Jet2 (JET2) Q4 2026 TU earnings summary

Executive summary

• FY26 operating profit expected between £435m and £440m, aligning with market expectations and slightly below FY25's £446.5m.

• Launch of London Gatwick base in March 2026 incurred £11m in startup costs but is performing ahead of expectations.

• Over 0.4m passengers booked for the summer season at the new Gatwick base.

Financial highlights

• Total cash at 31 March 2026 stands at £3.3bn, with net cash of £2.0bn.

• £363.0m returned to shareholders during the year.

• Access to an undrawn £500m revolving credit facility.

Outlook and guidance

• Summer 2026 on-sale capacity up 7.7% year-over-year to 19.9m seats.

• Booked passengers up 6.2% compared to the prior year, with both package holidays and flight-only segments growing.

• Q1 average load factor in line with the prior year; geopolitical uncertainty in the Middle East limits visibility for peak summer and beyond.

• 87% of summer jet fuel requirement hedged at $707 per metric tonne.