easyJet plc (ESYJY) Q4 2025 Earnings Call Prepared Remarks Transcript

Kenton Jarvis
CEO, Member of the Management Board & Director

Hello, and welcome to easyJet’s full year results presentation for the period ending 30th September 2025. Full year ’25 has been another year of positive progress for easyJet, both financially and operationally. We achieved a profit before tax of GBP 665 million, which is a 9% increase year-on-year, building further on the last 2 years of improved profits. At an EBIT level, it was an 18% improvement. As a result of proactive investments into resilience across the business, we’re able to achieve strong operational performance and improved punctuality despite a continued challenging external operational environment, particularly across French airspace.

This improvement has, in turn, helped strengthen our brand through enhanced customer satisfaction, currently at the highest level in over a decade, with 71% of our customers now returning to travel with easyJet within 2 years. This investment in resilience has also driven disruption costs to be materially reduced year-on-year. Our owned asset book value has grown by over GBP 0.5 billion in the year and is set to further increase as we continue to build and modernize our fleet.

EasyJet holidays has delivered earlier on its ambitious target set just 2 years ago and now enters its next phase of growth with a new target of GBP 450 million profit before tax by full year ’30 launched today. Our focus on capital allocation has meant that we’ve achieved a ROCE of 18%, a 2 percentage points improvement year-on-year, in line with our medium-term target of high-teen returns on capital. Critically, many of the key levers for achieving even