EasyJet Profit Drops 70% as £5.7bn Apollo Takeover Hits EU Ownership Hurdle

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