London · Delayed Price · Currency is GBP · Price in GBX easyJet Earnings Call Transcripts
Fiscal Year 2026
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H1 results met expectations despite fuel cost volatility and market oversupply on some routes. easyJet holidays outperformed with strong late demand, while operational resilience and liquidity remain high. Moderated growth, digital investments, and upgauging are set to drive future margin improvement.
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H1 2026 saw improved operational metrics and strong liquidity, but winter losses exceeded targets due to fuel volatility and cost inflation. Strategic investments in fleet modernization, digitalization, and holidays growth are expected to drive margin improvement and long-term profitability.
Fiscal Year 2025
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Earnings grew for a third consecutive year, with PBT up 9% to GBP 665 million and strong holidays segment growth. Strategic investments in fleet, network, and resilience measures support medium-term targets, despite ongoing operational and geopolitical challenges.
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Profit before tax rose 9% to GBP 665 million, with EBIT up 18% and ROCE at 18%. easyJet holidays exceeded targets, achieving GBP 250 million PBT and setting a new GBP 450 million goal for 2030. Network and fleet investments, digital enhancements, and disciplined capital allocation underpin future growth.
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H1 loss was £394 million, but operational improvements and cost reductions position the business for a strong summer and early delivery of medium-term profit targets. Capacity growth is moderating, demand is robust, and liquidity remains high.
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Winter losses narrowed and Q1 saw a GBP 65 million year-on-year improvement, with strong demand and robust growth in easyJet Holidays. Cost efficiencies, fleet modernization, and digital initiatives support a positive outlook, despite capacity constraints and supply chain risks.
Fiscal Year 2024
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Profit before tax rose 34% to GBP 610 million, driven by strong summer results, reduced winter losses, and a 56% increase in holidays profit. FY25 guidance includes 3% seat growth, 8% ASK growth, and a proposed 20% dividend, with continued focus on cost control and network optimization.
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Capital deployment focuses on maximizing returns from the existing fleet, disciplined upgauging, and expanding holidays and ancillary revenues. Strong liquidity and investment-grade ratings support growth, with a target to double profitability and achieve high teen ROCE by 2028.