easyjet (EZJ) H2 2024 earnings summary

Executive summary

• Achieved group profit before tax (PBT) of GBP 610 million for FY 2024, a 34% year-over-year increase, with record H2 profit of GBP 960 million, outperforming other European airlines.

• Holidays segment PBT reached GBP 190 million, up 56% year-over-year, with 36% customer growth.

• Customer satisfaction at a 10-year high, improved by 3ppts to 76%; maintained #1 ESG airline rating in Europe.

• Proposed dividend doubled to 20% of profit after tax, to be paid in February 2025.

• Leadership transition: CEO and CFO roles changing hands, with a clear strategy and succession plan in place.

Financial highlights

• Group revenue rose 14% to GBP 9,309 million; passenger revenue up 9%, ancillary revenue up 13% year-over-year.

• Total capacity rose 8% year-over-year to 100.4 million seats; passenger numbers also up 8%.

• Airline revenue per seat up 2% to GBP 81.35; ancillary yield up 4%.

• Headline cost per seat ex-fuel broadly flat at GBP 55.03; profit per seat increased 24% to GBP 6.08.

• Cash position increased by GBP 536 million to GBP 3.5 billion; net cash position GBP 181 million.

Outlook and guidance

• FY 2025 seat capacity to rise 3%, with sector length up 5%, driving 8% ASK growth.

• CASK ex-fuel expected to remain broadly flat; productivity and utilization improvements targeted.

• Q1 loss expected to halve year-over-year; H1 to see slight improvement despite Easter timing.

• easyJet holidays to grow customer numbers by 25% in 2025, maintaining strong margins; 9 new aircraft deliveries planned.

• Medium-term targets: group PBT per seat of GBP 7–10, high teen ROCE, holidays PBT >GBP 250 million, and ambition to deliver >GBP 1 billion group PBT.