Jet2 plc

PRELIMINARY RESULTS FOR YEAR ENDED 31 MARCH 2026

Record passenger numbers and revenue - results in line with expectations

London Gatwick expansion underlines our profitable growth strategy

New £250m share buyback programme announced

Jet2 plc, (the "Group" or the "Company"), the UK's leading provider of package holidays and third largest airline is pleased to announce its preliminary results for the year ended 31 March 2026.

Steve Heapy, Jet2 plc Chief Executive Officer, commented: "The 2026 financial year was another period of strong progress for Jet2. We took more customers on holiday than ever before, delivered record Revenue and achieved a resilient Operating profit performance even after absorbing Gatwick start-up investment and wider industry cost pressures.

Jet2 is a business with strong fundamentals, an attractive and differentiated product proposition and a trusted brand built on consistently high standards of customer service. These strengths, which sit at the heart of our People, Service, Profits philosophy, give me confidence in the Group's ability to deliver sustainable long-term profitable growth as customers continue to choose Jet2 for their hard-earned holidays. Supported by the dedication of our Colleagues who deliver our award-winning Customer First service, we remain firmly focused on delivering our long-term ambition: To be the UK's Leading and Best Leisure Travel business."

Analyst and Investor meeting

The management team will host an analyst and investor meeting at 9.00am UK time, on Wednesday 8 July 2026. The meeting will be available to join remotely via audio-cast. To access the meeting remotely, please register at the following link: https://brrmedia.news/JET2_FY26

A replay of the meeting will be available shortly on the Company's investor relations website: www.jet2plc.com/en/company-reports

For further information, please contact:

Notes to Editors

Jet2 plc is a Leisure Travel Group, comprising Jet2holidays, the UK's leading provider of ATOL protected package holidays to leisure destinations across the Mediterranean, Canary Islands and European Leisure Cities and Jet2.com, the UK's third largest airline by number of passengers flown, which specialises in scheduled holiday flights. In the financial year ended 31 March 2026, over 63% of flown passengers took an end-to-end package holiday with the remainder taking a flight-only.

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.

OUR CHAIRMAN'S STATEMENT

Our differentiated, fully integrated operating model continues to deliver

Over the past decade, Jet2 has delivered a strong and consistent record of growth, with Group revenue increasing at a compound annual growth rate (CAGR) of 19%.

This sustained performance reflects the fundamental strength of our differentiated, fully integrated flight and tour operator model which is the very foundation of our end-to-end Customer First service proposition. Retaining full control of our seat supply supports flexibility of holiday duration and underpins operational resilience and reliability, enabling us to deliver a compelling customer proposition that continues to drive repeat bookings and long-term loyalty.

This approach has seen more than 130 million passengers travel with us over the past decade to a wide range of popular holiday destinations, whilst also delivering a 10-year return on capital employed of 15.7%^‡.

During the year, we extended the reach of our business, increasing our footprint to 14 UK bases with the successful launch of operations at London Luton and London Gatwick airports. This expansion represents a pivotal moment in our growth journey as we continue to advance beyond our established Northern roots, expanding market share in the South of England and strengthening our position as a truly national consumer brand.

At the same time, we remain firmly focused on delivering value, choice and high standards of service for our Customers. The strength of our proposition is reflected in our consistently high customer satisfaction levels in excess of 90%, net promoter scores in the mid-60s and customer retention of 59% across both brands combined, all of which supported further growth in both revenue and flown passengers.

Our future growth and success will continue to be underpinned by disciplined strategic execution, operational excellence and consistent financial delivery, shaped by our People, Service, Profits philosophy. These qualities are brought to life every day by our fantastic Colleagues, whose commitment, talent and dedication are integral to the Group's continued success. I am particularly pleased that many of them were able to share in that success, with collective gains of over £26.0m following the maturity of our inaugural ShareSave scheme. On behalf of the Board, I would like to express my gratitude to all our Colleagues for their much-valued contribution throughout the year.

Financial and Operational highlights

The Group delivered another year of strong financial performance, with Revenue increasing by 4% to £7,482.1m (2025: £7,173.5m). Operating profit of £439.6m (2025: £446.5m) remained resilient, after absorbing £11.0m of startup investment for our new base at London Gatwick and £50m of industry wide cost increases arising from employment taxes and incremental SAF premiums, demonstrating the strength and flexibility of our business model.

Basic earnings per share was 211.2p (2025: 213.1p), underpinned by profit before tax of £551.0m (2025: £593.2m), alongside the repurchase of 22.1m shares under our two share buyback programmes. Reflecting this performance and confidence in the Group's future prospects, the Board has resolved to pay a final dividend of 12.4p per share (2025: 12.1p), an increase of 2%.

At 31 March 2026, cash and money market deposits totalled £3,292.5m (2025: £3,155.8m). This robust liquidity position enabled us to pursue our capital allocation priorities responsibly during the year, investing in future growth while continuing to deliver returns to shareholders.

Building on our recent base openings at Bournemouth and London Luton airports, in late March 2026 we commenced an initial six-aircraft operation at London Gatwick. As the UK's leading airport for beach holidays and city breaks, Gatwick represents an important milestone in the execution of our long-term growth strategy. With more than 90% of the UK population now living within a 90-minute drive of one of our fourteen bases, the Group is well positioned to grow its market share and further develop its brand strength across the South of England. Performance since launch has been very encouraging and has exceeded our initial expectations.

