easyjet (EZJ) H1 2026 Pre Recorded earnings summary

Executive summary

• H1 FY26 headline loss before tax was £552 million, widening from £394 million in H1 FY25, mainly due to higher fuel costs and legal provisions linked to the Middle East conflict, but operational performance and customer satisfaction improved, with on-time performance at 78%.

• Group revenue rose 12% year-over-year to £3,954 million, driven by a 6% increase in passengers and improved load factor to 90%, with strong demand in both airline and holidays segments.

• easyJet holidays delivered strong growth, with headline PBT of £61 million, customer numbers up 22%, and margin improved to 9%.

• Strong balance sheet maintained with £4.7 billion liquidity and net cash of £434 million.

• Strategic focus on margin improvement, cost efficiencies, digitalization, and asset-light growth initiatives.

Financial highlights

• Group headline loss before tax was £552 million, a 40% increase in loss compared to H1 FY25 (£394 million), with reported loss before tax also at £552 million.

• Airline revenue up 10% YoY to £3,436 million, with passenger growth of 6% and seat growth of 4%.

• Airline EBIT loss reached £581 million, up £180 million year-on-year; easyJet Holidays EBIT rose 50% to £48 million.

• Total headline CASK increased 5% YoY, with CASK ex-fuel up 8% and £25 million additional fuel costs in March.

• Net book value of owned assets rose to £5 billion, expected to exceed £7.5 billion by FY28.

Outlook and guidance

• H2 FY26 outlook remains uncertain due to elevated fuel prices and lower forward booking visibility, with 58% of airline seats sold (-2ppts YoY).

• FY26 airline seat capacity to rise 3% to ~107 million; ASKs up 6% YoY; capacity growth to moderate from winter 2027.

• easyJet Holidays on track for low double-digit customer growth in FY26, with a medium-term ambition of over £1 billion PBT and £250 million annual cost efficiencies from upgauging by FY28.

• H2 headline CASK ex-fuel expected to increase low single digits; 72% of H2 fuel hedged at $726/MT.

• Upgauging and digital investments to drive £250 million annual cost efficiencies across FY27 & FY28.