H1 2015 Results Analyst and Investor Presentation - …corporate.easyjet.com/~/media/Files/E/Easyjet/pdf/investors/... · network positions with new base openings Improved winter

H1 2015 Results Analyst and Investor

Presentation

Tuesday 12 May 2015

Introduction

Carolyn McCall

Chief Executive Officer

3 3

Footer box on intersect of lines line h=8.03 9 and v=8.75 with font 10pt Arial not bold

-153 -113 -61 -53

7

-12.1%

-7.6%

-3.8% -3.1%

0.2%

-14.0%

-12.0%

-10.0%

-8.0%

-6.0%

-4.0%

-2.0%

0.0%

2.0%

-180

-160

-140

-120

-100

-80

-60

-40

-20

0

20

2011 2012 2013 2014 2015

Proven strategy, execution and returns

Loss

or

pro

fit

be

fore

ta

x PB

T m

arg

in

Continued improvement in winter performance 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

Improved winter performance

3

4 4


A business model which is hard to replicate

4

Unique network Digital leadership

Cost advantage Financial strength

21.6% 19.9%

-0.7% -1.4%

12.0%

8.5%

0.9%

-5%

0%

5%

10%

15%

20%

25%

-5% 15% 35% 55% 75% 95% 115%

easyJet

AF-KLM

Norwegian

Air Berlin1

IAG

Lufthansa Group

Ryanair

Source: Airline Analyst / easyJet analysis

42%

25% 21%

32%

36%

47% 50%

29% 27%

43% 40%

53%

GatwickNo1

EdinburghNo1

NiceNo1

MalpensaNo1

GenevaNo1

BaselNo1

2011 market share

2015 H1 market share

2.4%

4.9%

3.3%

4.5%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

easyJet Ryanair Norwegian Vueling*

Sector-length adjusted CASK incl-fuel (CAGR Sep 2011-2014) * Vueling CASK CAGR is over the period Dec-10 to Dec-13

RO

CE

Gearing

Source: Unique network data from OAG scheduled data, as at 6 April2015

Financial review

Chris Kennedy

Chief Financial Officer

6 6


Result before tax increased

0.21

0.17 0.63 0.34

(1.70)-2

-1

0

1

2

3

H1 2015

(1.28)

Crew resilience, de-icing

and disruption

Other costs

A320 Mix

(0.61)

easyJet lean

Easter revenue

Revenue ex Easter

1.07

FX

0.55

Fuel ex A320 mix

1.04

H1 2014

Profit/(loss) per seat bridge

External factors

Robust demand

Increased capacity

Fuel price

Foreign exchange

x Winter weather

x Regulated airport charges

x Disruption

Capital allocation

Revenue management system

Digital and data

Allocated seating

easyJet lean initiatives

Engine selection

A320 mix

Managing disruption

Airport deals

Management actions

6

7 7


Financial results: Result before tax increased

£m H1 2015 H1 2014 Change Change

Total revenue 1,767 1,702 65 3.8%

Fuel (516) (537) 21 3.9%

Operating costs excluding fuel (1,121) (1,101) (20) (1.8%)

EBITDAR 130 64 66 103.8%

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

8 8


Financial results: Increase in EPS

8

£m H1 2015 H1 2014 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

9 9


Revenue per seat growth in the first half

9

£m H1 2015 H1 2014 Change

Passengers (m) 28.9 27.6 4.4%

Load factor (%) 89.7% 89.0% +0.7ppt

Seats (m) 32.2 31.1 3.6%

Average sector length (km) 1,072 1,074 (0.2%)

Total revenue (£m) 1,767 1,702 3.8%

Total revenue per seat (£) 54.91 54.80 0.2%

@ constant currency (£) 56.21 54.80 2.6%

10 10


easyJet strategy delivers further revenue growth

Year on year drivers of revenue per seat change (£/Seat)

54.91

1.300.27

0.34

0.80

54.80

H1 2015 FX Initiatives Easter Underlying trading

H1 2014

• Yield management of bags

• Performance of allocated seating

• Disciplined management of capacity

• Digital and Revenue Management System developments

• Increased load factor

10

11 11


Growth in RPS vs. capacity

£ per seat H1 2015 H1 2014 Change At constant

currency

Gross seat revenue 61.12 61.00 0.2% 2.7%

Passenger taxes (7.07) (7.12) 0.7% (3.4%)

Net seat revenue 54.05 53.88 0.3% 2.6%

Non-seat revenue 0.86 0.92 6.2% (1.9%)

Total revenue 54.91 54.80 0.2% 2.6%

H1

1.4%

Q2

3.7%

Q1

2.9%

4.3%

2.6%

3.6%

easyJet capacity growth

RPS growth at constant currency

11

12 12


Revenue per passenger increase

12

£ per passenger H1 2015 H1 2014 Change At

constant currency

Gross seat revenue 68.13 68.54 (0.6%) 1.9%

Passenger taxes (7.88) (8.00) 1.4% (2.6%)

