DAVY VIEW

easyJet reported a record FY24 headline profit before tax (PBT) of £610m. (Davy: £624m, consensus: £607m). ROCE of 16% (mid-term target of high-teen ROCE) and group headline PBT per seat +24% year-on-year (yoy), achieving £6.08 per seat (£7-10 target). The company expects to reduce FY25 winter losses with a significant improvement in Q1, with Q2 impacted by the timing of Easter (Davy: -£293m, VA consensus: -£322m). Cash generated from operations (excluding FX) was £308m, bringing net cash ex leases to £1.355bn. Proposed dividend of 20% of FY24 PAT, payable in early 2025.