DAVY VIEW

easyJet reported its H1 interim management statement (the actual results are on May 16th). Crucially, the outlook for the summer is strong with the Q3 airline revenue per seat (RPS) expected to be slightly up year-on-year (yoy), with Easter peak falling in March and Q4 airline RPS well ahead yoy (with c.30% of the program sold). H1 PBT loss range of -£340-360m, which is ahead of consensus: -£407m (Davy: -£405.9m). easyJet holidays continue to expect >35% customer growth yoy in FY24. For FY24, group PBT consensus is £616m, Davy: £613.6m). We will review this, but our forecasts are well underpinned with an upside bias.