easyjet (EZJ) Q1 2026 TU earnings summary

Executive summary

• Q1 FY26 results aligned with expectations, with strategic route investments performing as planned and forward bookings ahead year-on-year.

• Passenger numbers grew 7% YoY, outpacing seat capacity growth of 5%, resulting in a 90% load factor (+2ppts YoY).

• easyJet holidays saw 20% customer growth YoY, with headline PBT of £50 million.

• Operational performance improved, with on-time performance up 4ppts to 77% and airline CSAT up 4ppts to 83%.

Financial highlights

• Q1 headline loss before tax was £(93) million, £32 million higher than Q1'25.

• Group revenue increased 11% YoY to £2,257 million.

• Passenger revenue rose 9% YoY to £1,362 million; airline ancillary revenue up 9% to £584 million.

• Holidays revenue grew 26% YoY to £311 million.

• Group headline EBITDA was £122 million, down 18% YoY.

Outlook and guidance

• FY26 ASK capacity expected to grow ~7% YoY; seats to grow ~3% YoY.

• easyJet holidays customers planned to grow up to 15% in FY26.

• Q2 airline forward bookings at 63% sold (+2ppts YoY), with RASK expected up low single digits YoY.

• FY26 total headline CASK expected to see modest inflation, with cost efficiencies and favorable fuel prices partially offsetting market-wide cost inflation.