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Jet2 (JET2) investor relations material

Jet2 H1 2026 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Logotype for Jet2 plc
H1 2026 earnings summary19 Nov, 2025

Executive summary

  • Achieved record passenger numbers, revenue, and profitability for the half year ended 30 September 2025, with 14.09m passengers (+6% YoY), revenue of £5,342.2m (+5% YoY), and operating profit of £715.2m (+2% YoY).

  • Basic EPS increased 8% to 300.4p, and diluted EPS rose 17% to 292.2p year-over-year.

  • Announced a further £100m share buyback, completed £250m buyback, and increased interim dividend by 2.3% to 4.5p per share.

  • Strategic expansion includes new operating bases at Bournemouth, London Luton, and a new base at London Gatwick to open in March 2026, expanding reach to 61 million people and 14 UK bases.

  • Continued investment in fleet, digital technology, and AI-led revenue management, with high customer satisfaction and retention rates.

Financial highlights

  • Revenue increased 5% year-over-year to £5,342.2m; operating profit up 2% to £715.2m; profit before tax at £800.3m.

  • EBITDA reached £877.7m (margin 16.4%), and net cash from operations at ~£700m, with free cash flow of £370m.

  • Basic EPS rose 8% year-over-year and 132% since 2019; return on capital employed averaged 17% over three years and stood at 23.5% mid-year.

  • Cash and money market deposits at £3,354.4m, with net cash after borrowings and lease liabilities at £2,085.2m.

  • Operating expenses increased 6% to £4,627.0m, with staff costs up 11% and accommodation costs up 7%.

Outlook and guidance

  • Winter 2025/26 seat capacity up 7.7% to 5.5m; Summer 2026 seat capacity up 8.9% to 20.1m, including 900,000 from Gatwick.

  • Operating profit expected in line with market expectations, excluding Gatwick start-up investment; near-term margin dilution anticipated from Gatwick.

  • London Gatwick operation expected to reach profitability in FY29, with meaningful profit growth thereafter.

  • Package holiday mix expected to remain flat year-over-year, targeting 60–65% for the full year.

  • Approximately 70% hedged for Summer 2026 for both USD and jet fuel.

Gatwick profitability drivers for FY29
Mitigating late booking cash flow impact
Temporary ACMI aircraft cost impact on existing bases?
How does A321neo fleet enhance operational flexibility?
Detail strategy for younger demographic growth
Gatwick dual runway: long-term growth implications
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Frequently asked questions

Jet2 plc, operating primarily under the brand name Jet2.com, is a British low-cost airline. The company offers scheduled and charter flights, providing passengers with a range of destinations primarily across Europe. Jet2.com is known for its user-friendly services, including package holidays through its subsidiary, Jet2holidays. This service combines flights, accommodations, and transfers, offering a complete travel package to holiday destinations. Additionally, the company extends its services to encompass the operation of a freight and logistics division under the brand Jet2Cargo. Jet2 plc is headquartered in Leeds, England, and its shares are listed on the London Stock Exchange.

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