Slide 1: HY24 Results
easyJet HY24 RESULTS 16 May 2024
Slide 2: On track towards our ambition to deliver >£1bn of PBT
On track towards our ambition to deliver >£1bn of PBT Reduced winter losses by £61m Upgauging on track in FY24 Holidays FY24 PBT expected to be >£170m (>40% growth YoY) Targeted capacity growth, H1’24 +12%, H2’241 +8% - reaching 100m seats Well-positioned to deliver on our medium term targets Expect
Slide 3: Kenton Jarvis – CFO
> Kenton Jarvis – CFO FY22 Results
Slide 4: HY24 key metrics vs HY23
HY24 HY23 Change1 Seats flown (m) 42.3 37.9 12% Passengers (m) 36.7 33.1 11% Load factor (%) 86.7 87.5 (0.8)ppts Average sector length (km) 1,168 1,192 (2)% > Targeted growth: +12% Airline revenue per seat: (£) 69.87 66.46 5% Airline RASK (p) 5.98 5.58 7% > Strong pricing: RPS +5% Fuel cost per seat
Slide 5: Group income statement summary
HY24 HY23 Change1 £m £m Passenger revenue 2,046 1,749 17% Ancillary revenue 911 767 19% Holidays revenue2 311 173 80% Group revenue 3,268 2,689 22% > Enhanced revenue Headline costs: generation across the Airline EBITDAR costs ex fuel (2,053) (1,824) (13)% business Fuel (914) (773) (18)% Holidays EB
Slide 6: Primary network delivers ticket yield +5% YoY
Reported RPS 5% HY24 HY23 % RPS @ CC 5% Var Ticket Yield1 £55.76 £52.86 5% Ancillary Yield2 £24.83 £23.12 7% Total Yield £80.59 £75.98 6% > Primary network delivers ticket yield +5% YoY, demonstrating: ▪ Targeted growth in contribution positive flying ▪ Aircraft reallocation & route maturity deliver
Slide 7: HY24 vs HY23 Headline CPS ex. fuel at constant currency
HY24 vs HY23 Available seat kilometres (m) 49,421 9.6% Average sector length (km) 1,168 (2.0)% Headline CPS ex. fuel @ CC = 0.8% Headline CASK ex. fuel @ CC = (1.2)% 1) HY 2023 headline CPS (£77.58) + balance sheet revals (£0.70) = HY headline cost per seat excl. balance sheet revals (£78.29). 2) Ot
Slide 8: Fuel, currency hedging and carbon update
Jet Fuel H2’24 H1’25 H2’25 Hedged position 74% 56% 21% Average hedged rate ($/MT) 825 832 818 Current spot ($/MT) at 15.05.24 c. 810 US Dollar H2’24 H1’25 H2’25 Hedged position 75% 53% 22% Average hedged rate (USD/GBP) 1.25 1.25 1.26 Current spot (USD/GBP) at 15.05.24 c. 1.26 Lease payments and Cape
Slide 9: Cash generated from operations
Cash generated from operations Net cash inflow from financing (excl. dividend & FX) activities £398m £79m 99
Slide 10: Balance sheet and net cash
£m 31 Mar-24 31 Mar-23 Goodwill and other intangible assets 672 611 Property, plant and equipment (including RoU) 5,040 4,744 Derivative financial instruments 14 (126) BBB/Baa2 Credit rating Equity investment 31 31 Other assets (excluding cash and money market deposits) 1,727 1,582 Unearned revenue
Slide 11: Maximising returns from our existing aircraft
Maximising returns from our existing aircraft > Reallocation of aircraft into the highest returning bases > Revenue growth on existing assets • Holidays attachment rate growth • Revenue management enhancements • Continued ancillary growth Investing in new capital > Enabling growth within our existin
Slide 12: Fleet flexibility and Airbus order book
Fleet flexibility Current agreed Airbus order book > 306 firm orders (137 A320s and 169 A321s) due by FY34 392 > 100 purchase rights 380 384 356 370 347 356 343 Industry supply constraints 346 330 > Continue to expect 16 deliveries in FY24 as planned 311 > easyJet unaffected by GTF engine challenges
Slide 13: Gross Capex – base fleet plan
Gross Capex – base fleet plan Based on 100% aircraft deliveries being taken into ownership c. £2.4bn > Airbus firm orders provide c. £1.9bn ▪ 16 deliveries in FY24, 9 in FY25, 25 in FY26, 34 in FY27 > All FY24 & FY25 deliveries planned to be purchased through c. £1.3bn c. £1.3 bn free cash flow, tak
