REG - Jet2 PLC - Trading Update

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RNS Number : 2733C  Jet2 PLC  29 April 2026

29 April 2026

 

Jet2 plc

 

Trading Update

 

FY26 Results in line with market expectations

 

Jet2, the UK's leading provider of package holidays and third largest airline,
is pleased to provide the following update on trading.

Year ended 31 March 2026 (FY26)

Following our trading update on 25 February 2026, the Group expects to report
Operating profit of between £435m and £440m (FY25: £446.5m), in line with
current market expectations. This includes £11m of promotional and resourcing
startup costs associated with the launch of our London Gatwick base, which
commenced operations on 26 March 2026.

Our balance sheet position remains strong, with total cash at 31 March 2026
of £3.3bn, net cash of £2.0bn and access to an undrawn £500m Revolving
Credit Facility. This sensible and disciplined approach to balance sheet
management enables us to navigate short-term volatility effectively, continue
to invest in future growth opportunities, and has allowed us to return
£363.0m of capital to shareholders during the year.

Year ending 31 March 2027 (FY27)

Looking ahead we believe the strength of Jet2's end-to-end business model
continues to differentiate the Group within a competitive market. In addition,
the successful operational launch at London Gatwick takes Jet2 to the UK's
biggest holiday airport for the first time, with over 90% of the British
public now within a 90-minute drive of one of Jet2's 14 UK bases.

On sale capacity for Summer 2026 is currently 7.7% higher than Summer 2025, at
19.9m seats. Booked to date passengers are up by 6.2% with both package
holidays and flight-only showing positive growth. Since commencement of the
conflict in the Middle East, the booking profile has become increasingly close
to departure. At present, Q1 (April, May, June) combined average load factor
is in line with the prior year, with the current geopolitical uncertainty
limiting visibility for the peak summer season and beyond. As previously
stated, we continue to invest in load factor and remain fully committed to
pricing that is attractive and represents real value to our Customers.

The Group has a strong hedged position with 87% of its summer requirement
hedged and jet fuel swaps at an average price of $707 per metric tonne giving
us a high degree of cost certainty. We are also maintaining frequent dialogue
with our fuel suppliers and airport partners on fuel supply.

The Group will announce its Preliminary Results for the year ended 31 March
2026 on 8 July 2026.

Steve Heapy, Chief Executive Officer, commented:

"FY26 was another strong year for Jet2, topped off by the successful launch of
operations at London Gatwick which is performing ahead of our initial
expectations with over 0.4m passengers booked for the summer season. As ever,
our focus on providing the very best Customer First service underpinned our
performance in the year, and with that, I would like to thank every one of our
Colleagues for their unwavering hard work and support.

Our fully integrated, customer-focused and service-led business model enables
growth and resilience, setting the business apart when it comes to earning
customer loyalty and repeat bookings. This is supported by our growing fleet
of more fuel efficient and quieter A321neo aircraft, with 31 in operation this
summer.

Clearly, we continue to monitor the situation in the Middle East but remain
focused on our medium-term goals. Jet2 is a business with strong fundamentals,
an attractive product offer, and a brand synonymous with VIP customer service.
These are the attributes that sit at the heart of our People, Service Profits
philosophy and give me confidence for long-term profitable growth as more and
more customers rely on Jet2 for their hard-earned holidays."

 

For further information, please contact:

 

 Jet2 plc                                                 Tel:          0113 238 7444

 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

 Matt Goode / 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 reported
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 14 UK airport bases at Belfast International,
Birmingham, Bournemouth, Bristol, East Midlands, Edinburgh, Glasgow, Leeds
Bradford, Liverpool John Lennon, London Gatwick, London Luton, London
Stansted, Manchester and Newcastle.

 

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