H Results Analyst and Investor Presentation. Tuesday 12 May 2015

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1 H Results Analyst and Investor Presentation Tuesday 12 May 2015

2 Introduction Carolyn McCall Chief Executive Officer

3 Loss or profit before tax Proven strategy, execution and returns Good revenue performance in the first half, benefitted from Easter in the second quarter Disciplined approach to capacity allocation Performance benefitted from fuel and foreign exchange Focus on building strong network positions with new base openings Continued improvement in winter performance % % -3.8% % % % 0.0% -2.0% -4.0% -6.0% -8.0% -10.0% -12.0% -14.0% PBT margin Improved winter performance 3 3

4 ROCE A business model which is hard to replicate Unique network Digital leadership 42% 50% 2011 market share 2015 H1 market share 32% 29% 27% 25% 21% 43% 36% 40% 47% 53% Gatwick No1 Edinburgh No1 Nice No1 Malpensa No1 Geneva No1 Basel No1 Cost advantage Financial strength 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% 2.4% 4.9% 3.3% 4.5% 25% 20% 15% 10% 19.9% 21.6% Lufthansa 5% Group easyjet Ryanair Norwegian Vueling* Sector-length adjusted CASK incl-fuel (CAGR Sep ) * Vueling CASK CAGR is over the period Dec-10 to Dec-13 0% Ryanair easyjet 8.5% 12.0% Norwegian -0.7% AF-KLM 0.9% -1.4% Air Berlin 1-5% -5% 15% 35% 55% 75% 95% 115% Source: Airline Analyst / easyjet analysis Gearing IAG Source: Unique network data from OAG scheduled data, as at 6 April

5 Financial review Chris Kennedy Chief Financial Officer

6 Result before tax increased Profit/(loss) per seat bridge (1.70) H Fuel ex A320 mix 0.55 FX External factors Robust demand Increased capacity Fuel price Foreign exchange x Winter weather x Regulated airport charges x Disruption 1.07 Revenue ex Easter 0.34 Easter revenue 0.63 easyjet lean 0.17 A320 Mix Capital allocation Revenue management system Digital and data Allocated seating (0.61) Crew resilience, de-icing and disruption Management actions (1.28) Other costs easyjet lean initiatives Engine selection A320 mix Managing disruption Airport deals 0.21 H

7 Financial results: Result before tax increased m H H Change Change Total revenue 1,767 1, % Fuel (516) (537) % Operating costs excluding fuel (1,121) (1,101) (20) (1.8%) EBITDAR % Ownership costs (123) (117) (6) (5.5%) Profit/loss before tax 7 (53) 60 n/a EBITDAR Margin 7.3% 3.7% 3.6ppt Profit/(loss) before tax margin 0.4% (3.1%) 3.5ppt 7 7

8 Financial results: Increase in EPS m H H Change Profit/(loss) before tax 7 (53) 60 Tax credit/(charge) (2) 12 (14) Profit/(loss) after tax 5 (41) 46 Earnings/(loss) per share 1.3p (10.4p) 11.7p 8 8

9 Revenue per seat growth in the first half m H H Change Passengers (m) % Load factor (%) 89.7% 89.0% +0.7ppt Seats (m) % Average sector length (km) 1,072 1,074 (0.2%) Total revenue ( m) 1,767 1, % Total revenue per seat ( ) constant currency ( ) % 9 9

10 easyjet strategy delivers further revenue growth Year on year drivers of revenue per seat change ( /Seat) Yield management of bags Performance of allocated seating Disciplined management of capacity Digital and Revenue Management System developments Increased load factor H Underlying trading Easter Initiatives FX H

11 Growth in RPS vs. capacity per seat H H Change At constant currency Gross seat revenue % 2.7% Passenger taxes (7.07) (7.12) 0.7% (3.4%) Net seat revenue % 2.6% Non-seat revenue % (1.9%) Total revenue % 2.6% 3.7% 2.9% 4.3% 2.6% 3.6% 1.4% RPS growth at constant currency easyjet capacity growth Q1 Q2 H

