[PPT] - Tuesday 19 November 2013 Introduction Carolyn McCall Chief PowerPoint Presentation

SLIDE 1

Full Year Results Analyst and Investor Presentation

Tuesday 19 November 2013

SLIDE 2

Introduction

Carolyn McCall Chief Executive Officer

SLIDE 3

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Continued strong performance

Strong performance

Cash h retur turns ns to shar areh eholder

lders

17% 7% ROC OCE

Platform for growth

 Efficient, low cost model  Strong network and market positions  easyJet.com and pan-European brand  Strong balance sheet  Management innovation & execution

Deliver returns to shareholders

£308m to be returned to shareholders through

rdinary & special dividend (77.6p/share)

9.8% 11.3% 17.4%

2011 2012 2013

46 46 85 85 133 150 175 £196m £85m £308m

2011 2012 2013

Special Ordinary

SLIDE 4

4

Financial review

Chris Kennedy Chief Financial Officer

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Strong performance in the year

Profit progression (PBT £/seat) External factors – largely favourable

 Benign competitor capacity  Buoyant demand in UK  Weather  FX rate movements  Cost increases at regulated airports

Strong performance

51% rise in PBT
£7/seat PBT
11% PBT margins
£1 EPS
£616m operating cashflow
17% ROCE

Management action – step change

 Madrid base closure  Allocated seating  easyJet.com & Digital  easyJet Lean  A320 mix

3.97 4.81 7.03 7.2% 8.2% 11.2%

2%

4% 6% 8% 10% 12% 2 4 6 8

2011 2012 2013

PBT margin PBT/seat £

PBT / seat £ Margin %

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Financial results

£m £m F ' '13 F ' '12 Change Change Total revenue 4,258 3,854 404 10.5% Fuel (1,182) (1,149) (33) (2.9%) Operating costs excluding fuel (2,365) (2,174) (191) (8.8%) EBITDAR 711 531 180 33.8% Ownership costs (233) (214) (19) (8.6%) Profit before tax 478 317 161 50.9% EBITDAR Margin 16.7% 13.7% 3.0ppt Profit before tax margin 11.2% 8.2% 3.0ppt

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Financial results: £1 EPS, 17% ROCE

£m £m F '13 F '12 Change

Profit before tax 478 317 50.9% T ax charge (80) (62) (28.4%) Profit after tax 398 255 56.1% Effective tax rate 16.7% 19.6% 2.9ppt Earnings per share 101.3p 62.5p 62.1% Ordinary dividend per share 33.5p 21.5p 55.8% Special dividend per share 44.1p

Return on capital employed

17.4% 11.3% 6.1ppt

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Strong unit revenue growth

Source: Competitor capacity from OAG using an easyJet definition of overlapping markets. This excludes charter capacity.

£m F '13 F '12 Change

Passengers (m) 60.8 58.4 4.0% Load factor (%) 89.3% 88.7% +0.6ppt Seats (m) 68.0 65.9 3.3% Average sector length (km) 1,091 1,096 (0.5%) T

tal revenue (£m)

4,258 3,854 10.5% T

tal revenue per seat (£)

62.58 58.51 7.0% @ constant currency (£) 62.65 58.51 7.1%

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RPS: strong growth in seat revenue

7.1% 6.3% 6.1% 9.2% 8.0% 7.0% 8.5% 6.7% 7.7% 3.9% Q2 Q1 Q3 Q4 FY RPS growth @ constant currency RPS Growth Reported

£ per seat F '13 F '12 Change

Gross seat revenue 68.66 64.37 6.7% Passenger taxes (7.02) (6.76) (3.9%) Net seat revenue 61.64 57.61 7.0% Non-seat revenue 0.94 0.90 3.8% Total revenue 62.58 58.51 7.0%

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Timing of Euro: Sterling movement drove adverse fx

GBP: Euro rates (spot)

Sharp decline in value of Sterling to Euro in January 2013 High level of forward bookings posted at above 1.20, cost incurred at lower rate

P&L impact shown after effects of hedging cashflows

1.05 1.10 1.15 1.20 1.25 1.30 Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep

FY13 FY12

Key booking period Peak expenditure Impact of € /£ rate on P&L

£m

H1 H2 Rev (36) 31 Fuel 3 (2) Cost ex. Fuel 3 (36) Total (3 0) (7)

