easyjet (EZJ) H2 2025 earnings summary

Executive summary

• Achieved third consecutive year of earnings growth, with FY25 profit before tax (PBT) of £665 million, up 9% year-over-year, and EBIT up 18%.

• easyJet holidays reached its £250 million medium-term profit target ahead of schedule, with 20% customer growth and a 32% profit increase.

• Customer satisfaction reached 80%, the highest in over a decade, and on-time performance improved by 3 percentage points to 72%.

• Net cash position increased to £602 million, up £421 million year-over-year, and owned asset value rose to £4.8 billion.

• Ambition to deliver over £1 billion group PBT in the medium term.

Financial highlights

• Group revenue grew 9% to £10,106 million, with passenger and ancillary revenues each up 6%, and holidays revenue up 27%.

• EBIT improvement of £106 million: £56 million from holidays, £50 million from airline operations.

• Return on capital employed (ROCE) reached 18%, up from 13% at target inception.

• easyJet holidays PBT margin increased from 12% to 13%, with a 5% rise in average selling price.

• CASK (cost per available seat kilometer) decreased 3% overall, 1% ex-fuel, driven by productivity gains.

Outlook and guidance

• Targeting £1 billion group PBT, building from £427 million two years ago to £665 million now.

• Upgraded easyJet holidays profit target to £450 million by 2030.

• Expecting 17, 30, and 43 new Airbus deliveries in the next three years, enabling fleet upgauging and cost benefits.

• Airline seat capacity to grow 3% in FY26, with ASK capacity up 7%.

• Forward bookings strong: Q1'26 81% sold (+2ppts YoY), Q2'26 26% sold (+1ppt YoY).