12 Revenue per passenger increase per passenger H H Change At constant currency Gross seat revenue (0.6%) 1.9% Passenger taxes (7.88) (8.00) 1.4% (2.6%) Net seat revenue (0.5%) 1.8% Non-seat revenue (7.0%) (2.7%) Total revenue (0.6%) 1.8% 12 12

13 Currency impact Currency split total revenue Currency split total costs Euro, 31% Sterling, 46% Euro, 43% Sterling, 27% USD, 35% Other, 2% Swiss Franc, 8% USD, 1% Other, 1% Swiss Franc, 6% H currency impact favourable / (adverse) EUR CHF USD Other Total Revenue (35) (4) 1 (3) (41) Fuel (1) Costs excluding fuel Total 14 (4) 9 (1) 18 Average effective Euro rate for revenue for H1 15 was 1.24 (H1 14: 1.19) Average effective Euro rate for costs for H1 15 was 1.30 (H1 14: 1.20) 13 13

14 Weakening of the euro GBP: euro rates (spot) FY 2014 FY 2015 Key booking period Impact of / rate on P&L m Q1 Q2 H1 Revenue (22) (13) (35) Fuel 1 (2) (1) Costs excluding fuel Total (2) Oct Nov Dec Jan Feb March Continued weakening of the Euro versus Sterling during H with bookings posted at a lower rate than the cost incurred Table data as of 7 April

15 Impact of fuel H H Change B/(W) Fuel $ per metric tonne Market rate Effective price US dollar rate Market rate cents Effective price cents Actual cost of fuel per metric tonne Significant market fuel price reductions have not been fully reflected in the effective (post-hedge) price due to the operation of easyjet s hedging 15 15

16 Cost per seat excluding fuel - key drivers Cos t per s eat excluding fuel Airports and Ground handling Variance at Cons tant Currency Crew 7.40 (0.18) Variance at Cons tant Currency Weighting of variance % % Navigation 3.99 (0.11) (2.6%) (0.3%) Inflationary increases Maintenance % 3.7% Overhead 5.34 (0.19) (3.6%) (17.2%) Higher disruption costs Ownership 3.96 (0.07) (0.49) (3.2%) (1.2%) (2.4%) (1.8%) (3.3%) Charges at regulated airports increased as anticipated, primarily in Germany and Italy Increase in de-icing costs following the more adverse weather conditions compared to prior year Offset by savings of new airport and ground handling contracts and lean initiative savings Pay increase broadly in line with inflation Increase in salaries due to the early recruitment of crew to build a resilient operation ahead of the three new crew base openings Benefit of the revised engine contract Offset by increase in average age of the fleet, ahead of delivery of the new generation aircraft from 2017 Depreciation on new aircraft purchased Offset against decreasing lease costs Net Exchange gains/(losses) (0.13) (0.16) (100.0%) (0.4%) The effect of movements in foreign exchange rates on Balance sheet revaluation Total CP S excluding fuel (1.13) (2.9%) (2.9%) Total CP S including fuel (0.04) (0.1%) (0.1%) (0.4%) D rivers NB: This year s net exchange gain/loss at constant currency is, by definition, always zero. Therefore, the variance at constant currency represents the 16 prior year exchange gain/loss, and the percentage variance will always be 100%. 16

17 Management actions taken to control costs Cost per seat bridge Including: Airports 0.36 Maintenance initiatives H Regulated airports Inflation Fuel De-icing FX Before easyjet A320 Mix Crew Load factor Other H and management lean resilience disruption action External factors Management action 17 17

18 Increasing proportion of A320 s H H Change A319 (operating lease) (4) A319 (owned / finance lease) A319 Total (4) A320 (operating lease) A320 (owned / finance lease) A320 Total Total fleet Unencumbered Operating lease 30% 33% (3ppt) Percentage of A320s in fleet 35% 30% 5ppt 18 18