Our long-term Airbus orderbook is a significant strategic asset for the Group. During the year, we continued to execute our fleet strategy, integrating a further 15 A321neo aircraft from this order into the Summer 2025 fleet. Secured on highly attractive commercial terms during the Covid pandemic, ahead of the inflationary environment that followed, and against a current backdrop of ongoing aircraft supply constraints, this committed delivery profile of 146 aircraft through to 2035 provides certainty of supply, supports meaningful unit cost efficiencies and creates a strong platform for responsible, profitable growth and sustained shareholder value creation.

We remain committed to a balanced and disciplined approach to capital allocation including the return of surplus cash to shareholders as and when appropriate. Accordingly, during the course of the year, the Group returned £363.0m to shareholders through two share buyback programmes and dividends. 

Additionally, reflecting the strength of the balance sheet and our confidence in the medium-term outlook, the Group intends to launch a further on-market share buyback programme of up to £250m which is expected to complete by 31 May 2027. The Company expects to cancel those shares upon buyback, providing a positive enhancement to EPS.  

Board

The Board continues to evolve and as part of this ongoing progress, I was delighted to appoint Rachel Kentleton as our Senior Independent Director with effect from 4 September 2025. Rachel has extensive experience, strong independent judgement, a deep understanding of the business and its stakeholders and provides valuable additional support to the Board.

Looking ahead

The Board remains confident in the Group's long-term prospects. The fundamental strength of our differentiated, fully integrated operating model, supported by flexible capacity deployment, careful cost management and a robust liquidity position provide the resilience, agility and optionality required to navigate an ever-evolving environment from a position of strength.

We will continue to invest responsibly in our fleet, product proposition, operational capability and colleagues, while maintaining our unwavering commitment to delivering excellent service and value for our Customers.

With the continued expansion of our national footprint, Jet2 is very well-positioned to establish its differentiated product offer across new and emerging markets in the South of England by leveraging the strength of a brand recognised for its genuinely friendly VIP customer service.

In the years ahead, we are determined to strengthen our position as  the first choice for holidays for customers across the UK, consistent with our long-term strategy: To be the UK's Leading and Best Leisure Travel business.

___________________

Robin Terrell

Non-Executive Chairman

7 July 2026

† Further information on the calculation of these measures can be found in Note 2.

‡ Return on capital employed is calculated as Operating profit divided by capital employed. Capital employed is defined as average shareholders' equity plus average Borrowings and Lease liabilities. The 10-year average of 15.7% excludes the years ended 31 March 2021 and 31 March 2022 which were impacted by Covid 19.

CEO REVIEW

Results for the financial year

The 2026 financial year marked another period of strong strategic progress for Jet2, as we embarked on the next phase of our growth plan in the South of England. We increased seat capacity by 8% to 24.00m through disciplined, responsible expansion, with half of that growth delivered by our new bases at London Luton and Bournemouth airports and the balance generated across our established network.

Overall passengers flown increased by 5% to 20.83m with our award-winning flight-only product performing strongly, as passenger numbers increased by 15% to 7.64m (2025: 6.62m). Meanwhile, Package holiday customers grew by 1% to 6.62m (2025: 6.58m) and remain the majority of our customer base at 63.3% of total passengers flown (2025: 66.5%). The mix of growth reflected the continued consumer preference of shorter booking lead times and reaffirms the strength and flexibility of our fully integrated operating model which enables us to respond quickly to evolving customer behaviour.

These results also underline the resilience of demand across our markets, the execution of our strategic growth priorities and the enduring appeal of our Customer First proposition which is founded on industry-leading customer service and is attracting a growing number of British holidaymakers.

Strategy and operating model

We know holidays are a much-anticipated highlight of the year, offering the opportunity to switch off from everyday life, unwind and enjoy cherished time with family and friends. Consequently, we take great pride in helping our Customers create lasting memories by treating each and every one as a VIP. This means delivering a high-quality, dependable and differentiated customer proposition at every touchpoint, from booking through to travel and in-resort support.

A Jet2 package holiday combines flights, accommodation, transfers and industry-leading customer support within one trusted booking, providing customers with the reassurance that every element of their holiday is taken care of. In times of uncertainty, this proposition becomes increasingly compelling, combining price certainty, ATOL protection and the reassurance of Jet2's proven track record of operational reliability.

With a choice of more than 5,500 hotels and 3,750 villas across 80 destinations, four booking pathways, fully variable durations and fourteen UK bases, our fully integrated operating model provides customers with a high level of choice, flexibility and convenience, while continuing to deliver a high-quality and dependable end-to-end holiday experience.

Growth

Our base footprint

The South of England represents a compelling growth opportunity for our package holiday and flight-only products and we are investing with purpose to strengthen our presence, increase consumer awareness and deepen brand understanding across the region. Our newer bases at Bournemouth and London Luton have performed well, carrying more than 730,000 passengers during the year. Building on this positive start, seat capacity at London Luton has been increased by 30% for the year ending 31 March 2027 to support further growth in demand.

In addition, we were delighted to commence operations at London Gatwick in late March 2026, marking a once‑in‑a‑generation opportunity to accelerate the Group's growth from the UK's largest airport for beach and city leisure destinations. This expansion brings our award-winning proposition to more than 15 million people living within a 60‑minute road or rail journey of the airport. We have been very pleased with Gatwick's performance since launch, with forward bookings displaying a higher package holiday mix than our initial expectations and average load factor in line with our other London bases despite its seats going on sale at a later point in the booking cycle.

