Slide 1: FY25 Results
FY25 RESULTS 25 November 2025
Slide 2: Another Year of Progress
ANOTHER YEAR OF PROGRESS FY25 PBT: £665m, +9% YoY > easyJet holidays delivered £250m PBT – achieving target early with 20% customer growth, 32% profit growth & 83% Customer satisfaction FY25 EBIT: £703m +18% YoY Management actions resulting in strong operational performance > OTP +3ppts YoY to 72% >
Slide 3: Building Momentum for Long-Term Success
BUILDING MOMENTUM FOR LONG-TERM SUCCESS Improved connectivity Strengthened brand Enhanced financial performance Seats (m) On-time performance Group PBT (£m) FY23 92.6 FY23 66% FY23 455 FY24 100.4 +12% FY24 69% +6ppts FY24 610 +46% FY25 104.0 FY25 72% FY25 665 Routes Airline CSAT ROCE FY23 1,018 FY23
Slide 4: Financial Review
FINANCIAL REVIEW Jan De Raeymaeker CFO
Slide 5: Summary Financials
SUMMARY FINANCIALS FY25 Earnings growth, important capacity investments & strengthened balance sheet Var Var FY’25 FY’24 (abs) (%) Airline headline EBIT (£’m) 483 433 50 12% Holidays headline EBIT (£’m) 220 164 56 34% > Delivered earnings growth Group headline EBIT (£’m) 703 597 106 18% > ROCE deliv
Slide 6: Key Performance Indicators: FY'25
KEY PERFORMANCE INDICATORS: FY’25 Focus on driving productivity and utilisation Balanced network - ASKs by route type > ASKs increased by 9%, driven by: > Beach & non-EU reflect 55% of ASKs (FY24:53%) • Fleet growth, +9 aircraft FY25 FY24 • Increase in aircraft utilisation, especially through winter
Slide 7: Airline Revenue
AIRLINE REVENUE Positive demand for easyJet’s primary airport network Revenue per available seat kilometre Ancillary Ticket > 4% Passenger growth driven by increased flights & load factor 6.65 > Revenue growth of 6% following investment into longer leisure as 0.01 0.01 6.45 ASKs grew 9% (0.14) 2.00
Slide 8: Airline Cost
AIRLINE COST FY’25 FY’24 Var 3% reduction in airline CASK year on year Airline total headline costs (£’m) 8,251 7,752 (6)% Airline headline costs ex fuel (£’m) 5,998 5,529 (8)% Fuel (£’m) 2,253 2,223 (1)% 6.31 CASK ex Fuel Fuel CASK 1.81 (5)% (6)% 0% (2)% 6% 6.14 7% 1% 8% 1.68 4.50 4.46 Headline tot
Slide 9: easyJet Holidays
EASYJET HOLIDAYS Early delivery of the medium-term target of >£250m PBT Customer growth > UK market share increased to 10%1 > Profit increase of 32% in FY’25 +20% 3,090 +36% FY’25 FY’24 Var 2,575 Customers (thousands) 3,090 2,575 20% - Direct 2,725 2,261 21% 1,893 - Booking.com commission 365 314 16
Slide 10: Cashflow
CASHFLOW Strong cash generation alongside purchase of 9 aircraft and repurchase of 8 leased aircraft £1.7bn Cash generated from operating activities > EBITDA improved by £79m YoY > Net cash of £602m, +£421m YoY – strong 209 69 base ahead of upcoming fleet renewal 1,439 (34) > Book value of owned ass
Slide 11: Balance Sheet
BALANCE SHEET Further strengthened our investment grade balance sheet £m 30-Sept 25 30-Sept 24 > £4.8bn owned assets - to grow to >£7.5bn Goodwill and other intangible assets 771 793 by FY28 Property, plant and equipment ex. RoU assets 4,791 4,285 • 85% neo aircraft currently owned RoU assets 1,015
Slide 12: Our Fleet
OUR FLEET Investment to drive >£3 cost per seat efficiency from upgauging Current agreed Airbus order book Steady state capex > 290 firm orders (125 A320s and 165 A321s) due by FY34 > FY28 – plan for a fleet of 395 > 100 Purchase rights > Neo aircraft useful economic life expected to be 23 years > O
Slide 13: Focus on Capital Allocation
FOCUS ON CAPITAL ALLOCATION FY25 Aircraft allocation Fleet – aircraft investments > New bases opened in London Southend, Milan Linate & Rome Fiumicino > Focusing on targeted & disciplined capacity growth > 7 aircraft added to top quartile performing bases > Modernising the fleet with upgauging, fuel
Slide 14: Outlook
