Jet2 (JET2) H1 2025 earnings summary

Executive summary

• Achieved record half-year results with revenue up 15% to £5,085.4m and operating profit up 14% to £701.5m compared to HY24.

• Profit before tax and FX up 16% to £772.4m; profit before taxation up 20% to £791.4m; profit after tax increased 20% to £592.9m year-over-year.

• Free cash generated reached £656.8m; own cash stood at £2.3bn; total cash and money market deposits at £3,596.4m.

• Continued investment in fleet, infrastructure, and technology, including 136 owned and 9 leased A321neos, 10 new A321neo deliveries, and new airport bases.

• Sustainability initiatives advanced, with a 35% carbon-intensity reduction target by 2035 and ISO 14001 accreditation.

Financial highlights

• Revenue: £5,085.4m (+15% YoY); Operating profit: £701.5m (+14% YoY); Profit before FX revaluation and taxation: £772.4m (+16% YoY).

• Profit after tax: £592.9m (+20% YoY); Basic EPS: 279.3p (+21% YoY); interim dividend up 10% to 4.4p per share.

• EBITDA: £857.0m (+16% YoY); Free cash flow: £656.8m (+6% YoY).

• Net cash position of £2.3bn; total debt down 4% to £1,334.8m.

• Revenue per flown passenger up 4% to £381; operating profit per flown passenger up 2% to £53.

Outlook and guidance

• On track to deliver group profit before FX revaluation and taxation for FY25 ahead of market expectations.

• Winter 2024/25 seat capacity up 14% YoY; summer 2025 seat capacity up 9% with new bases at Bournemouth and London Luton.

• Bookings and pricing for Summer 2025 in line with management expectations; 70% hedged for FX and jet fuel.

• Labour costs expected to rise by £25m annually due to UK budget changes.