EasyJet profits nosedive 70% after £105m Iran war fuel cost hit

easyJet’s profits fell sharply, driven by higher fuel costs and booking pressure linked to the Iran war, just weeks after the airline agreed a major takeover framework. The budget carrier reported pre-tax profits dropping 70% to £85 million for the three months ended June 30, compared with £286 million a year earlier. It said fuel costs rose by £105 million after the Middle East conflict pushed energy prices higher. Although bookings began improving slightly, easyJet warned that the full-year outcome remains dependent on remaining bookings and continued fuel price volatility. The update came two weeks after easyJet agreed in principle to an Apollo takeover valuing the group at £5.7 billion, following a higher-level £7.15-per-share proposal. easyJet said passenger numbers eased 0.4% to 25.8 million and that load factor fell as well, while late bookings strengthened for the summer season but did not fully offset weaker demand tied to the conflict and customer concerns about jet fuel supplies.