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%; load factor increased 1.2ppt to 87.9%.

• Capacity investments led to 12% YoY ASK growth and 6% more seats, improving crew productivity and aircraft utilization by 5–6%.

• easyJet holidays delivered £44m profit (+42% YoY) on 29% revenue growth and 27% customer growth, on track for >£250m PBT medium-term target and expecting 25% customer growth.

• Net cash position improved to £327m, with total liquidity at £5.3bn and owned asset book value at £4.6bn, projected to grow over 60% by FY28.

• New bases opened in Southend, Milan Linate, and Rome Fiumicino, with Newcastle base to open for next summer; recognized as #1 ESG-rated airline in Europe.

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.

• 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.

• Dividend payout of 20% of profit after tax maintained; 12.1p per share paid for FY2024.

• Net cash at period end £327m; capex £529m; cash and other cash investments at £3,622m.

• Airline RASK down 6% YoY to 5.64p; load factor 87.9% (+1.2ppt YoY); average seat gauge up 1% to 181.

Outlook and guidance

• FY25 ASK growth expected at ~8% YoY, with H2 growth moderating to 6%; seat growth for summer ~1% due to OEM delivery delays.

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

• easyJet holidays expects ~25% customer growth YoY; on track for >£250m PBT.

• Q3 bookings 80% sold (+0.5ppt YoY), Q4 bookings 42% sold (+2.2ppt YoY), both ahead of last year.

• Confident in early delivery of medium-term targets, including >£1bn PBT and >£3 per seat cost savings by FY28.