30 YEARS

ANNUAL REPORT AND ACCOUNTS 2025

OF MAKING LOW-COST

TRAVEL EASY

FinancialsGovernance

Strategic reporteasyJet plc

Annual Report and Accounts 2025

STRATEGIC REPORT 01–74

At a glance

Chair’s statement

Highlights

CEO review

Our purpose framework

Business model

Delivering our strategic priorities

Winning for our customers,

our people and our shareholders

People

Key performance indicators

Market review

Financial review

Sustainability

Task Force on Climate-related Financial Disclosures

Sustainability Accounting Standards

Board (SASB) Index

Risk management

Viability statement and going concern

Non-financial and sustainability information

statement

GOVERNANCE 75–137

FINANCIALS 138–190

ADDITIONAL INFORMATION 191–194

WHERE WE

STARTED

Three decades agoeasyJet flew onto the

scene and shook up the status quo. We

have made affordable travel possible for

millions, ensuring customers are able to

connect with loved ones, experience

new cultures and take advantage of

life-enriching opportunities that were

previously inaccessible to many.

We receive our first Airbus

A319 following a new supply

agreement covering 240

aircraft over five years.

We carry our 100 millionth

passenger and the fleet

reaches 100 aircraft, marking

major milestones in our

growth.

Speedy Boarding and seat

selection are introduced,

giving passengers greater

choice over their seating.

easyJet launches its 16th base

in Milan, Italy.

We launch our first

international flights to

Amsterdam, Nice

and Barcelona.

easyJet was founded by

Sir Stelios Haji-Ioannou

with flights to Glasgow

and Edinburgh.

easyJet.com launches

online bookings. Swiss

operations commence,

becoming easyJet

Switzerland.

We are voted best low-cost

airline for the first time.

We carry 50 million

passengers a year for

the first time.

London Gatwick becomes our

fifth base and expansion plans

continue to gather pace.

We go public and are listed on

the London Stock Exchange.

We open Hangar 89, our

new headquarters at London

Luton Airport.

We become the UK’s largest

airline, flying 500 routes.

We are a truly pan-European

airline, operating over 400

routes, with more than 175

aircraft in 27 countries and

over half our passengers

originate from outside the UK.

2003

2005

19961995

2011 2010 2009

1998 1999

2001 2000

2006

2007

Strategic report

Governance Financials

easyJet plc

Annual Report and Accounts 2025

Very few companies remain as close

to their roots as easyJet, and now, in

our 30thyear, our mission remains to

democratise travel – always aiming to

make flying easy and affordable.

Desire for travel is greater than

ever before – and now flying more

than 100 million seats annually, we

are growing, opening new bases,

creating hundreds of jobs, recruiting

more pilots and crew, and flying

further than ever before.

As our operation grows, so does

our focus on doing business in a

responsible way.Our long heritage

in running efficient operations

has paved the way for our focus

on sustainability, where we are

championing innovative solutions

to help lower our impact and

ensure flying neverreverts back to

beingthe preserve of the few.

In our fourth decade and beyond we

will continue to support communities

in the places closest to where we

operate and champion equal access

and opportunities to deliver positive

outcomes and ensure more people

reap the benefits that travel and

tourism bring.

2012 2013 2015

We become the world’s

largest operator of A319s and

Europe’s largest operator

of A320 family aircraft. We

partner with UNICEF to raise

funds for the ‘Change for

Good’ campaign.

Shareholders approve

the purchase of 35 Airbus

A320 aircraft and 100 new

generation A320neo aircraft

for delivery from 2015.

The new easyJet app

is launched.

Our first A321neo is

delivered, taking the

fleet to 300 aircraft.

2018

2017

2016

We receive our Air Operator

Certificate in Austria,

launching easyJet Europe and

easyJet UK is founded ready

for the UK’s exit from the EU.

We launch the world’s largest

self-service bag drop

at Gatwick.

We announce our roadmap to

achieving net zero by 2050.

We launch easyJet holidays,

allowing customers to book

package holidays directly

with easyJet.

2019 2020

The COVID-19 pandemic

severely impacts the airline

industry. We ground our

entire fleet for the first time

in our history.

2022

We publish our new strategic

framework, aspiring to be

Europe’s most loved airline.

We announce a further

agreement with Airbus for

157 new aircraft from 2029.

2023

2024

We acquire a new heavy

maintenance facility in Malta

and open two new bases in

Alicante and Birmingham,

expanding our network to

30 bases.

Further reading

For more information, visit

our corporate website:

corporate.easyJet.com

Strategic report

Governance Financials

easyJet plc

Annual Report and Accounts 2025

AT A GLANCE

Thirty years on we are still a low-cost, European, point-to-point airline, using

our cost advantage, operational efficiency and leading positions in primary

airports to deliver attractive fares for our customers. We make great value

travel easy and accessible for everyone, providing simple, convenient flights

and holidays at unbeatable prices with outstanding customer service.

Countries

Routes

1,202

Hotel choices

>8,000

Bases

Aircraft in the fleet at 30 September 2025

Number of aircraft

356

Core market positions

1 or 2

Airports

163

Holiday destinations

>120

Total Owned Leased

A319 82 18 64

A320 180 107 73

A320neo 75 70 5

A321neo 19 10 9

Total 356 205 151

1) These metrics are now presented based on the consolidated IATA winter and summer seasons. Winter

begins on the last Sunday of October and ends on the last Saturday in March. Summer begins on the

last Sunday in March and ends on the last Saturday in October. ‘Consolidated’ winter plus summer is the

number of unique statistics in the combined winter and summer season to provide an annualised view.

2) Number one low-cost carrier in the core markets of the UK, France and Switzerland and number two

low-cost carrier in the core markets of the Netherlands, Portugal and Italy, based on departing seats,

where a carrier has >10% of market share.

3) Represents all of the hotels and destinations offered by easyJet holidays, inclusive of all holiday types:

beach holidays, city breaks, all-inclusive, winter/seasonal holidays and others.

Bases

New bases

for 2026

Airports

2025

WHERE WE ARE NOW

Network for Winter/

Summer 2025

Strategic report

Governance Financials

easyJet plc

Annual Report and Accounts 2025

CHAIR’S STATEMENT

2025: FINANCIAL

AND OPERATIONAL

PROGRESS

Sir Stephen Hester

Chair

In 2025, easyJet delivered 9% earnings

growth, achieving another year of higher

profits, with much potential left to

capture. Customers continued to fly

easyJet due to its attractive fares,

network of popular destinations and

friendly service. We made progress

towards our demanding medium-term

targets, while delivering already

attractive returns on capital of 18%.

The successful and profitable growth of easyJet

holidays was once again a standout feature for

our Group. In the airline, productivity and utilisation

benefits were realised during the first half of our

financial year, as capacity growth rose at a faster

rate than our aircraft growth. This resulted in

strong cost performance, which has outperformed

competitors over the last three years on an

improvement per kilometre of flying basis

, and

provides a platform for revenue to mature over

the coming years as the capacity embeds into

the market.

The wider external environment continued to

present challenges for the industry in 2025. Ongoing

conflicts in the Middle East and Ukraine, inflationary

cost pressures, air traffic control underperformance

across Europe, and continued aircraft production

and supply chain challenges, all impacted operations.

easyJet has been able to navigate these challenges

thanks to many improvements to drive operational

performance. These improvements, alongside a

focus on all aspects of the customer journey, have

contributed to rising customer satisfaction levels,

helping easyJet deliver a more reliable and enjoyable

travel experience.

I remain convinced that easyJet is well positioned

to prosper over the medium and long term. We aim

to provide a high level of service to our customers,

coupling our powerful and trusted brand with the

flourishing easyJet holidays proposition.

We are closely focused on creating shareholder

value which can only be achieved by determined

progress towards our target of over £1 billion of

profit before tax (PBT).

STRATEGY

Our strategy is unchanged. We aspire to become

Europe’s most loved airline, winning for our

customers, our shareholders and our people. As a

champion of low-cost customer-friendly travel in

Europe with an unrivalled network and positioning,

we see this as a demanding but appropriate and

achievable goal. Its pillars – building Europe’s best

network, strengthening revenue, delivering ease and

reliability and driving our low-cost model – are at

the heart of what we are doing.

PERFORMANCE

In 2025, we made further progress towards the

medium-term targets. easyJet holidays’ PBT was

£250 million, delivering its medium-term target in

just two years, a fantastic achievement, and we

have now upgraded its target to £450 million PBT

by FY30. Group return on capital employed (ROCE)

for the full year was 18%, in line with our target of

delivering a high-teen ROCE, though this target

will become more demanding to hit as capital

employed expands with new aircraft deliveries

over the coming years.

