World
EasyJet: quarterly profit plunges 70%, Iran war impacts takeover battle
EasyJet, low-cost British airline and Europe's second-largest carrier by passengers, reported July 23, 2026, pre-tax profit of £85m for April–June 2026, down 70% from £286m the year before. Iran's conflict, erupting late February 2026, increased fuel costs by £105m. The board now recommends Apollo Global Management's £5.7bn takeover bid, topping Castlelake's £5.5bn offer. However, EU rules requiring 51% local ownership threaten both bids' viability. Ryanair also posted a 34% profit decline to €538m (£457m) for the same quarter.