easyJet plc (LON:EZJ) has announced its 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
- Currentbookings
- 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
- FY25 headline CASK ex Fuel expected to be broadly flat YoY
- 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)
Fuel & FX Hedging
| Jet Fuel | H1’26 | H2’26 | USD | H1’26 | H2’26 | |
| Hedged position | 64% | 37% | Hedged position | 61% | 35% | |
| Average hedged rate ($/MT) | 716 | 692 | Average hedged rate (USD/GBP) | 1.29 | 1.29 | |
| Current spot ($/MT) at 15.07.25 | c.740 | Current spot (USD/GBP) at 15.07.25 | c.1.34 | |||
- Carbon obligation including free allowances
- 100% covered for CY25 at €45/MT
- USD Lease payments hedged for the next three years at 1.26 (USD/GBP)
- Capex hedged for the next 12 months in EUR & USD
Capacity
During Q3 easyJet flew 28.7 million seats. In the same period last year easyJet flew 28.1 million seats. Load factor was 90.2% (Q3 FY24: 90.0%).
Passengernumbers in the quarter increased to 25.9 million (Q3 FY24: 25.3 million).
April 2025 | May 2025 | June 2025 | Q3 FY25 | Q3 FY24 | Variance favourable/ (adverse) | |
| Number of flights | 50,945 | 54,196 | 53,924 | 159,065 | 156,487 | 1.6% |
| Peak operating aircraft | 318 | 326 | 344 | 344 | 330 | 4.2% |
| Available seat kilometres (ASK) (millions) | 11,980 | 12,975 | 12,935 | 37,890 | 35,110 | 7.9% |
| Passengers (thousand) | 8,220 | 8,724 | 8,939 | 25,883 | 25,318 | 2.2% |
| Seats flown (thousand) | 9,196 | 9,783 | 9,715 | 28,694 | 28,122 | 2.0% |
| Load factor | 89.4% | 89.2% | 92.0% | 90.2% | 90.0% | 0.2ppt |
Balance Sheet Strength
As at 30 June 2025, our net cash position was £803 million (£327 million as at 31 March 2025) with all nine expected aircraft deliveries taken into ownership, further strengthening the balance sheet. During the quarter, as planned, easyJet brought a further two A320neo aircraft back into ownership. This resulted in a £17 million release of provisions and will deliver income statement benefits going forward through reduced ownership costs.
During the quarter easyJet entered into a new Revolving Credit Facility for $1.7bn, which remains undrawn. This replaces the previous $1.75bn UKEF facility and $400m Revolving Credit Facility which were undrawn and have now been terminated. The new facility provides easyJet with a more efficient financing structure, reducing associated annual interest charges by £8 million compared to the previous facilities and secures liquidity until at least 2030. In addition on 11 June 2025 we repaid a €500m Eurobond. As at 30th June, liquidity sat at £4.9 billion, £1.5 billion above our liquidity policy.
Financial Summary
| Q3’25 | Q3’24 | Variance favourable/ (adverse) | |
| Passenger revenue (£’m) | 1,758 | 1,602 | 9.7% |
| Airline ancillary revenue (£’m) | 732 | 693 | 5.6% |
| Holidays revenue1 (£’m) | 428 | 336 | 27.4% |
| Group revenue (£’m) | 2,918 | 2,631 | 10.9% |
| Fuel costs (£’m) | (627) | (625) | (0.3)% |
| Airline headline EBITDA costs ex fuel (£’m) | (1,453) | (1,315) | (10.5)% |
| Holidays EBITDA costs1 (£’m) | (347) | (268) | (29.5)% |
| Group headline EBITDA costs (£’m) | (2,427) | (2,208) | (9.9)% |
| Group headline EBITDA (£’m) | 491 | 423 | 16.1% |
| Airline depreciation & amortisation (£’m) | (195) | (187) | (4.3)% |
| Holidays depreciation & amortisation1 (£’m) | (3) | (2) | (50.0)% |
| Group headline EBIT (£’m) | 293 | 234 | 25.2% |
| Airline financing costs excluding balance sheet revaluations2 (£’m) | (15) | (7) | (114.3)% |
| Holidays financing costs (£’m) | 8 | 7 | 14.3% |
| Airline balance sheet revaluations (£’m) | 0 | 2 | (100.0)% |
| Group headline PBT (£’m) | 286 | 236 | 21.2% |
| Airline passenger RASK (p) | 4.64 | 4.56 | 1.8% |
| Airline ancillary RASK (p) | 1.93 | 1.98 | (2.5%) |
| Total airline RASK (p) | 6.57 | 6.54 | 0.5% |
| Total airline revenue per seat (£) | 86.78 | 81.61 | 6.3% |
| Airline headline CASK ex fuel (p) | (4.39) | (4.29) | (2.3)% |
| Airline fuel CASK (p) | (1.65) | (1.78) | 7.3% |
| Airline total headline CASK (p) | (6.04) | (6.07) | 0.5% |
| Airline total headline cost per seat (£) | (79.81) | (75.82) | (5.3)% |
| Sector length (km) | 1,320 | 1,248 | 5.8% |
| Available seat kilometres (ASK) (millions) | 37,890 | 35,110 | 7.9% |
| Cash and other cash investments (£’bn) | 3.7 | 3.7 | 0.0% |
| Net cash/ (debt) (£’m) | 803 | 456 | 76% |
1) easyJet holidays numbers include elimination of intercompany airline transactions
2) includes £5m relating to UKEF and RCF termination
3) current spot rates; Jet Fuel $740, USD/GBP rate 1.34
