21 May 2026

easyJet plc

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 tax[1]: £(552) million (H1 FY25: £(394) million)

Reported H1 FY26 loss before tax: £(552) million (H1 FY25: £(401) million)

• ASK capacity: +8% YoY (Seats: +4% YoY)
• Passenger growth: +6% YoY with load factor improved by 2 ppts to 90%
• RASK: +1% YoY (Q2’26 +3% YoY, benefiting from modest route maturity, FX and earlier Easter)
• Total headline CASK: increased 5% YoY, including previously flagged one-offs and £25 million additional fuel costs incurred in March
• easyJet holidays: £61 million headline PBT[1] with customer growth of 22%
• Operational performance and customer satisfaction continue to improve
  • On-time performance: 78%, +1ppt YoY
  • Airline CSAT: 84%, +2ppts YoY
  • Holidays CSAT: 85%, +1ppt YoY
• 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
  • Disciplined low-cost airline:
    • 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
  • Capital-light extensions:
    • 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

Kenton Jarvis, CEO of easyJet, commenting on the results said:

“Despite conflict in the Middle East creating near‑term uncertainty, easyJet is well placed to manage the current environment, supported by one of the strongest investment‑grade balance sheets in European aviation.

“We delivered a strong operational performance in the first half, with positive demand driving a 90% load factor, up 2 ppts vs last year, and further improved customer satisfaction, alongside continued growth in our holidays business.

“easyJet is not seeing any disruption to fuel supply, we continue to operate normally and our customers should book with confidence, taking advantage of our great value fares.

“Our strategy is clear - through disciplined growth, accelerated upgauging, and continued expansion of easyJet holidays, we aim to bounce back from this year’s Middle East related setbacks, and then further progress towards our medium-term financial targets and deliver attractive shareholder returns as the operating environment normalises.“

Overview

The performance for the first half of easyJet’s 2026 financial year was in line with the trading update released on 16 April 2026. Demand for travel remained positive during the period, with airline passengers increasing 6% year on year, resulting in a load factor of 90%, an improvement of 2 percentage points versus last year. easyJet holidays continued to see strong demand, with customer numbers increasing by 22% year on year.

Strategic investments at Milan Linate and Rome Fiumicino performed in line with expectations in their first year of winter operations (£30 million investment cost). Year-on-year performance elsewhere was also impacted by continued capacity investments to drive winter aircraft utilisation, competitive overcapacity in certain beach markets and cost inflation weighted towards the first half of the financial year. This was driven by the annualisation of resilience measures implemented for Summer 2025, the phasing of above inflation airport rate increases, higher winter load factors year on year, and a continued investment cost in digitalisation.

As set out in the April trading update, the second half of easyJet’s 2026 financial year will be impacted by the conflict in the Middle East, with higher fuel costs andnear‑term uncertainty around customer demand. We continue to see positive late bookings since the conflict began, however overall bookings for the summer period are behind where they were at this point last year.

As the Group navigates this near‑term volatility from a position of strength, easyJet remains focused on its self‑help strategic initiatives aimed at delivering medium‑term margin and profit improvement. These actions are expected to support attractive shareholder returns as the business returns to a normalised operating environment.

Balance sheet

easyJet continues to have one of the strongest investment-grade balance sheets in European Aviation (rated Baa2, stable, by Moody's and BBB+, stable by Standard & Poor's). As at 31 March 2026, the Group’s net cash position was £434 million (31 March 2025: £327 million), with access to £4.7 billion of liquidity (31 March 2025: £5.3 billion). This is £1.1 billion above our liquidity policy of unearned revenue plus £500 million, providing operational and financial flexibility and pre‑funding a proportion of future capital expenditure.

The strength of our balance sheet will allow us to navigate the near-term uncertainty as well as support future disciplined fleet growth and modernisation which is planned to deliver upgauging, margin improvement, and attractive shareholder returns. The net book value of owned assets is £5.0 billion with 86% of our A320neo family aircraft owned. We expect the book value of our owned assets to grow to more than £7.5 billion by FY28.

Sustainability
We are ranked as Europe’s leading airline on MSCI (rated AAA) and Sustainalytics (score of 18.9) and retained our place on the FTSE4Good index.

Actions taken to navigate the near-term volatility caused by the Middle East conflict

• Hedging
  • easyJet’s historic layered approach to jet fuel hedging provides near‑term mitigation of fuel price volatility
  • Short term additional hedging temporarily suspended due to elevated near-term fuel prices
  • Forward fuel curve remains in backwardation, with management of additional forward hedging continuing as normal
• Schedule optimisation
  • In March, we reviewed the schedule resulting in a 0.3% net seat reduction for this summer
    • Redeployed some capacity from countries adjacent to the Middle East conflict into domestic and city routes across the network
    • Some high‑frequency flows were thinned in April and May in response to the elevated fuel price
  • Intention is to now operate the full summer schedule on sale as planned
• No current operational impact
  • No operations into Tel Aviv (nor in any of the directly impacted countries in the region)
  • No impact from fuel supply, with normal supply visibility of a rolling 4 week period
  • Proactively engaging with fuel suppliers, airports, government & airline bodies
• Business actions
  • Minimum ticket fare raised
  • Active review of all discretionary cost

Outlook: there remains uncertainty over the FY26 financial outturn due to the current external environment with fuel prices remaining elevated and lower than normal visibility of forward bookings.

