EasyJet (EJT1) AI Stock Analysis

Company Guidance

The management reiterated that H1 was broadly in line with the April trading statement despite a GBP25m March fuel hit, and guided customers to “book with confidence” with no further summer schedule cuts (summer capacity was trimmed 0.3% after reallocating ~400k seats) and no planned fuel surcharges; they kept the medium‑term target of >GBP1bn PBT and a strict GBP2.5m per‑aircraft hurdle for new base growth. Key financial and balance‑sheet metrics supporting the guidance include GBP4.7bn liquidity ( >GBP1bn above policy), net cash GBP434m, 72% jet fuel hedged at roughly $726/mt (over half of next winter and ~30% of the following summer hedged) and the sensitivity that every $100/mt on the unhedged portion equals ~GBP35m. Fleet and cost guidance: deliveries of 17 (this year), 30 (next) and 43 (year after), accelerated A319 retirements (all out by 2029) and quantified upgauging savings of GBP110m in 2027 + GBP140m in 2028 (GBP250m by 2028) with an expected EUR0.25bn of P&L efficiencies in full‑year ’27/’28; CASK ex‑fuel is expected to evolve by a low single‑digit amount. Operational guidance and KPIs included passengers +6%, seats +4%, a 2pp lift to 90% load factor, aircraft utilization +20% vs 2023, easyJet Holidays passengers +22% and H1 Holidays PBT GBP61m (+39% profitability), on‑time performance +1pp and customer satisfaction to 84% (airline) / 85% (Holidays).