Net seat revenue 60.25 60.54 (0.5%) 1.8%

Non-seat revenue 0.96 1.03 (7.0%) (2.7%)

Total revenue 61.21 61.57 (0.6%) 1.8%

13 13


Sterling, 46%

Euro, 43%

USD, 1%

Swiss Franc,

8%

Other, 2%

Currency impact

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)

H1 2015 currency impact favourable / (adverse) EUR CHF USD Other Total

Revenue (35) (4) 1 (3) (41)

Fuel (1) - 6 - 5

Costs excluding fuel 50 - 2 2 54

Total 14 (4) 9 (1) 18

13

Sterling, 27%

Euro, 31%

USD, 35%

Swiss Franc, 6%

Other, 1%

Currency split – total revenue Currency split – total costs

14 14


Weakening of the euro

1.10

1.15

1.20

1.25

1.30

1.35

1.40

1.45

March Feb Jan Dec Nov Oct

GBP: euro rates (spot)

Impact of € /£ rate on P&L

£m Q1 Q2 H1

Revenue (22) (13) (35)

Fuel 1 (2) (1)

Costs excluding fuel 19 31 50

Total (2) 16 14

Continued weakening of the Euro versus Sterling during H1 2015 with bookings posted at a lower rate than the cost incurred

14

FY 2015

FY 2014

Table data as of 7 April 2015

Key booking period

15 15


Impact of fuel

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

H1 2015 H1 2014

Change B/(W)

Fuel $ per metric tonne Market rate 707 994 287

Effective price 925 993 68

US dollar rate Market rate 1.55 1.64 -9 cents

Effective price 1.59 1.58 1 cents

Actual cost of fuel £ per metric tonne 581 629 48

16 16


Cost per seat excluding fuel - key drivers

NB: This year’s net exchange gain/loss at constant currency is, by definition, always zero. Therefore, the variance at constant currency represents the prior year exchange gain/loss, and the percentage variance will always be 100%.

16

Cos t

per s eat

excluding

fuel

Var iance

at

Cons tant

Currency

Var iance

at

Cons tant

Currency

Weight ing

of var iance

£ £ % %

• 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

Navigation 3.99 (0.11) (2.6%) (0.3%) • Inflationary increases

• 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

Overhead 5.34 (0.19) (3.6%) (17.2%) • Higher disruption costs

• 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 CPS excluding fuel 38.66 (1.13) (2.9%) (2.9%)

Total CPS including fuel 56.54 (0.04) (0.1%) (0.1%)

(1.8%) (3.3%)

7.40

Maintenance 3.22 0.07 3.7%

Airports and Ground handling 14.88

Ownership 3.96 (0.07)

(0.49) (1.2%)

(0.4%)

2.1%

(2.4%)

D r ivers

(3.2%)

Crew (0.18)

17 17


Management actions taken to control costs

Cost per seat bridge

0.38

0.08 0.30

54.74

0.31

0.53

0.32

5 4.70

5 6 .5 0

Other Load factor Crew resilience

A320 Mix

0.17

easyJet lean

0.63

Before management

action

FX H1 2015

1.85

De-icing and

disruption

Fuel

1.07

Inflation Regulated airports

H1 2014

Management action

External factors

Including: Airports – £0.36 Maintenance initiatives – £0.24

17

18 18


Increasing proportion of A320’s

H1 2015 H1 2014 Change

A319 (operating lease) 50 54 (4)

A319 (owned / finance lease) 99 99 0

A319 Total 149 153 (4)

A320 (operating lease) 18 18 0

A320 (owned / finance lease) 63 49 14

A320 Total 81 67 14

Total fleet 230 220 10

Unencumbered 102 85 17

Operating lease 30% 33% (3ppt)

Percentage of A320s in fleet 35% 30% 5ppt

18

19 19


226

241

257

280

295

315 316 323 322

268

231

206

216

197 200

279

294

304 304 311 311

175

200

225

250

275

300

325

350

FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22

Contracted Max

Contracted Min

Base Case

Flexibility in fleet planning

Maximum, minimum and base case fleet size under agreement

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 3. Maximum fleet does not include the purchase rights

19

20 20


Strong balance sheet

*Gearing defined as ‘net debt (adjusted by adding seven times aircraft dry leasing costs for a rolling 12 months) divided by the sum of shareholders’ equity and adjusted net debt.’

