easyJet reports a financial loss for the fiscal year

easyJet issued this financial report for its fiscal year through September 30, 2021:

easyJet’s financial position, optimized network, margin enhancing ancillaries and cost restructure is fast tracking its recovery, providing a strong base to accelerate growth and deliver strong shareholder returns.

–      Headline loss before tax of £1,136 million, ahead of consensus. £4.4bn of liquidity held providing renewed strength to capture opportunities.

–      Transformed business

o  Radical reallocation of our aircraft to higher contributing bases.

o  Step change in ancillary products delivering now and into the future – first in industry to implement dynamic pricing.

o  Cost base restructured – line by line cost savings delivered with further cost savings underway.

–      Summer ’22 – Current FY’22 H2 revenue booked is ahead of FY’19 level. Operational fleet plan increased by 25 aircraft as we capture growth opportunities.

Commenting on the results, Johan Lundgren, easyJet Chief Executive said:

“easyJet is moving through the pandemic with renewed strength having transformed the business by optimising our network and flexibility, delivering significant cost savings while also step-changing ancillary revenue. These initiatives alongside our strong, investment grade, balance sheet provide easyJet with renewed strength to manage any further Covid related travel disruptions, as well as a platform to fast track our growth and deliver strong shareholder returns. With this platform, we have the ambition to beat our targets set earlier this year.

“Having delivered FY’21 ahead of consensus, we have seen an encouraging start to this year with strong demand returning for peak winter holiday periods, coupled with increasing summer demand with Q422 capacity expected to be close to FY’19 levels. As the UK’s largest carrier, easyJet expects a significant benefit as the UK bounces back next summer. Our winning formula combined with the improvements made during the pandemic will accelerate our recovery.

“With ambitious plans for profitable growth we are expanding our leadership positions at key bases such as Gatwick and Milan with additional slots and aircraft this year and have 118 aircraft on order with a further 59 purchase options and rights confirmed to further build on this in the years to come.

“In summary, we remain mindful that many uncertainties remain as we navigate the winter, but we see a unique opportunity for easyJet to win customers and take market share from rivals in this period.”


It’s too soon to say what impact Omicron may have on European travel and any further short-term restrictions that may result. However, we have prepared ourselves for periods of uncertainty such as this. While we’ve seen an increase in transfers with some softening of trading for Q1 it is really encouraging to see that we are still seeing good levels of new bookings for H2 and we still expect that Q4 FY’22 will see a return to near pre pandemic levels of capacity as people take their long awaited summer holidays.

easyJet has optimized its network and reallocated aircraft to higher contributing bases alongside the launch of two additional seasonal bases. Our new ancillary products are delivering now, utilizing innovative industry leading dynamic revenue management to optimize returns. We have completed significant structural cost savings through seasonal contracts and improved productivity, while helping our customers navigate travel during the pandemic with our industry leading flexible policies.

Having successfully strengthened the balance sheet, we are fast tracking strategic investment and growth opportunities to deliver strong, sustainable shareholder returns. This is demonstrated by slot increases at Gatwick as well as additional slots which we have obtained in Linate, Lisbon and Porto alongside the expansion of all seasonal bases in summer 22. We will continue to focus on competing where it really matters, being relentlessly efficient and only investing where we can deliver strong, sustainable returns for our shareholders.

easyJet operated a disciplined flying program throughout the 2021 financial year whilst continuing to deliver cost savings across every area of the business. As a result of the continued impact of Covid-19, easyJet has reported a headline loss before tax of £1,136 million.

Demand is accelerating with key periods such as October half term, ski and Christmas seeing strong performance. We continue to add capacity and expect to fly c. 70% of 2019 capacity in Q2 and expect that Q4 summer capacity will be at near 2019 levels. Customers will look for value as the economy recovers and short haul leisure demand will lead the recovery. easyJet will use its inherent strengths combined with the improvements made during the pandemic to grow throughout the recovery, which is already underway, and beyond.

Delivering growth in FY’22:

·     Operational fleet plan increased by 25 aircraft

·     Slots added at Gatwick, Porto, Lisbon and Linate 

·     Additional aircraft added to all seasonal bases


·     Q1 Capacity expected to be c.65% of FY’19

·     Q1 Load Factor expected to be over 80%

·     Q2 Capacity is expected to be c.70% of FY’19 

·     Capacity expected to have recovered close to FY’19 levels by Q4 FY’22



·     easyJet is currently c.55% hedged for fuel in the financial year ending on 30 September 2022 at c.US$498 per metric tonne with the spot price as at 29 November 2021 being US$658.

Financial Summary

·     Headline loss before tax of £1,136 million (2020: £835 million loss) ahead of consensus.

o  Total revenue decreased by 52% to £1,458 million (2020: £3,009 million) predominately due to H1 FY’20 having no impact from Covid-19.

o  Group headline costs decreased by 33% to £2,594 million (2020: £3,844 million), driven by a decrease in capacity flown and the material savings achieved across many areas of the business from easyJet’s continued cost focus. 

·     Reported loss before tax of £1,036 million (2020: £1,273 million).

o  Non-headline gain of £100 million (2020: £438 million cost). Non-headline items consist of restructuring provision release and gains from the sale and leaseback of aircraft, offset by hedge discontinuation. 







Capacity1 (millions of seats)




Load factor2 (%)




Passengers3 (millions)




Total revenue (£ million)




Headline EBITDAR (£ million)




Headline (loss)/profit before tax (£ million)




Reported (loss)/profit before tax (£ million)




Headline basic (loss)/earnings per share (pence)




Airline revenue per seat (£)




Airline revenue per seat at Constant currency4 (£)




Airline headline cost per seat (£)




Airline headline cost per seat excluding fuel and balance sheet revaluations at constant currency4 (£)




Headline return on capital employed (%)