Jet2 PLC

Latest Results (05.04.2026):

Jet2 PLC — Interim results for the half year ended 30 September 2025 (HY26, first half of FY26): the Group reported another record half-year with passenger growth, higher revenue and improved EPS while reiterating full‑year expectations (excluding London Gatwick start‑up costs) and announcing a new £100m share buyback.

Key financials

Revenue £5,342.2m (+5% vs HY25); Operating profit £715.2m (+2%); Profit before FX revaluation & taxation £780.0m (+1%); Profit after tax £600.2m (+1%); Basic EPS 300.4p (+8%).

Passengers & capacity

Record flown passengers 14.09m (HY25: 13.34m; +6%); seat capacity 15.98m (+8%); average load factor 88.2% (down 1.6ppt).

Cash, capital returns & balance sheet

Cash & money market deposits £3,354.4m (HY25: £3,596.4m; partly reduced by a £250m buyback launched in April 2025). Interim dividend increased to 4.5p (HY25: 4.4p). Board announced a further on‑market share buyback programme of up to £100m.

Fleet & operational expansion

23 A321neo aircraft operational in Summer 2025 (17% of fleet); expected 31 A321neos for Summer 2026 (22% of fleet). Performance of new bases at Bournemouth and London Luton encouraging.

London Gatwick launch

Secured slots for six aircraft; 14th UK base to commence late March 2026 with five A321neos based at Gatwick and one positioned overseas — management expects the operation to become profitable by FY29 and to materially expand addressable market (900k+ seats on sale for Summer 2026).

Revenue mix & yield trends

Package holiday revenue remains the bulk of sales (£4,347.8m packages), average Jet2holiday price £933 (+3%). Flight‑only passengers rose 16% to 4.77m; flight‑only yield per sector fell 7% to £121.88 due to promotional pricing.

Costs, hedging & investments

Operating expenses up 6% to £4,627.0m driven by hotel, staff and maintenance cost inflation; fuel costs stable at £488.0m (efficiency and lower blended price offset higher flying). Hedging: ~70% USD & fuel, 50% EUR and 90% carbon for CY2026; continued investment in automation, digital revenue management (AI pilot) and a new Manchester hangar.

Outlook

Winter 2025/26 on‑sale seat capacity +7.7% vs prior year. Management says full‑year expectations unchanged and currently on track to meet market consensus (Operating Profit ~£453m) excluding London Gatwick start‑up investment; Winter and early booking patterns show later booking behaviour.