OUTLOOK Progressing towards our medium-term targets > easyJet holidays target met and upgraded to £450m PBT by FY30 > Materially all upgauging benefit still to be realised - improving delivery schedule visibility > Winter capacity investments will mature, albeit taking longer than anticipated 2026 F
Slide 15: Strategy Update
STRATEGY UPDATE Kenton Jarvis CEO
Slide 16: 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 16
Slide 17: Delivered by Our People
DELIVERED BY OUR PEOPLE…. Focus on Crew Engagement & Best place to work1 Glassdoor 4.2 Health, Wellbeing & Inclusivity All employees now shareholders2 £15 million awarded this year Driving our Performance Culture Low attrition3 Sharing in Our Success 5.9% 1) easyJet airline named by Glassdoor as a b
Slide 18: For Our Customers
….FOR OUR CUSTOMERS People-driven customer service enabled by technology Airline CSAT 80% 71% Repeat booking Holidays CSAT 83% +4ppts +1ppt +1ppt > Unbeatable Network • >1,200 routes across 163 airports to Domestic, City & Beach destinations • >8,000 hotels available with easyJet holidays > Providin
Slide 19: 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%1 > Reducing winter losses • Aim to be profitable in Q1 £7-£10 target • Manage seasonal Q2 losses whilst protecting the summer ramp up > Upgauging • On track for a
Slide 20: Building Europe's Best Network
BUILDING EUROPE’S BEST NETWORK Focus on returns Size of easyJet bases by # based aircraft > Targeted growth >70 5-9 • Three new bases opened in FY25: London Southend, Milan Linate & 20-29 <5 Rome Fiumicino GLA EDI 10-19 FY26 new • 7 aircraft added into existing top quartile performing bases bases BF
Slide 21: Strengthening Revenue
STRENGTHENING REVENUE - Unique business model Programme of continuous improvement > Enhanced merchandising alongside service features on our re-platformed app > Early delivery of target - from 10% UK market share & 7% attachment rate > Continued algorithm enhancements • Optimised bag algorithm for r
Slide 22: Delivering Ease and Reliability
DELIVERING EASE AND RELIABILITY Continued investment into customer experience > FY25 Airline CSAT 80%, +4ppts YoY, improvements seen across all touch points • Record level in over a decade > FY25 Holidays CSAT 83%, +1ppts Continued investment into resilience > FY25 OTP +3ppts YoY > Turn time improve
Slide 23: Delivering Low Cost Travel
DELIVERING LOW COST TRAVEL easyJet FY’25 CASK (ex fuel) (pence) Progress to date > FY25 Total CASK improved 3% YoY > Flat CASK ex Fuel over last 2 years Lufthansa AirFrance KLM IAG easyJet > Cost actions delivered easyJet FY’25 CASK (ex fuel) YoY % movement • Operational performance drove material d
Slide 24: Summary
SUMMARY Value creation Medium-term targets Disciplined capital allocation & targeted growth > Group PBT per seat of £7-£10 > High teen ROCE Capital light Holidays business > Holidays £450m PBT by FY30 > Disciplined capacity Infrastructure & capacity constrained growth of up to 5% Investment grade ba
Slide 25: Appendix
APPENDIX
Slide 26: Capital Allocation Framework
CAPITAL ALLOCATION FRAMEWORK Objective Metrics FY’25 Progress > High asset efficiency > Aircraft utilisation >10 hours a day > Asset utilisation +3% YoY to 10.2 hours Capital discipline > Maintain fleet flexibility > Capacity growth up to 5% > +4% seat capacity growth from 3% fleet growth to 356 air
Slide 27: 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 28: Pioneering Sustainable Travel
PIONEERING SUSTAINABLE TRAVEL Improved or maintained all ESG Ratings #1 airline #1 global Included in in Europe airline AA 18.0 B As of Sep 25 As of Nov 25 As of Jan 24 > On track to meet our SBTi-validated 'interim' carbon target of 35% intensity reduction by 2035 • FY25 emissions intensity reduced
Slide 29: Our Network
OUR NETWORK Focused position in constrained airports Balanced network No. of > 9% growth in FY’25 – growth in city, beach & Non-EU Capacity % FY25 FY24 FY19 slots2 FY’25 FY’24 Var Fully Slot Constrained 46% 41% 37% 772,057 (L3 Constrained)1 ASKs (m) 134,451 122,885 9% Slot Constrained at - Domestic
