easyJet PLC

Latest Results (15.05.2026):

easyJet PLC — First half of FY26 (H1 FY26, covering Q1 and Q2 of FY26): the Group expects to report a headline loss before tax of £540m–£560m. Demand remained strong (H1 load factor 90%), Q2 RASK rose ~3% y/y, and easyJet holidays grew customers by 22%. The result was broadly in line with expectations but was hit by ~£25m of incremental fuel costs in March and ~£30m of net additional legal provisions.

Headline result

easyJet PLC expects a headline pre‑tax loss of £540–560m for H1 FY26, with the underlying result broadly in line with prior guidance once the March fuel shock and legal provisions are included.

Traffic and revenue trends

Load factor improved to 90% (up 2ppt y/y). Q2 RASK rose by ~3% y/y, helped by route maturity and earlier Easter demand, offsetting weakness in some destinations (Egypt, Turkey, Cyprus).

Cost metrics — CASK and RASK

H1 Airline headline CASK ex fuel increased by ~8% (inflation skewed to H1). Fuel CASK fell ~5% y/y in H1, but combined movements left headline Airline CASK up ~5% in H1. Airline headline CASK ex fuel is expected to rise by low single digits in H2.

Fuel disruption and hedging

Escalation in the Middle East added ~£25m of incremental fuel cost in March (18% of March fuel bought unhedged at spot). For the summer, the Group is ~70% hedged at $706/mt; remaining unhedged exposure leaves fuel costs volatile.

One‑offs and provisions

Approximately £30m of net additional legal provisions were taken in H1 across historic cases, contributing to the weaker headline outcome.

Operational performance

Airline on‑time performance improved to 78% (+1ppt y/y) and airline customer satisfaction rose to 84% (+2ppt). easyJet holidays customer satisfaction is 85% and volumes grew 22% in H1.

Strategic investments

Investments at Milan Linate and Rome Fiumicino (~£30m) performed in line with expectations in their first winter; capacity increases for winter aircraft utilisation weighed on y/y comparisons.

Balance sheet and liquidity

easyJet PLC reports net cash of £434m and total liquidity of £4.7bn, and owns 86% of its neo fleet — providing financial and operational flexibility to manage short‑term volatility.

Outlook and risks

Full‑year Airline headline CASK ex fuel guidance is broadly unchanged, but total headline CASK and fuel cost outlook remain sensitive to fuel price moves and near‑term booking curve shortening driven by the Middle East conflict.