Slide 1: Q1 2021 analyst & investor presentation
Q1 2021 analyst & investor presentation 28 January 2021
Slide 2: Positioned for recovery
positioned for recovery > Q1 financials in line with management expectations > Demand uncertainty driven by government travel restrictions > Decisive actions have put easyJet in strong position Further funding activity and re-profiling of debt Cost programme delivering & on track to improve marg
Slide 3: Q1 2021 key stats
Q1 2021 key stats Q1 ‘21 Q1 ’20 Change Favourable/(adverse) Passengers (thousand) 2,858 22,192 (87.1%) Seats flown (thousand) 4,350 24,308 (82.1%) Load factor 65.7% 91.3% (25.6 ppts) Yield Passenger revenue (£ million) discipline 118 1,124 (89.5%) Ancillary revenue (£ million) 47 301 (84.4%) Total r
Slide 4: Decisive funding action underpins liquidity
Decisive funding action underpins liquidity CCFF £0.6bn Access to RCF £0.4bn SLBs £1.4bn c£2.5bn unrestricted Over £4.5bn liquidity1 total liquidity raised UKEF - £1.4bn Term loans - Reprofiles existing debt £0.4bn - c.£600m undrawn - Commercial terms Investment grade credit Equity placing - Lower c
Slide 5: Cost-out programme delivering & on track
Cost-out programme delivering & on track > H1 and FY on track for internally targeted cost savings > Will re-set the cost base, increase margins and further improve cost position relative to other airlines > Fixed cost & capex cash burn in a fully grounded scenario reduced to c£40m per week Permanen
Slide 6: H1 outlook - continued capacity discipline
H1 outlook - continued capacity discipline > Based on current travel restrictions in the markets in which we operate, easyJet expects to fly no more than c.10% of Q2 2019 capacity levels for Q2 2021 Winter’20/21: Temporary waiver of the EU’s 80:20 slot rules enables easyJet to best match capacity
Slide 7: Set up for recovery
Set up for recovery
Slide 8: Positive indications for demand
Positive indications for demand > Short haul leisure flying expected to recover first > Despite later bookings, consumer research1 evidences pent-up leisure demand: 65% of consumers have booked or intend to book holidays abroad in 2021 Of which only 14% have booked already, indicating pent up de
Slide 9: Europe competitor capacity outlook
Europe competitor capacity outlook Capacity share on easyJet markets and routes1 % of capacity on easyJet markets (city pairs) and routes FY19 > Legacy (and holiday charter) are the main 315m seats 221m seats 100% competitors on the routes we operate, with 71m seats vs easyJet’s 105m in FY19 Legacy
Slide 10: Uniquely positioned for demand recovery
Uniquely positioned for demand recovery easyJet first choice brand vs nearest LCC1 A strong brand easyJet > Remains first choice LCC in UK, France, Switzerland and Berlin1 44% nearest LCC 39% > Best value airline in UK and France ahead of LCCs and legacies2 % of respondents > Best value LCC in Italy
Slide 11: Operational flexibility in place
Operational flexibility in place > Flexibility to ramp up quickly > Growing at London Gatwick, our largest base Additional 4 based aircraft, bringing total to 71 Slot trade with Norwegian New routes Aberdeen, Bilbao, Cagliari + more frequencies on existing routes > New seasonal bases in Malaga
Slide 12: Evolving products – driving Ancillaries
Evolving products – driving Ancillaries Standard Plus Fare > New fare class > Includes Up front seating, Speedy Boarding, cabin bag > Launches today Cabin Bags > Sold as a bundle with premium seating > 42-63 premium seats available per flight > Improve boarding efficiency and OTP > Dynamically price
Slide 13: Easyjet holidays – well positioned for recovery
Easyjet holidays – well positioned for recovery > Optimal business model for the prevailing market Leading low fixed cost base – currently 93% variable No commitments or bed inventory risk c75% of our holidays are cheaper than our competition1 4/5 star hotels now 70% of all holidays sold F
Slide 14: Ready for recovery
ready for recovery > Liquidity & balance sheet robust > Cost base reset, delivering and on track > Unmatched network with share gain opportunities > Leading value credentials and trusted brand > Operationally flexible > Ancillaries & holidays revenue opportunities > Ready for pent-up demand once gov
Slide 15: Appendix
appendix
Slide 16: Q1 Passenger Statistics
Q1 Passenger Statistics October 2021 2020 Change Passengers (k) 1,708 8,787 (80.6)% Load Factor 68.8% 91.6% (22.8) ppt November 2021 2020 Change Passengers (k) 322 6,165 (94.8)% Load Factor 61.5% 90.8% (29.3) ppt December 2021 2020 Change Passengers (k) 827 7,240 (88.6)% Load Factor 61.6% 91.3% (29.
Slide 17: easyJet's Debt maturity profile
easyJet’s Debt maturity profile1 800 700 600 500 400 300 200 100 - FY21 FY22 FY23 FY24 FY25 FY26 Debt maturity profile optimised, further undrawn liquidity available 17 1) Debt maturities include the CCFF, UKEF facility, IFRS lease liabilities, outstanding Eurobonds and JOLCOs
Slide 18: Utilising flexibility in Fleet
Utilising flexibility in Fleet > Continued flexibility to 370 Current contractual Max expand/contract fleet size 353 Deferral of 22 aircraft from 350 342 FY22-24 to FY27-28 Delivery dates of 15 aircraft within FY22-24 moved to more 330 325 closely match seasonal 318 requirements 310 302 FY21 Bas
Slide 19: Fuel and foreign exchange hedging
Fuel and foreign exchange hedging Current Hedge Position > Jet hedging for time periods through to October 2021 has been paused > USD and jet fuel hedging continues for later periods > Excluding any ineffective hedges: • FY21 Jet fuel requirement is currently c.77% hedged @ $603/MT • FY22 Jet fuel r