Our Airbus delivery pipeline

Jet2 acted decisively in the midst of the Covid pandemic to secure its order for 146 Airbus A321neo aircraft, taking advantage of a period when aircraft and engine manufacturers were actively seeking demand. This move enabled the Group to secure attractive commercial terms ahead of the recovery in consumer travel, rising inflation and supply chain disruption, the benefit of which will increasingly be realised in our future financial performance.

For peak Summer 2026, we expect to operate 31 owned and leased A321neo aircraft representing 22% (2025: 17%) of our total fleet of 139. These larger gauge, more fuel-efficient, and quieter aircraft provide a 20% reduction in fuel and carbon cost per seat, equivalent to circa £10 per seat, as compared to our existing aircraft. With a further 124 aircraft scheduled for delivery by 2035, we are building a fleet that will materially increase operating efficiencies and support the Group's long-term growth ambitions.

In addition, from early 2027, we plan to fit our A321neo aircraft with brand new next-generation lightweight seats offering in-seat power alongside improved space and comfort. This investment will reduce fuel burn and further elevate our onboard proposition, demonstrating our disciplined approach to combining product quality, customer appeal and operational efficiency in a way that supports long-term value creation.

New destinations

Summer 2026 will see the introduction of three brand-new destinations: Samos, Palermo and La Palma. Furthermore, from February 2027, we will expand our North Africa programme with year-round flying to two hugely popular sunshine destinations in Egypt - Hurghada and Sharm-El-Sheik - together with Tunisia from May 2027 where customers can experience rich culture, history and cuisine. We have also added Thassos to our Greek portfolio for Summer 2027, offering customers another beautiful island destination in the northern Aegean.

New partnerships

During the year, we enhanced our customer proposition through a new partnership with Musement, the global tours and activities provider. Across more than 80 destinations, customers can now choose from a diverse portfolio of activities, from water park visits and sightseeing tours to off-road adventures, providing them with more choice and more ways to personalise their holidays and allowing Jet2 to cater for the growing demand for experiential travel.

We have also broadened our product range through a new partnership with Eurocamp. From Summer 2026, customers will be able to choose from 66 exceptional quality holiday parks across France, Italy, Croatia and Spain, providing them with even greater flexibility and options when planning their holidays.

Enhancing brand awareness and customer loyalty

Our service-led, differentiated value proposition continues to resonate strongly with customers, driving a growing and increasingly loyal customer base, which has increased by 11ppts over the past three years to 43% of direct bookings (2023: 32%). We also continue to broaden our customer base, adding 685,000 new customers during the year who we look forward to developing into increasingly loyal, repeat customers as they too enjoy our market leading Customer First service.

In addition, our expansion in the South of England, where our household penetration is 3 times lower as compared to our established bases, creates a significant growth opportunity. We believe we are well placed to unlock this potential, by leveraging the power of the trusted Jet2holidays brand, which ranks first for brand awareness; consideration; and advertising recall, to drive market share growth in this region.

Our Customers are increasingly engaging with us digitally through our mobile app, which was rated second among the top 10 travel apps during June 2026. The app's share of Jet2holidays bookings increased by 2ppts to 30% (2025: 28%), reflecting the growing importance of our digital channels in supporting customer engagement and conversion.

Furthermore, our myJet2 membership programme complements our customer retention strategy and is designed to encourage more users to book through either web or app channels by providing: tailored browsing; exclusive discounts and rewards; a streamlined booking process; enhanced pre-travel support; and in-resort experiences. As a result, myJet2 members increased 45% to 9.3 million (2025: 6.4 million).

We have also built strong momentum through our 'Nothing Beats' marketing strategy following last summer's viral internet trend. This has broadened our appeal amongst the younger demographic, increasing both awareness and consideration among the under-35s by 5ppts to 82% and 79% respectively (2025: 77% and 74%).

Finally, measured investment in our customer database has enabled us to develop an advanced marketing platform which is delivering cost efficiencies and a more personalised booking experience. In the year ahead, we will build on this progress through data-led enhancements to our marketing systems and new supplier partnerships which will support our medium-term growth ambitions.

Operational highlights

Customer service excellence and brand strength

We have strengthened our credentials as a UK consumer champion in leisure travel with Jet2.com and Jet2holidays continuing to receive strong independent endorsement, underlining the quality of our differentiated customer proposition. Recurring recognition from leading consumer-focused organisations, including Which?, the UK Customer Satisfaction Index (UKCSI) and Feefo reflect the consistent focus we place on delivering great value, award-winning customer service and the high-quality experience our Customers rightly expect from us.

In January 2026, the UKCSI ranked Jet2holidays 5th and Jet2.com 16th for customer service among the UK's highest-performing organisations, with Jet2.com the only airline in the top 50. Both brands also retained Which? Recommended Supplier status, with Jet2holidays recognised across six holiday categories, including an eighth consecutive year in the Beach and Resort Holiday Providers category, and the only company in the top 10 ATOL holders to achieve this distinction. In addition, Jet2holidays received a Platinum Trusted Service Award from Feefo for outstanding customer service excellence for the sixth year in a row, with Jet2.com also recognised with a Trusted Service Award.

