Half Year 2026 Easyjet PLC Earnings Call Transcript
Key Points
- easyJet PLC (EJTTF) reported a 6% increase in passengers and a 22% growth in easyJet Holidays passengers, indicating strong demand.
- The company has improved aircraft utilization by 20% compared to 2023, restoring pre-COVID levels.
- easyJet PLC (EJTTF) has a strong liquidity position with GBP 4.7 billion, which is GBP 1 billion above its liquidity policy.
- The company is well-hedged against fuel price volatility, with 72% of its fuel needs covered at favorable rates.
- Investments in digitalization and operational improvements have enhanced on-time performance and customer satisfaction.
- The company faced a GBP 25 million additional cost due to volatile fuel pricing in March.
- Market oversupply on certain routes, particularly in the London-Spain market, impacted performance.
- Cost inflation, including a 35% increase in airport fees at Schiphol, weighed on financial results.
- The company experienced a 0.3% reduction in summer capacity due to elevated fuel prices.
- Bookings for Q4 are behind last year's levels, requiring potential price stimulation to boost demand.
Well, welcome, everybody, to easyJet's half year presentation of the results to the March 31, 2026. I'm joined today by our Chair, Stephen Hester, and the Management Board here on the front row.
We've already released our full presentation to the website this morning. I don't know whether you've had a chance to have a look at it. But if you haven't, I will give a brief summary now before we go through to Q&A.
So starting with our performance for the first half. The underlying H1 results were consistent with expectations and were in line with what we put out in the April trading statement, there was a very limited impact from the Middle East in terms of trading, but obviously, there was a fuel impact with volatile fuel pricing in the month of March, which caused a GBP25 million additional cost.
Now we clearly recognize that these winter losses are not where we plan them to be when we set out the 2023 targets and it remains a focus for us to structurally improve our seasonal losses and bring them down
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