Slide 1: H1'25 Results
Slide 2: A strong easyJet - expect attractive earnings growth in FY25
> Winter losses slightly improved1, revenue benefit from important strategic capacity investment expected this coming winter and beyond > Positive demand alongside limited capacity growth this summer is expected to result in attractive FY25 earnings growth > easyJet holidays on track for early deliv
Slide 3: On track to deliver >£1bn Group PBT in the medium term
Group PBT per seat Holidays PBT to Disciplined capacity High teen ROCE of £7-£10 >£250m growth c.5% CAGR > Reducing winter losses • Aim to deliver profits in Q1 £7-£10 target • Limit seasonal Q2 losses whilst protecting the summer ramp up > Upgauging £6.08 FY24 • On track for average gauge to move t
Slide 4: Financial Review
Slide 5: Slightly improved winter losses with capacity investment to mature
Slightly improved winter losses1 with capacity investment to mature this coming winter and beyond H1’25 H1’24 Var > Additional winter capacity improved productivity and utilisation ASKs (m) 55,570 49,421 12% > Winter losses slightly improved YoY when adjusted for the timing of Easter Group headline
Slide 6: Expect attractive earnings growth in FY25
Expect attractive earnings growth in FY25, driven by positive demand and constrained summer capacity growth Current bookings are supportive of consensus1 although remain mindful that, consistent with this stage each year, there is still an important booking period for peak summer to go > FY25 Seats
Slide 7: Focus on driving productivity and utilisation
Focus on driving productivity and utilisation Balanced network - ASKs by route type > ASK increased by 12% driven by: > Beach & non-EU reflect 49% of ASKs (H1’24:44%) • 3% increase in fleet H1’25 H1’24 • 5% increase in aircraft utilisation City • 1% increase in gauge 9% 11% 15% 12% Beach 42% 45% Non
Slide 8: Positive demand for easyJet's primary airport network
Positive demand for easyJet’s primary airport network Revenue per available seat kilometre > Passenger growth driven by increased flights and load factor (6)% > Revenue growth of 6% with further benefits expected this winter and beyond following our investment into longer leisure flows as; 5.98 0.02
Slide 9: 5% reduction in airline CASK year on year
H1’25 H1’24 Var 5% reduction in airline CASK year on year Airline total headline costs (£’m) 3,572 3,338 (7)% Airline headline costs ex fuel (£’m) 2,623 2,424 (8)% 5% Fuel (£’m) 949 914 (4)% 6.75 4.90 8% 0% (2)% 4% 1% 11% 5% 6.43 11% 4.72 1.85 1.71 Headline total Fuel Airport and Crew Navigation Mai
Slide 10: easyJet holidays continues profitable growth
easyJet holidays continues profitable growth On track for early delivery of the medium-term target of > On track to deliver c.25% customer growth in FY25, taking UK market >£250m PBT share to 9%1 > Profit increase of 42% in H1’25 Customer YoY growth 4 H1’25 H1’24 Var c.25% Customers (thousands) 1,06
Slide 11: Further strengthened our investment grade balance sheet
Further strengthened our investment grade balance sheet £m 31-March 25 31-March 24 Goodwill and other intangible assets 790 672 > £4.6bn owned assets - to grow more than 60% Property, plant and equipment ex. RoU assets 4,553 4,046 by FY28 RoU assets 1,130 994 Derivative financial instruments (133) 1
Slide 12: Investment to drive >£3 cost per seat efficiency from upgauging
Investment to drive >£3 cost per seat efficiency from upgauging Current agreed Airbus order book Steady state capex > 291 firm orders (126 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 > Owned asset
Slide 13: Fleet modernisation to structurally improve returns
