DAVY VIEW

easyJet delivered a Q1 headline loss before tax of £61m (Q1 FY24 headline loss before tax of £126m), driven by passenger growth of 7%. H1 guidance highlights the timing of Easter impacting Q2 unit revenues: “This winter's underlying result will reflect Q1 improvements, partially offset by Q2 underlying unit revenue trends being modestly lower than Q1”. The company reiterated previous full-year guidance: FY25 seat capacity: +3% year-on-year (yoy); average sector length expected to grow c. 5%; total ASKs +8%; easyJet holidays FY25 planned customer growth of c.25% yoy. Visible Alpha consensus for H1 FY25 loss before tax is £331m (Davy: £285.5m). Company compiled consensus for FY25 profit before tax is £709m (Davy: £703.3m). We do not expect to make changes to our estimates.