easyjet (EZJ) H1 2025 earnings summary

Executive summary

• H1 headline loss before tax was £394 million, slightly improved year-over-year when adjusted for Easter timing and one-offs, with revenue up 8% to £3,534m and passenger numbers up 8%.

• Capacity investments included a 12% increase in ASKs and 6% more seats, boosting crew productivity and aircraft utilization by 6% and 5% respectively.

• easyJet holidays delivered £44m profit (+42% YoY) on 29% revenue growth and 27% customer growth, on track for over £250m PBT medium-term target.

• Strong summer demand outlook with Q3 80% and Q4 42% of seats sold, both ahead YoY; new bases opened in Southend, Milan Linate, and Rome Fiumicino, with Newcastle to open for next summer.

• Net cash position improved to £327m, with £5.3bn liquidity and 55% of fleet owned; investment grade balance sheet further strengthened.

Financial highlights

• Group revenue up 8% YoY to £3,534m; airline revenue up 6% to £3,134m; holidays revenue up 29% to £400m.

• Headline loss before tax £394m (vs £350m loss YoY); headline loss per share 38.9p; total loss per share 39.5p.

• Headline airline CASK ex fuel down 4% YoY to 4.72p; fuel CASK down 8% to 1.71p; total CASK down 5% to 6.43p.

• Net cash at period end £327m; cash and other investments £3,622m; total liquidity £5.3bn.

• Dividend payout maintained at 20% of profit after tax, with 12.1p per share paid for FY24.

Outlook and guidance

• Positive near-term outlook with current booking position supportive of consensus; FY25 earnings growth expected, supported by positive demand and constrained summer capacity.

• FY25 ASK growth expected at ~8% YoY, with H2 growth moderating to 6%; seats to increase 3% YoY.

• FY25 headline CASK ex fuel expected broadly flat YoY; H2 fuel CASK to reduce by ~8% YoY.

• easyJet holidays expects ~25% customer growth YoY and is on track for over £250m PBT medium-term target.

• On track for medium-term target of over £1bn PBT; no share buybacks planned, focus on fleet investment and liquidity.