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 the third consecutive year, with PBT up 9% to £665 million and EBIT up 18%. easyJet holidays exceeded targets, driving most profit growth, while airline investments and geopolitical issues weighed on winter results. Fleet upgauging and European expansion are set to support future growth.
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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, with improved Q1 performance and strong cost control. Capacity investments and new bases support growth, while easyJet Holidays continues to expand. Outlook remains positive, with robust liquidity and a focus on achieving over £1 billion PBT medium-term.
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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, with strong summer performance, reduced winter losses, and holidays profit up 56%. FY 2025 guidance targets 8% ASK growth, flat CASK ex-fuel, and a 20% dividend payout. Leadership transition and fleet modernization underway.
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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.