Easyjet Plc S/Adr (ESYJY) Q2 2026 Earnings Call

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Replay transcript excerpt

WEBVTT 00:00:01.735 -- 00:00:05.099 Well, welcome everybody to EasyJet's 00:00:05.099 -- 00:00:09.404 half-year presentation of the results to the 31st of March, 2026. 00:00:09.404 -- 00:00:11.127 I'm 00:00:11.127 -- 00:00:16.613 joined today by our chair, Sir Stephen Hester, and the management board here on the 00:00:16.613 -- 00:00:21.880 front row. We've already released a full presentation to the website 00:00:21.880 -- 00:00:25.124 this morning. I don't know whether you've had a chance to have a look at it, but if you 00:00:25.124 -- 00:00:30.350 haven't, I will give a brief summary now before we go through to 00:00:30.350 -- 00:00:31.992 Q&A. 00:00:31.992 -- 00:00:37.238 So starting with our performance for the first half, the underlying H1 results 00:00:37.238 -- 00:00:39.240 were consistent 00:00:39.240 -- 00:00:44.326 with expectations and were in line with what we put out in 00:00:44.326 -- 00:00:49.152 the April trading statement. There was a very limited impact from the Middle East in 00:00:49.152 -- 00:00:53.818 terms of trading, but obviously there was a fuel impact with volatile fuel pricing in 00:00:53.818 -- 00:00:59.021 the month of March, which caused the 25 million additional costs. 00:00:59.043 -- 00:01:04.065 We clearly recognise that these winter losses are not where we planned them to be when 00:01:04.065 -- 00:01:07.042 we set out the 2023 targets. 00:01:07.042 -- 00:01:12.208 And it remains a focus for us to structurally improve our seasonal losses and bring 00:01:12.208 -- 00:01:15.392 them down over the course of the coming years. 00:01:15.392 -- 00:01:20.678 But what's important to recognise is that we've made some important investments. 00:01:20.678 -- 00:01:25.824 So over the last three consecutive winters, we've added 24% in terms of s...