19 Flexibility in fleet planning Maximum, minimum and base case fleet size under agreement Contracted Max Contracted Min 226 Base Case FY14 Footer FY15 box on intersect FY16of lines line FY17 h= and FY18 v=8.75 with font FY19 10pt Arial not FY20 bold FY21 FY22 Flexible fleet arrangements to respond appropriately to market conditions 1. At the end of the relevant Financial Year 2. Based on fleet plan base case Maximum fleet does not include the purchase rights 19

20 Strong balance sheet m H H Property, plant and equipment 2,720 2,416 Goodwill and other intangible assets Other assets Liabilities (excluding debt) (2,475) (2,080) 1,323 1,212 Debt Cash and money market deposits (976) (1,069) Net cash (416) (449) Shareholders' equity 1,739 1,661 Capital employed 1,323 1,212 Gearing 20% 18% *Gearing defined as net debt (adjusted by adding seven times aircraft dry leasing costs for 20 a rolling 12 months) divided by the sum of shareholders equity and adjusted net debt. 20

21 Cashflow m * * 1 October 2014 Operating Footer Depreciation box on intersect Net working of lines line Tax, h=8.03 net 9 and Ordinary v=8.75 with Capex font 10pt Borrowings Arial not bold profit and capital interest dividend amortisation and other Other FX 31 March 2015 * Includes money market deposits but excludes restricted cash 21 21

22 Fleet expenditure Additional aircraft 49% 52% 64% 29% Replacement aircraft 42% 28% 12% 44% Maintenance 9% 20% 24% 27% Total 100% 100% 100% 100% Total expected fleet acquisition and overhaul expenditure as a % of easyjet revenue 18% 9% 11% 10% Fleet acquisition and overhauls will be funded through a combination of easyjet s internal resources, cashflow, sale and leaseback transactions and debt 22 22

23 Fuel and foreign exchange hedging Fuel requirement US dollar requirement Euro surplus CHF surplus Six months ending 30 September 2015 Full year ending 30 September 2015 Full year ending 30 September 2016 Sensitivities 84% at $905 / metric tonne 87% at $927 / metric tonne 79% at $862 / metric tonne 83% at $1.58/ 82% at 1.18/ 93% at CHF1.47/ 84% at $1.59/ 85% at 1.18/ 99% at CHF1.47/ 73% at $1.63/ 67% at 1.23/ 61% at CHF1.46/ $10 per tonne change in fuel price will impact the full year pre-tax result by +/- $1.9 million One cent movement in the /$ will impact the full year pre-tax result by +/- 0.9 million One cent movement in the / will impact the full year pre-tax result by +/- 0.3 million As at 8 May

24 Business review Carolyn McCall Chief Executive Officer

25 easyjet well placed to win in competitive market Compelling network Affordable fares Customer Cost advantage Digital leadership Strong balance sheet Proven strategy, execution and returns 25 25

26 Impact of lower fuel environment Short term Hedging levels mean that it has taken time for the lower oil price to feed into fares Consumers benefit through lower fares Legacy airlines continue to transfer capacity to their low cost carriers Opportunity to add extra capacity above what has already been announced is limited Medium term Inefficient capacity is likely to stay in the market longer Fares likely to fall as a result of lower oil Long term A low cost base, structural advantage and strong balance sheet will win 26 26

27 Competitive capacity environment Summer 14 Summer 15 Transavia Germanwings Other easyjet 6.8% 6.7% 6.6% Vueling 5.9% 5.5% 6.2% BA Ryanair 5.0% 4.1% BA at Heathrow Ryanair at Stansted Capacity change total total SH easyjet capacity change Competitors on easyjet Capacity change easyjet short Market haul market markets markets Short-haul market easyjet city to city pairs Source: Market capacity data from OAG scheduled data, as at 6 April2015 easyjet markets based on internal easyjet definition

