Jet2 (JET2) H2 2024 earnings summary

Executive summary

• Achieved record passenger numbers, revenue, and profitability for FY24, with strong progress on growth strategy and operational resilience.

• Free cash generated reached £0.7bn, and own cash position increased to £1.3bn, supporting future growth and flexibility.

• Launched new Liverpool base, received Airbus deliveries on schedule, and opened a new Inflight Retail Operations Centre.

• Exercised remaining 36 Airbus purchase rights, securing 146 firm A321neo aircraft deliveries through 2035.

• Updated sustainability strategy with a 2035 carbon intensity reduction target aligned with SBTi guidance.

Financial highlights

• Group profit before foreign exchange revaluation and taxation rose 33% to £520.1m (2023: £390.8m).

• Revenue increased 24% year-over-year to £6,255.3m (FY23: £5,033.5m).

• Operating profit grew 9% to £428.2m, with an operating margin of 6.8%.

• EBITDA rose 17% to £680.3m, though EBITDA margin declined slightly to 10.9%.

• Profit before tax climbed 43% to £529.5m, with a margin of 8.5%.

Outlook and guidance

• Summer 2024 seat capacity planned to increase by 12.3%; booked passengers up 9.7% with moderate pricing growth.

• Trading year-to-date is in line with management expectations, with continued confidence in the resilience of package holidays.