EASYJET PLC - Half Year Results wn2v

03/06/2025

EasyJet PLC’s latest investor update highlights steady progress in executing its FY25 growth...

EasyJet PLC’s latest investor update highlights steady progress in executing its FY25 growth strategy, underpinned by resilient customer demand, expanding EasyJet Holidays, and a clear path to sustainable margin expansion. With 42% of peak summer seats already sold—2% ahead year-on-year—and winter losses narrowed after adjusting for Easter timing, trading momentum remains strong. EasyJet Holidays delivered £43m winter profit and is on track to exceed its £250m medium-term profit before tax target. The Group continues to modernise its fleet, replacing ageing A319 aircraft with more efficient A320neo and A321neo models, expected to boost productivity and reduce unit costs by £3 per seat by FY28. The book value of EasyJet’s owned fleet is set to rise 60% over this period, reinforcing its robust £4.6bn investment-grade balance sheet. Strategic expansion at slot-constrained airports - including new bases in Milan, Rome, Southend, and Newcastle - s EasyJet’s vision of building Europe’s best short-haul network. Efficiency gains are also being driven by in-house maintenance capabilities and AI-driven operational planning tools. In-flight retail revenues rose 15% per seat, with further upside targeted through product personalization and brand partnerships. Management reaffirmed confidence in delivering its medium-term targets, including over £1bn profit before tax, high-teens ROCE, and 35% capacity CAGR. Dividends have resumed, with a 20% payout of post-tax profits reflecting EasyJet’s commitment to shareholder returns.

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