Providing a smooth and enjoyable travel experience is fundamental to what we do, and we are pleased to be industry‑leading in flight reliability, cancelling just 0.06% of 123,000+ flights (2025: 0.05%) during the year, reflecting the resilience of our operations.

Delivering exceptional holiday experiences, underpinned by VIP customer service remain at the heart of our business, and are reflected in our consistently strong satisfaction metrics across both our brands. This year, 92% of our Customers reported that they were either satisfied or very satisfied with their holiday experience, while our NPS remained significantly ahead of industry benchmarks in the mid-60s across both Jet2.com and Jet2holidays, supporting a strong customer repeat booking rate of 59% across both brands combined.

Together, these independent endorsements and customer metrics provide compelling evidence of the strength of our proposition, the quality of our delivery and the enduring appeal of our brands, reinforcing why Nothing Beats a Jet2holiday!

Our Colleagues: a key differentiator

Our Colleagues are at the heart of everything we achieve at Jet2 and without their dedication, energy and team spirit we would not be able to deliver the Customer First experience that our Customers know and love.

Our 'Take Me There' values underpin this culture, shaping how we Be Present, Create Memories, Take Responsibility and Work as One Team for both our Customers and each other. This shared commitment is the driving force behind Jet2's well-established reputation as a trusted brand.

In recognition of that contribution, we were pleased to announce a 4% pay increase for the year ending 31 March 2027, following a 3% award for the year ended 31 March 2026, taking the compounded increase over the last four years to more than 20%. Furthermore, following another successful financial year, we are very pleased to once again award our Discretionary Colleague Profit Share Scheme for non-management colleagues and our Discretionary Bonus Scheme for management colleagues.

Our ShareSave schemes continue to be very popular, with the inaugural scheme delivering collective gains of over £26.0m upon reaching maturity during the year. We firmly believe that consistently attractive and competitive reward for our Colleagues is a key motivator in the delivery of industry-leading customer service and also strengthens the culture and ambition that make Jet2 such a special business.

In November 2024, we launched our first company-wide colleague survey and in response to the feedback we made a number of enhancements, including improved staff travel, pension self-service and the option to sacrifice bonus into pensions. Building on this, we carried out a follow up interim survey in 2025 to assess engagement levels and understand the impact of the changes introduced. We were delighted to hear that 78% of our Colleagues feel proud to work for Jet2 and 94% reported having a good understanding of our 'Take Me There' values. This strong sense of pride in Jet2 and a shared understanding of our values drives our award-winning service and offering.

In May 2025, we launched our first fully funded pilot training programme - Jet2FlightPath. The initiative attracted more than 18,000 applications from aspiring pilots across a broad range of social and economic backgrounds, with 60 pilot cadets selected to join the programme. Following the overwhelming success of its first year, recruitment is underway for the next cohort of future pilots, reinforcing our long-term commitment to develop local talent and support greater access to careers in aviation.

Enhancing the Customer experience

The investment we made in our groundbreaking Retail Operations Centre (ROC) has continued to support a better onboard experience for our Customers, with average stock availability maintained at over 99% during the year. Together with operational cost efficiencies, this has contributed a 10% improvement to in-flight retail profit per passenger. In addition, building on the successful launch of automated bar packing in November 2025, we recently began the first phase of our strategy to provide a more tailored onboard retail experience for our Customers through the implementation of departure base dynamic loading, based on regional sale trends. In time, this will ensure we have the right products, at the right time, every time, strengthening customer satisfaction and supporting further growth in in-flight revenue.

Building operational resilience

In August 2025, as part of a strategy to steadily reduce reliance on third party maintenance organisations, we were delighted to unveil our new hangar at Manchester Airport, which will play a key role in supporting our operations and future growth. This facility, adjacent to our existing hangar, enables our in-house maintenance teams to work on up to three aircraft simultaneously, and six aircraft across both hangars, bringing even greater operational resilience to our flying programme.

Championing affordable, accessible Leisure Travel

In April 2026, we hosted the More Than Just a Holiday reception in the Houses of Parliament, bringing together the Aviation Minister, the Department for Transport, MPs, peers and industry stakeholders. The event provided an opportunity to demonstrate how the government and aviation industry can work together to ensure holidays remain affordable, while supporting skilled jobs and career opportunities.

Furthermore, we are working closely with our airport partners and operational suppliers regarding the EU's Entry-Exit System (EES), which became fully operational in April 2026 in many of our destination airports. We are actively lobbying overseas governments and local authorities to minimise the impact of EES through the provision of tactical suspensions when the system becomes overwhelmed by high volumes, so customers can enjoy a smoother, stress-free travel experience this summer.

Finally, against a backdrop of rising UK and EU SAF mandates, we continue to work with government and industry partners to accelerate the modernisation of UK and EU airspace and support the development of a viable UK SAF production industry. This is becoming increasingly important given the mandates are set to reach 22% and 34% in the UK and EU respectively by 2040, while 92% of the UK aviation industry's mandated SAF was shipped from Asia in 2025.

Senior leadership changes

To support structured succession planning and business continuity, we made a number of senior leadership changes during the year, including the strengthening of our team of seven C-suite Executives. David Hills joined Jet2 as Chief Customer Officer, with Chris Shaw joining as Chief Technology Officer. These appointments further enhance our leadership capability to support the next phase of our growth and the continued execution of our Customer First strategy.

