Jet2 PLC

Latest Results (17.09.2026):

Jet2 PLC — Interim results for the half year (HY26) ended 30 September 2025 (covering Q1–Q2 of FY26): the Group delivered record passenger numbers and a modest rise in profitability with Revenue up 5% to £5,342.2m and Operating Profit up 2% to £715.2m; statutory profit after tax was £600.2m and basic EPS rose 8% to 300.4p. Management confirms full‑year expectations are unchanged excluding start‑up costs for the new London Gatwick base and announces a further £100m share buyback alongside a small increase in the interim dividend.

Headline financials

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

Passenger / capacity trends

Record 14.09m passengers flown (up 0.75m vs HY25); seat capacity 15.98m (+8%); average load factor 88.2% (down 1.6ppt). Flight‑only demand grew strongly (+16% passengers) while package customers rose 1%.

Cash, liquidity and buybacks

Cash + money market deposits at £3,354.4m (down from £3,596.4m, partly due to a £250m buyback). Company announces an additional on‑market share buyback of up to £100m; £230.8m was spent on purchases/cancellations in the period.

Capital expenditure & fleet

Capex £312.2m in the half year (fleet and infrastructure). 23 A321neo aircraft operational in Summer 2025 (17% of fleet); expecting 31 A321neos for Summer 2026 (~22% of fleet), supporting fuel and efficiency gains and SAF costs included.

Expansion: London Gatwick

New 14th UK base at London Gatwick to start late March 2026 with slots for six aircraft (five A321neos based at Gatwick). Group flags start‑up promotional and resourcing costs for Gatwick; expects Gatwick to be profitable by FY29 and to be a material growth driver.

Outlook and guidance

Winter 2025/26 on‑sale seat capacity +7.7% vs prior winter. Board reiterates full‑year expectations are in line with market consensus excluding London Gatwick start‑up cost (Company‑compiled market Operating Profit consensus ~£453m for year to 31 March 2026, ex‑Gatwick start‑up).

Cash flow & balance sheet

Net cash from operating activities £681.9m (down vs prior year); free cash flow £369.7m. Total debt £1,269.2m (down 5%); net cash after borrowings and leases £2,085.2m. Group retains strong liquidity and covenant headroom.

Returns to shareholders & capital allocation

Interim dividend increased to 4.5p; further £100m buyback announced. Management continues to prioritise returning surplus capital while funding growth (fleet, new bases, digital and hangar investments).