Slide 1: Q3 2023
Q3 2023 20 July 2023
Slide 2: Summer 2023
Summer 2023 Capacity Record Q3 PBT - £317m YoY improvement in PBT +6% +3% > Passenger growth +7% YoY Growth Largest UK > RPS +23% YoY through slot domestic additions in carrier – Load factor +2 ppts YoY the Greek added Islands & capacity post Ticket yield +22% YoY Portugal Flybe failure Ancill
Slide 3: Q3 2023 Key Stats
Q3 2023 Key Stats Q3’23 Q3’22 Var Passengers (000s) 23,454 22,001 7% Seats flown (000s) 26,177 24,936 5% Load factor 90% 88% 2ppt Airline passenger revenue per seat (£) 57.33 46.20 24% Airline ancillary revenue per seat (£) 23.75 19.47 22% Total airline revenue per seat (£) 81.08 65.67 23% Airline h
Slide 4: Financial performance
Financial performance Q3’23 Q3’22 Change1 £m £m Passenger revenue 1,501 1,152 30% Ancillary revenue 622 486 28% Holidays revenue2 237 117 104% Group revenue 2,360 1,755 34% Fuel costs (585) (417) (40)% Airline EBITDAR costs ex fuel (1,210) (1,135) (7)% Holidays EBITDAR costs2 (193) (100) (93)% Group
Slide 5: Airline revenue per seat
Airline revenue per seat Reported RPS 23% Q3'23 Q3'22 vs. Q3'22 Q3'19 vs. Q3'19 Passenger Yield1 £63.98 £52.37 22% £52.56 22% RPS @ CC 21% Ancillary Yield2 £26.51 £22.07 20% £14.20 87% Total Yield £90.49 £74.44 22% £66.77 36% > Primary network delivers ticket yield uplift +22% YoY, demonstrating:
Slide 6: Airline Headline cost per seat
Airline Headline cost per seat Q3’23 vs Q3’22 vs Q3’19 Available seat kilometres (m) 32,266 7% 0% Average sector length (km) 1,233 2% 10% Headline CPS ex. fuel @ CC - 1% improvement YoY Headline CASK ex. fuel @ CC - 2% improvement YoY £2.85 YoY benefit from disruption costs & having no wet leases in
Slide 7: Operations Update
Operations UPDATE Proactive management action Macro environment - Far from ordinary > Fully crewed for pilots and cabin staff > Supply chain challenges > ATC strike days to date +40% vs 2019 Resilience provided from spare parts pool > ATC Flow rate restrictions being implemented Mid life aircraf
Slide 8: Further upgrade to deliver £100m+ PBT in FY23
Further upgrade to deliver £100m+ PBT in FY23 +75% customer growth YoY >175% profit growth YoY Forward Bookings Winter 23/24 momentum continued with significant volume growth YoY Summer 24 holidays now on sale from Birmingham providing further growth opportunities Continues to be the fastest
Slide 9: Summary and outlook
Summary and outlook Q3 Outlook Expect to accelerate delivery of medium term targets > Q3 headline PBT £203m - £317m > easyJet holidays to deliver £100m+ Mid teen EBITDAR Margin PBT in FY’23 YoY improvement > Q4 RPS up around 10% YoY > Q3 RPS +23% YoY > H2 headline cost per seat ex fuel Low to mid te
Slide 10: Appendix
easyJet — oa APPENDIX |
Slide 11: Fuel & FX hedging
Fuel & FX hedging Jet Fuel Q4’23 H1’24 H2’24 Hedged position* 77% 58% 29% Average hedged rate ($/MT) 877 858 804 Current spot ($/MT) at 20.07.23 c.820 *easyJet fuel hedging is via a mix of swaps and options USD Q4’23 H1’24 H2’24 Hedged position 83% 65% 34% Average hedged rate (USD/GBP) 1.23 1.22 1.2
Slide 12: Q3 passenger statistics
Q3 passenger statistics April 2023 2022 Change Passengers (‘000) 7,295 6,932 5% Load Factor 89% 86% 3ppt May 2023 2022 Change Passengers (‘000) 7,985 7,424 8% Load Factor 89% 86% 3ppt June 2023 2022 Change Passengers (‘000) 8,174 7,645 7% Load Factor 91% 92% (1)ppt Q3Results FY22 2023 12
Slide 13: Additional financial information
Additional financial information Reducing gross debt $950 million of debt repaid during Q3 – c.£1.2bn debt retired during this financial year - During the quarter, easyJet signed a new undrawn five-year sustainability linked term loan facility of $1.75 billion underwritten by a syndicate of banks an