Outlook

On-sale capacity for Summer 2026 is currently 7.7% ahead of Summer 2025 at 19.9m seats, with booked-to-date passengers up 7.1% and continued growth across both package holiday and flight-only products.

We have been encouraged by performance for Summer 2026 to date, despite the Middle East conflict leading customers to book closer to departure, a trend that is continuing across the peak summer period. The combined booked average load factor for the first four months of the year is currently 1.2ppts ahead of the prior year, reflecting our continued investment in load factor supported by attractive pricing, to take advantage of the strong late booking momentum.

Our London Gatwick operation is performing ahead of our initial expectations, supported by a stronger-than-expected package holiday mix. Given this encouraging start, we now expect to operate seven aircraft at Gatwick in Summer 2027 as we continue to execute our strategic growth plans in the South of England.

We have also acted decisively to protect margins, with 90% of full year jet fuel requirement hedged at an average price of $743 and over 85% of foreign exchange also hedged for the full financial year, delivering a high degree of cost certainty.

Today Jet2 is a business with strong fundamentals - we have a clearly differentiated business model, a compelling product proposition, strong customer loyalty and a brand synonymous with trusted, award-winning VIP Customer First service.

Looking further ahead, our value drivers are clear: a highly attractive aircraft orderbook which will deliver meaningful cost efficiencies and supports long-term growth; a growing presence in the South of England providing a significant opportunity in an underpenetrated market; a loyal customer base who understand why Nothing Beats a Jet2holiday; the ability to progressively deepen customer engagement through myJet2, whilst continuing to allocate capital with discipline and purpose. Underpinned by a robust liquidity position and our People, Service, Profits philosophy, I am confident that we are very well placed to deliver sustainable, long-term profitable growth, as more and more customers place their trust in Jet2 for their hard-earned holidays.

A further update on peak summer trading will be provided at our AGM on 3 September 2026.

____________________

Steve Heapy

Chief Executive Officer

7 July 2026

CFO REPORT

The Group's financial performance for the year ended 31 March 2026 is reported in accordance with UK-adopted international accounting standards and applicable law.

* Profit before FX revaluation and taxation and EBITDA are included as alternative performance measures in order to aid users in understanding the underlying operating performance of the Group. Further information can be found in Note 2.

Customer demand & revenue

The Group delivered a strong and resilient financial performance, demonstrating the versatility of its fully integrated, differentiated operating model to adapt to variable market conditions.

Total seat capacity increased by 8% to 24.00m (2025: 22.29m) with flown passengers growing by 5% to 20.83m (2025: 19.77m). This resulted in an average load factor of 86.8% (2025: 88.7%), reflecting a disciplined approach to balancing pricing, demand and capacity growth. Encouragingly, our new bases at London Luton and Bournemouth contributed 4% of the flown passenger growth, supporting the rationale for our strategic expansion in the South of England.

We saw substantial demand for our flight-only product as passenger numbers increased by 15% to 7.64m (2025: 6.62m) reflecting the Group's ability to adapt its operating model to optimise returns in a more price-sensitive, shorter lead-time market. We also continued to build our package holidays customer base, with volumes growing by 1% to 6.62m (2025: 6.58m), demonstrating the enduring appeal of our ATOL-protected holiday offering. As a result, the package holiday mix represented 63.3% of overall passengers flown (2025: 66.5%).

Average package holiday pricing increased by 3% to £900 (2025: £873) with 1% due to a higher proportion of customers choosing 4* or 5* hotels together with the partial recovery of supplier-led cost inflation. Flight-only ticket yield per passenger sector of £110.92 (2025: £118.81) reflected targeted pricing actions, supported by selective reallocation of marketing investment, to support average load factor and optimise overall profitability.

Non-ticket revenue per passenger sector increased by 4% to £26.56 (2025: £25.56), primarily due to the higher proportion of flight-only bookings which contributed to an 8% increase in hold baggage revenue. In addition, in-flight retail revenue per passenger increased by 5% due to the successful launch of a refreshed product range and the pass through of supplier cost increases.

Accordingly, overall Group Revenue increased by 4% to £7,482.1m (2025: £7,173.5m).

Operating expenses

Hotel accommodation costs increased 7% to £3,166.5m (2025: £2,971.6m), reflecting supply-led inflation of 6% and the proportion of customers choosing 4* or 5* hotels increasing to 64.8% (2025: 63.2%). This was partially offset by a 2% currency benefit on euro-denominated hotel costs.

Fuel costs improved by 1% to £728.9m (2025: £739.0m) as a 6% reduction in average jet fuel swap rates and 3% efficiency benefits from our expanding A321neo fleet was offset by a 6% increase in flying hours. In addition, SAF premium costs of £32m were incurred from the introduction of UK and EU SAF mandates from January 2025.

Landing, navigation and third-party handling costs increased by 9% to £600.5m (2025: £552.7m), following a 5% increase in flown passengers and a 4% increase in rates across airport charges, handling fees and Eurocontrol flying fees.

Travel agent commission increased by 2% to £187.4m (2025: £184.5m) reflecting increases in independent travel agent package holiday ticket pricing, in part offset by a 4% reduction in volume through the trade booking channel.

Maintenance costs rose by 10% to £192.8m (2025: £175.8m) primarily due to a 6% increase in aircraft rotations and average rate increases of 7%. This was partially offset by a 1% benefit from lower costs associated with new aircraft and a 2% currency benefit for dollar-denominated costs.

