Rubbish Check
Daily Mail Money · 23 July 2026 source

“Takeover target Easyjet sees profits tumble on higher fuel prices”

R4/ 10
Selective
Rubbish Rating — 1 = base fact, 10 = pure rubbish
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In short
Rubbish Talk rates the Daily Mail's claim that easyJet's profits "tumbled on higher fuel prices" a 4/10 because the 70% profit drop and fuel-cost surge are both real, but the headline omits that shares rallied 5% the same morning on stronger-than-expected forward bookings.
The Verdict
Selective. The core numbers check out, but the headline locks in a single negative frame (profit tumble, fuel prices) while the article's own reporting shows a more mixed picture: revenue actually rose, the holidays division held up, and investors pushed the shares up on the day, precisely because bookings were better than feared. That upside gets buried well below the fold.

What actually happened

EasyJet reported an £85million profit for the three months to 30 June, down 70% from £286million a year earlier, as fuel costs surged and the Middle East conflict dented demand. Shares had already fallen nearly 12% earlier in the week on EU ownership-rule concerns tied to its ongoing takeover saga, then rose 5% on results day as the airline flagged strong late-booking demand for peak summer.

Key facts

  • Q3 profit: £85m, down 70% from £286m a year ago (three months to 30 June).
  • Fuel costs rose 17% to £732m, with unhedged fuel prices peaking around $1,800 per metric tonne in April.
  • Group revenue still rose 2% to £2.98billion despite the profit fall.
  • Passenger numbers were broadly flat at 25.8million; load factor fell 1.3 percentage points to 88.9%.
  • Holidays division profit before tax slipped only 2% to £84million (up 7% excluding currency effects), with customer numbers up 8%.
  • Shares fell almost 12% earlier in the week on EU foreign-ownership review reports, then rose 5% on results day.
  • EasyJet has backed a £5.7billion Apollo takeover offer, after an earlier £5.5billion Castlelake bid.

What to watch for

  • Whether the Apollo-Castlelake bidding contest intensifies or one bidder walks, given analyst Garry White's warning that "the ongoing takeover battle… risks becoming a distraction."
  • The EU's proposed review of foreign ownership rules, which could directly affect deal viability.
  • Full-year guidance, which management tied explicitly to "volatile" fuel prices and late-summer booking strength, not fuel alone.
About this scoreThe R-Score is Rubbish Talk's editorial opinion on how far a headline's framing sits from what the underlying facts support. It is a judgement about presentation and emphasis, not an allegation that any outlet has acted dishonestly. Every figure we rely on is linked under Receipts so you can check it yourself.
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