Shares of Leeds-based Jet2 plc fell as much as 14% on Thursday after it published an AGM statement warning that it expects earnings before interest and taxes (EBIT) “to be towards the lower end of the consensus range.”
Jet2 said: “Summer 2025 on sale seat capacity at 18.5m seats is 8.0% higher than Summer 2024 and consistent with our last update on 9 July.
“However, since then the closer to departure booking trend has become more pronounced. To the end of August flown package holiday customers grew by 2%, with flight-only passengers rising by 17%, demonstrating the flexibility of our operating model and supporting our growth and market expansion.
“Average package holiday pricing continues to display a modest increase, whilst net ticket yields for our flight-only product have become increasingly attractive, in part supported by the reallocation of marketing monies into price to improve conversion, alongside balanced cost control.
“Looking ahead to Winter 25/26, we have chosen to exercise capacity discipline in a less certain consumer environment, reducing seats on sale from 5.8m to 5.6m, an increase of 9% on Winter 24/25, and we plan to maintain attractive pricing to ensure our customers are able to get away from it all and enjoy a relaxing holiday.
“With limited visibility given the later booking profile and the remainder of summer and much of winter seat capacity still to sell, we currently expect EBIT to be towards the lower end of the consensus range, although it remains premature to provide definitive guidance as to overall group profitability for the financial year ending 31 March 2026.”
Jet2 plc CEO Steve Heapy said: “Although we are currently operating in a difficult market, we have a proven business model, a loyal customer base, a flexible approach to capacity management and of course our multi award-winning customer service.
“We believe that these factors provide the foundation for a solid financial result this year and for further profitable growth in the years to come.”
Jet2 also announced the appointment of Rachel Kentleton as senior independent non-executive director. Kentleton has been the chair of the Audit & Risk Committee since July, 2024.