12 October 2023

Key messages

Executing our plan

Current medium term targets delivered

Low to mid teen ROCE

Mid teen EBITDAR Margin

easyJet holidays delivers >£100m

PBT

2

Today's business update:

  • FY23 Trading update
  • Ambitious new targets
  • Proposed aircraft order
  • Capital allocation framework

FY23 Financial summary

2023 Financial year1

  • PBT to be between £440 - £460 million
  • Holidays delivers around £120 million PBT
  • Q4 Record PBT delivered: £650 - £670 million
    • Q4 RPS +9% YoY - guidance c.10%
    • Q4 CPS ex fuel flat YoY
  • H2 Record PBT delivered: £850 - £870 million
    • H2 RPS +15% YoY
    • H2 CPS ex fuel reduced 1.3% YoY - guidance broadly flat
  • New shareholder returns policy, commencing with FY23 results, payable early 2024

Outlook

    • Q1'24
      • Capacity c.15% YoY
      • Yields ahead YoY and load factor in line
      • Headline cost ex fuel expected to slightly reduce YoY
  2. FY23 numbers are circa and rounded to the middle of the guidance range and remain subject to audit

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Medium term targets

Group PBT1 per seat

High teen ROCE2

of £7-£10

Targeting high teen Airline EBITDAR Margins

  • Reducing winter losses
    • Profitable restoration of winter capacity driving productivity and utilisation gains
  • Upgauging
    • >£3 per seat cost saving from A319s leaving the fleet
  • easyJet holidays
    • Continuing profitable growth adding to market share in the package holiday market
  • Other
    • Continued monetisation of easyJet's primary airport network
    • Cost discipline
    • Inflight retail & other ancillary revenue growth
    • External factors: Inflation, fuel & demand environment

Holidays PBT1 to

Disciplined capacity

>£250m

growth c.5% CAGR3

Ambition to deliver >£1bn PBT

  1. Headline result before non-headline items 2) ROCE is calculated by taking headline profit/loss before interest and tax, applying tax at the prevailing UK corporation tax rate at the end of the financial year, and dividing by the average capital employed. Capital employed is shareholders equity, excluding the hedging and cost of hedging reserves, plus net debt 3) Capacity growth between 2023 and 2028.

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Disclaimer

easyjet plc published this content on 11 October 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 October 2023 07:04:08 UTC.