easyjet (EZJ) Q1 2025 TU earnings summary

Executive summary

• Q1 headline loss before tax reduced to £61m, a 52% YoY improvement, driven by strong demand, cost control, and lower fuel prices.

• Passenger numbers grew 7% YoY to 21.2 million, with ASK capacity up 11% YoY and load factor rising to 88%.

• easyJet holidays delivered £43m profit, up £12m YoY, with around 40% profit growth.

• Six new A320neo aircraft delivered in Q1, with further deliveries expected by summer.

Financial highlights

• Group revenue rose 13% YoY to £2,037m; passenger revenue up 11% and holidays revenue up 36%.

• Group headline EBITDA doubled YoY to £148m; headline LBT improved to £61m from £126m.

• Fuel costs fell 3% YoY; total CASK down 4% YoY, with fuel CASK down 13%.

• Net cash at £2.8bn, net debt stable at £484m despite significant aircraft investments.

Outlook and guidance

• FY25 ASK growth expected at ~8% YoY; seat capacity to reach ~103 million.

• easyJet holidays anticipates ~25% customer growth YoY.

• H1 underlying winter losses expected to reduce, with H1 CASK ex fuel and fuel CASK both set to decline YoY.

• Forward bookings strong: Q2 57% sold (+2ppts YoY), Q3 26% sold (+2ppts), Q4 13% sold (+1ppt).

• On track to achieve medium-term target of >£1bn PBT; FY25 consensus headline PBT at £709m.