20

£m H1 2015 H1 2014

Property, plant and equipment 2,720 2,416

Goodwill and other intangible assets 476 477

Other assets 602 399

Liabilities (excluding debt) (2,475) (2,080)

1,323 1,212

Debt 560 620

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%

21 21


Cashflow

4034

45

271

180

50459

65

7

Capex Ordinary dividend

Tax, net interest

and other

976*

31 March 2015

FX Net working capital

Depreciation and

amortisation

Operating profit

1 October 2014

985*

Other Borrowings

* Includes money market deposits but excludes restricted cash

£m

21

22 22


Fleet expenditure

2005-2012 2013-14 2015-2017 2018-2022

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

23 23


Fuel and foreign exchange hedging

Sensitivities

• $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

Fuel

requirement US dollar

requirement Euro surplus CHF surplus

Six months ending 30 September 2015

84% at $905 / metric tonne

83% at $1.58/£ 82% at €1.18/£ 93% at CHF1.47/£

Full year ending 30 September 2015


84% at $1.59/£ 85% at €1.18/£ 99% at CHF1.47/£

Full year ending 30 September 2016


73% at $1.63/£ 67% at €1.23/£ 61% at CHF1.46/£

As at 8 May 2015 23

Business review

Carolyn McCall

Chief Executive Officer

25 25


easyJet well placed to win in competitive market


Cost advantage

Strong balance sheet

Digital leadership

Compelling network

Affordable fares

Customer

25

26 26


Impact of lower fuel environment

• 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

26

Short term

Medium term

Long term

• Inefficient capacity is likely to stay in the market longer

• Fares likely to fall as a result of lower oil

• A low cost base, structural advantage and strong balance sheet will win

27 27


easyJet

Ryanair BA

Vueling

Germanwings

Transavia Other

Competitive capacity environment

Source: Market capacity data from OAG scheduled data, as at 6 April2015 easyJet markets based on internal easyJet definition.

Short-haul market easyJet city to city pairs

27

5.9%

6.8%

4.1%

5.0%

5.5%

6.2%

6.7% 6.6%

Capacity change total SHMarket

easyJet capacity change Competitors on easyJetmarkets

Capacity change easyJetmarkets

Summer 14 Summer 15

BA at Heathrow

Ryanair at Stansted

Capacity change total short haul market

28 28


United Kingdom +3.3%

France +6.9 %

Italy +9.6 %

Spain +3.5% Switzerland +11.3%

Germany +15.0 %

Source : OAG, scheduled data and Internal easyJet projection May 2015. Country capacity growth is based on network touching seats.

Disciplined investment over summer

Overall c. 6.2% capacity growth over summer

3.3% 5.4%

3.8% 6.9%

3.3%

9.6%

3.5% 4.6% 11.3% 10.4%

15.0%

4.3%

Market growth easyJet growth in the market

Netherlands +20.4%

5.4%

20.4%

Portugal +13.8%

9.7% 13.8%

28

1. Network

29 29


A unique network which is hard to replicate

29

42%

25% 21%

32%

36%

47% 50%

29% 27%

43% 40%

53%

GatwickNo1

EdinburghNo1

NiceNo1

MalpensaNo1

GenevaNo1

BaselNo1

2011 market share

2015 H1 market share

Leading presence on top 100 routes Market leading route frequencies

No.1 & 2 positions at slot constrained airports Strong market share built over time

7.0

4.0

5.0 4.5

3.0

0

1

2

3

4

5

6

7

8

easyJet Ryanair Vueling Norwegian Wizz

Average route frequencies per week Number of market pairs operated between top 100 primary airports

Slot constrained during peak times

easyJet No.1 or No.2 position

1. Network

Source: OAG

05

1015

20253035404550

30 30


Continuing to invest in the 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

1. Network

30

31 31


Proven yield model 2.

Demand

31

Digital and Brand

Revenue Management

System Product

Customer Relationship Management

HOW WE SELL

• 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

32 32


Digital leadership 2.

Demand

New flight tracker Personalised and live updates direct from Operations Control Centre

Proactive push notifications

Passport scanning save/retrieve Touch ID

‘Inspire me’ emails – targeted and personalised

Open and upfront

32

Apple Watch app

33 33


Digital leadership – Mobile Host at Gatwick

Provides guidance and next step instructions to passengers during their day of travel

3%

2. Demand

33

34 34


Managed

spend

opportunity

97%

Direct

spend

opportunity

85%

3% 15%

2. Demand

34

Driving “serious consideration to purchase” across Europe

54%

65% 64%

H1 '13 H1 '14 H1 '15

69% 70% 72%

H1 '13 H1 '14 H1 '15

59% 61% 65%

H1 '13 H1 '14 H1 '15

easyJet has increased the level of ‘serious consideration’ to purchase in key markets

Growth of consideration levels in markets with dominant legacy carriers

+3%

+8% +6% +6%

10% +6%

Note: NL tracking data only available from H2, 2013

59% 61% 65%

H1 '13 H1 '14 H1 '15

29%

34% 37%

H1 '13 H1 '14 H1 '15

23%

26% 29%

H1 '13 H1 '14 H1 '15

Source: Millward Brown

Note: Netherlands tracking data only available from H2, 2013

35 35


RMS and CRM development 2.

