Jet2 Plc · LSE:JET2
Jet2 — FY2026 Earnings Presentation
30 slides from Jet2's earnings presentation, Jul 8, 2026
Slide 1: Results for the year ended 31 March 2026
Results for the year ended 31 March 2026
Slide 2: FY26 Highlights
FY26 Highlights Steve Heapy, CEO
Slide 3: Record passenger numbers and revenue
Record passenger numbers and revenue Revenue (£m) Operating profit (£m) Profit before tax and FX (£m) 2026 7,482.1 2026 439.6 2026 544.6 2025 7,173.5 2025 446.5 2025 577.7 2024 6,255.3 2024 428.2 2024 520.1 Earnings per share (p) Free cash flow (£m) Net cash (£m) 2026 211.2 2026 495.4 2026 2,012.9 2
Slide 4: Financial Review
Financial Review Gary Brown, Group CFO
Slide 5: Profitability optimised through volume, pricing and product mix
Profitability optimised through volume, pricing and product mix 2026 2025 Change • Fully integrated, differentiated operating Seat capacity 24.00m 22.29m 8% model capable of adapting to variable market conditions Flown passengers 20.83m 19.77m 5% • Responsible seat capacity management Load factor %
Slide 6: Another year of strong demand and revenue growth
Another year of strong demand and revenue growth 2026 2025 % Vs 2025 • 80% of revenue from package holiday customers Revenue 7,482.1 7,173.5 4% • Underlying cost base well Operating Profit 439.6 446.5 (2%) Operating profit margin % 5.9% 6.2% (0.3ppts) controlled at +4.5% Profit before tax & FX 544.6
Slide 7: Free cash flow generation supports value accretive capital allocation
Free cash flow generation supports value accretive capital allocation FY26 cash flows £2.6bn of free cash flow generated since pandemic 1,000 800 700 800 600 (391.2) 500 400 £m 600 300 200 4.3 100 £m 886.6 0 400 2023 2024 2025 2026 (363.0) 495.4 • Operating cash flow supports capex for growing 200 A
Slide 8: Robust balance sheet supporting capital allocation framework
Robust balance sheet supporting capital allocation framework 2026 2025 • Resilient and flexible balance sheet Intangible assets & Investments 26.8 26.8 with access to ample liquidity Property, plant and equipment 1,669.9 1,453.1 • Investing for future growth - 10 x Right-of-use assets 692.6 679.6 A3
Slide 9: Strong cash flows enable progress towards our medium-term targets
Strong cash flows enable progress towards our medium-term targets FY25 FY26 Target Leverage 0.1x 0.1x 2.0x Net debt (‘Own Cash basis’) to EBITDA ‘Own Cash’ £600m- £1.1bn £1.2bn Medium term target at low point in annual cash cycle £700m Capital expenditure ~£900m £399m £391m average Primarily new A32
Slide 10: Strategy Update
Strategy Update Steve Heapy, CEO
Slide 11: To be the UK's Leading and Best Leisure Travel business
To be the UK’s UK’s Leading leading and best Best leisure Leisuretravel Travelbusiness business Our Strategy Our Philosophy Nothing Beats ® a Jet2holiday! Growth of our of Growth People People Packageour Package Our Ourmost most valuable asset valuable asset Colleagueengagement Colleague engagement1
Slide 12: Key levers supporting a profitable multi-year growth agenda
Key levers supporting a profitable multi-year growth agenda 1 Fleet Investment 155 A321neos by 2035, secured on attractive Covid-era terms, supporting efficiency-led growth 2 Expand our Reach Unlock growth opportunity in the South of England, an underpenetrated market for Jet2 3 Grow & Strengthen ou
Slide 13: Fleet Investment - Upgauging with A321neo delivers cost efficiencies
Fleet Investment - Upgauging with A321neo delivers cost efficiencies 737-800 A321neo 180 160 162 160 151 152 154 139 142 140 135 120 23 31 43 65 79 99 Fleet size 100 117 124 80 93 60 93 91 83 40 72 55 20 3 43 38 7 3 7 3 9 5 5 3 1 0 S25 S26 S27 S28 S29 S30 S31 S32 Average gauge 197 199 201 208 212 21
Slide 14: Expand our Reach – London Gatwick launch a major milestone
Expand our Reach – London Gatwick launch a major milestone Strong strategic foothold with future A once-in-a-generation opportunity to accelerate our growth expansion potential • An initial 6 aircraft in operation • Catchment area of over 15 million people within 60 minutes by road or rail • Perform
Slide 15: Opportunity to materially increase our share in valuable South of England market
Opportunity to materially increase our share in valuable South of England market South Rest of UK GLASGOW 2.2m UK Population1 UK Population1 BELFAST EDINBURGH 49.4% 50.6% INTERNATIONAL 1.7m 2.1m NEWCASTLE MANCHESTER 2.9m Spontaneous Awareness2 Spontaneous Awareness2 5.6m 24% 45% LEEDS LIVERPOOL BRAD
Slide 16: Extensive leisure travel network delivering fantastic customer choice
