Introduction

Johan Lundgren - CEO

2018 – building on strong foundations
Structural advantages deliver strong performance New initiatives to drive margins and returns
> Headline PBT growth of 41% > Holidays, Business, Loyalty, Data
> Strong revenue, up 17% > Operational Resilience Programme

 RPS Up 4.7% (@cc) Investing in people

 Ancillary revenue per seat (@cc) up 9.9% > New leadership team in place
> Cost programme delivers £107m in savings > Strong pipeline of Pilot and Crew recruitment
> Strong employee engagement scores (eNPS)
> #1 airline for value in Europe*
> Tegel successfully executed Well positioned for the future
> Customer satisfaction up despite unprecedented > Strong balance sheet
disruption levels in the industry > Well prepared for Brexit
> Best performing airline in Europe in 2018 > Flexible fleet position
> 43% increase in ordinary dividend > Advantaged fuel hedge

* Skyscanner award easyJet – A structural winner

3
3
Financial review
Andrew Findlay - CFO
performance highlights
FY 2018 FY 2017 Change*
Seats flown (m) 95.2 86.7 9.8%
Passengers (m) 88.5 80.2 10.2%
Load factor (%) 92.9% 92.6% +0.3ppt
Average sector length (km) 1,101 1,105 (0.4%)

Revenue per seat - reported currency (£) 61.94 58.23 6.4%

Revenue per seat - constant currency (£) 60.96 58.23 4.7%

Headline cost per seat incl fuel - reported currency (£) 55.87 53.52 (4.4%)
Headline cost per seat incl fuel - constant currency (£) 54.97 53.52 (2.7%)

Headline cost per seat excl fuel - reported currency (£) 43.43 41.27 (5.3%)
Headline cost per seat excl fuel - constant currency (£) 43.25 41.27 (4.8%)

Headline profit before tax per seat 6.07 4.71 28.7%

* Favourable/(adverse)

5
Financial performance
FY 2018 FY 2017 Change*
£m £m
Total revenue 5,898 5,047 851
Headline costs:
Headline costs excluding fuel (4,136) (3,577) (559)
Fuel (1,184) (1,062) (122)

Headline profit before tax 578 408 170

Headline ROCE – including 7x lease 14.4% 11.9% 2.5ppt
Headline diluted EPS (pence) 117.4 81.9 35.5

Non-headline items:
Commercial IT platform charge (65) - (65)
Tegel integration (40) - (40)
Sale and leaseback charge (19) (16) (3)
Other (9) (7) (2)

Total profit before tax 445 385 60

* Favourable/(adverse)

6
Revenue performance – ex-Tegel
RPS bridge
+8.3%

+1.6% £63.09
+6.7%
+1.0% £0.95
£62.14
+2.3% £0.59
£1.34
+3.4%
12% growth in
£1.98 ancillary RPS
versus 2017
£58.23

FY 2017 Monarch exit Ancillary Passenger FY 2018 FX FY 2018

Ryanair cancellations revenue revenue @ CC
FR industrial action

7
Controlled costs in a disrupted year
Headline CPS bridge (ex-Tegel)
> Ex-Tegel headline cost per seat at constant currency: 2.0% increase
> Ex-Tegel headline cost per seat ex fuel at constant currency: 3.8% increase

CPS ex fuel increased by 1.1%

(in-line with original guidance)

£0.53 £0.29 £0.88 £55.45

£1.05 £0.75 £55.09 £0.52
£0.18
£0.56

£0.22
£0.67

£53.52

FY 2017 Regulated Crew pay and Ownership Other and Fleet mix easyJet cost Employee Disruption FY 2018 Fuel P&L FX FY 2018
headline airports productivity costs inflation programme incentive and headline cost headline
cost per inflation savings costs de-icing per seat at cost per
seat CC before seat
fuel variance

8
Tegel operation
FY 2018 > Recruitment and training executed to plan
Seats flown (m) 4.9 > Now 23 easyJet aircraft based at Tegel:
Passengers (m) 3.9  Replacing wet-leases with own fleet
Load factor (%) 80.6%
Average sector length (km) 836 > As at 30 September 2018, 665 pilots and
cabin crew were working from the base
FY 2018
£m (reported) > FY OTP = 82%
Revenue 198
> Total loss less than original expectation at £152m
Headline cost including fuel (310)
Headline cost excluding fuel (250) > Progress continues:
Headline loss before tax (112)  Schedule optimisation
Non-headline integration costs (40)  More leisure, SXF-TXL swaps
Total loss before tax (152)

