easyjet (EZJ) Q3 2024 TU earnings summary

Executive summary

• Q3 headline profit before tax rose 16% year-over-year to £236 million, driven by 8% passenger growth and strong demand across the network.

• easyJet holidays delivered a 49% increase in profit before tax to £73 million, with 33% passenger growth.

• Group revenue increased 11% to £2,631 million, supported by higher passenger numbers and ancillary revenue per seat.

Financial highlights

• Group headline EBITDAR grew 14% to £423 million; headline EBIT up 16% to £234 million year-over-year.

• Net cash position improved to £456 million as of 30 June 2024, up from £304 million a year earlier.

• Airline headline cost per seat ex fuel increased 1% year-over-year; total CASK reduced 1%.

• Fuel costs rose 7% to £625 million; fuel cost per seat decreased 1%.

• Cash and money market deposits reached £3.7 billion, up 19% year-over-year.

Outlook and guidance

• Positive outlook for FY24 with expected capacity of around 100 million seats.

• Q4 RPS expected to maintain Q3 trend; easyJet holidays now forecast to deliver over £180 million PBT, exceeding 48% profit growth year-over-year.

• H2 headline CPS ex fuel anticipated to rise low single digits year-over-year; H2 fuel CPS expected flat.

• Q4 bookings 69% sold, up 1 ppt year-over-year, with 7% more capacity on sale.

• Q1'25 capacity on sale up approximately 5%, with 20% of the program sold, 2 ppts higher year-over-year.