Slide 1: H1'26 Results
H1’26 RESULTS easyJet plc LON: EZJ ADR: ESYJY 21 May 2026
Slide 2: Performance Snapshot
PERFORMANCE SNAPSHOT H1 FY26 Result in line with April’s trading update > H1 FY26 Headline LBT of £(552) million > Continued improvements in operational performance and customer satisfaction scores • On-time-performance 78%, +1ppt • Airline CSAT 84%, +2ppts • easyJet holidays CSAT 85%, +1ppt Managin
Slide 3: Managing Near Term Uncertainty
MANAGING NEAR TERM UNCERTAINTY Bookings & demand: Lower than normal forward visibility Active operational management > Near-term booking visibility remains shorter than normal, as expected in the current external environment • Short term additional hedging temporarily suspended due to elevated near
Slide 4: Clear Strategy to Drive Medium-Term Margin Improvement
CLEAR STRATEGY TO DRIVE MEDIUM-TERM MARGIN IMPROVEMENT Group-wide focus on execution towards our medium-term targets Disciplined low-cost airline Medium-term targets > Capital allocation focus • Target of £2.5m PBT per aircraft Group PBT per seat • Capacity growth moderates from H1 FY27 of £7-£10 Hi
Slide 5: Financial Review
FINANCIAL REVIEW Jan De Raeymaeker CFO
Slide 6: Summary Financials
SUMMARY FINANCIALS H1 FY26 result as per April’s trading update with revenue and cost in line with initial expectation excluding additional fuel costs in March of £25m and £32m of legal provisions > Year-on-year performance impacted by strategic investment in Milan Linate and Rome Fiumicino, continu
Slide 7: Key Performance Indicators: H1'26
KEY PERFORMANCE INDICATORS: H1’26 Focus on driving utilisation Balanced network - ASKs by route type > ASKs increased by 8%, driven by: > Beach & non-EU reflect 51% of ASKs (HY’25:49%) • Fleet growth, +1 aircraft YoY (4 deliveries and 3 retirements) H1’26 H1’25 8% 9% 15% • 6% increase in aircraft ut
Slide 8: Airline Revenue
AIRLINE REVENUE Revenue growth of 10% as positive demand for Revenue per available seat kilometre easyJet’s primary airport network > Revenue growth of 10% driven by Ticket Ancillary • 6% passenger growth 5.71 • 4% seat growth 5.64 • 2 ppts YoY increase in load factor 1.78 • 3% increase in total air
Slide 9: Airline Cost
AIRLINE COST 5% increase in airline CASK year on year H1’26 H1’25 Var > Market wide cost inflation Airline total headline costs (£’m) 4,049 3,572 13% > CASK ex fuel increase weighted towards H1’26 Airline headline costs ex fuel (£’m) 3,067 2,623 17% Fuel (£’m) 982 949 3% CASK ex fuel Fuel CASK 6.73
Slide 10: easyJet Holidays
EASYJET HOLIDAYS Continued profitable growth > On track for low double digit % customer growth in FY26 > Profit before tax increase of 39% in H1’26 Customer growth > Positive year on year impact on PBT margin as a result of lower selling and +22% distribution costs relating to summer demand environm
Slide 11: Balance Sheet
BALANCE SHEET Further strengthened our investment grade balance sheet 31-March 26 31-March 25 > £5.0bn owned assets - to grow to >£7.5bn by £m FY28 Goodwill and other intangible assets 776 790 Property, plant and equipment ex. RoU assets 5,042 4,553 • 86% neo aircraft currently owned as at H1’26 RoU
Slide 12: Our Fleet
