Jet2 (JET2) Trading Update summary

Trading performance and outlook

• Winter 2024/25 seat capacity up 14% year-on-year, but average load factor down 2.2ppts, partly due to later Easter timing.

• FY25 profit before FX revaluation and tax expected between £560m and £570m, an 8–10% increase over prior year, excluding asset disposal gains.

• Summer 2025 capacity up 8.5% to 18.6m seats, with new Bournemouth and London Luton bases contributing 4% of growth.

• Forward bookings for April–June 2025 up 7%, with package holiday customers up 4% and flight-only passengers up 19%.

• New bases expected to be modestly loss-making in their first year due to late launch and ramp-up costs.

Cost management and operational updates

• Inflationary pressures persist, especially in hotel, aircraft maintenance, and airport charges.

• 85% hedged for Summer 2025 on FX and jet fuel; 100% hedged for 2025 carbon allowances, providing cost certainty.

• Delivery of 14 new Airbus A321neo aircraft expected, but some delays will increase operational costs during peak summer.

• Wage costs to rise by £25m due to National Living Wage and National Insurance changes; SAF mandate adds over £20m in costs.

• A321neo fleet expansion supports improved economics, lower emissions, and better customer experience.

Strategic initiatives and customer focus

• Continued investment in new bases at Bournemouth and London Luton to address underrepresented UK regions.

• 3% pay increase for colleagues from April 2025 to support workforce engagement and service quality.

• Customer First strategy remains central, aiming to maintain strong demand despite macroeconomic pressures.

• CEO highlights satisfaction with FY25 performance and cautious optimism for Summer 2025 amid cost and demand challenges.

• Next trading update scheduled for April 2025, with preliminary FY25 results due 9 July 2025.