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1. ACCOUNTING POLICIES, JUDGEMENTS AND ESTIMATES
Statement of compliance
easyJet plc (the \u2018Company\u2019) and its subsidiaries (\u2018easyJet\u2019 or the \u2018Group\u2019 as applicable) is a low-cost airline
carrier operating principally in Europe. The Company is a public limited company (company number
03959649), incorporated and domiciled in the United Kingdom, whose shares are listed on the London
Stock Exchange under the ticker symbol EZJ. The address of its registered office is Hangar 89, London
Luton Airport, Luton, Bedfordshire, LU2 9PF, England.
The consolidated financial statements of easyJet plc have been prepared in accordance with UK-adopted
International Accounting Standards and with the requirements of the Companies Act 2006 as applicable to
companies reporting under those standards.
Basis of preparation
The financial statements are prepared based on the historical cost convention except for certain financial
assets and liabilities, including derivative financial instruments, financial guarantees, equity investments, and
certain contingent liabilities and commitments, which are measured at fair value.
easyJet\u2019s business activities, together with factors likely to affect its future development and performance,
are described in the strategic report on pages 1 to 74. Principal risks and uncertainties are described
on pages 65 to 70. Note 26 to the financial statements sets out the Group\u2019s objectives, policies and
procedures for managing its capital and gives details of the risks related to financial instruments held
by the Group.
The financial statements have been prepared on a going concern basis. In adopting the going concern
basis the Directors have considered easyJet\u2019s business activities, together with factors likely to affect its
future development and performance, as well as easyJet\u2019s principal risks and uncertainties through to
March 2027.
As at 30 September 2025, easyJet had a net cash position of \u00a3602 million including cash, cash equivalents
and other investments of \u00a33.5 billion, and access to an undrawn Revolving Credit Facility (RCF) of \u00a31.3
billion. easyJet therefore has access to \u00a34.8 billion of liquidity and 58% of the total aircraft fleet are in
ownership, three of which are encumbered.
The Directors have reviewed the financial forecasts and funding requirements with consideration given
to the potential impact of severe but plausible risks. easyJet has modelled a base case representing
management\u2019s best estimation of how the business plans to perform over the period. The future impact of
climate change on the business has been incorporated into strategic plans, for example the cost of future
fleet renewals, the future estimated price of regulatory carbon schemes (including UK and EU Emissions
Trading Schemes (ETS) and the Carbon Offsetting and Reduction Scheme for International Aviation
(CORSIA)), the phasing out of no-cost ETS allowances, the expected price and quantity of Sustainable
Aviation Fuel (SAF) requirements, and the cost of carbon removal credits and other sustainability initiatives.
The business is exposed to fluctuations in fuel prices and foreign exchange rates. easyJet is currently c.80%
hedged for fuel in H1 of FY26 at c.$717 per metric tonne, c.54% hedged for H2 FY26 at c.$690 and c.31%
hedged for H1 FY27 at c.$677.
In modelling the impact of severe but plausible downside risks, the Directors have considered demand
suppression leading to a reduction in ticket yield of 5% and a reduction in easyJet holidays contribution
of 5%. The model also includes the reoccurrence of additional disruption costs (comparable with
the significant levels experienced in FY22), an additional $50 per metric tonne on the fuel price, 1.5%
additional operating cost inflation and an adverse movement on the US dollar rate. These impacts have
been modelled across the whole going concern period. In addition, this downside model also includes a
grounding of 25% of the fleet for the duration of the peak trading month of August to cover the range of
severe but plausible risks that could result in significant operational disruption. The impact of mitigating,
controllable actions which the management team would be able to take in this instance have then been
factored-in, being actions which do not require negotiation or other agreements to be obtained from third
parties. Examples include reducing capex spend and exercising our contractual right to delay a certain
number of aircraft deliveries. This downside scenario resulted in a significant reduction in liquidity but still
maintained sufficient headroom on liquidity requirements.
After reviewing the current liquidity position, committed funding facilities, the base case and the severe but
plausible downside financial forecasts incorporating the uncertainties described above, the Directors have a
reasonable expectation that the Group has sufficient resources to continue in operation for the foreseeable
future. For these reasons, the Directors continue to adopt the going concern basis of accounting in
preparing the Group\u2019s financial statements.
The use of critical accounting estimates and management judgement is required in applying relevant
accounting policies to the Group\u2019s consolidated financial statements. Areas involving a higher degree of
judgement, or where assumptions and estimates are significant to the financial statements and carry
estimation risk, are highlighted on pages 157 to 159.
Climate change
In preparing the financial statements, the Directors have considered the impact of climate change,
particularly in the context of the climate change risks identified in the Sustainability section of the strategic
report, the Group\u2019s stated target of net zero carbon emissions by 2050, and our commitment to reducing
our carbon emissions intensity by 35% by 2035. These targets and risks have been considered in relation
to the financial reporting judgements and estimates in the current year and these have not materially
impacted the conclusions reached including:
\u2022 the estimates of future cash flows used in impairment assessments of the carrying value of non-current
assets;
\u2022 the estimates of future profitability used in our assessment of the recoverability of deferred tax assets in
the UK; and
\u2022 the useful economic lives (UELs) and related residual values for our less fuel-efficient aircraft.
Known climate-related impacts are incorporated into the Group\u2019s short-term and medium-term cash flow
forecasts including the cost of future fleet renewals, the future estimated price of regulatory carbon schemes
(including UK and EU ETS and CORSIA), the phasing out of no-cost ETS allowances, the expected price and
quantity of SAF requirements, and the cost of carbon removal credits and other sustainability initiatives.
Climate change is not expected to have any significant impact on demand or further impact on the Group\u2019s
short-term cash flows considered in the going concern and viability assessments. Additional identified
climate-based risks and the impact of these in the absence of actions taken by easyJet to manage the
transition are considered in the sensitivity testing of management\u2019s impairment assessments, and viability
modelling. In particular the impact of a reduction in demand due to investor/market sentiment and
increased costs due to changes in technology, regulatory and legal requirements have been considered.
1A. MATERIAL ACCOUNTING POLICIES The material accounting policies applied in the preparation of the consolidated financial statements are summarised below. Unless otherwise stated they have been applied consistently to both years presented. The explanations of these policies focus on areas where judgement is applied or which are particularly significant in the financial statements. Basis of consolidation The consolidated financial statements incorporate those of easyJet plc and its subsidiaries for the years ended 30 September 2024 and 30 September 2025. A full list of subsidiaries can be found in the notes to the Company financial statements on page 188. A subsidiary is an entity controlled by easyJet plc. Control is achieved when easyJet is exposed to, or has rights to, variable returns from its involvement with the investee and has the ability to affect those returns through its power, directly or indirectly, over the investee. The Group applies the acquisition method to account for business combinations. The consideration paid is the fair value of the assets transferred, the liabilities incurred and the equity interests issued by the Group. Identifiable assets acquired and liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Intragroup balances, transactions, and any unrealised gains and losses arising from intragroup transactions are eliminated in preparing the consolidated financial statements. Foreign currencies The primary economic environment in which a subsidiary operates determines its functional currency. The consolidated financial statements of easyJet are presented in sterling, rounded to the nearest \u00a3 million, which is the Company\u2019s functional currency and the Group\u2019s presentation currency. Transactions arising in foreign currencies are recorded using the rate of exchange ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency using the rate of exchange ruling at the end of a reporting period and (except where the asset or liability is designated as a cash flow hedge) the gains or losses on translation are included in the income statement. Non-monetary assets and liabilities denominated in foreign currencies are translated into the functional currency at foreign exchange rates ruling at the dates the transactions were affected. Certain subsidiaries have operations that are primarily influenced by a currency other than sterling. Exchange differences arising on the translation of these foreign operations are taken to the translation reserve within shareholders\u2019 equity until all or part of the interest is disposed of, when the relevant portion of the accumulated exchange gains or losses is recognised in the income statement. Profits and losses of foreign operations are translated into sterling at average monthly rates of exchange during the year, as this approximates the rates on the dates of the transactions. Change in presentation Presentation of right of use assets The presentation of the consolidated statement of financial position has been amended in order to provide more relevant information to the users of the financial statements, separately presenting the Group\u2019s owned property, plant and equipment from leased right of use assets, reflecting the different nature of these asset classes. Prior year comparatives have been reclassified to align to the current year presentational approach. Information in respect of right of use assets, including the carrying amount, additions and depreciation, previously included in note 11, is now set out in note 18. Impairment of non-financial assets easyJet has identified two separate cash-generating units (CGUs) which are two separate groups of assets generating largely independent cash flows, these being easyJet\u2019s airline route network and its holidays business. All goodwill, landing rights, current intangible assets, associated working capital balances, aircraft and aircraft spares belong to the Airline CGU which is tested annually for impairment or when there is an indication of impairment. A single value in use (VIU) calculation is performed in order to assess the recoverability of the assets. The holidays CGU includes other intangible assets, which are subject to amortisation, and working capital associated to the holidays business. The CGU is tested for impairment annually or when there is an indication of impairment. A further description of the calculation of the VIU and current year outcome and sensitivities for the Airline CGU is given in note 10. Goodwill and other intangible assets Goodwill arising on acquisition has been recognised as an asset and initially measured at cost, being the excess of the cost of the business combination over easyJet\u2019s interest in the net fair value of the identifiable assets acquired and the liabilities assumed. Goodwill is stated at cost less any accumulated impairment losses. It has an indefinite expected useful life and is tested for impairment as part of the Airline CGU on an annual basis or when there is an indication of impairment. Landing rights are stated at cost less any accumulated impairment losses. They are considered to have an indefinite useful life as they remain available for use for the foreseeable future provided minimum utilisation requirements are observed. Landing rights form part of the Airline CGU and are tested for impairment at least annually or when there is an indication of impairment. Landing rights with a carrying value that have no further VIU and have been surrendered for nil value are de-recognised and a loss on disposal recognised in the income statement at the point of surrender. When assessing for impairment or reassessing UELs, easyJet considers potential significant future changes including in relation to market, technological, economic and legal developments. The potential future impacts of climate change have been incorporated by including the estimated financial impact within cash flow projections of the future estimated price of ETS allowances, the expected price and quantity required of SAF usage, and the cost of carbon removal credits and other sustainability initiatives. Additional risks associated with climate change are modelled in sensitivity analysis including variations in SAF usage and ETS costs, additional legal and technology costs, reduced demand and increased cost of maintenance and replacement aircraft. Computer software is stated at cost and is amortised from the point at which the asset is ready for use on a straight-line basis over the asset\u2019s UEL. UELs are reviewed annually.
Expected useful life
Computer software
2\u20137 years
Annual licence agreements to use cloud software are expensed and treated as a service agreement. Perpetual licences to use cloud software are capitalised if easyJet has both a contractual right to the software and the ability to run the software independently of the host vendor, but are otherwise expensed. Customisation and configuration costs related to the implementation of Cloud based applications are expensed unless the activity creates an asset that is separate and identifiable from the software. Carbon allowances and offsetting easyJet participates in the EU ETS, CH (Swiss) ETS and UK ETS schemes. Participants are required to purchase and surrender ETS carbon allowances to cover their annual carbon emissions from flying. The surrender process takes place ahead of the compliance deadlines each year. A proportion of allowances are issued for free (with 2025 being the final year of free allowances being issued) and are recognised at fair value, being the market value on the date they are received, with a corresponding liability recognised simultaneously. Purchased allowances are recognised at the purchase price. Both free and purchased carbon allowances are held as intangible assets and are not subsequently revalued as they are held for own use. As part of the annual surrender process free allowances will be surrendered first with purchased allowances then surrendered on a first in, first out (FIFO) basis. The income statement expense (included in fuel costs), recognised throughout the year as the liability is incurred through flying, is based on a weighted average cost of the free and purchased allowances estimated to be surrendered (on the FIFO basis described above) as part of the annual surrender process. A corresponding liability of the same value is also recognised. As such, for any financial year, three months of the related expense will be known having already been surrendered, with nine months of the expense subject to a degree of estimation. Both the related asset and liability are extinguished only at the point when the allowances are surrendered. These intangible assets form part of the Airline CGU and are reviewed for impairment annually or when there is an indication of impairment within the Airline CGU. Additionally, easyJet has an obligation under French law to offset CO 2 emissions incurred for French domestic flights. Carbon certificates have been purchased for the obligation and are held on the consolidated statement of financial position at purchase price. Property, plant and equipment Property, plant and equipment (PPE) is stated at cost less accumulated depreciation. Depreciation is calculated to write off the cost, less estimated residual value, of assets on a straight-line basis over their UELs. UELs and residual values are reviewed annually.
Expected useful life
Aircraft
1
20\u201323 years
2, 3
Aircraft spares
18 years
Aircraft \u2013 prepaid maintenance
7\u201310 years
Aircraft \u2013 subsequent maintenance 5\u201310 years
Leasehold improvements
5\u201310 years or the length of lease if shorter
Freehold land
Not depreciated
Fixtures, fittings and equipment
4
3 years or length of the lease of the property where the equipment
is used if shorter
Computer hardware
4
3\u20135 years
1) Aircraft held as right of use assets are depreciated over the lease term; see leases section. Contractual capital maintenance associated with leased aircraft is charged as depreciation to the income statement as the usage that defines the maintenance event occurs. 2) easyJet operates a fleet of Airbus CEO and NEO aircraft. The newer NEO aircraft have a UEL of 23 years. Aligning to the longer-term plan for CEO aircraft, and the ambition to replace these over time with the more fuel efficient NEO aircraft as part of easyJet\u2019s net zero commitment, CEO aircraft have a shorter UEL of 20 years. 3) Aircraft are depreciated once in the location and condition necessary to be capable of operating in the manner intended by management. 4) Included within owned other assets within note 11. Residual values are reviewed annually, at the end of the reporting period, against prevailing market rates for assets of an equivalent age, and the depreciation applied is adjusted accordingly on a prospective basis. The carrying value of PPE assets is part of the Airline CGU and is therefore reviewed for impairment at least annually or when there is any indication of impairment within the CGU. For aircraft, easyJet is dependent on Airbus as its sole supplier. This gives rise to an increased valuation risk, which crystallises when aircraft exit the fleet, where easyJet is reliant on the future demand for second-hand aircraft and specifically Airbus aircraft. Future developments, such as the impact of climate change on the market, technological, economic or legal environment factors, are considered when assessing residual values and UELs. An element of the cost of a new aircraft is attributed on acquisition to prepaid maintenance, reflecting the \u2018full-life\u2019 maintenance status of key components of the aircraft at the point of transition of ownership. This cost is depreciated over a period of between seven to ten years from the date of manufacture, in accordance with the maintenance schedule for the aircraft. Subsequent costs incurred which lend enhancement to future periods, such as long-term scheduled maintenance and major overhauls of aircraft and engines, are capitalised at the time of the event and depreciated over the length of the period benefiting from these events. All other maintenance costs for owned aircraft are charged to the income statement as incurred. Pre-delivery payments made in respect of aircraft are recorded in PPE at cost. A proportion of easyJet\u2019s financing costs are attributed to pre-delivery payments, made in respect of aircraft and other qualifying assets under construction. These financing costs are subsequently capitalised and added to the cost of the relevant asset. Pre-delivery payments are depreciated from the point at which the aircraft to which they relate is received and ready for commercial use. Gains and losses on disposals (other than aircraft-related sale and leaseback transactions) are determined by comparing the net proceeds with the carrying amount of the asset and are recognised in the income statement. Freehold land is recorded at cost and not depreciated as it is considered to have an indefinite useful life Leases The Group assesses at contract inception whether a contract is, or contains, a lease. The Group as lessee When a contractual arrangement contains a lease, easyJet recognises a lease liability and a corresponding right of use asset at the commencement of the lease. At the commencement date the lease liability is measured at the present value of the future lease payments, discounted using the Group\u2019s incremental borrowing rate where the interest rate in the lease is not readily determined. Lease payments include fixed payments and variable payments which are dependent on an index or rate. Where an index or rate is used this is initially measured using the index or rate at commencement. Subsequently, the lease liability is adjusted by increasing the carrying amount to reflect interest on the lease liability, reducing the carrying amount to reflect the lease payments made, and remeasuring the carrying amount to reflect any reassessment or lease modifications. The lease term is determined from the commencement date of the lease and the duration of the non- cancellable term. If easyJet has an extension option, which it considers it is reasonably certain to exercise, then the lease term will be considered to extend beyond that non-cancellable period to the end of the extension period available. Where easyJet has previously assessed that there is no intention to exercise an extension option but subsequently opts to exercise the option, then the lease liability is remeasured for the revised lease term and change in future lease payments. If easyJet has a termination option, which it considers it is reasonably certain to exercise, then the lease term will be accounted for until the point when the termination option will take effect. At the commencement date the right of use asset is measured at an amount equal to the lease liability plus any lease payments made before the commencement date and any initial direct costs, less any lease incentive payments received. An estimate of costs to be incurred in restoring an asset before return to the lessor, in accordance with the terms of the lease, is also included in the right of use asset at initial recognition. Subsequently, for leased aircraft, the right of use asset attracts maintenance work in accordance with the contractual obligations of the lease, and a provision for the maintenance work is built up as the aircraft is flown, with the offset being against the right of use asset. The maintenance asset created is immediately fully depreciated as the liability is incurred as the aircraft is flown. Additionally, in the event that a corresponding lease liability is remeasured, an adjustment is also made to the right of use asset. The right of use assets form part of the Airline CGU and are therefore subject to review for impairment annually or when there is an indication of impairment within the Airline CGU. Short-term leases less than 12 months in length and low-value leases are not recognised as lease liabilities and right of use assets but are recognised as an expense on a straight-line basis over the lease term. In the consolidated statement of cash flows, payments for the interest element of recognised lease liabilities are included in interest and other financing charges paid within cash flows from operating activities. Payments for the principal element of recognised lease liabilities are presented within cash flows from financing activities. Sale and leaseback easyJet periodically enters into sale and leaseback transactions whereby it sells either new or mid-life aircraft or engines to a third-party and immediately leases them back. Each transaction is assessed as to whether a sale of the asset has occurred under IFRS 15, \u2018Revenue from Contracts with Customers\u2019, taking into consideration whether the contract contains a substantive purchase option for easyJet to repurchase the asset. If a sale of the asset is determined to have occurred, the asset is derecognised and a right of use asset and lease liability are recognised. Where the transaction is judged to reflect the assets fair value, any gain or loss arising on disposal is recognised in the income statement, to the extent that it relates to the rights that have been transferred. Gains and losses that relate to the rights that have been retained are included in the carrying amount of the right of use asset recognised at commencement of the lease. If sale proceeds received were determined to not be at the asset\u2019s fair value, any below market terms would be recognised as a prepayment of lease payments, and above market terms recognised as additional financing provided by the lessor. Gains on sale and leaseback transactions are recognised in other income, with losses on sale and leaseback transactions recognised in other costs. Proceeds received for the sale of the fair value of the asset are recognised in the statement of cash flows within investing activities as it relates to property, plant and equipment. If a sale is determined to have not occurred, then the contract is not accounted for as a lease. The asset is retained on the consolidated statement of financial position within property, plant and equipment and a financial liability is recognised within other borrowings for the sale proceeds received. The financial liability is recognised at amortised cost as detailed in the financial instruments policy. Purchase of leased assets Where easyJet acquires an asset that was previously leased to the Group, and the original lease contract did not contain a purchase option, the asset is recognised within property, plant and equipment at fair value. The difference between the fair value and the purchase consideration paid is recognised in the income statement together with the derecognition of the right of use asset, lease liability and associated maintenance and restoration provisions. Payments to acquire the asset are presented in the consolidated statement of cash flows within investing activities as they relate to the purchase of property plant and equipment. Other non-current assets Other non-current assets include both general lease deposits, as stipulated in lease agreements, as well as mid-life aircraft delivery assets for maintenance obligations incurred on mid-life aircraft before easyJet acquired the aircraft. The payments and receivables are recorded within current and non-current assets as applicable, pending reimbursement or receipt in accordance with contract specific terms. Management assess the recoverability of these assets on an annual basis through consideration of the credit position of the debtors and other relevant inputs. Under the general approach to assess impairment of financial assets, easyJet recognises a loss allowance equal to the 12-month expected credit losses. Financial guarantees Financial guarantees are initially measured at fair value and subsequently at the higher of the initial fair value or the amount of the loss allowance determined by an expected credit loss calculation. A loss allowance is calculated where easyJet is jointly and severally liable for financial guarantee contracts. This is calculated based on the probability-weighted estimate of cash shortfalls to reimburse the holder for a credit loss that it incurs and based on the agreements which may exist between any co-guarantors.
Ta x
Tax expense in the income statement consists of current and deferred tax. Tax is recognised in the income
statement except when it relates to items credited or charged directly to other comprehensive income or
shareholders\u2019 equity, in which case it is recognised in other comprehensive income or shareholders\u2019 equity.
The charge for current tax is based on the results for the year as adjusted for income that is exempt and
expenses that are not deductible, using tax rates that are applicable to the taxable income.
Deferred tax is provided in full on temporary differences relating to the carrying amount of assets and
liabilities, where it is probable that the recovery or settlement will result in an obligation to pay more, or a
right to pay less, tax in the future, with the following exceptions:
\u2022 where the temporary difference arises from goodwill or from the initial recognition (other than in a
business combination) of other assets and liabilities in a transaction that affects neither taxable income
nor accounting profit; and
\u2022 deferred tax arising on investments in subsidiaries is not recognised where easyJet is able to control the
reversal of the temporary difference and it is probable that the temporary difference will not reverse in
the foreseeable future.
Deferred tax is calculated at the tax rates that are expected to apply in the periods in which recovery
of assets and settlement of liabilities are expected to take place, based on tax rates or laws enacted or
substantively enacted at the date of the statement of financial position.
Deferred tax assets represent amounts considered recoverable in future periods in respect of deductible
temporary differences, losses and tax credits carried forward. Deferred tax assets are recognised to
the extent that these are estimated to be fully recoverable against the unwind of taxable temporary
differences and future taxable income.
Deferred tax liabilities represent the amount of income taxes payable in future periods in respect of taxable
temporary differences.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax
assets against current tax liabilities and it is the intention to settle these on a net basis.
Provisions
Provisions are recognised when a present legal or constructive obligation arises as a result of a past event,
it is probable that the Group will be required to settle that obligation, and a reliable estimate can be made
of the amount of the obligation. Amounts provided for represent the best estimate of the consideration
required to settle the present obligation at the statement of financial position date, taking into account all
related risks and uncertainties.
Restructuring
Provisions for restructuring arise principally in relation to network optimisation and head office reviews.
Provisions for restructuring programmes are made when easyJet has a demonstrable commitment to a
restructuring programme, for example through an announcement made to the impacted employees.
Restructuring provisions are measured based on the expected outcome of consultations with impacted
employees. Where specific individuals at risk have not been identified, estimations are based on information
available such as average payroll data and length of service.
Leased aircraft maintenance
easyJet incurs liabilities for maintenance and restoration costs in respect of leased aircraft during the term
of the lease. These arise from legal and constructive contractual obligations relating to the condition of the
aircraft when it is returned to the lessor or when heavy maintenance events are expected to occur during
the period of the lease. Contractual maintenance obligations arising from the ongoing use of the aircraft
are provided for over the term of the lease based on the estimated future costs of the maintenance
events, or forecast penalty charges, discounted to present value. The provision is built as the aircraft are
flown, and recognised against the right of use asset, where it is immediately fully depreciated as the flying
hours that determine the provision have taken place. The restoration cost obligation is described in the
lease section.
Other provisions
Other provisions include amounts in respect of onerous contracts, compensation for quality issues and
personal injury and illness for easyJet holidays\u2019 customers, the provision for refunds of air passenger
duty and similar charges, and potential liabilities for employee related and litigation matters which arise
in the normal course of business. Onerous contracts are recognised at the first indication that a loss is
anticipated, and the provision based on the expected economic outflow arising from the contracts.
Employee benefits
easyJet contributes to defined contribution pension schemes for the benefit of employees. The assets
of the schemes are held separately from those of easyJet in independently administered funds. easyJet\u2019s
contributions are charged to the income statement in the year in which they are incurred. easyJet has no
further payment obligations once the contributions have been paid for defined contribution schemes.
The expected cost of compensated annual leave and other employee benefits is recognised at the time
that the related employees\u2019 services are provided.
Switzerland pension scheme
easyJet contributes to an independently administered post-employment fund for employees in Switzerland.
The benefit is contribution-based with certain minimum guarantees required by Swiss law to the mandatory
part of the benefit. Due to these minimum guarantees, the Swiss pension plan meets IAS 19 Employee
Benefits requirements to be treated as a defined benefit plan for the purposes of these consolidated
financial statements.
The easyJet portion of the current service costs and the net interest costs are charged to the consolidated
income statement in the year in which they relate. Actuarial gains and losses are recognised in the
consolidated statement of comprehensive income and the consolidated statement of financial position
reflects the net surplus or deficit at the reporting date.
The actuarial assumptions used to calculate the defined benefit obligation are based on the requirements
set out in IAS 19. They are set by management, based on advice from an independent actuary. The
defined benefit obligation is calculated using the projected unit credit method. The costs of managing
the plan assets are deducted as incurred in determining the return on plan assets and the present value
of projected future general administration expenses that are a direct consequence of past service are
included as part of the retirement benefit obligation.
Share capital and dividend distribution
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary
shares or options are shown in equity as a deduction, net of tax, from the proceeds.
Where any Group company or employee benefit trust purchases the Company\u2019s equity shares, the
consideration paid, and any directly attributable incremental costs are deducted from retained earnings until the
shares are cancelled or reissued. Proceeds from re-issue are shown as a credit to retained earnings.
easyJet settles share awards under the Long Term Incentive Plan, the Save As You Earn scheme, Restricted
Share Plan, Restricted Stock Unit, Share Incentive Plans and Deferred Annual Bonus by purchasing its own
shares on the market through employee benefit trusts. The costs of such purchases are deducted from
retained earnings in the period that the transaction occurs.
Final dividend distributions to the Company\u2019s shareholders are recognised as a liability in the period in which
the dividends are approved by the Company\u2019s shareholders. Interim dividends are recognised when paid
and are included within net cash generated from/used in operating activities as allowable by IAS 7 within
the statement of cash flows.
Share-based payments
easyJet has a number of equity-settled share incentive schemes. The fair value of share options granted under
the Save As You Earn scheme is measured at the date of grant using the Binomial Lattice option pricing model.
The fair value of all other awards is the closing share price from the last working day prior to the date of grant.
The fair value of the estimated number of options and awards that are expected to vest is expensed
to the income statement on a straight-line basis over the period that employees\u2019 services are rendered,
with a corresponding increase in shareholders\u2019 equity. Where non-market performance criteria (such as
sustainability targets) attached to the share options and awards are not met, any cumulative expense
previously recognised is reversed.
The social security obligations payable in connection with the grant of the share options are an integral
part of the grant itself and the charge is treated as a cash-settled transaction. A deferred tax balance is
recognised based on the intrinsic value of the outstanding options.
Financial instruments
Financial instruments are recognised when easyJet becomes a party to the contractual provisions of the
relevant instrument and derecognised when it ceases to be a party to such provisions. Financial assets are also
derecognised (written-off) when the Group has no reasonable expectation of recovering the financial asset.
With the exception of trade receivables that do not contain a significant financing component, financial
instruments are initially measured at fair value plus or minus (in the case of a financial asset or financial liability
not at fair value through the income statement) directly attributable transaction costs. Trade receivables that do
not contain a significant financing component are initially measured at the transaction price.
Where market values are not available, the fair value of financial instruments is calculated by discounting
expected cash flows at prevailing interest rates and by applying period end exchange rates.
The equity investment in The Airline Group Limited is measured at fair value. Movements in fair value are
assessed at each reporting period and recorded in other comprehensive income. The fair value is measured
using a dividend income model in accordance with IFRS 13 requirements. See note 25 for further details.
Non-derivative financial assets
Non-derivative financial assets are classified and measured according to easyJet\u2019s business model for
managing a specified group of financial assets, and the nature of the contractual cash flows arising from
that group of financial assets.
Financial assets measured at amortised cost
Subsequent to initial recognition, this classification of financial asset is measured at amortised cost using
the effective interest rate method.
Financial assets are measured at amortised cost when both of the following criteria are met:
\u2022 the financial asset is held within a business model whose objective is to hold financial assets in order to
collect contractual cash flows; and
\u2022 the contractual terms of the financial asset give rise on specified dates to cash flows that are solely
payments of principal and interest on the principal amounts outstanding.
Financial assets measured at amortised cost include refundable lease deposits and other refundable
lease contributions, restricted cash, trade and other receivables, other investments, and cash and cash
equivalents (excluding money market funds).
Restricted cash comprises cash deposits which have restrictions governing their use and is classified as
a current or non-current asset based on the estimated remaining length of the restriction. Movements in
restricted cash are shown within financing activities in the consolidated statement of cash flows as the
movements arise from cash held relating to guarantees.
Cash and cash equivalents comprise cash held in bank accounts with no access restrictions and bank term
deposits and tri-party repos repayable on demand or maturing within three months of inception. Money
market funds (also part of Cash and cash equivalents) are measured at fair value through the income
statement (below).
Other investments comprise bank term deposits and tri-party repos maturing greater than three months
from inception. Managed investments (also part of Other investments) are measured at fair value through
other comprehensive income (below).
Financial assets measured at fair value through other comprehensive income
On initial recognition, managed investments, and equity investments, excluding interests in associates, are
irrevocably designated as measured at fair value through other comprehensive income. Subsequently they
are measured at fair value with changes recognised in other comprehensive income with no recycling of
these gains and losses.
Financial assets measured at fair value through the income statement
Financial assets are measured at fair value through the income statement when they do not meet the
criteria to be measured at amortised cost or at fair value through other comprehensive income.
Subsequent to initial recognition, this classification of financial assets is measured at fair value through the
income statement.
Financial assets measured at fair value through the income statement comprised of money market funds
as at 30 September 2025.
Impairment of financial assets
At each reporting date easyJet recognises a loss allowance for expected credit losses on financial assets
measured at amortised cost.
In establishing the appropriate amount of loss allowance to be recognised, easyJet applies either the general
approach or the simplified approach, depending on the nature of the underlying group of financial assets.
General approach \u2013 impairment assessment
The general approach is applied to the impairment assessment of refundable lease deposits and other
refundable lease contributions, restricted cash, other investments and cash and cash equivalents.
Under the general approach easyJet recognises a loss allowance for a financial asset at an amount equal to
the 12-month expected credit losses calculated using expected future default probabilities, unless the credit
risk on the financial asset has increased significantly since initial recognition, in which case a loss allowance
is recognised at an amount equal to the lifetime expected credit losses.
Simplified approach \u2013 impairment assessment
The simplified approach is applied to the impairment assessment of trade and other receivables.
Under the simplified approach easyJet recognises a loss allowance for a financial asset at an amount equal
to the lifetime expected credit losses using a historical loss probability method.
Non-derivative financial liabilities
Non-derivative financial liabilities are initially recorded at fair value less directly attributable transaction
costs, and subsequently at amortised cost, and include trade and other payables and borrowings. Interest
expense on borrowings is recognised using the effective interest method.
Borrowings are classified as current liabilities unless there is an unconditional right to defer settlement of
the liability for at least 12 months after the reporting period date.
Financial liabilities measured at amortised cost
Subsequent to initial recognition at cost, this classification of financial liability is measured at amortised cost.
Financial liabilities measured at amortised cost include trade and other payables, lease liabilities
and\u202fborrowings.
Derivative financial instruments and hedging activities
Derivative financial instruments are measured at fair value through the income statement with the
exception of derivative financial instruments that are designated as a hedging instrument in a cash flow
hedge relationship.
easyJet uses foreign currency forward exchange contracts to hedge foreign currency risks on transactions
denominated in US dollars, euros and Swiss francs. These transactions primarily affect revenue, fuel, lease
costs, holiday accommodation costs, pre-delivery payments, and the initial carrying value of owned aircraft.
easyJet also uses cross-currency interest rate swaps to hedge currency and interest rate risk on certain
borrowings, and jet fuel swap and option contracts to hedge fuel price risks. easyJet has a small number
of euro-denominated lease contracts which result in a committed schedule of euro lease rental payments;
these are matched against forecasted euro revenue cash flows to provide a cash flow hedge against the
sterling/euro exchange rate. Hedge accounting is applied to those financial instruments that are designated
as cash flow hedges or fair value hedges.
Cash flow hedges
Gains and losses arising from changes in the fair value of foreign exchange forwards, foreign exchange
options, jet fuel swaps, jet fuel options and cross-currency interest rate swap contracts designated as cash
flow hedges are recognised in other comprehensive income and deferred in the hedging reserve to the
extent that the hedges are determined to be effective.
Foreign exchange forward contracts in a cash flow hedge relationship are designated on a forward basis
with the full fair value as the hedge instrument. Jet fuel and foreign exchange option contracts in a cash
flow hedge relationship are designated using the intrinsic value of the derivative as the hedge instrument
only. The time value element of the full fair value for these derivatives is recognised through other
comprehensive income as a cost of hedging and recycled to the income statement at the same time as
the hedge item also impacts the income statement.
Fair value changes in a foreign currency derivative instrument attributable to the currency basis are not
designated as part of the hedged instrument. Such fair value changes are recognised through other
comprehensive income as a cost of hedging, and are recycled to the income statement on maturity or in
the event of hedge discontinuation, according to the nature of the underlying hedged item.
When the hedged forecast transaction relates to an item of property, plant and equipment, the relevant
accumulated gains and losses are transferred from the hedging reserve and included in the initial carrying
amount of that purchased asset. Otherwise they are recognised in the income statement in the same
period in which the hedged transaction affects the income statement and against the same line item.
In the event that a hedged forecast transaction is no longer expected to occur, any related gains and
losses are immediately transferred from the hedging reserve and recognised in the income statement.
Derivative instruments that have been derecognised from hedge relationships are classified as fair value
through the income statement thereafter with subsequent fair valuation movements being recognised in
the income statement.
Hedge accounting is discontinued when a hedging instrument is derecognised (e.g. through expiry,
disposal or termination of a derivative), or no longer qualifies for hedge accounting. Where the hedged item
continues to be expected to occur, the related gains and losses remain deferred in the hedging reserve
until the transaction takes place.
Hedge relationship
The Group determines that the criteria for each hedge accounting relationship are met where:
\u2022 all relationships demonstrate a strong economic correlation;
\u2022 the effects of credit do not dominate the change in value of the associated hedged risk; and
\u2022 all Group hedge relationships have a hedge ratio of one to one, aligning to the Group\u2019s risk
management\u202fstrategy.
Revenue recognition
easyJet categorises total revenue earned on the face of the income statement between passenger and ancillary
revenue, with ancillary revenue further categorised into airline ancillary revenue and easyJet holidays revenue.
Passenger revenue
Passenger revenue arises from the sale of flight seats and is recognised when the performance obligation
has been completed, which is when the flight takes place. Revenue recognised is the price paid by the
customer for the flight excluding air passenger tax; this includes amounts paid by \u2018no-show\u2019 customers, as
such customers are not generally entitled to change flights or seek refunds once a flight has departed.
Compensation payments made to customers (in respect of flight delays and cancellations) are offset
against revenues recognised up to the amount of the flight, with any excess compensation being recorded
within other costs. The liability for compensation payments not yet paid is measured based on known
eligible events, the number of passengers impacted, and the best estimate of claim rates which is informed
by historical claim rates.
Airline flights are paid for at the point of booking. Unearned revenue from flights not yet flown is held in the
statement of financial position until it is realised in the income statement when the flight takes place.
If easyJet cancels a flight, unless a customer immediately rebooks on an alternative flight, at the point of
the cancellation the amount paid for the flight is derecognised from unearned revenue and a contract
liability is recognised within trade and other payables to refund the customer or provide a voucher or flight
transfer if requested. Vouchers issued by easyJet in lieu of refunds are held on the statement of financial
position in other payables as a contract liability (see note 16) until they are redeemed against a new
booking, at which point they are recognised as unearned revenue. Once vouchers expire or are deemed to
have a remote probability of being redeemed for a future booking they will be recognised as revenue. For
vouchers issued to customers in countries where regulations stipulate unused vouchers should be refunded
to the customer before the expiry of the statutory period, the required refunds are made.
Where customers do not request either a voucher, refund or flight transfer the liability continues to be
recognised in other payables, and breakage is applied when the likelihood of the customer exercising their
remaining rights to be compensated is considered remote.
Airline ancillary revenue
Sale of checked baggage, allocated seating, change fees and other
Revenue is measured as the price paid by the customer for the service booked and is recognised at a point
in time, which is when the flight takes place. Unearned revenue includes the amount paid for these services
and is treated in line with unearned revenue for the sale of flight seats.
Partner revenue and in-flight sales
Revenue is measured at the value of the commission earned as easyJet is deemed to be the agent and
does not control the related services or goods. The key consideration to reach this conclusion is that
the partner is deemed to be responsible for inventory risk and fulfilment of the goods and services. The
revenue is recognised at a point in time which is when the service takes place. The exception is commission
earned from travel insurance, where revenue is recognised at the time of booking as easyJet acts solely as
the appointed representative of the insurance company.
Cancellation fees
Revenue is measured at the amount paid for the cancellation and is recognised at a point in time, when the
cancellation requested by the customer is processed.
easyJet plus
Revenue is measured at the amount paid for the annual membership and is recognised evenly over the
membership period.
easyJet holidays revenue
easyJet holidays\u2019 revenue as referenced in the income statement is net of flight revenue and comprises
package holiday revenue which is measured as the price paid by the customer for the service booked. The
performance obligation is satisfied over time with the revenue recognised evenly across the length of the
holiday. This includes amounts paid by \u2018no-show\u2019 customers.
Package holiday deposits are paid for at the point of booking. Unearned revenue from the non-flight
elements of package holidays for which the customer has paid but the service has not yet taken place, is
held on the statement of financial position until it is realised in the income statement when the performance
obligation is complete. Package holiday balances are due from customers 28 days before departure.
If easyJet holidays cancels a holiday, and the customer does not elect to rebook or receive a voucher, the price
of the holiday (including flights) is refunded to the customer. If the customer elects to receive a voucher, the
voucher is held on the statement of financial position in other payables as a contract liability (see note 16) until it
is redeemed against a new booking, at which point it is recognised as unearned revenue. Vouchers that expire or
are deemed to have a remote probability of being redeemed for a future booking are recognised as revenue.
Operational costs and income
Costs and income are presented in the income statement based on the nature of the cost/income as this
is most relevant to enable users of the financial statements to understand easyJet\u2019s financial performance.
Costs are expensed as incurred either at the point the goods or service is transferred, or over time to
reflect when the benefits are received (for example easyJet holidays accommodation costs recognised
over the period the holiday is taken). Separate financial statement line items are shown for material income
and expenses; the other costs and other income lines include items not reported in the separate material
line items. Other income includes insurance receipts, supplier compensation payments, rental income,
income from sale of excess aircraft spare parts, and gains on sale of intangible assets. Other costs are
expensed as incurred and include disruption costs, IT costs, cost of third-party providers, employee costs
for sales, marketing and administration teams and insurance costs. Gains/losses on sale and leaseback
transactions are recognised as non-headline in other income/other costs as applicable.
Finance charge/income
Interest payable/receivable and other financing charges/income includes interest expense/income on cash
and borrowings which is recognised using the effective interest method, interest on lease liabilities which
is recognised using the interest rate implicit in the lease, and fair value movements of derivative financial
instruments that are not designated hedging instruments in a cash flow hedge arrangement.
Net foreign exchange gains/losses on statement of financial position monetary assets and liabilities are
presented as a separate financial statement line item.
Within the statement of cash flows, interest paid on bank borrowings and leases is included within net cash
generated from/used in operating activities as allowable by IAS 7. In addition, the settlement of derivatives
relating to cash flows for ineffective and fair value derivatives through the income statement are also
shown within operating activities as they relate to transactions that primarily affect revenue, fuel and lease
costs. The amount recognised in settlement of derivatives includes cash flows arising from the maturity
of cross-currency interest rate swaps in the period. The settlement of operational hedged derivatives that
have already been recycled through the income statement are included in the operating result.
Segmental reporting
easyJet has two operating segments, being its Airline business, which operates easyJet\u2019s route network, and
the Holidays business, which sells package holidays. The Chief Operating Decision Maker (CODM) has been
assessed as being the easyJet plc Board, which receives regular reporting on the Airline and Holidays\u2019 results in
order to make resource allocation decisions. Presentation of separate segmental reporting is included in note 8.
Geographic revenue is allocated on the following basis:
\u2022 revenue earned from customers is allocated according to the location of the first departure airport on
each booking; and
\u2022 commission revenue earned from partners is allocated according to the domicile of each partner.
Revenue by country of origin has been provided where revenues from external customers attributed to an
individual foreign country are material.
Passenger revenue recognised within the Airline segment includes intra-segment sales of flights to
the Holidays segment. Sales of seats are made between Airline and easyJet holidays on a commercial
basis whereas the pricing of hold bags is based on historical average pricing to direct airline customers.
Passenger revenue is recognised in the Airline segment when the flight takes place.
Alternative performance measures (APMs)
A number of APMs are disclosed within the financial statements on pages 144 to 184. In the Directors\u2019
opinion, these APMs provide additional understanding to users of the financial statements in their
assessment of underlying performance. Refer to the glossary for a list of APMs disclosed in the financial
statements, including definitions and reconciliations to IFRS measures.
Included in the income statement is the sub-total EBITDA which is a measure of earnings before interest,
taxes, depreciation and amortisation.
