Jet2 (JET2) Trading Update summary

Financial performance and outlook

• FY25 profit before FX revaluation and tax expected between £565m and £570m, up 9% year-on-year, in line with market expectations.

• Total cash at 31 March 2025 stands at £3.2bn, with £1.1bn in 'Own Cash' excluding customer deposits.

• Summer 2025 seat capacity up 8.3% year-on-year, with new bases at Bournemouth and London Luton contributing 4% of growth.

• Pricing remains stable, with modest increases in package holidays and slight increases in flight-only fares.

• Over 95% of fuel and FX hedged for the summer season, providing cost certainty.

Capital allocation and shareholder returns

• Announced a new on-market share buyback programme of up to £250m, with shares to be cancelled to enhance EPS.

• Early repayment of £387.4m convertible bond and £159m in share purchases via Employee Benefit Trust eliminated future dilution.

• Continued investment in organic growth, including two new operating bases and purchase of four Airbus A321neo aircraft.

• Maintained dividend payments while preserving a strong cash position.

• Ongoing capital allocation aligned with established framework, monitoring trading and cash generation.

Operational highlights and strategic positioning

• Operationally prepared for Summer 2025 with sufficient aircraft and fully trained staff.

• Flexible, integrated business model enables balancing of load factor, pricing, and product mix.

• Bookings for new bases are encouraging, with a higher flight-only mix observed due to late booking trends.

• 100% hedged for carbon emissions for the season, supporting cost management.

• CEO highlights resilience, flexibility, and customer service as key strengths for navigating market conditions.