28 Disciplined investment over summer 1. Network Overall c. 6.2% capacity growth over summer Market growth easyjet growth in the market United Kingdom +3.3% 5.4% 3.3% Netherlands +20.4% 5.4% 20.4% France +6.9 % 3.8% 6.9% Germany % 4.3% 15.0% Spain +3.5% 4.6% 3.5% Switzerland +11.3% 10.4% 11.3% Portugal +13.8% 9.7% 13.8% Italy +9.6 % 3.3% 9.6% Source : OAG, scheduled data and Internal easyjet projection May Country capacity growth is based on network touching seats

29 A unique network which is hard to replicate 1. Network Leading presence on top 100 routes Market leading route frequencies Number of market pairs operated between top 100 primary airports Average route frequencies per week easyjet Ryanair Vueling Norwegian Wizz No.1 & 2 positions at slot constrained airports Strong market share built over time 42% 50% 25% 29% 21% 2011 market share 2015 H1 market share 43% 40% 36% 32% 27% 47% 53% easyjet No.1 or No.2 position Slot constrained during peak times Gatwick No1 Edinburgh No1 Nice No1 Malpensa No1 Geneva No1 Basel No1 Source: OAG 29 29

30 Continuing to invest in the network 1. Network Amsterdam New base at Schiphol Airport Three based aircraft Fourth aircraft from October 2015 Increasing capacity in Summer 2015 by over 20% Porto Second Portuguese base Two based aircraft Manchester, Bristol and London Luton routes to be launched in Summer 2015 Increasing capacity for Summer 2015 by 20% Porto base will provide additional network flexibility Naples Base opened in spring 2014 with 2 based aircraft Will increase to 3 based aircraft for Summer 2015 Capacity will increase by over 7% this Summer 30 30

31 Proven yield model 2. Demand Digital and Brand Revenue Management System Customer Relationship Management Product Strong and improving brand positions Mobile app Flight tracker Mobile host Push notifications Demand based system Dynamic continuous pricing Yield management of allocated seating and bags Extensive data Historic picture of customer s experience Personalised communications Loyalty trial Business passenger initiative Allocated seating easyjet Holidays Inflight and ancillary revenue HOW WE SELL 31 31

32 Digital leadership 2. Demand Inspire me s targeted and personalised New flight tracker Personalised and live updates direct from Operations Control Centre Proactive push notifications Apple Watch app Open and upfront Passport scanning save/retrieve Touch ID 32 32

33 Digital leadership Mobile Host at Gatwick 2. Demand 3% Provides guidance and next step instructions to passengers during their day of travel 33 33

34 Driving serious consideration to purchase across Europe 2. Demand easyjet has increased the level of serious consideration to purchase in key markets +6% +6% +8% 59% 61% 65% 59% 61% 65% 29% 34% 37% H1 '13 H1 '14 H1 '15 H1 '13 H1 '14 H1 '15 H1 '13 H1 '14 H1 '15 Note: NL tracking data only available from H2, 2013 Growth of consideration levels in markets with dominant legacy carriers 15% 3% +6% +3% Direct spend opportunity Managed 69% 70% 72% 85% 29% 26% spend 23% opportunity 97% 54% 10% 65% 64% H1 '13 H1 '14 H1 '15 H1 '13 H1 '14 H1 '15 H1 '13 H1 '14 H1 '15 Source: Millward Brown Note: Netherlands tracking data only available from H2,

35 RMS and CRM development 2. Demand Revenue management system Bespoke and proprietary revenue management system Demand based system which maximises the revenue from a flight Customer relationship management Customer data at the heart of easyjet Leverage data, insight and technology to personalise every customer touch point Continuous development Able to predict and duplicate decisions made by pricing managers Customer profile Assigning sales profile curves to each individual flight Continuous dynamic price setting Channel data Travel history Yield management of allocated seating and bags Footer box on intersect of lines line h= and v=8.75 with font 10pt Contact Arial not bold details / history Transaction history 35 35