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8%

Currency impact

Currency split – total costs Currency split – total revenue

3% Swiss Franc Sterling 48% Other 41% Euro 5% 34% 1% 25% 35% Sterling Euro Swiss Franc Other USD F '13 currency impact favorable / (adverse)

£m £m EUR CHF USD Other Total Revenue (5) (3) 1 1 (6) Fuel 1

(5)
(4)

Costs excluding fuel (33) (2)

1

(34) Total (37) (5) (4) 2 (44)

Average effective Euro rate for revenue for FY13 was €1.19 (FY12: €1.19) Average effective Euro rate for costs for FY13 was €1.19 (FY12: €1.22)

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Impact of fuel

F’13 F’12 Change B/(W) Fuel $ per metric tonne

Market rate 992 1,020 28 Effective price 980 982 2

US dollar rate

Market rate 1.55 1.58 (3 cents) Effective price 1.58 1.59 (1 cent) Actual cost of fuel £ per metric tonne 619 618 (1)

Cost per metric tonne was broadly flat

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Cost per seat excluding fuel - key drivers

Favourable/ (Adverse) £ Cost per seat ex fuel £ var at constant currency % var at constant currency Drivers

Airports and Ground Handling 15.84 (1.14) (7.9%)

Significant increases in airport charges in

Spain and Italy

Increased de-icing related costs

Crew 6.68 (0.08) (1.1%) •

Increase in salaries, offset by higher proportion of A320s and shorter sector length

Navigation 4.33 0.02 0.5% •

Price increases more than offset by higher proportion of A320s and shorter sector length

Maintenance 3.11

0.2%
One-off items from last year not repeated,
ffset by above inflation price increases and

increase in average fleet age

Overhead 4.64 (0.08) (2.1%)

Higher disruption-related costs including

EU261 claims, relating to prolonged winter conditions and strike action

Increase in performance related employee

costs

Brand licence 0.16 (0.08) (108.2%) •

As per the amended brand license agreement, now fixed percentage of revenue

Ownership 3.41 (0.05) (1.4%)

Increased proportion of leased aircraft,

following new leases and sale and leaseback transactions

Savings on interest cost from paying off high

coupon debt

Total CPS excluding fuel 38.17 (1.41) (3.9%)

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Management action taken to offset headwinds

Cost per seat bridge

Exter terna nal factor

rs

Mana nage gemen ment t acti tion

0.11 0.31 0.64 0.57 0.08 0.14 0.29 0.39 2013 55.55 Other A320 Mix easyJet Lean Before Management Action 56.61 61 FX Brand licence Fuel Disruption & de-icing Inflation Airports 1.44 2012 53.70

Airports & Ground Handling – £0.25 Fuel - £0.19 Maintenance - £0.12 Spain ain & Italy ly - £0.86 Other Airports - £0.58

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Increasing proportion of A320’s

F ' '13 F ' '12 Change

A319 (operating lease) 54 49 5 A319 (owned / finance lease) 99 111 (12) A319 T

tal

153 160 (7) A320 (operating lease) 18 6 12 A320 (owned / finance lease) 46 48 (2) A320 T

tal

64 54 10 T

tal fleet

217 214 3 Operating lease 33% 26% 7ppt Percentage unencumbered 36% 32% 4ppt Percentage of A320s in fleet 29% 25% 4ppt

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Strong balance sheet

*Gearing defined as (debt + 7 x annual lease payments – cash) divided by (shareholders’ equity + debt +7 x annual lease payments – cash)

£m £m F '13 F '12

Property, plant and equipment 2,280 2,395 Goodwill and other intangible assets 467 456 Other assets 428 561 Liabilities (excluding debt) (1,716) (1,544) 1,459 1,868 68 Debt 679 957 Cash and money market deposits (1,237) (883) Net (cash) h) / debt (558) 74 74 Shareholders' equity 2,017 1,794 Capital employed yed 1,459 1,868 68 Gearing 7% 29%

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Flexibility in fleet planning

Maximum, minimum and base case fleet size under new framework agreement Flexible fleet arrangements to respond to 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

237 247 262 267 270 275 282 282 226 237 247 262 279 300 301 302 298 220 220 229 187 173 183 168 171

