EasyJet: third-quarter profit down 70 per cent
The crisis in the Middle East and the cost of fuel are taking their toll: the energy bill is up by £105 million. Summer bookings are picking up
The conflict in the Middle East is taking its toll on easyJet. The British airline closed the third quarter of the 2026 financial year with an adjusted pre-tax profit of 85 million pounds, a sharp fall of 70 per cent compared with the 286 million recorded in the same period of the previous year. This was mainly due to the sharp rise in fuel costs and the slowdown in demand following the geopolitical escalation in March, which dampened bookings during the spring months.
Despite the challenging environment, management points to signs of gradual improvement. Last-minute bookings continue to show strong growth, and consumer confidence is gradually returning, helping to narrow the gap in occupancy rates ahead of the summer peak season.
During the quarter, easyJet increased its capacity by 3 per cent year-on-year (ASK), whilst available seats rose by 1 per cent. The number of passengers carried reached 25.8 million, with a load factor of 88.9 per cent, down by one percentage point compared with the previous year.
Revenue per available seat kilometre (RASK) fell by 3 per cent, although this figure represents an improvement of one percentage point compared with the group’s guidance provided in May. On the cost front, CASK excluding fuel rose by 3%, in line with expectations, whilst the unit cost of fuel jumped by 13%, resulting in an absolute increase of £105 million compared with the third quarter of 2025. Fuel prices peaked in April at around $1,800 per metric tonne, primarily affecting the portion of consumption not covered by hedging.
The package holiday business, however, continues to be a source of stability. easyJet holidays recorded a pre-tax profit of £84 million, only slightly lower than the £86 million recorded the previous year. Excluding the impact of exchange rates, operating profit rose by 7 per cent.