New and revised standards and interpretations
A number of amended standards became applicable during the current reporting period. The Group did
not have to change its accounting policies or make retrospective adjustments as a result of adopting these
standards. The amendments that became applicable for annual reporting periods commencing on or after
1 January 2024, and did not have a material impact were:
\u2022 Classification of liabilities as current or non-current and non-current liabilities with covenants \u2013
Amendments to IAS 1
\u2022 Lease liability in a sale and leaseback \u2013 Amendments to IFRS 16
\u2022 Supplier finance arrangements \u2013 Amendments to IAS 7 and IFRS 7
In addition, IFRS 18 \u2013 presentation and disclosure in financial statements was issued in April 2024 and
becomes effective for periods beginning on or after 1 January 2027. This replaces IAS 1 - presentation
of financial statements. The Group is currently assessing the detailed implications of applying the new
standard on the Group\u2019s consolidated financial statements. There are no other standards that are issued
but not yet effective that would be expected to have a material impact on the entity in the current or
future reporting periods and on foreseeable future transactions.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:2138001S47XKWIB7TH90", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-500": { "value": "Statement of compliance easyJet plc (the \u2018Company\u2019) and its subsidiaries (\u2018easyJet\u2019 or the \u2018Group\u2019 as applicable) is a low-cost airline carrier operating principally in Europe. The Company is a public limited company (company number 03959649), incorporated and domiciled in the United Kingdom, whose shares are listed on the London Stock Exchange under the ticker symbol EZJ. The address of its registered office is Hangar 89, London Luton Airport, Luton, Bedfordshire, LU2 9PF, England. The consolidated financial statements of easyJet plc have been prepared in accordance with UK-adopted International Accounting Standards and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:2138001S47XKWIB7TH90", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-450": { "value": "Statement of compliance easyJet plc (the \u2018Company\u2019) and its subsidiaries (\u2018easyJet\u2019 or the \u2018Group\u2019 as applicable) is a low-cost airline carrier operating principally in Europe. The Company is a public limited company (company number 03959649), incorporated and domiciled in the United Kingdom, whose shares are listed on the London Stock Exchange under the ticker symbol EZJ. The address of its registered office is Hangar 89, London Luton Airport, Luton, Bedfordshire, LU2 9PF, England. The consolidated financial statements of easyJet plc have been prepared in accordance with UK-adopted International Accounting Standards and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:2138001S47XKWIB7TH90", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-5": { "value": "easyJet plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:2138001S47XKWIB7TH90", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-445": { "value": "easyJet plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:2138001S47XKWIB7TH90", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-448": { "value": "easyJet plc", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:2138001S47XKWIB7TH90", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-6": { "value": "a low-cost airline carrier operating principally in Europe", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:2138001S47XKWIB7TH90", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-7": { "value": "public limited company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:2138001S47XKWIB7TH90", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-8": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:2138001S47XKWIB7TH90", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-446": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:2138001S47XKWIB7TH90", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-447": { "value": "Hangar 89, London Luton Airport, Luton, Bedfordshire, LU2 9PF, England", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:2138001S47XKWIB7TH90", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-9": { "value": "Hangar 89, London Luton Airport, Luton, Bedfordshire, LU2 9PF, England", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:2138001S47XKWIB7TH90", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-451": { "value": "Basis of preparation The financial statements are prepared based on the historical cost convention except for certain financial assets and liabilities, including derivative financial instruments, financial guarantees, equity investments, and certain contingent liabilities and commitments, which are measured at fair value. easyJet\u2019s business activities, together with factors likely to affect its future development and performance, are described in the strategic report on pages 1 to 74. Principal risks and uncertainties are described on pages 65 to 70. Note 26 to the financial statements sets out the Group\u2019s objectives, policies and procedures for managing its capital and gives details of the risks related to financial instruments held by the Group. The financial statements have been prepared on a going concern basis. In adopting the going concern basis the Directors have considered easyJet\u2019s business activities, together with factors likely to affect its future development and performance, as well as easyJet\u2019s principal risks and uncertainties through to March 2027. As at 30 September 2025, easyJet had a net cash position of \u00a3602 million including cash, cash equivalents and other investments of \u00a33.5 billion, and access to an undrawn Revolving Credit Facility (RCF) of \u00a31.3 billion. easyJet therefore has access to \u00a34.8 billion of liquidity and 58% of the total aircraft fleet are in ownership, three of which are encumbered. The Directors have reviewed the financial forecasts and funding requirements with consideration given to the potential impact of severe but plausible risks. easyJet has modelled a base case representing management\u2019s best estimation of how the business plans to perform over the period. The future impact of climate change on the business has been incorporated into strategic plans, for example the cost of future fleet renewals, the future estimated price of regulatory carbon schemes (including UK and EU Emissions Trading Schemes (ETS) and the Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA)), the phasing out of no-cost ETS allowances, the expected price and quantity of Sustainable Aviation Fuel (SAF) requirements, and the cost of carbon removal credits and other sustainability initiatives. The business is exposed to fluctuations in fuel prices and foreign exchange rates. easyJet is currently c.80% hedged for fuel in H1 of FY26 at c.$717 per metric tonne, c.54% hedged for H2 FY26 at c.$690 and c.31% hedged for H1 FY27 at c.$677. In modelling the impact of severe but plausible downside risks, the Directors have considered demand suppression leading to a reduction in ticket yield of 5% and a reduction in easyJet holidays contribution of 5%. The model also includes the reoccurrence of additional disruption costs (comparable with the significant levels experienced in FY22), an additional $50 per metric tonne on the fuel price, 1.5% additional operating cost inflation and an adverse movement on the US dollar rate. These impacts have been modelled across the whole going concern period. In addition, this downside model also includes a grounding of 25% of the fleet for the duration of the peak trading month of August to cover the range of severe but plausible risks that could result in significant operational disruption. The impact of mitigating, controllable actions which the management team would be able to take in this instance have then been factored-in, being actions which do not require negotiation or other agreements to be obtained from third parties. Examples include reducing capex spend and exercising our contractual right to delay a certain number of aircraft deliveries. This downside scenario resulted in a significant reduction in liquidity but still maintained sufficient headroom on liquidity requirements. After reviewing the current liquidity position, committed funding facilities, the base case and the severe but plausible downside financial forecasts incorporating the uncertainties described above, the Directors have a reasonable expectation that the Group has sufficient resources to continue in operation for the foreseeable future. For these reasons, the Directors continue to adopt the going concern basis of accounting in preparing the Group\u2019s financial statements. The use of critical accounting estimates and management judgement is required in applying relevant accounting policies to the Group\u2019s consolidated financial statements. Areas involving a higher degree of judgement, or where assumptions and estimates are significant to the financial statements and carry estimation risk, are highlighted on pages 157 to 159. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:2138001S47XKWIB7TH90", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-452": { "value": "Climate change In preparing the financial statements, the Directors have considered the impact of climate change, particularly in the context of the climate change risks identified in the Sustainability section of the strategic report, the Group\u2019s stated target of net zero carbon emissions by 2050, and our commitment to reducing our carbon emissions intensity by 35% by 2035. These targets and risks have been considered in relation to the financial reporting judgements and estimates in the current year and these have not materially impacted the conclusions reached including: \u2022 the estimates of future cash flows used in impairment assessments of the carrying value of non-current assets; \u2022 the estimates of future profitability used in our assessment of the recoverability of deferred tax assets in the UK; and \u2022 the useful economic lives (UELs) and related residual values for our less fuel-efficient aircraft. Known climate-related impacts are incorporated into the Group\u2019s short-term and medium-term cash flow forecasts including the cost of future fleet renewals, the future estimated price of regulatory carbon schemes (including UK and EU ETS and CORSIA), the phasing out of no-cost ETS allowances, the expected price and quantity of SAF requirements, and the cost of carbon removal credits and other sustainability initiatives. Climate change is not expected to have any significant impact on demand or further impact on the Group\u2019s short-term cash flows considered in the going concern and viability assessments. Additional identified climate-based risks and the impact of these in the absence of actions taken by easyJet to manage the transition are considered in the sensitivity testing of management\u2019s impairment assessments, and viability modelling. In particular the impact of a reduction in demand due to investor/market sentiment and increased costs due to changes in technology, regulatory and legal requirements have been considered. ", "dimensions": { "concept": "easyjetplc:DisclosureOfImpactOfClimateChange", "language": "en", "entity": "scheme:2138001S47XKWIB7TH90", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-453": { "value": "
Basis of consolidation
The consolidated financial statements incorporate those of easyJet plc and its subsidiaries for the years
ended 30 September 2024 and 30 September 2025. A full list of subsidiaries can be found in the notes to
the Company financial statements on page 188.
A subsidiary is an entity controlled by easyJet plc. Control is achieved when easyJet is exposed to, or has
rights to, variable returns from its involvement with the investee and has the ability to affect those returns
through its power, directly or indirectly, over the investee.
The Group applies the acquisition method to account for business combinations. The consideration paid is
the fair value of the assets transferred, the liabilities incurred and the equity interests issued by the Group.
Identifiable assets acquired and liabilities assumed in a business combination are measured initially at their
fair values at the acquisition date.
Intragroup balances, transactions, and any unrealised gains and losses arising from intragroup transactions
are eliminated in preparing the consolidated financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:2138001S47XKWIB7TH90", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-502": { "value": "A subsidiary is an entity controlled by easyJet plc. Control is achieved when easyJet is exposed to, or has rights to, variable returns from its involvement with the investee and has the ability to affect those returns through its power, directly or indirectly, over the investee. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:2138001S47XKWIB7TH90", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-454": { "value": "
Foreign currencies
The primary economic environment in which a subsidiary operates determines its functional currency. The
consolidated financial statements of easyJet are presented in sterling, rounded to the nearest \u00a3 million,
which is the Company\u2019s functional currency and the Group\u2019s presentation currency.
Transactions arising in foreign currencies are recorded using the rate of exchange ruling at the date of
the transaction. Monetary assets and liabilities denominated in foreign currencies are translated into the
functional currency using the rate of exchange ruling at the end of a reporting period and (except where
the asset or liability is designated as a cash flow hedge) the gains or losses on translation are included in
the income statement. Non-monetary assets and liabilities denominated in foreign currencies are translated
into the functional currency at foreign exchange rates ruling at the dates the transactions were affected.
Certain subsidiaries have operations that are primarily influenced by a currency other than sterling.
Exchange differences arising on the translation of these foreign operations are taken to the translation
reserve within shareholders\u2019 equity until all or part of the interest is disposed of, when the relevant portion
of the accumulated exchange gains or losses is recognised in the income statement. Profits and losses of
foreign operations are translated into sterling at average monthly rates of exchange during the year, as this
approximates the rates on the dates of the transactions.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:2138001S47XKWIB7TH90", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-503": { "value": "The primary economic environment in which a subsidiary operates determines its functional currency. The consolidated financial statements of easyJet are presented in sterling, rounded to the nearest \u00a3 million, which is the Company\u2019s functional currency and the Group\u2019s presentation currency. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:2138001S47XKWIB7TH90", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-455": { "value": "
Change in presentation
Presentation of right of use assets
The presentation of the consolidated statement of financial position has been amended in order to
provide more relevant information to the users of the financial statements, separately presenting the
Group\u2019s owned property, plant and equipment from leased right of use assets, reflecting the different
nature of these asset classes. Prior year comparatives have been reclassified to align to the current year
presentational approach. Information in respect of right of use assets, including the carrying amount,
additions and depreciation, previously included in note 11, is now set out in note 18.
", "dimensions": { "concept": "ifrs-full:DisclosureOfReclassificationsOrChangesInPresentationExplanatory", "language": "en", "entity": "scheme:2138001S47XKWIB7TH90", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-501": { "value": "
Impairment of non-financial assets
easyJet has identified two separate cash-generating units (CGUs) which are two separate groups of assets
generating largely independent cash flows, these being easyJet\u2019s airline route network and its holidays business.
All goodwill, landing rights, current intangible assets, associated working capital balances, aircraft and
aircraft spares belong to the Airline CGU which is tested annually for impairment or when there is an
indication of impairment. A single value in use (VIU) calculation is performed in order to assess the
recoverability of the assets.
The holidays CGU includes other intangible assets, which are subject to amortisation, and working capital
associated to the holidays business. The CGU is tested for impairment annually or when there is an
indication of impairment.
A further description of the calculation of the VIU and current year outcome and sensitivities for the Airline
CGU is given in note 10.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:2138001S47XKWIB7TH90", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-535": { "value": "Impairment of non-financial assets easyJet has identified two separate cash-generating units (CGUs) which are two separate groups of assets generating largely independent cash flows, these being easyJet\u2019s airline route network and its holidays business. All goodwill, landing rights, current intangible assets, associated working capital balances, aircraft and aircraft spares belong to the Airline CGU which is tested annually for impairment or when there is an indication of impairment. A single value in use (VIU) calculation is performed in order to assess the recoverability of the assets. The holidays CGU includes other intangible assets, which are subject to amortisation, and working capital associated to the holidays business. The CGU is tested for impairment annually or when there is an indication of impairment. A further description of the calculation of the VIU and current year outcome and sensitivities for the Airline CGU is given in note 10. Impairment of financial assets At each reporting date easyJet recognises a loss allowance for expected credit losses on financial assets measured at amortised cost. In establishing the appropriate amount of loss allowance to be recognised, easyJet applies either the general approach or the simplified approach, depending on the nature of the underlying group of financial assets. General approach \u2013 impairment assessment The general approach is applied to the impairment assessment of refundable lease deposits and other refundable lease contributions, restricted cash, other investments and cash and cash equivalents. Under the general approach easyJet recognises a loss allowance for a financial asset at an amount equal to the 12-month expected credit losses calculated using expected future default probabilities, unless the credit risk on the financial asset has increased significantly since initial recognition, in which case a loss allowance is recognised at an amount equal to the lifetime expected credit losses. Simplified approach \u2013 impairment assessment The simplified approach is applied to the impairment assessment of trade and other receivables. Under the simplified approach easyJet recognises a loss allowance for a financial asset at an amount equal to the lifetime expected credit losses using a historical loss probability method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:2138001S47XKWIB7TH90", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-456": { "value": "
Goodwill and other intangible assets
Goodwill arising on acquisition has been recognised as an asset and initially measured at cost, being
the excess of the cost of the business combination over easyJet\u2019s interest in the net fair value of the
identifiable assets acquired and the liabilities assumed. Goodwill is stated at cost less any accumulated
impairment losses. It has an indefinite expected useful life and is tested for impairment as part of the Airline
CGU on an annual basis or when there is an indication of impairment.
Landing rights are stated at cost less any accumulated impairment losses. They are considered to have an
indefinite useful life as they remain available for use for the foreseeable future provided minimum utilisation
requirements are observed. Landing rights form part of the Airline CGU and are tested for impairment at
least annually or when there is an indication of impairment. Landing rights with a carrying value that have
no further VIU and have been surrendered for nil value are de-recognised and a loss on disposal recognised
in the income statement at the point of surrender.
When assessing for impairment or reassessing UELs, easyJet considers potential significant future changes
including in relation to market, technological, economic and legal developments. The potential future impacts of
climate change have been incorporated by including the estimated financial impact within cash flow projections
of the future estimated price of ETS allowances, the expected price and quantity required of SAF usage, and
the cost of carbon removal credits and other sustainability initiatives. Additional risks associated with climate
change are modelled in sensitivity analysis including variations in SAF usage and ETS costs, additional legal and
technology costs, reduced demand and increased cost of maintenance and replacement aircraft.
Computer software is stated at cost and is amortised from the point at which the asset is ready for use on
a straight-line basis over the asset\u2019s UEL. UELs are reviewed annually.
Expected useful life
Computer software
2\u20137 years
Annual licence agreements to use cloud software are expensed and treated as a service agreement.
Perpetual licences to use cloud software are capitalised if easyJet has both a contractual right to the
software and the ability to run the software independently of the host vendor, but are otherwise expensed.
Customisation and configuration costs related to the implementation of Cloud based applications are
expensed unless the activity creates an asset that is separate and identifiable from the software.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:2138001S47XKWIB7TH90", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-536": { "value": "Goodwill and other intangible assets Goodwill arising on acquisition has been recognised as an asset and initially measured at cost, being the excess of the cost of the business combination over easyJet\u2019s interest in the net fair value of the identifiable assets acquired and the liabilities assumed. Goodwill is stated at cost less any accumulated impairment losses. It has an indefinite expected useful life and is tested for impairment as part of the Airline CGU on an annual basis or when there is an indication of impairment. Landing rights are stated at cost less any accumulated impairment losses. They are considered to have an indefinite useful life as they remain available for use for the foreseeable future provided minimum utilisation requirements are observed. Landing rights form part of the Airline CGU and are tested for impairment at least annually or when there is an indication of impairment. Landing rights with a carrying value that have no further VIU and have been surrendered for nil value are de-recognised and a loss on disposal recognised in the income statement at the point of surrender. When assessing for impairment or reassessing UELs, easyJet considers potential significant future changes including in relation to market, technological, economic and legal developments. The potential future impacts of climate change have been incorporated by including the estimated financial impact within cash flow projections of the future estimated price of ETS allowances, the expected price and quantity required of SAF usage, and the cost of carbon removal credits and other sustainability initiatives. Additional risks associated with climate change are modelled in sensitivity analysis including variations in SAF usage and ETS costs, additional legal and technology costs, reduced demand and increased cost of maintenance and replacement aircraft. Computer software is stated at cost and is amortised from the point at which the asset is ready for use on a straight-line basis over the asset\u2019s UEL. UELs are reviewed annually.
Expected useful life
Computer software
2\u20137 years
Annual licence agreements to use cloud software are expensed and treated as a service agreement. Perpetual licences to use cloud software are capitalised if easyJet has both a contractual right to the software and the ability to run the software independently of the host vendor, but are otherwise expensed. Customisation and configuration costs related to the implementation of Cloud based applications are expensed unless the activity creates an asset that is separate and identifiable from the software. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:2138001S47XKWIB7TH90", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-504": { "value": "Goodwill and other intangible assets Goodwill arising on acquisition has been recognised as an asset and initially measured at cost, being the excess of the cost of the business combination over easyJet\u2019s interest in the net fair value of the identifiable assets acquired and the liabilities assumed. Goodwill is stated at cost less any accumulated impairment losses. It has an indefinite expected useful life and is tested for impairment as part of the Airline CGU on an annual basis or when there is an indication of impairment. Landing rights are stated at cost less any accumulated impairment losses. They are considered to have an indefinite useful life as they remain available for use for the foreseeable future provided minimum utilisation requirements are observed. Landing rights form part of the Airline CGU and are tested for impairment at least annually or when there is an indication of impairment. Landing rights with a carrying value that have no further VIU and have been surrendered for nil value are de-recognised and a loss on disposal recognised in the income statement at the point of surrender. When assessing for impairment or reassessing UELs, easyJet considers potential significant future changes including in relation to market, technological, economic and legal developments. The potential future impacts of climate change have been incorporated by including the estimated financial impact within cash flow projections of the future estimated price of ETS allowances, the expected price and quantity required of SAF usage, and the cost of carbon removal credits and other sustainability initiatives. Additional risks associated with climate change are modelled in sensitivity analysis including variations in SAF usage and ETS costs, additional legal and technology costs, reduced demand and increased cost of maintenance and replacement aircraft. Computer software is stated at cost and is amortised from the point at which the asset is ready for use on a straight-line basis over the asset\u2019s UEL. UELs are reviewed annually.
Expected useful life
Computer software
2\u20137 years
Annual licence agreements to use cloud software are expensed and treated as a service agreement. Perpetual licences to use cloud software are capitalised if easyJet has both a contractual right to the software and the ability to run the software independently of the host vendor, but are otherwise expensed. Customisation and configuration costs related to the implementation of Cloud based applications are expensed unless the activity creates an asset that is separate and identifiable from the software. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:2138001S47XKWIB7TH90", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-457": { "value": "
Carbon allowances and offsetting
easyJet participates in the EU ETS, CH (Swiss) ETS and UK ETS schemes. Participants are required to
purchase and surrender ETS carbon allowances to cover their annual carbon emissions from flying. The
surrender process takes place ahead of the compliance deadlines each year. A proportion of allowances
are issued for free (with 2025 being the final year of free allowances being issued) and are recognised at
fair value, being the market value on the date they are received, with a corresponding liability recognised
simultaneously. Purchased allowances are recognised at the purchase price. Both free and purchased carbon
allowances are held as intangible assets and are not subsequently revalued as they are held for own use.
As part of the annual surrender process free allowances will be surrendered first with purchased allowances
then surrendered on a first in, first out (FIFO) basis. The income statement expense (included in fuel
costs), recognised throughout the year as the liability is incurred through flying, is based on a weighted
average cost of the free and purchased allowances estimated to be surrendered (on the FIFO basis
described above) as part of the annual surrender process. A corresponding liability of the same value is
also recognised. As such, for any financial year, three months of the related expense will be known having
already been surrendered, with nine months of the expense subject to a degree of estimation. Both the
related asset and liability are extinguished only at the point when the allowances are surrendered.
These intangible assets form part of the Airline CGU and are reviewed for impairment annually or when
there is an indication of impairment within the Airline CGU.
Additionally, easyJet has an obligation under French law to offset CO
2
emissions incurred for French
domestic flights. Carbon certificates have been purchased for the obligation and are held on the
consolidated statement of financial position at purchase price.
", "dimensions": { "concept": "easyjetplc:DescriptionOfAccountingPolicyForCarbonAllowancesAndOffsetting", "language": "en", "entity": "scheme:2138001S47XKWIB7TH90", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-458": { "value": "
Property, plant and equipment
Property, plant and equipment (PPE) is stated at cost less accumulated depreciation. Depreciation is
calculated to write off the cost, less estimated residual value, of assets on a straight-line basis over their
UELs. UELs and residual values are reviewed annually.
Expected useful life
Aircraft
1
20\u201323 years
2, 3
Aircraft spares
18 years
Aircraft \u2013 prepaid maintenance
7\u201310 years
Aircraft \u2013 subsequent maintenance 5\u201310 years
Leasehold improvements
5\u201310 years or the length of lease if shorter
Freehold land
Not depreciated
Fixtures, fittings and equipment
4
3 years or length of the lease of the property where the equipment
is used if shorter
Computer hardware
4
3\u20135 years
1) Aircraft held as right of use assets are depreciated over the lease term; see leases section. Contractual capital maintenance
associated with leased aircraft is charged as depreciation to the income statement as the usage that defines the
maintenance event occurs.
2) easyJet operates a fleet of Airbus CEO and NEO aircraft. The newer NEO aircraft have a UEL of 23 years. Aligning to the
longer-term plan for CEO aircraft, and the ambition to replace these over time with the more fuel efficient NEO aircraft as
part of easyJet\u2019s net zero commitment, CEO aircraft have a shorter UEL of 20 years.
3) Aircraft are depreciated once in the location and condition necessary to be capable of operating in the manner intended by
management.
4) Included within owned other assets within note 11.
Residual values are reviewed annually, at the end of the reporting period, against prevailing market rates for
assets of an equivalent age, and the depreciation applied is adjusted accordingly on a prospective basis.
The carrying value of PPE assets is part of the Airline CGU and is therefore reviewed for impairment at least
annually or when there is any indication of impairment within the CGU. For aircraft, easyJet is dependent
on Airbus as its sole supplier. This gives rise to an increased valuation risk, which crystallises when aircraft
exit the fleet, where easyJet is reliant on the future demand for second-hand aircraft and specifically
Airbus aircraft. Future developments, such as the impact of climate change on the market, technological,
economic or legal environment factors, are considered when assessing residual values and UELs.
An element of the cost of a new aircraft is attributed on acquisition to prepaid maintenance, reflecting
the \u2018full-life\u2019 maintenance status of key components of the aircraft at the point of transition of ownership.
This cost is depreciated over a period of between seven to ten years from the date of manufacture,
in accordance with the maintenance schedule for the aircraft. Subsequent costs incurred which lend
enhancement to future periods, such as long-term scheduled maintenance and major overhauls of aircraft
and engines, are capitalised at the time of the event and depreciated over the length of the period
benefiting from these events. All other maintenance costs for owned aircraft are charged to the income
statement as incurred.
Pre-delivery payments made in respect of aircraft are recorded in PPE at cost. A proportion of easyJet\u2019s
financing costs are attributed to pre-delivery payments, made in respect of aircraft and other qualifying
assets under construction. These financing costs are subsequently capitalised and added to the cost of the
relevant asset. Pre-delivery payments are depreciated from the point at which the aircraft to which they
relate is received and ready for commercial use.
Gains and losses on disposals (other than aircraft-related sale and leaseback transactions) are determined
by comparing the net proceeds with the carrying amount of the asset and are recognised in the
income statement.
Freehold land is recorded at cost and not depreciated as it is considered to have an indefinite useful life .
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:2138001S47XKWIB7TH90", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-505": { "value": "Property, plant and equipment Property, plant and equipment (PPE) is stated at cost less accumulated depreciation. Depreciation is calculated to write off the cost, less estimated residual value, of assets on a straight-line basis over their UELs. UELs and residual values are reviewed annually.
Expected useful life
Aircraft
1
20\u201323 years
2, 3
Aircraft spares
18 years
Aircraft \u2013 prepaid maintenance
7\u201310 years
Aircraft \u2013 subsequent maintenance 5\u201310 years
Leasehold improvements
5\u201310 years or the length of lease if shorter
Freehold land
Not depreciated
Fixtures, fittings and equipment
4
3 years or length of the lease of the property where the equipment
is used if shorter
Computer hardware
4
3\u20135 years
1) Aircraft held as right of use assets are depreciated over the lease term; see leases section. Contractual capital maintenance associated with leased aircraft is charged as depreciation to the income statement as the usage that defines the maintenance event occurs. 2) easyJet operates a fleet of Airbus CEO and NEO aircraft. The newer NEO aircraft have a UEL of 23 years. Aligning to the longer-term plan for CEO aircraft, and the ambition to replace these over time with the more fuel efficient NEO aircraft as part of easyJet\u2019s net zero commitment, CEO aircraft have a shorter UEL of 20 years. 3) Aircraft are depreciated once in the location and condition necessary to be capable of operating in the manner intended by management. 4) Included within owned other assets within note 11. Residual values are reviewed annually, at the end of the reporting period, against prevailing market rates for assets of an equivalent age, and the depreciation applied is adjusted accordingly on a prospective basis. The carrying value of PPE assets is part of the Airline CGU and is therefore reviewed for impairment at least annually or when there is any indication of impairment within the CGU. For aircraft, easyJet is dependent on Airbus as its sole supplier. This gives rise to an increased valuation risk, which crystallises when aircraft exit the fleet, where easyJet is reliant on the future demand for second-hand aircraft and specifically Airbus aircraft. Future developments, such as the impact of climate change on the market, technological, economic or legal environment factors, are considered when assessing residual values and UELs. An element of the cost of a new aircraft is attributed on acquisition to prepaid maintenance, reflecting the \u2018full-life\u2019 maintenance status of key components of the aircraft at the point of transition of ownership. This cost is depreciated over a period of between seven to ten years from the date of manufacture, in accordance with the maintenance schedule for the aircraft. Subsequent costs incurred which lend enhancement to future periods, such as long-term scheduled maintenance and major overhauls of aircraft and engines, are capitalised at the time of the event and depreciated over the length of the period benefiting from these events. All other maintenance costs for owned aircraft are charged to the income statement as incurred. Pre-delivery payments made in respect of aircraft are recorded in PPE at cost. A proportion of easyJet\u2019s financing costs are attributed to pre-delivery payments, made in respect of aircraft and other qualifying assets under construction. These financing costs are subsequently capitalised and added to the cost of the relevant asset. Pre-delivery payments are depreciated from the point at which the aircraft to which they relate is received and ready for commercial use. Gains and losses on disposals (other than aircraft-related sale and leaseback transactions) are determined by comparing the net proceeds with the carrying amount of the asset and are recognised in the income statement. Freehold land is recorded at cost and not depreciated as it is considered to have an indefinite useful life .", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:2138001S47XKWIB7TH90", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-459": { "value": "
Leases
The Group assesses at contract inception whether a contract is, or contains, a lease.
The Group as lessee
When a contractual arrangement contains a lease, easyJet recognises a lease liability and a corresponding
right of use asset at the commencement of the lease.
At the commencement date the lease liability is measured at the present value of the future lease
payments, discounted using the Group\u2019s incremental borrowing rate where the interest rate in the lease
is not readily determined. Lease payments include fixed payments and variable payments which are
dependent on an index or rate. Where an index or rate is used this is initially measured using the index or
rate at commencement. Subsequently, the lease liability is adjusted by increasing the carrying amount to
reflect interest on the lease liability, reducing the carrying amount to reflect the lease payments made, and
remeasuring the carrying amount to reflect any reassessment or lease modifications.
The lease term is determined from the commencement date of the lease and the duration of the non-
cancellable term. If easyJet has an extension option, which it considers it is reasonably certain to exercise,
then the lease term will be considered to extend beyond that non-cancellable period to the end of the
extension period available. Where easyJet has previously assessed that there is no intention to exercise an
extension option but subsequently opts to exercise the option, then the lease liability is remeasured for
the revised lease term and change in future lease payments. If easyJet has a termination option, which it
considers it is reasonably certain to exercise, then the lease term will be accounted for until the point when
the termination option will take effect.
At the commencement date the right of use asset is measured at an amount equal to the lease liability
plus any lease payments made before the commencement date and any initial direct costs, less any
lease incentive payments received. An estimate of costs to be incurred in restoring an asset before
return to the lessor, in accordance with the terms of the lease, is also included in the right of use asset
at initial recognition. Subsequently, for leased aircraft, the right of use asset attracts maintenance work
in accordance with the contractual obligations of the lease, and a provision for the maintenance work is
built up as the aircraft is flown, with the offset being against the right of use asset. The maintenance asset
created is immediately fully depreciated as the liability is incurred as the aircraft is flown. Additionally, in
the event that a corresponding lease liability is remeasured, an adjustment is also made to the right of
use asset. The right of use assets form part of the Airline CGU and are therefore subject to review for
impairment annually or when there is an indication of impairment within the Airline CGU.
Short-term leases less than 12 months in length and low-value leases are not recognised as lease liabilities
and right of use assets but are recognised as an expense on a straight-line basis over the lease term.
In the consolidated statement of cash flows, payments for the interest element of recognised lease
liabilities are included in interest and other financing charges paid within cash flows from operating
activities. Payments for the principal element of recognised lease liabilities are presented within cash flows
from financing activities.
Sale and leaseback
easyJet periodically enters into sale and leaseback transactions whereby it sells either new or mid-life
aircraft or engines to a third-party and immediately leases them back. Each transaction is assessed as to
whether a sale of the asset has occurred under IFRS 15, \u2018Revenue from Contracts with Customers\u2019, taking
into consideration whether the contract contains a substantive purchase option for easyJet to repurchase
the asset.
If a sale of the asset is determined to have occurred, the asset is derecognised and a right of use asset and
lease liability are recognised. Where the transaction is judged to reflect the assets fair value, any gain or
loss arising on disposal is recognised in the income statement, to the extent that it relates to the rights that
have been transferred. Gains and losses that relate to the rights that have been retained are included in
the carrying amount of the right of use asset recognised at commencement of the lease. If sale proceeds
received were determined to not be at the asset\u2019s fair value, any below market terms would be recognised
as a prepayment of lease payments, and above market terms recognised as additional financing provided
by the lessor. Gains on sale and leaseback transactions are recognised in other income, with losses on sale
and leaseback transactions recognised in other costs. Proceeds received for the sale of the fair value of the
asset are recognised in the statement of cash flows within investing activities as it relates to property, plant
and equipment.
If a sale is determined to have not occurred, then the contract is not accounted for as a lease. The asset
is retained on the consolidated statement of financial position within property, plant and equipment and a
financial liability is recognised within other borrowings for the sale proceeds received. The financial liability is
recognised at amortised cost as detailed in the financial instruments policy.
Purchase of leased assets
Where easyJet acquires an asset that was previously leased to the Group, and the original lease contract did
not contain a purchase option, the asset is recognised within property, plant and equipment at fair value. The
difference between the fair value and the purchase consideration paid is recognised in the income statement
together with the derecognition of the right of use asset, lease liability and associated maintenance and
restoration provisions. Payments to acquire the asset are presented in the consolidated statement of cash
flows within investing activities as they relate to the purchase of property plant and equipment.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:2138001S47XKWIB7TH90", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-460": { "value": "
Other non-current assets
Other non-current assets include both general lease deposits, as stipulated in lease agreements, as well
as mid-life aircraft delivery assets for maintenance obligations incurred on mid-life aircraft before easyJet
acquired the aircraft. The payments and receivables are recorded within current and non-current assets
as applicable, pending reimbursement or receipt in accordance with contract specific terms. Management
assess the recoverability of these assets on an annual basis through consideration of the credit position of
the debtors and other relevant inputs. Under the general approach to assess impairment of financial assets,
easyJet recognises a loss allowance equal to the 12-month expected credit losses.
", "dimensions": { "concept": "easyjetplc:DescriptionOfAccountingPolicyForOtherNonCurrentAssets", "language": "en", "entity": "scheme:2138001S47XKWIB7TH90", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-461": { "value": "
Financial guarantees
Financial guarantees are initially measured at fair value and subsequently at the higher of the initial fair
value or the amount of the loss allowance determined by an expected credit loss calculation.
A loss allowance is calculated where easyJet is jointly and severally liable for financial guarantee contracts.