FY'14 FY'15 FY'16 FY'17 FY'18 FY'19 FY'20 FY'21 FY'22

Base case Max Min

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Cashflow

* Includes money market deposits but excludes restricted cash

£m Self funding ordinary dividend and capex

2 25 148 316 283 416 85 69 161 112 497 Sep 2013* 1,237 FX Restricted Cash Sale & Leaseback Borrowings CAPEX Ordinary dividend paid Tax, net int & other Net Working Capital Depn & amort Operating Profit * Sep 2012 * 883 Other

£m

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Progress against financial objectives and measures

Delivering on financial objectives

(1) ROCE including capitalised leases (2) Will fluctuate around 30% in the run up to the new generation fleet order

Objectives Measures Progress

Return Targets

Earn returns in excess of cost of

capital through the cycle

Invest in growth opportunities

where returns are attractive

Improve PBT per seat to £5
Post tax ROCE of 12% through the cycle*

 PBT improved by £2.22 to £7.03  ROCE of 17.4%

(1)

Capital Structure And Liquidity

Ensure robust capital structure
Return excess capital to

shareholders

Maintain sufficient level of liquidity

to manage through the cycle and industry shocks

Maximum gearing of 50%
Minimum GBP 4m cash per aircraft

 Gearing 7%  £5.7m cash per aircraft  Special cial divi vidend nd of 44.1 pence ce a share re or £175m

Dividend Policy

Target consistent and continuous

payouts

3x cover, subject to meeting gearing and

liquidity targets

Annual payment based on full year PAT;

introduced for FY 2011, payable 2012

Consider returns over x3 cover to reduce

excess capital  Ordina nary ry divide dend nd payme ment nt incr creased d by +55.8 .8% % to

33.5

.5 pence ce a a share re or £133m

Aircraft Ownership

Maintain flexibility around fleet

deployment and size

Target of 70% owned aircraft, 30%

leased aircraft  33% leased

(2)

Hedging

Insulate short term operating

performance against adverse movements in fuel price and exchange rates

65%-85% of the next 12 months’

anticipated requirements

45%-65% of the following 12 months’

anticipated requirements  In line with policy

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Fuel and foreign exchange hedging

Sensitivities

$10 movement per metric tonne impacts F’14 PBT by $4.8 million
One cent movement in £/$ impacts F’14 PBT by £1.2 million
One cent movement in £/€ impacts F’14 PBT by £1.4 million

Table data as of 13 November 2013

FY’14 Outlook

Fuel requirement US dollar requirement Euro Surplus

Half year ending 31 March 2014 76% @ $991/tonne 82% @ $1.57/£ 76% @ €1.19/£ Full year ending 30 September 2014 72% @ $982/tonne 79% @ $1.57/£ 73% @ €1.20/£ Full year ending 30 September 2015 56% @ $950/tonne 58% @ $1.56/£ 54% @ €1.17/£

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Forward bookings: impact of Easter

% seats sold *

H1 (Oct ‘13 to Mar ‘14) as at 13 November 2013 Rates at 15 November 2013 £/USD: 1.6072; £/EUR: 1.1936; Jet USD 973.50 per MT

H1 bookings in line with prior year

Easter 2013: 31 March Easter 2014 : 20 April FY’14 Outlook

88% 49% 89% 49%

Oct Nov Dec Jan Feb Mar H1

Winter 12/13 Winter 13/14

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Outlook

“easyJet will continue to deliver its strategy of offering its customers low fares to great destinations with friendly service so that it can continue to win in a more competitive market. This means easyJet is well placed to continue to deliver sustainable returns and growth for shareholders.”

FY’14 Outlook

Capaci city y (seats s flown)

H1 c.+3.5% (before disruption)
FY c.+5% (before disruption)

Revenue p per seat (constan ant currency)

H1: very slightly up on the prior year (including 1.5 percentage point adverse YOY impact from

timing of Easter and the 0.7 percentage point impact from the situation in Egypt)

Cost per seat ex fuel (constan ant currency)

H1 c.+2% (assuming normal disruption levels and constant load factors)
FY c.+2% (assuming normal disruption levels and constant load factors)

FX FX

H1: c.£10 million adverse movement from foreign exchange rates
FY: broadly neutral movement from foreign exchange rates

Fuel

H1: unit fuel costs up to £20 million adverse (assuming within $950 – $1,050 MT range)
FY: unit fuel costs up to £50 million adverse (assuming within $950 – $1,050 MT range)

Rates at 15 November 2013 £/USD: 1.6072; £/EUR: 1.1936; Jet USD 973.50 per MT

SLIDE 23

Business review

Carolyn McCall Chief Executive Officer

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Delivering growing and sustainable returns

Platform to deliver growing and sustainable returns

Strat ategic gic object ectiv ives es 1. Build strong number 1 and 2 network positions

2. Drive demand, conversion and

yield across Europe

3. Maintain cost advantage
4. Disciplined use of capital

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1. Less benign capacity environment this winter

Source: Market share data from OAG. easyJet routes based on internal easyJet definition. Based October download for the six months to 31 March 2014. Adjustments made to forward looking capacity to remove outliers and conform with easyJet and analyst views.