Group headline profit before tax (PBT) per seat

was £6.39, a £0.31 increase towards the target of

£7–10. We still have significant improvements to be

made within the key levers ahead of us; reducing

winter losses, upgauging and continued growth in

easyJet holidays. It must be said that our airline profit

performance, particularly over winter, is proving

harder to improve at the speed we want due to the

pace of route maturity and the wider external and

geopolitical environment. We are having to work

harder to reposition our route network and deliver

a multitude of detailed improvements to revenues,

costs and capabilities to support the future profit

growth ambitions. We believe these efforts will pay

off, though maybe not with the pace we once hoped.

1) Assuming Ryanair’s sector length is stable

Strategic report

Governance Financials

easyJet plc

Annual Report and Accounts 2025

CHAIR’S STATEMENT (CONTINUED)

We clearly understand that in a capital-intensive

industry, with some inherent volatility, being able to

achieve attractive returns on capital lies at the heart

of shareholder delivery. We will remain carefully

focused on how to deploy additional capacity with

the ability to slow if prudent.

Financial strength is an important attribute in this

industry and a focus for easyJet, given its nature

and asset intensity. As at 30 September 2025,

easyJet had a net cash position of £602 million,

a £421 million improvement on the prior year. This

financial strength, underpinned by our investment

grade credit ratings, enables easyJet to fund

its upcoming capital expenditure programme

as aircraft deliveries accelerate. It also provides

a resilient foundation to navigate the evolving

macroeconomic landscape, supporting both

strategic growth and operational flexibility.

DIVIDEND

Given the performance in the financial year

alongside easyJet’s strong liquidity position,

the Board intends to pay an increased dividend of

13.2 pence per share, up 9% and equivalent to 20%

of FY25’s headline profit after tax. The Board

is committed to maintaining regular returns to

shareholders through this ordinary dividend.

Additional returns of any excess capital, while not

a near-term prospect, will continue to be assessed,

taking into account market conditions, capex

requirements and progress towards the Group’s

medium-term targets.

STAKEHOLDERS

There has been a constant dialogue with our

stakeholder groups throughout the year and,

on behalf of the Board, I would like to take this

opportunity to thank them for their engagement.

At the front of our minds remain our shareholders

and customers. We take very seriously the task of

serving customers well to maintain and grow their

numbers and their loyalty.

I am pleased to see the high proportion of

returning customers and increased customer

satisfaction levels this year to 80%, the highest

level in over a decade. Air travel can too often

be the source of frustration as the challenges of

complex supply and logistic chains, public policy,

infrastructure shortcomings and macro issues like

weather volatility create disruption and inconsistent

experiences. Airlines alone cannot solve these

problems, but we can play our part to address

them and have improved our own resilience and

customer ease over the last 12 months.

PUBLIC POLICY

As a leading European airline, easyJet continues

to play an active role in shaping the policy

environment in which we operate. We engage

constructively with governments, regulators, and

industry bodies to advocate for fair, competitive,

and sustainable aviation policies. In 2025, we

contributed to key discussions on decarbonisation,

airspace modernisation, and consumer protection,

ensuring that our voice supports both our

customers and the broader industry.

YOUR BOARD

I am pleased to report that your Board is

functioning well and strongly focused on supporting

management through strategy development and

operational delivery. In particular we have focused

on the CEO succession this year. I am pleased to

note that Kenton has settled into his new role with

impressive ease and is bringing ever intensifying

focus to the many essential but detailed aspects of

performance delivery that we need to improve if we

are to achieve our aspirations for easyJet.

During the year, we welcomed new perspectives to

the Board, further strengthening our governance

and strategic oversight. I was pleased to welcome

Jan De Raeymaeker as the new Chief Financial

Officer (CFO), who replaces Kenton Jarvis as

he moved into his new role as Chief Executive

Officer (CEO). In addition we were joined by two

new Non-Executive Directors; Elyes Mrad and

Julie Chakraverty, with Elyes becoming a member

of the Audit Committee, and Julie a member

of the Remuneration and Safety & Operations

committees. Johan Lundgren stepped down as

CEO in early 2025. I and the whole Board would

like to thank him for his significant contribution

to easyJet over his seven-year tenure as CEO.

Alongside Johan, two of our Non-Executive

Directors, Moni Mannings and Detlef Trefzger,

stepped down during the year and I would also

like to thank them for their contributions.

OUR PEOPLE

easyJet’s success is built on the dedication and

talent of our people. In 2025, we continued to

invest in training, wellbeing and career development,

ensuring that our teams are empowered to deliver

exceptional service and drive innovation. Our people

remain at the heart of our strategy, and I thank our

employees, management and my Board colleagues

for their continued passion and professionalism.

However, it remains a source of considerable

frustration that too often public authorities across

our operating regions fail to optimise the potential

contribution air traffic can make to modern

economies. We see this in the woeful oversight

of underperforming air traffic control activities,

antiquated routing systems that burn time and fuel

unnecessarily, and a system of taxation that is often

inconsistent and irrational.

THE FUTURE

As we move forward, the Board and I will continue

to work collectively with the management team

and everyone at easyJet to progress towards the

delivery of our medium-term targets. We remain

focused on delivering for our customers, our people,

and our shareholders — and on continuing to build a

business that is fit for the future.

Sir Stephen Hester

Chair

Strategic report

Governance Financials

easyJet plc

Annual Report and Accounts 2025

6022024

2023 432

2025 658

9.32024

2023 8.2

2025 10.1

6102024

2023 455

2025 665

1812024

2023 41

2025 602

16.12024

2023 12.6

2025 18.0

2,5752024

2023 1,893

2025 3,090

89.32024

2023 89.3

2025 89.8

100.42024

2023 92.6

2025 104.0

89.72024

2023 82.8

2025 93.4

692024

2023 66

2025 72

66.642024

2023 67.23

2025 65.47

HIGHLIGHTS

FINANCIAL HIGHLIGHTS

Total profit before tax

£658m

Revenue

£10.1bn

Headline profit before tax

£665m

Net cash

£602m

Headline return on capital employed

18.0%

easyJet holidays customers

3,090k

Load factor

89.8%

Seats flown

104.0m

Airline passengers

93.4m

OTP (on-time performance)

72%

emissions per passenger kilometre

65.47g

NON-FINANCIAL HIGHLIGHTS

We remain focused on delivering for

our customers, our people and our

shareholders — and on continuing to

build a business that is fit for the future.

Sir Stephen Hester

Chair

ALTERNATIVE PERFORMANCE MEASURES

We use various alternative performance measures

(APMs) which we believe provide useful additional

information for understanding the financial

performance and financial health of the Group.

See the glossary on pages 191 and 192, for a

comprehensive list of the APMs that we use,

an explanation of how they are calculated, why

we use them and a reconciliation to the closest

equivalent IFRS measure where relevant.

ANOTHER YEAR

OF EARNINGS

PROGRESSION

Read more on pages 31 to 39

0.5ppt

- ppt

233%9% 1.9ppt

4% 20%

3ppt 2%

39%

5972024

2023 476

2025 703

Headline EBIT

£703m

18%

25%

13%

341%34% 3.5ppt

8% 36%

3ppt 1%

Strategic report

Governance Financials

easyJet plc

Annual Report and Accounts 2025

CEO REVIEW

BUILDING MOMENTUM

OPERATIONALLY AND

FINANCIALLY

It has been a privilege to step into the

CEO role and lead the easyJet team

through a year of significant operational

and financial achievements.

Our strategy and purpose is clear: to make low-cost

travel easy, winning for our customers, people

and shareholders. This year, we delivered progress

against this purpose, navigating a challenging

external operating environment while achieving

the strongest customer satisfaction scores in over

a decade, making important strategic network

changes and building momentum towards our

medium-term financial targets.

Our proactive investment in operational resilience

resulted in significant improvements, with on-time

performance increasing by 3 percentage points

year on year. This, combined with our focus on

providing ‘the warmest welcome in the sky and

on the ground’ has led to a 4 percentage point

increase in customer satisfaction score – reaching

80%, the highest level in over a decade. I am also

very pleased to see that customers continue

to prioritise travelling with easyJet, with 71% of

customers returning within two years.

This year, we have made strategic investments

to enhance our loyal customers’ connectivity and

choice. We opened bases in Milan Linate and Rome

Fiumicino, which have excellent profit and growth

potential. This summer was impacted by a £20

million investment as we were late to market due

to the delayed timing of the European Commission

approval. We will see this investment continue

into our first winter of operation, with sequential

improvements expected thereafter.