Slide 14: Johan Lundgren – CEO
> Johan Lundgren – CEO FY22 Results
Slide 15: Platform to create value for our shareholders
Building Europe’s best network Transforming revenue Europe’s most loved airline – Making winning for low-cost Delivering our customers, travel easy ease and reliability shareholders and our people Driving our low-cost model Platform to create value for our shareholders FY22 Results 15 15
Slide 16: #1 place to work
Glassdoor Focus on Crew Engagement 4.1 Best Airline & Travel company to work for in 2024 Health and Wellbeing #1 place to work2 Driving our inclusive culture Reduced attrition1 Reward and Recognition 6.7 % Improved from 8% Driving a positive customer experience 1) Is measured by voluntary attrition
Slide 17: Progress towards >£1bn PBT ambition
Group PBT1 per seat of Holidays PBT1 to Disciplined capacity High teen ROCE2 £7-£10 >£250m growth c.5% CAGR3 Progress: > Reducing winter losses ▪ £40m YoY improvement in airline result ▪ Despite c.£40m direct impact from ME conflict > Upgauging ▪ On track for 16 A320neo family aircraft deliveries in
Slide 18: Growing our network
Targeted growth > 158 new routes launched by easyJet for FY24 > Driving summer returns ▪ Birmingham & Alicante bases successfully launched – sold load factors ahead of network average ▪ Tenth UK base announced at Southend to open in summer 2025 > Reducing winter losses ▪ c.35% increase into north Af
Slide 19: easyJet holidays and inflight retail
: Unique business model Inflight retail > Continues to deliver: H1’24 profit per seat +40% YoY > £31 million PBT in H1’24 • +42% customer growth, 210% profit growth YoY > On track to deliver £1 PBT per seat in the medium term • 19% gross margin, +1 ppts YoY H1 24 YoY Growth > Positive forward bookin
Slide 20: Strong OTP execution & customer journey
Strong OTP execution & customer journey Optimising data, AI and personalisation > Built on actions from Summer 23 into Summer 24: > 67% of customer queries served via live chat: +46 ppts YoY ▪ Focus on first wave departure initiatives > Automation of communication channels: productivity ▪ Strengthen
Slide 21: H1'24 CPS ex fuel flat YoY
H1’24 CPS ex fuel flat YoY Cost advantage on easyJet’s primary airport network easyJet H1’24 CASK (excl. fuel) (pence) > Improved productivity & utilisation > Annualised benefit from FY23’s actions > Further efficiency and cost initiatives underway > Agreed purchase of an established heavy base main
Slide 22: Positive outlook for FY24
Positive outlook for FY24 Value creation Medium term targets > Q3 Airline RPS: Up slightly YoY > Executing a clear strategy Group PBT per seat of £7-£10 > Disciplined capital allocation > Q4 Airline RPS: Load factor ahead framework with yield slightly up YoY High teen ROCE > Targeted capacity growth
Slide 23: FY22 Results
FY22 Results
Slide 24: Appendix
easyJet APPENDIX
Slide 25: Balanced network
Focused position in constrained airports Balanced network FY24 FY23 FY19 5% 4% 2% Capacity % FY24 FY23 FY19 21% 22% 22% Fully Slot Constrained (L3 41% 42% 37% 47% 47% Constrained)1 55% 21% Slot Constrained at peak 41% 39% 30% 27% 27% times (L2 Constrained) Not Slot Constrained (L1 18% 19% 33% Constr
Slide 26: Improved or maintained all ESG Ratings
Improved or maintained all ESG Ratings Included in A- 25.4 AA As of Jan 24 As of July 23 As of Sep 23 Tracking ahead of plan on net zero pathway SAF supply secured to 2027 Momentum building around hydrogen for aviation SBTi aligned net zero roadmap based on 2ºC pathway > SBTi-validated interim targe