Demand

35

Revenue management system

• Bespoke and proprietary revenue management system

• Demand based system which maximises the revenue from a flight

Continuous development

• Able to predict and duplicate decisions made by pricing managers

• Assigning sales profile curves to each

individual flight • Continuous dynamic price setting • Yield management of allocated seating

and bags

Customer profile

Travel history

Transaction history

Contact details / history

Channel data

• Customer data at the heart of easyJet

• Leverage data, insight and technology to personalise every customer touch point

Customer relationship management

36 36


Continuing to drive business passenger initiative

Progress in the half

• European short-haul market estimated to be c.165 million seats

• Managed Business sector presents biggest opportunity

BCG analysis 2014

easyJet market share across the direct

segment is 15%

Managed

spend

opportunity

97%

Direct

spend

opportunity

85%

3% 15%

easyJet market share across the managed segment is

3%

2. Demand

• Growth in passengers in line with expectations with strong growth in Inclusive fares

• 59% increase in GDS utilisation

• Second bag across Business fares and easyJet Plus card holders

• Fast track security for easyJet plus card holders at 35 airports

• Strengthening sales teams in Germany,

France and the Netherlands

Addressable market

36

37 37


Future sustainable cost savings

easyJet lean

easyJet lean will deliver £30 million - £40 million in sustainable savings per annum over the next 5 years

Governance and

milestones

Embedded throughout

easyJet culture

Long and short term

savings

Covers the total cost

base

Maintenance cost savings Gatwick single terminal consolidation

3. Cost

Advantage

37

Lifestyle option programs for crew

Ground handling initiatives

Regulated and unregulated airport deals

Fuel efficient engines – CFM International

38 38


Fleet up-gauging and 186 seat option on A320’s

• A320 aircraft delivered from May 2016 to have 186 seats

• Retrofit of existing fleet to start in Winter 2016

• Retrofit complete by summer 2018

• 2% cost per seat saving vs. 180 seat A320

186 seat option for A320 aircraft

3. Cost

Advantage

38

• 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

Fleet up-gauging

180 seats 186 seats 186 seats

Current generation A320

New generation A320neo

2%

Current generation A320

4-5%

39 39


Progress against financial policies and metrics

Capital discipline

Capital structure

Liquidity

Dividend policy

Returns

+

+

+

=

Objectives • High asset efficiency • Maintain high level of fleet flexibility

• Ensure robust capital structure • Retain ability to invest in profitable

growth opportunities

• Maintain sufficient liquidity to manage through industry shocks

• Target consistent and continuous payments

• Return excess capital to shareholders

Metric

• Maintain industry leading returns • Top quartile ROCE

• 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

• £4 million cash per aircraft

• 40% ordinary dividend payout ratio

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

Progress

• ROCE of 20.5% in the year ended 30 September 2014

• 230 aircraft with 9.7 hours asset utilisation in six months to 31 March 2015

• Gearing: 20% as @ 31 March 2015

• 30% leased as @ 31 March 2015

• £4.2 million cash per aircraft as @ 31 March 2015

• Ordinary dividend payment increased by 11.9 pence or 35.5% to 45.4 pence per share

4. Capital

Discipline

39

40 40


89.8%

50.6%

91.2%

50.8%

Apr May Jun Jul Aug Sep H2

Summer '14

Summer '15

H2 forward bookings

% seats sold *

H2 (April 2015 to September 2015) as at 08 May 2015

H2 bookings in line with prior year

40

41 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)

• FY c.-1.0% (assuming normal disruption levels)

FX

• 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

Rates at 8 May 2015 £/USD: 1.5433 £/EUR: 1.3693 Unit fuel guidance based on Jet fuel trading range of $550/ metric tonne to $750 / metric tonne

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

41

42 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

42

Q & A

appendIx

45 45


Aircraft cashflows including overhauls

Figures based on contracted fleet commitments. USD/GBP $1.50, EUR/GBP 1.30Euro

Aircraft FY 2015 FY 2014

Number of aircraft deliveries 20 9

Cashflows (GBP) £m FY 2015 FY 2014

Final delivery payments 347 148

Pre delivery payments 68 174

Heavy maintenance - owned fleet 66 23

Total 481 345

Heavy maintenance - leased fleet 79 73

Total cash flows (GBP) £560m £418m

45

46 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 forward-looking 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 2001. 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 2000.

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, from any reliance on this presentation or its contents.

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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Documents

H1 2015 Results Analyst and Investor Presentation - …corporate.easyjet.com/~/media/Files/E/Easyjet/pdf/investors/... · network positions with new base openings Improved winter