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EasyJet
EasyJet

easyJet plc

(‘easyJet’)

Trading Update for the third quarter ended 30 June 2025

  • Q3 headline profit before tax £286 million, an improvement of £50 million YoY, in line with expectations
    • ASK Capacity +7.9% YoY, with a sector length increase of 5.8% and seat growth of 2.0% YoY
    • RASK increased +0.5% YoY, with April benefitting from the timing of Easter
    • Total headline CASK reduced by 0.5% YoY, driven by headline CASK ex fuel increasing 2.3% and fuel CASK reducing by 7.3% YoY
    • easyJet holidays delivered £86 million profit before tax, +£13 million YoY
  • Positive outlook for FY25
    • Expect FY25 ASK growth of c.9% YoY, with less pronounced growth in H2 (+7%) vs H1 (+12%)
    • Q4 Forward bookings; Q4 67% sold, +1 ppt YoY, following last year’s record summer
      • Expect Q4 RASK to continue the trend seen in Q3 when adjusting for the impact of Easter timing YoY with customer preference for later bookings continuing
    • Expect FY25 total headline CASK to reduce by low single digits YoY and FY25 headline CASK ex fuel to be broadly flat YoY
    • easyJet holidays expects to deliver FY25 PBT of >£235 million

Overview

easyJet’s third quarter profit improved by £50 million year-on-year, driven by strong demand for easyJet’s primary airport network and benefits from the timing of Easter. Airline passenger numbers increased by 2%, with load factor improving +0.2 ppts. RASK saw a modest increase of 0.5% year-on-year, benefitting from the timing of Easter. Headline total CASK improved by 0.5%. Our proactive resilience actions significantly enhanced the daily operational performance in the June quarter resulting in a 4ppt improvement in both on-time performance and customer satisfaction scores. easyJet holidays continues to perform strongly, growing PBT to £86 million in the quarter, a £13 million improvement year-on-year.

The outlook for FY25 remains positive, with good profit growth expected year on year, albeit impacted by recent higher fuel costs3 and the scale of industrial action by French air traffic control. With 67% of our Airline’s fourth-quarter capacity sold, the final outcome for FY25 will, as always, depend on late summer bookings and the associated yields.

easyJet holidays continued strong performance is expected to deliver >£235 million PBT in FY25, meaning a new medium term target will be set towards the end of this year.

Looking to Q1’26, on sale seat capacity is up c.5% with 19% of the program currently sold, +1ppt year-on-year. easyJet holidays continues to see good growth into this winter and is currently 50% sold for Q1’26.

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

“We performed well in the quarter, increasing profits alongside improving operational performance which has boosted easyJet’s customer satisfaction scores and we continued to see strong demand from our customers.

“We are extremely unhappy with the strike action by the French ATC in early July, which as well as presenting unacceptable challenges for customers and crew also created unexpected and significant costs for all airlines.

“easyJet holidays remains on track to deliver more than £235m of profits for the full year and we see a positive outlook for the Group for FY25 and beyond, as we continue to focus on progressing towards our medium-term targets.”

Outlook

  • Current bookings
    • Q4 Forward bookings; Q4 67% sold, +1ppt YoY. The trend towards later bookings continues to be seen, meaning the final outcome for FY25 will, as always, depend on late summer bookings and the associated yields.
    • Expect Q4 RASK to continue the trend seen in Q3 when adjusting for the c.£50 million impact from the timing shift of Easter YoY. These current revenue trends include investments in Milan Linate and Rome Fiumicino, a 5% increase in network-wide average sector length, and a short term impact on some destinations due to recent escalating tensions in the Middle East.
  • Cost control
  • FY25 headline total CASK expected to reduce by low single digits YoY, although recent higher fuel costs3 and the scale of industrial action by French air traffic control in July have had a financial impact of circa £25 million (Fuel c.£10m and French ATC disruption costs c.£15m).
    • FY25 headline CASK ex Fuel expected to be broadly flat YoY
      • The H2’25 headline CASK excluding fuel is expected to slightly increase year-on-year due to lower capacity growth compared to H1’25 and the continued worsening ATC environment. However, the proactive resilience actions implemented by easyJet are enhancing the underlying daily operational performance.
      • H2’25 fuel CASK to reduce by c.7% YoY, based on recent fuel trends
  • easyJet holidays expects FY25 PBT to be >£235m
  • Q4’25 currently 85% sold
  • Expect ASK capacity growth of c.9% in FY25
  • FY25 seat capacity growth expected to be c.3% YoY to c.103 million seats (H1 45m, H2 c.58m)
  • H2’25 seat capacity growth expected to be c.1-2% YoY and ASK’s to be c.7% YoY, substantially lower ASK growth than H1’25 (+12% YoY)

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