This is calculated based on the probability-weighted estimate of cash shortfalls to reimburse the holder for
a credit loss that it incurs and based on the agreements which may exist between any co-guarantors.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialGuaranteesExplanatory", "language": "en", "entity": "scheme:2138001S47XKWIB7TH90", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-506": { "value": "Ta x Tax expense in the income statement consists of current and deferred tax. Tax is recognised in the income statement except when it relates to items credited or charged directly to other comprehensive income or shareholders\u2019 equity, in which case it is recognised in other comprehensive income or shareholders\u2019 equity. The charge for current tax is based on the results for the year as adjusted for income that is exempt and expenses that are not deductible, using tax rates that are applicable to the taxable income. Deferred tax is provided in full on temporary differences relating to the carrying amount of assets and liabilities, where it is probable that the recovery or settlement will result in an obligation to pay more, or a right to pay less, tax in the future, with the following exceptions: \u2022 where the temporary difference arises from goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither taxable income nor accounting profit; and \u2022 deferred tax arising on investments in subsidiaries is not recognised where easyJet is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax is calculated at the tax rates that are expected to apply in the periods in which recovery of assets and settlement of liabilities are expected to take place, based on tax rates or laws enacted or substantively enacted at the date of the statement of financial position. Deferred tax assets represent amounts considered recoverable in future periods in respect of deductible temporary differences, losses and tax credits carried forward. Deferred tax assets are recognised to the extent that these are estimated to be fully recoverable against the unwind of taxable temporary differences and future taxable income. Deferred tax liabilities represent the amount of income taxes payable in future periods in respect of taxable temporary differences. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and it is the intention to settle these on a net basis. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:2138001S47XKWIB7TH90", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-462": { "value": "Ta x Tax expense in the income statement consists of current and deferred tax. Tax is recognised in the income statement except when it relates to items credited or charged directly to other comprehensive income or shareholders\u2019 equity, in which case it is recognised in other comprehensive income or shareholders\u2019 equity. The charge for current tax is based on the results for the year as adjusted for income that is exempt and expenses that are not deductible, using tax rates that are applicable to the taxable income. Deferred tax is provided in full on temporary differences relating to the carrying amount of assets and liabilities, where it is probable that the recovery or settlement will result in an obligation to pay more, or a right to pay less, tax in the future, with the following exceptions: \u2022 where the temporary difference arises from goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither taxable income nor accounting profit; and \u2022 deferred tax arising on investments in subsidiaries is not recognised where easyJet is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax is calculated at the tax rates that are expected to apply in the periods in which recovery of assets and settlement of liabilities are expected to take place, based on tax rates or laws enacted or substantively enacted at the date of the statement of financial position. Deferred tax assets represent amounts considered recoverable in future periods in respect of deductible temporary differences, losses and tax credits carried forward. Deferred tax assets are recognised to the extent that these are estimated to be fully recoverable against the unwind of taxable temporary differences and future taxable income. Deferred tax liabilities represent the amount of income taxes payable in future periods in respect of taxable temporary differences. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and it is the intention to settle these on a net basis. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:2138001S47XKWIB7TH90", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-463": { "value": "Provisions Provisions are recognised when a present legal or constructive obligation arises as a result of a past event, it is probable that the Group will be required to settle that obligation, and a reliable estimate can be made of the amount of the obligation. Amounts provided for represent the best estimate of the consideration required to settle the present obligation at the statement of financial position date, taking into account all related risks and uncertainties. Restructuring Provisions for restructuring arise principally in relation to network optimisation and head office reviews. Provisions for restructuring programmes are made when easyJet has a demonstrable commitment to a restructuring programme, for example through an announcement made to the impacted employees. Restructuring provisions are measured based on the expected outcome of consultations with impacted employees. Where specific individuals at risk have not been identified, estimations are based on information available such as average payroll data and length of service. Leased aircraft maintenance easyJet incurs liabilities for maintenance and restoration costs in respect of leased aircraft during the term of the lease. These arise from legal and constructive contractual obligations relating to the condition of the aircraft when it is returned to the lessor or when heavy maintenance events are expected to occur during the period of the lease. Contractual maintenance obligations arising from the ongoing use of the aircraft are provided for over the term of the lease based on the estimated future costs of the maintenance events, or forecast penalty charges, discounted to present value. The provision is built as the aircraft are flown, and recognised against the right of use asset, where it is immediately fully depreciated as the flying hours that determine the provision have taken place. The restoration cost obligation is described in the lease section. Other provisions Other provisions include amounts in respect of onerous contracts, compensation for quality issues and personal injury and illness for easyJet holidays\u2019 customers, the provision for refunds of air passenger duty and similar charges, and potential liabilities for employee related and litigation matters which arise in the normal course of business. Onerous contracts are recognised at the first indication that a loss is anticipated, and the provision based on the expected economic outflow arising from the contracts. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:2138001S47XKWIB7TH90", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-464": { "value": "Employee benefits easyJet contributes to defined contribution pension schemes for the benefit of employees. The assets of the schemes are held separately from those of easyJet in independently administered funds. easyJet\u2019s contributions are charged to the income statement in the year in which they are incurred. easyJet has no further payment obligations once the contributions have been paid for defined contribution schemes. The expected cost of compensated annual leave and other employee benefits is recognised at the time that the related employees\u2019 services are provided. Switzerland pension scheme easyJet contributes to an independently administered post-employment fund for employees in Switzerland. The benefit is contribution-based with certain minimum guarantees required by Swiss law to the mandatory part of the benefit. Due to these minimum guarantees, the Swiss pension plan meets IAS 19 Employee Benefits requirements to be treated as a defined benefit plan for the purposes of these consolidated financial statements. The easyJet portion of the current service costs and the net interest costs are charged to the consolidated income statement in the year in which they relate. Actuarial gains and losses are recognised in the consolidated statement of comprehensive income and the consolidated statement of financial position reflects the net surplus or deficit at the reporting date. The actuarial assumptions used to calculate the defined benefit obligation are based on the requirements set out in IAS 19. They are set by management, based on advice from an independent actuary. The defined benefit obligation is calculated using the projected unit credit method. The costs of managing the plan assets are deducted as incurred in determining the return on plan assets and the present value of projected future general administration expenses that are a direct consequence of past service are included as part of the retirement benefit obligation. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:2138001S47XKWIB7TH90", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-507": { "value": "Share capital and dividend distribution Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds. Where any Group company or employee benefit trust purchases the Company\u2019s equity shares, the consideration paid, and any directly attributable incremental costs are deducted from retained earnings until the shares are cancelled or reissued. Proceeds from re-issue are shown as a credit to retained earnings. easyJet settles share awards under the Long Term Incentive Plan, the Save As You Earn scheme, Restricted Share Plan, Restricted Stock Unit, Share Incentive Plans and Deferred Annual Bonus by purchasing its own shares on the market through employee benefit trusts. The costs of such purchases are deducted from retained earnings in the period that the transaction occurs. Final dividend distributions to the Company\u2019s shareholders are recognised as a liability in the period in which the dividends are approved by the Company\u2019s shareholders. Interim dividends are recognised when paid and are included within net cash generated from/used in operating activities as allowable by IAS 7 within the statement of cash flows. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:2138001S47XKWIB7TH90", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-465": { "value": "Share capital and dividend distribution Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds. Where any Group company or employee benefit trust purchases the Company\u2019s equity shares, the consideration paid, and any directly attributable incremental costs are deducted from retained earnings until the shares are cancelled or reissued. Proceeds from re-issue are shown as a credit to retained earnings. easyJet settles share awards under the Long Term Incentive Plan, the Save As You Earn scheme, Restricted Share Plan, Restricted Stock Unit, Share Incentive Plans and Deferred Annual Bonus by purchasing its own shares on the market through employee benefit trusts. The costs of such purchases are deducted from retained earnings in the period that the transaction occurs. Final dividend distributions to the Company\u2019s shareholders are recognised as a liability in the period in which the dividends are approved by the Company\u2019s shareholders. Interim dividends are recognised when paid and are included within net cash generated from/used in operating activities as allowable by IAS 7 within the statement of cash flows. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:2138001S47XKWIB7TH90", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-466": { "value": "Share-based payments easyJet has a number of equity-settled share incentive schemes. The fair value of share options granted under the Save As You Earn scheme is measured at the date of grant using the Binomial Lattice option pricing model. The fair value of all other awards is the closing share price from the last working day prior to the date of grant. The fair value of the estimated number of options and awards that are expected to vest is expensed to the income statement on a straight-line basis over the period that employees\u2019 services are rendered, with a corresponding increase in shareholders\u2019 equity. Where non-market performance criteria (such as sustainability targets) attached to the share options and awards are not met, any cumulative expense previously recognised is reversed. The social security obligations payable in connection with the grant of the share options are an integral part of the grant itself and the charge is treated as a cash-settled transaction. A deferred tax balance is recognised based on the intrinsic value of the outstanding options. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:2138001S47XKWIB7TH90", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-467": { "value": "Financial instruments Financial instruments are recognised when easyJet becomes a party to the contractual provisions of the relevant instrument and derecognised when it ceases to be a party to such provisions. Financial assets are also derecognised (written-off) when the Group has no reasonable expectation of recovering the financial asset. With the exception of trade receivables that do not contain a significant financing component, financial instruments are initially measured at fair value plus or minus (in the case of a financial asset or financial liability not at fair value through the income statement) directly attributable transaction costs. Trade receivables that do not contain a significant financing component are initially measured at the transaction price. Where market values are not available, the fair value of financial instruments is calculated by discounting expected cash flows at prevailing interest rates and by applying period end exchange rates. The equity investment in The Airline Group Limited is measured at fair value. Movements in fair value are assessed at each reporting period and recorded in other comprehensive income. The fair value is measured using a dividend income model in accordance with IFRS 13 requirements. See note 25 for further details. Non-derivative financial assets Non-derivative financial assets are classified and measured according to easyJet\u2019s business model for managing a specified group of financial assets, and the nature of the contractual cash flows arising from that group of financial assets. Financial assets measured at amortised cost Subsequent to initial recognition, this classification of financial asset is measured at amortised cost using the effective interest rate method. Financial assets are measured at amortised cost when both of the following criteria are met: \u2022 the financial asset is held within a business model whose objective is to hold financial assets in order to collect contractual cash flows; and \u2022 the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amounts outstanding. Financial assets measured at amortised cost include refundable lease deposits and other refundable lease contributions, restricted cash, trade and other receivables, other investments, and cash and cash equivalents (excluding money market funds). Restricted cash comprises cash deposits which have restrictions governing their use and is classified as a current or non-current asset based on the estimated remaining length of the restriction. Movements in restricted cash are shown within financing activities in the consolidated statement of cash flows as the movements arise from cash held relating to guarantees. Cash and cash equivalents comprise cash held in bank accounts with no access restrictions and bank term deposits and tri-party repos repayable on demand or maturing within three months of inception. Money market funds (also part of Cash and cash equivalents) are measured at fair value through the income statement (below). Other investments comprise bank term deposits and tri-party repos maturing greater than three months from inception. Managed investments (also part of Other investments) are measured at fair value through other comprehensive income (below). Financial assets measured at fair value through other comprehensive income On initial recognition, managed investments, and equity investments, excluding interests in associates, are irrevocably designated as measured at fair value through other comprehensive income. Subsequently they are measured at fair value with changes recognised in other comprehensive income with no recycling of these gains and losses. Financial assets measured at fair value through the income statement Financial assets are measured at fair value through the income statement when they do not meet the criteria to be measured at amortised cost or at fair value through other comprehensive income. Subsequent to initial recognition, this classification of financial assets is measured at fair value through the income statement. Financial assets measured at fair value through the income statement comprised of money market funds as at 30 September 2025. Impairment of financial assets At each reporting date easyJet recognises a loss allowance for expected credit losses on financial assets measured at amortised cost. In establishing the appropriate amount of loss allowance to be recognised, easyJet applies either the general approach or the simplified approach, depending on the nature of the underlying group of financial assets. General approach \u2013 impairment assessment The general approach is applied to the impairment assessment of refundable lease deposits and other refundable lease contributions, restricted cash, other investments and cash and cash equivalents. Under the general approach easyJet recognises a loss allowance for a financial asset at an amount equal to the 12-month expected credit losses calculated using expected future default probabilities, unless the credit risk on the financial asset has increased significantly since initial recognition, in which case a loss allowance is recognised at an amount equal to the lifetime expected credit losses. Simplified approach \u2013 impairment assessment The simplified approach is applied to the impairment assessment of trade and other receivables. Under the simplified approach easyJet recognises a loss allowance for a financial asset at an amount equal to the lifetime expected credit losses using a historical loss probability method. Non-derivative financial liabilities Non-derivative financial liabilities are initially recorded at fair value less directly attributable transaction costs, and subsequently at amortised cost, and include trade and other payables and borrowings. Interest expense on borrowings is recognised using the effective interest method. Borrowings are classified as current liabilities unless there is an unconditional right to defer settlement of the liability for at least 12 months after the reporting period date. Financial liabilities measured at amortised cost Subsequent to initial recognition at cost, this classification of financial liability is measured at amortised cost. Financial liabilities measured at amortised cost include trade and other payables, lease liabilities and\u202fborrowings. Derivative financial instruments and hedging activities Derivative financial instruments are measured at fair value through the income statement with the exception of derivative financial instruments that are designated as a hedging instrument in a cash flow hedge relationship. easyJet uses foreign currency forward exchange contracts to hedge foreign currency risks on transactions denominated in US dollars, euros and Swiss francs. These transactions primarily affect revenue, fuel, lease costs, holiday accommodation costs, pre-delivery payments, and the initial carrying value of owned aircraft. easyJet also uses cross-currency interest rate swaps to hedge currency and interest rate risk on certain borrowings, and jet fuel swap and option contracts to hedge fuel price risks. easyJet has a small number of euro-denominated lease contracts which result in a committed schedule of euro lease rental payments; these are matched against forecasted euro revenue cash flows to provide a cash flow hedge against the sterling/euro exchange rate. Hedge accounting is applied to those financial instruments that are designated as cash flow hedges or fair value hedges. Cash flow hedges Gains and losses arising from changes in the fair value of foreign exchange forwards, foreign exchange options, jet fuel swaps, jet fuel options and cross-currency interest rate swap contracts designated as cash flow hedges are recognised in other comprehensive income and deferred in the hedging reserve to the extent that the hedges are determined to be effective. Foreign exchange forward contracts in a cash flow hedge relationship are designated on a forward basis with the full fair value as the hedge instrument. Jet fuel and foreign exchange option contracts in a cash flow hedge relationship are designated using the intrinsic value of the derivative as the hedge instrument only. The time value element of the full fair value for these derivatives is recognised through other comprehensive income as a cost of hedging and recycled to the income statement at the same time as the hedge item also impacts the income statement. Fair value changes in a foreign currency derivative instrument attributable to the currency basis are not designated as part of the hedged instrument. Such fair value changes are recognised through other comprehensive income as a cost of hedging, and are recycled to the income statement on maturity or in the event of hedge discontinuation, according to the nature of the underlying hedged item. When the hedged forecast transaction relates to an item of property, plant and equipment, the relevant accumulated gains and losses are transferred from the hedging reserve and included in the initial carrying amount of that purchased asset. Otherwise they are recognised in the income statement in the same period in which the hedged transaction affects the income statement and against the same line item. In the event that a hedged forecast transaction is no longer expected to occur, any related gains and losses are immediately transferred from the hedging reserve and recognised in the income statement. Derivative instruments that have been derecognised from hedge relationships are classified as fair value through the income statement thereafter with subsequent fair valuation movements being recognised in the income statement. Hedge accounting is discontinued when a hedging instrument is derecognised (e.g. through expiry, disposal or termination of a derivative), or no longer qualifies for hedge accounting. Where the hedged item continues to be expected to occur, the related gains and losses remain deferred in the hedging reserve until the transaction takes place. Hedge relationship The Group determines that the criteria for each hedge accounting relationship are met where: \u2022 all relationships demonstrate a strong economic correlation; \u2022 the effects of credit do not dominate the change in value of the associated hedged risk; and \u2022 all Group hedge relationships have a hedge ratio of one to one, aligning to the Group\u2019s risk management\u202fstrategy. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138001S47XKWIB7TH90", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-508": { "value": "Non-derivative financial assets Non-derivative financial assets are classified and measured according to easyJet\u2019s business model for managing a specified group of financial assets, and the nature of the contractual cash flows arising from that group of financial assets. Financial assets measured at amortised cost Subsequent to initial recognition, this classification of financial asset is measured at amortised cost using the effective interest rate method. Financial assets are measured at amortised cost when both of the following criteria are met: \u2022 the financial asset is held within a business model whose objective is to hold financial assets in order to collect contractual cash flows; and \u2022 the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amounts outstanding. Financial assets measured at amortised cost include refundable lease deposits and other refundable lease contributions, restricted cash, trade and other receivables, other investments, and cash and cash equivalents (excluding money market funds). Restricted cash comprises cash deposits which have restrictions governing their use and is classified as a current or non-current asset based on the estimated remaining length of the restriction. Movements in restricted cash are shown within financing activities in the consolidated statement of cash flows as the movements arise from cash held relating to guarantees. Cash and cash equivalents comprise cash held in bank accounts with no access restrictions and bank term deposits and tri-party repos repayable on demand or maturing within three months of inception. Money market funds (also part of Cash and cash equivalents) are measured at fair value through the income statement (below). Other investments comprise bank term deposits and tri-party repos maturing greater than three months from inception. Managed investments (also part of Other investments) are measured at fair value through other comprehensive income (below). Financial assets measured at fair value through other comprehensive income On initial recognition, managed investments, and equity investments, excluding interests in associates, are irrevocably designated as measured at fair value through other comprehensive income. Subsequently they are measured at fair value with changes recognised in other comprehensive income with no recycling of these gains and losses. Financial assets measured at fair value through the income statement Financial assets are measured at fair value through the income statement when they do not meet the criteria to be measured at amortised cost or at fair value through other comprehensive income. Subsequent to initial recognition, this classification of financial assets is measured at fair value through the income statement. Financial assets measured at fair value through the income statement comprised of money market funds as at 30 September 2025. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:2138001S47XKWIB7TH90", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-537": { "value": "Financial assets measured at fair value through other comprehensive income On initial recognition, managed investments, and equity investments, excluding interests in associates, are irrevocably designated as measured at fair value through other comprehensive income. Subsequently they are measured at fair value with changes recognised in other comprehensive income with no recycling of these gains and losses. Financial assets measured at fair value through the income statement Financial assets are measured at fair value through the income statement when they do not meet the criteria to be measured at amortised cost or at fair value through other comprehensive income. Subsequent to initial recognition, this classification of financial assets is measured at fair value through the income statement. Financial assets measured at fair value through the income statement comprised of money market funds as at 30 September 2025. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:2138001S47XKWIB7TH90", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-509": { "value": "Impairment of financial assets At each reporting date easyJet recognises a loss allowance for expected credit losses on financial assets measured at amortised cost. In establishing the appropriate amount of loss allowance to be recognised, easyJet applies either the general approach or the simplified approach, depending on the nature of the underlying group of financial assets. General approach \u2013 impairment assessment The general approach is applied to the impairment assessment of refundable lease deposits and other refundable lease contributions, restricted cash, other investments and cash and cash equivalents. Under the general approach easyJet recognises a loss allowance for a financial asset at an amount equal to the 12-month expected credit losses calculated using expected future default probabilities, unless the credit risk on the financial asset has increased significantly since initial recognition, in which case a loss allowance is recognised at an amount equal to the lifetime expected credit losses. Simplified approach \u2013 impairment assessment The simplified approach is applied to the impairment assessment of trade and other receivables. Under the simplified approach easyJet recognises a loss allowance for a financial asset at an amount equal to the lifetime expected credit losses using a historical loss probability method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:2138001S47XKWIB7TH90", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-510": { "value": "Non-derivative financial liabilities Non-derivative financial liabilities are initially recorded at fair value less directly attributable transaction costs, and subsequently at amortised cost, and include trade and other payables and borrowings. Interest expense on borrowings is recognised using the effective interest method. Borrowings are classified as current liabilities unless there is an unconditional right to defer settlement of the liability for at least 12 months after the reporting period date. Financial liabilities measured at amortised cost Subsequent to initial recognition at cost, this classification of financial liability is measured at amortised cost. Financial liabilities measured at amortised cost include trade and other payables, lease liabilities and\u202fborrowings. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138001S47XKWIB7TH90", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-550": { "value": "Derivative financial instruments and hedging activities Derivative financial instruments are measured at fair value through the income statement with the exception of derivative financial instruments that are designated as a hedging instrument in a cash flow hedge relationship. easyJet uses foreign currency forward exchange contracts to hedge foreign currency risks on transactions denominated in US dollars, euros and Swiss francs. These transactions primarily affect revenue, fuel, lease costs, holiday accommodation costs, pre-delivery payments, and the initial carrying value of owned aircraft. easyJet also uses cross-currency interest rate swaps to hedge currency and interest rate risk on certain borrowings, and jet fuel swap and option contracts to hedge fuel price risks. easyJet has a small number of euro-denominated lease contracts which result in a committed schedule of euro lease rental payments; these are matched against forecasted euro revenue cash flows to provide a cash flow hedge against the sterling/euro exchange rate. Hedge accounting is applied to those financial instruments that are designated as cash flow hedges or fair value hedges. Cash flow hedges Gains and losses arising from changes in the fair value of foreign exchange forwards, foreign exchange options, jet fuel swaps, jet fuel options and cross-currency interest rate swap contracts designated as cash flow hedges are recognised in other comprehensive income and deferred in the hedging reserve to the extent that the hedges are determined to be effective. Foreign exchange forward contracts in a cash flow hedge relationship are designated on a forward basis with the full fair value as the hedge instrument. Jet fuel and foreign exchange option contracts in a cash flow hedge relationship are designated using the intrinsic value of the derivative as the hedge instrument only. The time value element of the full fair value for these derivatives is recognised through other comprehensive income as a cost of hedging and recycled to the income statement at the same time as the hedge item also impacts the income statement. Fair value changes in a foreign currency derivative instrument attributable to the currency basis are not designated as part of the hedged instrument. Such fair value changes are recognised through other comprehensive income as a cost of hedging, and are recycled to the income statement on maturity or in the event of hedge discontinuation, according to the nature of the underlying hedged item. When the hedged forecast transaction relates to an item of property, plant and equipment, the relevant accumulated gains and losses are transferred from the hedging reserve and included in the initial carrying amount of that purchased asset. Otherwise they are recognised in the income statement in the same period in which the hedged transaction affects the income statement and against the same line item. In the event that a hedged forecast transaction is no longer expected to occur, any related gains and losses are immediately transferred from the hedging reserve and recognised in the income statement. Derivative instruments that have been derecognised from hedge relationships are classified as fair value through the income statement thereafter with subsequent fair valuation movements being recognised in the income statement. Hedge accounting is discontinued when a hedging instrument is derecognised (e.g. through expiry, disposal or termination of a derivative), or no longer qualifies for hedge accounting. Where the hedged item continues to be expected to occur, the related gains and losses remain deferred in the hedging reserve until the transaction takes place. Hedge relationship The Group determines that the criteria for each hedge accounting relationship are met where: \u2022 all relationships demonstrate a strong economic correlation; \u2022 the effects of credit do not dominate the change in value of the associated hedged risk; and \u2022 all Group hedge relationships have a hedge ratio of one to one, aligning to the Group\u2019s risk management\u202fstrategy. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:2138001S47XKWIB7TH90", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-511": { "value": "Derivative financial instruments and hedging activities Derivative financial instruments are measured at fair value through the income statement with the exception of derivative financial instruments that are designated as a hedging instrument in a cash flow hedge relationship. easyJet uses foreign currency forward exchange contracts to hedge foreign currency risks on transactions denominated in US dollars, euros and Swiss francs. These transactions primarily affect revenue, fuel, lease costs, holiday accommodation costs, pre-delivery payments, and the initial carrying value of owned aircraft. easyJet also uses cross-currency interest rate swaps to hedge currency and interest rate risk on certain borrowings, and jet fuel swap and option contracts to hedge fuel price risks. easyJet has a small number of euro-denominated lease contracts which result in a committed schedule of euro lease rental payments; these are matched against forecasted euro revenue cash flows to provide a cash flow hedge against the sterling/euro exchange rate. Hedge accounting is applied to those financial instruments that are designated as cash flow hedges or fair value hedges. Cash flow hedges Gains and losses arising from changes in the fair value of foreign exchange forwards, foreign exchange options, jet fuel swaps, jet fuel options and cross-currency interest rate swap contracts designated as cash flow hedges are recognised in other comprehensive income and deferred in the hedging reserve to the extent that the hedges are determined to be effective. Foreign exchange forward contracts in a cash flow hedge relationship are designated on a forward basis with the full fair value as the hedge instrument. Jet fuel and foreign exchange option contracts in a cash flow hedge relationship are designated using the intrinsic value of the derivative as the hedge instrument only. The time value element of the full fair value for these derivatives is recognised through other comprehensive income as a cost of hedging and recycled to the income statement at the same time as the hedge item also impacts the income statement. Fair value changes in a foreign currency derivative instrument attributable to the currency basis are not designated as part of the hedged instrument. Such fair value changes are recognised through other comprehensive income as a cost of hedging, and are recycled to the income statement on maturity or in the event of hedge discontinuation, according to the nature of the underlying hedged item. When the hedged forecast transaction relates to an item of property, plant and equipment, the relevant accumulated gains and losses are transferred from the hedging reserve and included in the initial carrying amount of that purchased asset. Otherwise they are recognised in the income statement in the same period in which the hedged transaction affects the income statement and against the same line item. In the event that a hedged forecast transaction is no longer expected to occur, any related gains and losses are immediately transferred from the hedging reserve and recognised in the income statement. Derivative instruments that have been derecognised from hedge relationships are classified as fair value through the income statement thereafter with subsequent fair valuation movements being recognised in the income statement. Hedge accounting is discontinued when a hedging instrument is derecognised (e.g. through expiry, disposal or termination of a derivative), or no longer qualifies for hedge accounting. Where the hedged item continues to be expected to occur, the related gains and losses remain deferred in the hedging reserve until the transaction takes place. Hedge relationship The Group determines that the criteria for each hedge accounting relationship are met where: \u2022 all relationships demonstrate a strong economic correlation; \u2022 the effects of credit do not dominate the change in value of the associated hedged risk; and \u2022 all Group hedge relationships have a hedge ratio of one to one, aligning to the Group\u2019s risk management\u202fstrategy. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138001S47XKWIB7TH90", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-538": { "value": "Derivative financial instruments and hedging activities Derivative financial instruments are measured at fair value through the income statement with the exception of derivative financial instruments that are designated as a hedging instrument in a cash flow hedge relationship. easyJet uses foreign currency forward exchange contracts to hedge foreign currency risks on transactions denominated in US dollars, euros and Swiss francs. These transactions primarily affect revenue, fuel, lease costs, holiday accommodation costs, pre-delivery payments, and the initial carrying value of owned aircraft. easyJet also uses cross-currency interest rate swaps to hedge currency and interest rate risk on certain borrowings, and jet fuel swap and option contracts to hedge fuel price risks. easyJet has a small number of euro-denominated lease contracts which result in a committed schedule of euro lease rental payments; these are matched against forecasted euro revenue cash flows to provide a cash flow hedge against the sterling/euro exchange rate. Hedge accounting is applied to those financial instruments that are designated as cash flow hedges or fair value hedges. Cash flow hedges Gains and losses arising from changes in the fair value of foreign exchange forwards, foreign exchange options, jet fuel swaps, jet fuel options and cross-currency interest rate swap contracts designated as cash flow hedges are recognised in other comprehensive income and deferred in the hedging reserve to the extent that the hedges are determined to be effective. Foreign exchange forward contracts in a cash flow hedge relationship are designated on a forward basis with the full fair value as the hedge instrument. Jet fuel and foreign exchange option contracts in a cash flow hedge relationship are designated using the intrinsic value of the derivative as the hedge instrument only. The time value element of the full fair value for these derivatives is recognised through other comprehensive income as a cost of hedging and recycled to the income statement at the same time as the hedge item also impacts the income statement. Fair value changes in a foreign currency derivative instrument attributable to the currency basis are not designated as part of the hedged instrument. Such fair value changes are recognised through other comprehensive income as a cost of hedging, and are recycled to the income statement on maturity or in the event of hedge discontinuation, according to the nature of the underlying hedged item. When the hedged forecast transaction relates to an item of property, plant and equipment, the relevant accumulated gains and losses are transferred from the hedging reserve and included in the initial carrying amount of that purchased asset. Otherwise they are recognised in the income statement in the same period in which the hedged transaction affects the income statement and against the same line item. In the event that a hedged forecast transaction is no longer expected to occur, any related gains and losses are immediately transferred from the hedging reserve and recognised in the income statement. Derivative instruments that have been derecognised from hedge relationships are classified as fair value through the income statement thereafter with subsequent fair valuation movements being recognised in the income statement. Hedge accounting is discontinued when a hedging instrument is derecognised (e.g. through expiry, disposal or termination of a derivative), or no longer qualifies for hedge accounting. Where the hedged item continues to be expected to occur, the related gains and losses remain deferred in the hedging reserve until the transaction takes place. Hedge relationship The Group determines that the criteria for each hedge accounting relationship are met where: \u2022 all relationships demonstrate a strong economic correlation; \u2022 the effects of credit do not dominate the change in value of the associated hedged risk; and \u2022 all Group hedge relationships have a hedge ratio of one to one, aligning to the Group\u2019s risk management\u202fstrategy. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:2138001S47XKWIB7TH90", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-468": { "value": "Revenue recognition easyJet categorises total revenue earned on the face of the income statement between passenger and ancillary revenue, with ancillary revenue further categorised into airline ancillary revenue and easyJet holidays revenue. Passenger revenue Passenger revenue arises from the sale of flight seats and is recognised when the performance obligation has been completed, which is when the flight takes place. Revenue recognised is the price paid by the customer for the flight excluding air passenger tax; this includes amounts paid by \u2018no-show\u2019 customers, as such customers are not generally entitled to change flights or seek refunds once a flight has departed. Compensation payments made to customers (in respect of flight delays and cancellations) are offset against revenues recognised up to the amount of the flight, with any excess compensation being recorded within other costs. The liability for compensation payments not yet paid is measured based on known eligible events, the number of passengers impacted, and the best estimate of claim rates which is informed by historical claim rates. Airline flights are paid for at the point of booking. Unearned revenue from flights not yet flown is held in the statement of financial position until it is realised in the income statement when the flight takes place. If easyJet cancels a flight, unless a customer immediately rebooks on an alternative flight, at the point of the cancellation the amount paid for the flight is derecognised from unearned revenue and a contract liability is recognised within trade and other payables to refund the customer or provide a voucher or flight transfer if requested. Vouchers issued by easyJet in lieu of refunds are held on the statement of financial position in other payables as a contract liability (see note 16) until they are redeemed against a new booking, at which point they are recognised as unearned revenue. Once vouchers expire or are deemed to have a remote probability of being redeemed for a future booking they will be recognised as revenue. For vouchers issued to customers in countries where regulations stipulate unused vouchers should be refunded to the customer before the expiry of the statutory period, the required refunds are made. Where customers do not request either a voucher, refund or flight transfer the liability continues to be recognised in other payables, and breakage is applied when the likelihood of the customer exercising their remaining rights to be compensated is considered remote. Airline ancillary revenue Sale of checked baggage, allocated seating, change fees and other Revenue is measured as the price paid by the customer for the service booked and is recognised at a point in time, which is when the flight takes place. Unearned revenue includes the amount paid for these services and is treated in line with unearned revenue for the sale of flight seats. Partner revenue and in-flight sales Revenue is measured at the value of the commission earned as easyJet is deemed to be the agent and does not control the related services or goods. The key consideration to reach this conclusion is that the partner is deemed to be responsible for inventory risk and fulfilment of the goods and services. The revenue is recognised at a point in time which is when the service takes place. The exception is commission earned from travel insurance, where revenue is recognised at the time of booking as easyJet acts solely as the appointed representative of the insurance company. Cancellation fees Revenue is measured at the amount paid for the cancellation and is recognised at a point in time, when the cancellation requested by the customer is processed. easyJet plus Revenue is measured at the amount paid for the annual membership and is recognised evenly over the membership period. easyJet holidays revenue easyJet holidays\u2019 revenue as referenced in the income statement is net of flight revenue and comprises package holiday revenue which is measured as the price paid by the customer for the service booked. The performance obligation is satisfied over time with the revenue recognised evenly across the length of the holiday. This includes amounts paid by \u2018no-show\u2019 customers. Package holiday deposits are paid for at the point of booking. Unearned revenue from the non-flight elements of package holidays for which the customer has paid but the service has not yet taken place, is held on the statement of financial position until it is realised in the income statement when the performance obligation is complete. Package holiday balances are due from customers 28 days before departure. If easyJet holidays cancels a holiday, and the customer does not elect to rebook or receive a voucher, the price of the holiday (including flights) is refunded to the customer. If the customer elects to receive a voucher, the voucher is held on the statement of financial position in other payables as a contract liability (see note 16) until it is redeemed against a new booking, at which point it is recognised as unearned revenue. Vouchers that expire or are deemed to have a remote probability of being redeemed for a future booking are recognised as revenue. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:2138001S47XKWIB7TH90", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-469": { "value": "Operational costs and income Costs and income are presented in the income statement based on the nature of the cost/income as this is most relevant to enable users of the financial statements to understand easyJet\u2019s financial performance. Costs are expensed as incurred either at the point the goods or service is transferred, or over time to reflect when the benefits are received (for example easyJet holidays accommodation costs recognised over the period the holiday is taken). Separate financial statement line items are shown for material income and expenses; the other costs and other income lines include items not reported in the separate material line items. Other income includes insurance receipts, supplier compensation payments, rental income, income from sale of excess aircraft spare parts, and gains on sale of intangible assets. Other costs are expensed as incurred and include disruption costs, IT costs, cost of third-party providers, employee costs for sales, marketing and administration teams and insurance costs. Gains/losses on sale and leaseback transactions are recognised as non-headline in other income/other costs as applicable. ", "dimensions": { "concept": "easyjetplc:DescriptionOfAccountingPolicyForOperationalCostsAndIncome", "language": "en", "entity": "scheme:2138001S47XKWIB7TH90", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-539": { "value": "Finance charge/income Interest payable/receivable and other financing charges/income includes interest expense/income on cash and borrowings which is recognised using the effective interest method, interest on lease liabilities which is recognised using the interest rate implicit in the lease, and fair value movements of derivative financial instruments that are not designated hedging instruments in a cash flow hedge arrangement. Net foreign exchange gains/losses on statement of financial position monetary assets and liabilities are presented as a separate financial statement line item. Within the statement of cash flows, interest paid on bank borrowings and leases is included within net cash generated from/used in operating activities as allowable by IAS 7. In addition, the settlement of derivatives relating to cash flows for ineffective and fair value derivatives through the income statement are also shown within operating activities as they relate to transactions that primarily affect revenue, fuel and lease costs. The amount recognised in settlement of derivatives includes cash flows arising from the maturity of cross-currency interest rate swaps in the period. The settlement of operational hedged derivatives that have already been recycled through the income statement are included in the operating result. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:2138001S47XKWIB7TH90", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-512": { "value": "Finance charge/income Interest payable/receivable and other financing charges/income includes interest expense/income on cash and borrowings which is recognised using the effective interest method, interest on lease liabilities which is recognised using the interest rate implicit in the lease, and fair value movements of derivative financial instruments that are not designated hedging instruments in a cash flow hedge arrangement. Net foreign exchange gains/losses on statement of financial position monetary assets and liabilities are presented as a separate financial statement line item. Within the statement of cash flows, interest paid on bank borrowings and leases is included within net cash generated from/used in operating activities as allowable by IAS 7. In addition, the settlement of derivatives relating to cash flows for ineffective and fair value derivatives through the income statement are also shown within operating activities as they relate to transactions that primarily affect revenue, fuel and lease costs. The amount recognised in settlement of derivatives includes cash flows arising from the maturity of cross-currency interest rate swaps in the period. The settlement of operational hedged derivatives that have already been recycled through the income statement are included in the operating result. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:2138001S47XKWIB7TH90", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-470": { "value": "Finance charge/income Interest payable/receivable and other financing charges/income includes interest expense/income on cash and borrowings which is recognised using the effective interest method, interest on lease liabilities which is recognised using the interest rate implicit in the lease, and fair value movements of derivative financial instruments that are not designated hedging instruments in a cash flow hedge arrangement. Net foreign exchange gains/losses on statement of financial position monetary assets and liabilities are presented as a separate financial statement line item. Within the statement of cash flows, interest paid on bank borrowings and leases is included within net cash generated from/used in operating activities as allowable by IAS 7. In addition, the settlement of derivatives relating to cash flows for ineffective and fair value derivatives through the income statement are also shown within operating activities as they relate to transactions that primarily affect revenue, fuel and lease costs. The amount recognised in settlement of derivatives includes cash flows arising from the maturity of cross-currency interest rate swaps in the period. The settlement of operational hedged derivatives that have already been recycled through the income statement are included in the operating result. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:2138001S47XKWIB7TH90", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-471": { "value": "Segmental reporting easyJet has two operating segments, being its Airline business, which operates easyJet\u2019s route network, and the Holidays business, which sells package holidays. The Chief Operating Decision Maker (CODM) has been assessed as being the easyJet plc Board, which receives regular reporting on the Airline and Holidays\u2019 results in order to make resource allocation decisions. Presentation of separate segmental reporting is included in note 8. Geographic revenue is allocated on the following basis: \u2022 revenue earned from customers is allocated according to the location of the first departure airport on each booking; and \u2022 commission revenue earned from partners is allocated according to the domicile of each partner. Revenue by country of origin has been provided where revenues from external customers attributed to an individual foreign country are material. Passenger revenue recognised within the Airline segment includes intra-segment sales of flights to the Holidays segment. Sales of seats are made between Airline and easyJet holidays on a commercial basis whereas the pricing of hold bags is based on historical average pricing to direct airline customers. Passenger revenue is recognised in the Airline segment when the flight takes place. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:2138001S47XKWIB7TH90", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-472": { "value": "Alternative performance measures (APMs) A number of APMs are disclosed within the financial statements on pages 144 to 184. In the Directors\u2019 opinion, these APMs provide additional understanding to users of the financial statements in their assessment of underlying performance. Refer to the glossary for a list of APMs disclosed in the financial statements, including definitions and reconciliations to IFRS measures. Included in the income statement is the sub-total EBITDA which is a measure of earnings before interest, taxes, depreciation and amortisation. ", "dimensions": { "concept": "easyjetplc:DescriptionOfAccountingPolicyForAlternativePerformanceMeasuresAPMS", "language": "en", "entity": "scheme:2138001S47XKWIB7TH90", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-513": { "value": "New and revised standards and interpretations A number of amended standards became applicable during the current reporting period. The Group did not have to change its accounting policies or make retrospective adjustments as a result of adopting these standards. The amendments that became applicable for annual reporting periods commencing on or after 1 January 2024, and did not have a material impact were: \u2022 Classification of liabilities as current or non-current and non-current liabilities with covenants \u2013 Amendments to IAS 1 \u2022 Lease liability in a sale and leaseback \u2013 Amendments to IFRS 16 \u2022 Supplier finance arrangements \u2013 Amendments to IAS 7 and IFRS 7 In addition, IFRS 18 \u2013 presentation and disclosure in financial statements was issued in April 2024 and becomes effective for periods beginning on or after 1 January 2027. This replaces IAS 1 - presentation of financial statements. The Group is currently assessing the detailed implications of applying the new standard on the Group\u2019s consolidated financial statements. There are no other standards that are issued but not yet effective that would be expected to have a material impact on the entity in the current or future reporting periods and on foreseeable future transactions.", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:2138001S47XKWIB7TH90", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-473": { "value": "New and revised standards and interpretations A number of amended standards became applicable during the current reporting period. The Group did not have to change its accounting policies or make retrospective adjustments as a result of adopting these standards. The amendments that became applicable for annual reporting periods commencing on or after 1 January 2024, and did not have a material impact were: \u2022 Classification of liabilities as current or non-current and non-current liabilities with covenants \u2013 Amendments to IAS 1 \u2022 Lease liability in a sale and leaseback \u2013 Amendments to IFRS 16 \u2022 Supplier finance arrangements \u2013 Amendments to IAS 7 and IFRS 7 In addition, IFRS 18 \u2013 presentation and disclosure in financial statements was issued in April 2024 and becomes effective for periods beginning on or after 1 January 2027. This replaces IAS 1 - presentation of financial statements. The Group is currently assessing the detailed implications of applying the new standard on the Group\u2019s consolidated financial statements. There are no other standards that are issued but not yet effective that would be expected to have a material impact on the entity in the current or future reporting periods and on foreseeable future transactions.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:2138001S47XKWIB7TH90", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-540": { "value": "In addition, IFRS 18 \u2013 presentation and disclosure in financial statements was issued in April 2024 and becomes effective for periods beginning on or after 1 January 2027. This replaces IAS 1 - presentation of financial statements. The Group is currently assessing the detailed implications of applying the new standard on the Group\u2019s consolidated financial statements. There are no other standards that are issued but not yet effective that would be expected to have a material impact on the entity in the current or future reporting periods and on foreseeable future transactions.", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:2138001S47XKWIB7TH90", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-474": { "value": "
1B. ACCOUNTING JUDGEMENTS AND ESTIMATES
The preparation of the financial statements in conformity with generally accepted accounting principles
requires management to make judgements as to the application of accounting standards to the
recognition and presentation of material transactions, assets and liabilities within the Group, and the use
of estimates and assumptions that affect the reported amounts of assets and liabilities at the date of
the financial statements, and the reported amounts of income and expenses during the reporting period.
Estimations are based on management\u2019s best evaluation of a range of assumptions, however, events or
actions may mean that actual results ultimately differ from those estimates, and these differences may be
material. The estimates and the underlying assumptions are reviewed regularly.
1B.(I) CRITICAL ACCOUNTING JUDGEMENTS
The following are the critical judgements, apart from those involving estimation (which are dealt with separately
below), that the Directors have made in the process of applying the Group\u2019s accounting policies and that have
the most significant effect on the amounts recognised and presented in the financial statements.
Classification of income or expenses between headline and non-headline items (note 5)
Non-headline items are those where, in management\u2019s opinion, their separate reporting provides an
additional understanding to users of the financial statements of easyJet\u2019s underlying trading performance,
and which are significant by virtue of their size and/or nature. In considering the categorisation of an item
as non-headline, management\u2019s judgement includes, but is not limited to, a consideration of:
\u2022 whether the item is outside of the principal activities of the easyJet Group (being to provide point-to-
point airline services and package holidays);
\u2022 the specific circumstances which have led to the item arising, including, if extinguishing an item from
the statement of financial position, whether that item was first generated via headline or non-headline
activity. The rebuttable presumption being that when subsequently extinguishing an item from the
statement of financial position, any impact on the income statement should be reflected in the same
way as that which was used in the initial creation of the item;
\u2022 if the item is irregular in nature; and
\u2022 whether the item is unusual by virtue of its size.
In accordance with Group policy, non-headline items include expenditure on major restructuring
programmes and the gain or loss resulting from the initial recognition of sale and leaseback transactions.
They may also include impairments and amounts relating to corporate acquisitions and disposals,
depending on the assessment of the above criteria.
Recoverability of deferred tax assets (note 6)
The deferred tax asset balances include \u00a3439 million (2024: \u00a3440 million) arising on full recognition of the
UK trading tax losses accumulated at the statement of financial position date. The Group has concluded
that these deferred tax assets will be fully recoverable against the unwind of taxable temporary differences
and future taxable income based on the long-term strategic plans of the Group. Where applicable the
financial projections used in assessing future taxable income are consistent with those used elsewhere
across the business, for example in the assessment of going concern. These assessments include the
expected impact of climate change on easyJet, and the future financial impact within cash flow projections,
such as the cost of future fleet renewals, the future estimated price of ETS allowances, the phasing out
of the no-cost ETS allowances, the expected price and quantity required of SAF, and the cost of carbon
removal credits and other sustainability initiatives.
The tax losses for which a deferred tax asset has been recognised are expected to be utilised within the
next nine years, assessed by considering probable forecast future taxable income. The probable forecast
future taxable income includes the impact of the expected unwind of taxable temporary differences as
well as the effect of Full Expensing Relief for qualifying capital expenditure. Probable forecast future taxable
income includes an incremental and increasing risk weighting to represent higher levels of uncertainty in
future periods.
The tax losses can be carried forward indefinitely and have no expiry date.
Consolidation of easyJet Switzerland S.A.
Judgement has been applied in consolidating easyJet Switzerland S.A. as a subsidiary on the basis that the
Company exercises control over the undertaking. A non-controlling interest has not been reflected in the
consolidated financial statements on the basis that the holders of the remaining 51% of the shares have no
entitlement to any dividends from that holding and the Company has an option to acquire those shares for
a predetermined minimal consideration.
1B.(II) CRITICAL ACCOUNTING ESTIMATES
The following critical accounting estimates include judgements or complexity and are the major sources
of estimation uncertainty that have a significant risk of resulting in a material adjustment to the carrying
amounts of assets and liabilities within the next year.
Aircraft maintenance provisions \u2013 \u00a3939 million (2024: \u00a3894 million) (note 19)
easyJet incurs liabilities for maintenance costs arising during the lease term of leased aircraft. These costs
arise from legal contractual obligations relating to the condition of the aircraft when it is returned to the
lessor. To discharge these obligations, it is usual for easyJet to carry out at least one heavy maintenance
check on each of the engines and the airframe of the aircraft during the lease term. A material provision
representing the estimated cost of this obligation is built up over the course of the lease. The estimates
and assumptions used in the calculation of the provision are reviewed at least annually, and when
information becomes available that is capable of causing a material change to an estimate, such as the
renegotiation of end of lease return conditions, increased or decreased aircraft utilisation, or changes in the
cost of heavy maintenance services and the expected uplift in future prices.
A significant portion of the future maintenance costs and cost increases are under contract and provide
certainty to the provision. Where cost increases are not under contract, an estimation of the likely future
increases are made in the calculation of the provision. Given the significant value of the provision, the
provision is sensitive to changes in the future increase of uncontracted costs including the impact of
inflationary factors. Additionally, with many maintenance costs incurred in US dollars, the provision remains
sensitive to changes in the GBP/USD exchange rate. The rates used to discount the provision to arrive at a
present value are based on observable market rates as an estimate of the relevant risk-free rate.
The provision can also be materially influenced by the maintenance status of aircraft when they enter
the easyJet fleet. To give flexibility within the fleet plan easyJet may lease \u2018mid-life\u2019 aircraft. When mid-life
aircraft enter the fleet, a \u2018catch-up\u2019 maintenance provision is created to reflect the maintenance obligation
for the flying cycles undertaken before the aircraft entered the easyJet fleet. The trigger for the recognition
of this addition to the provision is the signing of the lease contract. It is of note that where contractually
agreed a mid-life delivery asset is also created when the mid-life leased aircraft enter the fleet, creating a
separate related asset on the statement of financial position. A sensitivity analysis is included in note 19.
Impairment assessment of goodwill and landing rights \u2013 \u00a3542 million (2024: \u00a3542 million) (note 10)
It is management\u2019s judgement that there are two separate CGUs which generate largely independent
cash flows, these being easyJet\u2019s Airline route network and its Holidays business. The recoverable amount
of goodwill and landing rights has been determined based on value in use calculations for the airline
route network CGU as they are wholly attributable to it. The value in use is determined by discounting
future cash flows to their present value. When applying this method, easyJet relies on a number of key
estimates including the ability to meet its strategic plans, future fuel prices and exchange rates, long-term
economic growth rates for the principal countries in which it operates, and its pre-tax weighted average
cost of capital. Strategic plans include assessments of the future impact of climate change on easyJet to
the extent these can be estimated. This includes for example, the cost of future fleet renewals, the future
estimated price of regulatory carbon schemes (including UK and EU ETS and CORSIA), the phasing out
of no-cost ETS allowances, the expected price and quantity of SAF requirements, and the cost of carbon
removal credits and other sustainability initiatives. The possible impact of longer-term climate change risks
that are not part of the strategic plans have been considered as part of the sensitivity analysis.
Fuel prices and exchange rates continue to be volatile in nature and the ability to pass these changes on
to the customer is a critical judgement that requires estimation. In addition, assumptions over customer
demand levels could have a significant effect on the impairment assessment performed. Any future events
that would lead to extended travel restrictions or fleet grounding may impact future impairment or useful
economic life assessments. The sensitivity analysis considered as part of the overall impairment assessment
takes into account different assumptions for these key estimates, see note 10 for details.
1B.(III) OTHER AREAS OF JUDGEMENT AND ACCOUNTING ESTIMATES
The following are other areas of judgement and accounting estimates that do not meet the definition
under IAS 1 of significant accounting estimates or critical accounting judgements. The recognition and
measurement of the following material assets and liabilities of note in that they are based on assumptions
and/or are subject to longer term uncertainties.
Owned aircraft carrying values \u2013 \u00a34,685 million (2024: \u00a34,192 million) (note 11)
The key estimates used in arriving at aircraft carrying values are the UELs and residual values of the owned\u202faircraft.
Aircraft are depreciated over their UEL to their residual values in line with the property, plant and equipment
accounting policy. The UEL is based on easyJet\u2019s long-term fleet plan and intended utilisation of the current
fleet, which include long-term assumptions of market conditions and customer demands, which by their
nature are inherently uncertain.
Residual value estimates for aircraft are reviewed annually based on independent aircraft valuations. The
valuations are based on an assessment of the current state of the global marketplace for specific aircraft
assets. Residual values have continued to increase, with ongoing delivery delays from aircraft original
equipment manufacturers, together with the recovery in demand for air travel post the covid pandemic,
resulting in strong demand for the previous generation narrowbody aircraft, including the A320ceo.
Changes to residual value estimates are applied prospectively, and the review performed on 30 September
2025 resulted in a c.\u00a3500 million increase to the residual value of assets that continue to be depreciated.
This will result in a c.\u00a360 million reduction in the depreciation charge for the year ended 30 September
2026, which will reduce in subsequent years as the Group disposes its older aircraft. Should the
marketplace for an asset class deteriorate unpredictably, there could be a risk that the recoverable amount
for some aircraft assets would fall below their current carrying value or that residual values are subject to
downward adjustment.
Owned and leased aircraft asset recoverable amounts are included in the Airline CGU and are therefore
subject to review for impairment annually or when there is an indication of impairment within the Airline
CGU. Further details of the impairment testing applied are included in note 10.
Defined benefit pension assumptions \u2013 \u00a3201 million gross obligation (2024: \u00a3175 million
gross obligation) (note 20)
The pension scheme for employees in Switzerland meets the requirements under IAS 19 to be recognised
as a defined benefit pension scheme and the net pension obligation is recognised on the consolidated
statement of financial position. The measurement of scheme assets and obligations are calculated by an
independent actuary in line with IAS 19. The financial and demographic assumptions used in the calculation
are determined by management following consultation with the independent actuary with consideration
of external market movements and inputs. The calculation is most sensitive to movements in the discount
rate applied, which has been subject to significant volatility. A sensitivity analysis is included in note 20.
Liability for compensation payments \u2013 \u00a332 million (2024: \u00a350 million) (presented within
other payables in note 15)
easyJet incurs liabilities for amounts payable to customers who make compensation claims in respect of flight
delays and cancellations, for which claims could be made up to six years after the event, and for reimbursement
of reasonable expenses incurred as a result of flight delays and cancellations. The key estimation in the liability
is the passenger claim rate for the payments. The estimation carries a level of uncertainty as it is based on
customer behaviour. The basis of the estimates included in the liability are reviewed at least annually and when
information becomes available that may result in a change to the\u202festimate.
Fair value of leased aircraft purchases
Where easyJet enters into agreements to purchase aircraft that were previously leased to the Group, and
the original lease contract did not contain a purchase option, the newly acquired aircraft are recognised
within property, plant and equipment at their fair value at the acquisition date when the fair value can be
reliably measured. Management exercises judgement when determining the fair value of the aircraft at the
acquisition date, with the difference between the fair value of the aircraft and the consideration paid being
recognised in the income statement. Refer to note 1A for further details of the Group\u2019s accounting policy
for the purchase of leased assets.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:2138001S47XKWIB7TH90", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-475": { "value": "
2. NET FINANCE CHARGES/(INCOME)
Year ended Year ended
30 September 30 September
2025 2024
\u00a3 million \u00a3 million
Interest receivable and other financing income
Interest income
(130)
(141)
Interest payable and other financing charges
Hedge discontinuation and ineffectiveness
1
(1)
2
Interest payable on bank and other borrowings
99
80
Interest payable on lease liabilities
58
50
156
132
Net exchange loss/(gain) on monetary assets and liabilities
2
12
(4)
Net finance charges/(income)
38
(13)
1) See note 26 for details.
