EasyJet says third-quarter profit fell 70% as fuel costs rose

EasyJet said its profit before tax fell 70% in its third quarter as the Middle East conflict pushed up jet fuel prices and weakened customer demand.

The British no-frills airline reported profit before tax of £85 million, or $114 million, for the three months to the end of June, compared with the same period a year earlier. The carrier said it was affected by elevated fuel prices and a fall in consumer demand after the start of the Middle East conflict.

EasyJet said its fuel costs were £105 million higher than a year earlier. Chief executive Kenton Jarvis said the airline had continued to manage the impact of the Middle East conflict during the quarter.

The company said its final result for FY26 still depends on important remaining bookings and fuel prices, which it said remain volatile.

EasyJet, which flies mainly across Europe, is also involved in a takeover contest between two US private equity firms. The airline has backed a bid from Apollo after its £7.15-per-share proposal topped Castlelake's £6.90-per-share bid. Under UK rules, Apollo has until August 7 to make a firm offer or walk away, while Castlelake has until August 3.