• Airline forward bookings have been impacted by escalations in the Middle East
  • H2 58% sold (-2ppts YoY)
    • Q3: 79% sold, -1ppt YoY (+1ppt improvement since April trading update, demonstrating the later booking trend)
      • Booked RASK to date is -4% YoY, also impacted by the earlier timing of Easter YoY
    • Q4: 40% sold, -3ppts YoY, with ticket yield modestly up
• Airline cost outlook
  • H2 FY26 headline CASK ex fuel is expected to increase by low single digits
  • H2 FY26 Fuel CASK remains uncertain due to price volatility
    • 72% hedged at $726/MT
    • Every $100/MT movement in price equates to c.£35m fuel costs
  • Upgauging cost efficiencies are expected to deliver approximately £250 million of incremental annual cost efficiencies across FY27 and FY28 as A319 retirements accelerate
  • Digital investments to drive simplification and automation within fixed cost base
• Capacity
  • Disciplined seat capacity growth of 3% expected in FY26
    • 46% of H1 FY26 growth reflects the annualisation of new bases opened during FY25
    • Sector length and ASKs in H2 are expected to be lower than previous guidance, reflecting capacity reallocation from longer leisure routes to shorter domestic and city markets following the Middle East conflict

• More moderated H1’27 growth expected following the 20% increase in asset utilisation over the past three years where we have grown H1 ASK capacity by 33%, with the focus now to mature this growth over the coming years.
• easyJet holidays customers are expected to grow by low double digits in FY26, in a competitive market, from a base of 3.1m customers
  • H2 FY26 is 76% sold

Fuel & FX Hedging

• Carbon obligation including free allowances
  • 100% covered for CY26 at €66/MT
• USD lease payments hedged for the next three years at 1.28
• Capex hedged for the next 12 months in EUR & USD

Capacity

During Q2 easyJet flew 21.6 million seats. In the same period last year easyJet flew 20.8 million seats. Load factor was 89.5% (Q2 FY25: 87.5%), +2ppts year on year.

Passengernumbers in the quarter increased to 19.3 million (Q2 FY25: 18.2 million).

Financial Summary

Footnotes
1) We use a range of measures to monitor the financial performance of the Group. These measures include both statutory measures in accordance with IFRS and alternative performance measures (‘APMs’) which are consistent with the way that the business measures its performance. These measures are not defined under International Financial Reporting Standards (IFRS), should be considered in addition to IFRS measurements, may differ to definitions given by regulatory bodies applicable to the Group and may differ to similarly titled measures presented by other companies. See page 41 for reconciliations and definition of non-GAAP measures and a full glossary with definition of terms.

2) easyJet holidays numbers include elimination of intercompany airline transactions.

This announcement may contain statements which constitute 'forward-looking statements'. Although easyJet believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that these expectations will prove to have been correct. Because these statements involve risks and uncertainties, actual results may differ materially from those expressed or implied by these forward-looking statements.

For further details please contact easyJet plc:
Institutional investors and analysts:
Adrian Talbot Investor Relations +44 (0) 7971 592 373

Media:
Anna Knowles Corporate Communications +44 (0) 7985 873 313
Harry Cameron Teneo +44 (0) 20 7353 4200

Investor presentation and conference call

A recording of easyJet’s Investor presentation is available on the corporate website - easyJet plc - Investors - Reports and presentations

There will be an analyst Q&A session at 10:30am BST on 21 May 2026 at Nomura, One Angel Lane, London, EC4R 3AB. A webcast of this will be available both live and for replay (please register on the following link): https://brrmedia.news/EZJ_HY26

Alternatively dial-in details are as follows: +44 (0) 33 0551 0200 quoting ‘easyJet Half Year 26’ when prompted.

Strategy

easyJet’s purpose is to make low-cost travel easy. Our strategy is built around four key priorities that leverage our structural benefits in the European aviation market. These strategic initiatives guide easyJet towards its goal of becoming Europe's most loved airline, delivering value for our customers, shareholders, and people. The details of our strategic priorities are as follows:

• Building Europe’s best network
• Strengthening revenue
• Delivering ease and reliability
• Driving our low-cost model

Building Europe’s best network

Our strategy remains focused on disciplined, targeted growth, deploying capacity selectively where we see the strongest returns.

Ahead of the summer season, we opened two new bases in Newcastle and Marrakech, each operating three aircraft, and added a further seven aircraft to our highest‑performing bases. Capacity deployment continues to be focused, with additional growth pursued only where we expect it to generate attractive and sustainable value.

Our new base in Newcastle is performing in line with expectations. Demand has been particularly strong for easyJet holidays. The launch of our Marrakech base, our first located outside Europe, represents an important strategic milestone for the Group. This base enables us to broaden our market reach for the destination, while continuing to serve our established customer base across Europe, and further diversifies our network footprint.

We are entering the second summer season for our new bases at Milan Linate and Rome Fiumicino, following the strategically important award of new slots at these primary airports. Prior to the impact of the Middle East conflict, we saw early signs of route maturity, including year‑on‑year improvements in forward bookings and a stronger contribution. We expect sequential improvement over the coming years at these bases as these routes continue to mature and easyJet has a proven track record of improving returns following strategic capacity investments that include the award of remedy slots.

Strengthening revenue

Airline:

We remain focused on continuous improvement across both our customer proposition and our digital capabilities, with particular emphasis on our fully owned mobile app. During the period, we launched new Smart Bundles, which combine baggage, seat selection and Speedy Boarding. These have been well received by customers, with attachment rates of bundle increasing since launch.

This summer we are offering customers a Flex Pass, allowing ticket changes without a change fee. Demand for the product has been strong, and it is already generating incremental returns for the airline.