9
Impact of fuel & currency
FY 2018 fuel impact FY 2018 FY 2017 Change*
Fuel $ per metric tonne
Market price 664 501 (163)
Effective price 590 596 6
US dollar rate
Advantaged
Market price 1.34 1.27 7 cents
hedge
Effective price 1.36 1.45 (9 cents)
Difference 0.02 0.18

Actual cost of fuel £ per metric tonne 434 412 (22)

FY 2018 currency impact on headline PBT* EUR CHF USD Other Total
£m
Revenue 96 (1) (3) 1 93
Fuel - - (68) - (68)
Headline costs excluding fuel (24) 14 (6) (1) (17)
Total 72 13 (77) - 8
* Favourable/(adverse)

10
Strong cash generation
Cash flow bridge
> Net cash: £396m (FY’17: £357m)
> Adjusted net debt: £738m (FY’17: £413m)*
Cash generated from operations
(excluding dividends): £1,215m
Investing and financing

151
326 106
74
2,307 Growth
35
162
64
214

460

Replacement /
other

17 1,373
1,328
977 4
41
Cash & MMDs Operating Depreciation Loss on disposal Net Other Tax paid Ordinary Cash & Sale & Tegel CAPEX Increase in Other FX Cash & MMDs at
at 1 October profit & amortisation of Intangibles working operating dividend MMDs post leaseback consideration restricted 30 September
2017** and PP&E capital (FY’17) div & tax paid proceeds cash 2018**

*Leases capitalised at 7x ** Includes money market deposits but excludes restricted cash

11
Strong balance sheet Baa1 / BBB+
£m 30 September 2018 30 September 2017
Goodwill and other intangible assets 546 544
Property, plant and equipment 4,140 3,525
Derivative financial instruments 364 92
Other assets (excluding cash and money market deposits) 541 356
Unearned revenue (877) (727)
Other liabilities (excluding debt) (1,851) (1,345)
Capital employed 2,863 2,445
Cash and money market deposits* 1,373 1,328
Debt (977) (971)

Net cash 396 357

Net assets 3,259 2,802

Liquidity is supported by two revolving credit facilities (one $500 million facility
and one £250 million facility) and a business interruption insurance policy
* Excludes restricted cash

12
Fuel and foreign exchange hedging
Fuel requirement US dollar requirement Euro surplus

Six months ending March 2019 69% @ $567/MT 70% @ 1.31 69% @ 1.14

Full year ending 30 September 2019 65% @ $571/MT 66% @ 1.33 68% @ 1.13

Full year ending 30 September 2020 45% @ $654/MT 46% @ 1.38 47% @ 1.10

As at 30 September 2018

13
Utilising flexibility in fleet planning
395 Fleet announcement
385 Max fleet plan

• Exercise of purchase rights to firm orders

375
367 for 17 A320neo

355
359
• Deferral of delivery dates of 18 A320neo
aircraft by up to 24 months; and
352
335
329 338
• Conversion of 25 purchase rights for
A320neo into purchase options
316
315 315 Min fleet plan • Securing delivery slots in 2024.

295
FY2018 FY2019 FY2020 FY2021 FY2022 Increased flexibility
- Downside cases assume sale at 16 years of age

14
Gross capital expenditure
c. £1,000m c. £1,000m c. £1,000m
Fleet capex

c. £800m Owned maintenance & Other

FY’19 FY’20 FY’21 FY’22

- Not including impact from IFRS 16 accounting standard

15
2019 forward bookings
93%
91%
86%
82% FY18 FY19

Would be in-line with

H1’17 when excluding
60% Tegel & 2018 one-offs

55%
51% 50%

22% 21%

11% 11%
7% 8%

Oct Nov Dec Q2 H1 Q3 H2

H1 2019 (October 2018 to March 2019) as at 16 November 2018 (Including Tegel bookings)

16
H1’19 market capacity outlook
15.0%
H1 FY18
H1 FY19

7.5% 7.8%

6.1% 6.0%

4.3%
3.2%

0.6%

Capacity change total SH Market Competitors on easyJet markets Capacity Change easyJet markets easyJet capacity change

