dividends are recorded only
when paid and are shown as a movement in equity rather than as a charge to the
Consolidated Income Statement.
8. 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 period. In accordance with IAS 33 -
Earnings per Share, Own shares held by the Employee Benefit Trust are excluded
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 period, adjusted for the effects of
potentially dilutive share options and deferred awards. The diluted earnings
per share for the half year ended 30 September 2024 was also adjusted for the
potential conversion of convertible bonds to ordinary shares, which were due
to mature in June 2026 but have now been repurchased.
2025 2024
Number Number
Number of issued Ordinary Shares 214,683,850 214,681,281
Shares held by Employee Benefit Trust brought forward (10,222,778) -
Weighted average shares purchased by the Employee Benefit Trust - (2,370,898)
Weighted average Employee Benefit Trust shares utilised 512,506 -
Weighted average shares issued in the year - 1,867
Weighted average of shares repurchased for cancellation (5,181,570) -
Total weighted average number of shares 199,792,008 212,312,250
Half year ended Half year ended
30 September 2025 30 September 2024
Earnings Weighted average number of shares EPS Earnings Weighted average number of shares EPS
£m millions pence £m millions pence
Basic EPS
Profit attributable to ordinary shareholders 600.2 199.8 300.4 592.9 212.3 279.3
Effect of dilutive instruments
Share options and deferred awards - 5.6 (8.2) - 6.0 (7.7)
Convertible bond - - - 6.9 21.9 (21.9)
Diluted EPS 600.2 205.4 292.2 599.8 240.2 249.7
9. 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 2025 1,186.8 1,969.0 (424.1) (713.8) 2,017.9
Repayment of convertible bond - - 2.9 - 2.9
Repayment of borrowings - - 62.6 - 62.6
New loans advanced - - (190.7) - (190.7)
Payment of lease liabilities - - - 71.4 71.4
Total changes from financing cash flows - - (125.2) 71.4 (53.8)
Other cash flows 205.6 - - - 205.6
Deposit placements (1,250.1) 1,250.1 - - -
Deposit receipts 1,288.4 (1,288.4) - - -
Exchange differences (6.7) (0.3) 12.6 23.0 28.6
Unwind of interest(1) - - (1.1) (2.6) (3.7)
Lease movements(2) - - - (109.4) (109.4)
At 30 September 2025 1,424.0 1,930.4 (537.8) (731.4) 2,085.2
(1) Unwind of interest relates to the amortisation of transaction costs
associated with Borrowings and Lease liabilities.
(2) Lease movements include new leases and lease term amendments.
10. 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 (2024:
£nil).
11. Other matters
This report will be posted on the Group's website, www.jet2plc.co
(http://www.jet2plc.co) m and copies are available from the Group Company
Secretary at the registered office address: Low Fare Finder House, Leeds
Bradford Airport, Leeds, LS19 7TU.
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