OUR FLEET Accelerating A319 retirements: 6 additional A319s to retire in FY28 with all A319s exited by FY29 Current agreed Airbus order book Through cycle steady state capex > 287 firm orders (125 A320s and 162 A321s) due by FY34 > 100 purchase rights > c. 17 Aircraft a year to maintain FY28 fleet o
Slide 13: Upgauging to Deliver Higher Returns
UPGAUGING TO DELIVER HIGHER RETURNS Material cost efficiencies to be realised from FY27 FY27 FY28 Total Gauge increase +4 +5 +9 > Capacity growth in FY27 & FY28 primarily Cost per seat efficiencies YoY (£) driven by upgauging Operational CPS savings1 0.54 0.63 1.17 > c. £250m of incremental annual c
Slide 14: Focus on Capital Allocation
FOCUS ON CAPITAL ALLOCATION FY26 Aircraft allocation & base improvement plans Fleet – aircraft investments > New bases opened in Newcastle (3 aircraft) and Marrakech (3 aircraft) > Focusing on targeted & disciplined capacity growth > 7 aircraft added on bases above hurdle rate > Modernising the flee
Slide 15: Outlook
OUTLOOK 2026 Financial Year > Airline seat capacity to increase 3% to c.107m (ASKs +6% YoY) > easyJet holidays customers planned to grow by low double digits > Airline forward bookings have been impacted by escalations in the Middle East • Q3: 79% sold, -1ppt YoY, +1ppt improvement since April tradi
Slide 16: Strategy Update
STRATEGY UPDATE Kenton Jarvis CEO
Slide 17: Our Strategy
OUR STRATEGY Building Europe’s best network Strengthening revenue Making Ambition low-cost to deliver Delivering ease and reliability >£1bn PBT travel easy Driving our low-cost model Platform to create value for our shareholders 17
Slide 18: Our Medium Term Targets
OUR MEDIUM TERM TARGETS Group PBT per seat Holidays PBT to Disciplined Capacity High teen ROCE of £7-£10 £450m by FY30 growth of up to 5% easyJet holidays > Continuing to drive attachment rates on Beach routes > Launch of flight-plus-hotel in late 2026 £7-£10 target Upgauging > Accelerating retireme
Slide 19: Delivered by Our People
DELIVERED BY OUR PEOPLE…. Focus on Crew Engagement & Best place to work1 Glassdoor 4.1 Health, Wellbeing & Inclusivity Engagement score 74% Driving our Performance Culture Low attrition2 Sharing in Our Success 4.3% 1) easyJet airline named by Glassdoor as a best place to work in UK and easyJet holid
Slide 20: For Our Customers
….FOR OUR CUSTOMERS People-driven customer service enabled by technology Airline CSAT 84% 71% Repeat booking Holidays CSAT 85% +2ppts YoY +1ppt YoY +1ppt YoY Unbeatable Network > Over 1,200 routes across 165 airports to Domestic, City & Beach destinations > Over 8,000 hotels available with easyJet h
Slide 21: Building Europe's Best Network
BUILDING EUROPE’S BEST NETWORK Targeted growth 33 bases, operating to 165 airports across 37 countries > Newcastle opened for S’26- holidays account for 38% of beach bookings serving >1,200 routes > Marrakech opened for S’26, expanding access to structurally attractive markets GLA EDI > 7 additional
Slide 22: Strengthening Revenue
STRENGTHENING REVENUE Airline: Programme of continuous improvement > Merchandising enhancements Gaining market share in a competitive market • New Smart bundle, improved bundle conversion by 1ppt > Strong winter performance with PBT of £61 million, with 22% customer growth • Flex Pass, enhances flex
Slide 23: Delivering Ease and Reliability