Extensive leisure travel network delivering fantastic customer choice Size & scope of offer Fully integrated model provides breadth, flexibility and choice for all! • UK’s #1 Tour Operator and 3rd largest airline • Highly attractive network of flights and hotels across Europe and North Africa • Exce
Slide 17: Very well positioned to meet growing market demand
Very well positioned to meet growing market demand 31% +5ppts 86% Expecting to increase Increase in beach holiday interest number of overseas holidays2 amongst Brits since Summer 20243 Awareness¹ +5% vs nearest competitor +9ppts Increase in Package holiday +12% Increase in package holidays #1 for Aw
Slide 18: Leading the industry on satisfaction, loyalty and repeat purchase
Leading the industry on satisfaction, loyalty and repeat purchase Four easy ways Smooth airport VIP service in Welcoming in- Friendly service to book experiences the sky resort transfers from start to finish 92% Customers who have rebooked within 25 months2 Net Promoter Score3 Customer +45pts vs Eur
Slide 19: Driving customer loyalty whilst continuing to win new customers
Driving customer loyalty whilst continuing to win new customers Direct Booking Volumes(1) 43% 39% 35% Bookings from loyal customers (2) 32% +23% CAGR over last 3 years 41% 38% 685k Bookings from 41% 42% new customers (2) in 2026 (3) 27% 22% 21% 19% New Repeat Loyal 2023 2024 2025 2026 (1) Direct boo
Slide 20: Leveraging data and technology to enhance customer engagement
Leveraging data and technology to enhance customer engagement A marketable database built myJet2: the engine of growth Strengthening relationships for scale and impact and retention through tech & personalisation 0.5m 1.6m 2.7m .. 6.4m Prospects1 Active 2 Lapsed 3 Dormant 4 ¹Prospects – recently reg
Slide 21: Outlook – Year ending March 2027
Outlook – Year ending 31 March 2027 Summer 2026 seat capacity up 7.7% at 19.9m with growth across both products Encouraging Summer 2026 performance despite later booking profile due to the Middle East conflict Load factor: April - July 2026 +1.2ppts with strong late booking momentum supported by tar
Slide 22: Our differentiated, fully integrated offering will deliver sustained profitable growth
Our differentiated, fully integrated offering will deliver sustained profitable growth Fleet Investment Expanded Reach Strategic asset enabling Unlock growth opportunity in efficient growth underpenetrated South Differentiated customer Trusted, consistently Customer service delivered product Consist
Slide 23: Appendices
Appendices 1. 2. 3. 4. Jet2’s Investment case Capital allocation framework Sustainability Existing debt maturity and capital expenditure profile 5. Glossary of terms 6. Important information
Slide 24: Jet2's Investment Case
Jet2’s Investment Case To be the UK’s Leading and Best Leisure Travel business The Market Size & scope of offer Fully integrated Customer-led offering Large, resilient and Highly attractive network of operating model Customer First = Customer structurally growing flights and hotels across UK’s #1 To
Slide 25: Capital allocation framework
Capital allocation framework Objective FY26 Results • Maximise returns from existing business • PBTFX of £544.6m • Maintain fleet flexibility • Operating cash flow of £886.6m 1. Capital Control • Invest in value-accretive growth and • £11m Gatwick startup investment absorbed efficiency initiatives •
Slide 26: Sustainability
Sustainability 124 A321neo pipeline SAF 20% lower fuel 2% SAF procured in 2025 consumption per seat (and calendar year lower CO2 emissions) In the air On the ground In resort Encompasses all the Includes activities carried Comprises activities activities associated with out by our ground handling as
Slide 27: Existing debt maturity and capital expenditure profile
Existing debt maturity and capital expenditure profile 600 1,200 1,175 1,125 Debt Maturity 530 Total Capex 2027-31 2027-31 500 1,000 ~£0.75bn ~£4.6bn 875 825 400 800 290 625 £m £m 300 600 450 200 400 170 150 100 75 200 60 0 0 2027 2028 2029 2030 2031 2032+ 2027 2028 2029 2030 2031 2032 Financial Yea
Slide 28: Glossary of terms
Glossary of terms ATOL Air Travel Organiser’s Licence Total Package Holiday Price (net of taxes) paid by the customer excluding discretionary non-ticket revenue, divided Average Package Holiday Price by the number of Package Holiday Customers departing in that period Flight-only Net Ticket Yield Fli
Slide 29: Important Information
Important Information These Presentation Materials, which are the sole responsibility of the Company, do not in interest rates and foreign currency exchange rates; changes in applicable laws and constitute or form part of any offer for sale or subscription or any solicitation for any offer to regula
Slide 30: Nothing Beats a Jet2holiday!
Nothing Beats a Jet2holiday!