easyjet (EZJ) H1 2026 TU earnings summary

Executive summary

• Headline loss before tax for H1 FY26 expected between £540 million and £560 million, with demand remaining positive and load factor rising to 90%, up two percentage points year over year.

• easyJet holidays customer numbers increased by 22% in H1, reflecting strong demand.

• Operational performance improved, with on-time performance at 78% and customer satisfaction at 84%, both up year over year.

Financial highlights

• Revenue and costs were broadly in line with expectations, excluding £25 million in additional fuel costs from Middle East conflict and £30 million net increase in legal provisions.

• Q2 RASK rose by approximately 3% year over year, driven by route maturity and earlier Easter timing.

• H1 Airline headline CASK ex fuel increased by around 8% year over year; total headline CASK up 5% due to higher legal provisions and investments.

• Fuel CASK for H1 decreased by about 5% year over year, despite March's unhedged fuel cost spike.

Outlook and guidance

• Full-year Airline headline CASK ex fuel expected to remain broadly in line with previous estimates, but total CASK remains sensitive to fuel price volatility.

• H2 FY26: 70% of fuel hedged at $706/tonne, with spot prices at $1,500/tonne as of mid-April 2026.

• Every $100 movement in fuel prices equates to approximately £40 million cost in H2 FY26.

• easyJet holidays expects low double-digit year-over-year customer growth for FY26.