Slide 30: Holidays Offering & Airline Attachment Rate
HOLIDAYS OFFERING & AIRLINE ATTACHMENT RATE Attachment rate - significant growth opportunity Attachment FY25 attachment rates1 > Material growth headroom UK Beach 20% 7%1 across both beach and city flows UK City 5% Est. 2019 EU Beach 1% > Jet2 package holidays EU City <1% c.70% constrained by capaci
Slide 31: Financial Performance
FINANCIAL PERFORMANCE FY’25 FY’24 Change1 £m £m Passenger revenue 6,072 5,715 6% Ancillary revenue 2,594 2,457 6% Holidays revenue2 1,440 1,137 27% Group revenue 10,106 9,309 9% Headline costs: Airline EBITDA costs ex fuel (5,200) (4,754) (9%) Fuel (2,253) (2,223) (1%) Holidays EBITDA costs2 (1,207)
Slide 32: Airline Revenue & Costs
AIRLINE REVENUE & COSTS FY’25 FY’24 Change1 Available seat kilometres (ASK) (millions) 134,451 122,885 9% Revenue passenger kilometres (RPK) (millions) 122,021 111,615 9% RPK Load Factor (%) 90.8 90.8 0ppt Ticket RASK (p) 4.52 4.65 (3)% - Ticket Revenue per RPK (p) 4.97 5.12 (3)% Ancillary RASK (p)
Slide 33: Airline Headline Cost per ASK
AIRLINE HEADLINE COST PER ASK Airline cost per ASK Vs FY’24 FY25 Drivers FY26 CASK Direction p p % • Favourable route mix and costs spread over a longer sector length • Inflation on RPI/CPI linked contracts and increased labour costs partially offset by Airports and ground handling 1.60 0.02 1% with
Slide 34: Aircraft Repurchases
AIRCRAFT REPURCHASES Improving our long-term cost position while strengthening our owned asset position > Presented with the opportunity to repurchase eight leased A320 family aircraft during FY25, taking them back into ownership > Further strengthening our owned asset position - value increased by
Slide 35: Taxation
TAXATION FY’25 FY’24 Change1 Total tax charge (£’m) 164 150 (14) Effective tax rate (%) 25% 25% - Net cash paid (£’m) 12 8 (4) Deferred tax asset/(liability) (258) (70) (188) Accelerated capital allowances (706) (555) (151) Trading losses 439 440 (1) Other 9 45 (36) > Expect £10m of deferred tax ass
Slide 36: Gross Capex – Base Fleet Plan
FY’25 FY’24 change Gross Capex – base fleet plan A319 (leased) 64 64 - A319 (owned) 18 18 - A319 Total 82 82 - c. £3.3bn % of fleet 23% 23% - c. £2.3bn A320 (leased) 73 77 (4) A320 (owned) 107 103 4 c. £1.7bn A320 Total 180 180 - c. £1.3bn % of fleet 51% 52% (1)ppts A320 neo (leased) 5 7 (2) A320 ne
Slide 37: Debt Maturity Profile
DEBT MATURITY PROFILE Debt (£m) RCF $1,700m Bond (£1,263m) £1,400 €1,200m (£1,033m) > Diverse sources of funding £1,200 through aircraft leases, eurobonds, JOLCO and Bond RCF £1,000 €850m (£742m) > Controlled strategy to £800 minimise funding costs and refinancing risks £600 > Undrawn $1.7bn RCF is
Slide 38: Headline Group Income Statement
HEADLINE GROUP INCOME STATEMENT £m Airline Holidays Intra-group transactions Group Passenger revenue 6,072 6,072 Ancillary revenue 2,594 1,917 (477) 4,034 Total revenue 8,666 1,917 (477) 10,106 Fuel (2,253) - - (2,253) Airports & ground handling (2,161) - - (2,161) Crew (1,198) - - (1,198) Navigatio
Slide 39: Headline Fuel & Currency Impact
HEADLINE FUEL & CURRENCY IMPACT Fuel impact FY’25 FY’24 Change1 Fuel market price ($ per metric tonne) 709 864 18% Effective price 757 842 10% US dollar rate Market price 1.31 1.27 3% Effective price 1.29 1.24 4% Actual cost of fuel £ per metric tonne 591 677 13% FY’25 currency impact on headline PB
Slide 40: Fuel & FX Hedging
FUEL & FX HEDGING Jet Fuel H1’26 H2’26 H1’27 Hedged position 80% 54% 31% Average hedged rate ($/MT) 717 690 677 Current spot ($/MT) at 21.11.25 c.780 USD H1’26 H2’26 H1’27 Hedged position 77% 53% 31% Average hedged rate (USD/GBP) 1.30 1.31 1.32 Current rate (USD/GBP) at 21.11.25 c.1.31 Lease payment
Slide 41: 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