EasyJet profit slides on Iran war impact as suitors circle

EasyJet’s third-quarter results underscored how the Iran war is reshaping demand and costs for global travel. The budget carrier reported profit falling 70% to £85 million ($113.8 million) for the three months to June 30, down from £286 million a year earlier. The company linked the slump to volatile fuel prices and a more travel-wary consumer triggered by “chaos” from the Iran conflict, while signaling improving conditions heading into peak summer. CEO Kenton Jarvis said consumer confidence is increasing, helping narrow the peak-summer load factor gap and extend the booking curve. The setback follows strong interest from bidders: EasyJet backed Apollo’s £5.7 billion takeover offer over Castlelake’s repeated approaches. Its shares sank nearly 12% on Wednesday after reports the EU would review airline ownership rules that could complicate foreign control. Rival Ryanair had similar updates earlier this week.