Transfer costs increased by 5% to £125.7m (2025: £119.8m) due to an increase in average rates per passenger.

Carbon costs decreased by 21% to £91.8m (2025: £115.9m), primarily a result of lower emissions trading schemes (ETS) prices in both the UK and the EU, having secured our UK requirement at an average rate of £34 per tonne (2025: £52) prior to increases in market rates. This benefit was partially offset by a 7% increase in volume, largely due to the reduction in free ETS carbon allowances.

In-flight cost of sales increased by 14% to £133.8m (2025: £117.1m) driven by flown passenger growth and the impact of cost inflation across the product range.

Staff costs increased to £913.6m (2025: £841.8m), reflecting a 3% pay award to recognise our Colleagues' contribution in line with our People, Service, Profits philosophy. Average headcount increased by 3% to support a larger Summer 2025 flying programme which included two new operating bases and a higher proportion of A321neo aircraft requiring additional Airbus-trained pilots. Changes to the National Living Wage and National Insurance, including a reduction in the earnings threshold and an increase in the Employer National Insurance rate from 13.8% to 15%, resulted in a further incremental cost of £18m during the year.

Marketing costs reduced by 9% to £259.0m (2025: £286.0m), primarily due to a reduction in the average cost per acquisition as marketing monies were reallocated into pricing to attract later bookings in a competitive marketplace, together with efficiency benefits realised from investment in our digital marketing technology infrastructure.

As a result, total operating expenses increased by 5% to £7,042.5m (2025: £6,727.0m).

Operating profit

Group operating profit was £439.6m (2025: £446.5m) with operating profit margin resilient at 5.9% (2025: 6.2%), after absorbing £11.0m of startup investment for our new base at London Gatwick and £50m of industry wide cost increases arising from regulatory employment taxes and SAF mandate increases.

Group statutory profit before taxation

Net financing income (excluding Net FX revaluation gains) decreased by 25% to £91.2m (2025: £120.9m), as lower interest rates year-on-year resulted in a 21% reduction in finance income to £140.7m (2025: £178.9m). Finance expenses reduced by 15% to £49.5m (2025: £58.0m) primarily reflecting the repayment of the convertible bond in the prior year.

In addition, a net FX revaluation gain of £6.4m (2025: £15.5m) arose from the year end revaluation of US dollar-denominated Lease liabilities and Borrowings, as sterling strengthened by 2% over the year.

Profit on sale of assets increased by £3.5m to £13.8m (2025: £10.3m), primarily driven by the timing of engine sales following the retirement of our remaining Boeing 757-200 aircraft in the prior year.

As a result, Group statutory profit before taxation was £551.0m (2025: £593.2m) at a margin of 7.4% (2025: 8.3%), principally reflecting lower finance income earned on cash deposits.

Group statutory profit after taxation

The Group recognised a tax charge of £140.5m (2025: £146.4m), representing an effective tax rate of 25% (2025: 25%), resulting in Group statutory profit after taxation of £410.5m (2025: £446.8m).

Earnings per share

Basic earnings per share was broadly stable at 211.2p (2025: 213.1p) supported by the Group's disciplined repurchase of 22.1m shares during the year. Diluted earnings per share increased by 1% to 208.2p (2025: 207.2p), reflecting a reduction in the number of unvested employee share option awards.

Other comprehensive income and expense

The Group recorded Other comprehensive income of £388.1m (2025: £27.0m expense), primarily due to favourable fair value movements in jet fuel derivatives at the balance sheet date as market pricing increased following the escalation of conflict in the Middle East.

Cash flows

The following table sets out condensed cash flow data and the movement in Cash and cash equivalents and money market deposits:

(a) Cash flows are reported including the movement on money market deposits (cash deposits with maturity of more than three months from point of placement) to give readers an understanding of total cash generation. The Consolidated Statement of Cash Flows reports net cash flow excluding these movements. Further information on these balances as at the year-end can be found in Note 2.

Net cash generated from operating activities

Cash generation remained resilient as EBITDA increased by 1% to £746.3m (2025: £738.9m), with operating cash flows before movements in working capital broadly unchanged at £742.6m (2025: £741.8m). This demonstrates the continued strength of the Group's earnings conversion and the cash-generative nature of the business model.

Movements in working capital resulted in an inflow of £76.9m (2025: £235.4m). Whilst positive, the reduction on last year reflected customers delaying their holiday bookings following the start of the conflict in the Middle East in late February 2026. Net finance income cash flows decreased to £99.1m (2025: £124.1m) due to lower interest rates in the year. Corporation tax payments were £32.0m (2025: £43.6m) as deferred tax assets in respect of losses incurred during the Covid pandemic continued to be utilised.

As a result, net cash generated from operating activities was £886.6m (2025: £1,057.7m).

Net cash used in investing activities

Total capital expenditure of £391.2m (2025: £398.6m) was comfortably covered by operating cash flows, primarily representing payments for Airbus A321neo aircraft deliveries and maintenance costs for our Boeing fleet. Additionally, we invested in the construction of a second engineering hangar at Manchester Airport, which opened for operation in late Summer 2025 and has increased our in-house maintenance capacity by 50%.

Consequently, free cash flow amounted to £495.4m (2025: £659.1m).