Our base in Southend performed really well in

its first summer of operation, already in line with

network average returns. This is underpinned by

particularly high demand for easyJet holidays, which

accounted for 19% of the passengers.

easyJet holidays achieved another year of

significant success and growth, with 3.1 million

easyJet holidays’ customers – a 20% increase on

the prior year, while delivering strong customer

satisfaction scores of 83%. The business has met

its medium-term profit target in just two years.

As a business, we remain focused on capital

allocation and returns. We delivered an 18% return

on capital employed this year, two percentage

points higher than the prior year and in line with our

target of high-teen ROCE. We will remain focused

on maintaining high teen levels of return as new

aircraft deliveries increase over the coming years.

Our airline profit performance, particularly over

winter, has been more challenging to improve

than originally anticipated. I am confident that

our actions have been the right ones as we

have invested in our network to drive enhanced

customer choice, productivity and asset utilisation

improvements, which I expect to mature from a

revenue perspective over the coming years. We

are focused on this and have actions across the

business to drive improved performance. These

actions, alongside disciplined capital allocation, a

strong financial foundation, our dedicated people

and the loyalty of our customers, will drive progress

towards our medium-term target to deliver over £1

billion in profit before tax.

FINANCIAL PERFORMANCE

Total revenue increased by 9%, reaching £10,106

million compared to £9,309 million in 2024, primarily

due to an increase of 4% in seat capacity to 104.0

million seats from 100.4 million in 2024, coupled with

a yield benefit from flying further and an increase in

ancillary revenue including easyJet holidays. Airline

revenue increased by 6% to £8,666 million, up from

£8,172 million in 2024, as we operated with higher

capacity compared to the prior financial year. The

airline revenue per available seat kilometre (RASK)

decreased by 3% to 6.45p, compared to 6.65p in

2024. This is in part due to the strategic capacity

investments during the year as well as the natural

dilution as a result of the increased average sector

length, which is compensated by a lower airline cost

per available seat kilometre (CASK). easyJet holidays

incremental revenue increased by 27% to £1,440

million as this part of the business continues to scale,

with customers up 20% year on year.

Kenton Jarvis

Chief Executive Officer

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Governance Financials

easyJet plc

Annual Report and Accounts 2025

CEO REVIEW (CONTINUED)

Group headline costs, excluding fuel, rose by 11% to

£7,188 million, up from £6,476 million in 2024. This

increase is attributed to the 9% increase in ASK

capacity and the continued expansion of easyJet

holidays. Headline airline cost per available seat

kilometre (CASK), excluding fuel, saw a reduction

of 1% to 4.46p from 4.50p in 2024. Disruption and

ownership costs per ASK were improved during

the year, offsetting industry-wide inflationary

pressures. Fuel CASK reduced by 7% with falling fuel

prices and a strengthening GBP/USD rate, partially

offset by the introduction of SAF mandates and

reductions in ETS free allowances.

Headline profit before tax of £665 million was a 9%

improvement year on year and headline earnings

before interest and tax (EBIT) increased by £106

million, driven by the airline improving £50 million

and holidays £56 million. The headline profit before

tax result was delivered through Airline profit of

£415 million, a £5 million reduction year on year,

and easyJet holidays improving £60 million to £250

million. This equates to a Group headline profit

before tax of £6.39 per seat, which reflects another

year of progress towards our medium-term target

of £7 to £10 Group profit before tax per seat.

OUR PEOPLE

At easyJet, our people remain one of our greatest

strengths and a key driver of our continued success.

In 2025, we deepened our investment in training,

wellbeing and career development to ensure our

teams are equipped and empowered to deliver the

exceptional service our customers expect.

We remain committed to being an employer of

choice. This is reflected in the recognition we have

received: easyJet and easyJet holidays were once

again named among the best places to work by

Glassdoor and The Sunday Times. Our people are a

core source of differentiation, and by engaging our

colleagues in our strategy and purpose, to make low-

cost travel easy, we continue to deliver outstanding

customer experiences and build lasting loyalty.

We celebrate achievements across the business

through our newly launched recognition portal and

our annual Spirit Awards, both of which play a vital

role in strengthening our culture and encouraging

the living of our values.

Our focus on wellbeing, inclusion, and diversity

ensures that every colleague feels they can thrive

and contribute meaningfully. We are proud to share

our success by awarding performance shares to our

people, reinforcing our belief in collective achievement.

As we progress towards our ambition to be

Europe’s most loved airline, we are equally focused

on becoming Europe’s most loved place to work

– where diversity flourishes, learning is embraced

and every individual can do their best work while

growing their career.

SUSTAINABILITY

Our net zero roadmap is vital to reducing the

environmental impact of aviation, and we are on

track to meet our SBTi-validated interim carbon

target of a 35% intensity reduction by 2035. Our

strategy focuses on three key areas: reduce,

replace and remove. This year, we reduced our

emissions intensity by 1.8%. Over a quarter of our

fleet now consists of highly efficient NEO aircraft,

and we are focused on improving fuel efficiency

across our existing fleet. New efficiency measures

this year included FAN-C retrofits to optimise

flight trajectories and the implementation of

pre-conditioned air (PCA) units at Milan Malpensa

Terminal 2, with a trial at London Gatwick. We

are actively advocating for airspace reform with

both UK and EU national governments, leveraging

data from easyJet’s operations and Eurocontrol to

identify and address the inefficiencies across the UK

and European airspace. During the 2025 financial

year we have complied with the sustainable aviation

fuel mandates. The differing sustainable aviation

fuel (SAF) regulations in the UK and Europe present

a challenge if not addressed, potentially resulting

in price distortion for customers. Supply concerns,

particularly for second and third-generation fuels,

are also a worry, and these factors will drive up

costs for customers. We are actively engaged in

discussions with both the UK government and the

EU to advocate for policies that support effective

decarbonisation without placing an undue financial

burden on consumers.

Addressing aviation’s climate impact is a significant

challenge that requires diverse solutions. easyJet

takes a holistic approach, collaborating with

partners to support the various levers of the

roadmap, from helping to scale up sustainable

aviation fuel and greenhouse gas removals,

supporting the development of hydrogen-powered

flight and blended wing body aircraft, as well as

furthering our knowledge of contrail management

solutions. We also strongly advocate for effective

regulation to achieve our ambitions.

To empower our customers to make more

sustainable travel choices, we have developed

the easyJet holidays Certified Sustainable range.

This range includes hotels that hold certifications

recognised by the Global Sustainable Tourism Council

(GSTC), which focus on all aspects of sustainability.

OUTLOOK

We are well-positioned to deliver further

enhancements to our performance in the coming

years with the strategic changes implemented in 2025

supporting growth and increased profitability. We will

maintain our focus on productivity and asset utilisation

over the winter months and we expect route maturity

benefits to come following our strategic capacity

investments over the coming years.

We continue to expect 17 new A320neo family

aircraft deliveries in FY26, rising to 30 and 43 in FY27

and FY28 respectively. This will support our fleet

modernisation plans and deliver material upgauging

benefits, which is a crucial lever to improving

operational efficiency, enhancing margins, and will

drive further sustainability improvements.

easyJet holidays remains a key driver of earnings

growth for the Group. We have upgraded the financial

targets for the holidays business to profit before tax

of £450 million as we aim to continue to provide our

customers with brilliant holidays at unbeatable prices.

Kenton Jarvis

Chief Executive Officer

We remain focused on delivering

our ambitious and credible

medium-term targets which will

ultimately lead to Group PBT of

over £1 billion.

Disciplined capacity growth of up to

5% per annum

Group profit before tax per

seat of £7 to £10

Growing easyJet holidays to deliver

£450 million of profit before tax by

FY30

High-teen ROCE

Read more on page 15

BE SAFE

Where trust and care begin

BE WELCOMING

The invitation to belong

BE BOLD

The spark of positivity

BE CHALLENGING

The drive to improve

Strategic report

Governance Financials

easyJet plc

Annual Report and Accounts 2025

OUR BUSINESS MODEL

NETWORK AND

SCHEDULE

• Point-to-point routes and high-frequency schedule, with emphasis on primary and slot-constrained

airports in many of Europe’s largest catchments with high customer demand.

• Caters to multiple market segments including business, visiting friends and family (VFR) and leisure demand.

BRAND, SCALE

AND GROWTH

• A well-established and trusted brand that enables direct distribution, expansion into adjacent offerings,

and greater marketing efficiencies.

• Scale offers opportunity to spread fixed overheads over a large volume of seats.

• Growth through upgauging of new aircraft provides opportunity to reduce unit costs.

PRODUCT PRICE

AND DISTRIBUTION

• Low fares from basic unbundled fares and products, combined with industry-leading revenue

management and dynamic pricing algorithms.

• Innovative and constantly evolving products that improve spend per passenger.