H1 2019 (October 2018 to March 2019) as at 7 November 2018 – Source OAG

17
H1’19 easyJet growth
7.0% 15.0%

4.9
Non-flying growth 1.0%
3.0%
1.9%
Organic
growth Strategic growth
1.1%
8.0%
4.0%
4.9%

Annualisation & Winter’17 Up-gauging Manchester Tegel Winter’18

underlying growth Cancellations growth capacity growth

H1 2019 (October 2018 to March 2019)

18
2019 Outlook
Capacity (seats flown)
> FY c.+10% increase; H1 c.15% increase FX / Fuel*
> FY: c.£10 million adverse movement from
Revenue per seat at constant currency foreign exchange rates on headline PBT
> H1 revenue per seat performance:
Down low to mid single digits > FY: unit fuel costs £50 million to £100 million adverse

> Updated for IFRS 15 : > Expected total fuel cost c.£1.5 billion
 H1 revenue per seat performance:
Down mid single digits Total Capex
> Total capex spend c.£1.0 billion
Cost per seat at constant currency
> FY headline cost per seat excluding fuel:
c. Flat (assuming normal levels of disruption)

> Updated for IFRS 15 :

 FY headline cost per seat excluding fuel: Slight
decrease (assuming normal levels of disruption)
H1 2019 (1 Oct 2018 to 31 Mar 2019) * Based on fuel spot price range of $675 - $760 includes impact of ETS carbon scheme prices GBP; EUR: 1.12 GBP: USD 1.28

19
strategic review
Johan Lundgren - CEO
Our plan
Our purpose
Seamlessly connecting Europe
with the warmest welcome in the sky

#1 or #2 in Winning our Value by The right Innovating

primary airports
Giving customers the
Our priorities leading offer in the airports
they want to fly to.
customers’ loyalty efficiency people with data
Making it easy, enjoyable We are low cost, driving Creating an inclusive and Using the millions of data-
and affordable to travel efficiency and investing energising environment points we collect to make
again and again for only where it matters to that attracts the right smart decisions and shape
business and holidays. our customers and our people and inspires the future of travel, as the
people. everyone to learn and world’s leading data driven
grow. airline.

We are:

Safe and responsible

Our promise On our customers’ side
In it together
Always efficient
Forward thinking

21
Our priorities – evolution not revolution
#1 or #2 in Winning our Value by The right Innovating
primary airports customers’ loyalty efficiency people with data
Giving customers the Making it easy, enjoyable We are low cost, driving Creating an inclusive and Using the millions of data-
leading offer in the airports and affordable to travel efficiency and investing only energising environment that points we collect to make
they want to fly to. again and again for business where it matters to our attracts the right people and smart decisions and shape
and holidays. customers and our people. inspires everyone to learn the future of travel, as the
and grow. world’s leading data driven
airline.

These metrics will collectively drive our performance

Profit CO2 emissions

OTP CSAT Score ROCE EPS
per seat per pax

22
#1 or
or#2
#2ininprimary
primaryairports
airports
1 New number 1 positions
Leading network of No 1 & 2 positions Delivering increasing returns
Number 1 position

Number 2 position

FY’2018 CPBH
FY’2014 CPBH

1
1

Ave CPBH increased by

11 1 11 Split c.20% over the cycle
33% increase
in capacity

2014 2018
Airports with #1/2 positions 44 51
1
Capacity at bases with #1/2 positions 49m 62m
Capacity at #1/2 positions 56m 71m

CPBH = Contribution per block hour

23
Much moretotogogoforfor
Much more
Legacy carriers remain
No 1 & 2 positions – Market share on easyJet routes easyJet’s main competitors

Number 1 positions include

> London Gatwick > Nice
> Geneva > Berlin
No 1 & 2 Airports > Basel > Venice
Legacy / other,
> Edinburgh > Belfast
easyJet , 44%
36%
60m
Seats flown by
legacy carriers on Number 2 positions include
easyJet routes > Manchester
LCC's, 20%
> Paris CDG
> Toulouse
> Amsterdam

