EasyJet: £126 million loss in Q1
Oddo BHF's loss estimate was £160 million. The loss is lower due to 'better-than-expected unit cost performance (CPS ex-fuel reduced by 3% y-o-y vs. fixed estimate) and better vacation contribution at £30 million (vs. £15 million estimated)'.
Unit revenue (RPS) is up +3% y-o-y. CPS excluding fuel is down 3% year-on-year.
EasyJet believes it is on track to achieve capacity growth of around 9% in FY2024.
In H1, the group expects 42 million seats, with year-on-year growth of +11%, and in H2 2023-2024 8% year-on-year growth with 59 million seats.
The Group also announced a positive outlook for the summer, with strong bookings in terms of seats sold and a year-on-year increase in yield.
2nd half RPS remain well ahead of year-on-year. The Group is forecasting a single-digit year-on-year increase in CPS ex-fuel.
' As a reminder, for FY2024, our profit estimate is £690 million versus the Visible Alpha consensus of £577 million' says Oddo BHF.
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