Q Trading update

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1 Q Trading update

2 Q3 performance Overview 1. Strong revenue trend Positive demand across Europe Benign competitor environment Strong ancillary revenue performance 2. Solid underlying cost performance disruption continues to be an issue Disruption the biggest driver of cost increase for the quarter o European industrial action causing industry wide issues Making good progress on cost programme 3. Tegel ramp up continues Operational ramp up ahead of expectations Building load factor and brand; full easyjet fleet by October 2018 Revenue affected by inefficient schedule and high competitor growth 2 2

3 Q3 key stats ex tegel Q3 18 Q3 17 Change Passengers (m) % Load factor (%) ppts Seats (m) % Average sector length (km) 1,126 1, % Passenger revenue ( m) 1,202 1, % Ancillary revenue ( m) % Total revenue ( m) 1,517 1, % Total revenue per seat ( ) % Total revenue per constant currency ( ) % Total headline CPS ( ) (54.78) (52.36) (4.6)% Total headline constant currency ( ) (54.00) (52.36) (3.1)% Total headline CPS, constant currency ( ) (42.14) (40.49) (4.0)% 3 3

4 Revenue performance ex constant currency +4.8% c.1.0% c.2.3% c.1.6% c.(2.8)% c.2.7% Q3 FY17 RPS Seasonality inc Easter Monarch administration French competitor industrial action Ancillary revenue Underlying trading Q3 FY18 RPS Ex Tegel 4

5 Cost performance Ex tegel Headline Cost per seat including fuel Cost per seat excluding fuel Increases driven by: Q Reported 4.6% Increase 4.6% Increase Offset by: Q Constant currency 3.1% Increase 4.0% Increase Disruption impact of c. 25m vs Q3 2017: Makes up over half of the CPS ex fuel increase Welfare, compensation and lower productivity Crew pay agreements Inflationary pressure Accruing for higher incentive payments Robust management action on costs: Airport savings, driven by discounts on additional passenger volumes Engineering and maintenance savings, such as the components supply contract Up-gauging of fleet as easyjet continues to move from A319s to A320s easyjet cost programme savings delivered 85 million of sustainable savings year to date 5

6 Q3 Tegel operation > Market capacity greater than expected > Inefficient schedule However: > Load factor consistently above 80% > Q3 OTP = 84% > April = 89%, May = 85%, June = 77% (impacted by EU wide disruption) > Recruitment and training pipeline is on track > At the end of June we had 10 easyjet aircraft and crew in operation > As at 30 June 2018, 441 pilots and cabin crew were working from the base > Positive customer trends +19ppts in Q3 18 vs Q3 17 Serious consideration in the Berlin market 6

7 Fuel and foreign exchange hedging Fuel requirement US dollar requirement Euro Surplus Half year ending 30 September 2018 $529/tonne $1.36/ EUR1.20/ Full year ending 30 September 2018 $522/tonne $1.36/ EUR1.22/ Full year ending 30 September 2019 $560/tonne $1.33/ EUR1.13/ 7 As at 30 June 2018

8 H2 forward bookings 93% 94% 93% 91% Last Year This Year 80% 79% 65% 64% 67% 66% 41% 41% Q3 Jul Aug Sep Q4 H2 H (Apr 2018 to Sep 2018) as at 16 July 2018 Ex Tegel flying 8

9 H2 capacity outlook H2 FY17 H2 FY % 0.4% decrease when excluding Tegel flying 8.4% 6.0% 4.9% 5.5% 6.4% 2.3% -2.2% Capacity change total SH Market Competitors on easyjet markets Capacity Change easyjet markets easyjet capacity change Short haul market change easyjet markets (excluding markets dropped by easyjet year-on-year) Total easyjet capacity change H (Apr 2018 to Sep 2018) as at 16 July

10 2018 Outlook Excluding Tegel Capacity (seats flown) > FY c.+4.5% increase (assuming normal levels of Q4 disruption) Revenue per seat at constant currency > H2 revenue per seat performance: increase by low to mid single digits Cost per seat at constant currency > FY headline cost per seat excluding fuel: c.3.0% increase (assuming normal levels of Q4 disruption) Tegel Operation > Total reported loss before tax c. 175 million > Headline loss before tax c. 125 million > Non-headline loss before tax - c. 50 million FY 2018 Headline PBT (including headline impact of Tegel operation) > Between 550 million and 590 million FX / Fuel* > FY: unit fuel costs 60 million to 70 million favourable > Expected total fuel cost 1,120 million > FY: c. 20 million favourable movement from foreign exchange rates on headline PBT H (1 April 2018 to 30 September 2018) * Based on fuel spot price range of $700- $740; includes impact of ETS carbon scheme prices [GBP: EUR; 1.13 GBP: USD 1.35] 10

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