In‑flight retail performance continues to improve, with profit per seat increasing 9% in the first half. We have introduced a new summer onboard range, further strengthening the customer proposition.

Our mobile app remains a key differentiator for the Group. We saw a 5% increase in customers citing the app as a reason to book with easyJet, alongside a 10 percentage point improvement in app booking experience customer satisfaction scores. This is driving improved conversion and brand loyalty, with the app now the fastest‑growing booking channel accounting for 38% of direct airline bookings and 31% of direct holidays bookings.

easyJet holidays:

easyJet holidays continues to deliver strong, profitable growth through its digitally delivered, low‑overhead operating model, with growth outperforming the wider market as we gain market share profitably in a competitive environment, with a number of growth initiatives still to come.

Later this year, we plan to launch a new flight‑plus‑hotel proposition ahead of the forthcoming winter season. This will allow customers to book city breaks seamlessly within the airline book flow, improving the end‑to‑end customer experience and supporting higher conversion rates. As part of this, we will be expanding our hotel inventory across key European city destinations.

We continue to make good progress in growing our holidays proposition across other European source markets. In Germany, this will be further supported by the introduction of easyJet holidays through around 500 high‑street travel agents within the Berlin catchment area. Establishing these distribution partnerships is an important step, reflecting the fact that approximately 70% of package holiday sales in the German market continue to be made offline.

Delivering ease and reliability

We are increasingly leveraging data and technology to drive efficiencies across the business, resulting in a smoother, more resilient end‑to‑end journey for our customers.

Over the past two years, we have made significant progress in transforming how customers interact with our contact centre. Generative AI has been a key enabler, supporting the shift of customer communications from voice to live chat and enabling the automation of emails and claims handling. This has delivered a faster and more efficient service for customers while reducing complexity and cost. This transformation remains ongoing, and we expect to unlock further efficiencies and savings as these capabilities are extended and embedded.

We have also expanded our automated service recovery capability which is now available to almost all customers who experience disruption, including on the day of travel. Customers can now view their best available options within minutes of disruption and resolve their revised journey plans in just two clicks. As a result, 87% of customers now self‑serve, an increase of 15 percentage points year on year, with approximately one third already using the two‑click resolution option.

Operational efficiency is also being enhanced through targeted innovations. At Gatwick, we are reducing turnaround times through the use of remote smart stands, which also improve safety and support more accurate prediction of pushback times. On board, crews are now using a suite of digital tools, including electronic cabin logs and reports, as well as a new weather application that helps predict and avoid turbulence, improving both operational efficiency and the customer experience.

Looking ahead, the Group’s schedule for the next financial year is being built using SkyMax, which now incorporates profit optimisation, further strengthening our ability to deploy capacity effectively. We continue to develop tools that automate decision‑making within network control, enabling faster responses and more cost‑optimal outcomes when disruption occurs.

Together, these initiatives demonstrate how our targeted technology investments are starting to deliver tangible efficiency and reliability benefits today, with further gains expected as these capabilities continue to scale over the coming years.

Driving our low-cost model

We are fully committed to delivering low-cost travel and this is even more important to ensure we are doing all we can in the current climate.

We have actively actioned various resilience measures that have meant we have been able to substantially reduce disruption costs over the last two years.

The additional capacity over the past two winters has meant that annual utilisation levels have returned to above 10 hours per day. Following these investments, our growth through winter over the coming years will return to normalised levels.

We have been driving efficiencies across the business with the use of advanced technology integration and automation. These initiatives are already delivering benefits and we expect a step up in efficiency and cost savings in future years.

Delivering for our customers

Our people‑led service strategy, enabled by technology, continues to deliver tangible improvements in the customer experience. In the first half, Airline customer satisfaction increased by two percentage points to 84%, while easyJet holidays increased one percentage point to 85%.

We continue to invest in frontline delivery. During the period, we launched the next phase of our enhanced training programme for ground operations colleagues, alongside the continued rollout of our internal colleague app. This provides real‑time information to ground staff, customer service teams and crew, supporting more consistent service delivery and faster issue resolution.

At the same time, we are simplifying and digitalising the customer journey. Since last summer, we have delivered a series of enhancements to our mobile app, including proactive flight notifications, automated disruption handling and the re‑introduction of passport scanning to support faster online check‑in.

Our sustained focus on operational delivery and customer experience has further strengthened and diversified the easyJet brand. We continue to benefit from a loyal customer base, with 71% of bookings coming from returning customers, including a growing number of easyJet Plus subscription members. To complement this, we will be launching a new loyalty programme in FY27. We will host a seminar on the new rewards proposition early next year, which will leverage the strength of our brand and further enhance our differentiated customer offering.

Our People

Our people are essential to our success, and their warmth and professionalism truly set us apart.

Once again, we have been recognised as a best place to work by Glassdoor and we are the only airline in the top 50.

We continue to retain and engage great talent across the group, supported by high levels of colleague engagement, with our latest score at 74% trending positively and ahead of the global benchmark

CFO review

easyJet Group reported a H1 2026 loss before tax of £552 million. This result was broadly in line with expectations, excluding £25 million of unexpected additional fuel costs incurred in March due to the sudden impact of the Middle East conflict and a £32 million net increase in legal provisions across a number of historic cases.