2) Included within net exchange loss/(gain) on monetary assets and liabilities is a \u00a34 million loss (2024: \u00a380 million loss) relating
to the fair value loss on US dollar foreign exchange derivatives designated as fair value through profit or loss.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:2138001S47XKWIB7TH90", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-561": { "value": "2. NET FINANCE CHARGES/(INCOME)
Year ended Year ended
30 September 30 September
2025 2024
\u00a3 million \u00a3 million
Interest receivable and other financing income
Interest income
(130)
(141)
Interest payable and other financing charges
Hedge discontinuation and ineffectiveness
1
(1)
2
Interest payable on bank and other borrowings
99
80
Interest payable on lease liabilities
58
50
156
132
Net exchange loss/(gain) on monetary assets and liabilities
2
12
(4)
Net finance charges/(income)
38
(13)
1) See note 26 for details. 2) Included within net exchange loss/(gain) on monetary assets and liabilities is a \u00a34 million loss (2024: \u00a380 million loss) relating to the fair value loss on US dollar foreign exchange derivatives designated as fair value through profit or loss.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:2138001S47XKWIB7TH90", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-559": { "value": "2. NET FINANCE CHARGES/(INCOME)
Year ended Year ended
30 September 30 September
2025 2024
\u00a3 million \u00a3 million
Interest receivable and other financing income
Interest income
(130)
(141)
Interest payable and other financing charges
Hedge discontinuation and ineffectiveness
1
(1)
2
Interest payable on bank and other borrowings
99
80
Interest payable on lease liabilities
58
50
156
132
Net exchange loss/(gain) on monetary assets and liabilities
2
12
(4)
Net finance charges/(income)
38
(13)
1) See note 26 for details. 2) Included within net exchange loss/(gain) on monetary assets and liabilities is a \u00a34 million loss (2024: \u00a380 million loss) relating to the fair value loss on US dollar foreign exchange derivatives designated as fair value through profit or loss.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:2138001S47XKWIB7TH90", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-551": { "value": "2. NET FINANCE CHARGES/(INCOME)
Year ended Year ended
30 September 30 September
2025 2024
\u00a3 million \u00a3 million
Interest receivable and other financing income
Interest income
(130)
(141)
Interest payable and other financing charges
Hedge discontinuation and ineffectiveness
1
(1)
2
Interest payable on bank and other borrowings
99
80
Interest payable on lease liabilities
58
50
156
132
Net exchange loss/(gain) on monetary assets and liabilities
2
12
(4)
Net finance charges/(income)
38
(13)
1) See note 26 for details. 2) Included within net exchange loss/(gain) on monetary assets and liabilities is a \u00a34 million loss (2024: \u00a380 million loss) relating to the fair value loss on US dollar foreign exchange derivatives designated as fair value through profit or loss.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:2138001S47XKWIB7TH90", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-541": { "value": "2. NET FINANCE CHARGES/(INCOME)
Year ended Year ended
30 September 30 September
2025 2024
\u00a3 million \u00a3 million
Interest receivable and other financing income
Interest income
(130)
(141)
Interest payable and other financing charges
Hedge discontinuation and ineffectiveness
1
(1)
2
Interest payable on bank and other borrowings
99
80
Interest payable on lease liabilities
58
50
156
132
Net exchange loss/(gain) on monetary assets and liabilities
2
12
(4)
Net finance charges/(income)
38
(13)
1) See note 26 for details. 2) Included within net exchange loss/(gain) on monetary assets and liabilities is a \u00a34 million loss (2024: \u00a380 million loss) relating to the fair value loss on US dollar foreign exchange derivatives designated as fair value through profit or loss.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:2138001S47XKWIB7TH90", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-514": { "value": "2. NET FINANCE CHARGES/(INCOME)
Year ended Year ended
30 September 30 September
2025 2024
\u00a3 million \u00a3 million
Interest receivable and other financing income
Interest income
(130)
(141)
Interest payable and other financing charges
Hedge discontinuation and ineffectiveness
1
(1)
2
Interest payable on bank and other borrowings
99
80
Interest payable on lease liabilities
58
50
156
132
Net exchange loss/(gain) on monetary assets and liabilities
2
12
(4)
Net finance charges/(income)
38
(13)
1) See note 26 for details. 2) Included within net exchange loss/(gain) on monetary assets and liabilities is a \u00a34 million loss (2024: \u00a380 million loss) relating to the fair value loss on US dollar foreign exchange derivatives designated as fair value through profit or loss.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:2138001S47XKWIB7TH90", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-476": { "value": "
3. PROFIT BEFORE TAX
The following have been included in arriving at profit before tax:
Year ended Year ended
30 September 30 September
2025 2024
\u00a3 million \u00a3 million
Depreciation of property, plant and equipment
Owned assets
303
277
Right of use assets
376
450
Total depreciation
679
727
Impairment of intangible assets
6
1
Loss on disposal of property, plant and equipment
19
18
(Reversal of impairment)/impairment of intangible assets
(1)
2
Loss on termination of leases
6
\u2013
Sale and leaseback gain
\u2013
(1)
Auditors\u2019 remuneration
During the year the Company obtained the following services from the Company\u2019s auditors:
Year ended Year ended
30 September 30 September
2025 2024
\u00a3 million \u00a3 million
Company audit fee
0.3
0.2
Fees for audit of the Company\u2019s subsidiaries and their associates (including
foreign partners)
1.4
1.5
1.7
1.7
In addition, easyJet incurred audit-related non-audit services fees of \u00a30.2 million (2024: \u00a30.2 million) from its
auditors. This includes the fee of \u00a30.2 million (2024: \u00a30.1 million) in respect of the half-year review performed.
During the year, other assurance related non-audit services fees totalling \u00a30.1 million (2024: \u00a30.4 million) were also
incurred in relation to our EMTN Programme (2024: EMTN Programme, the Airbus order and ESG assurance).
", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:2138001S47XKWIB7TH90", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-552": { "value": "3. PROFIT BEFORE TAX The following have been included in arriving at profit before tax:
Year ended Year ended
30 September 30 September
2025 2024
\u00a3 million \u00a3 million
Depreciation of property, plant and equipment
Owned assets
303
277
Right of use assets
376
450
Total depreciation
679
727
Impairment of intangible assets
6
1
Loss on disposal of property, plant and equipment
19
18
(Reversal of impairment)/impairment of intangible assets
(1)
2
Loss on termination of leases
6
\u2013
Sale and leaseback gain
\u2013
(1)
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:2138001S47XKWIB7TH90", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-542": { "value": "3. PROFIT BEFORE TAX The following have been included in arriving at profit before tax:
Year ended Year ended
30 September 30 September
2025 2024
\u00a3 million \u00a3 million
Depreciation of property, plant and equipment
Owned assets
303
277
Right of use assets
376
450
Total depreciation
679
727
Impairment of intangible assets
6
1
Loss on disposal of property, plant and equipment
19
18
(Reversal of impairment)/impairment of intangible assets
(1)
2
Loss on termination of leases
6
\u2013
Sale and leaseback gain
\u2013
(1)
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:2138001S47XKWIB7TH90", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-515": { "value": "3. PROFIT BEFORE TAX The following have been included in arriving at profit before tax:
Year ended Year ended
30 September 30 September
2025 2024
\u00a3 million \u00a3 million
Depreciation of property, plant and equipment
Owned assets
303
277
Right of use assets
376
450
Total depreciation
679
727
Impairment of intangible assets
6
1
Loss on disposal of property, plant and equipment
19
18
(Reversal of impairment)/impairment of intangible assets
(1)
2
Loss on termination of leases
6
\u2013
Sale and leaseback gain
\u2013
(1)
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:2138001S47XKWIB7TH90", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-516": { "value": "Auditors\u2019 remuneration During the year the Company obtained the following services from the Company\u2019s auditors:
Year ended Year ended
30 September 30 September
2025 2024
\u00a3 million \u00a3 million
Company audit fee
0.3
0.2
Fees for audit of the Company\u2019s subsidiaries and their associates (including
foreign partners)
1.4
1.5
1.7
1.7
In addition, easyJet incurred audit-related non-audit services fees of \u00a30.2 million (2024: \u00a30.2 million) from its auditors. This includes the fee of \u00a30.2 million (2024: \u00a30.1 million) in respect of the half-year review performed. During the year, other assurance related non-audit services fees totalling \u00a30.1 million (2024: \u00a30.4 million) were also incurred in relation to our EMTN Programme (2024: EMTN Programme, the Airbus order and ESG assurance).", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:2138001S47XKWIB7TH90", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-477": { "value": "
4. EMPLOYEES
The average monthly number of people employed by easyJet was:
2025 2024
Number Number
Flight and ground operations
17,178
16,049
Sales, marketing and administration
1,790
1,590
18,968
1 7,6 39
Employee costs for easyJet were:
Year ended Year ended
30 September 30 September
2025 2024
\u00a3 million \u00a3 million
Wages and salaries
1,178
1,065
Social security costs
170
152
Pension costs
89
72
Share-based payments
38
30
1,475
1,319
Included in the pension costs is \u00a39 million (2024: \u00a36 million) related to pension schemes treated as a
defined benefit scheme under IAS 19. Refer to note 20.
Included in employee costs is a net charge of \u00a37 million (2024: \u00a39 million net charge) from redundancy
and restructuring costs. These costs wholly reflect the non-headline costs arising from the announced
restructuring programmes in Germany, France and Italy (see note 5 for further detail).
Key management compensation was as follows:
Year ended Year ended
30 September 30 September
2025 2024
\u00a3 million \u00a3 million
Short-term employee benefits
15
13
Share-based payments
5
4
20
17
The Directors of easyJet plc and the other members of the Airline Management Board are easyJet\u2019s key
management as they have collective authority and responsibility for planning, directing and controlling
the\u202fbusiness.
Emoluments paid or payable to the Directors of easyJet plc were:
Year ended Year ended
30 September 30 September
2025 2024
\u00a3 million \u00a3 million
Remuneration
6
5
6
5
For details of Directors\u2019 remuneration refer to the audited sections of the Directors\u2019 Remuneration Report
on pages 121 to 128.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:2138001S47XKWIB7TH90", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-478": { "value": "
5. NON-HEADLINE ITEMS
An analysis of the amounts presented as non-headline is given below:
Year ended Year ended
30 September 30 September
2025 2024
\u00a3 million \u00a3 million
Sale and leaseback gain
\u2013
(1)
Restructuring charge
7
9
Total non-headline charge before tax
7
8
Tax credit on non-headline items
(2)
(1)
Total non-headline charge after tax
5
7
Sale and leaseback gain
No sale and leaseback transactions were entered into in the current reporting year. In the prior year,
easyJet completed the sale and leaseback of 11 A319 aircraft resulting in a \u00a31 million profit on disposal.
Restructuring
During the year, the estimated costs of the base restructuring programme in France and Italy (announced
in September 2024) were revised resulting in an additional provision and an income statement cost of \u00a38
million (2024: \u00a312 million cost). This was offset by a \u00a31 million release (2024: \u00a33 million release) of the final
provision held for the previously announced restructuring programmes in Germany.
As at 30 September 2025, there were unpaid amounts of \u00a310 million (2024: \u00a312 million) representing
remaining redundancy cases which have not been finalised and settled at the end of the financial year.
Tax on non-headline items
A non-headline tax credit of \u00a32 million (2024: \u00a31 million) was recognised for the year with respect to the
restructuring transactions.
", "dimensions": { "concept": "easyjetplc:DisclosureOfNonHeadlineItems", "language": "en", "entity": "scheme:2138001S47XKWIB7TH90", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-479": { "value": "
6. TAX CHARGE
Tax on profit on ordinary activities
Year ended Year ended
30 September 30 September
2025 2024
\u00a3 million \u00a3 million
Current tax
Foreign tax
14
13
Total current tax charge
14
13
Deferred tax
Temporary differences relating to property, plant and equipment
153
145
Other temporary differences
(1)
(4)
Adjustments in respect of prior years
(2)
(4)
Total deferred tax charge
150
137
Total tax charge
164
150
Effective tax rate
24.9%
24.9%
Reconciliation of the total tax charge
The tax for the year is lower than (2024: lower than) the standard rate of corporation tax in the UK as set
out below:
Year ended Year ended
30 September 30 September
2025 2024
\u00a3 million \u00a3 million
Profit before tax
658
602
Total tax charge at 25.0% (2024: 25.0%)
165
151
Income not chargeable for tax purposes:
Expenses not deductible for tax purposes
15
10
Share-based payments
(10)
(5)
Adjustments in respect of prior years \u2013 overseas current tax
\u2013
(1)
Adjustments in respect of prior years \u2013 deferred tax
(2)
(4)
Attributable to rates other than standard UK rate
(3)
(2)
Movement in provisions
(1)
1
Total tax charge
164
150
Current tax payable at 30 September 2025 amounted to \u00a311 million (2024: \u00a39 million) which is solely
related to tax payable in other European jurisdictions.
During the year ended 30 September 2025, net cash tax paid amounted to \u00a312 million (2024: \u00a38 million).
The Group monitors income tax developments in all jurisdictions in which it operates, including the
OECD Base Erosion and Profit Shifting (BEPS) initiative (Pillar 2), which may impact the Group\u2019s future
tax liabilities. The UK has introduced a global minimum corporation tax in line with the OECD Inclusive
Framework on BEPS, which requires a minimum corporation tax rate of 15% in each jurisdiction in which the
Group operates.
As indicated above, the current tax charge includes the impact of the Global Minimum Tax legislation
implemented in the UK, specifically a multinational top-up tax in respect of Malta of \u00a31m for the year ended
30 September 2025.
Tax on items recognised directly in other comprehensive income or shareholders\u2019 equity:
Year ended Year ended
30 September 30 September
2025 2024
\u00a3 million \u00a3 million
Credit/(charge) to other comprehensive income
Deferred tax on change in fair value of cash flow hedges
(39)
85
Deferred tax on post-employment benefit
1
3
(38)
88
Credit/(charge) directly to equity
Deferred tax on share-based payments
\u2013
1
Total (charge)/credit to other comprehensive income
(38)
89
Deferred tax
The net deferred tax (asset)/liability in the statement of financial position is as follows:
Post-
Accelerated Short-term employment
capital timing Fair value Share-based benefit
allowances differences (gains)/losses payments obligation Trading loss Total
\u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million
At 1 October 2024
555
\u2013
(31)
(10)
(4)
(440)
70
Charged/(credited) to income statement
151
\u2013
\u2013
(2)
\u2013
1
150
Charged/(credited) to other comprehensive income
\u2013
\u2013
39
\u2013
(1)
\u2013
38
At 30 September 2025
706
\u2013
8
(12)
(5)
(439)
258
Deferred tax liabilities expected to be settled:
\u00a3 million
Within 12 months
\u2013
After more than 12 months
258
At 30 September 2025
258
It is estimated that deferred tax assets of approximately \u00a310 million (2024: \u00a345 million) will reverse during the next financial year.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and
it is the intention to settle these on a net basis.
Post-
Accelerated Short-term employment
capital timing Fair value Share-based benefit
allowances differences losses/(gains) payments obligation Trading loss Total
\u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million
At 1 October 2023
414
1
54
(4)
(1)
(4 42)
22
Charged/(credited) to income statement
141
(1)
\u2013
(5)
\u2013
2
137
Credited to other comprehensive loss
\u2013
\u2013
(85)
\u2013
(3)
\u2013
(88)
Credited directly to equity
\u2013
\u2013
\u2013
(1)
\u2013
\u2013
(1)
At 30 September 2024
555
\u2013
(31)
(10)
(4)
(4 40)
70
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:2138001S47XKWIB7TH90", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-543": { "value": "Deferred tax The net deferred tax (asset)/liability in the statement of financial position is as follows:
Post-
Accelerated Short-term employment
capital timing Fair value Share-based benefit
allowances differences (gains)/losses payments obligation Trading loss Total
\u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million
At 1 October 2024
555
\u2013
(31)
(10)
(4)
(440)
70
Charged/(credited) to income statement
151
\u2013
\u2013
(2)
\u2013
1
150
Charged/(credited) to other comprehensive income
\u2013
\u2013
39
\u2013
(1)
\u2013
38
At 30 September 2025
706
\u2013
8
(12)
(5)
(439)
258
Deferred tax liabilities expected to be settled:
\u00a3 million
Within 12 months
\u2013
After more than 12 months
258
At 30 September 2025
258
It is estimated that deferred tax assets of approximately \u00a310 million (2024: \u00a345 million) will reverse during the next financial year. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and it is the intention to settle these on a net basis.
Post-
Accelerated Short-term employment
capital timing Fair value Share-based benefit
allowances differences losses/(gains) payments obligation Trading loss Total
\u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million
At 1 October 2023
414
1
54
(4)
(1)
(4 42)
22
Charged/(credited) to income statement
141
(1)
\u2013
(5)
\u2013
2
137
Credited to other comprehensive loss
\u2013
\u2013
(85)
\u2013
(3)
\u2013
(88)
Credited directly to equity
\u2013
\u2013
\u2013
(1)
\u2013
\u2013
(1)
At 30 September 2024
555
\u2013
(31)
(10)
(4)
(4 40)
70
", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:2138001S47XKWIB7TH90", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-517": { "value": "Deferred tax The net deferred tax (asset)/liability in the statement of financial position is as follows:
Post-
Accelerated Short-term employment
capital timing Fair value Share-based benefit
allowances differences (gains)/losses payments obligation Trading loss Total
\u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million
At 1 October 2024
555
\u2013
(31)
(10)
(4)
(440)
70
Charged/(credited) to income statement
151
\u2013
\u2013
(2)
\u2013
1
150
Charged/(credited) to other comprehensive income
\u2013
\u2013
39
\u2013
(1)
\u2013
38
At 30 September 2025
706
\u2013
8
(12)
(5)
(439)
258
Deferred tax liabilities expected to be settled:
\u00a3 million
Within 12 months
\u2013
After more than 12 months
258
At 30 September 2025
258
It is estimated that deferred tax assets of approximately \u00a310 million (2024: \u00a345 million) will reverse during the next financial year. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and it is the intention to settle these on a net basis.
Post-
Accelerated Short-term employment
capital timing Fair value Share-based benefit
allowances differences losses/(gains) payments obligation Trading loss Total
\u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million
At 1 October 2023
414
1
54
(4)
(1)
(4 42)
22
Charged/(credited) to income statement
141
(1)
\u2013
(5)
\u2013
2
137
Credited to other comprehensive loss
\u2013
\u2013
(85)
\u2013
(3)
\u2013
(88)
Credited directly to equity
\u2013
\u2013
\u2013
(1)
\u2013
\u2013
(1)
At 30 September 2024
555
\u2013
(31)
(10)
(4)
(4 40)
70
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:2138001S47XKWIB7TH90", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-480": { "value": "
7. EARNINGS PER SHARE
Basic earnings per share has been calculated by dividing the total profit for the year by the weighted
average number of ordinary shares in issue during the year after adjusting for ordinary shares held in
employee benefit trusts.
To calculate diluted earnings per share, the weighted average number of ordinary shares in issue has been
adjusted to assume conversion of all dilutive potential shares. Share options granted to employees where
the exercise price is less than the average market price of the Company\u2019s ordinary shares during the year
are considered to be dilutive potential shares. Where share options are exercisable based on performance
criteria and those performance criteria have been met during the year, these options are included in the
calculation of dilutive potential shares.
Headline basic and diluted earnings per share are also presented, based on headline profit for the year.
Earnings per share is based on:
Year ended Year ended
30 September 30 September
2025 2024
\u00a3 million \u00a3 million
Total profit for the year
494
452
Headline profit for the year
499
459
2025 2024
million million
Weighted average number of ordinary shares used to calculate basic earnings
per share
751
749
Weighted average number of ordinary shares used to calculate diluted earnings
per share
764
759
2025 2024
Earnings per share pence pence
Basic
65.8
60.3
Diluted
64.7
59.6
2025 2024
Headline earnings per share pence pence
Basic
66.4
61.3
Diluted
65.3
60.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:2138001S47XKWIB7TH90", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-481": { "value": "
8. SEGMENTAL AND GEOGRAPHICAL REVENUE REPORTING
Segmental analysis:
Year ended 30 September 2025
easyJet Intergroup
Airline holidays transactions Group
\u00a3 million \u00a3 million \u00a3 million \u00a3 million
Passenger revenue
6,072
\u2013
\u2013
6,072
Ancillary revenue
2,594
1,917
(477)
4,034
Total revenue
8,666
1,917
(477)
10,106
Airline operating costs including fuel
(6,596)
\u2013
\u2013
(6,596)
easyJet holidays direct operating costs
\u2013
(1,538)
466
(1,072)
Selling and marketing
(208)
(65)
\u2013
(273)
Other costs and other income
(649)
(81)
11
(719)
Amortisation and depreciation
(730)
(13)
\u2013
(743)
Net interest (payable)/receivable and other financing
(charges)/income
(57)
31
\u2013
(26)
Foreign exchange loss
(11)
(1)
\u2013
(12)
Headline profit before tax
415
250
\u2013
665
Non-headline items
(7)
\u2013
\u2013
(7)
Total profit before tax
408
250
\u2013
658
Year ended 30 September 2024
easyJet Intergroup
Airline holidays transactions Group
\u00a3 million \u00a3 million \u00a3 million \u00a3 million
Passenger revenue
5,715
\u2013
\u2013
5,715
Ancillary revenue
2,457
1,521
(384)
3,594
Total revenu e
8,172
1,521
(384)
9,309
Airline operating costs including fuel
(6,139)
\u2013
\u2013
(6,139)
easyJet holidays direct operating costs
\u2013
(1,214)
374
(840)
Selling and marketing
(195)
(62)
\u2013
(257)
Other costs and other income
(643)
(73)
10
(706)
Amortisation and depreciation
(762)
(8)
\u2013
(770)
Net interest (payable)/receivable and other financing
(charges)/income
(15)
24
\u2013
9
Foreign exchange gain
2
2
\u2013
4
Headline profit before tax
420
190
\u2013
610
Non-headline items
(8)
\u2013
\u2013
(8)
Total profit before tax
412
190
\u2013
602
Airline operating costs including fuel comprises operating costs that relate solely to the Airline segment,
and similarly easyJet holidays direct operating costs are costs specific to the easyJet holidays segment. All
other costs are incurred by both the Airline and easyJet holidays segments.
As described in note 1, airline revenue is recognised at a point in time (when the flight takes place). The
easyJet holidays revenue detailed in this note includes both flight revenue, recognised at the time the
flight takes place, and remaining ancillary revenue which is recognised over time, aligned to the duration
of the holiday. The easyJet holidays flight revenue is included in this note within ancillary revenue (with the
associated intergroup transaction) aligned to the presentation of revenue to the CODM and plc Board.
The intergroup transactions column represents revenue and cost transactions between Airline and easyJet
holidays for the flight element of easyJet holidays\u2019 packages and Group recharges. These intercompany
transactions are eliminated on consolidation.
Assets and liabilities are not allocated to individual segments and are not separately reported to, or
reviewed by, the CODM, and therefore have not been disclosed.
Geographical revenue:
Year ended Year ended
30 September 30 September
2025 2024
\u00a3 million \u00a3 million
United Kingdom
5,525
5,077
France
991
941
Switzerland
961
877
Northern Europe (excluding Switzerland)
711
641
Southern Europe (excluding France)
1,793
1,670
Other
125
103
10,106
9,309
easyJet has assessed the materiality of geographical revenues and has disclosed revenues by country of
origin where such revenues are in excess of 10% of total revenue.
Geographical revenue is allocated according to the location of the first departure airport on each booking.
Southern Europe comprises countries lying wholly or mainly south of the border between Italy and
Switzerland.
easyJet holidays\u2019 revenue is predominantly from the United Kingdom with additional revenues generated in
Europe that are not material for separate disclosure.
easyJet\u2019s non-current assets principally comprise its fleet of 205 (2024: 188) owned and 151 (2024: 159)
leased aircraft, giving a total fleet of 356 at 30 September 2025 (2024: 347). 31 aircraft (2024: 30) are
registered in Switzerland, 135 (2024: 134) are registered in Austria, and the remaining 190 (2024: 183) are
registered in the United Kingdom.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:2138001S47XKWIB7TH90", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-518": { "value": "8. SEGMENTAL AND GEOGRAPHICAL REVENUE REPORTING Segmental analysis:
Year ended 30 September 2025
easyJet Intergroup
Airline holidays transactions Group
\u00a3 million \u00a3 million \u00a3 million \u00a3 million
Passenger revenue
6,072
\u2013
\u2013
6,072
Ancillary revenue
2,594
1,917
(477)
4,034
Total revenue
8,666
1,917
(477)
10,106
Airline operating costs including fuel
(6,596)
\u2013
\u2013
(6,596)
easyJet holidays direct operating costs
\u2013
(1,538)
466
(1,072)
Selling and marketing
(208)
(65)
\u2013
(273)
Other costs and other income
(649)
(81)
11
(719)
Amortisation and depreciation
(730)
(13)
\u2013
(743)
Net interest (payable)/receivable and other financing
(charges)/income
(57)
31
\u2013
(26)
Foreign exchange loss
(11)
(1)
\u2013
(12)
Headline profit before tax
415
250
\u2013
665
Non-headline items
(7)
\u2013
\u2013
(7)
Total profit before tax
408
250
\u2013
658
Year ended 30 September 2024
easyJet Intergroup
Airline holidays transactions Group
\u00a3 million \u00a3 million \u00a3 million \u00a3 million
Passenger revenue
5,715
\u2013
\u2013
5,715
Ancillary revenue
2,457
1,521
(384)
3,594
Total revenu e
8,172
1,521
(384)
9,309
Airline operating costs including fuel
(6,139)
\u2013
\u2013
(6,139)
easyJet holidays direct operating costs
\u2013
(1,214)
374
(840)
Selling and marketing
(195)
(62)
\u2013
(257)
Other costs and other income
(643)
(73)
10
(706)
Amortisation and depreciation
(762)
(8)
\u2013
(770)
Net interest (payable)/receivable and other financing
(charges)/income
(15)
24
\u2013
9
Foreign exchange gain
2
2
\u2013
4
Headline profit before tax
420
190
\u2013
610
Non-headline items
(8)
\u2013
\u2013
(8)
Total profit before tax
412
190
\u2013
602
Airline operating costs including fuel comprises operating costs that relate solely to the Airline segment, and similarly easyJet holidays direct operating costs are costs specific to the easyJet holidays segment. All other costs are incurred by both the Airline and easyJet holidays segments. As described in note 1, airline revenue is recognised at a point in time (when the flight takes place). The easyJet holidays revenue detailed in this note includes both flight revenue, recognised at the time the flight takes place, and remaining ancillary revenue which is recognised over time, aligned to the duration of the holiday. The easyJet holidays flight revenue is included in this note within ancillary revenue (with the associated intergroup transaction) aligned to the presentation of revenue to the CODM and plc Board. The intergroup transactions column represents revenue and cost transactions between Airline and easyJet holidays for the flight element of easyJet holidays\u2019 packages and Group recharges. These intercompany transactions are eliminated on consolidation. Assets and liabilities are not allocated to individual segments and are not separately reported to, or reviewed by, the CODM, and therefore have not been disclosed. Geographical revenue:
Year ended Year ended
30 September 30 September
2025 2024
\u00a3 million \u00a3 million
United Kingdom
5,525
5,077
France
991
941
Switzerland
961
877
Northern Europe (excluding Switzerland)
711
641
Southern Europe (excluding France)
1,793
1,670
Other
125
103
10,106
9,309
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:2138001S47XKWIB7TH90", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-544": { "value": "Geographical revenue:
Year ended Year ended
30 September 30 September
2025 2024
\u00a3 million \u00a3 million
United Kingdom
5,525
5,077
France
991
941
Switzerland
961
877
Northern Europe (excluding Switzerland)
711
641
Southern Europe (excluding France)
1,793
1,670
Other
125
103
10,106
9,309
easyJet has assessed the materiality of geographical revenues and has disclosed revenues by country of origin where such revenues are in excess of 10% of total revenue. Geographical revenue is allocated according to the location of the first departure airport on each booking. Southern Europe comprises countries lying wholly or mainly south of the border between Italy and Switzerland. easyJet holidays\u2019 revenue is predominantly from the United Kingdom with additional revenues generated in Europe that are not material for separate disclosure. easyJet\u2019s non-current assets principally comprise its fleet of 205 (2024: 188) owned and 151 (2024: 159) leased aircraft, giving a total fleet of 356 at 30 September 2025 (2024: 347). 31 aircraft (2024: 30) are registered in Switzerland, 135 (2024: 134) are registered in Austria, and the remaining 190 (2024: 183) are registered in the United Kingdom.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory", "language": "en", "entity": "scheme:2138001S47XKWIB7TH90", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-482": { "value": "
9. DIVIDENDS
The Company paid an ordinary dividend of 12.1 pence per share (2024: 4.5 pence per share), or \u00a391 million
(2024: \u00a334 million) in respect of the year ended 30 September 2024. The dividend was paid on 21 March
2025, with a record date of 21 February 2025.
An ordinary dividend in respect of the year ended 30 September 2025 of 13.2 pence per share, or \u00a3100
million, based on 20% headline profit after tax, is to be proposed at the forthcoming Annual General
Meeting. These financial statements do not reflect this proposed dividend.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:2138001S47XKWIB7TH90", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-519": { "value": "0.132", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:2138001S47XKWIB7TH90", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-520": { "value": "100000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:2138001S47XKWIB7TH90", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-483": { "value": "
10. GOODWILL AND OTHER INTANGIBLE ASSETS
Other intangible assets
Landing Computer Carbon
Goodwill rights software allowances Total
\u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million
Cost
At 1 October 2024
387
155
274
70
499
Additions
\u2013
\u2013
87
\u2013
87
Transfers to current assets
\u2013
\u2013
\u2013
(44)
(44)
Disposals
\u2013
\u2013
(22)
\u2013
(22)
At 30 September 2025
387
155
339
26
520
Accumulated amortisation
At 1 October 2024
\u2013
\u2013
93
\u2013
93
Charge for the year
\u2013
\u2013
64
\u2013
64
Disposals
\u2013
\u2013
(21)
\u2013
(21)
At 30 September 2025
\u2013
\u2013
136
\u2013
136
Net book value
At 30 September 2025
387
155
203
26
384
At 1 October 2024
387
155
181
70
406
Other intangible assets
Landing Computer Carbon
Goodwill rights software allowances Total
\u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million
Cost
At 1 October 2023
365
155
215
\u2013
370
Additions
\u2013
\u2013
104
70
174
Acquisition of business
22
\u2013
\u2013
\u2013
\u2013
Disposals
\u2013
\u2013
(45)
\u2013
(45)
At 30 September 2024
387
155
274
70
499
Accumulated amortisation
At 1 October 2023
\u2013
\u2013
94
\u2013
94
Charge for the year
\u2013
\u2013
43
\u2013
43
Disposals
\u2013
\u2013
(44)
\u2013
(44)
At 30 September 2024
\u2013
\u2013
93
\u2013
93
Net book value
At 30 September 2024
387
155
181
70
406
At 1 October 2023
365
155
121
\u2013
276
Included within computer software are internally generated intangible assets of \u00a3164 million (2024: \u00a399
million) and work in progress of \u00a337 million (2024: \u00a377 million). The accumulated depreciation of internally
generated intangible assets as at 30 September 2025 was \u00a3128 million (2024: \u00a389 million).
Value in use calculation
The recoverable amount of goodwill and other assets with indefinite expected useful lives has been
determined based on value in use calculations for the airline route network CGU, which holds these assets.
Pre-tax cash flow projections have been derived from the strategic plan approved by the plc Board for the
period up to 2030, using the following key assumptions:
2025
2024
Pre-tax discount rate (derived from weighted average cost of capital, WACC)
10.7%
10.0%
Fuel price (US dollars per metric tonne, MT)
719
838
Long-term economic growth rate
2.0%
2.0%
Exchange rates:
US dollar
1.37
1.26
Euro
1.17
1.18
The discount rate has been calculated based on the capital asset pricing model using external inputs where
relevant and the current cost of debt to the Group. The methodology is unchanged from the prior year.
The increase in the discount rate is primarily attributable to a rise in both the risk-free rate and the equity
risk premium, which have led to a higher cost of equity. Exchange rates and fuel price are based on spot
rates as at 30 June 2025, the date on which the annual impairment review is performed.
Cash flow projections for the period up to 2030 incorporate the long-term prospects of the Group, taking
into account growth expected by way of creating value through the business model. Cash flow projections
beyond the forecast period have been extrapolated using an estimated average of long-term economic
growth rates for the principal countries in which easyJet operates. The future impact of climate change
on the business has been incorporated into strategic plans including the cost of future fleet renewals, the
future estimated price of regulatory carbon schemes (including UK and EU ETS and CORSIA), the phasing
out of no-cost ETS allowances, the expected price and quantity of SAF requirements, and the cost of
carbon removal credits and other sustainability initiatives. The headroom of the value in use calculation over
the carrying value of the relevant assets is broadly comparable to that calculated at 30 June 2024.
Sensitivity analysis has been performed on key inputs to the value in use calculation, including the
assumptions listed above and the strategic plan used as the base for the calculation. The impairment
model is sensitive to a sustained and significant adverse movement in foreign currency exchange rates and
forecast operating profits to the extent that no other compensating action is taken. It has been assumed
that any significant future fuel price increase would be recovered through revenue pass through. Individual
scenarios that have been deemed reasonably probable, in particular in relation to the current macro-
economic environment, do not give rise to an impairment. These scenarios include +/-10% on euro and US
dollar rates, +100 bps increase in WACC, reduced capacity of 5%, increased operating costs (excluding fuel)
of 3%, a fuel price increase of $100 per metric tonne and a flat growth rate.
Additional risks associated with climate change have also been considered, including sensitivities of
SAF usage and ETS costs, additional legal and technology costs, reduced demand and increased cost
of maintenance and replacement aircraft. These scenarios, both individually and in reasonably probable
combinations, do not give rise to an impairment.
Intangible assets
2025 2024
\u00a3 million \u00a3 million
Non-current assets
EU ETS, CH ETS and UK ETS carbon allowances
26
70
26
70
Current assets
Carbon offsetting VER
7
8
EU ETS, CH ETS and UK ETS carbon allowances
511
564
518
572
544
642
ETS allowances are required to offset the carbon emitted by flights. The scheme is settled on an annual
basis. The allowances required for annual settlement are held as intangible assets, with the associated
liability included within accruals in trade and other payables (note 15). Non-current assets represent
allowances purchased in advance for future settlement in over 12 months\u2019 time.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:2138001S47XKWIB7TH90", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-545": { "value": "10. GOODWILL AND OTHER INTANGIBLE ASSETS
Other intangible assets
Landing Computer Carbon
Goodwill rights software allowances Total
\u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million
Cost
At 1 October 2024
387
155
274
70
499
Additions
\u2013
\u2013
87
\u2013
87
Transfers to current assets
\u2013
\u2013
\u2013
(44)
(44)
Disposals
\u2013
\u2013
(22)
\u2013
(22)
At 30 September 2025
387
155
339
26
520
Accumulated amortisation
At 1 October 2024
\u2013
\u2013
93
\u2013
93
Charge for the year
\u2013
\u2013
64
\u2013
64
Disposals
\u2013
\u2013
(21)
\u2013
(21)
At 30 September 2025
\u2013
\u2013
136
\u2013
136
Net book value
At 30 September 2025
387
155
203
26
384
At 1 October 2024
387
155
181
70
406
Other intangible assets
Landing Computer Carbon
Goodwill rights software allowances Total
\u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million
Cost
At 1 October 2023
365
155
215
\u2013
370
Additions
\u2013
\u2013
104
70
174
Acquisition of business
22
\u2013
\u2013
\u2013
\u2013
Disposals
\u2013
\u2013
(45)
\u2013
(45)
At 30 September 2024
387
155
274
70
499
Accumulated amortisation
At 1 October 2023
\u2013
\u2013
94
\u2013
94
Charge for the year
\u2013
\u2013
43
\u2013
43
Disposals
\u2013
\u2013
(44)
\u2013
(44)
At 30 September 2024
\u2013
\u2013
93
\u2013
93
Net book value
At 30 September 2024
387
155
181
70
406
At 1 October 2023
365
155
121
\u2013
276
Included within computer software are internally generated intangible assets of \u00a3164 million (2024: \u00a399 million) and work in progress of \u00a337 million (2024: \u00a377 million). The accumulated depreciation of internally generated intangible assets as at 30 September 2025 was \u00a3128 million (2024: \u00a389 million). Value in use calculation The recoverable amount of goodwill and other assets with indefinite expected useful lives has been determined based on value in use calculations for the airline route network CGU, which holds these assets. Pre-tax cash flow projections have been derived from the strategic plan approved by the plc Board for the period up to 2030, using the following key assumptions:
2025
2024
Pre-tax discount rate (derived from weighted average cost of capital, WACC)
10.7%
10.0%
Fuel price (US dollars per metric tonne, MT)
719
838
Long-term economic growth rate
2.0%
2.0%
Exchange rates:
US dollar
1.37
1.26
Euro
1.17
1.18
The discount rate has been calculated based on the capital asset pricing model using external inputs where relevant and the current cost of debt to the Group. The methodology is unchanged from the prior year. The increase in the discount rate is primarily attributable to a rise in both the risk-free rate and the equity risk premium, which have led to a higher cost of equity. Exchange rates and fuel price are based on spot rates as at 30 June 2025, the date on which the annual impairment review is performed. Cash flow projections for the period up to 2030 incorporate the long-term prospects of the Group, taking into account growth expected by way of creating value through the business model. Cash flow projections beyond the forecast period have been extrapolated using an estimated average of long-term economic growth rates for the principal countries in which easyJet operates. The future impact of climate change on the business has been incorporated into strategic plans including the cost of future fleet renewals, the future estimated price of regulatory carbon schemes (including UK and EU ETS and CORSIA), the phasing out of no-cost ETS allowances, the expected price and quantity of SAF requirements, and the cost of carbon removal credits and other sustainability initiatives. The headroom of the value in use calculation over the carrying value of the relevant assets is broadly comparable to that calculated at 30 June 2024. Sensitivity analysis has been performed on key inputs to the value in use calculation, including the assumptions listed above and the strategic plan used as the base for the calculation. The impairment model is sensitive to a sustained and significant adverse movement in foreign currency exchange rates and forecast operating profits to the extent that no other compensating action is taken. It has been assumed that any significant future fuel price increase would be recovered through revenue pass through. Individual scenarios that have been deemed reasonably probable, in particular in relation to the current macro- economic environment, do not give rise to an impairment. These scenarios include +/-10% on euro and US dollar rates, +100 bps increase in WACC, reduced capacity of 5%, increased operating costs (excluding fuel) of 3%, a fuel price increase of $100 per metric tonne and a flat growth rate. Additional risks associated with climate change have also been considered, including sensitivities of SAF usage and ETS costs, additional legal and technology costs, reduced demand and increased cost of maintenance and replacement aircraft. These scenarios, both individually and in reasonably probable combinations, do not give rise to an impairment. Intangible assets
2025 2024
\u00a3 million \u00a3 million
Non-current assets
EU ETS, CH ETS and UK ETS carbon allowances
26
70
26
70
Current assets
Carbon offsetting VER
7
8
EU ETS, CH ETS and UK ETS carbon allowances
511
564
518
572
544
642
ETS allowances are required to offset the carbon emitted by flights. The scheme is settled on an annual basis. The allowances required for annual settlement are held as intangible assets, with the associated liability included within accruals in trade and other payables (note 15). Non-current assets represent allowances purchased in advance for future settlement in over 12 months\u2019 time.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:2138001S47XKWIB7TH90", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-521": { "value": "10. GOODWILL AND OTHER INTANGIBLE ASSETS
Other intangible assets
Landing Computer Carbon
Goodwill rights software allowances Total
\u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million
Cost
At 1 October 2024
387
155
274
70
499
Additions
\u2013
\u2013
87
\u2013
87
Transfers to current assets
\u2013
\u2013
\u2013
(44)
(44)
Disposals
\u2013
\u2013
(22)
\u2013
(22)
At 30 September 2025
387
155
339
26
520
Accumulated amortisation
At 1 October 2024
\u2013
\u2013
93
\u2013
93
Charge for the year
\u2013
\u2013
64
\u2013
64
Disposals
\u2013
\u2013
(21)
\u2013
(21)
At 30 September 2025
\u2013
\u2013
136
\u2013
136
Net book value
At 30 September 2025
387
155
203
26
384
At 1 October 2024
387
155
181
70
406
Other intangible assets
Landing Computer Carbon
Goodwill rights software allowances Total
\u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million
Cost
At 1 October 2023
365
155
215
\u2013
370
Additions
\u2013
\u2013
104
70
174
Acquisition of business
22
\u2013
\u2013
\u2013
\u2013
Disposals
\u2013
\u2013
(45)
\u2013
(45)
At 30 September 2024
387
155
274
70
499
Accumulated amortisation
At 1 October 2023
\u2013
\u2013
94
\u2013
94
Charge for the year
\u2013
\u2013
43
\u2013
43
Disposals
\u2013
\u2013
(44)
\u2013
(44)
At 30 September 2024
\u2013
\u2013
93
\u2013
93
Net book value
At 30 September 2024
387
155
181
70
406
At 1 October 2023
365
155
121
\u2013
276
Included within computer software are internally generated intangible assets of \u00a3164 million (2024: \u00a399 million) and work in progress of \u00a337 million (2024: \u00a377 million). The accumulated depreciation of internally generated intangible assets as at 30 September 2025 was \u00a3128 million (2024: \u00a389 million). Value in use calculation The recoverable amount of goodwill and other assets with indefinite expected useful lives has been determined based on value in use calculations for the airline route network CGU, which holds these assets. Pre-tax cash flow projections have been derived from the strategic plan approved by the plc Board for the period up to 2030, using the following key assumptions:
2025
2024
Pre-tax discount rate (derived from weighted average cost of capital, WACC)
10.7%
10.0%
Fuel price (US dollars per metric tonne, MT)
719
838
Long-term economic growth rate
2.0%
2.0%
Exchange rates:
US dollar
1.37
1.26
Euro
1.17
1.18
The discount rate has been calculated based on the capital asset pricing model using external inputs where relevant and the current cost of debt to the Group. The methodology is unchanged from the prior year. The increase in the discount rate is primarily attributable to a rise in both the risk-free rate and the equity risk premium, which have led to a higher cost of equity. Exchange rates and fuel price are based on spot rates as at 30 June 2025, the date on which the annual impairment review is performed. Cash flow projections for the period up to 2030 incorporate the long-term prospects of the Group, taking into account growth expected by way of creating value through the business model. Cash flow projections beyond the forecast period have been extrapolated using an estimated average of long-term economic growth rates for the principal countries in which easyJet operates. The future impact of climate change on the business has been incorporated into strategic plans including the cost of future fleet renewals, the future estimated price of regulatory carbon schemes (including UK and EU ETS and CORSIA), the phasing out of no-cost ETS allowances, the expected price and quantity of SAF requirements, and the cost of carbon removal credits and other sustainability initiatives. The headroom of the value in use calculation over the carrying value of the relevant assets is broadly comparable to that calculated at 30 June 2024. Sensitivity analysis has been performed on key inputs to the value in use calculation, including the assumptions listed above and the strategic plan used as the base for the calculation. The impairment model is sensitive to a sustained and significant adverse movement in foreign currency exchange rates and forecast operating profits to the extent that no other compensating action is taken. It has been assumed that any significant future fuel price increase would be recovered through revenue pass through. Individual scenarios that have been deemed reasonably probable, in particular in relation to the current macro- economic environment, do not give rise to an impairment. These scenarios include +/-10% on euro and US dollar rates, +100 bps increase in WACC, reduced capacity of 5%, increased operating costs (excluding fuel) of 3%, a fuel price increase of $100 per metric tonne and a flat growth rate. Additional risks associated with climate change have also been considered, including sensitivities of SAF usage and ETS costs, additional legal and technology costs, reduced demand and increased cost of maintenance and replacement aircraft. These scenarios, both individually and in reasonably probable combinations, do not give rise to an impairment. Intangible assets
2025 2024
\u00a3 million \u00a3 million
Non-current assets
EU ETS, CH ETS and UK ETS carbon allowances
26
70
26
70
Current assets
Carbon offsetting VER
7
8
EU ETS, CH ETS and UK ETS carbon allowances
511
564
518
572
544
642
ETS allowances are required to offset the carbon emitted by flights. The scheme is settled on an annual basis. The allowances required for annual settlement are held as intangible assets, with the associated liability included within accruals in trade and other payables (note 15). Non-current assets represent allowances purchased in advance for future settlement in over 12 months\u2019 time.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:2138001S47XKWIB7TH90", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-484": { "value": "
11. PROPERTY, PLANT AND EQUIPMENT
Aircraft and
spares Land Other Total
\u00a3 million \u00a3 million \u00a3 million \u00a3 million
Cost
At 1 October 2024
5,845
44
65
5,954
Additions
1
809
\u2013
23
832
Disposals
(31)
\u2013
\u2013
(31)
At 30 September 2025
6,623
44
88
6,755
Accumulated depreciation
At 1 October 2024
1,653
\u2013
16
1,669
Charge for the year
293
\u2013
10
303
Disposals
(8)
\u2013
\u2013
(8)
At 30 September 2025
1,938
\u2013
26
1,964
Net book value
At 30 September 2025
4,685
44
62
4,791
At 1 October 2024
4,192
44
49
4,285
Aircraft and
spares Land Other Total
\u00a3 million \u00a3 million \u00a3 million \u00a3 million
Cost
At 1 October 2023
5,396
44
78
5,518
Additions
752
\u2013
14
766
Aircraft sold and leased back
(248)
\u2013
\u2013
(248)
Disposals
(55)
\u2013
(27)
(82)
At 30 September 2024
5,845
44
65
5,954
Accumulated depreciation
At 1 October 2023
1,550
\u2013
32
1,582
Charge for the year
269
\u2013
8
277
Aircraft sold and leased back
(135)
\u2013
\u2013
(135)
Disposals
(31)
\u2013
(24)
(55)
At 30 September 2024
1,653
\u2013
16
1,669
Net book value
At 30 September 2024
4,192
44
49
4,285
At 1 October 2023
3,846
44
46
3,936
The right of use assets have been re-presented from property, plant and equipment to a separate
statement of financial position line. Refer to note 1a for further detail.