Net cash used in financing activities

Loans advanced of £237.8m (2025: £146.5m) related to the financing of new aircraft deliveries, as we maximised the benefits of competitive rates in the Jolco market. Repayments of borrowings reduced to £248.1m (2025: £653.0m), due to the early repayment of the convertible bond in the previous year.

The Group continued to return capital to shareholders during the year. Dividends paid totalled £32.1m (2025: £31.6m), while £330.9m was deployed for the purchase and cancellation of shares under two share buyback programmes, the second of which completed post-year end on 1 May 2026.

In addition, the maturity of the Group's inaugural ShareSave scheme generated £31.4m of proceeds from the exercise of employee share awards. The Employee Benefit Trust also acquired 2.3m shares to satisfy new employee share awards, resulting in a cash outflow of £31.9m.

As a result, Net cash used in financing activities amounted to £373.8m (2025: £696.6m).

In total, the Group generated a net cash inflow of £136.7m (2025: £28.9m outflow) resulting in year-end total cash and money market deposits^† of £3,292.5m (2025: £3,155.8m). Net cash, stated after borrowings and lease liabilities remained broadly flat at £2,012.9m (2025: £2,017.9m).

In summary, robust underlying cash generation enabled the Group to fund disciplined capital investment, meet financing obligations, support ordinary dividend payments and execute meaningful share buybacks, while still delivering a net increase in cash and money market deposits.

† Further information on the calculation of this measure can be found in Note 2.

Financial position

The following table sets out the condensed statement of financial position:

(a) Stated excluding derivative financial instruments and trade and other receivables.

(b) Stated excluding cash and cash equivalents, money market deposits, deferred revenue, borrowings, lease liabilities and derivative financial instruments.

(c)  Stated including advance customer deposits of £2,104.8m (2025: £2,058.9m).

Liquidity

A strong balance sheet and access to ample liquidity remain core priorities for the Group in this fast paced, capital-intensive industry, supporting resilience through the cycle, providing capacity for investment in future growth and underpinning our ability to deliver returns to shareholders.

This measured approach to capital, alongside a prudent leverage target, the separation of customer deposits and strong cash generation, also provides resilience to withstand challenging trading environments, as demonstrated during the Covid pandemic. Since then, the business has generated £2.6bn of free cash flow and delivered an average return on capital employed of 16.4%^‡, reflecting the quality of the Group's operating model and the consistency of its financial delivery.

The Group also chose to extend its Revolving Credit Facility to 31 October 2030, with an option to extend for a further year. The facility provides up to £500m of unsecured funding and remained undrawn at year end, further reinforcing the Group's liquidity position and financial flexibility.

Shareholder value

Consistent with its capital allocation framework, the Group:

Looking ahead, the Group intends to maintain a strong financial position as gross capital expenditure increases (to over £5.0bn in aggregate over the next six years) and debt repayment obligations fall due, while preserving the flexibility and resilience to respond to opportunities and challenges as they arise. Capital allocation will continue to be guided by trading performance, cash generation and the Group's established capital allocation framework as we remain focused on delivering long-term value for all our key stakeholders.

___________________________

Gary Brown

Group Chief Financial Officer

7 July 2026

* Own Cash is calculated as Total cash (including money market deposits) less advance customer deposits.

‡ Return on capital employed is calculated as Operating profit divided by capital employed. Capital employed is defined as average shareholders' equity plus average Borrowings and Lease liabilities.

Certain information contained in this announcement would have been deemed inside information as stipulated under the UK version of the EU Market Abuse Regulation (2014/596) which is part of UK law by virtue of the European Union (Withdrawal) Act 2018, as amended and supplemented from time to time, until the release of this announcement.

COnsolidated income statement

for the year ended 31 March 2026

Consolidated statement of comprehensive income

for the year ended 31 March 2026

Consolidated Statement of Financial Position

at 31 March 2026

consolidated statement of cash flows

for the year ended 31 March 2026

Consolidated statement of changes in equity

for the year ended 31 March 2026

Notes to the PRELIMINARY ANNOUNCEMENT

for the year ended 31 March 2026

1.   Accounting policies and general information

General information

Jet2 plc is a public limited company incorporated and domiciled in England and Wales. The Company's ordinary shares are traded on AIM. The address of its registered office is Low Fare Finder House, Leeds Bradford Airport, Leeds, LS19 7TU.

The Group's preliminary announcement consolidates the financial statements of Jet2 plc and its subsidiaries.

Basis of preparation

The financial information in this preliminary announcement has been prepared and approved by the Board of Directors in accordance with UK-adopted international accounting standards and applicable law ("UK-adopted IAS").

Whilst the information included in this preliminary announcement has been prepared in accordance with UK-adopted IAS, the financial information for the years ended 31 March 2026 and 31 March 2025 does not itself contain sufficient information to comply with UK-adopted IAS, nor does it comprise statutory financial statements within the meaning of section 434 of the Companies Act 2006.

The financial information set out above does not constitute the Company's statutory accounts for the years ended 31 March 2026 or 31 March 2025 but is derived from those accounts. Statutory accounts for 31 March 2025 have been delivered to the Registrar of Companies, and those for 31 March 2026 will be delivered in due course. The Auditor has reported on those accounts; their reports:

The 2026 Annual Report & Accounts (including the Auditor's Report) will be made available to shareholders during the week commencing 3 August 2026. The Jet2 plc Annual General Meeting will be held on 3 September 2026.