Financial Performance Group summary

[1]easyJet use a range of measures to monitor the financial performance of the Group. These measures include both statutory measures in accordance with the International Financial Reporting Standards (IFRS) and alternative performance measures (‘APMs’) which are consistent with the way that the business measures its performance. These measures are not defined under IFRS, should be considered in addition to IFRS measurements, may differ to definitions given by regulatory bodies applicable to the Group and may differ to similarly titled measures presented by other companies. See page 41 for reconciliations and definition of non-GAAP measures and a full glossary with definition of terms.

The Group reported a headline first‑half loss before tax of £552 million, compared with a headline loss of £394 million in H1 2025.

The airline loss before interest and tax reflects our first winter of operation at Milan Linate and Rome Fiumicino (which performed in line with expectations equating to a £30 million investment cost), continued winter capacity investments to drive aircraft utilisation, the competitive overcapacity in specific beach markets and one-offs including £32 million of net increased legal provisions and additional fuel costs of £25 million.

As a partial offset the airline continued to see an overall positive demand throughout the winter period, with 6% more customers choosing to fly with the airline resulting in a 2 percentage points year-on-year improvement in load factor.

easyJet holidays performed strongly, with earnings before interest and taxes increasing 50% to £48 million. This was driven by both customer growth and margin improvements.

The Group continues to maintain a strong investment‑grade credit rating, with an adjusted net cash position of £434 million, liquidity of £4.7 billion and owned assets of £5.0 billion, compared with £4.6 billion as at 31 March 2025. This provides the financial flexibility to navigate near‑term challenges arising from the Middle East conflict, while also funding elements of future capital expenditure requirements.

Airline Performance

Airline Revenue

Total airline revenue of £3,436 million was £302 million ahead of the comparative period (H1 2025: £3,134 million). Airline revenue growth of 10% reflects positive demand across easyJet’s primary airport network. Passenger numbers increased by 6%, driven by a 4% increase in seat capacity together with a higher load factor of 90%, representing a two percentage point year‑on‑year increase, alongside higher yields primarily due to the increased sector length, flying more to further afield leisure destinations.

H1 2026 revenue per available seat kilometre (RASK) increased by 1% year on year, including a Q2 RASK increase of 3%. This reflected the benefits in Q2 from the early signs of revenue maturity from prior‑year capacity investments, the earlier comparative timing of Easter, and favourable FX tailwinds. These benefits were partially offset by the comparison to a prior‑year non-recurring £15 million credit from aged contract liabilities, and competitive conditions on specific beach routes throughout the first half, similar to that experienced during the previous summer period.

Overall first‑half revenue result was not impacted by the start of the Middle East conflict, as in-month strong late demand in March for domestic, city and Western Mediterranean routes offset weakness in Egypt, Turkey and Cyprus.

Headline Airline EBIT Costs

H1 2026 airline headline EBIT CASK excluding fuel increased by 8%, with the inflationary cost impact weighted to the first half of the year. Unit cost inflation is expected to moderate in the second half of the financial year to a low single‑digit increase.

In the half year we achieved a c.6% benefit to CASK excluding fuel from increased aircraft utilisation. This however was offset by inflation and foreign exchange headwinds due to the strengthening of sterling against the Euro, which together drove around a 6% increase in CASK excluding fuel, and a two percentage point increase in passenger load factor and increased per‑passenger costs, primarily in airport and ground handling.

CASK excluding fuel also increased due to strategic investments, including the annualisation of the resilience measures implemented to support Summer 2025, the investments in digitalisation and marketing, as well as the wet‑lease costs associated with our new Italian bases (which will end next year).

The year-on-year increase also contains one‑off items, including £32 million of net increased legal provisions. It is of note that within depreciation there was a £34 million reduction in the depreciation charge for the half year ended 31 March 2026 arising from the annual review of aircraft residual values, offset by a £10 million adverse impact from the absence of the prior year accounting for a lease buyback, and additional depreciation charges on our growing fleet.

Fuel CASK decreased by 5% in the first half, supported by favourable hedge positions, with the average effective jet fuel price 8% lower year on year at $726/MT, and benefits from the fleet modernisation associated with our neo aircraft. These tailwinds more than offset the phase‑out of free ETS allowances and higher SAF mandates in the UK, and the fuel increase in March.

Holidays Performance

easyJet holidays revenue increased by 30% in the period, driven by a 22% increase in customers alongside an 8% increase in average selling price. Direct operating costs increased by 33%, reflecting higher volumes and cost inflation, primarily within accommodation. The modest margin benefit primarily reflects lower selling and distribution costs in March, due to the summer demand impact following the start of the conflict in the Middle East.

Overall, easyJet holidays delivered a 50% increase in headline EBIT to £48 million in H1 2026.

Group loss after tax

Corporate tax has been recognised at an effective rate of 31.7% (H1 2025: 25.9%), resulting in an overall tax credit of £175 million (H1 2025: £104 million). The forecast effective tax rate is higher than the standard rate of corporation tax in the United Kingdom (25%), principally due to permanent differences on employee share based payment costs increasing the forecasted tax charge. This is partially offset by the impact of differences in tax rates in jurisdictions where easyJet has a taxable presence outside the UK.

Foreign exchange impact

Foreign exchange rates have been broadly stable compared to the comparative period resulting in a net favourable foreign exchange impact of £15 million on headline profit before tax, when compared with translating the same revenues and costs at H1 2025 average exchange rates.

The impact on the income statement from the functional currency translation of foreign currency monetary assets and liabilities was a £1 million loss in the period (H1 2025: £7 million).

Non-headline items

A non-headline charge of £nil million was recognised in the period. For further details on the prior year non-headline items, please see note 3 in the condensed consolidated interim financial information.