The net book value of aircraft includes \u00a3569 million (2024: \u00a3519 million) relating to advance payments for
future deliveries and life limited parts (LLPs) not yet in use. This amount is not depreciated.
The net book value of aircraft spares is \u00a3211 million (2024: \u00a3157 million).
The \u2018Other\u2019 category is principally comprised of leasehold improvements, computer hardware, fixtures,
fittings and equipment, and work in progress in respect of property, plant and equipment projects. The
work in progress as at 30 September 2025 was \u00a327 million (2024: \u00a315 million).
As at 30 September 2025, easyJet was contractually committed to the acquisition of 12 CFM LEAP engines
(2024: one), five used CFM56 engines (2024: Nil) and 290 (2024: 299) Airbus A320 family aircraft, with
a total estimated list price
2
of $35.2 billion (2024: $36.2 billion) before escalations and discounts, for
delivery in financial years 2026 (17 aircraft), 2027 and 2028 (73 aircraft) and 2029 to 2034 (200 aircraft).
Additionally, easyJet maintains purchase rights for a further 100 aircraft.
1) Right of use asset disposals in note 18 includes \u00a373 million (2024: \u00a3nil) relating to the purchase of eight aircraft that were
previously leased, with a corresponding \u00a3237 million (2024: \u00a3nil) of additions to aircraft owned assets. The early exit of the
leases and subsequent purchase of the aircraft resulted in a \u00a354 million (2024: \u00a3nil) credit to the income statement. Three of
the purchased aircraft were subsequently subject to financing under a Japanese operating lease with call option (\u2018JOLCO\u2019),
with the proceeds received classified as other borrowings and secured against the associated owned aircraft with a net
book value of \u00a3103 million (2024: \u00a3nil).
2) As Airbus no longer publishes list prices, the last available list price published in January 2018 has been used for the
estimated list price.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:2138001S47XKWIB7TH90", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-485": { "value": "
12. OTHER NON-CURRENT ASSETS
2025 2024
\u00a3 million \u00a3 million
Mid-life aircraft delivery assets
167
156
Deposits held by aircraft lessors
11
13
178
169
Mid-life aircraft delivery assets arise from maintenance obligations incurred on mid-life leased aircraft
before easyJet acquired the aircraft. Some of these obligations occur where a lessor has agreed to make a
contribution to easyJet\u2019s maintenance costs to reflect the cycles already flown by the aircraft at the point
it is delivered to easyJet, plus or minus any maintenance utilised by easyJet that will not be paid for via a
maintenance shop visit. Depending on the contract terms, payment will be made either at the maintenance
event date or at the lease return date, the timing of which determines the current and non-current
split of the asset. Other mid-life aircraft delivery assets are recognised as an offset to comparable lease
maintenance obligations in respect of cycles flown at the point the leased aircraft enters the fleet and for
which easyJet carries the cost burden. The timing of the utilisation of these assets matches the estimated
timing of the maintenance obligation assumed in the maintenance provision. The recoverability of this asset
has been assessed by management, and the asset is considered to be fully recoverable.
13. TRADE AND OTHER RECEIVABLES
2025 2024
\u00a3 million \u00a3 million
Trade receivables
136
142
Less provision for loss allowance
(6)
(7)
130
135
Prepayments
85
57
Accrued income
179
162
Other receivables
136
129
530
483
Within the provision for loss allowance, \u00a37 million has been credited to the income statement (2024: \u00a35
million credited), with \u00a3nil million (2024: \u00a3nil million) being utilised in the year ended 30 September 2025.
Information about the impairment of trade receivables and the Group\u2019s exposure to credit risk can be
found in note 26.
Other receivables comprises current mid-life aircraft delivery assets, supplier receivables, VAT and
trade\u202fdeposits.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:2138001S47XKWIB7TH90", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-522": { "value": "12. OTHER NON-CURRENT ASSETS
2025 2024
\u00a3 million \u00a3 million
Mid-life aircraft delivery assets
167
156
Deposits held by aircraft lessors
11
13
178
169
Mid-life aircraft delivery assets arise from maintenance obligations incurred on mid-life leased aircraft before easyJet acquired the aircraft. Some of these obligations occur where a lessor has agreed to make a contribution to easyJet\u2019s maintenance costs to reflect the cycles already flown by the aircraft at the point it is delivered to easyJet, plus or minus any maintenance utilised by easyJet that will not be paid for via a maintenance shop visit. Depending on the contract terms, payment will be made either at the maintenance event date or at the lease return date, the timing of which determines the current and non-current split of the asset. Other mid-life aircraft delivery assets are recognised as an offset to comparable lease maintenance obligations in respect of cycles flown at the point the leased aircraft enters the fleet and for which easyJet carries the cost burden. The timing of the utilisation of these assets matches the estimated timing of the maintenance obligation assumed in the maintenance provision. The recoverability of this asset has been assessed by management, and the asset is considered to be fully recoverable. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:2138001S47XKWIB7TH90", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-553": { "value": "13. TRADE AND OTHER RECEIVABLES
2025 2024
\u00a3 million \u00a3 million
Trade receivables
136
142
Less provision for loss allowance
(6)
(7)
130
135
Prepayments
85
57
Accrued income
179
162
Other receivables
136
129
530
483
Within the provision for loss allowance, \u00a37 million has been credited to the income statement (2024: \u00a35 million credited), with \u00a3nil million (2024: \u00a3nil million) being utilised in the year ended 30 September 2025. Information about the impairment of trade receivables and the Group\u2019s exposure to credit risk can be found in note 26. Other receivables comprises current mid-life aircraft delivery assets, supplier receivables, VAT and trade\u202fdeposits.", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:2138001S47XKWIB7TH90", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-546": { "value": "13. TRADE AND OTHER RECEIVABLES
2025 2024
\u00a3 million \u00a3 million
Trade receivables
136
142
Less provision for loss allowance
(6)
(7)
130
135
Prepayments
85
57
Accrued income
179
162
Other receivables
136
129
530
483
Within the provision for loss allowance, \u00a37 million has been credited to the income statement (2024: \u00a35 million credited), with \u00a3nil million (2024: \u00a3nil million) being utilised in the year ended 30 September 2025. Information about the impairment of trade receivables and the Group\u2019s exposure to credit risk can be found in note 26. Other receivables comprises current mid-life aircraft delivery assets, supplier receivables, VAT and trade\u202fdeposits.", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:2138001S47XKWIB7TH90", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-523": { "value": "13. TRADE AND OTHER RECEIVABLES
2025 2024
\u00a3 million \u00a3 million
Trade receivables
136
142
Less provision for loss allowance
(6)
(7)
130
135
Prepayments
85
57
Accrued income
179
162
Other receivables
136
129
530
483
Within the provision for loss allowance, \u00a37 million has been credited to the income statement (2024: \u00a35 million credited), with \u00a3nil million (2024: \u00a3nil million) being utilised in the year ended 30 September 2025. Information about the impairment of trade receivables and the Group\u2019s exposure to credit risk can be found in note 26. Other receivables comprises current mid-life aircraft delivery assets, supplier receivables, VAT and trade\u202fdeposits.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:2138001S47XKWIB7TH90", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-486": { "value": "
14. CASH, CASH EQUIVALENTS AND OTHER INVESTMENTS
2025 2024
\u00a3 million \u00a3 million
Cash and cash equivalents (original maturity less than three months)
1,504
1,343
Other investments (original maturity more than three months)
2,024
2,118
3,528
3,461
Other investments include term deposits, tri-party repos and managed investments where the original
duration of the investment was more than three months.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:2138001S47XKWIB7TH90", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-487": { "value": "
15. TRADE AND OTHER PAYABLES
2025 2024
\u00a3 million \u00a3 million
Trade payables
366
357
Accruals
1,090
1,097
Taxes and social security
50
38
Other payables
148
164
1,654
1,656
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138001S47XKWIB7TH90", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-547": { "value": "15. TRADE AND OTHER PAYABLES
2025 2024
\u00a3 million \u00a3 million
Trade payables
366
357
Accruals
1,090
1,097
Taxes and social security
50
38
Other payables
148
164
1,654
1,656
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138001S47XKWIB7TH90", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-524": { "value": "15. TRADE AND OTHER PAYABLES
2025 2024
\u00a3 million \u00a3 million
Trade payables
366
357
Accruals
1,090
1,097
Taxes and social security
50
38
Other payables
148
164
1,654
1,656
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:2138001S47XKWIB7TH90", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-488": { "value": "
16. LIABILITIES RELATING TO CONTRACTS WITH CUSTOMERS
2025
2024
Unearned Unearned
revenue Other revenue Other
\u00a3 million \u00a3 million \u00a3 million \u00a3 million
Opening contract liabilities
1,741
35
1,501
79
Revenue deferred during the year
11,019
\u2013
10,170
\u2013
Revenue recognised during the year
(10,045)
(19)
(9,219)
(47)
Airline passenger duty on revenue recognised during
the year
(765)
\u2013
(711)
\u2013
Additional contract liability during the year
\u2013
186
\u2013
187
Reduction in contract liability during the year
\u2013
(184)
\u2013
(184)
Foreign exchange impact during the year
\u2013
1
\u2013
\u2013
Closing contract liabilities
1,950
19
1,741
35
Revenue deferred and recognised during the year is inclusive of other charges, but net of intercompany
eliminations. Revenue deferred during the year is also presented inclusive of airline passenger duty (APD).
2025
2024
Unearned Unearned
revenue Other revenue Other
\u00a3 million \u00a3 million \u00a3 million \u00a3 million
Revenue recognised that was included in
the contract liability balance at the
beginning of the year
1,678
25
1,399
47
Other customer contract liabilities consist of amounts transferred from unearned revenue to other payables
due to the cancellation of flights and is made up of customer vouchers outstanding and amounts where
customers have not yet requested a refund, voucher or flight transfer. The movements in \u2018additional
contract liability\u2019 and \u2018reduction in contract liability\u2019 arise as flights are cancelled, as vouchers are awarded
or exercised, and as customers advise on the exercise of their options following flight cancellations. The
breakage applied to the contract liability in the year is included in revenue recognised during the year.
", "dimensions": { "concept": "easyjetplc:DisclosureOfLiabilitiesRelatingToContractsWithCustomers", "language": "en", "entity": "scheme:2138001S47XKWIB7TH90", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-489": { "value": "
17. BORROWINGS
Current Non-current Total
\u00a3 million \u00a3 million \u00a3 million
At 30 September 2025
Eurobonds
\u2013
1,778
1,778
Other borrowings
6
97
103
6
1,875
1,881
Current Non-current Total
\u00a3 million \u00a3 million \u00a3 million
At 30 September 2024
Eurobonds
416
1,690
2,106
416
1,690
2,106
Other borrowings relate to aircraft that are subject to JOLCO agreements and are held at amortised cost.
Refer to notes 11, 18 and 26 for further details.
Eurobonds above are shown net of issue costs and/or discounted amounts which are amortised at the
effective interest rate over the life of the debt instruments.
The June 2019 \u20ac500 million Eurobond with a carrying value of \u00a3422 million was repaid in June 2025.
See note 26 for further information on borrowings.
25. FINANCIAL INSTRUMENTS
The fair values of financial assets and liabilities, together with the carrying value at each reporting date, are as follows:
Amortised cost
Held at fair value
Other
Financial Financial Fair value Cash flow financial Carrying
assets liabilities hedges hedges instruments
Other
1
value Fair value
At 30 September 2025 \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million
Other non-current assets
178
\u2013
\u2013
\u2013
\u2013
\u2013
178
178
Trade and other receivables
322
\u2013
\u2013
\u2013
\u2013
208
530
530
Trade and other payables
\u2013
(1,127)
\u2013
\u2013
\u2013
(527)
(1,654)
(1,654)
Derivative financial instruments
\u2013
\u2013
\u2013
(8)
(38)
\u2013
(46)
(46)
Other investments
1,873
\u2013
\u2013
\u2013
151
\u2013
2,024
2,024
Cash and cash equivalents
486
\u2013
\u2013
\u2013
1,018
\u2013
1,504
1,504
Eurobonds
2
\u2013
(1,778)
\u2013
\u2013
\u2013
\u2013
(1,778)
(1,789)
Other borrowings
\u2013
(103)
\u2013
\u2013
\u2013
\u2013
(103)
(103)
Lease liabilities
3
\u2013
(1,045)
\u2013
\u2013
\u2013
\u2013
(1,045)
n/a
Equity investments
4
\u2013
\u2013
\u2013
\u2013
64
\u2013
64
64
Amortised cost
Held at fair value
Other
Financial Financial Fair value Cash flow financial Carrying Fair
assets liabilities hedges hedges instruments
Other
1
value value
At 30 September 2024 \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million
Other non-current assets
169
\u2013
\u2013
\u2013
\u2013
\u2013
169
169
Trade and other receivables
327
\u2013
\u2013
\u2013
\u2013
156
483
483
Trade and other payables
\u2013
(1,134)
\u2013
\u2013
\u2013
(522)
(1,656)
(1,656)
Derivative financial instruments
\u2013
\u2013
\u2013
(240)
(50)
\u2013
(290)
(290)
Other investments
1,968
\u2013
\u2013
\u2013
150
\u2013
2,118
2,118
Cash and cash equivalents
671
\u2013
\u2013
\u2013
672
\u2013
1,343
1,343
Eurobonds
2
\u2013
(2,106)
\u2013
\u2013
\u2013
\u2013
(2,106)
(2,083)
Lease liabilities
3
\u2013
(1,174)
\u2013
\u2013
\u2013
\u2013
(1,174)
n/a
Equity investments
4
\u2013
\u2013
\u2013
\u2013
51
\u2013
51
51
1) Amounts disclosed in the \u2018Other\u2019 column are items that do not meet the definition of a financial instrument. They are disclosed to facilitate reconciliation of the carrying values of financial
instruments to line items presented in the statement of financial position.
2) For further information see capital, financing and interest risk management section below in note 26.
3) Lease liabilities are valued in accordance with IFRS 16 and a fair value determination is not applicable.
4) The equity investment of \u00a364 million (2024: \u00a351 million) represents a 13.2% shareholding in a non\u2010listed entity, The Airline Group Limited. Valuation movements are designated as being fair
valued through other comprehensive income due to the nature of the investment being held for strategic purposes. Dividends of \u00a314 million were received during the year (2024: \u00a3nil).
Fair value calculation methodology
Where available, the fair values of financial instruments have been determined
by reference to observable market prices where the instruments are traded.
Where market prices are not available, the fair value has been estimated
by discounting expected future cash flows at prevailing interest rates and
by applying year-end exchange rates (excluding The Airline Group Limited
equity\u202finvestment).
The fair values of the remaining two Eurobonds are classified as level 1 of the
IFRS 13 \u2018Fair Value Measurement\u2019 fair value hierarchy (valuations taken as the
closing market trade price for each respective Eurobond as of 30 September
2025). Apart from the equity investment, the remaining financial instruments
for which fair value is disclosed in the table above, and derivative financial
instruments, are classified as level 2.
The fair values of derivatives are calculated using observable market forward
curves (e.g. forward foreign exchange rates, forward interest rates or forward
jet fuel prices) and discounted to present value using risk free rates. The
impacts of counterparty credit, cross-currency basis and market volatility are
also included where appropriate as part of the fair valuation.
The equity investment is classified as level 3 due to the use of forecast dividends
which are discounted to present value. Although there are other level 2 inputs
to the valuation, the discounted cash flow is a significant input which is not
based on observable market data. The fair value is assessed at each reporting
date based on the discounted cash flows with a secondary validation through a
comparison to two other valuations calculated using a market approach and level
2 inputs. The fair value is being held at \u00a364 million (2024: \u00a351 million) based on
a valuation report using this method by an external valuation firm. The increase
in valuation arising during the year is principally as a result of improvements in
forecast cash flows. If the level 3 forecast cash flows were 10% higher or lower
the fair value would not increase/decrease by a material amount.
The fair value measurement hierarchy levels have been defined as follows:
\u2022 Level 1, fair value of financial instruments based on quoted prices
(unadjusted) in active markets for identical assets or liabilities.
\u2022 Level 2, fair value of financial instruments in an active market (for example,
over the counter derivatives) which are determined using valuation
techniques which maximise the use of observable market data and rely as
little as possible on entity specific estimates.
\u2022 Level 3, fair value of financial instruments that are not based on observable
market data (i.e. unobservable inputs).
Fair value of derivative financial instruments
Non-current Current Current Non-current
Quantity assets assets liabilities liabilities Total
At 30 September 2025 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million
Designated as cash flow hedges
US dollar
3,538
5
2
(51)
(40)
(84)
Euro
4,183
41
31
(9)
\u2013
63
Swiss franc
246
\u2013
\u2013
(3)
\u2013
(3)
Jet fuel
2
2
15
(15)
(1)
1
Cross-currency interest rate swaps
600
15
\u2013
\u2013
\u2013
15
Designated as fair value through profit or loss
US dollar
920
\u2013
1
(22)
(17)
(38)
63
49
(100)
(58)
(46)
Non-current Current Current Non-current
Quantity assets assets liabilities liabilities Total
At 30 September 2024 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million
Designated as cash flow hedges
US dollar
1,899
\u2013
\u2013
(64)
(12)
(76)
Euro
2,065
1
18
(45)
(2)
(28)
Swiss franc
275
\u2013
7
\u2013
\u2013
7
Jet fuel
2
1
2
(107)
(4)
(108)
Cross-currency interest rate swaps
1,100
\u2013
\u2013
(26)
(9)
(35)
Designated as fair value through profit or loss
US dollar
982
\u2013
1
(19)
(24)
(42)
Euro
197
\u2013
\u2013
(8)
\u2013
(8)
Jet fuel
\u2013
\u2013
1
(1)
\u2013
\u2013
2
29
(270)
(51)
(290)
For foreign currency forward exchange contracts, quantity represents the absolute gross nominal value
of currency contracts held, disclosed in the contract foreign currency. The cross-currency interest rate
swap contracts are presented at the sterling notional amount. For jet fuel derivative contracts, the quantity
represents absolute contracted metric tonnes.
The majority of foreign exchange and jet fuel transactions designated as a cash flow hedge are expected
to occur within the next 24 months. Accumulated gains and losses resulting from these transactions are
deferred in the hedging reserve. The gains and losses will be recognised in the income statement in the
periods when the hedged transactions impact the income statement. Where the gain or loss is included in
the initial amount recognised following the purchase of an aircraft, recognition in the income statement is
over a period of up to 23 years in the form of depreciation of the purchased asset.
Amounts related to US dollar and euro foreign exchange derivatives held at fair value through profit or loss
(e.g. not held in a hedge accounting relationship) form part of the Group\u2019s statement of financial position
retranslation risk management strategy. Fair value movements on these derivatives are recognised in the
income statement and offset foreign exchange movements on the corresponding notional amount of the
statement of financial position monetary liabilities held in US dollar and euro. These trades are all expected
to occur within the next 36 months.
The Group maintains cross-currency interest rate swap contracts on a proportion of fixed rate debt issuance as
part of the approach to currency and interest rate risk management. These cross-currency interest rate swap
contracts are designated and qualify as cash flow hedges to minimise volatility in the income statement.
The following derivative financial instruments are subject to offsetting, enforceable master netting
arrangements.
Gross Amount Net
amount not set off amount
At 30 September 2025 \u00a3 million \u00a3 million \u00a3 million
Derivative financial instruments
Assets
112
(110)
2
Liabilities
(158)
110
(48)
(46)
\u2013
(46)
Gross Amount Net
amount not set off amount
At 30 September 2024 \u00a3 million \u00a3 million \u00a3 million
Derivative financial instruments
Assets
31
(31)
\u2013
Liabilities
(321)
31
(290)
(290)
\u2013
(290)
All financial assets and liabilities are presented gross on the face of the statement of financial position as
the conditions for netting specified in IAS - 32 \u2018Financial Instruments Presentation\u2019 are not met.
26. FINANCIAL RISK AND CAPITAL MANAGEMENT
easyJet is exposed to financial risks including fluctuations in exchange rates, commodity prices and
interest rates. Financial risk management aims to limit these market risks with selected derivative hedging
instruments being used for this purpose. easyJet\u2019s policy is not to speculatively trade derivatives but use
the instruments to hedge anticipated exposure and gain cash flow certainty. easyJet reduces its exposure
to market risk by using derivatives as any gains and losses arising are offset by the outcome of the
underlying exposure being hedged.
The Board is responsible for setting financial risk and capital management policies and objectives which
are implemented by the treasury function on a day-to-day basis. The policy outlines the approach to risk
management and also states the instruments and time periods which the treasury function is authorised to
use in managing financial risks. The policy is regularly reviewed to ensure best practice.
Capital employed comprises shareholders\u2019 equity (excluding hedging and cost of hedging reserves),
borrowings (including amounts related to lease liabilities), cash and cash equivalents and other investments
(excluding restricted cash).
In addition, easyJet also maintains committed access to capital through its undrawn credit facilities. This
amounted to \u00a31.3 billion RCF ($1.7 billion RCF) at 30 September 2025 (2024: \u00a31.6 billion; a $400 million RCF
and a $1,750 million UKEF backed facility) and contributed to easyJet\u2019s total liquidity. There were no plans
to draw from the RCF as at 30 September 2025.
Consequently, the capital employed at the end of the current and prior year and the return earned during those years were as follows:
2025
2024
Headline Non-headline Total Headline Non-headline Total
\u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million
Opening capital employed
Shareholders\u2019 equity (excluding hedging & cost of hedging reserves)
3,118
\u2013
3,118
2,676
\u2013
2,676
Borrowings
2,106
\u2013
2,106
1,895
\u2013
1,895
Lease liabilities
1,174
\u2013
1,174
989
\u2013
989
Cash, cash equivalents and other investments (excluding restricted cash)
(3,461)
\u2013
(3,461)
(2,925)
\u2013
(2,925)
Capital employed
2,937
\u2013
2,937
2,635
\u2013
2,635
Closing capital employed
Shareholders\u2019 equity (excluding hedging & cost of hedging reserves)
3,525
\u2013
3,525
3,118
\u2013
3,118
Borrowings
1,881
\u2013
1,881
2,106
\u2013
2,106
Lease liabilities
1,045
\u2013
1,045
1,174
\u2013
1,174
Cash, cash equivalents and other investments (excluding restricted cash)
(3,528)
\u2013
(3,528)
(3,461)
\u2013
(3,461)
Capital employed
2,923
\u2013
2,923
2,937
\u2013
2,937
Average capital employed
2,930
\u2013
2,930
2,786
\u2013
2,786
Reported operating profit/(loss)
703
(7)
696
597
(8)
589
UK corporation tax rate
25%
25%
25%
25%
Normalised operating profit/(loss) after tax
527
(5)
522
448
(6)
442
Return on capital employed
18.0%
17.8%
16.1%
15.9%
Return on capital employed is calculated by dividing the normalised operating profit/(loss) after tax by the average of the opening and closing capital employed.
Normalised operating profit is reported operating profit, less tax at the prevailing UK corporation tax rate at the end of the financial year.
Liquidity risk management
The objective of easyJet\u2019s liquidity risk management is to ensure sufficient cash is available to meet future
liabilities as they fall due and ensure access to cost effective funding in various markets.
Within the year easyJet repurchased and entered into JOLCO financing on three aircraft to the value of
\u00a3104 million. In June 2025 easyJet also repaid the Eurobond issued in June 2019 for \u00a3422 million.
In addition, easyJet issued a $1.7 billion RCF which is undrawn at 30 September 2025. This is a committed facility
that commenced in June 2025 and matures in June 2030 (with potential extension to June 2032). This replaces
the $400 million RCF (originally maturing in September 2025) and the $1,750 million UKEF backed facility
(originally maturing in June 2028) which were both cancelled at the time the new facility commenced.
easyJet\u2019s policy has consistently been to hold significant liquidity to mitigate the impact of potential
business disruption events. Throughout the year, easyJet\u2019s target minimum liquidity requirement was
to cover unearned revenue plus \u00a3500 million. In assessing this liquidity metric any undrawn credit
facilities need to be taken into consideration. Total cash and cash equivalents and other investments at
30 September 2025 was \u00a33,528 million (30 September 2024: \u00a33,461 million) with total liquidity at \u00a34,791
million. Surplus funds are invested in high quality short-term liquid instruments, mainly money market funds,
term deposits, tri-party repos and managed investments.
The maturity profile of financial liabilities and derivatives based on undiscounted cash flows and contractual
maturities is as follows:
Within one One-two Two-five Over five
year years years years
At 30 September 2025 \u00a3 million \u00a3 million \u00a3 million \u00a3 million
Borrowings principal and interest
47
47
1,140
756
Trade and other payables
1,654
\u2013
\u2013
\u2013
Lease liabilities
299
240
487
186
FX & jet derivative contracts \u2013 receipts
(4,163)
(1,912)
(2,100)
\u2013
FX & jet derivative contracts \u2013 payments
4,225
1,935
2,181
\u2013
Cross-currency swap contracts \u2013 receipts
(10)
(10)
(528)
\u2013
Cross-currency swap contracts \u2013 payments
15
15
525
\u2013
Within one One-two Two-five Over five
year years years years
At 30 September 2024 \u00a3 million \u00a3 million \u00a3 million \u00a3 million
Borrowings principal and interest
465
45
1,115
760
Trade and other payables
1,656
\u2013
\u2013
\u2013
Lease liabilities
269
257
595
226
FX & jet derivative contracts \u2013 receipts
(4,303)
(787)
(199)
\u2013
FX & jet derivative contracts \u2013 payments
4,538
828
210
\u2013
Cross-currency swap contracts \u2013 receipts
(429)
(9)
(518)
\u2013
Cross-currency swap contracts \u2013 payments
469
15
540
\u2013
The maturity profile has been calculated based on spot rates for the US dollar, euro, Swiss franc and jet fuel
at close of business on 30 September each year.
Credit risk management
easyJet is exposed to credit risk arising from cash and other investments, derivative financial instruments
and trade and other receivables. Credit risk management aims to reduce the risk of default by setting limits
on credit exposure to counterparties based on their respective credit ratings. Credit ratings also determine
the maximum period of investment when placing funds on deposit. The maximum exposure to credit risk
at the reporting date is equal to the carrying value of its financial assets, excluding tri-party repos, which
are securitised by high-quality, investment-grade financial assets.
Counterparties for cash investments and derivatives contracts are required to have a long-term credit
rating of A- or better at contract inception from either Moody\u2019s, Standard & Poor\u2019s or Fitch (except where
there is a specific regulatory, contractual requirement or a bank guarantee from an A- rated entity).
Exposures to these counterparties are regularly reviewed and, if the long-term credit rating falls below A-,
management will make a decision on remedial action to be taken.
The credit ratings of counterparties that easyJet holds financial assets with are as follows:
Unrated/
A- and above Below A- other Total
At 30 September 2025 \u00a3 million \u00a3 million \u00a3 million \u00a3 million
Financial assets
Trade receivables
\u2013
\u2013
530
530
Other non-current assets
\u2013
\u2013
178
178
Other investments
2,024
\u2013
\u2013
2,024
Cash and cash equivalents
1,502
2
\u2013
1,504
Total
3,526
2
708
4,236
Unrated/
A- and above Below A- other Total
At 30 September 2024 \u00a3 million \u00a3 million \u00a3 million \u00a3 million
Financial assets
Trade receivables
\u2013
\u2013
483
483
Other non-current assets
\u2013
\u2013
169
169
Other investments
2,118
\u2013
\u2013
2,118
Cash and cash equivalents
1,340
3
\u2013
1,343
Total
3,458
3
652
4,113
At the end of each reporting date easyJet recognises a loss allowance for expected credit losses on
financial assets measured at amortised cost. In establishing the appropriate amount of loss allowance to
be recognised, easyJet applies either the general approach or the simplified approach, depending on the
nature of the underlying group of financial assets. See note 1a for further detail.
The general approach is applied to the impairment assessment of refundable lease deposits and other
refundable lease contributions, restricted cash, other investments and cash and cash equivalents (excluding
money market funds held at fair value through profit or loss). At 30 September 2025, the expected credit
loss was considered immaterial. This is due to easyJet\u2019s strict policy of investing only with counterparties
who hold a high, investment grade credit standing (except in specific circumstances) as detailed in the
tables above.
The simplified approach is applied to the impairment assessment of trade and other receivables.
At 30 September 2025, trade receivables had a total loss allowance of \u00a36 million (2024: \u00a37 million). The
exposure to individual customer\u2019s credit risk is reduced as no individual customer accounts for a substantial
amount of the total revenue and most payments for flight tickets are collected in advance of the service
being provided.
Foreign currency risk management
The majority of easyJet\u2019s exposure to currency arises from fluctuations in the US dollar, euro and Swiss
franc exchange rates which can significantly impact easyJet\u2019s financial results and cash flows. The aim of
easyJet\u2019s foreign currency risk management is to reduce the impact of these exchange rate fluctuations.
easyJet has maintained hedging in line with policy throughout the year.
Significant currency exposures in the income statement are managed through the use of foreign currency
forward contracts entered into cash flow hedge relationships in line with the Board approved policy.
Throughout the year easyJet hedged operational US dollar, euro, and Swiss franc exposures up to 24
months out, with the aim of maintaining average cover of c.60% over a rolling 12-month period.
Of note, the Group separately manages foreign exchange risk related to forecast cash outflows associated
with package holiday costs. Significant currency exposures relating to the acquisition cost of aircraft are
managed through the use of FX forward contracts where up to 60 months of forecasted cash flows may
be hedged.
easyJet has monetary liabilities primarily denominated in US dollars and euros, which are largely offset
by holding US dollar and euro cash, and other investments. easyJet also uses FX forward contracts to
manage foreign exchange translation risk. These are classified as fair value through profit or loss (e.g. not
designated in a hedge relationship) and provide a natural offset to the translation of foreign currency
liabilities. During the year, easyJet used euro lease liabilities to hedge a proportion of its euro revenue
receipts in a cash flow hedge relationship. Translation gains and losses from these euro liabilities are held in
reserves and released on a straight-line basis over the term of the lease agreement through profit or loss.
Management may take action to hedge other currency exposures as deemed appropriate.
The gross notional value of transactions in a hedge relationship that matured during the financial year to
manage the foreign currency risk and the resulting gains and losses were as follows:
2025
2024
Notional Gain/(loss) Notional Gain/(loss)
\u00a3 million \u00a3 million \u00a3 million \u00a3 million
USD
1,676
(46)
1,571
(46)
EUR
2,125
18
1,392
7
CHF
289
8
296
5
Notional value reflects the sterling contractual leg amount.
Capital financing and interest rate risk management
The objective of capital management is to ensure that easyJet is able to continue as a going concern
whilst delivering shareholder expectations of a strong capital base as well as returning benefits for other
stakeholders.
On 30 September 2025, easyJet held long-term corporate credit ratings from both Standard & Poor\u2019s
(BBB+) and Moody\u2019s (Baa2).
easyJet plc established a \u00a33,000 million Euro Medium Term Note (EMTN) Programme on 7 January 2016.
The two remaining bonds under this scheme are guaranteed by easyJet Airline Company Limited, easyJet
plc and easyJet FinCo B.V. On 11 February 2022 the EMTN Programme increased in size to \u00a34,000 million.
In June 2019, easyJet plc issued a \u20ac500 million bond under the EMTN Programme guaranteed by easyJet
Airline Company Limited. The Eurobond had a six-year term and paid an annual fixed coupon of 0.875%. At
the same time the Group entered into three cross-currency interest rate swaps to convert the entire \u20ac500
million fixed rate Eurobond to a sterling fixed rate exposure. In June 2025, this bond reached maturity and
was settled.
In March 2021, easyJet FinCo B.V. issued a \u20ac1,200 million bond under the EMTN Programme guaranteed
by easyJet Airline Company Limited and easyJet plc. The Eurobond has a seven-year term and pays an
annual fixed coupon of 1.875%. easyJet subsequently entered into four cross-currency interest rate swaps
to convert \u20ac600 million of the fixed rate Eurobond to a sterling fixed rate exposure. The Group designated
these cross-currency interest rate swaps as a cash flow hedge of the currency risk on the \u20ac1,200 million
Eurobond. The cross-currency interest rate swaps are measured at fair value with the effective portion
taken through the statement of comprehensive income. The element of the fair value generated by the
change in the spot rate is recycled to the income statement from the statement of comprehensive income
to offset the foreign currency translation of the Eurobond. The carrying value of the fixed rate Eurobond
net of cross-currency interest rate swaps at 30 September 2025 was \u00a31,033 million. This value does not
include capitalised set-up costs incurred in the issuing of the bond.
In March 2024, easyJet plc issued a \u20ac850 million bond under the EMTN Programme guaranteed by easyJet
Airline Company Limited and easyJet FinCo B.V. The Eurobond has a seven-year term and pays an annual
fixed coupon of 3.75%. The carrying value of the fixed rate Eurobond at 30 September 2025 was \u00a3742
million. This value does not include capitalised set-up costs incurred in the issuing of the bond.
The weighted average sterling interest rate hedged for the three bonds was 2.67% with a weighted average
GBP/EUR foreign exchange hedge rate of 1.15.
In the year ended 30 September 2025, easyJet Airline Company Limited entered into three JOLCO aircraft
financing agreements. These JOLCO agreements have a term of eight years before the call option payment
falls due and upon payment, contractual ownership of the aircraft transfers to easyJet and the financing
is extinguished. The carrying value of the JOLCO borrowings at 30 September 2025 was \u00a3103 million. The
weighted average sterling interest rate for the three JOLCOs was 4.41%.
Interest rate cash flow risk arises on floating rate borrowings and cash investments.
Interest Rate Risk Management Policy aims to provide certainty in a proportion of financing while retaining
the opportunity to benefit from interest rate reductions. Borrowings are issued at either fixed or floating
interest rates, repricing every three to six months. Aircraft leases are a mix of fixed and floating rates. Of
the 151 aircraft leases in place at 30 September 2025 (2024: 159), 98% were based on fixed interest rates
and 2% were based on floating interest rates (2024: 98% fixed, 2% floating).
In addition, easyJet has access to a $1.7 billion revolving credit facility which is fully undrawn at
30 September 2025. This is a committed facility that commenced in June 2025 and matures in June 2030
(with potential extension to June 2032). This replaces the $400 million revolving credit facility (originally
maturing in September 2025) and the $1,750 million UKEF backed facility (originally maturing in June 2028)
which were both cancelled at the time the new facility commenced.
Commodity price risk management
The Group is exposed to commodity risk in the form of jet fuel requirements and Carbon Emissions Trading
schemes (EU ETS, CH ETS and UK ETS) price risk. easyJet has maintained risk management activities
throughout the year in line with policy.
The objective of the fuel price risk management policy is to provide protection against sudden and
significant increases in jet fuel prices, thus mitigating volatility in the income statement in the short term. In
the year, easyJet hedged in line with its 24-month hedging policy with the aim of maintaining average cover
of c.60% over a rolling 12-month period. Jet fuel derivatives are entered into a cash flow hedge relationship
against the future forecasted jet fuel usage. Treasury strategies and actions will be driven by the need to
meet treasury, financial and corporate objectives.
The volume of effective hedge transactions that matured during the financial year to manage the jet
commodity price risk was 2.4 million metric tonnes. This resulted in a \u00a397 million loss (2024: \u00a341 million
gain) in the fuel line within the income statement. An additional \u00a311 million charge (2024: \u00a37 million charge)
was recognised in the income statement relating to jet option premiums for hedging in prior periods.
The Group has a requirement to comply with EU ETS, CH ETS and UK ETS regulations and report on an
annual basis to the relevant environmental agencies. In addition to being in receipt of free allowances,
easyJet is required to purchase carbon allowances on the open market to fulfil this requirement and is
exposed to price movements that can introduce cash flow volatility. To mitigate this exposure, easyJet
purchases its requirements on a spot or forward basis up to 24 months in advance. easyJet holds
allowances for 100% of all estimated ETS obligations for calendar year 2025.
ETS allowance spot and forward contracts maturing in the year were not classified as financial instruments
as they fell within the own use provision under IFRS 9.
Market risk sensitivity analysis
Financial assets and liabilities affected by market risk include borrowings, deposits, trade and other
receivables, trade and other payables, and derivative financial instruments. The following analysis illustrates
the sensitivity of changes in relevant foreign exchange rates, interest rates and fuel prices. It should be
noted that the analysis reflects the impact on profit or loss after tax for the year and other comprehensive
income on financial instruments in a cash flow hedge relationship held at the reporting date. The
sensitivities are calculated based on all other variables remaining constant. The analysis is considered
representative of easyJet\u2019s exposure over the next 12-month period.
The sensitivity analysis is based on easyJet\u2019s financial assets and liabilities and financial instruments held as
at 30 September 2025.
The currency exchange rate analysis assumes a +/-10% change in both US dollar and euro exchange rates.
The interest rate analysis assumes a 1% increase in interest rates over the next 12 months.
The fuel price analysis assumes a 10% increase in the fuel price forward curve over the next 12 months.
Interest Fuel price
US dollar US dollar Euro Euro rates 10%
+10%
1
-10%
2
+10%
1
-10%
2
1% increase increase
At 30 September 2025 \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million
Income statement impact: gain/(loss)
(1)
1
2
(2)
26
\u2013
Impact on other comprehensive
income: increase/(decrease)
219
(179)
241
(197)
\u2013
75
Interest Fuel price
US dollar US dollar Euro Euro rates 10%
+10%
1
-10%
2
+10%
1
-10%
2
1% increase increase
At 30 September 2024 \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million
Income statement impact: gain/(loss)
1
(1)
(1)
\u2013
26
\u2013
Impact on other comprehensive
income: increase/(decrease)
109
(89)
49
(40)
\u2013
63
1) GBP weakened.
2) GBP strengthened.
The market risk sensitivity analysis has been calculated on spot rates for the US dollar, euro and jet fuel at
close of business on 30 September each year.
Impact on the financial statements during the year ended 30 September 2025
Details of major hedging arrangements at the reporting date are set out below, broken down by the cash
maturity of hedge instruments, notional and average rates.
Within one Greater than
Hedge instrument (notional in millions) year one year
Jet fuel hedged notional
2
\u2013
Average hedge rate
703
677
USD foreign exchange hedged notional
1,170
308
Average hedge rate
1.30
1.33
EUR foreign exchange hedged notional
339
38
Average hedge rate
1.16
1.13
CHF foreign exchange hedged notional
206
25
Average hedge rate
1.07
1.03
Notional expressed in the sterling contractual leg for currencies and metric tonnes for jet fuel.
Hedge discontinuation and ineffectiveness
Hedge effectiveness testing on all relationships is performed at each reporting date. Whilst the critical
terms matching of the Group\u2019s hedge relationships means that any ineffectiveness should be minimal, it
can be driven by factors such as material changes in credit risk, price fixing basis (in the case of jet fuel) or
changes in the timings of the hedged cash flows.
In the year ended 30 September 2025, easyJet discontinued hedge accounting on FX forwards where the
FX hedge position exceeded forecasted exposures. Total impact was \u00a3nil (2024: \u00a3nil).
All hedge relationships where the underlying exposure is still anticipated to occur continue to exhibit a
strong economic hedge relationship as the changes in fair value of hypothetical hedged items is materially
offset by the changes in the fair value of hedging instruments.
Additionally, fair value adjustments of \u00a31 million gain (2024: \u00a31 million loss) were recorded during the year
related to hedge ineffectiveness on hedges of foreign currency denominated borrowings that continue to
be effective hedge relationships.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138001S47XKWIB7TH90", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-525": { "value": "17. BORROWINGS
Current Non-current Total
\u00a3 million \u00a3 million \u00a3 million
At 30 September 2025
Eurobonds
\u2013
1,778
1,778
Other borrowings
6
97
103
6
1,875
1,881
Current Non-current Total
\u00a3 million \u00a3 million \u00a3 million
At 30 September 2024
Eurobonds
416
1,690
2,106
416
1,690
2,106
Other borrowings relate to aircraft that are subject to JOLCO agreements and are held at amortised cost. Refer to notes 11, 18 and 26 for further details. Eurobonds above are shown net of issue costs and/or discounted amounts which are amortised at the effective interest rate over the life of the debt instruments. The June 2019 \u20ac500 million Eurobond with a carrying value of \u00a3422 million was repaid in June 2025. See note 26 for further information on borrowings. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:2138001S47XKWIB7TH90", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-490": { "value": "
18. LEASES
easyJet holds aircraft under leasing arrangements that are recognised as right of use assets and lease
liabilities, with remaining lease terms ranging up to ten years. easyJet is contractually obliged to carry out
maintenance on these aircraft, and the cost of this is provided based on the number of flying hours, days
and cycles operated and the estimated cost of the maintenance events. Further details are given in note 1.
Right of use assets
Information in respect of right of use assets, including the carrying amount, additions and depreciation, is
set out below. The right of use assets have been re-presented from property, plant and equipment in note
11. Refer to note 1a for further detail.
Aircraft Other Total
\u00a3 million \u00a3 million \u00a3 million
Net book value
At 1 October 2024
1,116
74
1,190
Additions
199
75
274
Depreciation charge for the year
(364)
(12)
(376)
Disposals
1
(73)
\u2013
(73)
At 30 September 2025
878
137
1,015
Aircraft Other Total
\u00a3 million \u00a3 million \u00a3 million
Net book value
At 1 October 2023
905
23
928
Additions
605
62
667
Aircraft sold and leased back
46
\u2013
46
Depreciation charge for the year
(440)
(10)
(450)
Disposals
\u2013
(1)
(1)
At 30 September 2024
1,116
74
1,190
1) Right of use asset disposals includes \u00a373 million (2024: \u00a3nil) relating to the purchase of eight aircraft that were previously
leased, with a corresponding \u00a3237 million (2024: \u00a3nil) of additions to aircraft owned assets in note 11.
