Jet2: Strong Summer Booking Momentum After Geopolitical Tensions Ease

Jet2 is reporting “strong booking momentum” for the summer season following a reduction in geopolitical tensions in recent weeks. However, the UK-based company notes that consumers are still making their bookings closer to their departure dates.

Specifically, summer bookings are 7.1% higher than during the same period last year, while available capacity has increased by 7.7%, reaching 19.9 million airline seats.

The figures were announced during the presentation of the company’s financial results for the year ending in March. During the year, Jet2 carried a record 20.83 million passengers, representing a 5% year-on-year increase. Revenue rose by 4%, reaching £7.5 billion, although pre-tax profits declined by 7% to £551 million.

The company said its operating profits remained resilient despite additional costs linked to the launch of its new base at Gatwick Airport, as well as higher labour costs and increased spending on sustainable aviation fuel (SAF).

The average price of a holiday package increased by 3%, reaching £900. This was attributed both to stronger demand for four- and five-star hotels and to suppliers recovering part of their increased costs. In contrast, the performance of flight-only tickets declined, as the company introduced targeted price reductions to stimulate demand.

Jet2 CEO Steve Heapy said that, despite the impact of the conflict in the Middle East, which led many travellers to delay their bookings, the company is now seeing particularly strong demand. He noted that the average load factor during the first four months of the season is 1.2 percentage points higher than last year.

The performance of Jet2’s new base at London Gatwick Airport has also been described as particularly positive, exceeding initial management expectations, mainly due to stronger demand for package holidays. As a result, the company plans to increase its fleet at the base to seven aircraft from summer 2027, further strengthening its presence in southern England.

At the same time, Jet2 said it has protected a significant portion of its costs through strategic hedging arrangements, having already secured 90% of its fuel requirements and more than 85% of its foreign exchange needs for the current financial year.

The company also said it remains in continuous dialogue with European governments and local authorities, seeking to minimise potential disruption from the implementation of the European Union’s new Entry/Exit System (EES) by arranging temporary operational suspensions during periods of particularly high passenger traffic.

Jet2 is expected to provide a further update on the progress of the summer season during its Annual General Meeting on 3 September.