36 Continuing to drive business passenger initiative 2. Demand Addressable market European short-haul market estimated to be c.165 million seats Managed Business sector presents biggest opportunity Progress in the half Growth in passengers in line with expectations with strong growth in Inclusive fares 59% increase in GDS utilisation easyjet market share across the direct segment is 15% 15% 3% easyjet market share across the managed segment is 3% Second bag across Business fares and easyjet Plus card holders Fast track security for easyjet plus card holders at 35 airports Direct spend opportunity 85% Managed spend opportunity 97% Strengthening sales teams in Germany, France and the Netherlands BCG analysis

37 Future sustainable cost savings 3. Cost Advantage Maintenance cost savings easyjet lean Gatwick single terminal consolidation Covers the total cost base Governance and milestones Ground handling initiatives Lifestyle option programs for crew Long and short term savings Embedded throughout easyjet culture Fuel efficient engines CFM International Regulated and unregulated airport deals easyjet lean will deliver 30 million - 40 million in sustainable savings per annum over the next 5 years 37 37

38 Fleet up-gauging and 186 seat option on A320 s 3. Cost Advantage Fleet up-gauging A320 s replacing A319 s in the fleet 20 A320 s will enter the fleet in 2015 A320 neo aircraft to enter fleet in 2017 Maintaining our cost advantage 2% 4-5% 186 seat option for A320 aircraft A320 aircraft delivered from May 2016 to have 186 seats Retrofit of existing fleet to start in Winter 2016 Retrofit complete by summer % cost per seat saving vs. 180 seat A320 Current generation A320 Current generation A320 New generation A320neo 180 seats 186 seats 186 seats 38 38

39 Progress against financial policies and metrics 4. Capital Discipline Capital discipline + Capital structure + Objectives High asset efficiency Maintain high level of fleet flexibility Ensure robust capital structure Retain ability to invest in profitable growth opportunities Metric Fleet size flexibility of between 204 and 316 aircraft by 2019 Gearing: 15% to 30% Moving to 80:20 ratio on owned vs. leased aircraft Progress 230 aircraft with 9.7 hours asset utilisation in six months to 31 March 2015 Gearing: 20% 31 March % leased 31 March 2015 Liquidity = Maintain sufficient liquidity to manage through industry shocks 4 million cash per aircraft 4.2 million cash per aircraft 31 March 2015 Returns + Dividend policy Maintain industry leading returns Top quartile ROCE Target consistent and continuous payments Return excess capital to shareholders 40% ordinary dividend payout ratio ROCE of 20.5% in the year ended 30 September 2014 Ordinary dividend payment increased by 11.9 pence or 35.5% to 45.4 pence per share Gearing defined as net debt (adjusted by adding seven times aircraft dry leasing payments for a rolling 12 months) divided by the sum of shareholders equity and adjusted net debt 39 39

40 H2 forward bookings H2 bookings in line with prior year % seats sold * 89.8% 91.2% Summer '14 Summer ' % 50.8% Apr May Jun Jul Aug Sep H2 H2 (April 2015 to September 2015) as at 08 May

41 Outlook Capacity (seats flown) H2 c.+6.2% (before disruption) FY c.+5% (before disruption) Revenue per seat (constant currency) Q3: down around 4 percentage points H2: decrease by low single digit percentage points Cost per seat ex fuel (constant currency) FY c.+2.5% (assuming normal disruption levels) Cost per seat including fuel (constant currency) FX FY c.-1.0% (assuming normal disruption levels) H2: c. 40 million adverse movement from foreign exchange rates FY: c. 20 million adverse movement from foreign exchange rates Fuel H2: unit fuel costs 60 million to 85 million favourable FY: unit fuel costs 95 million to 120 million favourable easyjet continues to be well placed to grow revenue and profit this year, delivering sustainable returns to shareholders due to its compelling network, low cost base and strong balance sheet Rates at 8 May 2015 /USD: /EUR: Unit fuel guidance based on Jet fuel trading range of $550/ metric tonne to $750 / metric tonne 41 41

