EasyJet said its headline profits before tax for the three months to June fell to £85mn, down from £286mn a year earlier, a decline of more than two‑thirds.

Shares fell 14% as reports of a looming EU review of airline ownership rules cast doubt over its planned takeover. The board backed a £5.7bn offer from Apollo that trumped a £5.5bn bid from Castlelake.

Despite the drop, the carrier reported strong demand for bookings heading into the peak summer period, selling 68% of its capacity in the fourth quarter. Chief Executive Kenton Jarvis said customers were beginning to book further in advance, prioritising travel and taking advantage of great fares.

Ryanair also felt the war’s impact, with profit after tax falling 34% to €538mn, below analysts’ expectations of €579mn.