Capacity change - total SH market Capacity change - easyJet markets Competitors on easyJet markets easyJet capacity change

4%
1%
3%

3% 2% 2% 1% 1%

1%

1% c.3 .5% Winter 12/13 Winter 13/14

Capacity growth H1’14 vs H1’13 (OAG) Overall capacity increase in total short-haul market. Competitor declines on easyJet routes

+6ppt +2ppt +2ppt

easyJet et market kets (city to city pairs) Shor

rt hau

aul market ket 1. Network

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1. Continued opportunity for easyJet

Source: Market share growth rates from OAG. easyJet routes based on internal easyJet definition. Based October download for the six months to 31 March 2014. Adjustment made to forward looking easyJet capacity to reflect the latest view of fleet growth.

Capacity growth H1‘ F’14 (OAG) T aking advantage of competitor restructuring, improving network

% of easyJet capacity touching country

1. Network

UK UK France Italy Switzerland Spain Germany

33% 13% 12% 10% 9% 6%

2%

4%
2%
2%

2% 1% 0%

6%
4%
9%

3%

0%

4% 4% 2% 2% 2% 2% 4% 4%

4%

4% 3 % 3 %

Total capacity change - easyJet markets Competitors on easyJet markets easyJet capacity change

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easyJet has a strong position across much of Europe on the top 100 markets
From all the EU city pairs, the top 100 routes have a 24% capacity share
Over 75% of our capacity is at airports where we have a leading position
1. Leading position in top market pairs

Source: OAG, easyJet

1. Network

No.1 31m 46%

No. 2

21m 30% Other 16m 24%

48 21 37 24 22 24 19 17 16 14 3 1 18 1 2 easyJet Ryanair IAG Lufthansa Group Air France-KLM Norwegian Alitalia SAS Air Berlin-NIKI Vueling Airlines Turkish Airlines

Presence in top 100 market pairs

Non primary airports Number of market pairs

perated between 2 primary

airports

Presence in t top 100 market pairs rs Airport

rts

s where easyJet has number 1 or

r 2 market share

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1. Further opportunities in core markets

Source: Market size sourced from OAG data based on easyJet definition of short-haul routes; estimates of transfer traffic obtained from airport and company external announcements. P2P = point to point; LCC = Low-cost carrier.

Share of traffic at easyJet’s top 20 airports Growth in existing markets

easyJet has c. 22% share of capac

pacit ity y at its top p 20 airpo rport rts – equating to around 46m seats ts

Other low cost carriers (LCCs) have

~25% share

Non-LCCs account for 53%, with 12%

estimated to be for connections to long-haul flights

41% or 86m seats oppo

port rtun unit ity y within easyJet’s top 20 airports

A further 41% or 86m seats opportunity within easyJet’s top 20 airports

1. Network

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1. Seizing the opportunity

Overall c. 3.5% capacity growth over Winter 13/14 (before disruption)

Source : Internal easyJet projection

1. Network

Edinburgh: +13% Manchester: +17% London: +6% Regional France: +3% Madrid: -22% Other Spain: +2% Berlin: +3% Basel: +7% Geneva: +3% Milan:+4%

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34 35 36 37 38 39 40 41

FY 10 FY 11 FY 12 FY 13

UK Spain France Germany Italy Switzerland Portugal Netherlands

2. Demand: Understanding evolving customer base

Older passengers, higher disposable incomes Increasingly pan-European customer base

Great service: “consider flying easyJet again?” Increased proportion customers re-booking

50% 45% 50% 55%

FY'10 FY'13

Customer Volumes New Exising

FY’10 FY’13

Average age

2. Demand

Source:

Great service: surveys conducted by Millward Brown & GfK for 12 months to end September 2013
Other data from internal easyJet systems

