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easyjet (EZJ) investor relations material
easyjet Q3 2026 TU earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q3 headline profit before tax was £85 million, down from £286 million in Q3'25, impacted by the Middle East conflict and elevated fuel prices.
Strong late booking demand and improved operational performance, with on-time performance at 78% (+2ppts YoY) and airline customer satisfaction at 84% (+3ppts YoY).
easyJet holidays delivered £84 million headline PBT, showing resilience and 8% customer growth.
Financial highlights
Group revenue rose 2% YoY to £2,983 million in Q3'26.
Fuel costs increased 17% YoY to £732 million, with fuel CASK up 13%.
Group headline EBITDA fell 38% YoY to £304 million; headline EBIT dropped 65% to £104 million.
Group headline PBT declined 70% YoY to £85 million.
Cash and cash investments stood at £3.6 billion; net cash position at £661 million.
Outlook and guidance
FY26 ASK capacity expected to grow ~6% YoY; seats to grow ~3% YoY.
easyJet holidays customers projected to grow by low double digits in FY26.
Q4 ticket yield currently flat; load factor 2ppts below prior year but improving.
H1'27 capacity growth to normalise; early Q1'27 bookings show mid-single digit yield increases.
H2 FY26 headline CASK ex fuel expected to rise by low single digits; Q4 fuel CASK remains volatile.
- Revenue up 12% YoY, but losses widened on fuel costs; outlook cautious amid uncertainty.EZJ
H1 2026 Pre Recorded - Loss widened to £552m on higher fuel costs, but revenue and holidays segment grew strongly.EZJ
H1 2026 - H1 FY26 loss before tax expected at £540–560m; demand strong, but fuel and legal costs weigh.EZJ
H1 2026 TU - Passenger and revenue growth offset by higher loss; outlook remains positive.EZJ
Q1 2026 TU - Profit before tax up 9% to GBP 665m; holidays segment hits GBP 250m PBT, new GBP 450m target set.EZJ
H2 2025 Pre Recorded - PBT up 9% to £665m, holidays PBT £250m, ROCE 18%, net cash £602m, strong growth outlook.EZJ
H2 2025 - Profit before tax up 34% to GBP 610m, with strong holidays growth and 20% dividend proposed.EZJ
H2 2024 - Fleet renewal, upgauging, and capital discipline drive cost savings and strong returns.EZJ
Investor Update - H1 loss narrows as revenue and holidays grow; FY25 outlook remains strong.EZJ
H1 2025
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Frequently asked questions
Affordable Air Travel
Established in 1995, EasyJet has evolved to become one of the most important players when it comes to budget air travel, making significant strides in the European aviation industry. The airline which has its home base at London Luton Airport, was founded with the intention of making air travel as cheap as possible, while still offering an appealing overall experience for passengers.
Foundation and Growth
EasyJet's philosophy revolves around keeping the price of air travel as low as it can, offering customers affordable flight options without compromising the essential comforts and safety features of a typical air journey. It commenced operations with a small fleet and two routes out of Luton to Glasgow and Edinburgh. In 1996, just one year after the company was founded, EasyJet took delivery of their first wholly owned aircraft and started flights to Amsterdam. After this, expansion was rapid and today EasyJet is one of the largest budget airlines in Europe.
The Business Philosophy
EasyJet's philosophy revolves around keeping the price of air travel as low as it can, offering customers affordable flight options without compromising the essential comforts and safety features of a typical air journey. One clear example of this is designing their aircraft to be able to fit as many passengers as they can, charging for checked-in luggage, and offering very limited complimentary in-flight services. The company also tends to fly to and from smaller airports (such as Luton Airport in London) while also maintaining a uniform fleet mainly consisting of Airbus A320 family aircraft.
A Focus on Europe
EasyJet is still primarily focused on Europe, but in recent years the company has started to offer routes to select destinations in other parts of the world. The airline operates over 1,000 routes across more than 30 countries, making it one of Europe’s largest airline networks. The most obvious competitor to EasyJet is Ryanair, but they also compete with the likes of KLM and Lufthansa.
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