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introduction Johan Lundgren - CEO Strong Summer performance 2019 - PowerPoint PPT Presentation

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introduction Johan Lundgren - CEO Strong Summer performance 2019 Customer / Industry awards > FY 2019 headline PBT of 427m, upper end of guidance > Delivered a record H2 headline profit 2019 Best short-haul airline > H2 RPS, out

  2. introduction Johan Lundgren - CEO

  3. Strong Summer performance 2019 Customer / Industry awards > FY 2019 headline PBT of £427m, upper end of guidance > Delivered a record H2 headline profit 2019 Best short-haul airline > H2 RPS, out performance vs guidance 2019 Best business airline > FY CPS ex fuel in line with guidance > Self help initiatives drive summer performance  Successful summer operational resilience programme 2019 Best Low Cost  Strong late yield performance Airline in Europe  Use of data the foundation for driving self help initiatives > Strong progress on easyJet holidays. Launching before Christmas! 2019 Brand of the Year > Negotiated fresh fleet delivery plan, whilst securing late delivery World Branding Awards compensation. 3 3

  4. Financial review Andrew Findlay - CFO

  5. FY 2019 performance HIGHLIGHTS FY 2019 FY 2018 Change* Seats flown (m) 105.0 95.2 10.3% Passengers (m) 96.1 88.5 8.6% Load factor (%) 91.5% 92.9% (1.4)ppt Average sector length (km) 1,105 1,101 0.4% Revenue per seat - reported currency (£) 60.81 61.94 (1.8%) Revenue per seat - constant currency (£) 60.28 61.94 (2.7%) Headline cost per seat incl fuel - reported currency (£) 56.74 55.87 (1.5%) Headline cost per seat incl fuel - constant currency (£) 56.08 55.87 (0.4%) Headline cost per seat excl fuel - reported currency (£) 43.26 43.43 0.4% Headline cost per seat excl fuel - constant currency (£) 43.11 43.43 0.8% Headline profit before tax per seat - reported currency (£) 4.07 6.07 (32.9%) 5 5 *Favourable/(adverse)

  6. H2 2019 performance HIGHLIGHTS H2 2019 H2 2018 Change* Seats flown (m) 58.8 54.9 7.2% Passengers (m) 54.4 51.7 5.2% Load factor (%) 92.5% 94.2% (1.7)ppt Average sector length (km) 1,134 1,123 1.0% Revenue per seat - reported currency (£) 68.74 67.71 1.5% Revenue per seat - constant currency (£) 68.27 67.71 0.8% Headline cost per seat incl fuel - reported currency (£) 56.80 56.86 0.1% Headline cost per seat incl fuel - constant currency (£) 56.23 56.86 1.1% Headline cost per seat excl fuel - reported currency (£) 42.95 43.67 1.6% Headline cost per seat excl fuel - constant currency (£) 42.67 43.67 2.3% Headline profit before tax per seat - reported currency (£) 11.94 10.85 10.1% 6 *Favourable/(adverse) 6

  7. Financial performance FY 2019 FY 2018 Chang ange* e* £ m £ m Total revenue 6,385 5,898 487 Headline costs: Headline costs excluding fuel (4,542) (4,136) (406) Fuel (1,416) (1,184) (232) Headline adline prof ofit it befor ore tax ax 427 578 (151 51) Headlin adline ROC OCE** ** 11.4% .4% 14.6 .6% (3.2 .2)ppt ppt Headline adline diluted luted EPS (pen ence) e) 87.8p .8p 117.4p 7.4p (29.6 .6)p Divide idend nd per shar are 43.9 .9p 58.6 .6p (14.7 4.7)p )p Non-headline items: Sale and leaseback: gain / (loss) 2 (19) 21 Project Brexit (4) (7) 3 Tegel integration - (40) 40 Commercial IT platform: credit / (charge) 2 (65) 67 Other 3 (2) 5 Tot otal al profit ofit befor fore tax 430 445 445 (15) 7 *Favourable/(adverse) 7 ** FY19 upon adoption of IFRS16, FY18 including 7 x lease adjustment & restated for Swiss pension liability

  8. Revenue performance Revenue per seat bridge Repo ported ed RPS = (1.8%) (2.4%) RPS @ CC =(2.7%) 7%) (£1.49) (1.06) £61.94 £60.81 £0.53 (0.4%) (0.98) (0.5%) (£0.22) £60.28 +0.5% +0.1% £0.05 (£0.33) £0.33 FY 2018 Monarch/ Ryanair Impact from Seasonality Underlying H1 Underlying H2 FY 2019 @ CC FX FY 2019 Reported CANX/ French IA IFRS15 (Includes Reported Easter) 8 8 *Favourable/(adverse)

  9. costs Headline cost per seat bridge Repo ported ed CPS = (1.5%) %) dline CPS ex Headl fuel @ CC = 0.8% (£0.36) £0.32 (£0.66) £56.74 £0.52 (£0.23) (£0.21) (£0.22) (£0.53) £56.08 £0.39 £55.87 £0.11 £55.55 Movement before IFRS impact FY 2018 Airports & Ownership Crew Maintenance Navigation Disruption Overheads Impact from FY 2019 Fuel FY 2019 FX FY 2019 headlin line e cost Ground costs and Other IFRS adoption headlin line e cost headlin line e cost headlin line e cost per r seat at Handling Income per r seat at at per r seat at at per r seat at CC before ore CC CC fuel varia iance ce 9 *Favourable/(adverse)