24
Winning our customers’ loyalty
Much more
Great Offer Leading Brand Loyal Customers
to go for

> Leading network  Leading airline for value

> Affordable fares
for money > 2x Holidays

> Continual innovation Rank: 1st

More valuable

> Customer focused

 Leading LCC for Serious Higher yield Business
> The right people
Consideration per year

Rank: 1st Higher ancillary spend

per customer Loyalty

More trips
per year
Source: Brand Tracker

25 - Rankings based off an average across the following markets – UK, France, Italy, Switzerland, Germany
easyJet holidays
What we have today The Opportunity

> 500k bookings

Under-invested > Despite 20m easyJet
passengers booking
20m
People who flew with easyJet for leisure and
accommodation elsewhere booked accommodation elsewhere

Market leading Brand

Leading network for
Sub-optimal > Lack of functionality Loyalty and customer
beach and city breaks
technology > Not in sync with easyJet.com satisfaction

Best Value Airline award

> No personalisation
Lack control of
> No pricing control CSAT
final product
> Commission based
Despite disruption experienced in 2018

1 In easyJet’s top 29 destinations by capacity

26
Holidays - delivering the benefits
Booking Targets / Key dates
Offer Flight Destination
experience

From > Flight focused > Two paths > Great customer > Limited offer of
2019
> No hotel > Non-differentiated offer add-ons
> Launch easyJet Holidays in
relationships offers > Focus of easyJet > No effort to
late 2019
> Commoditised > Poor user experience understand
 New proposition
hotels experience customer needs
 New content
 New website / platform

> Leading flight offer > Seamless booking > Great customer > End-to-end 2020
To
> Better value > Better user offer customer offer
> Targeted hotel experience > Part of broader > Destination specific > Direct relationships with
offers > Customised offers easyJet experience add-ons Europe’s most loved hotels
> Deliver meaningful profit
improvement

27
easyJet business
What we have today The Opportunity

17% of total > 15m passengers in 2018 £40.2bn

passengers > 17% growth vs 2017 Total business travel market just in the UK*

Comparable offer to Market leading primary

legacy carriers, at a airport network in
Basic Loyalty > easyJet Plus
lower price Europe
programme > Flight Club

> Use of schedule to drive With an improved

Opportunistic business travel offer to come
scheduling > Not optimum use of peak
time slots

Best low cost airline award

28 * Data set taken from GBTA/PWC studies
Business - delivering the benefits
Booking Targets / Key dates
Procurement Flight Support
experience
2019

From > Relationship with > Limited channels > #1 and #2 airports > No post-travel tools > Schedule optimisation
leading companies > Same as leisure > “one-size fits all” > No loyalty offer > Launch of Corporate Flight
> Limited tools customer booking Club
> Continued growth in
business passengers
> New business bundles

> Relationship with > Tailored experience > #1 and #2 airports > Duty of care tool 2020
To
leading companies > More product > VAT invoicing
> Corporate Flight customisation > Building loyalty offer > Continued schedule
Club > Targeted schedule optimisation
> Expanded tools improvements > Increased penetration in
business routes
> Enhance easyJet Plus
> New tools (SME portal)

29
easyJet loyalty
What we have today The Opportunity

> 66% of seats in FY18 were booked by customers who

had also booked with easyJet in the previous 2 years
> Return customers buy twice as many flights per year
than first timers
> easyJet Plus and Flight Club consistently drive
incremental YOY revenue

Incremental Incremental Incremental

Ticket Ancillary Partner
Revenue Revenue Revenue

30
Loyalty - delivering the benefits
Reward Targets / Key dates
Recognise loyalty Redemption Engagement
easyJet flying

From > Flight Club

> Ad-hoc on board
> easyJet Plus
  2019
> Enhance easyJet Plus and Flight Club
> Loyalty technology
> Programme partnerships
> Define member experience
> Launch programme in UK

2020
To > Flight Club > easyJet Plus > Range of products > Travel rewards
> Surprise & Delight > Earn points for all > Integrate with > Boosted bundles > Segment strategies
> New segments easyJet purchases product > Enhanced offers > Build partnership ecosystem
> Partnerships that > Benefit bundles > Link to easyJet Holidays
earn rewards > Points + Cash > European expansion
> Business Rewards programme
> Continue partnership growth

