EZJ has a lot going for it.30 May 2026 19:32
Results for the six months ending 31 March 2026
H1 FY26 result was in line with our April trading statement. Performance so far in H2 has seen strong late bookings, but has been impacted by the Middle East conflict through higher fuel costs and lower forward visibility.
H1 FY26 headline loss before tax1: £(552) million (H1 FY25: £(394) million)
Managing near-term uncertainty from a position of strength
Strong balance sheet
£4.7 billion of liquidity and net cash of £434 million
£5.0 billion book value of owned assets
Forward bookings have been impacted by the conflict in the Middle East, resulting in a later booking curve. However, bookings in the month of departure continue to show year-on-year strength
Intend to operate the full summer schedule on sale
Focused on execution to enable further progress towards our medium‑term target of >£1bn PBT as conditions normalise
Capital allocation focus:
Driving towards targeted £2.5 million PBT per aircraft; incremental FY26 aircraft have been deployed to existing bases that exceeded this target in FY25, alongside the opening of new bases in Marrakech and Newcastle
Capacity growth moderates from H1 FY27
Accelerating upgauging; all A319 aircraft to be retired by FY29, delivering c.£250 million of incremental annual cost efficiencies across FY27 & FY28
Continued progress at easyJet holidays
Launching in 500 high-street retailers in Berlin to accelerate growth in Germany
Launch of flight-plus-hotel in late FY26 with inventory increasing from c.8,000 to c.13,000 hotels
Loyalty programme to launch in FY27
Leveraging the Group: continue to build on our brand, delivering a consistent, seamless customer experience
Lean, digital organisation: investments to drive simplification and automation within fixed cost base