DELIVERING EASE AND RELIABILITY Deployment of AI, automation and technology is enhancing: Innovative customer service > AI-enabled live chat and email processing > Automated service recovery across the majority of disruption events • 87% of customers using self-service with 29% already using our new
Slide 24: Delivering Low Cost Travel
DELIVERING LOW COST TRAVEL Cost actions delivered > Resilience actions implemented, reducing disruption-related costs > Annual aircraft utilisation back above 10 hours per day > Enhancing our in-house MRO capability > Continued investment in technology, data and AI to improve efficiency and fixed co
Slide 25: Summary
SUMMARY Managing near-term volatility while remaining focused on medium-term value creation Value creation Medium-term targets Disciplined capital allocation & targeted growth Group PBT per seat of £7- £10 Capital light holidays business High teen ROCE Holidays PBT of £450m by FY30 Infrastructure &
Slide 26: Appendix
APPENDIX
Slide 27: Capital Allocation Framework
CAPITAL ALLOCATION FRAMEWORK Objective Metrics H1’26 Progress > High asset efficiency > Annual aircraft utilisation >10 > Asset utilisation +6% YoY to 9.1 hours Capital discipline hours a day (+20% vs H1 FY23) > Maintain fleet flexibility > +4% seat capacity growth from 1 > Capacity growth up to 5%
Slide 28: Low Risk Opportunity to Deliver Higher Returns
LOW RISK OPPORTUNITY TO DELIVER HIGHER RETURNS Fleet modernisation to structurally improve returns Greater than £3 unit cost savings1 to the Group > Material cost benefits to be realised from FY27 onwards in line with aircraft delivery profile A319 A320neo A319 A321neo Increased seats Reduced fuel G
Slide 29: Pioneering Sustainable Travel
PIONEERING SUSTAINABLE TRAVEL Improved or maintained all ESG Ratings #1 airline #1 airline in Included in in Europe Europe AAA 18.9 As of Mar 26 As of Dec 25 > On track to meet our SBTi-validated 'interim' carbon target of 35% intensity reduction by 2035 • FY25 emissions intensity reduced by 1.8% Yo
Slide 30: Our Network
OUR NETWORK Focused position in constrained airports Balanced network – seats by type > Beach & non-EU reflect 28% of seats (HY’25:26%) No. of Capacity % FY26 FY25 FY19 slots2 H1’26 H1’25 Fully Slot Constrained 8% 7% 46% 46% 37% 779,909 20% 21% Domestics (L3 Constrained)1 20% 19% Non EU Slot Constra
Slide 31: Holidays Offering & Airline Attachment Rate
HOLIDAYS OFFERING & AIRLINE ATTACHMENT RATE Attachment rate - significant growth opportunity Attachment H1’26 attachment rates1 > Material growth headroom UK Beach 19.9% 6.3%1 across both beach and city flows UK City 5.3% Est. 2019 EU Beach 1.5% > Jet2 package holidays EU City 0.2% 65% constrained b
Slide 32: Group Financial Performance
GROUP FINANCIAL PERFORMANCE H1’26 H1’25 Change1 £m £m Passenger revenue 2,361 2,156 205 Ancillary revenue 1,075 978 97 Holidays revenue2 518 400 118 Group revenue 3,954 3,534 420 Headline costs: Airline EBITDA costs ex fuel (2,644) (2,227) (417) Fuel (982) (949) (33) Holidays EBITDA costs2 (462) (36
Slide 33: Airline Revenue
AIRLINE REVENUE H1’26 H1’25 Change1 Available seat kilometres (ASK) (millions) 60,126 55,570 8% Revenue passenger kilometres (RPK) (millions) 54,418 49,255 10% RPK Load Factor (%) 90.5% 88.6% 1.9ppts Ticket RASK (p) 3.93 3.88 1% - Ticket Revenue per RPK (p) 4.34 4.38 (1)% Ancillary RASK (p) 1.78 1.7
