EasyJet Profit Plunges 70% as £5.7bn Apollo Takeover Faces EU Ownership Test

EasyJet's pre-tax profit fell 70% year-on-year to £85m for April–June 2026, with £105m absorbed by Iran-war-linked fuel costs. The board has recommended Apollo Global Management's £5.7bn takeover bid, but EU rules requiring 51% local airline ownership cast doubt on regulatory clearance. CEO Kenton Jarvis faces a deteriorating earnings base just as the deal enters review.