Lease liabilities
Information in respect of the carrying value and interest arising on lease liabilities is set out in note 25 and
note 2 respectively. A maturity analysis of lease liabilities is set out below.
Year ended Year ended
30 September 30 September
2025 2024
Amounts recognised in the statement of cash flows \u00a3 million \u00a3 million
Capital repayments
(226)
(222)
Interest payments
(58)
(50)
(284)
(272)
2025 2024
Lease liabilities \u00a3 million \u00a3 million
Maturity analysis - contractual undiscounted cash flows
Less than one year
(299)
(269)
One to five years
(727)
(852)
More than five years
(186)
(226)
(1,212)
(1,347)
2025 2024
Lease liabilities included in the statement of financial position \u00a3 million \u00a3 million
Current
(251)
(227)
Non-current
(794)
(947)
Total
(1,045)
(1,174)
easyJet also enters into short-term leases and low-value leases which are not recognised as right of use
assets and lease liabilities. The expense recognised in the year in relation to these leases is disclosed below.
Year ended Year ended
30 September 30 September
2025 2024
Amounts recognised in income statement \u00a3 million \u00a3 million
Interest on lease liabilities
58
50
Expenses relating to low-value leases
6
5
Expenses relating to short-term wet leases
15
\u2013
79
55
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:2138001S47XKWIB7TH90", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-526": { "value": "Right of use assets Information in respect of right of use assets, including the carrying amount, additions and depreciation, is set out below. The right of use assets have been re-presented from property, plant and equipment in note 11. Refer to note 1a for further detail.
Aircraft Other Total
\u00a3 million \u00a3 million \u00a3 million
Net book value
At 1 October 2024
1,116
74
1,190
Additions
199
75
274
Depreciation charge for the year
(364)
(12)
(376)
Disposals
1
(73)
\u2013
(73)
At 30 September 2025
878
137
1,015
Aircraft Other Total
\u00a3 million \u00a3 million \u00a3 million
Net book value
At 1 October 2023
905
23
928
Additions
605
62
667
Aircraft sold and leased back
46
\u2013
46
Depreciation charge for the year
(440)
(10)
(450)
Disposals
\u2013
(1)
(1)
At 30 September 2024
1,116
74
1,190
1) Right of use asset disposals includes \u00a373 million (2024: \u00a3nil) relating to the purchase of eight aircraft that were previously leased, with a corresponding \u00a3237 million (2024: \u00a3nil) of additions to aircraft owned assets in note 11. ", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:2138001S47XKWIB7TH90", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-491": { "value": "
19. PROVISIONS FOR LIABILITIES AND CHARGES
Maintenance Other Total
provisions Restructuring provisions provisions
\u00a3 million \u00a3 million \u00a3 million \u00a3 million
At 1 October 2024
894
12
56
962
Exchange adjustments
1
1
1
3
Release of provisions
(61)
(1)
(11)
(73)
Additional provisions recognised
197
6
25
228
Updated discount rates net of unwind of discount
16
\u2013
\u2013
16
Utilised
(108)
(8)
(6)
(122)
At 30 September 2025
939
10
65
1,014
Maintenance Other Total
provisions Restructuring provisions provisions
\u00a3 million \u00a3 million \u00a3 million \u00a3 million
At 1 October 2023
753
6
42
801
Exchange adjustments
(67)
(1)
(1)
(69)
Release of provisions
(2)
(3)
(10)
(15)
Additional provisions recognised
315
12
28
355
Updated discount rates net of unwind of discount
(12)
\u2013
\u2013
(12)
Utilised
(93)
(2)
(3)
(98)
At 30 September 2024
894
12
56
962
The maintenance provisions provide for maintenance costs arising from legal and constructive obligations
relating to the condition of the aircraft when returned to the lessor. As a result of the early exit of eight
aircraft leases, with the aircraft subsequently being purchased, \u00a361 million (2024: \u00a3nil) of the maintenance
provision has been released. The early exit of the leases and subsequent purchase of the aircraft resulted
in a \u00a354 million (2024: \u00a3nil) credit to the income statement. Restructuring and other provisions include
amounts in respect of potential liabilities for employee-related matters and litigation which arose in the
normal course of business.
2025 2024
\u00a3 million \u00a3 million
Current
185
156
Non-current
829
806
1,014
962
The split of the current/non-current maintenance provision is based on the expected maintenance event
timings. If actual aircraft usage varies from expectation the timing of the utilisation of the maintenance
provision could result in a material change in the classification between current and non-current.
Maintenance provisions are expected to be utilised within seven years.
As detailed in note 1B.(II), the aircraft maintenance provision is sensitive to changes in uncontracted costs
including the impact of inflationary factors in future years, discount rates and the GBP/USD exchange rate.
The following table provides an estimate of the impact on the aircraft maintenance provision of reasonably
possible changes to these assumptions.
Impact on
Reasonably possible maintenance 2025
Key assumptions change provision \u00a3 million
Discount rate
Increase of 1ppt
Decrease
(24)
Decrease of 1ppt
Increase
26
Uncontracted costs in future years
Increase by 4ppts
Increase
32
Decrease by 4ppts
Decrease
(34)
GBP/USD exchange rate
+10% change
Decrease
(68)
-10% change
Increase
83
Within other provisions are provisions for litigation matters. The split of these provisions between current
and non-current is based on the dates of expected court judgements. Provisions for restructuring could be
fully utilised within one year from 30 September 2025 and therefore are classified as current.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:2138001S47XKWIB7TH90", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-492": { "value": "20. PENSIONS Total pension costs of \u00a389 million (2024: \u00a372 million) are recognised in employee costs (note 4), and comprise \u00a380 million (2024: \u00a366 million) related to defined contribution plans and \u00a39 million (2024: \u00a36 million) related to defined benefit plans in Switzerland, including administration expenses of \u00a3nil million (2024: \u00a3nil million). The contributions payable to the relevant plans by the Group are at the rates specified in the rules of the plans. The assets of the plans are held separately from those of the Group in funds under the control of\u202ftrustees. Due to the minimum guarantees in place under Swiss law, the Swiss pension plan meets IAS 19 requirements to be treated as a defined benefit plan despite the scheme having many attributes akin to a defined contribution scheme. The Swiss Federal Council requires that a guaranteed minimum interest rate must be achieved (currently 1.25%) on the mandatory element of the benefits, and when an employee retires, the accumulated pension on retirement is converted into a life annuity using a conversion rate. The statutory minimum conversion rate to be applied is currently 6.8%. Swiss plans therefore do not meet the definition of a defined contribution (DC) scheme under IFRS as, due to the guarantees, the obligation of the employer does not stop with the payment of the pre-defined regular contributions. Further contributions may be required by the employer and the employee if the plan becomes underfunded under local Swiss GAAP. This results in the Swiss plans being accounted for as defined benefit plans. The scheme remains open to new employees.
The easyJet portion of the current service costs and the net interest cost are charged to the consolidated
income statement in the year to which they relate. Net interest is determined by multiplying the net
defined benefit liability by the discount rate at the start of the annual reporting period, adjusted for
any contributions and benefit payments in the period. Actuarial gains and losses are recognised in the
consolidated statement of comprehensive income and the consolidated balance reflects the net surplus or
deficit at the statement of financial position date.
The defined benefit obligation is calculated using the projected unit credit method. This reflects service
rendered by employees to the dates of valuation and incorporates actuarial assumptions including discount
rates used in determining the present value of benefits, projected rates of remuneration growth and mortality
rates. The present value of the defined benefit obligation is determined by discounting the estimated future
cash outflows using yields of high-quality corporate bonds. Management bases the discount rate on the bond
yield in the Swiss bond market over 10 to 20 years, reflecting the currency in which the benefits will be paid,
and maturity terms approximating to the terms of the related pension obligation.
The key financial assumptions used to calculate the Swiss scheme liabilities under IAS 19 as at
30 September were:
2025
2024
Discount rate
1.10%
1.10%
Interest rate on savings
1.10%
1.10%
Salary increase
1.25%
1.50%
Mortality assumptions
70% BVG 2020 GT
70% BVG 2020 GT
Demographic assumptions
The demographic assumptions, including mortality assumptions used for the liability calculation, are based
on the most recent BVG 2020 tables (2024: BVG 2020 tables). These tables are based on the experience
during the period 2015 to 2019 of 14 of the largest autonomous Swiss pension plans, and management
consider these to be the best estimate available.
Sensitivities
The scheme asset values are sensitive to market conditions. The scheme liabilities are sensitive to actuarial
assumptions used to determine the scheme obligations. Significant changes in these assumptions
could potentially have a material impact on the consolidated statement of financial position. The
main assumptions are the discount rate, the rate of salary increase and the life expectancy rate. The
following table provides an estimate of the potential impact on the pension scheme of changing these
assumptions. The sensitivity analysis was performed by recalculating the defined benefit obligation with the
following parameters (all other parameters were not modified):
Increase/(decrease) in defined
benefit obligation
2025
2024
Discount rate
+0.5%
(6.1%)
(6.1%)
-0.5%
7.0%
6.9%
Salary increase
+0.5%
0.9%
0.9%
-0.5%
(0.8%)
(0.9%)
Life expectancy
+1 year
0.8%
0.8%
-1 year
(0.9%)
(0.8%)
easyJet has an affiliation contract with Swiss Life Collective BVG Foundation. The assets of all affiliated
companies are pooled which diversifies the associated risk, and the scheme assets represent the share in
this Foundation. The Collective controls the asset management, is exposed to the risk, and guarantees the
savings capital under the contract in place which is valid until 31 December 2027. The Board of Trustees
with the elected employees and employer\u2019s representatives decide the investment strategy. The current
agreement is known as \u2018fully insured\u2019 by Swiss Life, which means that all underfunding, investment and
longevity risks are transferred from easyJet to Swiss Life over the term of the policy. After the expiry date
the benefits are no longer insured and all payments are the liability of the pension scheme, unless the
provider renegotiates the terms of the contract.
Amounts recognised in the consolidated income statement are as follows:
Year ended Year ended
30 September 30 September
2025 2024
\u00a3 million \u00a3 million
Current service costs defined benefit
9
7
Interest cost on net defined benefit obligation
2
3
Interest income on defined benefit asset
(2)
(3)
Past service costs (plan amendment)
\u2013
(1)
Net defined benefit cost recognised in the income statement
9
6
Amounts recognised in other comprehensive income:
Year ended Year ended
30 September 30 September
2025 2024
\u00a3 million \u00a3 million
(Gain)/loss from change in financial assumptions
(3)
9
Experience loss
6
2
Recognised in the statement of other comprehensive income
3
11
Movement in net deficit in the year:
2025 2024
\u00a3 million \u00a3 million
Net deficit of the plan at 1 October
17
7
Net defined benefit cost recognised in the income statement
9
6
Net defined benefit loss recognised in other comprehensive income
3
11
Company contributions
(14)
(9)
Foreign exchange loss
5
2
Statement of financial position net deficit as at 30 September
20
17
A \u00a34 million (2024: \u00a33 million) prepayment representing cash paid over to Swiss Life in advance and not
yet utilised in the pension scheme is offset against the net deficit.
The employer cash contribution from the Group in the 2026 financial year is expected to be CHF 10 million
(2025: CHF 9 million).
Changes in the present value of the defined benefit obligation are as follows:
2025 2024
\u00a3 million \u00a3 million
Present value of obligation at 1 October
175
152
Current service cost
9
7
Contributions paid by employees
6
5
Interest costs on defined benefit obligation
2
3
Contributions paid by plan participants
5
3
Benefit payments from scheme assets
(13)
(7)
Past service cost
\u2013
(1)
Actuarial (gain)/loss arising from changes in financial assumptions
(1)
9
Actuarial loss arising from experience adjustments
6
2
Foreign exchange loss
12
2
Present value of obligation at 30 September
201
175
Changes in the fair value of the scheme assets are as follows:
2025 2024
\u00a3 million \u00a3 million
Fair value of the scheme asset as at 1 October
158
145
Interest income on the defined benefit plan assets
2
3
Contributions paid by Company
14
9
Contributions paid by employees
6
5
Contributions paid by plan participants
5
3
Benefit payments from scheme assets
(13)
(7)
Return on plan assets
2
\u2013
Foreign exchange gain
7
\u2013
Fair value of the pension assets as at 30 September
181
158
2025
2024
Number of active participants
1,260
1,152
Average age of active insured members in years
40
40
Average time remaining before active employees reach final age in years
9
9
Average active life expectancy in years
52
52
Average years of service in years
9
9
The assets held do not have a quoted market price as they are within the affiliation contract with Swiss Life
Collective BVG Foundation. All assets are within the one class which takes the form of an insurance contract.
The weighted average duration of the defined benefit obligation of the Swiss pension scheme is 14 years
(2024: 13 years).
Maturity profile of defined benefit obligation
2025 2024
Expected benefit payments during fiscal year ending 30 September: \u00a3 million \u00a3 million
One year
11
11
Two yea rs
16
17
Three years
15
14
Four years
18
14
Five years
17
16
Six up to ten years
89
75
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:2138001S47XKWIB7TH90", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-527": { "value": "
The contributions payable to the relevant plans by the Group are at the rates specified in the rules of the
plans. The assets of the plans are held separately from those of the Group in funds under the control
of\u202ftrustees.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedContributionPlansExplanatory", "language": "en", "entity": "scheme:2138001S47XKWIB7TH90", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-528": { "value": "
Due to the minimum guarantees in place under Swiss law, the Swiss pension plan meets IAS 19
requirements to be treated as a defined benefit plan despite the scheme having many attributes akin to a
defined contribution scheme. The Swiss Federal Council requires that a guaranteed minimum interest rate
must be achieved (currently 1.25%) on the mandatory element of the benefits, and when an employee
retires, the accumulated pension on retirement is converted into a life annuity using a conversion rate.
The statutory minimum conversion rate to be applied is currently 6.8%. Swiss plans therefore do not meet
the definition of a defined contribution (DC) scheme under IFRS as, due to the guarantees, the obligation
of the employer does not stop with the payment of the pre-defined regular contributions. Further
contributions may be required by the employer and the employee if the plan becomes underfunded under
local Swiss GAAP. This results in the Swiss plans being accounted for as defined benefit plans. The scheme
remains open to new employees.
The easyJet portion of the current service costs and the net interest cost are charged to the consolidated income statement in the year to which they relate. Net interest is determined by multiplying the net defined benefit liability by the discount rate at the start of the annual reporting period, adjusted for any contributions and benefit payments in the period. Actuarial gains and losses are recognised in the consolidated statement of comprehensive income and the consolidated balance reflects the net surplus or deficit at the statement of financial position date. The defined benefit obligation is calculated using the projected unit credit method. This reflects service rendered by employees to the dates of valuation and incorporates actuarial assumptions including discount rates used in determining the present value of benefits, projected rates of remuneration growth and mortality rates. The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows using yields of high-quality corporate bonds. Management bases the discount rate on the bond yield in the Swiss bond market over 10 to 20 years, reflecting the currency in which the benefits will be paid, and maturity terms approximating to the terms of the related pension obligation. The key financial assumptions used to calculate the Swiss scheme liabilities under IAS 19 as at 30 September were:
2025
2024
Discount rate
1.10%
1.10%
Interest rate on savings
1.10%
1.10%
Salary increase
1.25%
1.50%
Mortality assumptions
70% BVG 2020 GT
70% BVG 2020 GT
Demographic assumptions The demographic assumptions, including mortality assumptions used for the liability calculation, are based on the most recent BVG 2020 tables (2024: BVG 2020 tables). These tables are based on the experience during the period 2015 to 2019 of 14 of the largest autonomous Swiss pension plans, and management consider these to be the best estimate available. Sensitivities The scheme asset values are sensitive to market conditions. The scheme liabilities are sensitive to actuarial assumptions used to determine the scheme obligations. Significant changes in these assumptions could potentially have a material impact on the consolidated statement of financial position. The main assumptions are the discount rate, the rate of salary increase and the life expectancy rate. The following table provides an estimate of the potential impact on the pension scheme of changing these assumptions. The sensitivity analysis was performed by recalculating the defined benefit obligation with the following parameters (all other parameters were not modified):
Increase/(decrease) in defined
benefit obligation
2025
2024
Discount rate
+0.5%
(6.1%)
(6.1%)
-0.5%
7.0%
6.9%
Salary increase
+0.5%
0.9%
0.9%
-0.5%
(0.8%)
(0.9%)
Life expectancy
+1 year
0.8%
0.8%
-1 year
(0.9%)
(0.8%)
easyJet has an affiliation contract with Swiss Life Collective BVG Foundation. The assets of all affiliated companies are pooled which diversifies the associated risk, and the scheme assets represent the share in this Foundation. The Collective controls the asset management, is exposed to the risk, and guarantees the savings capital under the contract in place which is valid until 31 December 2027. The Board of Trustees with the elected employees and employer\u2019s representatives decide the investment strategy. The current agreement is known as \u2018fully insured\u2019 by Swiss Life, which means that all underfunding, investment and longevity risks are transferred from easyJet to Swiss Life over the term of the policy. After the expiry date the benefits are no longer insured and all payments are the liability of the pension scheme, unless the provider renegotiates the terms of the contract. Amounts recognised in the consolidated income statement are as follows:
Year ended Year ended
30 September 30 September
2025 2024
\u00a3 million \u00a3 million
Current service costs defined benefit
9
7
Interest cost on net defined benefit obligation
2
3
Interest income on defined benefit asset
(2)
(3)
Past service costs (plan amendment)
\u2013
(1)
Net defined benefit cost recognised in the income statement
9
6
Amounts recognised in other comprehensive income:
Year ended Year ended
30 September 30 September
2025 2024
\u00a3 million \u00a3 million
(Gain)/loss from change in financial assumptions
(3)
9
Experience loss
6
2
Recognised in the statement of other comprehensive income
3
11
Movement in net deficit in the year:
2025 2024
\u00a3 million \u00a3 million
Net deficit of the plan at 1 October
17
7
Net defined benefit cost recognised in the income statement
9
6
Net defined benefit loss recognised in other comprehensive income
3
11
Company contributions
(14)
(9)
Foreign exchange loss
5
2
Statement of financial position net deficit as at 30 September
20
17
A \u00a34 million (2024: \u00a33 million) prepayment representing cash paid over to Swiss Life in advance and not yet utilised in the pension scheme is offset against the net deficit. The employer cash contribution from the Group in the 2026 financial year is expected to be CHF 10 million (2025: CHF 9 million). Changes in the present value of the defined benefit obligation are as follows:
2025 2024
\u00a3 million \u00a3 million
Present value of obligation at 1 October
175
152
Current service cost
9
7
Contributions paid by employees
6
5
Interest costs on defined benefit obligation
2
3
Contributions paid by plan participants
5
3
Benefit payments from scheme assets
(13)
(7)
Past service cost
\u2013
(1)
Actuarial (gain)/loss arising from changes in financial assumptions
(1)
9
Actuarial loss arising from experience adjustments
6
2
Foreign exchange loss
12
2
Present value of obligation at 30 September
201
175
Changes in the fair value of the scheme assets are as follows:
2025 2024
\u00a3 million \u00a3 million
Fair value of the scheme asset as at 1 October
158
145
Interest income on the defined benefit plan assets
2
3
Contributions paid by Company
14
9
Contributions paid by employees
6
5
Contributions paid by plan participants
5
3
Benefit payments from scheme assets
(13)
(7)
Return on plan assets
2
\u2013
Foreign exchange gain
7
\u2013
Fair value of the pension assets as at 30 September
181
158
2025
2024
Number of active participants
1,260
1,152
Average age of active insured members in years
40
40
Average time remaining before active employees reach final age in years
9
9
Average active life expectancy in years
52
52
Average years of service in years
9
9
The assets held do not have a quoted market price as they are within the affiliation contract with Swiss Life Collective BVG Foundation. All assets are within the one class which takes the form of an insurance contract. The weighted average duration of the defined benefit obligation of the Swiss pension scheme is 14 years (2024: 13 years). Maturity profile of defined benefit obligation
2025 2024
Expected benefit payments during fiscal year ending 30 September: \u00a3 million \u00a3 million
One year
11
11
Two yea rs
16
17
Three years
15
14
Four years
18
14
Five years
17
16
Six up to ten years
89
75
", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory", "language": "en", "entity": "scheme:2138001S47XKWIB7TH90", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-493": { "value": "
21. SHARE CAPITAL
Number
Nominal value
2025 2024 2025 2024
million million \u00a3 million \u00a3 million
Allotted, called up and fully paid
At 30 September
Ordinary shares of par 27 2/7 pence each
758
758
207
207
easyJet\u2019s employee benefit trusts hold the following shares. The cost of these shares has been deducted
from retained earnings:
2025
2024
Number of shares (million)
12
7
Cost (\u00a3 million)
58
42
Market value at year end (\u00a3 million)
55
38
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:2138001S47XKWIB7TH90", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-529": { "value": "21. SHARE CAPITAL
Number
Nominal value
2025 2024 2025 2024
million million \u00a3 million \u00a3 million
Allotted, called up and fully paid
At 30 September
Ordinary shares of par 27 2/7 pence each
758
758
207
207
easyJet\u2019s employee benefit trusts hold the following shares. The cost of these shares has been deducted from retained earnings:
2025
2024
Number of shares (million)
12
7
Cost (\u00a3 million)
58
42
Market value at year end (\u00a3 million)
55
38
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:2138001S47XKWIB7TH90", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-494": { "value": "
22. SHARE INCENTIVE SCHEMES
easyJet operates the following share incentive schemes, all of which are equity settled, except for the
Individual Incentive Plan, which is cash-settled. The change in the number of awards outstanding, weighted
average exercise prices during the year, and the number exercisable at each year end were as follows:
1 October Forfeited/ 30 September
2024 Granted cancellations Exercised 2025
million million million million million
Long Term Incentive Plan
\u2013
\u2013
\u2013
\u2013
\u2013
Restricted Stock Unit
3.8
\u2013
(0.1)
(1.2)
2.5
Restricted Share Plan
3.0
2.0
(0.4)
(0.3)
4.3
Save As You Earn scheme
22.4
7.6
(2.3)
(3.1)
24.6
Individual Incentive Plan
0.1
\u2013
\u2013
\u2013
0.1
Share Incentive Plan
6.4
3.4
(0.3)
(0.4)
9.1
Deferred Annual Bonus Plan
0.6
0.2
\u2013
\u2013
0.8
36.3
13.2
(3.1)
(5.0)
41.4
1 October Forfeited/ 30 September
2023 Granted cancellations Exercised 2024
million million million million million
Long Term Incentive Plan
0.3
\u2013
(0.3)
\u2013
\u2013
Restricted Stock Unit
5.0
\u2013
(0.4)
(0.8)
3.8
Restricted Share Plan
0.8
2.4
(0.2)
\u2013
3.0
Save As You Earn scheme
19.1
9.4
(6.1)
\u2013
22.4
Individual Incentive Plan
0.2
\u2013
\u2013
(0.1)
0.1
Share Incentive Plan
3.0
4.0
(0.2)
(0.4)
6.4
Deferred Annual Bonus Plan
0.3
0.3
\u2013
\u2013
0.6
28.7
16.1
(7. 2)
(1.3)
36.3
Long Term Incentive Plan
The plan was open, by invitation, to Executive Directors and senior management, and provided for annual awards
of Performance Shares worth up to 250% of salary each year. The vesting of these shares was dependent on TSR
targets compared to FTSE-ranked companies at the start of the performance period. All awards have a three-year
vesting period. The last awards were made in December 2020 and were assessed on performance conditions
measured over the three financial years ended 30 September 2023. These plans are no longer awarded.
Restricted Stock Unit
The plan was awarded to the Airline Management Board, senior managers and some middle management,
and provided annual awards of Performance Shares worth up to 75% of salary each year. All awards have
a two or three-year vesting period, of which the vesting conditions are continued employment. These plans
are no longer awarded.
Restricted Share Plan
The plan is open, by invitation, to Executive Directors, the Airline Management Board and senior and some
middle management, and provides for annual awards of Performance Shares worth from 20% to 125% of
salary, depending on role. All awards have a three-year vesting period. For the Executive Directors a three-
year performance period plus two-year post-vesting holding period will apply. The awards are subject to the
following underpins: that easyJet does not fall below its minimum liquidity target (such that a credit risk event
is triggered) through the vesting period and that there is satisfactory governance performance including no
ESG issues that result in material reputational damage to the Company (as determined by the Board). The
vesting of these shares is also dependent on continued employment and assessment against performance
underpins, as outlined in the Directors\u2019 Remuneration Report, measured over the vesting period.
Save As You Earn scheme
The scheme is open to all employees on the UK payroll. Participants may elect to save up to \u00a3500 per month
under a three-year savings contract. An option is granted by the Company to buy shares at a discount of 20%
from the market price on the day immediately preceding the date on which invitations are sent; however the
2022 scheme was granted at a discount of 10% from the market price. At the end of the savings period, the
option becomes exercisable for a period of six months. Employees who are not paid through the UK payroll may
participate in the scheme under similar terms and conditions, albeit without the same tax benefits.
Individual Incentive Plan
These cash-settled plans may be made available, by invitation, to members of the Airline Management
Board. Based on specific individual performance related measures and requiring continued employment,
awards are payable over multiple years based on the achievement of agreed targets. All awards are
approved by the Remuneration Committee.
Share Incentive Plan
The plan is open to all employees on the UK payroll. Participants may invest up to \u00a31,800 of their pre-tax salary
each year to purchase Partnership Shares in easyJet and up until 1 April 2020 easyJet also contributed matching
shares. Employees must remain with easyJet for three years from the date of purchase of each Partnership
Share in order to qualify for the Matching Share, and for five years for the shares to be transferred to them tax
free. The employee is entitled to dividends on shares purchased, and to vote at shareholder meetings.
Subject to Company performance, easyJet also issues performance-related shares to UK employees (at no
cost to the employees) under an approved share incentive plan of up to \u00a33,000 per annum in value. There
is a similar unapproved share scheme for international employees.
Deferred Annual Bonus Plan
This plan represents the deferral of one-third of the annual bonus in shares for the Executive Directors
and one-fifth of the annual bonus for the Airline Management Board. After an executive achieves their
shareholding as per the requirements of the shareholding policy, the Remuneration Committee may
determine that deferral is no longer required. All awards have a three-year vesting period of which the
vesting conditions are continued employment.
Weighted average exercise prices are as follows:
1 October 30 September
2024 Granted Forfeited Exercised 2025
\u00a3 \u00a3 \u00a3 \u00a3 \u00a3
Save As You Earn scheme
3.91
4.29
4.77
3.99
3.96
The exercise price of all awards except those disclosed in the above table is \u00a3nil.
The number of awards exercisable at each year end and their weighted average exercise price is as follows:
Price \u00a3
Number million
2025
2024
2025
2024
Long Term Incentive Plan
\u2013
\u2013
\u2013
\u2013
Restricted Stock Unit
\u2013
\u2013
0.8
0.6
Restricted Share Plan
\u2013
\u2013
0.5
0.2
Save As You Earn scheme
3.99
6.39
5.2
0.6
Individual Incentive Plan
\u2013
\u2013
\u2013
\u2013
Share Incentive Plan
\u2013
\u2013
\u2013
\u2013
Deferred Annual Bonus Plan
\u2013
\u2013
\u2013
\u2013
6.5
1.4
The weighted average remaining contractual life for each class of share award at 30 September 2025 and
30 September 2024 are as follows:
Years
2025
2024
Long Term Incentive Plan
3.8
5.2
Restricted Stock Unit
6.9
7.8
Restricted Share Plan
8.6
8.9
Save As You Earn scheme
2.1
2.4
Individual Incentive Plan
0.2
0.7
Share Incentive Plan
2.1
9.5
Deferred Annual Bonus Plan
7.8
8.7
The fair value of grants under the Save As You Earn scheme are calculated by applying the Binomial Lattice
option pricing model. The fair value of grants under all other schemes is the share price on the date of
grant. The following assumptions are used for share schemes in this financial year:
Dividend
Share Exercise Expected Option Risk-free yield Fair
price price volatility life interest rate assumption value
Grant date \u00a3 \u00a3 % years % % \u00a3
Restricted Share Plan
12 December 2024
5.77
\u2013
\u2013
\u2013
\u2013
\u2013
5.77
22 January 2025
5.11
\u2013
\u2013
\u2013
\u2013
\u2013
5.11
18 June 2025
5.36
\u2013
\u2013
\u2013
\u2013
\u2013
5.36
Save As You Earn scheme
16 July 2025
5.26
4.29
37
3.50
4
2.3
1.83
Deferred Annual Bonus Plan
12 December 2024
5.77
\u2013
\u2013
\u2013
\u2013
\u2013
5.77
Share price for the Restricted Share plans is the closing share price from the last working day prior to the
date of grant.
Expected volatility is based on historical volatility over a period comparable to the expected life of each
type of option.
The total share-based payment expense recognised for the year was \u00a338 million (2024: \u00a330 million). The
share-based payment liability, representing the national insurance payments due, as at 30 September 2025,
was \u00a35 million (2024: \u00a35 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:2138001S47XKWIB7TH90", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-495": { "value": "
23. RECONCILIATION OF OPERATING PROFIT TO CASH GENERATED FROM OPERATIONS
Year ended Year ended
30 September 30 September
2025 2024
\u00a3 million \u00a3 million
Operating profit
696
589
Adjustments for non-cash items:
Depreciation
679
727
Loss on disposal of property, plant and equipment
19
18
Loss on lease terminations
6
\u2013
Gain on sale and leaseback
\u2013
(1)
Amortisation of intangible assets
64
43
Share-based payments
38
30
Impairment of intangible assets
6
1
Changes in working capital and other items of an operating nature:
Increase in trade and other receivables
(53)
(130)
Decrease/(increase) in intangible assets
88
(8)
Decrease in trade and other payables
(18)
(45)
Increase in unearned revenue
209
240
Post employment benefit contributions
(5)
(12)
Increase in provisions
8
31
Decrease in other non-current assets
5
10
Increase/(decrease) in derivative financial instruments
133
(10)
Cash generated from operations
1,875
1,483
24. RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET CASH/(DEBT)
Cash, cash
equivalents
New debt and other
1 October Foreign raised in the Repayment of investments 30 September
2024 exchange year capital Other movement 2025
\u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million
Cash and cash equivalents
1,343
22
\u2013
\u2013
\u2013
139
1,504
Other investments
2,118
57
\u2013
\u2013
\u2013
(151)
2,024
3,461
79
\u2013
\u2013
\u2013
(12)
3,528
Borrowings
(2,106)
(91)
(104)
423
(3)
\u2013
(1,881)
Lease liabilities
(1,174)
2
(79)
226
(20)
\u2013
(1,045)
(3,280)
(89)
(183)
649
(23)
\u2013
(2,926)
Net cash/(debt)
181
(10)
(183)
649
(23)
(12)
602
Other includes deferred fees, lease extensions, disposals and rate changes.
Other investments include term deposits, tri-party repos and managed investments where the original duration of the investment was more than three months.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:2138001S47XKWIB7TH90", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-560": { "value": "25. FINANCIAL INSTRUMENTS The fair values of financial assets and liabilities, together with the carrying value at each reporting date, are as follows:
Amortised cost
Held at fair value
Other
Financial Financial Fair value Cash flow financial Carrying
assets liabilities hedges hedges instruments
Other
1
value Fair value
At 30 September 2025 \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million
Other non-current assets
178
\u2013
\u2013
\u2013
\u2013
\u2013
178
178
Trade and other receivables
322
\u2013
\u2013
\u2013
\u2013
208
530
530
Trade and other payables
\u2013
(1,127)
\u2013
\u2013
\u2013
(527)
(1,654)
(1,654)
Derivative financial instruments
\u2013
\u2013
\u2013
(8)
(38)
\u2013
(46)
(46)
Other investments
1,873
\u2013
\u2013
\u2013
151
\u2013
2,024
2,024
Cash and cash equivalents
486
\u2013
\u2013
\u2013
1,018
\u2013
1,504
1,504
Eurobonds
2
\u2013
(1,778)
\u2013
\u2013
\u2013
\u2013
(1,778)
(1,789)
Other borrowings
\u2013
(103)
\u2013
\u2013
\u2013
\u2013
(103)
(103)
Lease liabilities
3
\u2013
(1,045)
\u2013
\u2013
\u2013
\u2013
(1,045)
n/a
Equity investments
4
\u2013
\u2013
\u2013
\u2013
64
\u2013
64
64
Amortised cost
Held at fair value
Other
Financial Financial Fair value Cash flow financial Carrying Fair
assets liabilities hedges hedges instruments
Other
1
value value
At 30 September 2024 \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million
Other non-current assets
169
\u2013
\u2013
\u2013
\u2013
\u2013
169
169
Trade and other receivables
327
\u2013
\u2013
\u2013
\u2013
156
483
483
Trade and other payables
\u2013
(1,134)
\u2013
\u2013
\u2013
(522)
(1,656)
(1,656)
Derivative financial instruments
\u2013
\u2013
\u2013
(240)
(50)
\u2013
(290)
(290)
Other investments
1,968
\u2013
\u2013
\u2013
150
\u2013
2,118
2,118
Cash and cash equivalents
671
\u2013
\u2013
\u2013
672
\u2013
1,343
1,343
Eurobonds
2
\u2013
(2,106)
\u2013
\u2013
\u2013
\u2013
(2,106)
(2,083)
Lease liabilities
3
\u2013
(1,174)
\u2013
\u2013
\u2013
\u2013
(1,174)
n/a
Equity investments
4
\u2013
\u2013
\u2013
\u2013
51
\u2013
51
51
1) Amounts disclosed in the \u2018Other\u2019 column are items that do not meet the definition of a financial instrument. They are disclosed to facilitate reconciliation of the carrying values of financial instruments to line items presented in the statement of financial position. 2) For further information see capital, financing and interest risk management section below in note 26. 3) Lease liabilities are valued in accordance with IFRS 16 and a fair value determination is not applicable. 4) The equity investment of \u00a364 million (2024: \u00a351 million) represents a 13.2% shareholding in a non\u2010listed entity, The Airline Group Limited. Valuation movements are designated as being fair valued through other comprehensive income due to the nature of the investment being held for strategic purposes. Dividends of \u00a314 million were received during the year (2024: \u00a3nil). Fair value calculation methodology Where available, the fair values of financial instruments have been determined by reference to observable market prices where the instruments are traded. Where market prices are not available, the fair value has been estimated by discounting expected future cash flows at prevailing interest rates and by applying year-end exchange rates (excluding The Airline Group Limited equity\u202finvestment). The fair values of the remaining two Eurobonds are classified as level 1 of the IFRS 13 \u2018Fair Value Measurement\u2019 fair value hierarchy (valuations taken as the closing market trade price for each respective Eurobond as of 30 September 2025). Apart from the equity investment, the remaining financial instruments for which fair value is disclosed in the table above, and derivative financial instruments, are classified as level 2. The fair values of derivatives are calculated using observable market forward curves (e.g. forward foreign exchange rates, forward interest rates or forward jet fuel prices) and discounted to present value using risk free rates. The impacts of counterparty credit, cross-currency basis and market volatility are also included where appropriate as part of the fair valuation. The equity investment is classified as level 3 due to the use of forecast dividends which are discounted to present value. Although there are other level 2 inputs to the valuation, the discounted cash flow is a significant input which is not based on observable market data. The fair value is assessed at each reporting date based on the discounted cash flows with a secondary validation through a comparison to two other valuations calculated using a market approach and level 2 inputs. The fair value is being held at \u00a364 million (2024: \u00a351 million) based on a valuation report using this method by an external valuation firm. The increase in valuation arising during the year is principally as a result of improvements in forecast cash flows. If the level 3 forecast cash flows were 10% higher or lower the fair value would not increase/decrease by a material amount. The fair value measurement hierarchy levels have been defined as follows: \u2022 Level 1, fair value of financial instruments based on quoted prices (unadjusted) in active markets for identical assets or liabilities. \u2022 Level 2, fair value of financial instruments in an active market (for example, over the counter derivatives) which are determined using valuation techniques which maximise the use of observable market data and rely as little as possible on entity specific estimates. \u2022 Level 3, fair value of financial instruments that are not based on observable market data (i.e. unobservable inputs). Fair value of derivative financial instruments
Non-current Current Current Non-current
Quantity assets assets liabilities liabilities Total
At 30 September 2025 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million
Designated as cash flow hedges
US dollar
3,538
5
2
(51)
(40)
(84)
Euro
4,183
41
31
(9)
\u2013
63
Swiss franc
246
\u2013
\u2013
(3)
\u2013
(3)
Jet fuel
2
2
15
(15)
(1)
1
Cross-currency interest rate swaps
600
15
\u2013
\u2013
\u2013
15
Designated as fair value through profit or loss
US dollar
920
\u2013
1
(22)
(17)
(38)
63
49
(100)
(58)
(46)
Non-current Current Current Non-current
Quantity assets assets liabilities liabilities Total
At 30 September 2024 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million
Designated as cash flow hedges
US dollar
1,899
\u2013
\u2013
(64)
(12)
(76)
Euro
2,065
1
18
(45)
(2)
(28)
Swiss franc
275
\u2013
7
\u2013
\u2013
7
Jet fuel
2
1
2
(107)
(4)
(108)
Cross-currency interest rate swaps
1,100
\u2013
\u2013
(26)
(9)
(35)
Designated as fair value through profit or loss
US dollar
982
\u2013
1
(19)
(24)
(42)
Euro
197
\u2013
\u2013
(8)
\u2013
(8)
Jet fuel
\u2013
\u2013
1
(1)
\u2013
\u2013
2
29
(270)
(51)
(290)
For foreign currency forward exchange contracts, quantity represents the absolute gross nominal value of currency contracts held, disclosed in the contract foreign currency. The cross-currency interest rate swap contracts are presented at the sterling notional amount. For jet fuel derivative contracts, the quantity represents absolute contracted metric tonnes. The majority of foreign exchange and jet fuel transactions designated as a cash flow hedge are expected to occur within the next 24 months. Accumulated gains and losses resulting from these transactions are deferred in the hedging reserve. The gains and losses will be recognised in the income statement in the periods when the hedged transactions impact the income statement. Where the gain or loss is included in the initial amount recognised following the purchase of an aircraft, recognition in the income statement is over a period of up to 23 years in the form of depreciation of the purchased asset. Amounts related to US dollar and euro foreign exchange derivatives held at fair value through profit or loss (e.g. not held in a hedge accounting relationship) form part of the Group\u2019s statement of financial position retranslation risk management strategy. Fair value movements on these derivatives are recognised in the income statement and offset foreign exchange movements on the corresponding notional amount of the statement of financial position monetary liabilities held in US dollar and euro. These trades are all expected to occur within the next 36 months. The Group maintains cross-currency interest rate swap contracts on a proportion of fixed rate debt issuance as part of the approach to currency and interest rate risk management. These cross-currency interest rate swap contracts are designated and qualify as cash flow hedges to minimise volatility in the income statement. The following derivative financial instruments are subject to offsetting, enforceable master netting arrangements.
