easyJet reported a 9% increase in profit before tax and 18% growth in EBIT, with holiday profits up 32%. Load factors improved despite a 9% capacity increase, and unit costs decreased. Despite revenue pressure, structural improvements and lower costs support resilience. Capacity shifted to longer-haul routes and reduced domestic flying.
Maintaining a fair value estimate of GBX 640 for easyJet, supported by constrained European capacity and disciplined expansion. Fleet up-gauging, higher utilization, and focus on primary airports improve productivity and lower costs. Forecasting growth in holidays, increased attachment rates, and expansion into EU markets to support profit visibility.

Read more at Morningstar: EasyJet Earnings: Delivered Third Consecutive Year of Profit Growth; Fair Value Maintained