easyjet (EZJ) H2 2024 earnings summary

Executive summary

• Profit before tax reached GBP 610 million, a 34% year-on-year increase, with record H2 profit of GBP 960 million, outperforming other European airlines.

• Holidays segment profit before tax reached GBP 190 million, up 56% year-on-year, with 36% customer growth.

• Customer satisfaction scores are at a 10-year high, up 3ppts to 76%, and a 20% dividend is proposed, doubling last year's payout.

• Leadership transition: new CFO Jan De Raeymaeker to succeed Kenton Jarvis; CEO Johan Lundgren steps down.

• Strengthened investment grade balance sheet with GBP 181 million net cash and high liquidity.

Financial highlights

• Group revenue rose 14% to GBP 9,309 million, with passenger revenue up 9% and ancillary revenue up 13% year-on-year.

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

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

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

• Headline EBITDA increased 21% to GBP 1,367 million; headline EBIT up 25% to GBP 597 million.

Outlook and guidance

• FY25 seat capacity expected to grow 3%, with sector length up 5%, driving 8% ASK growth.

• easyJet holidays plans 25% customer growth in FY25; 9 new aircraft deliveries planned.

• CASK ex-fuel expected to reduce slightly in H1 and remain broadly flat for the full year.

• Q1 loss expected to at least halve from last year's GBP 126 million; targeting further reduction in winter losses.

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