• Strong brand and unique network provide high levels of direct distribution, but also high revenue share

from indirect channels.

HOLIDAYS

OFFERING

• A strong scalable, low-risk holidays product that drives incremental revenue and margin growth by

leveraging easyJet’s trusted brand and customer base to capture a larger share of leisure travel spend.

• Strengthening customer loyalty and brand engagement through integrated flight-and-holiday packages,

creating a differentiated offering versus pure flight-only competitors.

ENVIRONMENTAL

AND SOCIAL

• Delivering against our detailed net zero roadmap through fleet renewal and continuous improvement

in operational efficiencies.

• Industry-leading scores from important ESG bodies, including being the top-ranked airline worldwide

on Sustainalytics, top-ranked European airline on MSCI, as well as our inclusion in FTSE4Good.

• Driving leadership on carbon emissions technology (e.g. Rolls-Royce, JetZero, Airbus, DACCS).

• Our model is sustainable for the future. Global Sustainable Tourism Council (GSTC) recognition.

CUSTOMER

• Popular customer app which improves the overall experience from booking to boarding the aircraft.

• Self-service tools for managing disruption via the app which empowers customers to make changes

when disruption occurs.

CAPITAL AND

COST EFFICIENCY

• Single fleet type with standard specifications and high density single-class cabin layout.

• High aircraft utilisation driven by investing in operational efficiency and performance.

• High productivity and strong cost culture.

• Long-term strategic partnership with key partners (airports, suppliers).

• Strategic increase in operational capabilities to management supplier cost increases.

Brand, scale

and growth

Product

price and

distribution

Holidays

offering

Capital and

cost efficiency

Customer

Environmental

and social

Network

and schedule

Making

low-cost

travel easy

BUSINESS MODEL

MAKING LOW-COST

TRAVEL EASY

We deliver our purpose by leveraging

the low-cost airline business model with

network and service differentiation.

Strategic report

Governance Financials

easyJet plc

Annual Report and Accounts 2025

DELIVERING OUR STRATEGIC PRIORITIES

BUILDING EUROPE’S

BEST NETWORK

We have built a distinctive network offering frequent, well-timed

flights from Europe’s most sought-after airports. The central

location of these airports gives easyJet an advantage over other

low-cost carriers, while still delivering more competitive pricing

than traditional full-service carriers.

PROGRESS IN 2025

We expanded our fleet by nine

aircraft and opened three new

bases at London Southend, Milan

Linate and Rome Fiumicino, while

closing Venice and Toulouse.

London Southend became our

10th UK base, reinforcing our leisure

network and London presence. We

also secured short-haul remedy

slots at Milan Linate and Rome

Fiumicino, supporting our strategy

to grow in slot-constrained, city-

centre airports as well as capture

rising business traffic.

We have sustained disciplined

growth by prioritising longer

leisure and ‘visiting friends

and family’ routes, while also

expanding city flying in response

to the rebound in demand for

city breaks and business travel.

This balanced approach supports

year-round profitability and

enables strategic expansion

into key European markets. Our

Winter 2024 schedule introduced

destinations such as Cape

Verde, Luxor, Strasbourg, Oslo,

Tromsø and Derry. In Summer

2025, we further broadened

our network with Düsseldorf,

Frankfurt, Vienna, Tbilisi, Rimini

and Harstad/Narvik.

We have also taken a more

focused approach to winter

growth, aimed at reducing

seasonal losses as the airline

continues to readjust to network

changes made during the

pandemic: a process that will

take time to mature. Winter/H1

seats are therefore up 6% and

Available Seat Kilometres (ASKs)

up 12% year on year. Increased

frequencies and longer sectors,

up 6% overall, were also key to

improved asset utilisation, with

strong expansion into North

Africa, up 43%, and the Canary

Islands, up 25%.

Build scale by densifying

our core market

Maintain and build

leadership positions in

slot-constrained airports

Optimal capital allocation

via basing and growth to

maximise year-round Group

profits and create flexibility

Additional expansion when

opportunities arise

new bases in 2025

growth in ASKs

LINK TO PRINCIPAL RISKS

Changing legal and regulatory landscape

Significant safety or security event

Network, expansion and primary airports

Significant operational disruption

Talent and critical skills acquisition

Read more on pages 65 to 70

NETWORK STRATEGY FOCUS POINTS

Strategic report

Governance Financials

easyJet plc

Annual Report and Accounts 2025

DELIVERING OUR STRATEGIC PRIORITIES (CONTINUED)

We believe that the ongoing development

of our airline and holiday products presents

a significant opportunity to better align with

our customers’ preferences, increase their

spending and achieve sustainable growth.

PROGRESS IN 2025

This year, easyJet holidays

achieved a 20% growth

in customers, contributed

incremental revenue of £1.4 billion

to the Group and generated

£250 million of profit. Having met

our medium-term profit before

tax target of £250 million ahead

of schedule, we are building

momentum as we enter the next

phase of growth. Read more

about easyJet holidays’ growth

on page 13.

We are also evolving our inflight

retail offering with best-in-class

product ranges to enhance

customer experience. As a result,

inflight profit per seat increased

by 7% to £0.73.

We delivered key enhancements

to easyJet Plus, including a better

digital experience, the launch

of a business platform for bulk

membership purchases, and the

introduction of smart pricing

and targeted promotions. These

improvements have contributed

to notable growth in membership.

We have strengthened our

industry-leading revenue

management functions by

enhancing ticket and baggage

algorithms and overall revenue

optimisation capabilities.

Ancillary products such as

large bags and standard seats

continued to deliver strong

incremental revenue throughout

the year, with airline ancillary

revenue rising 6% year on year.

STRENGTHENING

REVENUE

Develop and grow easyJet

holidays business

Enhance our ancillary and

retail commerce capabilities

Diversify our sources of

revenue while continuously

working to further enhance

our existing revenue

management system

£1.4bn

easyJet holidays’

incremental revenue

£0.73

inflight retail profit per seat

LINK TO PRINCIPAL RISKS

Macroeconomic conditions and

geopolitical events

Network, expansion and primary airports

Read more on pages 65 to 70

STRENGTHENING REVENUE

FOCUS POINTS

Strategic report

Governance Financials

easyJet plc

Annual Report and Accounts 2025

DELIVERING OUR STRATEGIC PRIORITIES (CONTINUED)

Our goal is to deliver £450 million

in profit before tax by FY30 by

increasing attachment rates on

leisure routes, expanding into

European source markets, and

broadening our city breaks offering.

Since launching in 2019, easyJet

holidays has grown rapidly. In

FY25, we had over three million

customers, delivering £250

million profit before tax. We saw

a 20% increase in customers

enjoying our wide range of

holiday options, including all-

inclusive stays, luxury escapes,

family-friendly trips and culturally

rich city breaks.

We now offer over 8,000

hotels across more than 120

destinations and launched new

locations like Cape Verde in

2025. As the highest-margin

tour operator among our key

competitors, we offer unbeatable

value thanks to a scalable

business model with low fixed

costs. Our partnerships with

leading hotels thrive without

financial commitments or

inventory risk.

We benefit from low customer

acquisition costs, minimal

overheads and a 96% variable

cost base. Customer experience

remains key, with an 83%

satisfaction score and strong

intent to rebook. Our agile

offering allows us to pivot quickly

to meet demand, underpinned

by exceptional flexibility and

unbeatable prices.

WHAT’S NEXT FOR

OUR HOLIDAYS BUSINESS?

Case study

IN CONVERSATION WITH...

Garry Wilson, CEO of easyJet holidays

WHAT ARE YOUR REFLECTIONS ON

THE LAST FIVE YEARS?

It has been a hugely rewarding journey of

growth and learning for the entire team. We

have scaled rapidly by focusing relentlessly

on value, trust and harnessing the latest

technology, while ensuring simplicity in what

we do and how we do it. By listening closely

to customers and leveraging the easyJet

brand, we have built an agile organisation

that can move quickly and react to market

changes at pace.

Despite some of the industry-wide

challenges during our early years as a

business, the demand for holidays has

remained extremely resilient. This has driven

us to create a flexible, scalable model

that delivers unbeatable value and a great

customer experience, even amid changing

travel trends.

WHAT ARE YOU

MOST PROUD OF?

How we have disrupted a traditionally

saturated market. We brought the easyJet

DNA – low fares, smart technology, and

brilliant customer experience – into this

space, transforming the way holidays are

packaged and sold. Our success is rooted

in an ethos of simplicity and transparency.

Importantly, every team member is close

to and feels part of the strategy, which

has allowed us to consistently identify new

opportunities and spot gaps that others

have missed. This shared focus has been

key to driving our innovation and growth

and means we continue to scale in a way

which outpaces the market.

