Jet2 PLC

Latest Results (27.06.2026):

Jet2 plc — interim results for the half year ended 30 September 2025 (covering Q1–Q2 of FY26). The Group delivered record passenger numbers and a stronger EPS while revenue and operating profit rose modestly; management confirmed full‑year expectations remain in line with market consensus excluding start‑up costs for the new London Gatwick base and announced a further £100m share buyback.

Headline financials

Revenue £5,342.2m (+5% y/y); Operating profit £715.2m (+2%); Profit before FX revaluation & tax £780.0m (+1%); Statutory profit after tax £600.2m (+1%); Basic EPS 300.4p (+8%), diluted EPS 292.2p (+17%). Interim dividend 4.5p (up 2.3%).

Passenger, capacity & network

Flown passengers 14.09m (+6%); seat capacity 15.98m (+8%); load factor 88.2% (vs 89.8% prior year). Two new UK bases (Bournemouth, London Luton) performing encouragingly. London Gatwick base to start late March 2026 with slots for six aircraft (five A321neos based domestically, one overseas).

Fleet & fuel

23 A321neo aircraft operational in Summer 2025 (17% of fleet) with nine deliveries during the period and one expected over winter; target 31 A321neos for Summer 2026 (22% of fleet). Fuel cost broadly stable at £488.0m; included £17m SAF premium costs.

Cash, capital returns & balance sheet

Total cash & money market deposits £3,354.4m (down from £3,596.4m, partially due to the £250m buyback). Net cash inflow in period £243.9m; cash from operations £681.9m; capex £312.2m; free cash flow £369.7m. Board announced an additional on‑market buyback of up to £100m; shares purchased for cancellation during the period ~£230.8m.

Revenue mix & yields

Package holiday revenue £4,347.8m; flight‑only revenue growing (flight‑only passengers +16%) but flight‑only yield down 7% to £121.88 due to promotional activity. Average Jet2holiday price rose 3% to £933; non‑ticket revenue per sector +4% to £26.09.

Operating performance & costs

Operating expenses +6% to £4,627.0m; notable cost moves: hotels +7% (rate inflation, higher‑star mix), staff costs +11% (pay awards, NI changes), landing/handling +10%, maintenance +8%. Operating margin stable at ~13.4%.

Outlook & risks

Winter 2025/26 on‑sale capacity +7.7% y/y. Management reiterates FY26 expectations are in line with market consensus (Operating Profit consensus ~£453m) excluding Gatwick start‑up costs; Gatwick will require short‑term promotional/resourcing investment and is expected to reach profitability by FY29. Late‑booking consumer behaviour remains a key operational dynamic.