easyjet (EZJ) H2 2025 Pre Recorded earnings summary

Executive summary

• Achieved profit before tax of GBP 665 million, up 9% year-on-year, and EBIT of GBP 703 million, up 18% year-on-year.

• Operational performance and punctuality improved despite external challenges, with customer satisfaction at a decade high and 71% repeat customers.

• easyJet holidays delivered GBP 250 million PBT, up 32%, meeting its medium-term target early and setting a new GBP 450 million PBT target for 2030.

• Network expansion and increased market share in the U.K. from 5% to 10% over two years.

Financial highlights

• Group headline EBIT increased 18% to GBP 703 million; group PBT per seat rose 5% to GBP 6.39.

• Net cash position increased by GBP 420 million to GBP 602 million; owned assets rose by GBP 506 million to GBP 4.8 billion.

• Total airline revenue grew 6% year-on-year, with passenger numbers up 4% and load factor at 89.8%.

• Total CASK reduced 3% year-on-year; fuel CASK improved 7%, and CASK ex-fuel improved 1%.

• Cash balance at year-end was GBP 3.5 billion, up GBP 67 million after significant CapEx and debt repayments.

Outlook and guidance

• Medium-term target of over GBP 1 billion PBT remains; seat capacity expected to grow 3% and ASKs by 7% in FY26.

• easyJet holidays expects up to 15% customer growth in FY26; full year CASK expected to rise due to inflation, partially offset by efficiencies.

• New bases in Newcastle and Marrakesh to open in summer 2026, with continued network optimization.