Fleet modernisation to structurally improve returns Greater than £3 unit cost savings1 to the Group > Material cost benefits to be realised from FY26 onwards in line with aircraft delivery profile A319 A320neo A319 A321neo Increased seats Reduced fuel Greater Increased seats Reduced fuel Greater bur
Slide 14: Strategy Update
Slide 15: Ambition to deliver >£1bn PBT
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 15
Slide 16: Best place to work; all employees now shareholders
Focus on Crew Engagement & Best place to work1 Glassdoor 4.2 Health and Wellbeing All employees now shareholders2 £15 million awarded this year Driving our Inclusive Culture Low attrition3 Sharing in Our Success 6.6% 1) easyJet airline named by Glassdoor as a best place to work in UK and easyJet hol
Slide 17: Focus on capital allocation driving stronger returns
Maximising returns from our existing aircraft > Reallocation of aircraft into the highest returning bases/routes > Revenue growth on existing assets • Holidays attachment rate growth • Revenue management enhancements • Continued ancillary growth > Maintaining cost discipline on current fleet Investi
Slide 18: Growing where demand is strongest
Focus on returns Size of easyJet bases by # based aircraft >70 5-9 > Targeted growth - constrained capacity in S’25 (seats +1%) 20-29 <5 GLA EDI 10-19 New bases • Southend opened for S’25, sold load factors ahead of network average – supported by holidays BFS MAN • Investment in Milan Linate & Rome
Slide 19: Maximising returns on capital employed
Programme of continuous improvement Unique business model > New re platformed & fully owned app - pipeline of > Digitally delivered with low overheads upgrades to eCommerce platform • 75% into 4 & 5 star holidays > Continued algorithm enhancements • 84% CSAT score > Inflight retail profit per seat;
Slide 20: Warmest welcome in the sky and on the ground
Continued investment into the customer experience > H1’25 CSAT 82%, +1.5ppts YoY, improvements across all touch points • +4ppts improvements on airport scores > H1’25 OTP +1ppt YoY • Easter OTP +13ppts YoY Continued investment into resilience > Focus on turn time execution > Utilising data and autom
Slide 21: Cost advantage on our primary airport network
Progress to date easyJet H1’25 CASK (ex fuel) (pence) > Flat CASK ex Fuel for last 18 months • H1 CASK ex fuel reduced 4% YoY o Productivity +6% & Asset Utilisation +5% > Insourced all line maintenance > Purchase of first MRO facility in Malta – providing up to 25% of our needs Lufthansa Air France
Slide 22: On track to deliver >£1bn PBT
Outlook Value creation Medium term targets > FY25 Outlook > Continue to execute on > Group PBT per seat of Bookings supportive of our strategy £7-£10 performance meeting consensus > Disciplined capital > High teen ROCE > FY25 ASK allocation framework growth +8% YoY > Holidays >£250m PBT > Targeted c
Slide 23: Appendix
Slide 24: Capital discipline
Objective Metrics H1’25 Progress > High asset efficiency > Aircraft utilisation >10 hours a day > Asset utilisation +5% YoY Capital discipline > Maintain fleet flexibility > Capacity growth c.5% CAGR > +6% seat capacity growth from 3% fleet growth to 355 aircraft > Maintain robust Balance > Strong i
Slide 25: Improved or maintained all ESG Ratings
Improved or maintained all ESG Ratings #1 airline #1 airline Included in in Europe Best in class in Europe AA 21.4 A- As of Sep 24 As of Sep 24 As of Jan 24 ✓ Tracking ahead of plan on net zero pathway ✓ SAF supply secured to 2027 SBTi aligned net zero roadmap based on 2ºC pathway > SBTi-validated i
Slide 26: Building Europe's best network
Focused position in constrained airports Balanced network > 12% growth in H1’25 – growth in Beach and Non - EU Capacity % FY25 FY24 FY19 Fully Slot Constrained H1’25 H1’24 Var 46% 41% 37% (L3 Constrained)1 ASKs (m) 55,570 49,421 12% Slot Constrained at peak - Domestic 5,164 5,376 (4)% 42% 44% 30% ti
