DAVY VIEW

easyJet has reported that headline profit before tax was down 26% to £427m (guidance: £420-430m; Davy: £426.9m). In terms of the guidance headline, airline revenue per seat at constant currency in the first half of the 2020 financial year is expected to be up low- to mid-single-digits (Davy: +2%). Headline airline cost per seat excluding fuel at constant currency for the full year to September 30th 2020 is expected to be up by low-single-digits (Davy: flat) assuming normal levels of disruption. There is unlikely to be a material movement in forecasts as a result of this statement with a focus also on carbon offsetting and easyJet Holidays. Analyst presentation and call at 09:15. Telephone: UK and International: +44 (0) 20 3003 2666