UK 47% France 12% Italy 8%

Switzerland

7% 7% Other 26% UK 44% France e 14% Italy 13 13%

Switzerland

10% Other 19 19%

98% 95% 96% 97% 96% UK France Italy Switzerland Germany

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High volume Conversion focused e-Commerce engine Demand based Pricing Model Structured re-targetting customers and prospects Proposition re-design and segmentation

2. Drive demand: how we sell

2. Demand

Demand based Pricing Model

Areas as of focus

Network optimisation
Brand awareness
Digital / Web
Revenue management system
Proposition redesign

 Business  Allocated seating  Bag policy  Mobile boarding  On-line check-in

How we sell ll

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2. Drive demand: generation easyJet

2. Demand

Propo

positi

sition

n rede

edesign sign

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2. Allocated seating has been a success

2. Demand

Summary: strategy continues to deliver

Strong performance

 Strong unit revenue growth  Controlling costs  Capital discipline  Improving returns  Operational excellence

Strategy delivering

 Sustainable and flexible growth  Improved returns  Tangible and regular cash returns via 3x cover dividend and special dividend

Clear opportunity to continue to deliver growing and sustainable returns to shareholders Platform for growth

 Fleet order  easyJet Lean  Allocated seating  FlyBe slots  Business traveller  Generation easyJet

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Q & Q & A A

42

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APPENDIX

43

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H2 margin growth

£m H2 '13 H2 '12 Change

Total revenue

2,657 2,389 11.2%

Fuel

(686) (666) (3.0%)

Operating costs

(1,323) (1,192) (11.0%)

EBITDAR

648 531 22.0%

Ownership costs

(109) (102) (6.8%)

Pre-tax profit

539 429 25.7%

PBT margin

20.3% 18.0% 2.3ppt

Seats (m)

38.0 36.8 3.3%

£ Per Seat H2 '13 H2 '12 Change

Total revenue

69.82 64.84 7.7%

Fuel

(18.04) (18.08) 0.2%

Operating costs

(34.76) (32.36) (7.5%)

EBITDAR

17.02 14.40 18.2%

Ownership costs

(2.85) (2.75) (3.4%)

Pre-tax profit

14.17 11.65 21.7%

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Aircraft cashflows including overhauls

Figures based on contracted fleet commitments

Aircraft 2014 2013

Number of aircraft deliveries 9 10

Cashflows (USD) $m 2014 2013

Final delivery payments 250 267 Pre delivery payments 53 250 Heavy maintenance - owned fleet 43 9 T

tal

346 526 Heavy maintenance - leased fleet 119 110 T

tal cash flows

465 636 T

tal cash flows (GBP)

£301m £406m

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ROCE Calculation – including 7x lease adjustment

Reported £m F '13 F '12

Earnings before interest and tax – reported 497 331 Interest element of operating lease payments 34 32 Earnings before interest and tax - adjusted 531 363 T ax 23% 24% Normalised operating profit after tax (NOPAT) 409 276 Average shareholders’ equity – reported 1,906 1,750 Average net cash – reported (242) (13) Opening capitalised leases 665 763 Closing capitalised leases 714 665 Average capitalised leases 690 714 Average capital employed 2,354 2,451 Return on capital employed – 7x basis 17.4% 11.3%

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ROCE Calculation – NPV and Target liquidity

Proforma £m F '13 F '12

Earnings before interest and tax – reported 497 331 Interest element of operating lease payments 31 25 Earnings before interest and tax - adjusted 528 356 Tax 23% 24% Normalised operating profit after tax (NOPAT) 407 270 Average shareholders’ equity – reported 1,906 1,750 Adjustment to shareholders’ equity (27) (35) Average shareholder’s equity – adjus justed ted 1,879 879 1,715 715 Average net cash – reported (242) (13) Increase in debt associated with capitalising leases 356 355 Target liquidity adjustment 862 836 Average ge net debt t – adjus justed ted 981 1,178 Average ge capit pital al emplo loye yed 2,855 55 2,893 93 Return on capital employed – NPV basis 14.3% 9.3%

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RASK and CASK

F '13 F '12 Change

T

tal revenue per seat

62.58 58.51 7.0% at constant currency 62.65 58.51 7.1% RASK at constant currency (pence) 5.74 5.34 7.6% T

tal cost per seat ex fuel

38.17 36.25 5.3% at constant currency 37.66 36.25 (3.9%) CASK ex fuel at constant currency (pence) 3.45 3.31 (4.4%)

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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;

r (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

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f 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

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