31
Value byefficiency
Value by efficiency
Delivering £££ savings Up-gauging – c. 1% CPS saving per year

A319 CEO – 156 seats

Over £500m in cost reductions delivered since 2011
A320 CEO – 180 / 186 seats
> £107m savings in FY 2018
A320 NEO – 186 seats

> Drives operational excellence A321 NEO – 235 seats

> Supports reliable decision making New generation aircraft delivering CPS savings
5% -6%
6% -7%
> Reduces complexity 8% -9%

> Direct links to effective use of data

Current Current
New generation New generation
generation generation
A320neo A321neo
A319 A320

32
Disruption
Disruption – –ananindustry
industry wide
wide issue
issue
> Airspace operating environment is increasingly
constrained Network delay growth – All airlines1

> Under resourced ATC across Europe 5.8% CAGR

11.7

Departure delay (mins/flight)

11.3
10.5
9.3 9.7
> Limited change to ATC and airport infrastructure
(Lack of investment)

> Increasing knock on effects from strikes and weather

2014 2015 2016 2017 2018E
> 27,708 cancelled flights across Europe
(1st July – 12th Aug 2018)

**easyJet and other airlines continue to lobby the regulatory bodies across Europe as well as
working with the A4E to fast track improvements to the current issues faced by the industry**

33 1 - Includes all airlines into an aggregated network view

Source: Annual reports, EuroControl European Network Ops Plan (2014-2022)
Disruption – an opportunity for CSAT & Cost
easyJet Operational Resilience Programme
Build:
Invest intelligently in schedule, aircraft and
crew to enable a resilient operation that is set
up to deliver.
Execute:
Deliver a robust operation through a combination
of predictive tools including automation and
optimisation.
Recover:
Improve the customer experience during
disruption, minimising impact and preserving
customer satisfaction.
The Operational Resilience Programme is an opportunity to deliver a better customer experience while also cutting cost
34
Current actions being implemented:
• Standby Aircraft Task Force:
o New standby aircraft demand forecasting to inform
aircraft requirement for 2019
• First Wave Focus
o Process changes, metrics, and communication
measures to improve start of the day
• Better use of data and analytics
o Operational On Time Performance tool
o Optym schedule development
• Tactical schedule and crew resilience
o Tactical changes to schedule and crew designs for
Summer 19
The right people
> Industry leading crew A good place to work.
Overall
> New leadership team to deliver Our Plan engagement > Higher retention
score
> Industry leading experts • 6.5% - total turnover
8/10 • 4.9% - pilot turnover

Cabin Crew
eNPS 8.9 high engagement
score for Tegel
41
4.2 cc 6.6 Growth score –
most positive
Glassdoor
community – Pilots
rating

35
Innovating with data
Becoming the most data driven airline in the world Enhancing all aspects of the business

Web based
Improve customer Marketing &
Drive revenue Campaigns
Operation
experience Optimisation

Disruption
Management

DATA
Automation
Pricing
and
Market
Improve operational Forecast
Reduce cost
efficiency
AI Personal,
Assistant
Service
> 50 projects already under way Networks and Optimisation
Flights
Scheduling
> Senior data personnel and structure in place
> 28 data scientists in place (50 targeted)
36
Better prepared for Brexit (1)
1. Structure and flying rights:
• Robust post Brexit structure
o Three airlines in place: United Kingdom, Austria, Switzerland
• Had confirmation that as long as the UK reciprocates the EU will allow UK carriers to fly to and from the EU
• The majority of our network would be unaffected anyway
2. Operations – Robust solutions: % of current
• Safety and regulatory – grace period on safety certificates and spare parts Flows capacity
o Incremental spare parts now split between the UK and Europe UK – EU27 35%
• People: All other 65%
o Pilot Licenses
o Recruiting crew in the right places
o Some residence rights to accrue to UK and EU citizens
• Aircraft in the right place – UK (170), Europe (117), Switzerland (28)

Confident that flying will continue even in the event of a no deal Brexit
37
Better prepared for Brexit (2)
3. Ownership:
• 47% EEA ownership at present
• Articles of Association allow the Board to take action to satisfy ownership and control requirements
• Including the right to suspend voting rights and/or forcing shareholders to sell their shares
• easyJet has no current intention to do this but will keep its options open whilst Brexit negotiations are ongoing

4. Consumer demand:
• UK demand remains strong – H2 bookings ahead of last year
• Flexible and disciplined fleet allocation to drive highest returns