ARE THERE ANY UPCOMING

INNOVATIONS OR TECHNOLOGIES

YOU ARE EXCITED ABOUT?

The power of personalisation is one of

the most exciting opportunities ahead.

With AI, we are no longer just responding

to customer needs, we are anticipating

them. Whether it is the look and feel of

our website or tailored recommendations,

we are able to deliver more relevant and

timely experiences. But the impact of AI

goes far beyond what customers see. It

is transforming how we operate behind

the scenes too, from Finance to Customer

Experience. A huge opportunity lies in

creating a seamless, intuitive service that

feels less like technology and more like a

truly human experience.

3.1m

customers

83%

customer satisfaction

Consistent PBT growth

(£m)

2502025

1902024

1222023

382022

Sustained customer growth

(000s)

3,090 2025

2,575 2024

1,893 2023

1,072 2022

1) The figure denotes the percentage of customers who said they were

completely, very or quite satisfied with their experience in the easyJet holidays’

customer satisfaction survey. These surveys are facilitated via an independent

third-party platform.

Strategic report

Governance Financials

easyJet plc

Annual Report and Accounts 2025

DELIVERING OUR STRATEGIC PRIORITIES (CONTINUED)

Ensuring our customers have an enjoyable, hassle-

free experience and receive reliable service is a

fundamental part of our strategy. We are committed

to making low-cost travel easy, with ease and

reliability at the heart of our mission, so our

customers return again and again.

PROGRESS IN 2025

This year, by leveraging

operational data-driven insights,

predictive analytics, and through

a series of targeted initiatives,

we have delivered measurable

improvements in our on-time

performance and an uplift in our

customer satisfaction score.

We have rolled out the ‘Warmest

welcome on the ground’ initiative,

with additional training for ground

crew alongside bespoke IT

solutions designed to enhance

the customer experience at

airports. This follows our previous

focus to achieve the ‘Warmest

welcome in the sky’, where to

further empower our teams, we

have equipped all cabin crew

with iPads, providing real-time

operational data and customer

insights to support a more

responsive and personalised

service onboard.

We created an ‘insights

and improvements’ team to

enhance operational decisions

using advanced analytics and

forecasts, enabling targeted

schedule interventions and

early issue prevention.

This year we have started to

benefit from the new easyJet

app launched in September

2024, rebuilt with modern

technology to deliver faster

feature development and an

improved user experience,

raising satisfaction to 92%.

Enhancements include live

activity features and better

push notifications, with more

improvements planned.

DELIVERING EASE

AND RELIABILITY

Invest in building a reliable

service aligned to our

low-cost model

Build an effortless web and

app shopping experience

Lead with a digital-first

approach to increase

personalisation and drive

ease of customer

interactions with us

Establish sustainability

leadership

LINK TO PRINCIPAL RISKS

Significant safety or security event

Significant digital security event

Macroeconomic conditions and

geopolitical events

Critical technology failure

Significant operational disruption

Read more on pages 65 to 70

72%

on-time performance

80%

customer satisfaction

EASE AND RELIABILITY FOCUS POINTS

Strategic report

Governance Financials

easyJet plc

Annual Report and Accounts 2025

DELIVERING OUR STRATEGIC PRIORITIES (CONTINUED)

At the core of our strategy is the disciplined execution of

our low-cost model. We are committed to continuously

challenging costs, ensuring that every area of spend

delivers tangible value to our customers. This

commitment is complemented by our focus on

productivity and investment in processes and tools

that drive sustainable long-term cost efficiency.

PROGRESS IN 2025

Maintaining a flat cost per

available seat kilometre (CASK),

excluding fuel, has been a key

focus throughout the financial

year. Improved asset productivity,

especially in winter, has been

a significant driver, primarily

achieved through increased

utilisation, reflected in higher

seat kilometres flown across an

expanded network. This has been

further supported by a stronger

focus on operational resilience

and faster turnaround times.

Our fleet renewal programme

delivered nine NEO aircraft this

year, which now make up 26%

of our 356 aircraft fleet (FY24:

25%). NEOs typically improve fuel

efficiency by 15% and, by replacing

A319s, they can add a £3 per seat

benefit through upgauging.

We have also taken the

opportunity to purchase back

eight aircraft to structurally

improve future ownership costs.

We have enhanced resource

utilisation, and therefore

sustainability, through initiatives

such as the Future Air Navigation

System C (FANS-C) retrofit, one-

engine taxi departure without

auxiliary power unit (APU) and

Flaps 3 Landing Compliance. In

addition, we have achieved savings

through better fuel procurement.

Further efficiency gains have also

been realised from greater use

of digital tools and automation,

such as multi-language live

chat (seven languages in FY25,

up from four in FY24) and

improved self-service disruption

management (up 7% vs FY24).

These initiatives have enabled

easyJet to achieve a CASK ex-

fuel of 4.46 pence, compared to

4.50 pence in the prior year.

DRIVING OUR

LOW-COST MODEL

Drive our business with

sustainable efficiency

Leverage

automation

Invest in our

fleet

Deliver strong

productivity

LINK TO PRINCIPAL RISKS

Macroeconomic conditions and

geopolitical events

Critical technology failure

Significant operational disruption

Read more on pages 65 to 70

4.46p

Airline headline cost per ASK

(CASK) excluding fuel

26%

of our fleet are NEO aircraft

LOW-COST MODEL FOCUS POINTS

Strategic report

Governance Financials

easyJet plc

Annual Report and Accounts 2025

WINNING FOR OUR CUSTOMERS

CREATING

MOMENTS OF JOY

71%

returning customers

To be Europe’s most loved airline, we win for

our customers by offering an unmatched network,

and delivering value through a reliable customer-

focused experience at competitive prices.

FOR OUR CUSTOMERS

Strategic report

Governance Financials

easyJet plc

Annual Report and Accounts 2025

WINNING FOR OUR CUSTOMERS (CONTINUED)

Continual improvement in customer experience

has increased our overall customer satisfaction

score by 4 points to 80%

for the year. A focus on

people-driven service alongside technological

improvements will continue to improve the ease

of customers’ travel experiences.

Our people are key to improving

the customer experience.

With our airport customer

experience specialists (ACES),

we have not just delivered on

the warmest welcome in the

sky but broadened this to give

customers the warmest welcome

on the ground too. Connected

technology is enabling easier

customer journeys, with more

targeted communications, AI

automated responses for faster

issue resolution, and the popular

easyJet app, with new features

such as live activity updates

during the journey.

Customers have responded

positively, with 71% of seats in FY25

booked by returning passengers.

Passenger numbers are also up,

with 4 million more passengers

flying with us this year. We are

leading in the UK and France for

perceptions on providing value for

money and over two thirds of all

flyers in our key European markets

would consider flying with us in the

next 12 months

SUPPORTING CUSTOMERS

DURING DISRUPTION

INNOVATING CUSTOMER

SERVICE WITH AI

The Disruption Hub is an

innovation designed to help

both our colleagues and our

customers manage better during

periods of disruption.

For colleagues, this has included

new standards, designated

spaces for ACES, as well as

direct links between ACES and

Holidays Operations Centres’

duty managers to support the

growing holiday business and

ensure continuity between resort,

transfers and flights.

For customers, self-service

guides, lounge vouchers, travel

support and access to staff

through signage in the airport

have all been developed.

These efforts are leading to

improvements with those

suffering disruption improving

satisfaction by 1 percentage point.

Using eResolve, our AI-enabled

email processing technology,

we are able to respond to our

customers much more speedily.

This new process has delivered

a 39-point productivity uplift in

responding to email queries, a

29-point cost reduction and a

7-point increase in customer

satisfaction. Due to the amazing

success of this initiative we will be

expanding AI decision-making into

additional service channels in FY26.

This solution could deliver c.£4m of

annual cost benefits in the future,

alongside the significantly improved

customer service journey.

WARMEST WELCOME IN TRAVEL

In keeping with our ambition

to offer the warmest welcome

in the sky, we also want to

give customers the warmest

welcome on the ground from

everyone they meet at the

airport who represents easyJet.

By engaging colleagues and

providing great customer

service training we aim to make

the customer’s experience

both positive and distinctively

easyJet. With training, incentives

and characteristically easyJet

uniforms, delivering the warmest

welcome on the ground has

grown, with bag drop satisfaction

up by 5 percentage points

and

boarding satisfaction also up by

5 percentage points

this year.