Summary adjusted net cash reconciliation

The below table represents the reconciliation of operating loss to adjusted net cash. This presentation differs from the statement of cashflows in the consolidated interim financial information which represents the movement of cash and cash equivalents. Therefore, equivalent movements between cash and debt facilities are not shown.

Adjusted net cash as at 31 March 2026 was £434 million (31 March 2025: £327 million) and comprised of cash, cash equivalents and other investments of £3,446 million (31 March 2025: £3,622 million), borrowings of £2,017 million (31 March 2025: £2,123 million) and lease liabilities of £995 million (31 March 2025: £1,172 million).

Net working capital movement excluding unearned revenue, reflects the settlement of summer flying costs since 30 September 2025, lower trade and other payables associated with reduced winter flying volumes and purchases of ETS credits to meet future flying obligations.

The increase in unearned revenue reflects our seasonal booking curve with customers booking for Summer 2026 and beyond. The increase in H1 2026 has been marginally lower than the comparative increase in H1 2025 as the 2026 Q3 and Q4 booking portfolio to date has been slower than in the comparative period reflecting the travel uncertainty generated by the escalation in the Middle East conflict.

Net capital expenditure in the period reflects the continued investment in fleet modernisation and the growth in the overall size of the fleet, alongside pre-delivery payments against easyJet’s future order book. Expenditure includes three new aircraft, capitalised maintenance, long life parts, engines and aircraft spares. Investment has also continued on easyJet’s digital infrastructure and customer facing platforms, supporting the increased efficiency of the organisation and improved customer service. During the period, the FY25 announced dividend was paid, leading to a £100 million cash outflow.

Summary consolidated statement of financial position

easyJet continues to maintain one of the strongest investment grade balance sheets in European aviation (Baa2 stable, by Moody's and BBB+ stable, by Standard & Poor's). As at 31 March 2026, the Group’s adjusted net cash position was £434 million (30 September 2025: £602 million), with access to £4.7 billion of liquidity (30 September 2025: £4.8 billion). Total liquidity is £1.1 billion above our liquidity policy of unearned revenue plus £500 million, providing operational and financial flexibility and pre‑funding a proportion of future capital expenditure.

The strength of the balance sheet allows easyJet to navigate the current near-term uncertainty as well as support future disciplined fleet growth and modernisation to deliver future cost benefits. The net book value of owned assets is £5.0 billion[1] (an increase of £251 million from 30 September 2025), with 86% of A320neo family aircraft owned. We expect the book value of our owned assets to grow to more than £7.5 billion by FY28.

Key movements on the statement of financial position include growth in property, plant and equipment driven by the acquisition of three new aircraft, further predelivery payments against the aircraft order book and continued investment in aircraft spares and engines. The decrease in right of use assets reflects depreciation, partly offset by additions and extensions to simulator leases and extensions to leased aircraft.

The increase in other assets reflects a higher ETS intangible asset balance, driven by both an increase in the volume of credits held compared to September 2025 and higher credit prices. The balance at 31 March 2026 comprises purchased credits relating to calendar year 2025 that are expected to be settled in H2 2026, together with credits acquired for calendar year 2026 and future periods.

The movement in derivative financial instruments is predominantly driven by favourable movements in the fair value of jet fuel hedges as the market forward curve is significantly higher than easyJet's hedged rate. We have confidence in the recoverability of these derivative assets as our banking partners through which we place hedges, maintain high investment-grade credit ratings and a significant amount of this fair value is maturing in H2.

The increase in unearned revenue versus 30 September 2025 reflects our seasonal booking curve with customers booking for Summer 2026 and beyond.

In addition our financing position remains strong, with no bond maturities due until FY28.

Capital allocation

Capital discipline remains central to the Group’s strategy, underpinning both the maximisation of returns on capital and the management of near‑term uncertainty on demand and fuel prices. The Group continues to focus on disciplined capital deployment to deliver sustainable and attractive returns.

Capacity is allocated selectively, using detailed financial data, with priority given to bases offering the highest profitability. A profit before tax annual hurdle rate of £2.5 million per aircraft is in place, with all aircraft allocated to existing bases delivering returns above this threshold. Improvement plans are in place for underperforming bases, and the Group will continue to take decisive action on capacity deployment where profitability targets are not met or where the path to improvement is insufficient.

As fleet modernisation accelerates, a significant proportion of planned capacity growth in FY27 and FY28 is expected to be delivered through upgauging and moderated capacity growth, reinforcing both capital discipline and our focus on driving improved returns.

Alongside this, we continue to invest selectively in strategic capabilities that we believe are critical for the future, including the investment in our heavy base maintenance facility in Malta where we are expanding the capacity from four and a half to six bays.

Finally, we continue to invest in our digital capabilities, supporting the digitalisation of key commercial, operational and enterprise processes.

Fleet

As at 31 March 2026, easyJet’s total fleet comprised 356 aircraft (30 September 2025: 356 aircraft), including the acquisition of three new A321neo family aircraft and the retirement of three A319s in the period.

The average age of the fleet increased to 11.3 years (30 September 2025: 10.9 years). The average gauge of the fleet is currently 181.9 seats per aircraft (30 September 2025: 181.3 seats).

Fleet as at 31 March 2026:

1. easyJet retains the option to alter the aircraft type of future deliveries, subject to providing sufficient notification to the OEM.
2. easyJet has an order book of 287 aircraft due by FY34 and 100 purchase rights.

Our flexible fleet plan allows us to expand or contract the size of the fleet depending on the demand outlook.

