easyJet PLC

Latest Results (03.04.2026):

easyJet PLC — third quarter of FY25 (quarter ended 30 June 2025): easyJet reported Q3 headline profit before tax of £286m, up £50m year‑on‑year, supported by higher capacity, modest RASK growth and lower fuel unit costs; group revenue was £2,918m and passenger traffic rose modestly. The company also reported stronger operational performance, a solid balance sheet and a positive FY25 outlook while flagging near‑term headwinds from higher fuel and French ATC disruption.

Profit & revenue

Q3 headline PBT £286m (+£50m YoY); Group revenue £2,918m (+10.9% YoY). Airline total RASK +0.5% YoY (6.57p) and revenue per seat £86.78 (+6.3%).

Traffic, capacity & yields

ASK +7.9% YoY to 37,890m; seats flown +2.0% (28.7m); passengers 25.9m (+2.2%); load factor 90.2% (+0.2 ppt). Sector length up 5.8%, reflecting mix changes.

Unit costs & fuel

Total headline CASK down 0.5% YoY; headline CASK ex fuel increased 2.3% while fuel CASK fell 7.3% YoY. FY25 total headline CASK expected to reduce by low single digits and CASK ex fuel to be broadly flat.

easyJet holidays

Holidays PBT £86m in Q3 (+£13m YoY); easyJet holidays expects FY25 PBT >£235m and Q4’25 currently 85% sold for holidays.

Balance sheet & liquidity

Net cash £803m as at 30 June 2025 (up from £327m at 31 Mar 2025); cash and other investments £3.7bn; total liquidity £4.9bn (£1.5bn above policy). New $1.7bn undrawn Revolving Credit Facility replaces prior facilities; €500m Eurobond repaid 11 June 2025.

Operational performance & disruptions

June quarter on‑time performance and customer satisfaction improved by ~4 ppt versus earlier in the year due to resilience actions. The company reported c.£25m of FY25 headwinds from recent events (£10m fuel; c.£15m French ATC disruption) and criticised French ATC strike impact in July.

Outlook & bookings

FY25 ASK growth expected c.9% (H1 +12%, H2 +7%); Q4 forward bookings 67% sold (+1ppt YoY) with trend to later bookings; expect Q4 RASK to follow Q3 trend after adjusting for Easter timing. H2’25 fuel CASK expected to reduce ~7% YoY.

Hedging & risk management

Fuel hedging: 64% H1'26 and 37% H2'26 hedged at average $/MT ~716/692; current spot ~$740/MT. FX: USD lease payments hedged at 1.26 for next three years; carbon obligations 100% covered for CY25 at €45/MT.