EasyJet says profits nosedive on Mideast war

EasyJet said its third-quarter profit fell sharply as the Middle East conflict increased jet fuel prices and reduced customer demand. Profit before tax dropped 70% to £85 million ($114 million) in the three months to the end of June. The airline attributed the result to “elevated fuel prices” and a reduction in consumer demand after the start of the conflict. It also reported fuel costs rising by £105 million versus the prior year period. CEO Kenton Jarvis said the airline continued to manage the impact during the quarter, while warning that the full-year 2026 outcome depends on remaining bookings and ongoing fuel-price volatility. EasyJet, focused mainly on Europe routes, is at the center of a takeover contest between US private equity bidders. The company backed Apollo’s bid of £7.15 per share over Castlelake’s £6.90, and timing under UK rules sets Apollo’s deadline at August 7 and Castlelake’s at August 3.