easyJet profits hit hard by Middle East conflict’s impact on fuel prices
easyJet’s profits have been hit hard by the conflict in the Middle East and its impact on fuel prices, according to the low-cost-carrier’s latest financial results.
On July 23, 2026, easyJet said the group’s profit before tax had shrunk by 70% in quarter two, from $382 million (£286 million) last year to $113 million (£85 million) this year.
The company said it was impacted by “elevated fuel prices and a reduction in consumer demand following the onset of the Middle East conflict in March and consumer concern about unrealized fuel supply issues”.
Fuel costs increased by $140 million (£105 million) versus the prior year, due to “higher fuel prices on the unhedged portion of consumption, with fuel prices peaking at approximately $1,800 per metric ton in April”.
The airline, which has been subject to takeover offers from both Apollo and Castlelake in the last month, said it has hedged 62% of its fuel needs for H127 and 37% for H227.
Brookgardener / ShutterstockFor H127, the company has secured fuel at an average of $754 per metric ton (MT) and for H227 at $777/MT. The market price on July 20, 2026, is $1,275/MT.
“Strong demand for late bookings in the month of departure was seen throughout the quarter, however this was insufficient to fully offset the weaker booking trends experienced following the conflict,” easyJet said.
Group revenue was up 2% from $3.90 billion (£2.918 billion) in quarter two 2025 to $3.99 billion (£2,983 billion) over the same period this year.
“We have continued to manage the impact of the Middle East conflict, and its effect on fuel prices and booking trends, during the quarter,” Kenton Jarvis, easyJet’s CEO, said. “Pricing has been attractive, driving strong late booking demand for our flights and holidays and our relentless focus on execution has delivered an excellent operational performance and even greater levels of customer satisfaction.”
He added: “As consumer confidence increases, we are seeing the load factor gap close for peak summer and an extension of the booking curve as customers continue to prioritize travel and take advantage of our great fares.”
Looking ahead, easyJet said its Available Seat Kilometers (ASK) capacity is expected to grow 6% year on year with seats expected to grow 3% year on year.
CCO steps down to return to flying as an easyJet pilot
Additionally, easyJet announced that its Chief Operating Officer, David Morgan, has chosen to retire from his current role and return to flying as an easyJet pilot.
Sophie Dekkers, the current Chief Commercial Officer, will assume Morgan’s role until September 1, 2026, when new recruit Daniel Skjeldam will join easyJet as the permanent CCO.
Skjeldam is currently a Non-Executive Director at Norwegian Air Shuttle.
easyJet said Skjeldam’s appointment comes at an “exciting time for the business as we prepare to launch our new loyalty proposition and focus on driving incremental revenue opportunities through premiumization and business travel, alongside the continued growth and optimization of our network”.
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easyJet’s profits have been hit hard by the conflict in the Middle East and its impact on fuel…
The post easyJet profits hit hard by Middle East conflict’s impact on fuel prices appeared first on AeroTime.