Slide 27: Attachment rate - significant growth opportunity
Attachment rate - significant growth opportunity Attachment Holidays Booking.com commission Total > Material growth Customers (‘000) 921 146 1,067 6%1 headroom across Est. 2019 both beach and Revenue (£m) 540 2 542 city flows Costs (£’m) (498) - (498) > Jet2 constrained by c.70% capacity - limited P
Slide 28: Group income statement H1'25 vs H1'24
H1’25 H1’24 Change1 £m £m Passenger revenue 2,156 2,046 5% Ancillary revenue 978 911 7% Holidays revenue2 400 311 29% Group revenue 3,534 3,268 8% Headline costs: Airline EBITDA costs ex fuel (2,227) (2,053) (8)% Fuel (949) (914) (4)% Holidays EBITDA costs2 (363) (286) (27)% Group headline EBITDA (5
Slide 29: Airline KPIs H1'25 vs H1'24
H1’25 H1’24 Change1 Available seat kilometres (ASK) (millions) 55,570 49,421 12% Revenue passenger kilometres (RPK) (millions) 49,255 43,575 13% RPK Load Factor (%) 88.6% 88.2% +0.4ppt Ticket RASK (p) 3.88 4.14 (6)% - Ticket Revenue per RPK (p) 4.38 4.69 (7)% Ancillary RASK (p) 1.76 1.84 (4)% - Anci
Slide 30: Airline cost per ASK drivers
Airline cost per ASK vs H1’24 H1’25 Drivers H2’25 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 within partially offset by Airports and ground handling 1.58 1.64 4% ground handling partially
Slide 31: Strong cash generation alongside purchase of aircraft
Strong cash generation alongside purchase of 8 aircraft Cash generated from operations (excl. FX) £112m 1,287 (404) (12) 49 3,622 (672) 4 3,461 (91) Cash & other Unearned Revenue Movement in Operating loss Capex including Other movements Ordinary dividend FX Cash & other investments working capital
Slide 32: Fleet and gross capex base fleet plan
H1’25 H1’24 change Gross Capex – base fleet plan A319 (leased) 64 70 (6) c. £3.3bn A319 (owned) 18 18 - c. £2.3bn A319 Total 82 88 (6) % of fleet 23% 26% (3)ppts c. £1.7bn A320 (leased) 77 74 3 c. £1.2bn A320 (owned) 103 103 - A320 Total 180 177 3 % of fleet 51% 52% (1)ppts A320 neo (leased) 6 7 (1)
Slide 33: Debt
Debt “£m” UKEF $1,750m > Diverse sources of funding (£1,356m) through aircraft leases, £1,600 eurobonds, RCF and UKEF £1,400 Bond Bond > FY25 bond maturity €500m €1,200m prefunded through €850m (£419m) (£1,005m) bond issued in March 24, £1,200 RCF $400m maturing in FY31 (£310m) £1,000 Bond > Control
Slide 34: Airline and Holidays income statement
£m Airline Holidays Intra-group transactions Group Passenger revenue 2,156 - - 2,156 Ancillary revenue 978 542 (142) 1,378 Total revenue 3,134 542 (142) 3,534 Fuel (949) - - (949) Airports and ground handling (877) - - (877) Crew (548) - - (548) Navigation (211) - - (211) Maintenance (226) - - (226)
Slide 35: Fuel and currency impact
Fuel impact H1’25 H1’24 Change1 Fuel market price ($ per metric tonne) 726 935 (209) Effective price 788 878 (90) US dollar rate Market price 1.27 1.25 0.02 Effective price 1.27 1.23 0.04 Actual cost of fuel £ per metric tonne 624 716 92 H1’25 currency impact on headline EUR CHF USD Other Total LBT
Slide 36: Hedging, lease payments and capex, carbon and SAF
Jet Fuel H2’25 H1’26 H2’26 Hedged position 83% 59% 31% Average hedged rate ($/MT) 750 717 694 Current spot ($/MT) at 20.5.25 c. 675 USD H2’25 H1’26 H2’26 Hedged position 76% 58% 31% Average hedged rate (USD/GBP) 1.28 1.28 1.27 Current rate (USD/GBP) at 20.5.25 c.1.33 Lease payments and Capex > US do
Slide 37: Definitions
> Airline cost per ASK (CASK) – Total Airline costs divided by available seat kilometres. > Net cash - Total cash less borrowings and lease liabilities; cash includes money market deposits but excludes restricted cash. > Airline cost per seat (CPS) - Total Airline costs divided by seats flown. > Non