Budget airline easyJet reported a profit before tax of 85 million pounds (99 million euro) during its third fiscal quarter, marking a 70 per cent drop compared to the 286 million pounds (334.8 million euro) recorded in the same period last year. The decline was heavily influenced by increased fuel prices and lower demand following the onset of the conflict in the Middle East.
The airline explained that fuel costs rose by 13 per cent, representing an additional 105 million pounds (123 million euro), driven by higher prices on unhedged supplies. Between April and June, the carrier observed a strong late-booking demand during the month of departure, though this was not sufficient to fully offset the earlier weakness in bookings caused by the geopolitical situation.
Overall revenue for easyJet rose by 2 per cent during the third quarter to reach 2,983 million pounds (3,492 million euro), while EBITDA dropped by 38 per cent to 304 million pounds (356 million euro). The airline operated 29 million seats with a load factor of 88.9 per cent, down 0.3 percentage points, whilst passenger numbers remained steady at 25.8 million.
Meanwhile, the package holiday division, easyJet Holidays, generated a pre-tax profit of 84 million pounds (98 million euro), remaining flat compared to the previous year, though showing a 7 per cent year-on-year increase when excluding currency fluctuations. Additionally, board changes were announced, with Chief Operating Officer David Morgan retiring and being succeeded by Commercial Director Sophie Dekkers, alongside external appointments.
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