Capital expenditure comprises new fleet delivery payments, maintenance‑related expenditure, lease payments and other capital expenditure, including IT development. The H1 2026 fleet excludes two wet‑leased aircraft from the Lufthansa Group, which form part of easyJet’s agreement as the slot remedy taker at Milan Linate and Rome Fiumicino.

In the coming years, easyJet will retire older, less efficient aircraft, and benefit from a greater proportion of A320neo family aircraft in the fleet, which offer superior fuel efficiency and higher seating capacity, generating significant efficiency savings. This upgauging benefit is being accelerated, with all A319 aircraft now expected to be retired by FY29. Across FY27 and FY28, approximately £250 million of cumulative cost savings are expected from this fleet modernisation programme.

STATISTICS

PRINCIPAL RISKS AND UNCERTAINTIES

The Board is ultimately responsible for determining the nature and extent of the principal risks it is willing to take to achieve its strategic objectives, setting its risk appetite, and maintaining the Group’s systems of internal control and risk management. The Audit Committee and the Board are accountable for reviewing and assessing the risk management processes and associated internal control framework. The Risk and Assurance team, which reports to the Chief Financial Officer, ensures that comprehensive processes are in place for identifying, assessing and mitigating the Group’s principal and emerging risks.

The Board, with the assistance of the Audit Committee, has reconsidered the principal risks and uncertainties affecting the Group at the half year. The principal risks and uncertainties facing the Group are unchanged, are as detailed in the 2025 Annual Report and Accounts and are as follows:

Changing legal & regulatory landscape

• Significant safety and security event
• Significant digital security event
• Macroeconomic conditions and geopolitical events
• Network, expansion and primary airports
• Critical technology failure
• Significant operational disruption
• Talent and critical skills acquisition
• Climate change transition risks

One of our principal risks is ‘Macroeconomic conditions and geopolitical events’. This risk includes volatility impacts from jet fuel, FX rates and interest rates which can have a material impact on our costs, albeit mitigated partially by our hedging programme. In 2025 the introduction of or an increase in tariffs on many goods and services traded between the US and other countries occurred. In general, the impact of these tariffs on costs within the supply chain was limited, as was any direct suppression of demand. We will continue to monitor the impact of any changes to or new tariffs which could impact our supply chain.

Whilst the tariff uncertainty receded during the six month period ending 31 March 2026, the escalation of conflict in the Middle East during March has been the major adverse geopolitical event of this period. Given the shape of our network, the situation has had a relatively small direct impact on our operations – flights to Tel Aviv continue to be suspended and those to Cyprus were temporarily suspended for a short period of time. The escalation of the conflict has introduced near-term uncertainty with regards to customer demand, fuel price volatility and an emerging fuel supply risk.

As expected, the booking curve has shortened in recent weeks, resulting in lower than normal forward visibility.

The biggest impact in March was on the price of jet fuel, leading to approximately £25 million of incremental costs as a consequence of needing to purchase unhedged fuel requirements for that month (18%) at prevailing spot prices.

There is clearly heightened uncertainty over the availability and price of jet fuel for the coming months. As we progress through the second half of the financial year, we will continue to monitor changes in customer demand across the network and the price and availability of jet fuel. In line with the wider industry, we remain in close contact with our fuel suppliers and airports around fuel supply. We will plan accordingly to minimise the impact and any disruption for our customers whilst this period of uncertainty continues.

CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATION

Condensed consolidated income statement (unaudited)

[1]easyJet holidays revenue and direct operating costs exclude the flight element of holiday packages that is eliminated on consolidation.

Condensed consolidated statement of comprehensive income (unaudited)

[1]Management have assessed the risk of recoverability of the derivative assets to which the fair value gains are attributable. easyJet’s banking partners maintain high investment-grade credit ratings and a significant amount of this fair value is maturing in H2 2026. Accordingly, management have confidence in the recognition of the fair value gain.

[2]In the current reporting period, the Group has re-presented the cost of hedging within other comprehensive income, such that amounts previously presented as a single line item for cost of hedging have been disaggregated into separate line items to separately disclose its components, providing more relevant information to users of the financial statements. Accordingly, the comparative amounts have been re-presented to conform to the current period presentation. This reclassification has no impact on the previously reported total comprehensive income.

Condensed consolidated statement of financial position (unaudited)

Condensed consolidated statement of changes in equity (unaudited)

Condensed consolidated statement of cash flows (unaudited)

Notes to the condensed consolidated interim financial information (unaudited)

1. General information

easyJet plc (the Company) is a Company registered in England (Company no. 03959649) and domiciled in the United Kingdom (UK). The condensed consolidated interim financial information of the Company as at and for the six months ended 31 March 2026 comprises the Company and its interest in its subsidiaries (together referred to as the Group). Its principal business is that of a low-cost airline carrier operating principally in Europe. The consolidated financial statements of the Group as at and for the year ended 30 September 2025 are available upon request to the Company Secretary from the Company’s registered office at Hangar 89, London Luton Airport, Luton, Bedfordshire, LU2 9PF, England or are available on the corporate website at http://corporate.easyJet.com.

1A. Basis of preparation
The condensed consolidated interim financial information has been prepared in accordance with IAS 34 ‘Interim Financial Reporting’ under UK-adopted international accounting standards and the Disclosure and Transparency Rules of the United Kingdom’s Financial Conduct Authority. It should be read in conjunction with the Annual Report and Accounts for the year ended 30 September 2025, which were prepared in accordance with UK-adopted International Financial Reporting Standards (IFRS) and in conformity with the requirements of the Companies Act 2006.

