easyJet PLC

Latest Results (19.11.2025):

EasyJet PLC’s latest H1 2023 financial report outlines a challenging operating environment with a headline loss before tax of £394 million, which nonetheless showed a slight year‐on‐year improvement once timing adjustments for Easter and one-offs were factored in. The report also highlights strong improvements in capacity—with a 12% year‐on‐year increase in ASK—and operational productivity, even as RASK declined by 6% in Q2, partly due to Easter timing and strategic investments. The outlook for FY25 remains positive with forecasts of steady capacity growth and flat cost metrics, reinforcing the company’s strategy to reduce winter losses and capitalize on the profitable summer period.

Earnings Performance

For its H1 2023 results, easyJet PLC reported a headline loss before tax of £394 million, in line with market expectations. Adjustments for the timing of Easter (around £50 million) and one-off items contributed to a modest year-on-year improvement, underscoring the airline’s efforts to manage seasonal challenges.

Capacity and Operational Efficiency

EasyJet PLL's ASK capacity grew by 12% year-on-year during H1 2023, with both the number of seats and sector length up by 6%. This increase has driven better crew productivity and aircraft utilization, despite a 6% drop in RASK during Q2, influenced by Easter timing and strategic capacity investments for longer leisure routes.

Cost Management

The report noted encouraging cost performance with H1 CASK excluding fuel down 4% and fuel CASK declining by 8% year-on-year, resulting in an overall 5% reduction in total CASK. These improvements reflect deliberate cost-saving measures, including significant investments in fleet modernisation expected to deliver long-term unit cost savings.

Future Outlook and EasyJet Holidays

Looking ahead to FY25, easyJet PLC anticipates an ASK growth of around 8% year-on-year, with forward bookings showing healthy progress (80% sold for Q3 and 42% for Q4). EasyJet holidays also delivered a robust performance with a £44 million profit and is on track to exceed its medium-term targets. These indicators support management’s confidence in further reducing winter losses and boosting the profitable summer season.