  10. Impact of fuel & currency FY 2019 9 fuel l impac act FY 2019 FY 2018 Chang ange* e* Fuel l $ per metric ic tonn nne Market price 652 664 12 Effective price 604 590 (14) US dolla lar rate te Market price 1.27 1.34 (7) cents Effective price 1.32 1.36 (4) cents Difference 0.05 0.02 Actual tual cost t of fuel el £ per metric ic tonn nne 458 434 (24) 4) FY 2019 9 curren ency y impac act t on headline adline PBT* EUR UR CHF USD Othe her Total tal £m £m Revenue 37 16 3 (1) 55 Fuel - - (54) - (54) Headline costs excluding fuel - (11) (3) (1) (15) Total tal 37 37 5 (54) 4) (2) (14) 4) 10 *Favourable /(adverse)

  11. Strong cash generation Cash flow bridge > Net (debt)/ cash: £(326)m (FY’18: £396m) > Adjusted net debt:** £326m (FY’18: £738m) Investing and financing Cash generated from operations (excluding dividends): £1,098m 443 15 118 499 121 58 2,180 233 466 984 45 1,576 76 174 55 1,373 73 Cash & MMDs Operating Depreciation Net Other Tax paid Ordinary Cash & MMDs Sale & Increased CAPEX Repayment Other FX Cash & MMDs at 1 Octobe ober r profit & working operating dividend post di div & tax leaseback borrowings of capital at 30 2018 * amortisation capital (FY’18) paid id proceeds element of Sept ptem embe ber r leases under 2019 IFRS 16*** * Includes money market deposits but excludes restricted cash *** Upon adoption of IFRS16, reclassified as Investing and Financing 11 ** 2019 upon IFRS adoption, 2018 x7 lease basis

  12. Strong balance sheet BAA1 / BBB+ 30 Sept ptember mber 201 2018 £m £m 30 Sept ptember mber 201 2019 Chang ange (res estat tated) ed) Goodwill and other intangible assets 561 546 15 Property, plant and equipment (excluding RoU assets) 4,661 4,140 521 RoU assets under IFRS 16 502 - 502 Derivative financial instruments 63 364 (301) Equity investments 48 - 48 Other assets (excluding cash and money market deposits) 542 539 3 Unearned revenue (1,069) (877) (192) £m £m Trade and other payables (1,050) (1,023) (27) Other liabilities (excluding debt)*** (947) (852) (95) Capital employed 3,311 2,837 474 Cash and money market deposits** 1,576 1,373 203 Debt (excluding lease liabilities) (1,324) (977) (347) Lease liabilities under IFRS 16 (578) - (578) Net (debt bt)/ )/cas ash (326) 396 (722) Net assets 2,985 3,233 (248) £m £m Liquidity is supported by a revolving $500 million credit facility and a business interruption insurance policy ** Excludes restricted cash 12 *** Other liabilities includes a £47m post-employment benefit obligation in relation to Swiss retirement benefit scheme. 2018 has been restated accordingly

  13. Utilising flexibility in fleet planning Updated fleet plan 400 Max fleet plan > Deferral of contracted delivery months for 12 aircraft: 383 Moving from expected delivery in 2021 to dates in 380 2023+ 365 > The exercise of 12 purchase options, guaranteeing our 361 firm delivery positions in 2024 360 358 354 353 352 Base fleet plan rcraft > A321 deliveries have been particularly susceptible to r of aircr industrial assembly issues 340 ber Numbe > easyJet have worked with Airbus to concentrate on 331 331 Nu delivering more A320s, where certainty of delivery is 330 320 greater Min fleet plan > Airbus and easyJet have pre-agreed compensation 309 rates for delivery delays as part of its Purchase 300 304 Agreement 280 1 2 3 4 5 FY’19 FY’20 FY’21 FY’22 FY’23 - Upside cases assume extension of leases and ownership beyond year 16 13 - Downside cases assume sale at 16 years of age

  14. Gross capital cashflows Growth Replacement & Owned Maintenance New IFRS Stds £1,350m Other £1,200m £1,100m £950m FY'20 FY'21 FY'22 FY'23 14

  15. H1 capacity outlook 14.5% H1 FY19 H1 FY20 6.9% 5.4% 3.6% 1.7% 0.8% 0.7% 0.4% Capacity change total short Competitors on Capacity change easyJet capacity change haul market easyJet markets easyJet markets 15 H1 2020 (Oct 2019 to Mar 2020) as at 15 Nov 2019

  16. forward bookings 92% 91% 2018 2019 82% 80% 77% 76% 55% 53% 51% 49% 23% 21% Oct Nov Dec Q1 Q2 H1 H1 2020 (Oct 2019 to Mar 2020) as at 15 Nov 2019 16

  17. Fuel and foreign exchange hedging Fuel requirement US dollar requirement Euro Surplus Six months to 31 March 2020 74% @ $632/MT 70% @ 1.36 68% @ 1.11 Full year ending 30 September 2020 68% @ $655/MT 66% @ 1.36 67% @ 1.11 Full year ending 30 September 2021 45% @ $643/MT 46% @ 1.31 52% @ 1.10 Operating hedges as at 30 September 2019 17

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