The interim financial information does not constitute statutory accounts within the meaning of sections 434 and 435 of the Companies Act 2006. Statutory accounts for the year ended 30 September 2025 were approved by the Board of Directors on 25 November 2025 and have been delivered to the Registrar of Companies. The report of the auditor was unqualified.

The Group’s financial risk management objectives and policies are materially consistent with those disclosed in the consolidated financial statements as at and for the year ended 30 September 2025.

1B. Going concern
In adopting the going concern basis in preparing this condensed consolidated interim financial information, the Directors have considered the Group’s business activities, together with factors likely to affect its future development and performance through to September 2027, including the Group’s principal risks and uncertainties.

As at 31 March 2026, the Group had an adjusted net cash position of £434 million and total liquidity of £4.7 billion, comprising cash, cash equivalents and other investments of £3.4 billion, together with £1.3 billion of undrawn revolving credit facilities. In addition, 58% of the total aircraft fleet are owned (eight of which are encumbered) within which 86% of the higher value neo aircraft are in ownership.

The Directors have reviewed the Group’s financial forecasts and funding requirements, taking into account severe but plausible downside scenarios. A base case has been prepared, reflecting management’s best estimate of the Group’s expected performance over the going concern period. This base case incorporates the anticipated financial impacts of climate-related factors embedded within the Group’s strategic plans, including fleet renewal, expected Emissions Trading Scheme (‘ETS’) costs (including the phase-out of free allowances from 1 January 2026 onwards), Sustainable Aviation Fuel (‘SAF’) requirements, the cost of carbon removal credits and other sustainability initiatives. The base case also considers the impact of the current macroeconomic environment for airlines including fuel prices, cost inflation and consumer demand. These factors continue to be closely monitored.

The Group remains exposed to movements in fuel prices and foreign exchange rates. At the date of approval, the Group is approximately 72% hedged for fuel in H2 2026 at c.$726 per metric tonne, 53% hedged for H1 2027 at c $719 per metric tonne and 29% hedged for H2 2027 at c $745 per metric tonne.

A severe but plausible downside scenario has also been modelled, reflecting a deterioration in trading conditions, and a protracted period of heightened geopolitical uncertainty, with additional consequential impacts on fuel prices and supply, cost inflation and consumer demand. Accordingly, the downside scenario modelled assumes a 5% reduction in airline yield, a 5% reduction in easyJet holidays profit contribution, a 25% reduction in seat capacity over a two month operating window, an additional US$100 per metric tonne increase in fuel prices, and incremental operating cost inflation of 1.5%. While this scenario results in a significant reduction in liquidity, sufficient headroom on available facilities is maintained throughout the period.

Having therefore assessed the current liquidity position, committed funding facilities, the going concern base case and severe but plausible downside forecasts, the Directors have a reasonable expectation that the Group has sufficient resources to continue in operational existence for the foreseeable future. Accordingly, the Directors continue to adopt the going concern basis of accounting in preparing this condensed consolidated interim financial information.

1C. Accounting policies, judgements and estimates
In preparing this condensed consolidated interim financial information, the accounting policies and the critical judgements and estimates applied, are consistent with those described in the Annual Report and Accounts for the year ended 30 September 2025.

2. Seasonality
The airline and package holiday industries are highly seasonal. The airline industry experiences significantly higher demand and yields during the summer period. Accordingly, revenue and profitability are typically higher in the second half of the financial year, and historically the airline operating segment has reported a loss for the first half of the financial year. The easyJet holidays operating segment also experiences higher demand during the summer months and consequentially higher profitability in the second half of the financial year.

3. Non-headline items
Non-headline items are those where, in management’s opinion, their separate reporting provides an additional understanding to users of the financial statements of easyJet’s underlying trading performance, and which are significant by virtue of their size and/or nature. In considering the categorisation of an item as non-headline, management’s judgement includes, but is not limited to, a consideration of:

• whether the item is outside of the principal activities of the easyJet Group (being to provide point-to-point airline services and package holidays);
• the specific circumstances which have led to the item arising, including whether that item was first generated via headline or non-headline activity; the presumption being that when subsequently extinguishing an item from the statement of financial position, any impact should be reflected in the same way as the initial creation of the item;
• if the item is irregular in nature; and,
• whether the item is unusual by virtue of its size.

An analysis of the amounts presented as ‘non-headline’ is given below:

During the six month period ending 31 March 2026, there have been no non-headline transactions. In the comparative period, the non-headline charges relate to the base restructuring programme in France and Italy, partially offset by a release following the finalisation of historic cases from the restructuring programme in Germany, and the associated tax credits.

4. Tax credit
Tax on loss on ordinary activities:

The forecast effective tax rate (using currently enacted rates) is higher than the standard rate of corporation tax in the United Kingdom (25%), principally due to permanent differences on share based payment costs increasing the forecasted tax charge. This is offset by the impact of differences in tax rates in jurisdictions where easyJet has a taxable presence outside the UK.

The forecasted effective tax rates have been determined on the basis that deferred tax assets on UK tax losses are fully recognised.

The current tax charge includes the impact of the Global Minimum Tax legislation implemented in the UK, specifically a multinational top-up tax in respect of Malta which is not expected to exceed £500,000 for the six months ended 31 March 2026.

Tax on items recognised directly in other comprehensive loss:

A charge of £2 million in respect of share based payment costs was recognised directly in shareholders’ equity in the period (31 March 2025: £1 million).

