Leeds-based Jet2 said on Wednesday it is “maintaining frequent dialogue” with its fuel suppliers and airport partners as it continues to monitor the situation in the Middle East.
“The group has a strong hedged position with 87% of its summer requirement hedged and jet fuel swaps at an average price of $707 per metric tonne giving us a high degree of cost certainty,” said the Leeds firm.
“We are also maintaining frequent dialogue with our fuel suppliers and airport partners on fuel supply.”
In a trading update for the year ending March 31, 2026, Jet2 said: “Following our trading update on 25 February 2026, the Group expects to report Operating profit of between £435m and £440m (FY25: £446.5m), in line with current market expectations.
“This includes £11m of promotional and resourcing startup costs associated with the launch of our London Gatwick base, which commenced operations on 26 March 2026.
“Our balance sheet position remains strong, with total cash at 31 March 2026 of £3.3bn, net cash of £2.0bn and access to an undrawn £500m Revolving Credit Facility.
“This sensible and disciplined approach to balance sheet management enables us to navigate short-term volatility effectively, continue to invest in future growth opportunities, and has allowed us to return £363.0m of capital to shareholders during the year.”
On the year ending March 31, 2027, Jet2 said: “Looking ahead we believe the strength of Jet2‘s end-to-end business model continues to differentiate the Group within a competitive market.
“In addition, the successful operational launch at London Gatwick takes Jet2 to the UK’s biggest holiday airport for the first time, with over 90% of the British public now within a 90-minute drive of one of Jet2‘s 14 UK bases.
“On sale capacity for Summer 2026 is currently 7.7% higher than Summer 2025, at 19.9m seats. Booked to date passengers are up by 6.2% with both package holidays and flight-only showing positive growth.
“Since commencement of the conflict in the Middle East, the booking profile has become increasingly close to departure. At present, Q1 (April, May, June) combined average load factor is in line with the prior year, with the current geopolitical uncertainty limiting visibility for the peak summer season and beyond.
“As previously stated, we continue to invest in load factor and remain fully committed to pricing that is attractive and represents real value to our Customers …”
Jet2 currently operates from 14 UK airport bases at Belfast International, Birmingham, Bournemouth, Bristol, East Midlands, Edinburgh, Glasgow, Leeds Bradford, Liverpool John Lennon, London Gatwick, London Luton, London Stansted, Manchester and Newcastle.
Jet2 CEO Steve Heapy said: “FY26 was another strong year for Jet2, topped off by the successful launch of operations at London Gatwick which is performing ahead of our initial expectations with over 0.4m passengers booked for the summer season.
“As ever, our focus on providing the very best Customer First service underpinned our performance in the year, and with that, I would like to thank every one of our Colleagues for their unwavering hard work and support.
“Our fully integrated, customer-focused and service-led business model enables growth and resilience, setting the business apart when it comes to earning customer loyalty and repeat bookings. This is supported by our growing fleet of more fuel efficient and quieter A321neo aircraft, with 31 in operation this summer.
“Clearly, we continue to monitor the situation in the Middle East but remain focused on our medium-term goals. Jet2 is a business with strong fundamentals, an attractive product offer, and a brand synonymous with VIP customer service. These are the attributes that sit at the heart of our People, Service Profits philosophy and give me confidence for long-term profitable growth as more and more customers rely on Jet2 for their hard-earned holidays.”