Gross Amount Net
amount not set off amount
At 30 September 2025 \u00a3 million \u00a3 million \u00a3 million
Derivative financial instruments
Assets
112
(110)
2
Liabilities
(158)
110
(48)
(46)
\u2013
(46)
Gross Amount Net
amount not set off amount
At 30 September 2024 \u00a3 million \u00a3 million \u00a3 million
Derivative financial instruments
Assets
31
(31)
\u2013
Liabilities
(321)
31
(290)
(290)
\u2013
(290)
All financial assets and liabilities are presented gross on the face of the statement of financial position as the conditions for netting specified in IAS - 32 \u2018Financial Instruments Presentation\u2019 are not met. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:2138001S47XKWIB7TH90", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-554": { "value": "25. FINANCIAL INSTRUMENTS The fair values of financial assets and liabilities, together with the carrying value at each reporting date, are as follows:
Amortised cost
Held at fair value
Other
Financial Financial Fair value Cash flow financial Carrying
assets liabilities hedges hedges instruments
Other
1
value Fair value
At 30 September 2025 \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million
Other non-current assets
178
\u2013
\u2013
\u2013
\u2013
\u2013
178
178
Trade and other receivables
322
\u2013
\u2013
\u2013
\u2013
208
530
530
Trade and other payables
\u2013
(1,127)
\u2013
\u2013
\u2013
(527)
(1,654)
(1,654)
Derivative financial instruments
\u2013
\u2013
\u2013
(8)
(38)
\u2013
(46)
(46)
Other investments
1,873
\u2013
\u2013
\u2013
151
\u2013
2,024
2,024
Cash and cash equivalents
486
\u2013
\u2013
\u2013
1,018
\u2013
1,504
1,504
Eurobonds
2
\u2013
(1,778)
\u2013
\u2013
\u2013
\u2013
(1,778)
(1,789)
Other borrowings
\u2013
(103)
\u2013
\u2013
\u2013
\u2013
(103)
(103)
Lease liabilities
3
\u2013
(1,045)
\u2013
\u2013
\u2013
\u2013
(1,045)
n/a
Equity investments
4
\u2013
\u2013
\u2013
\u2013
64
\u2013
64
64
Amortised cost
Held at fair value
Other
Financial Financial Fair value Cash flow financial Carrying Fair
assets liabilities hedges hedges instruments
Other
1
value value
At 30 September 2024 \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million
Other non-current assets
169
\u2013
\u2013
\u2013
\u2013
\u2013
169
169
Trade and other receivables
327
\u2013
\u2013
\u2013
\u2013
156
483
483
Trade and other payables
\u2013
(1,134)
\u2013
\u2013
\u2013
(522)
(1,656)
(1,656)
Derivative financial instruments
\u2013
\u2013
\u2013
(240)
(50)
\u2013
(290)
(290)
Other investments
1,968
\u2013
\u2013
\u2013
150
\u2013
2,118
2,118
Cash and cash equivalents
671
\u2013
\u2013
\u2013
672
\u2013
1,343
1,343
Eurobonds
2
\u2013
(2,106)
\u2013
\u2013
\u2013
\u2013
(2,106)
(2,083)
Lease liabilities
3
\u2013
(1,174)
\u2013
\u2013
\u2013
\u2013
(1,174)
n/a
Equity investments
4
\u2013
\u2013
\u2013
\u2013
51
\u2013
51
51
1) Amounts disclosed in the \u2018Other\u2019 column are items that do not meet the definition of a financial instrument. They are disclosed to facilitate reconciliation of the carrying values of financial instruments to line items presented in the statement of financial position. 2) For further information see capital, financing and interest risk management section below in note 26. 3) Lease liabilities are valued in accordance with IFRS 16 and a fair value determination is not applicable. 4) The equity investment of \u00a364 million (2024: \u00a351 million) represents a 13.2% shareholding in a non\u2010listed entity, The Airline Group Limited. Valuation movements are designated as being fair valued through other comprehensive income due to the nature of the investment being held for strategic purposes. Dividends of \u00a314 million were received during the year (2024: \u00a3nil). Fair value calculation methodology Where available, the fair values of financial instruments have been determined by reference to observable market prices where the instruments are traded. Where market prices are not available, the fair value has been estimated by discounting expected future cash flows at prevailing interest rates and by applying year-end exchange rates (excluding The Airline Group Limited equity\u202finvestment). The fair values of the remaining two Eurobonds are classified as level 1 of the IFRS 13 \u2018Fair Value Measurement\u2019 fair value hierarchy (valuations taken as the closing market trade price for each respective Eurobond as of 30 September 2025). Apart from the equity investment, the remaining financial instruments for which fair value is disclosed in the table above, and derivative financial instruments, are classified as level 2. The fair values of derivatives are calculated using observable market forward curves (e.g. forward foreign exchange rates, forward interest rates or forward jet fuel prices) and discounted to present value using risk free rates. The impacts of counterparty credit, cross-currency basis and market volatility are also included where appropriate as part of the fair valuation. The equity investment is classified as level 3 due to the use of forecast dividends which are discounted to present value. Although there are other level 2 inputs to the valuation, the discounted cash flow is a significant input which is not based on observable market data. The fair value is assessed at each reporting date based on the discounted cash flows with a secondary validation through a comparison to two other valuations calculated using a market approach and level 2 inputs. The fair value is being held at \u00a364 million (2024: \u00a351 million) based on a valuation report using this method by an external valuation firm. The increase in valuation arising during the year is principally as a result of improvements in forecast cash flows. If the level 3 forecast cash flows were 10% higher or lower the fair value would not increase/decrease by a material amount. The fair value measurement hierarchy levels have been defined as follows: \u2022 Level 1, fair value of financial instruments based on quoted prices (unadjusted) in active markets for identical assets or liabilities. \u2022 Level 2, fair value of financial instruments in an active market (for example, over the counter derivatives) which are determined using valuation techniques which maximise the use of observable market data and rely as little as possible on entity specific estimates. \u2022 Level 3, fair value of financial instruments that are not based on observable market data (i.e. unobservable inputs). Fair value of derivative financial instruments
Non-current Current Current Non-current
Quantity assets assets liabilities liabilities Total
At 30 September 2025 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million
Designated as cash flow hedges
US dollar
3,538
5
2
(51)
(40)
(84)
Euro
4,183
41
31
(9)
\u2013
63
Swiss franc
246
\u2013
\u2013
(3)
\u2013
(3)
Jet fuel
2
2
15
(15)
(1)
1
Cross-currency interest rate swaps
600
15
\u2013
\u2013
\u2013
15
Designated as fair value through profit or loss
US dollar
920
\u2013
1
(22)
(17)
(38)
63
49
(100)
(58)
(46)
Non-current Current Current Non-current
Quantity assets assets liabilities liabilities Total
At 30 September 2024 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million
Designated as cash flow hedges
US dollar
1,899
\u2013
\u2013
(64)
(12)
(76)
Euro
2,065
1
18
(45)
(2)
(28)
Swiss franc
275
\u2013
7
\u2013
\u2013
7
Jet fuel
2
1
2
(107)
(4)
(108)
Cross-currency interest rate swaps
1,100
\u2013
\u2013
(26)
(9)
(35)
Designated as fair value through profit or loss
US dollar
982
\u2013
1
(19)
(24)
(42)
Euro
197
\u2013
\u2013
(8)
\u2013
(8)
Jet fuel
\u2013
\u2013
1
(1)
\u2013
\u2013
2
29
(270)
(51)
(290)
For foreign currency forward exchange contracts, quantity represents the absolute gross nominal value of currency contracts held, disclosed in the contract foreign currency. The cross-currency interest rate swap contracts are presented at the sterling notional amount. For jet fuel derivative contracts, the quantity represents absolute contracted metric tonnes. The majority of foreign exchange and jet fuel transactions designated as a cash flow hedge are expected to occur within the next 24 months. Accumulated gains and losses resulting from these transactions are deferred in the hedging reserve. The gains and losses will be recognised in the income statement in the periods when the hedged transactions impact the income statement. Where the gain or loss is included in the initial amount recognised following the purchase of an aircraft, recognition in the income statement is over a period of up to 23 years in the form of depreciation of the purchased asset. Amounts related to US dollar and euro foreign exchange derivatives held at fair value through profit or loss (e.g. not held in a hedge accounting relationship) form part of the Group\u2019s statement of financial position retranslation risk management strategy. Fair value movements on these derivatives are recognised in the income statement and offset foreign exchange movements on the corresponding notional amount of the statement of financial position monetary liabilities held in US dollar and euro. These trades are all expected to occur within the next 36 months. The Group maintains cross-currency interest rate swap contracts on a proportion of fixed rate debt issuance as part of the approach to currency and interest rate risk management. These cross-currency interest rate swap contracts are designated and qualify as cash flow hedges to minimise volatility in the income statement. The following derivative financial instruments are subject to offsetting, enforceable master netting arrangements.
Gross Amount Net
amount not set off amount
At 30 September 2025 \u00a3 million \u00a3 million \u00a3 million
Derivative financial instruments
Assets
112
(110)
2
Liabilities
(158)
110
(48)
(46)
\u2013
(46)
Gross Amount Net
amount not set off amount
At 30 September 2024 \u00a3 million \u00a3 million \u00a3 million
Derivative financial instruments
Assets
31
(31)
\u2013
Liabilities
(321)
31
(290)
(290)
\u2013
(290)
All financial assets and liabilities are presented gross on the face of the statement of financial position as the conditions for netting specified in IAS - 32 \u2018Financial Instruments Presentation\u2019 are not met. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138001S47XKWIB7TH90", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-548": { "value": "25. FINANCIAL INSTRUMENTS The fair values of financial assets and liabilities, together with the carrying value at each reporting date, are as follows:
Amortised cost
Held at fair value
Other
Financial Financial Fair value Cash flow financial Carrying
assets liabilities hedges hedges instruments
Other
1
value Fair value
At 30 September 2025 \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million
Other non-current assets
178
\u2013
\u2013
\u2013
\u2013
\u2013
178
178
Trade and other receivables
322
\u2013
\u2013
\u2013
\u2013
208
530
530
Trade and other payables
\u2013
(1,127)
\u2013
\u2013
\u2013
(527)
(1,654)
(1,654)
Derivative financial instruments
\u2013
\u2013
\u2013
(8)
(38)
\u2013
(46)
(46)
Other investments
1,873
\u2013
\u2013
\u2013
151
\u2013
2,024
2,024
Cash and cash equivalents
486
\u2013
\u2013
\u2013
1,018
\u2013
1,504
1,504
Eurobonds
2
\u2013
(1,778)
\u2013
\u2013
\u2013
\u2013
(1,778)
(1,789)
Other borrowings
\u2013
(103)
\u2013
\u2013
\u2013
\u2013
(103)
(103)
Lease liabilities
3
\u2013
(1,045)
\u2013
\u2013
\u2013
\u2013
(1,045)
n/a
Equity investments
4
\u2013
\u2013
\u2013
\u2013
64
\u2013
64
64
Amortised cost
Held at fair value
Other
Financial Financial Fair value Cash flow financial Carrying Fair
assets liabilities hedges hedges instruments
Other
1
value value
At 30 September 2024 \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million
Other non-current assets
169
\u2013
\u2013
\u2013
\u2013
\u2013
169
169
Trade and other receivables
327
\u2013
\u2013
\u2013
\u2013
156
483
483
Trade and other payables
\u2013
(1,134)
\u2013
\u2013
\u2013
(522)
(1,656)
(1,656)
Derivative financial instruments
\u2013
\u2013
\u2013
(240)
(50)
\u2013
(290)
(290)
Other investments
1,968
\u2013
\u2013
\u2013
150
\u2013
2,118
2,118
Cash and cash equivalents
671
\u2013
\u2013
\u2013
672
\u2013
1,343
1,343
Eurobonds
2
\u2013
(2,106)
\u2013
\u2013
\u2013
\u2013
(2,106)
(2,083)
Lease liabilities
3
\u2013
(1,174)
\u2013
\u2013
\u2013
\u2013
(1,174)
n/a
Equity investments
4
\u2013
\u2013
\u2013
\u2013
51
\u2013
51
51
1) Amounts disclosed in the \u2018Other\u2019 column are items that do not meet the definition of a financial instrument. They are disclosed to facilitate reconciliation of the carrying values of financial instruments to line items presented in the statement of financial position. 2) For further information see capital, financing and interest risk management section below in note 26. 3) Lease liabilities are valued in accordance with IFRS 16 and a fair value determination is not applicable. 4) The equity investment of \u00a364 million (2024: \u00a351 million) represents a 13.2% shareholding in a non\u2010listed entity, The Airline Group Limited. Valuation movements are designated as being fair valued through other comprehensive income due to the nature of the investment being held for strategic purposes. Dividends of \u00a314 million were received during the year (2024: \u00a3nil). ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138001S47XKWIB7TH90", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-530": { "value": "25. FINANCIAL INSTRUMENTS The fair values of financial assets and liabilities, together with the carrying value at each reporting date, are as follows:
Amortised cost
Held at fair value
Other
Financial Financial Fair value Cash flow financial Carrying
assets liabilities hedges hedges instruments
Other
1
value Fair value
At 30 September 2025 \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million
Other non-current assets
178
\u2013
\u2013
\u2013
\u2013
\u2013
178
178
Trade and other receivables
322
\u2013
\u2013
\u2013
\u2013
208
530
530
Trade and other payables
\u2013
(1,127)
\u2013
\u2013
\u2013
(527)
(1,654)
(1,654)
Derivative financial instruments
\u2013
\u2013
\u2013
(8)
(38)
\u2013
(46)
(46)
Other investments
1,873
\u2013
\u2013
\u2013
151
\u2013
2,024
2,024
Cash and cash equivalents
486
\u2013
\u2013
\u2013
1,018
\u2013
1,504
1,504
Eurobonds
2
\u2013
(1,778)
\u2013
\u2013
\u2013
\u2013
(1,778)
(1,789)
Other borrowings
\u2013
(103)
\u2013
\u2013
\u2013
\u2013
(103)
(103)
Lease liabilities
3
\u2013
(1,045)
\u2013
\u2013
\u2013
\u2013
(1,045)
n/a
Equity investments
4
\u2013
\u2013
\u2013
\u2013
64
\u2013
64
64
Amortised cost
Held at fair value
Other
Financial Financial Fair value Cash flow financial Carrying Fair
assets liabilities hedges hedges instruments
Other
1
value value
At 30 September 2024 \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million
Other non-current assets
169
\u2013
\u2013
\u2013
\u2013
\u2013
169
169
Trade and other receivables
327
\u2013
\u2013
\u2013
\u2013
156
483
483
Trade and other payables
\u2013
(1,134)
\u2013
\u2013
\u2013
(522)
(1,656)
(1,656)
Derivative financial instruments
\u2013
\u2013
\u2013
(240)
(50)
\u2013
(290)
(290)
Other investments
1,968
\u2013
\u2013
\u2013
150
\u2013
2,118
2,118
Cash and cash equivalents
671
\u2013
\u2013
\u2013
672
\u2013
1,343
1,343
Eurobonds
2
\u2013
(2,106)
\u2013
\u2013
\u2013
\u2013
(2,106)
(2,083)
Lease liabilities
3
\u2013
(1,174)
\u2013
\u2013
\u2013
\u2013
(1,174)
n/a
Equity investments
4
\u2013
\u2013
\u2013
\u2013
51
\u2013
51
51
1) Amounts disclosed in the \u2018Other\u2019 column are items that do not meet the definition of a financial instrument. They are disclosed to facilitate reconciliation of the carrying values of financial instruments to line items presented in the statement of financial position. 2) For further information see capital, financing and interest risk management section below in note 26. 3) Lease liabilities are valued in accordance with IFRS 16 and a fair value determination is not applicable. 4) The equity investment of \u00a364 million (2024: \u00a351 million) represents a 13.2% shareholding in a non\u2010listed entity, The Airline Group Limited. Valuation movements are designated as being fair valued through other comprehensive income due to the nature of the investment being held for strategic purposes. Dividends of \u00a314 million were received during the year (2024: \u00a3nil). ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:2138001S47XKWIB7TH90", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-563": { "value": "Fair value of derivative financial instruments
Non-current Current Current Non-current
Quantity assets assets liabilities liabilities Total
At 30 September 2025 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million
Designated as cash flow hedges
US dollar
3,538
5
2
(51)
(40)
(84)
Euro
4,183
41
31
(9)
\u2013
63
Swiss franc
246
\u2013
\u2013
(3)
\u2013
(3)
Jet fuel
2
2
15
(15)
(1)
1
Cross-currency interest rate swaps
600
15
\u2013
\u2013
\u2013
15
Designated as fair value through profit or loss
US dollar
920
\u2013
1
(22)
(17)
(38)
63
49
(100)
(58)
(46)
Non-current Current Current Non-current
Quantity assets assets liabilities liabilities Total
At 30 September 2024 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million
Designated as cash flow hedges
US dollar
1,899
\u2013
\u2013
(64)
(12)
(76)
Euro
2,065
1
18
(45)
(2)
(28)
Swiss franc
275
\u2013
7
\u2013
\u2013
7
Jet fuel
2
1
2
(107)
(4)
(108)
Cross-currency interest rate swaps
1,100
\u2013
\u2013
(26)
(9)
(35)
Designated as fair value through profit or loss
US dollar
982
\u2013
1
(19)
(24)
(42)
Euro
197
\u2013
\u2013
(8)
\u2013
(8)
Jet fuel
\u2013
\u2013
1
(1)
\u2013
\u2013
2
29
(270)
(51)
(290)
For foreign currency forward exchange contracts, quantity represents the absolute gross nominal value of currency contracts held, disclosed in the contract foreign currency. The cross-currency interest rate swap contracts are presented at the sterling notional amount. For jet fuel derivative contracts, the quantity represents absolute contracted metric tonnes. The majority of foreign exchange and jet fuel transactions designated as a cash flow hedge are expected to occur within the next 24 months. Accumulated gains and losses resulting from these transactions are deferred in the hedging reserve. The gains and losses will be recognised in the income statement in the periods when the hedged transactions impact the income statement. Where the gain or loss is included in the initial amount recognised following the purchase of an aircraft, recognition in the income statement is over a period of up to 23 years in the form of depreciation of the purchased asset. Amounts related to US dollar and euro foreign exchange derivatives held at fair value through profit or loss (e.g. not held in a hedge accounting relationship) form part of the Group\u2019s statement of financial position retranslation risk management strategy. Fair value movements on these derivatives are recognised in the income statement and offset foreign exchange movements on the corresponding notional amount of the statement of financial position monetary liabilities held in US dollar and euro. These trades are all expected to occur within the next 36 months. The Group maintains cross-currency interest rate swap contracts on a proportion of fixed rate debt issuance as part of the approach to currency and interest rate risk management. These cross-currency interest rate swap contracts are designated and qualify as cash flow hedges to minimise volatility in the income statement. The following derivative financial instruments are subject to offsetting, enforceable master netting arrangements.
Gross Amount Net
amount not set off amount
At 30 September 2025 \u00a3 million \u00a3 million \u00a3 million
Derivative financial instruments
Assets
112
(110)
2
Liabilities
(158)
110
(48)
(46)
\u2013
(46)
Gross Amount Net
amount not set off amount
At 30 September 2024 \u00a3 million \u00a3 million \u00a3 million
Derivative financial instruments
Assets
31
(31)
\u2013
Liabilities
(321)
31
(290)
(290)
\u2013
(290)
All financial assets and liabilities are presented gross on the face of the statement of financial position as the conditions for netting specified in IAS - 32 \u2018Financial Instruments Presentation\u2019 are not met. Impact on the financial statements during the year ended 30 September 2025 Details of major hedging arrangements at the reporting date are set out below, broken down by the cash maturity of hedge instruments, notional and average rates.
Within one Greater than
Hedge instrument (notional in millions) year one year
Jet fuel hedged notional
2
\u2013
Average hedge rate
703
677
USD foreign exchange hedged notional
1,170
308
Average hedge rate
1.30
1.33
EUR foreign exchange hedged notional
339
38
Average hedge rate
1.16
1.13
CHF foreign exchange hedged notional
206
25
Average hedge rate
1.07
1.03
Notional expressed in the sterling contractual leg for currencies and metric tonnes for jet fuel. Hedge discontinuation and ineffectiveness Hedge effectiveness testing on all relationships is performed at each reporting date. Whilst the critical terms matching of the Group\u2019s hedge relationships means that any ineffectiveness should be minimal, it can be driven by factors such as material changes in credit risk, price fixing basis (in the case of jet fuel) or changes in the timings of the hedged cash flows. In the year ended 30 September 2025, easyJet discontinued hedge accounting on FX forwards where the FX hedge position exceeded forecasted exposures. Total impact was \u00a3nil (2024: \u00a3nil). All hedge relationships where the underlying exposure is still anticipated to occur continue to exhibit a strong economic hedge relationship as the changes in fair value of hypothetical hedged items is materially offset by the changes in the fair value of hedging instruments. Additionally, fair value adjustments of \u00a31 million gain (2024: \u00a31 million loss) were recorded during the year related to hedge ineffectiveness on hedges of foreign currency denominated borrowings that continue to be effective hedge relationships.", "dimensions": { "concept": "ifrs-full:DisclosureOfHedgeAccountingExplanatory", "language": "en", "entity": "scheme:2138001S47XKWIB7TH90", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-562": { "value": "Fair value of derivative financial instruments
Non-current Current Current Non-current
Quantity assets assets liabilities liabilities Total
At 30 September 2025 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million
Designated as cash flow hedges
US dollar
3,538
5
2
(51)
(40)
(84)
Euro
4,183
41
31
(9)
\u2013
63
Swiss franc
246
\u2013
\u2013
(3)
\u2013
(3)
Jet fuel
2
2
15
(15)
(1)
1
Cross-currency interest rate swaps
600
15
\u2013
\u2013
\u2013
15
Designated as fair value through profit or loss
US dollar
920
\u2013
1
(22)
(17)
(38)
63
49
(100)
(58)
(46)
Non-current Current Current Non-current
Quantity assets assets liabilities liabilities Total
At 30 September 2024 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million
Designated as cash flow hedges
US dollar
1,899
\u2013
\u2013
(64)
(12)
(76)
Euro
2,065
1
18
(45)
(2)
(28)
Swiss franc
275
\u2013
7
\u2013
\u2013
7
Jet fuel
2
1
2
(107)
(4)
(108)
Cross-currency interest rate swaps
1,100
\u2013
\u2013
(26)
(9)
(35)
Designated as fair value through profit or loss
US dollar
982
\u2013
1
(19)
(24)
(42)
Euro
197
\u2013
\u2013
(8)
\u2013
(8)
Jet fuel
\u2013
\u2013
1
(1)
\u2013
\u2013
2
29
(270)
(51)
(290)
For foreign currency forward exchange contracts, quantity represents the absolute gross nominal value of currency contracts held, disclosed in the contract foreign currency. The cross-currency interest rate swap contracts are presented at the sterling notional amount. For jet fuel derivative contracts, the quantity represents absolute contracted metric tonnes. The majority of foreign exchange and jet fuel transactions designated as a cash flow hedge are expected to occur within the next 24 months. Accumulated gains and losses resulting from these transactions are deferred in the hedging reserve. The gains and losses will be recognised in the income statement in the periods when the hedged transactions impact the income statement. Where the gain or loss is included in the initial amount recognised following the purchase of an aircraft, recognition in the income statement is over a period of up to 23 years in the form of depreciation of the purchased asset. Amounts related to US dollar and euro foreign exchange derivatives held at fair value through profit or loss (e.g. not held in a hedge accounting relationship) form part of the Group\u2019s statement of financial position retranslation risk management strategy. Fair value movements on these derivatives are recognised in the income statement and offset foreign exchange movements on the corresponding notional amount of the statement of financial position monetary liabilities held in US dollar and euro. These trades are all expected to occur within the next 36 months. The Group maintains cross-currency interest rate swap contracts on a proportion of fixed rate debt issuance as part of the approach to currency and interest rate risk management. These cross-currency interest rate swap contracts are designated and qualify as cash flow hedges to minimise volatility in the income statement. The following derivative financial instruments are subject to offsetting, enforceable master netting arrangements.
Gross Amount Net
amount not set off amount
At 30 September 2025 \u00a3 million \u00a3 million \u00a3 million
Derivative financial instruments
Assets
112
(110)
2
Liabilities
(158)
110
(48)
(46)
\u2013
(46)
Gross Amount Net
amount not set off amount
At 30 September 2024 \u00a3 million \u00a3 million \u00a3 million
Derivative financial instruments
Assets
31
(31)
\u2013
Liabilities
(321)
31
(290)
(290)
\u2013
(290)
All financial assets and liabilities are presented gross on the face of the statement of financial position as the conditions for netting specified in IAS - 32 \u2018Financial Instruments Presentation\u2019 are not met. Impact on the financial statements during the year ended 30 September 2025 Details of major hedging arrangements at the reporting date are set out below, broken down by the cash maturity of hedge instruments, notional and average rates.
Within one Greater than
Hedge instrument (notional in millions) year one year
Jet fuel hedged notional
2
\u2013
Average hedge rate
703
677
USD foreign exchange hedged notional
1,170
308
Average hedge rate
1.30
1.33
EUR foreign exchange hedged notional
339
38
Average hedge rate
1.16
1.13
CHF foreign exchange hedged notional
206
25
Average hedge rate
1.07
1.03
Notional expressed in the sterling contractual leg for currencies and metric tonnes for jet fuel. Hedge discontinuation and ineffectiveness Hedge effectiveness testing on all relationships is performed at each reporting date. Whilst the critical terms matching of the Group\u2019s hedge relationships means that any ineffectiveness should be minimal, it can be driven by factors such as material changes in credit risk, price fixing basis (in the case of jet fuel) or changes in the timings of the hedged cash flows. In the year ended 30 September 2025, easyJet discontinued hedge accounting on FX forwards where the FX hedge position exceeded forecasted exposures. Total impact was \u00a3nil (2024: \u00a3nil). All hedge relationships where the underlying exposure is still anticipated to occur continue to exhibit a strong economic hedge relationship as the changes in fair value of hypothetical hedged items is materially offset by the changes in the fair value of hedging instruments. Additionally, fair value adjustments of \u00a31 million gain (2024: \u00a31 million loss) were recorded during the year related to hedge ineffectiveness on hedges of foreign currency denominated borrowings that continue to be effective hedge relationships.", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138001S47XKWIB7TH90", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-549": { "value": "26. FINANCIAL RISK AND CAPITAL MANAGEMENT easyJet is exposed to financial risks including fluctuations in exchange rates, commodity prices and interest rates. Financial risk management aims to limit these market risks with selected derivative hedging instruments being used for this purpose. easyJet\u2019s policy is not to speculatively trade derivatives but use the instruments to hedge anticipated exposure and gain cash flow certainty. easyJet reduces its exposure to market risk by using derivatives as any gains and losses arising are offset by the outcome of the underlying exposure being hedged. The Board is responsible for setting financial risk and capital management policies and objectives which are implemented by the treasury function on a day-to-day basis. The policy outlines the approach to risk management and also states the instruments and time periods which the treasury function is authorised to use in managing financial risks. The policy is regularly reviewed to ensure best practice. Capital employed comprises shareholders\u2019 equity (excluding hedging and cost of hedging reserves), borrowings (including amounts related to lease liabilities), cash and cash equivalents and other investments (excluding restricted cash). In addition, easyJet also maintains committed access to capital through its undrawn credit facilities. This amounted to \u00a31.3 billion RCF ($1.7 billion RCF) at 30 September 2025 (2024: \u00a31.6 billion; a $400 million RCF and a $1,750 million UKEF backed facility) and contributed to easyJet\u2019s total liquidity. There were no plans to draw from the RCF as at 30 September 2025. Consequently, the capital employed at the end of the current and prior year and the return earned during those years were as follows:
2025
2024
Headline Non-headline Total Headline Non-headline Total
\u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million
Opening capital employed
Shareholders\u2019 equity (excluding hedging & cost of hedging reserves)
3,118
\u2013
3,118
2,676
\u2013
2,676
Borrowings
2,106
\u2013
2,106
1,895
\u2013
1,895
Lease liabilities
1,174
\u2013
1,174
989
\u2013
989
Cash, cash equivalents and other investments (excluding restricted cash)
(3,461)
\u2013
(3,461)
(2,925)
\u2013
(2,925)
Capital employed
2,937
\u2013
2,937
2,635
\u2013
2,635
Closing capital employed
Shareholders\u2019 equity (excluding hedging & cost of hedging reserves)
3,525
\u2013
3,525
3,118
\u2013
3,118
Borrowings
1,881
\u2013
1,881
2,106
\u2013
2,106
Lease liabilities
1,045
\u2013
1,045
1,174
\u2013
1,174
Cash, cash equivalents and other investments (excluding restricted cash)
(3,528)
\u2013
(3,528)
(3,461)
\u2013
(3,461)
Capital employed
2,923
\u2013
2,923
2,937
\u2013
2,937
Average capital employed
2,930
\u2013
2,930
2,786
\u2013
2,786
Reported operating profit/(loss)
703
(7)
696
597
(8)
589
UK corporation tax rate
25%
25%
25%
25%
Normalised operating profit/(loss) after tax
527
(5)
522
448
(6)
442
Return on capital employed
18.0%
17.8%
16.1%
15.9%
Return on capital employed is calculated by dividing the normalised operating profit/(loss) after tax by the average of the opening and closing capital employed. Normalised operating profit is reported operating profit, less tax at the prevailing UK corporation tax rate at the end of the financial year. Liquidity risk management The objective of easyJet\u2019s liquidity risk management is to ensure sufficient cash is available to meet future liabilities as they fall due and ensure access to cost effective funding in various markets. Within the year easyJet repurchased and entered into JOLCO financing on three aircraft to the value of \u00a3104 million. In June 2025 easyJet also repaid the Eurobond issued in June 2019 for \u00a3422 million. In addition, easyJet issued a $1.7 billion RCF which is undrawn at 30 September 2025. This is a committed facility that commenced in June 2025 and matures in June 2030 (with potential extension to June 2032). This replaces the $400 million RCF (originally maturing in September 2025) and the $1,750 million UKEF backed facility (originally maturing in June 2028) which were both cancelled at the time the new facility commenced. easyJet\u2019s policy has consistently been to hold significant liquidity to mitigate the impact of potential business disruption events. Throughout the year, easyJet\u2019s target minimum liquidity requirement was to cover unearned revenue plus \u00a3500 million. In assessing this liquidity metric any undrawn credit facilities need to be taken into consideration. Total cash and cash equivalents and other investments at 30 September 2025 was \u00a33,528 million (30 September 2024: \u00a33,461 million) with total liquidity at \u00a34,791 million. Surplus funds are invested in high quality short-term liquid instruments, mainly money market funds, term deposits, tri-party repos and managed investments. The maturity profile of financial liabilities and derivatives based on undiscounted cash flows and contractual maturities is as follows:
Within one One-two Two-five Over five
year years years years
At 30 September 2025 \u00a3 million \u00a3 million \u00a3 million \u00a3 million
Borrowings principal and interest
47
47
1,140
756
Trade and other payables
1,654
\u2013
\u2013
\u2013
Lease liabilities
299
240
487
186
FX & jet derivative contracts \u2013 receipts
(4,163)
(1,912)
(2,100)
\u2013
FX & jet derivative contracts \u2013 payments
4,225
1,935
2,181
\u2013
Cross-currency swap contracts \u2013 receipts
(10)
(10)
(528)
\u2013
Cross-currency swap contracts \u2013 payments
15
15
525
\u2013
Within one One-two Two-five Over five
year years years years
At 30 September 2024 \u00a3 million \u00a3 million \u00a3 million \u00a3 million
Borrowings principal and interest
465
45
1,115
760
Trade and other payables
1,656
\u2013
\u2013
\u2013
Lease liabilities
269
257
595
226
FX & jet derivative contracts \u2013 receipts
(4,303)
(787)
(199)
\u2013
FX & jet derivative contracts \u2013 payments
4,538
828
210
\u2013
Cross-currency swap contracts \u2013 receipts
(429)
(9)
(518)
\u2013
Cross-currency swap contracts \u2013 payments
469
15
540
\u2013
The maturity profile has been calculated based on spot rates for the US dollar, euro, Swiss franc and jet fuel at close of business on 30 September each year. Credit risk management easyJet is exposed to credit risk arising from cash and other investments, derivative financial instruments and trade and other receivables. Credit risk management aims to reduce the risk of default by setting limits on credit exposure to counterparties based on their respective credit ratings. Credit ratings also determine the maximum period of investment when placing funds on deposit. The maximum exposure to credit risk at the reporting date is equal to the carrying value of its financial assets, excluding tri-party repos, which are securitised by high-quality, investment-grade financial assets. Counterparties for cash investments and derivatives contracts are required to have a long-term credit rating of A- or better at contract inception from either Moody\u2019s, Standard & Poor\u2019s or Fitch (except where there is a specific regulatory, contractual requirement or a bank guarantee from an A- rated entity). Exposures to these counterparties are regularly reviewed and, if the long-term credit rating falls below A-, management will make a decision on remedial action to be taken. The credit ratings of counterparties that easyJet holds financial assets with are as follows:
Unrated/
A- and above Below A- other Total
At 30 September 2025 \u00a3 million \u00a3 million \u00a3 million \u00a3 million
Financial assets
Trade receivables
\u2013
\u2013
530
530
Other non-current assets
\u2013
\u2013
178
178
Other investments
2,024
\u2013
\u2013
2,024
Cash and cash equivalents
1,502
2
\u2013
1,504
Total
3,526
2
708
4,236
Unrated/
A- and above Below A- other Total
At 30 September 2024 \u00a3 million \u00a3 million \u00a3 million \u00a3 million
Financial assets
Trade receivables
\u2013
\u2013
483
483
Other non-current assets
\u2013
\u2013
169
169
Other investments
2,118
\u2013
\u2013
2,118
Cash and cash equivalents
1,340
3
\u2013
1,343
Total
3,458
3
652
4,113
At the end of each reporting date easyJet recognises a loss allowance for expected credit losses on financial assets measured at amortised cost. In establishing the appropriate amount of loss allowance to be recognised, easyJet applies either the general approach or the simplified approach, depending on the nature of the underlying group of financial assets. See note 1a for further detail. The general approach is applied to the impairment assessment of refundable lease deposits and other refundable lease contributions, restricted cash, other investments and cash and cash equivalents (excluding money market funds held at fair value through profit or loss). At 30 September 2025, the expected credit loss was considered immaterial. This is due to easyJet\u2019s strict policy of investing only with counterparties who hold a high, investment grade credit standing (except in specific circumstances) as detailed in the tables above. The simplified approach is applied to the impairment assessment of trade and other receivables. At 30 September 2025, trade receivables had a total loss allowance of \u00a36 million (2024: \u00a37 million). The exposure to individual customer\u2019s credit risk is reduced as no individual customer accounts for a substantial amount of the total revenue and most payments for flight tickets are collected in advance of the service being provided. Foreign currency risk management The majority of easyJet\u2019s exposure to currency arises from fluctuations in the US dollar, euro and Swiss franc exchange rates which can significantly impact easyJet\u2019s financial results and cash flows. The aim of easyJet\u2019s foreign currency risk management is to reduce the impact of these exchange rate fluctuations. easyJet has maintained hedging in line with policy throughout the year. Significant currency exposures in the income statement are managed through the use of foreign currency forward contracts entered into cash flow hedge relationships in line with the Board approved policy. Throughout the year easyJet hedged operational US dollar, euro, and Swiss franc exposures up to 24 months out, with the aim of maintaining average cover of c.60% over a rolling 12-month period. Of note, the Group separately manages foreign exchange risk related to forecast cash outflows associated with package holiday costs. Significant currency exposures relating to the acquisition cost of aircraft are managed through the use of FX forward contracts where up to 60 months of forecasted cash flows may be hedged. easyJet has monetary liabilities primarily denominated in US dollars and euros, which are largely offset by holding US dollar and euro cash, and other investments. easyJet also uses FX forward contracts to manage foreign exchange translation risk. These are classified as fair value through profit or loss (e.g. not designated in a hedge relationship) and provide a natural offset to the translation of foreign currency liabilities. During the year, easyJet used euro lease liabilities to hedge a proportion of its euro revenue receipts in a cash flow hedge relationship. Translation gains and losses from these euro liabilities are held in reserves and released on a straight-line basis over the term of the lease agreement through profit or loss. Management may take action to hedge other currency exposures as deemed appropriate. The gross notional value of transactions in a hedge relationship that matured during the financial year to manage the foreign currency risk and the resulting gains and losses were as follows:
2025
2024
Notional Gain/(loss) Notional Gain/(loss)
\u00a3 million \u00a3 million \u00a3 million \u00a3 million
USD
1,676
(46)
1,571
(46)
EUR
2,125
18
1,392
7
CHF
289
8
296
5
Notional value reflects the sterling contractual leg amount. Capital financing and interest rate risk management The objective of capital management is to ensure that easyJet is able to continue as a going concern whilst delivering shareholder expectations of a strong capital base as well as returning benefits for other stakeholders. On 30 September 2025, easyJet held long-term corporate credit ratings from both Standard & Poor\u2019s (BBB+) and Moody\u2019s (Baa2). easyJet plc established a \u00a33,000 million Euro Medium Term Note (EMTN) Programme on 7 January 2016. The two remaining bonds under this scheme are guaranteed by easyJet Airline Company Limited, easyJet plc and easyJet FinCo B.V. On 11 February 2022 the EMTN Programme increased in size to \u00a34,000 million. In June 2019, easyJet plc issued a \u20ac500 million bond under the EMTN Programme guaranteed by easyJet Airline Company Limited. The Eurobond had a six-year term and paid an annual fixed coupon of 0.875%. At the same time the Group entered into three cross-currency interest rate swaps to convert the entire \u20ac500 million fixed rate Eurobond to a sterling fixed rate exposure. In June 2025, this bond reached maturity and was settled. In March 2021, easyJet FinCo B.V. issued a \u20ac1,200 million bond under the EMTN Programme guaranteed by easyJet Airline Company Limited and easyJet plc. The Eurobond has a seven-year term and pays an annual fixed coupon of 1.875%. easyJet subsequently entered into four cross-currency interest rate swaps to convert \u20ac600 million of the fixed rate Eurobond to a sterling fixed rate exposure. The Group designated these cross-currency interest rate swaps as a cash flow hedge of the currency risk on the \u20ac1,200 million Eurobond. The cross-currency interest rate swaps are measured at fair value with the effective portion taken through the statement of comprehensive income. The element of the fair value generated by the change in the spot rate is recycled to the income statement from the statement of comprehensive income to offset the foreign currency translation of the Eurobond. The carrying value of the fixed rate Eurobond net of cross-currency interest rate swaps at 30 September 2025 was \u00a31,033 million. This value does not include capitalised set-up costs incurred in the issuing of the bond. In March 2024, easyJet plc issued a \u20ac850 million bond under the EMTN Programme guaranteed by easyJet Airline Company Limited and easyJet FinCo B.V. The Eurobond has a seven-year term and pays an annual fixed coupon of 3.75%. The carrying value of the fixed rate Eurobond at 30 September 2025 was \u00a3742 million. This value does not include capitalised set-up costs incurred in the issuing of the bond. The weighted average sterling interest rate hedged for the three bonds was 2.67% with a weighted average GBP/EUR foreign exchange hedge rate of 1.15. In the year ended 30 September 2025, easyJet Airline Company Limited entered into three JOLCO aircraft financing agreements. These JOLCO agreements have a term of eight years before the call option payment falls due and upon payment, contractual ownership of the aircraft transfers to easyJet and the financing is extinguished. The carrying value of the JOLCO borrowings at 30 September 2025 was \u00a3103 million. The weighted average sterling interest rate for the three JOLCOs was 4.41%. Interest rate cash flow risk arises on floating rate borrowings and cash investments. Interest Rate Risk Management Policy aims to provide certainty in a proportion of financing while retaining the opportunity to benefit from interest rate reductions. Borrowings are issued at either fixed or floating interest rates, repricing every three to six months. Aircraft leases are a mix of fixed and floating rates. Of the 151 aircraft leases in place at 30 September 2025 (2024: 159), 98% were based on fixed interest rates and 2% were based on floating interest rates (2024: 98% fixed, 2% floating). In addition, easyJet has access to a $1.7 billion revolving credit facility which is fully undrawn at 30 September 2025. This is a committed facility that commenced in June 2025 and matures in June 2030 (with potential extension to June 2032). This replaces the $400 million revolving credit facility (originally maturing in September 2025) and the $1,750 million UKEF backed facility (originally maturing in June 2028) which were both cancelled at the time the new facility commenced. Commodity price risk management The Group is exposed to commodity risk in the form of jet fuel requirements and Carbon Emissions Trading schemes (EU ETS, CH ETS and UK ETS) price risk. easyJet has maintained risk management activities throughout the year in line with policy. The objective of the fuel price risk management policy is to provide protection against sudden and significant increases in jet fuel prices, thus mitigating volatility in the income statement in the short term. In the year, easyJet hedged in line with its 24-month hedging policy with the aim of maintaining average cover of c.60% over a rolling 12-month period. Jet fuel derivatives are entered into a cash flow hedge relationship against the future forecasted jet fuel usage. Treasury strategies and actions will be driven by the need to meet treasury, financial and corporate objectives. The volume of effective hedge transactions that matured during the financial year to manage the jet commodity price risk was 2.4 million metric tonnes. This resulted in a \u00a397 million loss (2024: \u00a341 million gain) in the fuel line within the income statement. An additional \u00a311 million charge (2024: \u00a37 million charge) was recognised in the income statement relating to jet option premiums for hedging in prior periods. The Group has a requirement to comply with EU ETS, CH ETS and UK ETS regulations and report on an annual basis to the relevant environmental agencies. In addition to being in receipt of free allowances, easyJet is required to purchase carbon allowances on the open market to fulfil this requirement and is exposed to price movements that can introduce cash flow volatility. To mitigate this exposure, easyJet purchases its requirements on a spot or forward basis up to 24 months in advance. easyJet holds allowances for 100% of all estimated ETS obligations for calendar year 2025. ETS allowance spot and forward contracts maturing in the year were not classified as financial instruments as they fell within the own use provision under IFRS 9. Market risk sensitivity analysis Financial assets and liabilities affected by market risk include borrowings, deposits, trade and other receivables, trade and other payables, and derivative financial instruments. The following analysis illustrates the sensitivity of changes in relevant foreign exchange rates, interest rates and fuel prices. It should be noted that the analysis reflects the impact on profit or loss after tax for the year and other comprehensive income on financial instruments in a cash flow hedge relationship held at the reporting date. The sensitivities are calculated based on all other variables remaining constant. The analysis is considered representative of easyJet\u2019s exposure over the next 12-month period. The sensitivity analysis is based on easyJet\u2019s financial assets and liabilities and financial instruments held as at 30 September 2025. The currency exchange rate analysis assumes a +/-10% change in both US dollar and euro exchange rates. The interest rate analysis assumes a 1% increase in interest rates over the next 12 months. The fuel price analysis assumes a 10% increase in the fuel price forward curve over the next 12 months.
Interest Fuel price
US dollar US dollar Euro Euro rates 10%
+10%
1
-10%
2
+10%
1
-10%
2
1% increase increase
At 30 September 2025 \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million
Income statement impact: gain/(loss)
(1)
1
2
(2)
26
\u2013
Impact on other comprehensive
income: increase/(decrease)
219
(179)
241
(197)
\u2013
75
Interest Fuel price
US dollar US dollar Euro Euro rates 10%
+10%
1
-10%
2
+10%
1
-10%
2
1% increase increase
At 30 September 2024 \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million
Income statement impact: gain/(loss)
1
(1)
(1)
\u2013
26
\u2013
Impact on other comprehensive
income: increase/(decrease)
109
(89)
49
(40)
\u2013
63
1) GBP weakened. 2) GBP strengthened. The market risk sensitivity analysis has been calculated on spot rates for the US dollar, euro and jet fuel at close of business on 30 September each year. Impact on the financial statements during the year ended 30 September 2025 Details of major hedging arrangements at the reporting date are set out below, broken down by the cash maturity of hedge instruments, notional and average rates.