Customers have noticed and

appreciated staff, leading to

growth in satisfaction of staff

availability up 4 percentage

points

, and staff friendliness up

3 percentage points

5 point

improvement in boarding

satisfaction

93.4m

total easyJet

passengers

3.1m

total easyJet

holidays

customers

Customer satisfaction

80%

easyJet

83%

easyJet

holidays

72%

On-time performance (OTP)

Excellent customer

service from checking-

in until we reached

our destination.

1) The figure denotes the percentage

of customers who said they were

completely, very or quite satisfied with

their experience in the easyJet On The

Day survey conducted by KPMG.

2) Value perceptions and consideration

are from our brand tracker with Ipsos,

compared to other low-cost carriers.

3) The figure denotes the percentage

change of customers who said they were

completely, very or quite satisfied with

their boarding experience in the easyJet

On The Day survey conducted by KPMG.

The crew was so friendly;

it made the trip incredibly

enjoyable. Even with the

delay, I feel like they did

everything they could to

avoid any inconvenience.

eResolve has helped

improve service experience

and lift our overall

customer satisfaction. It

has enabled faster, more

accurate responses and

allowed our teams to focus

on the areas that matter

most to customers. A great

example of AI making a

tangible difference.

Antonio Shabbir

Customer Experience Director

Strategic report

Governance Financials

easyJet plc

Annual Report and Accounts 2025

WINNING FOR OUR PEOPLE

LEADING

THE WAY

82%

recommend easyJet as a great

place to work on Glassdoor

We have a clear purpose and a well-understood destination

to be Europe’s most loved airline. We set our people up to

provide our customers with the warmest welcome in travel.

We are building the foundations for us to move fast, try

new things and live our pioneering spirit.

FOR OUR PEOPLE

Strategic report

Governance Financials

easyJet plc

Annual Report and Accounts 2025

WINNING FOR OUR PEOPLE (CONTINUED)

CONNECTING OUR PEOPLE THROUGH

A SIMPLER DIGITAL EXPERIENCE

We are dedicated to creating

a simpler, more intuitive digital

experience that empowers all

our people and communities

to succeed.

At the heart of our digital

ambition is Project Nexus –

our commitment to addressing

existing challenges, simplifying

complexities and building for the

future. Nexus is transforming

our work environment by

integrating payroll systems,

automating workflows and

providing direct access to

essential tools like Workday,

our people management system.

This is not merely a technological

upgrade; it represents a cultural

shift that enables our people to

work smarter, faster and with

greater confidence.

The Lounge, our innovative new

digital communication space, will

serve as a hub for our people

to stay informed, access tools,

and connect across the network

(more details can be found on

page 26). This platform is further

supported by the rollout of new

smart devices for our crew.

Our investment in this digital

experience signifies a bold step

forward, reflecting our pioneering

spirit and our commitment to

leading the way in creating a

connected, inclusive and

growth-oriented workplace.

WELCOMING COLLEAGUES

TO THE CREW EXPERIENCE

LEADERSHIP IN MOTION:

COLLABORATING AT 30,000 FEET

This summer, over 350

colleagues and their families

joined our Cabin Crew Family

Experience days at Gatwick.

Attendees explored our training

academy, practised onboard

announcements, opened

aircraft doors and learned

lifesaving CPR.

The event gave former crew a

chance to reconnect with their

training, while families gained a

deeper appreciation for the skills

and dedication required in cabin

crew roles. It was a celebration

of our welcoming culture —

fostering unity and pride in our

customer-facing teams.

Twice a year, we bring together

our top 350 leaders from across

easyJet – appreciating that they

play a key role in making low-

cost travel easy.

Last October, we immersed

ourselves in a three-day easyJet

holiday in Sharm El Sheikh, one of

our fastest-growing destinations.

In March, we visited Birmingham,

where the base team welcomed

us with open arms. We know that

when we immerse our people

in the product and purpose

of our business, they can lead

with deeper understanding and

stronger connection.

That is how we move one step

closer to reaching our destination

of being Europe’s most loved

airline, together.

Cabin crew were fabulous.

Lovely, friendly and

full of laughs. Made

the flight so pleasant

and very enjoyable.

350

colleagues and their

families joined our Cabin Crew

Family Experience days

When our people thrive, our customers feel it – on

every flight and in every interaction. With a growing

number of customers, we are focused on making it

easy for our people to connect with our purpose, be

their best, and access what they need, when they

need it. We are building a sustainable workforce

capable of achieving our ambitious long-term

growth plans.

Excellent service, nothing

was too much trouble for

cabin crew and the captain

kept us well informed.

80%

of our people interact with

customers every day

1. Pilot headcount plus crew headcount/

total headcount (excluding Malta).

Strategic report

Governance Financials

easyJet plc

Annual Report and Accounts 2025

WINNING FOR OUR SHAREHOLDERS

CREATING

ATTRACTIVE VALUE

£665m

headline profit before tax for FY25

easyJet aims to deliver long-term shareholder value by executing

our strategy and ensuring disciplined capital allocation. Over the

last two years the delivery of this strategy has enabled progress

towards achieving our medium-term targets, with the main

focus on generating a profit before tax greater than

£1 billion, and a high-teen return on capital employed.

FOR OUR SHAREHOLDERS

Strategic report

Governance Financials

easyJet plc

Annual Report and Accounts 2025

WINNING FOR OUR SHAREHOLDERS (CONTINUED)

Our strategic priorities, Building Europe’s best

network, Strengthening revenue, Delivering ease

and reliability and Driving our low-cost model – will

deliver shareholder value over the long term.

DRIVING SHAREHOLDER VALUE

Capital allocation is central to

easyJet’s strategy for delivering

long-term shareholder value.

Our disciplined approach

ensures that every investment

decision is aligned with our

strategic priorities and focused

on enhancing returns.

We are committed to enhancing

returns from our existing capital

base, particularly our fleet, by

optimising aircraft deployment

across our highest-returning bases

and routes. In addition we are

focused on revenue growth by

expanding our ancillary revenue

streams including the ever

increasing number of customers

choosing our holidays proposition.

As we invest in new aircraft to

support our growth ambitions,

we remain disciplined in how we

allocate capacity. Growth will

be focused within our existing

network, through increased

frequencies and selective

expansion into new destinations

from established bases. We will

also continue to capitalise on time

limited strategic opportunities, for

example the slots that we took

this year at Milan Linate and Rome

Fiumicino. Upgauging, particularly

through the retirement of the

A319 sub-fleet, presents a further

opportunity to enhance efficiency

– delivering cost and sustainability

benefits through lower fuel

consumption and reduced noise.

By maintaining a strong capital

structure and applying rigorous

financial discipline, we seek to

ensure that capital is deployed

where it delivers the greatest

return, supporting both profitable

growth towards our medium-

term targets, a strong investment

grade balance sheet and

consistent shareholder returns.

Progress towards our medium-term targets

Targ ets* FY25 FY23 Change

Group PBT per seat** £7-10 £6.39 £4.91 30%

Holidays PBT >£250m £250m £122m 105%

ROCE

High-teen 18% 13% 5ppts

Capacity growth

<5% 4% n/a n/a

* Original targets set at the start of FY23

** Group Headline profit/(loss) before tax per seat (£)

1) ROCE is calculated by taking headline profit/(loss) before interest, foreign

exchange gain/(loss) and tax, applying tax at the prevailing UK corporation

tax rate at the end of the financial year, and dividing by the average capital

employed. Capital employed is shareholders’ equity, excluding the hedging and

cost of hedging reserves, plus net debt.

2) Annual capacity growth

GENERATING MORE PROFIT PER SEAT

Profit per seat is a critical performance metric that directly reflects

the efficiency and profitability of our operations. It measures the

profit generated from each seat that our aircraft fly.

The key self-help levers that we

believe are unique to easyJet

over the coming years to further

increase the profit we generate per

seat are:

1. Reduce winter losses through

increasing crew productivity

and aircraft utilisation over the

winter, alongside leveraging

and building our primary

airport network.

2. Upgauging as a result of

fleet modernisation, enabling

passenger growth at slot-

constrained airports whilst

reducing our fuel burn and

unlocking other efficiencies

throughout our cost base.

This will deliver a cost saving

of over £3 per seat.

3. easyJet holidays has proven its

business model over the last

four years, now holding c.10%

UK market share alongside

being a market leader in its

margin generation. The target

of >£250 million profit before

tax has been met in FY25 and

operations are now from four

source markets; UK, Germany,

Switzerland and France.

UPGRADING OUR HOLIDAYS TARGET

easyJet holidays has a business model that cannot be replicated; it

has proven to be successful in providing significant earnings growth

to the Group and increased shareholder value. Having met the

medium-term target in just two years the business has upgraded

the target to £450 million profit before tax by FY30.

ACHIEVING HIGHER

RETURNS

The target of increasing ROCE

to high-teen, which is far in

excess of our cost of capital, is

fundamental to delivering long-

term value for our shareholders.