5. Financially strong
• BBB+, Baa1
• High levels of liquidity

Confident that flying will continue even in the event of a no deal Brexit
38
Our priorities – delivering shareholder value
#1 or #2 in Winning our Value by The right Innovating
primary airports customers’ loyalty efficiency people with data
Giving customers the Making it easy, enjoyable We are low cost, driving Creating an inclusive and Using the millions of data-
leading offer in the airports and affordable to travel efficiency and investing only energising environment that points we collect to make
they want to fly to. again and again for business where it matters to our attracts the right people and smart decisions and shape
and holidays. customers and our people. inspires everyone to learn the future of travel, as the
and grow. world’s leading data driven
airline.

Maximise Maximise Generate sustainable

ROCE PBT/ seat positive cash flows

39
Appendix
Adoption of IFRS 15
Change in accounting:
• Revenue recognition from certain revenue streams, principally administration and change fees, will be recognised on the date of flight
rather than the date of booking.
• Some of the compensation payments made to customers (in respect of flight delays), previously recorded wholly within expenses, will be
offset against revenues recognised, with the excess compensation continuing to be recorded within expenses.

Impact on adoption on 1 October 2018:

• A one-off £80 million increase to unearned revenues will be recognised with a corresponding charge to retained earnings (in respect of
bookings made in the year ended 30 September 2018 and recognsied in revenue in FY’18, for flights in the following financial year). These
revenues will be recognised again in FY’19 at the date of flight.

FY’19 impact:
• The anticipated full year profit impact of this change is expected to be immaterial.
• A higher proportion of annual revenues will be recognised in the second half of the year (approximately £40 million of revenue will be
deferred until H2).
• Revenue and cost are both expected to decrease by approximately £20 million as a result of the reclassification of compensation
payments.

41
Adoption of IFRS 16
Change in accounting:
• All aircraft operating leases will be capitalised on the balance sheet as a right-of use asset with a corresponding lease
liability representing easyJet’s obligation to make lease payments. Lease costs previously recognised within the Income
Statement will be replaced by depreciation and interest expense.
• Contractual maintenance obligations which are dependent on the use of the aircraft will continue to be provided for
over the term of the lease based on the estimate future costs, discounted to present value. However they will be
capitalised to the right-of-use asset and depreciated immediately rather than recognised within maintenance costs in
the Income Statement.
Impact on adoption on 1 October 2018:
• Approximately £545 million of lease liabilities and £510 million of Right of Use Assets will be recognised, with a
corresponding decrease to retained earnings.
FY’19 impact:
• The anticipated full year profit impact of this change is expected to be immaterial.
• IFRS 16 is not expected to have a material impact on the Income statement as the annual operating lease expenses
and maintenance charges will be replaced by anticipated similar levels of depreciation and interest expense.
• Headline ROCE is expected to improve by circa 1.5 percentage points.

42
Profit after tax
£m FY 2018 FY 2017 Change*
Headline profit before tax 578 408 41.4%
Headline tax charge (112) (83) (33.3%)
Headline profit after tax 466 325 43.5%

Total profit before tax 445 385 15.5%

Total tax charge (87) (80) (9.0%)
Total profit after tax 358 305 17.3%

Effective tax rate 19.7% 20.8% 1.1ppt

* Favourable/(adverse)

43
EPS, Dividends and ROCE
FY 2018 FY 2017 Change*
Headline basic earnings per share (pence) 118.3 82.5 43.4%
Headline diluted earnings per share (pence) 117.4 81.9 43.3%

Total basic earnings per share (pence) 90.9 77.4 17.4%

Total diluted earnings per share (pence) 90.2 76.8 17.4%

Dividend per share (pence) 58.6 40.9 43.3%

Headline return on capital employed (%) 14.4% 11.9% 2.5ppt

Total return on capital employed (%) 11.5% 11.3% 0.2ppt

* Favourable/(adverse)

