EasyJet has announced higher winter losses “impacted by the conflict in the Middle East and the competitive environment in some markets”.
In a trading update at the end of the October 2025-March 2026 spell, Britain’s biggest budget airline said it expects “a headline loss before tax of between £540m and £560m for the first half of its financial year”.
But the carrier says it is in good shape to weather geopolitical uncertainty. The airline paid an extra £25m for fuel during March – which is £560 per minute. Seventy per cent of its fuel for the summer is “hedged” – locked in at lower prices.
Kenton Jarvis, the airline’s chief executive, said there were no immediate concerns about the availability of jet fuel. In March he told The Independent easyJet was confident of no supply issues up to mid-April. Speaking to journalists today, he said: “We have visibility to the middle of May and have no concerns.”
But a Ryanair spokesperson told The Independent: “We don’t expect any near-term fuel shortages, but the situation is fluid. At present our fuel suppliers can guarantee supply to mid-end May. If the Iran war finishes soon then supply will not be disrupted. If the closure of the Hormuz Straits continues into May or June then we cannot rule out risks to fuel supplies at some airports in Europe.”
The easyJet CEO said that demand for Cyprus, Turkey and Egypt had returned after a reduction following an Iranian attack on the UK’s Akrotiri base in Cyprus. Destinations in the western Mediterranean are proving stronger. In addition, Mr Jarvis said there had been “a general shortening of the booking window”, with passengers booking later.
Overall, he said: “EasyJet saw continued positive demand in the first half, driven by our great value flights and holidays, alongside a continued focus on our operations and customer experience.
“Despite these positives, our H1 financial performance worsened year on year, impacted by the conflict in the Middle East and the competitive environment in some markets. Following our busiest Easter holiday period ever, the operational ramp up into peak summer continues as planned.
“EasyJet’s financial strength from our investment grade balance sheet and £4.7bn of liquidity mean we are well placed to navigate current geopolitical challenges while remaining focused on our medium term targets.”
The airline’s load factor – the proportion of seats filled – rose by 2 per cent to 90 per cent during the six months of winter.
Read more: No aviation fuel crisis for the UK (yet) – but some key questions and answers just in case