ROCE measures how efficiently

easyJet makes returns from its

assets and will be an output from

the target of increasing profit

per seat. Higher ROCE reflects

stronger operational performance,

disciplined investment, and

effective capital allocation.

DISCIPLINED

CAPACITY GROWTH

Finally, we are also focused on

disciplined profitable growth

and set a target of up to 5%

per annum.

This will be delivered by the

current aircraft order book,

through absolute aircraft

increases within the fleet and

replacing A319 aircraft with

A320neo family aircraft, which

have up to 51% more seats on

each aircraft.

Strategic report

Governance Financials

easyJet plc

Annual Report and Accounts 2025

CREATING

EUROPE’S MOST

LOVED PLACE

TO WORK

At easyJet, our ambition is to be

the destination for the brightest

talent – a workplace where

diversity thrives, curiosity is

celebrated and everyone has the

space to grow, learn and lead.

We believe our culture shines through in

the small, human choices made every day

across our business. Guided by our Promise

Behaviours – being safe, welcoming, bold, and

challenging – we are building an organisation

where the Orange Spirit energises our people,

connects us to our purpose, and fosters a

deep sense of belonging.

PEOPLE

I just love my work and easyJet

makes you love it more and more!

Cabin crew member

MORE THAN A FEELING – IT’S THE ENERGY

WE BRING TO EVERYTHING WE DO.

It is pride in who we are,

momentum in how we work and a

shared belief that lifts the culture

around us. It is not something

we follow – it is something we all

contribute to, in our own way.

It is helping out without being

asked. Celebrating wins, learning

from mistakes and making work

feel lighter – even when it is busy.

At easyJet, our Orange Spirit is

how we show up with heart.

It is where fun meets focus, where

individuality is welcomed and where

doing the right thing feels right.

It is the energy that connects us

and the spirit that sets us apart.

ELLY TOMLINS:

As our new Chief People

Officer, what are your

priorities and what are

you most excited about?

My focus is on attracting and

retaining top talent — those with

the skills, mindset and energy to

help us grow. But thriving goes

beyond hiring. It is about creating

an environment where learning is

constant, curiosity is encouraged,

and teams thrive on high

challenge and high support.

We are shaping a bold, inclusive

and forward-thinking culture

where people feel welcome and

empowered to experiment, speak

up and lead.

That shift towards a more agile,

insight-driven way of working is

what will drive our success — and

I am incredibly excited to help

make it happen.

Malta

As we continue to combine Malta with

our operations, its HR data is managed

locally and therefore the people metrics

cited in this section (and the strategic

report) exclude Malta employees.

OUR ORANGE SPIRIT

EXTERNAL RECOGNITION

easyJet

easyJet holidays

For the second year running, we

have been named in Glassdoor’s

‘Best places to work’ – moving up 10

places to number six. We remain the

only airline featured, with anonymous

feedback highlighting our culture.

easyJet holidays also earned multiple

workplace accolades, including The

Sunday Times Best Place to Work

(for the third year running) and

Employer of the Year at the Travel

Weekly Globe Travel Awards.

As of 30 September 2025, our

Glassdoor score stands at 4.2, with

82% of reviewers recommending

easyJet as a great place to work.

Strategic report

Governance Financials

easyJet plc

Annual Report and Accounts 2025

KENTON JARVIS:

As our CEO, what does

our purpose mean to you

and what is the role that

ambition plays in our

future success?

Our purpose is simple and

powerful: to make low-cost

travel easy. This connects every

part of our business, whether

flying, helping customers or

shaping strategy. We are united

by one goal: making travel easy

and accessible.

But purpose alone is not

enough – it is our ambition

that drives us. At easyJet, this

means being bold, challenging

the status quo and never

settling. We have set big goals

and I have been clear – we

need people ready to lead,

innovate and grow. That’s the

Orange Spirit.

I am proud of our leadership

team, rooted in transparency,

trust and commitment to

our people.

Together, we are creating an

environment where everyone

can thrive, and ambition turns

into action.

PEOPLE (CONTINUED)

BRINGING OUR

PURPOSE TO LIFE

Our Orange Spirit can only truly emerge when we fully

live our behaviours. This year, we have brought even

greater clarity to what that looks like — and how we

bring our purpose to life through the way we do things.

We recognise that each of our communities has

important nuances, but it is our four Promise Behaviours

that unite us and define who we are as a business.

Giving our behaviours voice:

CHALLENGING OPERATIONAL EFFICIENCY

During the summer peak, our

airline operates over 1,200

routes across 37 countries.

At the start of Summer 2025,

we set a goal to reduce our

‘average turn time’ (the time

between the aircraft arrival and

departure on stand).

To do this, we formalised

local base teams called the

‘Ops Trio’. We introduced a

new network turn card, to align

functions and procedures

around key touchpoints,

ensuring understanding and

consistency across ground,

cabin and flight deck operations. 

Together, they collaborated

on key issues and focused

on simplifying processes.

By uniting different teams

under the same purpose

and fostering continuous

improvement, we have

achieved major performance

gains that benefit both our

customers and our business.

This collaboration has

improved average turn time by

four minutes during the peak

summer period compared to

last year.

RECOGNISING OUR

ORANGE SPIRIT

Last year, we launched the Spirit

Recognition portal, making it

easier for colleagues to celebrate

each other for living our values.

In 2025, the Spirit Awards

honoured 17 exceptional winners

in a night of celebration and

music in Edinburgh. Lisbon will

host our January 2026 awards,

spotlighting 500 nominees who

go above and beyond every day.

Recognition is not just celebration

– it is how we help our people

thrive, strengthen our culture

and stay future-ready.

LISTENING TO OUR

COMMUNITIES

With over 80% of our colleagues

flying, we understand the

challenge of staying connected.

We are committed to building

the right environment and

systems that make it easier for

leaders to listen, and for bold

ideas and feedback to be shared

and acted on.

Our company-wide engagement

score remains stable at 7.4,

with a notable increase in

engagement among pilots.

Crew play a vital role in local

decision making. We have

launched crew listening groups

in UK bases, and are expanding

them across Europe. Crew

also act as culture, event and

brand ambassadors.

Our ‘We heard you, we’re on it’

campaign shows how feedback

drives change – improved UK

parental leave and crew iPad

distribution.

Alongside surveys, our Airline

Management Board (AMB) listens

directly to employee groups,

including regular meetings with

the Management & Administration

Consultation Group. Our Non-

Executive Directors meet with

groups of employees to ensure a

direct feed of information from our

employees to the PLC Board. We

also support People Action Groups

– volunteers who work with

leaders to boost engagement.

We know our listening channels

must reflect the needs of

different communities. We are

reviewing our approach and plan

to launch a new survey in FY26.

As we refine our channels, we

continue sharing how feedback

leads to action.

BE SAFE

Protect what matters – build

trust, show care and keep

people safe in every sense.

BE WELCOMING

Create ease, belonging and

connection – so everyone feels

included and supported.

BE BOLD

Think differently, act bravely

and unlock possibility – with

care, clarity and intent.

BE CHALLENGING

Question what is right, stay

curious, simplify the complex

and push for better in a way

that builds trust.

OUR FOUR PROMISE

BEHAVIOURS

Case study

Average turn time reduction of

4 minutes

Strategic report

Governance Financials

easyJet plc

Annual Report and Accounts 2025

(60%)

(40%)

(73%)

(27%)

10,354

(54%)

8,870

(46%)

(60%)

(40%)

(67%)

(33%)

PEOPLE (CONTINUED)

EMPOWERING

INCLUSION AND

WELLBEING

This year we have unified our Diversity, Equity & Inclusion

and Health & Wellbeing strategies to strengthen our

focus on creating an inclusive workplace where everyone

feels they belong and can thrive.

BUILDING A TRULY

DIVERSE TEAM

To better serve our customers,

we aim to reflect the diversity of

the communities we support. Our

updated recruitment campaign

imagery for Summer 2026

showcases our new uniform and

diverse communities.

We remain committed to our

targets of 40% female and 10%

ethnic minority representation

across the AMB and their

direct reports. Currently, we

maintain 33% female and 8%

ethnic minority representation.

Two of our three new AMB

appointments are female,

bringing AMB representation to

40%. We are proud to be among

the 25% of FTSE 100 companies

with a female Chief Digital and

Technology Officer, momentum

we aim to build on.

BUILDING TRUST

We are fostering a culture where

people feel safe to speak up, seek

early support and trust our systems.

Energy to Win, our internal

performance and wellbeing

programme for employees

continues to gain momentum

and has now launched for crew,

with new tools supporting the

wider network.