44
Headline cost per seat – ex-Tegel
Weighted
Variance
Cost per seat variance
at
excluding (ex fuel) at
constant Key drivers
fuel constant
currency*
£ currency*
£
%
> Annualised increases in charges at regulated airports and increased de-icing costs
Airports and ground handling 17.07 (0.14) (0.3%) > Investment in ground handling at Gatwick through partnership with DHL
> Offset by savings from volume deals and renegotiated airport and ground handling contracts
> Agreed inflationary increases in crew and pilot pay
> Higher crew incentive payments, due to our strong financial performance
Crew 8.08 (0.63) (1.5%)
> Adverse productivity driven by investment in resilience (retention over winter periods) and
increased disruption
> Higher disruption costs
Overheads 6.28 (0.58) (1.4%) > Higher staff incentive payments, due to our strong performance
> Increase in project costs as a result of investment in significant initiatives
> Price benefits in France and Germany
Navigation 4.27 0.16 0.3%
> Change in fleet mix
> Increase in depreciation due to new aircraft purchased
> Increase in lease costs due to sale and leaseback programme
Ownership 3.99 (0.18) (0.4%)
> Partially offset by increase in interest receivable driven by higher cash balances and more
favourable interest rates
> Higher level of returns and additional aircraft recovery resilience
Maintenance 3.31 (0.20) (0.5%)
> More than offset by up-gauging of fleet and the impact of discounting
Total headline CPS excluding fuel 43.00 (1.57) (3.8%)
> Increases in the market price of fuel
Fuel 12.45 0.52
> Offset by the operation of easyJet’s fuel hedging policy and aircraft gauge
Total headline CPS 55.45 (1.05) (2.0%)
* Favourable/(adverse)

45
Revenue
Total reported FY 2018 FY 2017 Change*

Passenger revenue 4,688 4,061 15.4%

Ancillary revenue 1,210 986 22.7%

Total revenue 5,898 5,047 16.8%

£ per seat FY 2018 FY 2017 Change*

Passenger revenue 49.23 46.85 5.1%

Ancillary revenue 12.71 11.38 11.7%

Total revenue 61.94 58.23 6.4%

* Favourable/(adverse) – Passenger revenue includes net ticket and admin fee, all other revenue is included in ancillary revenue

46
Increasing proportion of A320 aircraft
FY 2018 FY 2017 Change
A319 (operating lease) 53 54 (1)
A319 (owned / finance lease) 79 89 (10)
A319 Total 132 143 (11)
A320 (operating lease) 37 18 19
A320 (owned / finance lease) 144 118 26
A320 Total 181 136 45
A321 Total (owned) 2 - 2
Total fleet 315 279 36
Operating lease 29% 26% 3ppt
Number unencumbered 220 202 18
Percentage of A320s in fleet 57% 49% 8ppt

Average seats per aircraft 172 169 2%

47
Currency impact
Revenue Costs
FY 2018 FY 2017 FY 2018 FY 2017
Sterling 45% 46% 29% 30%
Euro 44% 41% 39% 37%
US dollar 1% 1% 26% 26%
Other (principally Swiss franc) 10% 12% 6% 7%

48 Average effective Euro rate for revenue for FY 2018 was €1.14 (FY 2017: €1.18)
Average effective Euro rate for costs for FY 2018 was €1.13 (FY 2017: €1.15)
ROCE calculation – including 7x lease adjustment
Reported £m FY 2018 FY 2017
Earnings before interest and tax – reported 460 404
Interest element of operating lease payments 54 37
Earnings before interest and tax - adjusted 514 441
Tax 19% 19%
Normalised operating profit after tax (NOPAT) 416 357

Average shareholders’ equity – reported 3,031 2,748

Average net cash – reported (377) (285)
Opening capitalised leases 770 637
Closing capitalised leases 1,134 770
Average capitalised leases 952 704
Average capital employed 3,606 3,167
Return on capital employed – 7x basis 11.5% 11.3%

49
Headline ROCE calculation – including 7x lease adjustment
Reported £m FY 2018 FY 2017
Headline earnings before interest and tax – reported 592 428
Interest element of operating lease payments 51 37
Headline earnings before interest and tax - adjusted 643 465
Tax 19% 19%
Normalised headline operating profit after tax (NOPAT) 521 376

Average shareholders’ equity – reported 3,031 2,748

Average net cash – reported (377) (285)
Opening capitalised leases 770 637
Closing capitalised leases 1,134 770
Average capitalised leases 952 704
Average capital employed 3,606 3,167
Return on capital employed – 7x basis 14.4% 11.9%

50