The Group's financial information is presented in pounds sterling, and all values are rounded to the nearest £100,000 except where indicated otherwise.

The financial information has been prepared under the historical cost convention except for all derivative financial instruments, which have been measured at fair value. The accounting policies adopted are consistent with those described in the Annual Report & Accounts for the year ended 31 March 2025.

Going concern

The Directors have prepared financial forecasts for the Group, comprising profit before and after taxation, balance sheets and cash flows through to 31 March 2029.

For the purpose of assessing the appropriateness of the preparation of the Group's financial statements on a going concern basis, two financial forecast scenarios have been prepared for the twelve-month period following approval of these financial statements:

The forecasts consider the current cash position and an assessment of the principal areas of risk and uncertainty as described in more detail in the Group's Annual Report & Accounts.

In addition to forecasting the cost base of the Group, both scenarios reflect no mitigating actions taken to defer uncommitted capital expenditure during the forecast period. The base case scenario incorporates funding of future aircraft deliveries with our well-established aircraft financing partners with the downside scenario assuming that the RCF could be utilised to cover any shortfall in the unlikely event that the deliveries could not be financed.

The Directors concluded that, given the combination of a closing total cash and money market deposits balance of £3,292.5m at 31 March 2026 together with the forecast monthly cash utilisation, the Group would have sufficient liquidity under both scenarios throughout a period of at least 12 months from the date of approval of the financial statements in July 2026. In addition, the Group is forecast to meet its RCF covenants under both scenarios at 30 September 2026 and 31 March 2027 with significant headroom.

As a result, the Directors have a reasonable expectation that the Group as a whole has adequate resources to continue in operational existence for a period of at least 12 months from the date of approval of the financial statements. For this reason, they continue to adopt the going concern basis in preparing the financial statements for the year ended 31 March 2026.

2.   Alternative performance measures

The Group's alternative performance measures are not defined by IFRS and therefore may not be directly comparable with other companies' alternative performance measures. These measures are not intended to be a substitute for, or superior to, IFRS measurements.

Profit before FX revaluation and taxation

Profit before FX revaluation and taxation is included as an alternative performance measure to aid users in understanding the underlying performance of the Group excluding the impact of foreign exchange volatility.

EBITDA

Earnings before interest, tax, depreciation and amortisation (EBITDA) is included as an alternative performance measure in order to aid users in understanding the underlying operating performance of the Group, excluding the impacts of foreign exchange volatility, non-cash accounting adjustments, tax positions and changes in capital structures. The Directors consider this measure to be useful as it is a commonly used industry metric which facilitates comparison between companies.

These two measures can be reconciled to the IFRS measure of profit before taxation as below:

'Cash and money market deposits'

'Cash and money market deposits' comprises cash and cash equivalents and money market deposits. It is included as an alternative measure to aid users in understanding the liquidity of the Group.

3.   Segmental reporting

IFRS 8 - Operating Segments requires operating segments to be determined based on the Group's internal reporting to the Chief Operating Decision Maker (CODM).

The CODM is responsible for the overall resource allocation and performance assessment of the Group. The Board of Directors approves major capital expenditure, assesses the performance of the Group and also determines key financing decisions. Consequently, the Board of Directors is considered to be the CODM.

The information presented to the CODM for the purpose of resource allocation and assessment of the Group's performance relates to its Leisure Travel segment.

The Leisure Travel business specialises in offering package holidays by its ATOL-licensed provider, Jet2holidays, to leisure destinations in the Mediterranean, the Canary Islands and to European Leisure Cities, and scheduled holiday flights by its airline, Jet2.com. Resource allocation decisions are based on the entire route network and the deployment of its entire aircraft fleet. All Jet2holidays customers fly on Jet2.com flights, and therefore these segments are inextricably linked and represent the only segment within the Group.

Revenue is principally generated from within the UK, the Group's country of domicile. No customer represents more than 10% of the Group's revenue. Segment revenue reported below represents revenue generated from external customers.

Revenues for the Group can be further disaggregated by their nature as follows:

4.   Operating expenses

5.   Earnings per share

Basic earnings per share is calculated by dividing the profit attributable to the equity owners of the Parent Company by the weighted average number of ordinary shares in issue during the year. In accordance with IAS 33 - Earnings per Share, Own shares held by the Employee Benefit Trust are eliminated from the weighted average number of shares.

Diluted earnings per share is calculated by dividing the profit attributable to the equity owners of the Parent Company by the weighted average number of ordinary shares in issue during the year, adjusted for the effects of potentially dilutive share options and deferred share awards.

6.   Notes to Consolidated Statement of Cash Flows

¹ Unwind of interest relates accrued interest on the equity component of Jolcos and the amortisation of transaction costs associated with Borrowings and Lease liabilities.

² Lease movements include new leases and lease term amendments.

Financial information in the 2025 Consolidated Statement of Cash Flows shows Money Market deposit placements and Money market deposit receipts on a gross basis in the current year, restated from a Net increase in money market deposits of £225.6m. This is not considered a material change and there is no change to the Net increase in money market deposits nor to the Net cash used in investing activities previously reported.

7.   Contingent liabilities

The Group has issued various guarantees in the ordinary course of business, none of which are expected to lead to a financial gain or loss. None of these guarantees are considered to have a material fair value under IFRS 17 - Insurance Contracts and consequently no liability has been recorded.