5. Loss per share
Basic loss per share has been calculated by dividing the total loss for the period by the weighted average number of ordinary shares in issue during the period after adjusting for ordinary shares held in employee benefit trusts.

Headline basic loss per share is also presented, based on headline loss for the period.

Loss per share is based on:

Diluted loss per share figures are not separately presented for either period as the impact of potential ordinary shares is anti-dilutive, and the Group is loss making for the six months period ending in March of each financial year.

6. Dividends
The Company paid an ordinary dividend of 13.2 pence per share (2025: 12.1 pence per share), or £100 million (2025: £91 million) in respect of the year ended 30 September 2025. The dividend was paid on 27 March 2026, with a record date of 21 February 2026.

7. Segmental Reporting

Airline revenue is recognised at a point in time (when the flight takes place). The easyJet holidays revenue detailed in this note includes both flight revenue, recognised at the time the flight takes place, and remaining ancillary revenue which is recognised over time, aligned to the duration of the holiday. The easyJet holidays flight revenue is included in this note within ancillary revenue (with the associated intragroup transaction) aligned to the presentation of revenue to the Chief Operating Decision Maker (CODM).

The intragroup transactions column represents revenue and cost transactions between Airline and easyJet holidays for the flight element of easyJet holidays’ packages and Group recharges. These intercompany transactions are eliminated on consolidation.

Assets and liabilities are not allocated to individual segments and are not separately reported to, or reviewed by, the CODM, and therefore have not been disclosed.

Geographical Revenue:

Geographical revenue is allocated according to the location of the first departure airport on each booking.

Southern Europe comprises countries lying wholly or mainly south of the border between Italy and Switzerland.

8. Property, plant and equipment

Additions of £404 million in the period were predominantly driven by three new Airbus deliveries, combined with eight engine additions, aircraft heavy maintenance additions, advance delivery payments for future aircraft and spares additions.

The net book value of aircraft includes £626 million (30 September 2025: £483 million) relating to advance payments for future deliveries, and £59 million (30 September 2025: £86 million) relating to life limited parts not yet in use. Neither amount is depreciated.

The net book value of aircraft spares is £225 million (30 September 2025: £211 million).

The net book value of aircraft which are secured against JOLCO (Japanese Operating Lease with Call Option) financing arrangements is £217 million (30 September 2025: £103 million).

The ‘Other’ categories are principally comprised of leasehold improvements, computer hardware, fixtures, fittings and equipment, and work in progress in respect of property, plant and equipment projects. The work in progress as at 31 March 2026 was £40 million (30 September 2025: £27 million).

As at 31 March 2026, easyJet was contractually committed to the acquisition of nine CFM LEAP engines (30 September 2025: 12), and 287 Airbus A320 family aircraft (30 September 2025: 290), with a total estimated list price[1] of $34.8 billion (30 September 2025: $35.2 billion) before escalations and discounts, for delivery in financial years 2026 (14 aircraft), 2027 and 2028 (73 aircraft) and 2029 to 2034 (200 aircraft). Additionally, easyJet maintains purchase rights for a further 100 aircraft.

1.As Airbus no longer publishes list prices, the last available list price published in January 2018 has been used for the estimated list price.

9. Leases

easyJet holds aircraft under leasing arrangements that are recognised as right of use assets and lease liabilities, with remaining lease terms ranging up to 9 years. easyJet is contractually obliged to carry out maintenance on these aircraft, and the cost of this is provided based on the number of flying hours, days and cycles operated and the estimated cost of the maintenance events. Further details on maintenance provisions are given in note 11.

Right of use assets

Information in respect of right of use assets, including the carrying amount, additions and depreciation, is set out below.

[1]Other right of use assets include aircraft training simulators with a net book value of £97 million. The remaining £66 million comprises the assets associated with facility leases and ground handling and other equipment leases, with remaining lease terms ranging up to 18 years.

[2]During the six month period ended 31 March 2026, there have been no right of use asset disposals. In the comparative period, right of use asset disposals included £9 million relating to the purchase of one aircraft that was previously leased, with a corresponding £32 million of additions to aircraft owned assets in note 8.

Lease liabilities

10. Borrowings

Amounts shown above are the net discounted value of the borrowings, net of issue costs, and amortised at the effective interest rate over the life of the debt instruments.

The proceeds received from JOLCO aircraft financing agreements are classified as Other borrowings, and are secured against the associated owned aircraft. As at 31 March 2026, eight aircraft are subject to JOLCO financing secured against the aircraft (refer to note 8). The total carrying value of these borrowings is £237 million (30 September 2025: three aircraft with a total carrying value of £103 million). Refer to note 12 for further details on borrowings.

11. Provisions for liabilities

The maintenance provisions provide for maintenance costs arising from legal and constructive obligations relating to the condition of aircraft when returned to the lessor. Restructuring provisions include amounts in respect of potential liabilities for employee-related matters, and other provisions include amounts for litigation matters, which arise in the normal course of business.

The split of the current/non-current maintenance provision is based on the expected maintenance event timings. If actual aircraft usage varies from expectation, the timing of the utilisation of the maintenance provision could result in a material change in the classification between current and non-current. The maintenance provisions presented in the table above are expected to be utilised within seven years from 31 March 2026.

Litigation matters contained within other provisions are defined as current based on the dates of expected court judgement or settlement discussions expected to conclude within the next 12 months. Provisions for restructuring could be fully utilised within one year from 31 March 2026, and therefore are classified as current.

12. Financial instruments

Carrying value and fair value of financial assets and liabilities
The fair values of financial assets and liabilities, together with the carrying value at each reporting date, are as follows: