Jet2 (JET2) H2 2025 earnings summary

Executive summary

• Achieved record passenger numbers of 19.77 million (up 12%), revenue of £7.17 billion (up 15%), and pre-tax profit of £577.7 million (up 11%) year-over-year.

• Enhanced basic EPS by 15% to 213.1p and diluted EPS by 22% to 207.2p year-over-year.

• Opened new bases at Liverpool, Bournemouth, and London Luton, all performing to expectations and supporting network expansion.

• Maintained strong customer focus, with a Net Promoter Score in the mid-60s and a 61% repeat booking rate for package holidays.

• Continued investment in fleet modernization and sustainability, with 14 A321neo aircraft delivered, 135 in operation, and 146 on order.

Financial highlights

• Revenue increased 15% year-over-year to £7.17 billion; operating profit up 4% to £446.5 million; EBITDA up 9% to £739.0 million.

• Earnings per share rose 15% to 213.1 pence; final dividend up 13% to £0.121 per share; £250 million share buyback announced.

• Strong cash generation, with £1.1 billion of own cash at year-end and a 22% reduction in debt.

• Net finance income increased due to higher cash balances and interest rates.

• Free cash generated of £659.1 million after £398.6 million capex.

Outlook and guidance

• Bookings for summer 2025 remain strong, with demand for holidays resilient and trading in line with market expectations.

• Over 90% of fuel and FX hedged for FY2026, providing cost certainty.

• Capacity for winter 2025/26 up 15% to 5.8 million seats; summer 2025 seat capacity up 8% to 18.5 million; FY2026 capacity up 9% to 24.4 million.

• Majority of peak summer and winter months yet to complete; further updates expected at the AGM.

• Full summer of new bases at Bournemouth and London Luton to support growth.