Within one Greater than
Hedge instrument (notional in millions) year one year
Jet fuel hedged notional
2
\u2013
Average hedge rate
703
677
USD foreign exchange hedged notional
1,170
308
Average hedge rate
1.30
1.33
EUR foreign exchange hedged notional
339
38
Average hedge rate
1.16
1.13
CHF foreign exchange hedged notional
206
25
Average hedge rate
1.07
1.03
Notional expressed in the sterling contractual leg for currencies and metric tonnes for jet fuel. Hedge discontinuation and ineffectiveness Hedge effectiveness testing on all relationships is performed at each reporting date. Whilst the critical terms matching of the Group\u2019s hedge relationships means that any ineffectiveness should be minimal, it can be driven by factors such as material changes in credit risk, price fixing basis (in the case of jet fuel) or changes in the timings of the hedged cash flows. In the year ended 30 September 2025, easyJet discontinued hedge accounting on FX forwards where the FX hedge position exceeded forecasted exposures. Total impact was \u00a3nil (2024: \u00a3nil). All hedge relationships where the underlying exposure is still anticipated to occur continue to exhibit a strong economic hedge relationship as the changes in fair value of hypothetical hedged items is materially offset by the changes in the fair value of hedging instruments. Additionally, fair value adjustments of \u00a31 million gain (2024: \u00a31 million loss) were recorded during the year related to hedge ineffectiveness on hedges of foreign currency denominated borrowings that continue to be effective hedge relationships.", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:2138001S47XKWIB7TH90", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-531": { "value": "26. FINANCIAL RISK AND CAPITAL MANAGEMENT easyJet is exposed to financial risks including fluctuations in exchange rates, commodity prices and interest rates. Financial risk management aims to limit these market risks with selected derivative hedging instruments being used for this purpose. easyJet\u2019s policy is not to speculatively trade derivatives but use the instruments to hedge anticipated exposure and gain cash flow certainty. easyJet reduces its exposure to market risk by using derivatives as any gains and losses arising are offset by the outcome of the underlying exposure being hedged. The Board is responsible for setting financial risk and capital management policies and objectives which are implemented by the treasury function on a day-to-day basis. The policy outlines the approach to risk management and also states the instruments and time periods which the treasury function is authorised to use in managing financial risks. The policy is regularly reviewed to ensure best practice. Capital employed comprises shareholders\u2019 equity (excluding hedging and cost of hedging reserves), borrowings (including amounts related to lease liabilities), cash and cash equivalents and other investments (excluding restricted cash). In addition, easyJet also maintains committed access to capital through its undrawn credit facilities. This amounted to \u00a31.3 billion RCF ($1.7 billion RCF) at 30 September 2025 (2024: \u00a31.6 billion; a $400 million RCF and a $1,750 million UKEF backed facility) and contributed to easyJet\u2019s total liquidity. There were no plans to draw from the RCF as at 30 September 2025. Consequently, the capital employed at the end of the current and prior year and the return earned during those years were as follows:
2025
2024
Headline Non-headline Total Headline Non-headline Total
\u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million
Opening capital employed
Shareholders\u2019 equity (excluding hedging & cost of hedging reserves)
3,118
\u2013
3,118
2,676
\u2013
2,676
Borrowings
2,106
\u2013
2,106
1,895
\u2013
1,895
Lease liabilities
1,174
\u2013
1,174
989
\u2013
989
Cash, cash equivalents and other investments (excluding restricted cash)
(3,461)
\u2013
(3,461)
(2,925)
\u2013
(2,925)
Capital employed
2,937
\u2013
2,937
2,635
\u2013
2,635
Closing capital employed
Shareholders\u2019 equity (excluding hedging & cost of hedging reserves)
3,525
\u2013
3,525
3,118
\u2013
3,118
Borrowings
1,881
\u2013
1,881
2,106
\u2013
2,106
Lease liabilities
1,045
\u2013
1,045
1,174
\u2013
1,174
Cash, cash equivalents and other investments (excluding restricted cash)
(3,528)
\u2013
(3,528)
(3,461)
\u2013
(3,461)
Capital employed
2,923
\u2013
2,923
2,937
\u2013
2,937
Average capital employed
2,930
\u2013
2,930
2,786
\u2013
2,786
Reported operating profit/(loss)
703
(7)
696
597
(8)
589
UK corporation tax rate
25%
25%
25%
25%
Normalised operating profit/(loss) after tax
527
(5)
522
448
(6)
442
Return on capital employed
18.0%
17.8%
16.1%
15.9%
Return on capital employed is calculated by dividing the normalised operating profit/(loss) after tax by the average of the opening and closing capital employed. Normalised operating profit is reported operating profit, less tax at the prevailing UK corporation tax rate at the end of the financial year. Liquidity risk management The objective of easyJet\u2019s liquidity risk management is to ensure sufficient cash is available to meet future liabilities as they fall due and ensure access to cost effective funding in various markets. Within the year easyJet repurchased and entered into JOLCO financing on three aircraft to the value of \u00a3104 million. In June 2025 easyJet also repaid the Eurobond issued in June 2019 for \u00a3422 million. In addition, easyJet issued a $1.7 billion RCF which is undrawn at 30 September 2025. This is a committed facility that commenced in June 2025 and matures in June 2030 (with potential extension to June 2032). This replaces the $400 million RCF (originally maturing in September 2025) and the $1,750 million UKEF backed facility (originally maturing in June 2028) which were both cancelled at the time the new facility commenced. easyJet\u2019s policy has consistently been to hold significant liquidity to mitigate the impact of potential business disruption events. Throughout the year, easyJet\u2019s target minimum liquidity requirement was to cover unearned revenue plus \u00a3500 million. In assessing this liquidity metric any undrawn credit facilities need to be taken into consideration. Total cash and cash equivalents and other investments at 30 September 2025 was \u00a33,528 million (30 September 2024: \u00a33,461 million) with total liquidity at \u00a34,791 million. Surplus funds are invested in high quality short-term liquid instruments, mainly money market funds, term deposits, tri-party repos and managed investments. The maturity profile of financial liabilities and derivatives based on undiscounted cash flows and contractual maturities is as follows:
Within one One-two Two-five Over five
year years years years
At 30 September 2025 \u00a3 million \u00a3 million \u00a3 million \u00a3 million
Borrowings principal and interest
47
47
1,140
756
Trade and other payables
1,654
\u2013
\u2013
\u2013
Lease liabilities
299
240
487
186
FX & jet derivative contracts \u2013 receipts
(4,163)
(1,912)
(2,100)
\u2013
FX & jet derivative contracts \u2013 payments
4,225
1,935
2,181
\u2013
Cross-currency swap contracts \u2013 receipts
(10)
(10)
(528)
\u2013
Cross-currency swap contracts \u2013 payments
15
15
525
\u2013
Within one One-two Two-five Over five
year years years years
At 30 September 2024 \u00a3 million \u00a3 million \u00a3 million \u00a3 million
Borrowings principal and interest
465
45
1,115
760
Trade and other payables
1,656
\u2013
\u2013
\u2013
Lease liabilities
269
257
595
226
FX & jet derivative contracts \u2013 receipts
(4,303)
(787)
(199)
\u2013
FX & jet derivative contracts \u2013 payments
4,538
828
210
\u2013
Cross-currency swap contracts \u2013 receipts
(429)
(9)
(518)
\u2013
Cross-currency swap contracts \u2013 payments
469
15
540
\u2013
The maturity profile has been calculated based on spot rates for the US dollar, euro, Swiss franc and jet fuel at close of business on 30 September each year. Credit risk management easyJet is exposed to credit risk arising from cash and other investments, derivative financial instruments and trade and other receivables. Credit risk management aims to reduce the risk of default by setting limits on credit exposure to counterparties based on their respective credit ratings. Credit ratings also determine the maximum period of investment when placing funds on deposit. The maximum exposure to credit risk at the reporting date is equal to the carrying value of its financial assets, excluding tri-party repos, which are securitised by high-quality, investment-grade financial assets. Counterparties for cash investments and derivatives contracts are required to have a long-term credit rating of A- or better at contract inception from either Moody\u2019s, Standard & Poor\u2019s or Fitch (except where there is a specific regulatory, contractual requirement or a bank guarantee from an A- rated entity). Exposures to these counterparties are regularly reviewed and, if the long-term credit rating falls below A-, management will make a decision on remedial action to be taken. The credit ratings of counterparties that easyJet holds financial assets with are as follows:
Unrated/
A- and above Below A- other Total
At 30 September 2025 \u00a3 million \u00a3 million \u00a3 million \u00a3 million
Financial assets
Trade receivables
\u2013
\u2013
530
530
Other non-current assets
\u2013
\u2013
178
178
Other investments
2,024
\u2013
\u2013
2,024
Cash and cash equivalents
1,502
2
\u2013
1,504
Total
3,526
2
708
4,236
Unrated/
A- and above Below A- other Total
At 30 September 2024 \u00a3 million \u00a3 million \u00a3 million \u00a3 million
Financial assets
Trade receivables
\u2013
\u2013
483
483
Other non-current assets
\u2013
\u2013
169
169
Other investments
2,118
\u2013
\u2013
2,118
Cash and cash equivalents
1,340
3
\u2013
1,343
Total
3,458
3
652
4,113
At the end of each reporting date easyJet recognises a loss allowance for expected credit losses on financial assets measured at amortised cost. In establishing the appropriate amount of loss allowance to be recognised, easyJet applies either the general approach or the simplified approach, depending on the nature of the underlying group of financial assets. See note 1a for further detail. The general approach is applied to the impairment assessment of refundable lease deposits and other refundable lease contributions, restricted cash, other investments and cash and cash equivalents (excluding money market funds held at fair value through profit or loss). At 30 September 2025, the expected credit loss was considered immaterial. This is due to easyJet\u2019s strict policy of investing only with counterparties who hold a high, investment grade credit standing (except in specific circumstances) as detailed in the tables above. The simplified approach is applied to the impairment assessment of trade and other receivables. At 30 September 2025, trade receivables had a total loss allowance of \u00a36 million (2024: \u00a37 million). The exposure to individual customer\u2019s credit risk is reduced as no individual customer accounts for a substantial amount of the total revenue and most payments for flight tickets are collected in advance of the service being provided. Foreign currency risk management The majority of easyJet\u2019s exposure to currency arises from fluctuations in the US dollar, euro and Swiss franc exchange rates which can significantly impact easyJet\u2019s financial results and cash flows. The aim of easyJet\u2019s foreign currency risk management is to reduce the impact of these exchange rate fluctuations. easyJet has maintained hedging in line with policy throughout the year. Significant currency exposures in the income statement are managed through the use of foreign currency forward contracts entered into cash flow hedge relationships in line with the Board approved policy. Throughout the year easyJet hedged operational US dollar, euro, and Swiss franc exposures up to 24 months out, with the aim of maintaining average cover of c.60% over a rolling 12-month period. Of note, the Group separately manages foreign exchange risk related to forecast cash outflows associated with package holiday costs. Significant currency exposures relating to the acquisition cost of aircraft are managed through the use of FX forward contracts where up to 60 months of forecasted cash flows may be hedged. easyJet has monetary liabilities primarily denominated in US dollars and euros, which are largely offset by holding US dollar and euro cash, and other investments. easyJet also uses FX forward contracts to manage foreign exchange translation risk. These are classified as fair value through profit or loss (e.g. not designated in a hedge relationship) and provide a natural offset to the translation of foreign currency liabilities. During the year, easyJet used euro lease liabilities to hedge a proportion of its euro revenue receipts in a cash flow hedge relationship. Translation gains and losses from these euro liabilities are held in reserves and released on a straight-line basis over the term of the lease agreement through profit or loss. Management may take action to hedge other currency exposures as deemed appropriate. The gross notional value of transactions in a hedge relationship that matured during the financial year to manage the foreign currency risk and the resulting gains and losses were as follows:
2025
2024
Notional Gain/(loss) Notional Gain/(loss)
\u00a3 million \u00a3 million \u00a3 million \u00a3 million
USD
1,676
(46)
1,571
(46)
EUR
2,125
18
1,392
7
CHF
289
8
296
5
Notional value reflects the sterling contractual leg amount. Capital financing and interest rate risk management The objective of capital management is to ensure that easyJet is able to continue as a going concern whilst delivering shareholder expectations of a strong capital base as well as returning benefits for other stakeholders. On 30 September 2025, easyJet held long-term corporate credit ratings from both Standard & Poor\u2019s (BBB+) and Moody\u2019s (Baa2). easyJet plc established a \u00a33,000 million Euro Medium Term Note (EMTN) Programme on 7 January 2016. The two remaining bonds under this scheme are guaranteed by easyJet Airline Company Limited, easyJet plc and easyJet FinCo B.V. On 11 February 2022 the EMTN Programme increased in size to \u00a34,000 million. In June 2019, easyJet plc issued a \u20ac500 million bond under the EMTN Programme guaranteed by easyJet Airline Company Limited. The Eurobond had a six-year term and paid an annual fixed coupon of 0.875%. At the same time the Group entered into three cross-currency interest rate swaps to convert the entire \u20ac500 million fixed rate Eurobond to a sterling fixed rate exposure. In June 2025, this bond reached maturity and was settled. In March 2021, easyJet FinCo B.V. issued a \u20ac1,200 million bond under the EMTN Programme guaranteed by easyJet Airline Company Limited and easyJet plc. The Eurobond has a seven-year term and pays an annual fixed coupon of 1.875%. easyJet subsequently entered into four cross-currency interest rate swaps to convert \u20ac600 million of the fixed rate Eurobond to a sterling fixed rate exposure. The Group designated these cross-currency interest rate swaps as a cash flow hedge of the currency risk on the \u20ac1,200 million Eurobond. The cross-currency interest rate swaps are measured at fair value with the effective portion taken through the statement of comprehensive income. The element of the fair value generated by the change in the spot rate is recycled to the income statement from the statement of comprehensive income to offset the foreign currency translation of the Eurobond. The carrying value of the fixed rate Eurobond net of cross-currency interest rate swaps at 30 September 2025 was \u00a31,033 million. This value does not include capitalised set-up costs incurred in the issuing of the bond. In March 2024, easyJet plc issued a \u20ac850 million bond under the EMTN Programme guaranteed by easyJet Airline Company Limited and easyJet FinCo B.V. The Eurobond has a seven-year term and pays an annual fixed coupon of 3.75%. The carrying value of the fixed rate Eurobond at 30 September 2025 was \u00a3742 million. This value does not include capitalised set-up costs incurred in the issuing of the bond. The weighted average sterling interest rate hedged for the three bonds was 2.67% with a weighted average GBP/EUR foreign exchange hedge rate of 1.15. In the year ended 30 September 2025, easyJet Airline Company Limited entered into three JOLCO aircraft financing agreements. These JOLCO agreements have a term of eight years before the call option payment falls due and upon payment, contractual ownership of the aircraft transfers to easyJet and the financing is extinguished. The carrying value of the JOLCO borrowings at 30 September 2025 was \u00a3103 million. The weighted average sterling interest rate for the three JOLCOs was 4.41%. Interest rate cash flow risk arises on floating rate borrowings and cash investments. Interest Rate Risk Management Policy aims to provide certainty in a proportion of financing while retaining the opportunity to benefit from interest rate reductions. Borrowings are issued at either fixed or floating interest rates, repricing every three to six months. Aircraft leases are a mix of fixed and floating rates. Of the 151 aircraft leases in place at 30 September 2025 (2024: 159), 98% were based on fixed interest rates and 2% were based on floating interest rates (2024: 98% fixed, 2% floating). In addition, easyJet has access to a $1.7 billion revolving credit facility which is fully undrawn at 30 September 2025. This is a committed facility that commenced in June 2025 and matures in June 2030 (with potential extension to June 2032). This replaces the $400 million revolving credit facility (originally maturing in September 2025) and the $1,750 million UKEF backed facility (originally maturing in June 2028) which were both cancelled at the time the new facility commenced. Commodity price risk management The Group is exposed to commodity risk in the form of jet fuel requirements and Carbon Emissions Trading schemes (EU ETS, CH ETS and UK ETS) price risk. easyJet has maintained risk management activities throughout the year in line with policy. The objective of the fuel price risk management policy is to provide protection against sudden and significant increases in jet fuel prices, thus mitigating volatility in the income statement in the short term. In the year, easyJet hedged in line with its 24-month hedging policy with the aim of maintaining average cover of c.60% over a rolling 12-month period. Jet fuel derivatives are entered into a cash flow hedge relationship against the future forecasted jet fuel usage. Treasury strategies and actions will be driven by the need to meet treasury, financial and corporate objectives. The volume of effective hedge transactions that matured during the financial year to manage the jet commodity price risk was 2.4 million metric tonnes. This resulted in a \u00a397 million loss (2024: \u00a341 million gain) in the fuel line within the income statement. An additional \u00a311 million charge (2024: \u00a37 million charge) was recognised in the income statement relating to jet option premiums for hedging in prior periods. The Group has a requirement to comply with EU ETS, CH ETS and UK ETS regulations and report on an annual basis to the relevant environmental agencies. In addition to being in receipt of free allowances, easyJet is required to purchase carbon allowances on the open market to fulfil this requirement and is exposed to price movements that can introduce cash flow volatility. To mitigate this exposure, easyJet purchases its requirements on a spot or forward basis up to 24 months in advance. easyJet holds allowances for 100% of all estimated ETS obligations for calendar year 2025. ETS allowance spot and forward contracts maturing in the year were not classified as financial instruments as they fell within the own use provision under IFRS 9. Market risk sensitivity analysis Financial assets and liabilities affected by market risk include borrowings, deposits, trade and other receivables, trade and other payables, and derivative financial instruments. The following analysis illustrates the sensitivity of changes in relevant foreign exchange rates, interest rates and fuel prices. It should be noted that the analysis reflects the impact on profit or loss after tax for the year and other comprehensive income on financial instruments in a cash flow hedge relationship held at the reporting date. The sensitivities are calculated based on all other variables remaining constant. The analysis is considered representative of easyJet\u2019s exposure over the next 12-month period. The sensitivity analysis is based on easyJet\u2019s financial assets and liabilities and financial instruments held as at 30 September 2025. The currency exchange rate analysis assumes a +/-10% change in both US dollar and euro exchange rates. The interest rate analysis assumes a 1% increase in interest rates over the next 12 months. The fuel price analysis assumes a 10% increase in the fuel price forward curve over the next 12 months.
Interest Fuel price
US dollar US dollar Euro Euro rates 10%
+10%
1
-10%
2
+10%
1
-10%
2
1% increase increase
At 30 September 2025 \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million
Income statement impact: gain/(loss)
(1)
1
2
(2)
26
\u2013
Impact on other comprehensive
income: increase/(decrease)
219
(179)
241
(197)
\u2013
75
Interest Fuel price
US dollar US dollar Euro Euro rates 10%
+10%
1
-10%
2
+10%
1
-10%
2
1% increase increase
At 30 September 2024 \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million
Income statement impact: gain/(loss)
1
(1)
(1)
\u2013
26
\u2013
Impact on other comprehensive
income: increase/(decrease)
109
(89)
49
(40)
\u2013
63
1) GBP weakened. 2) GBP strengthened. The market risk sensitivity analysis has been calculated on spot rates for the US dollar, euro and jet fuel at close of business on 30 September each year. Impact on the financial statements during the year ended 30 September 2025 Details of major hedging arrangements at the reporting date are set out below, broken down by the cash maturity of hedge instruments, notional and average rates.
Within one Greater than
Hedge instrument (notional in millions) year one year
Jet fuel hedged notional
2
\u2013
Average hedge rate
703
677
USD foreign exchange hedged notional
1,170
308
Average hedge rate
1.30
1.33
EUR foreign exchange hedged notional
339
38
Average hedge rate
1.16
1.13
CHF foreign exchange hedged notional
206
25
Average hedge rate
1.07
1.03
Notional expressed in the sterling contractual leg for currencies and metric tonnes for jet fuel. Hedge discontinuation and ineffectiveness Hedge effectiveness testing on all relationships is performed at each reporting date. Whilst the critical terms matching of the Group\u2019s hedge relationships means that any ineffectiveness should be minimal, it can be driven by factors such as material changes in credit risk, price fixing basis (in the case of jet fuel) or changes in the timings of the hedged cash flows. In the year ended 30 September 2025, easyJet discontinued hedge accounting on FX forwards where the FX hedge position exceeded forecasted exposures. Total impact was \u00a3nil (2024: \u00a3nil). All hedge relationships where the underlying exposure is still anticipated to occur continue to exhibit a strong economic hedge relationship as the changes in fair value of hypothetical hedged items is materially offset by the changes in the fair value of hedging instruments. Additionally, fair value adjustments of \u00a31 million gain (2024: \u00a31 million loss) were recorded during the year related to hedge ineffectiveness on hedges of foreign currency denominated borrowings that continue to be effective hedge relationships.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:2138001S47XKWIB7TH90", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-555": { "value": "Liquidity risk management The objective of easyJet\u2019s liquidity risk management is to ensure sufficient cash is available to meet future liabilities as they fall due and ensure access to cost effective funding in various markets. Within the year easyJet repurchased and entered into JOLCO financing on three aircraft to the value of \u00a3104 million. In June 2025 easyJet also repaid the Eurobond issued in June 2019 for \u00a3422 million. In addition, easyJet issued a $1.7 billion RCF which is undrawn at 30 September 2025. This is a committed facility that commenced in June 2025 and matures in June 2030 (with potential extension to June 2032). This replaces the $400 million RCF (originally maturing in September 2025) and the $1,750 million UKEF backed facility (originally maturing in June 2028) which were both cancelled at the time the new facility commenced. easyJet\u2019s policy has consistently been to hold significant liquidity to mitigate the impact of potential business disruption events. Throughout the year, easyJet\u2019s target minimum liquidity requirement was to cover unearned revenue plus \u00a3500 million. In assessing this liquidity metric any undrawn credit facilities need to be taken into consideration. Total cash and cash equivalents and other investments at 30 September 2025 was \u00a33,528 million (30 September 2024: \u00a33,461 million) with total liquidity at \u00a34,791 million. Surplus funds are invested in high quality short-term liquid instruments, mainly money market funds, term deposits, tri-party repos and managed investments. The maturity profile of financial liabilities and derivatives based on undiscounted cash flows and contractual maturities is as follows:
Within one One-two Two-five Over five
year years years years
At 30 September 2025 \u00a3 million \u00a3 million \u00a3 million \u00a3 million
Borrowings principal and interest
47
47
1,140
756
Trade and other payables
1,654
\u2013
\u2013
\u2013
Lease liabilities
299
240
487
186
FX & jet derivative contracts \u2013 receipts
(4,163)
(1,912)
(2,100)
\u2013
FX & jet derivative contracts \u2013 payments
4,225
1,935
2,181
\u2013
Cross-currency swap contracts \u2013 receipts
(10)
(10)
(528)
\u2013
Cross-currency swap contracts \u2013 payments
15
15
525
\u2013
Within one One-two Two-five Over five
year years years years
At 30 September 2024 \u00a3 million \u00a3 million \u00a3 million \u00a3 million
Borrowings principal and interest
465
45
1,115
760
Trade and other payables
1,656
\u2013
\u2013
\u2013
Lease liabilities
269
257
595
226
FX & jet derivative contracts \u2013 receipts
(4,303)
(787)
(199)
\u2013
FX & jet derivative contracts \u2013 payments
4,538
828
210
\u2013
Cross-currency swap contracts \u2013 receipts
(429)
(9)
(518)
\u2013
Cross-currency swap contracts \u2013 payments
469
15
540
\u2013
The maturity profile has been calculated based on spot rates for the US dollar, euro, Swiss franc and jet fuel at close of business on 30 September each year. ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:2138001S47XKWIB7TH90", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-556": { "value": "Credit risk management easyJet is exposed to credit risk arising from cash and other investments, derivative financial instruments and trade and other receivables. Credit risk management aims to reduce the risk of default by setting limits on credit exposure to counterparties based on their respective credit ratings. Credit ratings also determine the maximum period of investment when placing funds on deposit. The maximum exposure to credit risk at the reporting date is equal to the carrying value of its financial assets, excluding tri-party repos, which are securitised by high-quality, investment-grade financial assets. Counterparties for cash investments and derivatives contracts are required to have a long-term credit rating of A- or better at contract inception from either Moody\u2019s, Standard & Poor\u2019s or Fitch (except where there is a specific regulatory, contractual requirement or a bank guarantee from an A- rated entity). Exposures to these counterparties are regularly reviewed and, if the long-term credit rating falls below A-, management will make a decision on remedial action to be taken. The credit ratings of counterparties that easyJet holds financial assets with are as follows:
Unrated/
A- and above Below A- other Total
At 30 September 2025 \u00a3 million \u00a3 million \u00a3 million \u00a3 million
Financial assets
Trade receivables
\u2013
\u2013
530
530
Other non-current assets
\u2013
\u2013
178
178
Other investments
2,024
\u2013
\u2013
2,024
Cash and cash equivalents
1,502
2
\u2013
1,504
Total
3,526
2
708
4,236
Unrated/
A- and above Below A- other Total
At 30 September 2024 \u00a3 million \u00a3 million \u00a3 million \u00a3 million
Financial assets
Trade receivables
\u2013
\u2013
483
483
Other non-current assets
\u2013
\u2013
169
169
Other investments
2,118
\u2013
\u2013
2,118
Cash and cash equivalents
1,340
3
\u2013
1,343
Total
3,458
3
652
4,113
At the end of each reporting date easyJet recognises a loss allowance for expected credit losses on financial assets measured at amortised cost. In establishing the appropriate amount of loss allowance to be recognised, easyJet applies either the general approach or the simplified approach, depending on the nature of the underlying group of financial assets. See note 1a for further detail. The general approach is applied to the impairment assessment of refundable lease deposits and other refundable lease contributions, restricted cash, other investments and cash and cash equivalents (excluding money market funds held at fair value through profit or loss). At 30 September 2025, the expected credit loss was considered immaterial. This is due to easyJet\u2019s strict policy of investing only with counterparties who hold a high, investment grade credit standing (except in specific circumstances) as detailed in the tables above. The simplified approach is applied to the impairment assessment of trade and other receivables. At 30 September 2025, trade receivables had a total loss allowance of \u00a36 million (2024: \u00a37 million). The exposure to individual customer\u2019s credit risk is reduced as no individual customer accounts for a substantial amount of the total revenue and most payments for flight tickets are collected in advance of the service being provided. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:2138001S47XKWIB7TH90", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-557": { "value": "Foreign currency risk management The majority of easyJet\u2019s exposure to currency arises from fluctuations in the US dollar, euro and Swiss franc exchange rates which can significantly impact easyJet\u2019s financial results and cash flows. The aim of easyJet\u2019s foreign currency risk management is to reduce the impact of these exchange rate fluctuations. easyJet has maintained hedging in line with policy throughout the year. Significant currency exposures in the income statement are managed through the use of foreign currency forward contracts entered into cash flow hedge relationships in line with the Board approved policy. Throughout the year easyJet hedged operational US dollar, euro, and Swiss franc exposures up to 24 months out, with the aim of maintaining average cover of c.60% over a rolling 12-month period. Of note, the Group separately manages foreign exchange risk related to forecast cash outflows associated with package holiday costs. Significant currency exposures relating to the acquisition cost of aircraft are managed through the use of FX forward contracts where up to 60 months of forecasted cash flows may be hedged. easyJet has monetary liabilities primarily denominated in US dollars and euros, which are largely offset by holding US dollar and euro cash, and other investments. easyJet also uses FX forward contracts to manage foreign exchange translation risk. These are classified as fair value through profit or loss (e.g. not designated in a hedge relationship) and provide a natural offset to the translation of foreign currency liabilities. During the year, easyJet used euro lease liabilities to hedge a proportion of its euro revenue receipts in a cash flow hedge relationship. Translation gains and losses from these euro liabilities are held in reserves and released on a straight-line basis over the term of the lease agreement through profit or loss. Management may take action to hedge other currency exposures as deemed appropriate. The gross notional value of transactions in a hedge relationship that matured during the financial year to manage the foreign currency risk and the resulting gains and losses were as follows:
2025
2024
Notional Gain/(loss) Notional Gain/(loss)
\u00a3 million \u00a3 million \u00a3 million \u00a3 million
USD
1,676
(46)
1,571
(46)
EUR
2,125
18
1,392
7
CHF
289
8
296
5
Notional value reflects the sterling contractual leg amount. Capital financing and interest rate risk management The objective of capital management is to ensure that easyJet is able to continue as a going concern whilst delivering shareholder expectations of a strong capital base as well as returning benefits for other stakeholders. On 30 September 2025, easyJet held long-term corporate credit ratings from both Standard & Poor\u2019s (BBB+) and Moody\u2019s (Baa2). easyJet plc established a \u00a33,000 million Euro Medium Term Note (EMTN) Programme on 7 January 2016. The two remaining bonds under this scheme are guaranteed by easyJet Airline Company Limited, easyJet plc and easyJet FinCo B.V. On 11 February 2022 the EMTN Programme increased in size to \u00a34,000 million. In June 2019, easyJet plc issued a \u20ac500 million bond under the EMTN Programme guaranteed by easyJet Airline Company Limited. The Eurobond had a six-year term and paid an annual fixed coupon of 0.875%. At the same time the Group entered into three cross-currency interest rate swaps to convert the entire \u20ac500 million fixed rate Eurobond to a sterling fixed rate exposure. In June 2025, this bond reached maturity and was settled. In March 2021, easyJet FinCo B.V. issued a \u20ac1,200 million bond under the EMTN Programme guaranteed by easyJet Airline Company Limited and easyJet plc. The Eurobond has a seven-year term and pays an annual fixed coupon of 1.875%. easyJet subsequently entered into four cross-currency interest rate swaps to convert \u20ac600 million of the fixed rate Eurobond to a sterling fixed rate exposure. The Group designated these cross-currency interest rate swaps as a cash flow hedge of the currency risk on the \u20ac1,200 million Eurobond. The cross-currency interest rate swaps are measured at fair value with the effective portion taken through the statement of comprehensive income. The element of the fair value generated by the change in the spot rate is recycled to the income statement from the statement of comprehensive income to offset the foreign currency translation of the Eurobond. The carrying value of the fixed rate Eurobond net of cross-currency interest rate swaps at 30 September 2025 was \u00a31,033 million. This value does not include capitalised set-up costs incurred in the issuing of the bond. In March 2024, easyJet plc issued a \u20ac850 million bond under the EMTN Programme guaranteed by easyJet Airline Company Limited and easyJet FinCo B.V. The Eurobond has a seven-year term and pays an annual fixed coupon of 3.75%. The carrying value of the fixed rate Eurobond at 30 September 2025 was \u00a3742 million. This value does not include capitalised set-up costs incurred in the issuing of the bond. The weighted average sterling interest rate hedged for the three bonds was 2.67% with a weighted average GBP/EUR foreign exchange hedge rate of 1.15. In the year ended 30 September 2025, easyJet Airline Company Limited entered into three JOLCO aircraft financing agreements. These JOLCO agreements have a term of eight years before the call option payment falls due and upon payment, contractual ownership of the aircraft transfers to easyJet and the financing is extinguished. The carrying value of the JOLCO borrowings at 30 September 2025 was \u00a3103 million. The weighted average sterling interest rate for the three JOLCOs was 4.41%. Interest rate cash flow risk arises on floating rate borrowings and cash investments. Interest Rate Risk Management Policy aims to provide certainty in a proportion of financing while retaining the opportunity to benefit from interest rate reductions. Borrowings are issued at either fixed or floating interest rates, repricing every three to six months. Aircraft leases are a mix of fixed and floating rates. Of the 151 aircraft leases in place at 30 September 2025 (2024: 159), 98% were based on fixed interest rates and 2% were based on floating interest rates (2024: 98% fixed, 2% floating). In addition, easyJet has access to a $1.7 billion revolving credit facility which is fully undrawn at 30 September 2025. This is a committed facility that commenced in June 2025 and matures in June 2030 (with potential extension to June 2032). This replaces the $400 million revolving credit facility (originally maturing in September 2025) and the $1,750 million UKEF backed facility (originally maturing in June 2028) which were both cancelled at the time the new facility commenced. Commodity price risk management The Group is exposed to commodity risk in the form of jet fuel requirements and Carbon Emissions Trading schemes (EU ETS, CH ETS and UK ETS) price risk. easyJet has maintained risk management activities throughout the year in line with policy. The objective of the fuel price risk management policy is to provide protection against sudden and significant increases in jet fuel prices, thus mitigating volatility in the income statement in the short term. In the year, easyJet hedged in line with its 24-month hedging policy with the aim of maintaining average cover of c.60% over a rolling 12-month period. Jet fuel derivatives are entered into a cash flow hedge relationship against the future forecasted jet fuel usage. Treasury strategies and actions will be driven by the need to meet treasury, financial and corporate objectives. The volume of effective hedge transactions that matured during the financial year to manage the jet commodity price risk was 2.4 million metric tonnes. This resulted in a \u00a397 million loss (2024: \u00a341 million gain) in the fuel line within the income statement. An additional \u00a311 million charge (2024: \u00a37 million charge) was recognised in the income statement relating to jet option premiums for hedging in prior periods. The Group has a requirement to comply with EU ETS, CH ETS and UK ETS regulations and report on an annual basis to the relevant environmental agencies. In addition to being in receipt of free allowances, easyJet is required to purchase carbon allowances on the open market to fulfil this requirement and is exposed to price movements that can introduce cash flow volatility. To mitigate this exposure, easyJet purchases its requirements on a spot or forward basis up to 24 months in advance. easyJet holds allowances for 100% of all estimated ETS obligations for calendar year 2025. ETS allowance spot and forward contracts maturing in the year were not classified as financial instruments as they fell within the own use provision under IFRS 9. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:2138001S47XKWIB7TH90", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-558": { "value": "Market risk sensitivity analysis Financial assets and liabilities affected by market risk include borrowings, deposits, trade and other receivables, trade and other payables, and derivative financial instruments. The following analysis illustrates the sensitivity of changes in relevant foreign exchange rates, interest rates and fuel prices. It should be noted that the analysis reflects the impact on profit or loss after tax for the year and other comprehensive income on financial instruments in a cash flow hedge relationship held at the reporting date. The sensitivities are calculated based on all other variables remaining constant. The analysis is considered representative of easyJet\u2019s exposure over the next 12-month period. The sensitivity analysis is based on easyJet\u2019s financial assets and liabilities and financial instruments held as at 30 September 2025. The currency exchange rate analysis assumes a +/-10% change in both US dollar and euro exchange rates. The interest rate analysis assumes a 1% increase in interest rates over the next 12 months. The fuel price analysis assumes a 10% increase in the fuel price forward curve over the next 12 months.
Interest Fuel price
US dollar US dollar Euro Euro rates 10%
+10%
1
-10%
2
+10%
1
-10%
2
1% increase increase
At 30 September 2025 \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million
Income statement impact: gain/(loss)
(1)
1
2
(2)
26
\u2013
Impact on other comprehensive
income: increase/(decrease)
219
(179)
241
(197)
\u2013
75
Interest Fuel price
US dollar US dollar Euro Euro rates 10%
+10%
1
-10%
2
+10%
1
-10%
2
1% increase increase
At 30 September 2024 \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million
Income statement impact: gain/(loss)
1
(1)
(1)
\u2013
26
\u2013
Impact on other comprehensive
income: increase/(decrease)
109
(89)
49
(40)
\u2013
63
1) GBP weakened. 2) GBP strengthened. The market risk sensitivity analysis has been calculated on spot rates for the US dollar, euro and jet fuel at close of business on 30 September each year. ", "dimensions": { "concept": "ifrs-full:SensitivityAnalysisForEachTypeOfMarketRisk", "language": "en", "entity": "scheme:2138001S47XKWIB7TH90", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-496": { "value": "27. CONTINGENT LIABILITIES AND COMMITMENTS Contingent liabilities easyJet previously disclosed an ICO investigation into a cyberattack and data breach that took place in 2020. Whilst the ICO investigation is now closed, associated group actions by law firms representing classes of customers affected by the data breach arising from the cyber-attack remain in place, and other claims have been commenced or threatened in certain other courts and jurisdictions. The merit, likely outcome, and potential impact of the actions is subject to significant uncertainties and therefore the Group is unable to assess the likely outcome or quantum of the claims and as such a provision is not included in these financial statements.
In 2024 the Spanish Ministerio de Consumo (Ministry of Consumer Affairs) issued easyJet with a \u20ac29
million fine for its hand luggage policy and the charges applied to cabin bags. easyJet has appealed the
fine and believes its policy is entirely lawful. This is supported by a recent communication by the European
Commission who have opened an infringement procedure against Spain on the basis that this contravenes
European law. easyJet does not consider it appropriate to recognise a provision for the charge. It is of note
that a bank guarantee covering the value of the fine (\u20ac29 million) has been put in place during the year at
the request of the Spanish authorities whilst easyJet\u2019s appeal is in the court process. This does not change
easyJet\u2019s position that it believes its policy is entirely lawful.
In addition to the above, there are ongoing litigation matters in Italy and the possibility of claims being
made by interested parties in the UK and France. These matters have the potential to result in material
recoveries. Management has assessed the basis and likelihood of each case being brought, easyJet\u2019s
response, and the potential of a successful resolution. At this stage, having taken external legal advice,
easyJet does not consider it appropriate to provide for these matters.
Through the normal course of business, easyJet is involved in a number of other disputes and litigation
cases. The potential outcome of these disputes and litigations can cover a range of scenarios, and in
complex cases reliable estimates of any potential obligation may not be possible.
Contingent commitments
Letters of credit and performance bonds
At 30 September 2025, easyJet had outstanding letters of credit and performance bonds totalling \u00a372
million (2024: \u00a347 million), of which \u00a32 million (2024: \u00a39 million) expires within one year. The fair value of
these instruments at each year end was negligible.
No amount is recognised on the statement of financial position in respect of any of these financial
instruments as it is not probable that there will be an outflow of resources and the fair value has been
assessed to be \u00a3nil.
Pathway to net zero
The airline industry has a responsibility to respond effectively to climate-based challenges. It is therefore
important that easyJet continues to play a positive role as a leader in mapping out the transition towards
our ultimate ambition of zero carbon emission flying. This is set out through our net zero roadmap. This
roadmap references several partnerships with other commercial companies to explore certain technologies
which may assist with the overall goal to decarbonise the aviation industry. The majority of these
partnerships are in fact agreements to work together on the areas identified and do not involve a financial
commitment from easyJet other than the time and effort involved in the collaboration over an agreed
period. Where there is a signed agreement requiring a financial commitment from easyJet in the future,
any future payments are contingent on project progress or product/service delivery and are therefore not
certain, hence no liability has been recognised for these payments.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138001S47XKWIB7TH90", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-533": { "value": "
Contingent liabilities
easyJet previously disclosed an ICO investigation into a cyberattack and data breach that took place
in 2020. Whilst the ICO investigation is now closed, associated group actions by law firms representing
classes of customers affected by the data breach arising from the cyber-attack remain in place, and other
claims have been commenced or threatened in certain other courts and jurisdictions. The merit, likely
outcome, and potential impact of the actions is subject to significant uncertainties and therefore the Group
is unable to assess the likely outcome or quantum of the claims and as such a provision is not included in
these financial statements.
In 2024 the Spanish Ministerio de Consumo (Ministry of Consumer Affairs) issued easyJet with a \u20ac29 million fine for its hand luggage policy and the charges applied to cabin bags. easyJet has appealed the fine and believes its policy is entirely lawful. This is supported by a recent communication by the European Commission who have opened an infringement procedure against Spain on the basis that this contravenes European law. easyJet does not consider it appropriate to recognise a provision for the charge. It is of note that a bank guarantee covering the value of the fine (\u20ac29 million) has been put in place during the year at the request of the Spanish authorities whilst easyJet\u2019s appeal is in the court process. This does not change easyJet\u2019s position that it believes its policy is entirely lawful. In addition to the above, there are ongoing litigation matters in Italy and the possibility of claims being made by interested parties in the UK and France. These matters have the potential to result in material recoveries. Management has assessed the basis and likelihood of each case being brought, easyJet\u2019s response, and the potential of a successful resolution. At this stage, having taken external legal advice, easyJet does not consider it appropriate to provide for these matters. Through the normal course of business, easyJet is involved in a number of other disputes and litigation cases. The potential outcome of these disputes and litigations can cover a range of scenarios, and in complex cases reliable estimates of any potential obligation may not be possible. ", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138001S47XKWIB7TH90", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-532": { "value": "Contingent commitments Letters of credit and performance bonds At 30 September 2025, easyJet had outstanding letters of credit and performance bonds totalling \u00a372 million (2024: \u00a347 million), of which \u00a32 million (2024: \u00a39 million) expires within one year. The fair value of these instruments at each year end was negligible. No amount is recognised on the statement of financial position in respect of any of these financial instruments as it is not probable that there will be an outflow of resources and the fair value has been assessed to be \u00a3nil. Pathway to net zero The airline industry has a responsibility to respond effectively to climate-based challenges. It is therefore important that easyJet continues to play a positive role as a leader in mapping out the transition towards our ultimate ambition of zero carbon emission flying. This is set out through our net zero roadmap. This roadmap references several partnerships with other commercial companies to explore certain technologies which may assist with the overall goal to decarbonise the aviation industry. The majority of these partnerships are in fact agreements to work together on the areas identified and do not involve a financial commitment from easyJet other than the time and effort involved in the collaboration over an agreed period. Where there is a signed agreement requiring a financial commitment from easyJet in the future, any future payments are contingent on project progress or product/service delivery and are therefore not certain, hence no liability has been recognised for these payments. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:2138001S47XKWIB7TH90", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-497": { "value": "
28. GOVERNMENT GRANTS AND ASSISTANCE
In June 2023 easyJet Airline Company Limited entered into a five-year term loan facility of $1.75 billion (with
easyJet plc as guarantor), underwritten by a syndicate of banks and supported by a partial guarantee
from UK Export Finance under their Export Development Guarantee scheme. This term loan facility was
cancelled in June 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory", "language": "en", "entity": "scheme:2138001S47XKWIB7TH90", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-498": { "value": "
29. RELATED PARTY TRANSACTIONS
The Company licences the easyJet brand from easyGroup Limited (\u2018easyGroup\u2019), a wholly owned subsidiary
of easyGroup Holdings Limited, an entity in which easyJet\u2019s founder, Sir Stelios Haji-Ioannou, holds a
beneficial controlling interest. The Haji-Ioannou family concert party shareholding (being easyGroup
Holdings Limited and Polys Holding Limited) holds, in total, approximately 15.27% of the issued share capital
of easyJet plc as at 30 September 2025 (2024: 15.27%).
Under the Amended Brand Licence signed in October 2010 and approved by the shareholders of easyJet
plc in December 2010, an annual royalty of 0.25% of total revenue is payable by easyJet to easyGroup. The
full term of the agreement is 50 years.
easyJet and easyGroup established a fund to meet the annual costs of protecting the \u2018easy\u2019 (and related
marks) and the \u2018easyJet\u2019 brands. easyJet contributes up to \u00a31 million per annum to this fund and easyGroup
contributes \u00a3100,000 per annum. If easyJet contributes more than \u00a31 million per annum, easyGroup will
match its contribution in the ratio of 1:10 up to a limit of \u00a35 million contributed by easyJet and \u00a3500,000
contributed by easyGroup.
Three side letters have been entered into: (i) a letter dated 29 September 2016 in which easyGroup
consented to easyJet acquiring a portion of the equity share capital in Founders Factory Limited; (ii) a letter
dated 26 June 2017 in which easyJet\u2019s permitted usage of the brand was slightly extended; and (iii) a letter
dated 2 February 2018 in which easyGroup agreed that certain affiliates of easyJet have the right to use
the brand.
The amounts included in the income statement, within other costs, for these items are as follows:
Year ended Year ended
30 September 30 September
2025 2024
\u00a3 million \u00a3 million
Annual royalty
25
23
Brand protection (legal fees paid through easyGroup to third parties)
1
1
26
24
At 30 September 2025, \u00a32 million (2024: \u00a33 million) was payable to easyGroup.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:2138001S47XKWIB7TH90", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-534": { "value": "29. RELATED PARTY TRANSACTIONS The Company licences the easyJet brand from easyGroup Limited (\u2018easyGroup\u2019), a wholly owned subsidiary of easyGroup Holdings Limited, an entity in which easyJet\u2019s founder, Sir Stelios Haji-Ioannou, holds a beneficial controlling interest. The Haji-Ioannou family concert party shareholding (being easyGroup Holdings Limited and Polys Holding Limited) holds, in total, approximately 15.27% of the issued share capital of easyJet plc as at 30 September 2025 (2024: 15.27%). Under the Amended Brand Licence signed in October 2010 and approved by the shareholders of easyJet plc in December 2010, an annual royalty of 0.25% of total revenue is payable by easyJet to easyGroup. The full term of the agreement is 50 years. easyJet and easyGroup established a fund to meet the annual costs of protecting the \u2018easy\u2019 (and related marks) and the \u2018easyJet\u2019 brands. easyJet contributes up to \u00a31 million per annum to this fund and easyGroup contributes \u00a3100,000 per annum. If easyJet contributes more than \u00a31 million per annum, easyGroup will match its contribution in the ratio of 1:10 up to a limit of \u00a35 million contributed by easyJet and \u00a3500,000 contributed by easyGroup. Three side letters have been entered into: (i) a letter dated 29 September 2016 in which easyGroup consented to easyJet acquiring a portion of the equity share capital in Founders Factory Limited; (ii) a letter dated 26 June 2017 in which easyJet\u2019s permitted usage of the brand was slightly extended; and (iii) a letter dated 2 February 2018 in which easyGroup agreed that certain affiliates of easyJet have the right to use the brand. The amounts included in the income statement, within other costs, for these items are as follows:
Year ended Year ended
30 September 30 September
2025 2024
\u00a3 million \u00a3 million
Annual royalty
25
23
Brand protection (legal fees paid through easyGroup to third parties)
1
1
26
24
At 30 September 2025, \u00a32 million (2024: \u00a33 million) was payable to easyGroup.", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:2138001S47XKWIB7TH90", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "fact-499": { "value": "
30. EVENTS AFTER THE STATEMENT OF FINANCIAL POSITION DATE
There were no events to report after the statement of financial position date.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:2138001S47XKWIB7TH90", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } } } }