easyjet (EZJ) H1 2025 Pre Recorded earnings summary

Executive summary

• H1 2025 headline loss before tax was GBP 394 million, a slight year-on-year improvement when adjusted for Easter timing and one-offs, with revenue up 8% to GBP 3,534 million and passenger numbers up 8% to 39.5 million.

• Q1 delivered a GBP 65 million year-on-year improvement, reducing winter losses and progressing toward profitability in the December quarter.

• easyJet Holidays delivered GBP 44 million profit (+42% YoY) on 29% revenue growth and 27% customer growth, with strong customer satisfaction and increased attachment rate.

• Cost control initiatives led to a 4% YoY reduction in CASK ex fuel and 8% reduction in fuel CASK, despite inflation and resilience investments.

• Net cash position improved to GBP 327 million (from GBP 146 million YoY), with access to GBP 5.3 billion liquidity and a strong investment grade balance sheet.

Financial highlights

• Group revenue rose 8% YoY to GBP 3,534 million; airline revenue up 6% to GBP 3,134 million; holidays revenue up 29% to GBP 400 million.

• Headline loss before tax was GBP 394 million (vs GBP 350 million YoY); headline loss per share was 38.9p (vs 34.4p YoY).

• Q1 losses more than halved, with a GBP 65 million reduction; Q2 underlying losses increased due to ASK growth into new destinations.

• Load factor increased 1.2ppt to 87.9%; ASK up 12% to 55,570 million; average sector length up 6% to 1,237km.

• easyJet Holidays H1 profit rose 42% to GBP 44 million, with a 27% increase in customers to 1.07 million.

Outlook and guidance

• Full year seat capacity expected to rise by 3% and ASKs by 8% year-on-year, with H2 growth moderating to 6%.

• Summer capacity growth constrained, with only 1% seat increase in H2.

• Bookings supportive of consensus for attractive year-on-year earnings growth; 80% of Q3 and 42% of Q4 seats sold, both ahead of last year.

• easyJet Holidays on track for 25% customer growth and GBP 250 million profit before tax.

• Targeting group profit before tax of GBP 7-10 per seat and over GBP 1 billion in sustainable PBT.