Slide 34: Airline Headline Cost per ASK
AIRLINE HEADLINE COST PER ASK Airline cost per ASK Vs H1’25 H1’26 Drivers H2’26 CASK Direction p p % • Inflation on RPI/CPI linked contracts and increased labour costs • Inflation at regulated airports with RPI/CPI linked contracts, higher load Airports and ground handling 1.68 1.58 (6)% within grou
Slide 35: Cashflow
CASHFLOW £583m Cash generated from operating activities 1,106 33 (422) 3,528 131 18 3,446 (134) (714) (100) Cash & other EBITDA Movement Movement in Other Gross Capex3 Movement Dividends Paid FX Cash & other investments @ in unearned working capital movements2 in Debt investments 1st Oct 20251 reven
Slide 36: Taxation
TAXATION H1’26 H1’25 Change1 Total tax charge (£’m) (175) (104) (71) Effective tax rate (%) 31.7% 26.0% 5.7ppts Net cash paid (£’m) 9 8 1 Deferred tax asset/(liability) (281) 13 (294) Accelerated capital allowances (706) (555) (151) Trading losses 623 552 71 Other (198) 16 (214) > The forecast effec
Slide 37: Fleet Profile
FLEET PROFILE H1’26 H1’25 change Gross Capex – base fleet plan A319 (leased) 61 64 -3 A319 (owned) 18 18 0 c. £3.3bn A319 Total 79 82 -3 % of fleet 22% 23% -1ppt A320 (leased) 73 77 -4 c. £2.3bn A320 (owned) 107 103 4 c. £1.7bn A320 Total 180 180 0 % of fleet 51% 51% 0ppt A320 neo (leased) 5 6 -1 A3
Slide 38: Debt Maturity Profile
DEBT MATURITY PROFILE Debt (£m) RCF $1,700m Bond (£1,286m) £1,400 €1,200m (£1,041m) > Diverse sources of funding £1,200 through aircraft leases, eurobonds, JOLCO and Bond RCF £1,000 €850m (£740m) > Controlled strategy to £800 minimise funding costs and refinancing risks £600 > Undrawn $1.7bn RCF is
Slide 39: Headline Group Income Statement
HEADLINE GROUP INCOME STATEMENT £m Airline Holidays Intra-group transactions Group Passenger revenue 2,361 - - 2,361 Ancillary revenue 1,075 687 (169) 1,593 Total revenue 3,436 687 (169) 3,954 Fuel (982) - - (982) Airports & ground handling (1,012) - - (1,012) Crew (661) - - (661) Navigation (247) -
Slide 40: Currency Impact
CURRENCY IMPACT H1’26 currency impact on headline LBT EUR CHF USD Other Total (£m)2 Revenue 38 10 (1) 4 51 Fuel (3) - 29 - 26 Headline costs excluding fuel (58) (14) 12 (2) (62) Total (23) (4) 40 2 15 HY’26 currency split Revenue Headline Costs H1’26 H1’25 H1’26 H1’25 Sterling 53% 55% 33% 34% Euro 3
Slide 41: Fuel Breakdown
FUEL BREAKDOWN Fuel impact H1’26 H1’25 Change1 Fuel market price ($ per metric tonne) 778 726 (7)% Effective price 726 7912 8% US dollar rate Market price 1.34 1.27 - Effective price 1.34 1.27 - Actual cost of fuel £ per metric tonne 565 6212 9% Fuel impact H1’26 H1’25 Change1 Fuel (ex SAF & ETS) -
Slide 42: Fuel & FX Hedging
FUEL & FX HEDGING Jet Fuel H2’26 H1’27 H2’27 Hedged position 72% 53% 29% Average hedged rate ($/MT) 726 719 745 Current spot ($/MT) at 19.05.26 c.1,350 USD H2’26 H1’27 H2’27 Hedged position 75% 51% 29% Average hedged rate (USD/GBP) 1.32 1.33 1.34 Current rate (USD/GBP) at 19.05.26 c.1.34 Lease payme
Slide 43: Glossary
GLOSSARY > Airline Ancillary revenue per RPK – Airline ancillary revenue per revenue passenger kilometre. > Headline earnings per share – Total headline profit for the year divided by the weighted average number of shares in issue during the year after adjusting for shares held in employee benefit t