Slide 27: Capital discipline, capital structure, shareholder returns
Objective Metrics H1’24 Progress > High asset efficiency > Aircraft utilisation >10 hours a day > Asset utilisation +7% YoY Capital discipline > Maintain fleet flexibility > Capacity growth c.5% CAGR1 > 12% capacity growth from 5% fleet growth to 343 aircraft > Maintain robust Balance Sheet > Strong
Slide 28: Cost per seat
Variance to Variance to Weighted Cost per HY23 at HY23 at variance at H1’24 Drivers H2’24 Direction seat constant constant constant 1 currency currency currency1,2 1 £ £ % % ▪ Reduced load factor and benefit from bilateral volume deals in ▪ Inflation at regulated airports with RPI/CPI linked contrac
Slide 29: Debt
Debt “£m” UKEF > Diverse sources of $1,750m (£1,387m) funding through £1,600 aircraft leases, Bond Bond eurobonds, RCF and £1,400 €500m €1,200m UKEF (£443m) (£1,037m) £1,200 RCF $400m > FY24 bond repaid in (£317m) October 2023 £1,000 Bond €850m > Controlled strategy to £800 FY24 (£727m) minimise fun
Slide 30: Airline and Holidays income statement
Intra-group £m Airline Holidays1 Group transactions Passenger revenue 2,046 - - 2,046 Ancillary revenue 911 427 (116) 1,222 Total revenue 2,957 427 (116) 3,268 Fuel (914) - - (914) Airports and ground handling (811) - - (811) Crew (494) - - (494) Navigation (187) - - (187) Maintenance (199) - - (199
Slide 31: H1 2024 vs H1 2023 loss after tax
£m HY24 HY23 Change1 Headline loss before tax (350) (411) 15% Headline tax credit 92 107 (14)% Headline loss after tax (258) (304) 15% Non-Headline items 3 (4) 175% Non-Headline tax credit (2) 1 (300)% Total loss after tax (257) (307) 16% Effective tax rate (26)% (26)% - 1) Favourable/(adverse) FY22
Slide 32: Group revenue
Group revenue, £m HY24 HY23 Change1 Airline passenger revenue 2,046 1,749 17% Airline ancillary revenue 911 767 19% Holidays revenue2 311 173 80% Total revenue 3,268 2,689 22% Airline revenue per seat, £ HY24 HY23 Passenger revenue 48.34 46.24 5% Ancillary revenue 21.53 20.22 6% Total revenue 69.87
Slide 33: Fleet breakdown
H1 2024 H1 2023 Change1 A319 (leased) 70 67 3 A319 (owned) 18 29 (11) A319 Total 88 96 (8) % of fleet 26% 29% -3% A320 (leased) 74 63 11 A320 (owned) 103 105 (2) A320 Total 177 168 9 % of fleet 52% 51% +1% A320 neo (leased) 7 7 - A320 neo (owned) 56 42 14 A320 neo Total 63 49 14 % of fleet 18% 15% +
Slide 34: Non-headline items
HY24 HY23 Change1 Description £m £m £m £1 million gain from completing 11 aircraft sale and leasebacks in the period (HY23: £nil impact from 6 aircraft Sale and leaseback gain 1 - 1 sale and leasebacks). £2 million restructuring provision release from historical restructuring programmes in Germany (
Slide 35: Fuel and currency impact
Fuel impact HY24 HY23 Change1 Fuel $ per metric tonne Market price 935 1,012 77 Effective price 878 860 (18) US dollar rate Market price 1.25 1.19 (6) cent Effective price 1.23 1.24 1 cent Actual cost of fuel £ per metric tonne 716 691 (25) HY24 currency impact on headline LBT2 EUR CHF USD Other Tot
Slide 36: Revenue and headline costs by currency
Revenue Headline Costs1 HY24 HY23 HY24 HY23 Sterling 52% 51% 34% 32% Euro 38% 38% 34% 34% US dollar - 1% 27% 28% Other (principally Swiss franc) 10% 10% 5% 6% 1) HY23 figures have been restated to exclude an element of FX hedging included in error. Average effective Euro rate for revenue for HY24 wa
Slide 37: Monthly passengers and load factor
January 2024 2023 Change Passengers (‘000) 4,216 4,185 1% Load Factor 84% 85% (1)ppt February 2024 2023 Change Passengers (‘000) 5,767 5,221 10% Load Factor 87% 89% (2)ppts March 2024 2023 Change Passengers (‘000) 6,861 6,225 10% Load Factor 89% 90% (1)ppt FY22 Results 37 37