42 Summary easyjet has built the leading business model in short-haul European aviation Continuing to build strong number one and number two positions Pipeline of initiatives to maintain cost advantage Transforming customer experience through digital leadership Sustainable returns through disciplined use of capital Proven strategy, execution and returns 42 42

43 Q & A

44 appendix

45 Aircraft cashflows including overhauls Aircraft FY 2015 FY 2014 Number of aircraft deliveries 20 9 Cashflows (GBP) m FY 2015 FY 2014 Final delivery payments Pre delivery payments Heavy maintenance - owned fleet Total Heavy maintenance - leased fleet Total cash flows (GBP) 560m 418m Figures based on contracted fleet commitments. USD/GBP $1.50, EUR/GBP 1.30Euro 45 45

46 Disclaimer Certain statements in this presentation constitute or may constitute forward-looking statements. Any statement in this presentation that is not a statement of historical fact including, without limitation, those regarding the Company s future expectations, operations, financial performance, financial condition and business is or may be a forward-looking statement. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those projected or implied in any forwardlooking statement. These risks and uncertainties include, among other factors, changing economic, financial, business or other market conditions. These and other factors could adversely affect the outcome and financial effects of the plans and events described in this presentation. As a result, you are cautioned not to place any reliance on such forward-looking statements. The forward-looking statements reflect knowledge and information available at the date of this presentation and the Company undertakes no obligation to update its view of such risks and uncertainties or to update the forward-looking statements contained herein. Nothing in this presentation should be construed as a profit forecast or profit estimate and no statement in this presentation should be interpreted to mean that the future earnings per share of the Company for current or future financial years will necessarily match or exceed the historical or published earnings per share of the Company. This communication is directed only at (i) persons having professional experience in matters relating to investments who fall within the definition of investment professionals in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2001; or (ii) high net worth bodies corporate, unincorporated associations and partnerships and trustees of high value trusts as described in Article 49(2) of the Financial Services and Markets Act 2000 (Financial Promotion) Order Persons within the United Kingdom who receive this communication (other than those falling within (i) and (ii) above) should not rely on or act upon the contents of this communication. Nothing in this presentation is intended to constitute an invitation or inducement to engage in investment activity for the purposes of the prohibition on financial promotion contained in the Financial Services and Markets Act This presentation has been furnished to you solely for information and may not be reproduced, redistributed or passed on to any other person, nor may it be published in whole or in part, for any other purpose. This presentation does not constitute or form part of, and should not be construed as, an offer for sale or subscription of, or solicitation of any offer to buy or subscribe for, any securities of easyjet plc ( easyjet ) in any jurisdiction nor should it or any part of it form the basis of, or be relied on in connection with, any contract or commitment whatsoever. This presentation does not constitute a recommendation regarding the securities of easyjet. Without limitation to the foregoing, these materials do not constitute an offer of securities for sale in the United States. Securities may not be offered or sold into the United States absent registration under the US Securities Act of 1933 or an exemption there from. easyjet has not verified any of the information set out in this presentation. Without prejudice to the foregoing, neither easyjet nor its associates nor any officer, director, employee or representative of any of them accepts any liability whatsoever for any loss however arising, directly or indirectly, Footer from box on any intersect reliance of lines on this line presentation h= and v=8.75 or its contents. with font 10pt Arial not bold This presentation is not being issued, and is not for distribution in, the United States (with certain limited exceptions in accordance with the US Securities Act of 1933) or in any jurisdiction where such distribution is unlawful and is not for distribution to publications with a general circulation in the United States. By attending or reading this presentation you agree to be bound by the foregoing limitations

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