easyjet (EZJ) H1 2026 earnings summary

Executive summary

• H1 FY26 headline loss before tax was £552m, widening from £394m in H1 FY25, mainly due to higher fuel costs and legal provisions linked to the Middle East conflict.

• Group revenue rose 12% year-over-year to £3,954m, driven by a 6% increase in passengers and a 2ppt improvement in load factor to 90%.

• easyJet holidays delivered strong growth, with headline PBT of £61m and customer numbers up 22%.

• Operational performance and customer satisfaction improved, with on-time performance at 78% (+1ppt YoY) and airline CSAT at 84% (+2ppts YoY).

• Strategic focus on upgauging, cost efficiencies, and digitalisation to drive medium-term margin improvement.

Financial highlights

• Group revenue: £3,954m (+12% YoY); passenger revenue: £2,361m (+10% YoY); ancillary revenue: £1,075m (+10% YoY).

• Headline loss before tax: £552m (H1 FY25: £394m); reported loss before tax: £552m (H1 FY25: £401m).

• easyJet holidays generated 39% extra profitability in H1, with PBT of £61m; holidays headline EBIT up 50% to £48m.

• Fuel costs increased to £982m (+3% YoY), with £25m of additional unhedged costs in March.

• Net cash position of £434m and liquidity of £4.7bn, exceeding policy by over £1bn.

Outlook and guidance

• H2 FY26 outlook remains uncertain due to elevated fuel prices and lower forward booking visibility.

• H2 FY26 headline CASK ex fuel expected to rise by low single digits; 72% of H2 fuel hedged at $726/MT.

• Disciplined seat capacity growth of 3% expected for FY26, with moderation in H1 FY27.

• easyJet holidays customer growth expected in low double digits for FY26; on track for £450m PBT by FY30.

• Medium-term ambition remains to deliver over £1bn in PBT, with £250m in P&L efficiencies expected by 2028 from upgauging and A319 retirement.