Following a successful Berlin

trial, our Pilot Peer Support

programme is expanding to

new bases, offering confidential

support and guidance. We have

trained over 20 new peers.

We have introduced a mental

health strategy across six areas:

awareness, support, training,

leadership foundations, safety

and risk. Our immediate focus is

a detailed training programme

for safety-critical roles, starting

with pilots and crew managers

in November 2025, alongside

enhanced Employee Assistance

Programme awareness and a

mental health manual.

ENSURING EQUITY OF

OPPORTUNITY

We know that greater

representation comes from

understanding the everyday

moments and decisions that shape

careers. This is why we focus on

processes and approach to ensure

that we are removing bias from

our talent and succession planning.

Our commitment to developing

high-potential women is

reflected in the success of our

AccelerateHER programmes, with

almost 80 graduates to date.

EMPOWERING INCLUSION

We are building inclusive

leadership, strong networks

and vibrant communities to

drive cultural momentum. We

reviewed activities to better align

efforts and balance governance

with local ownership. Inclusive

practices are now part of our

leadership framework, focusing

on everyday learning.

Our seven colleague networks

continue to grow with an

intersectional approach. A new

role focuses on community impact

and partnerships and we launched

a Veterans and Reserve Forces

network to support their transition

to civilian work.

GENDER PAY GAP 2024

INCLUSION HIGHLIGHTS

GENDER DIVERSITY

Median gender pay gap:

46.4%

Mean gender pay gap:

49.9%

The primary driver of easyJet’s

gender pay gap remains

the underrepresentation

of women within our pilot

community — a trend

consistent across the aviation

industry. We are actively

working with partners to

inspire and support more

women to pursue pilot careers

through outreach, mentoring

and targeted recruitment.

We remain committed to

transparency and progress. Our

2024 gender pay gap report,

along with previous years’

submissions, is available at:

corporate.easyJet.com/

sustainability/gender-pay-

reports

PLC Board

Senior management

All employees

Airline Management Board

Airline Management

Board direct reports

Male Female

networks

1,250+

members

company events

1,400+

attendees

Flying with Pride:

CELEBRATING

PROGRESS

Launched in 2024, Flying with

Pride supports the LGBTI+

community and drives

cultural change. In a year,

it has become a platform

for awareness, education

and connection. Highlights

include an allyship panel

with senior leaders and a

broadcast with Ayla Holdom,

a Trans helicopter pilot.

Our commitment to inclusion

is reflected in leadership,

with 8% of our Executive

Leadership Team and

9% of senior managers

and above identifying

as LGBTI+. We are also

building data to understand

community experiences

and inform action.

Looking ahead, we will

continue to grow the reach

and impact of Flying with

Pride, fostering a culture

where everyone feels

they belong.

Case study

1) Figures per Human Capital Management

system at 30 September 2024.

2) The Airline Management Board is our

‘Executive Committee’ for the purposes

of the FTSE Women Leaders Review.

3) Airline Management Board direct

reports that are reported as part of the

FTSE Women Leaders Review.

4) Defined in accordance with the

Companies Act 2006, and includes

those with responsibility for planning,

directing or controlling the activities of

the Company as well as Directors of our

subsidiary undertakings.

Strategic report

Governance Financials

easyJet plc

Annual Report and Accounts 2025

PEOPLE (CONTINUED)

BUILDING

CAPABILITY TO WIN

Our ambition is to attract, inspire and retain the

best people in aviation – creating a workplace

where everyone has the space to grow, learn and

lead. We know that meeting our future business

plans require us to have the right people with us.

BUILDING OUR CAPABILITY

Pilots and crew

We empower our frontline team

to handle the most challenging

situations adeptly and

confidently, while maintaining

an unwavering commitment to

customer service.

Our state-of-the-art training

centres in Milan and London have

delivered over 108,000 hours of

simulator training and 173,000+

hours of recurrent cabin crew

training, earning high satisfaction

scores (Net Promoter Score 68

for pilots, 72 for cabin crew).

We promoted 504 cabin

managers and enabled 495 crew

transfers across subsidiaries —

demonstrating our commitment

to safety, talent development

and career progression.

Engineering and production

We continue to pride ourselves

on providing the highest level

of engineering technical training

across our entire network to

meet the continuously evolving

requirements of the operation and

sector. This year, we are working

even more closely with our

contracted maintenance providers

to ensure an end-to-end approach

to driving these standards across

our production. In addition to

building capability in our current

engineers, we continue to invest

in our Engineering apprentices,

having recruited 149 across the UK

and Germany.

Following the acquisition of the

Malta maintenance facility in May

2024, we continue to integrate

the 400+ new engineering

colleagues that we welcomed

with that move.

We continue to focus on making

them feel part of the easyJet

culture, including integrating their

data into our core systems.

Head office

We have continued to strengthen

our focus on career development

and progression for head office

colleagues. In response to

feedback, we provide support to

managers on setting objectives

and ensuring they have the right

skills to motivate, inspire and

challenge colleagues to reach

their full potential. Over the past

year, 68 head office colleagues

were promoted, reinforcing our

commitment to internal talent

and resilience during disruption.

FINDING THE BEST PEOPLE

With the aviation industry facing

high rates of onboard disruption

from customers, we believe

that having crew members with

diverse life experiences can

make it easier to support our

customers in any situation.

To challenge stereotypes, a

campaign was launched to

attract candidates aged 50+,

highlighting that skills — not

age — define suitability for cabin

crew roles. The initiative gained

widespread media attention,

including features on The One

Show and in the Financial Times,

resulting in a 46% rise in the

number of crew hires over 50.

Additionally, the ‘Flight Path’

campaign targeted young adults

post-A-level results, aiming

to reduce ‘Not in Education,

Employment or Training’ rates by

promoting aviation careers.

JAN DE RAEYMAEKER:

As our new Chief Finance

Officer, how will you help

build out capability to win?

As CFO, building our capability

to win starts with protecting

our purpose — delivering low-

cost travel — while enabling

sustainable growth. That

means fostering a mindset

of curiosity and challenge

across the business:

encouraging teams to ask

better questions, explore

smarter ideas and make bold,

insight-driven decisions.

I am focused on ensuring we

invest wisely, simplify where we

can and stay agile.

Winning is not just about

cost — it is about capability:

being inventive, efficient and

purposeful in everything we do.

Learning on the go:

TAKING OFF WITH

OUR NEW

DIGITAL

LEARNING

CONTENT

In response to employee

feedback, we have launched

the ‘Elevate’ digital learning

platform, featuring over

700 bite-sized videos, 10

box sets on essential topics,

and podcasts for in-depth

exploration. Accessible

anytime, anywhere, ‘Elevate’

has doubled engagement

levels within its first month,

underscoring its value and our

commitment to continuous

learning and development

for all employees.

700

bite-sized videos

easyJet won the 2025 RAD best integrated recruitment campaign, with

its focus on attracting different generations. Judges said our cabin crew

recruitment campaign ‘pushed boundaries and used new approaches to

attract talent, leaving no stone unturned’.

‘BEST INTEGRATED CAMPAIGN’

Case study

Strategic report

Governance Financials

easyJet plc

Annual Report and Accounts 2025

PEOPLE (CONTINUED)

MAKING IT EASY

TO PERFORM

We are investing in key areas to build a stronger, future-ready

organisation: enhancing core systems for reliability, evolving

our data and AI capabilities; transforming our head office into

a collaborative hub; and expanding early career opportunities

through apprenticeships. These efforts reflect our commitment

to innovation, connection and growth.

BUILDING RELIABILITY

AND TRUST

We have invested in core

people systems to create a

reliable digital experience. A

transformation programme

redesigned 179 processes across

11 systems, supported by 585

hours of workshops with 254

colleagues. Improvements

include mobile Workday access,

a Manager Insights Hub, better

data dashboards and increased

automation. These changes will

roll out over the next year to

enhance accuracy and trust.

FIT FOR THE FUTURE

We have invested in workplace

transformation to drive future

success — reorganising teams

around customer needs,

enhancing collaboration and

adopting a product mindset. Our

scalable, federated data systems

balance governance with

operational agility.

We are exploring AI to optimise

flight paths, predict maintenance

and improve crew scheduling.

Continued investment in core

technologies ensures we stay

adaptable and resilient.

WORKPLACE TO

COLLABORATE

Following the success of our

new easyJet holidays HQ, we

have completed renovations

of Hangar 89, home to over

2,000 colleagues. The redesign

enhances collaboration and

connectivity, creating a vibrant

space that reflects our brand

and supports diverse working

styles, while strengthening links

between our head office, crew,

and customers.

INVESTING IN

FUTURE SKILLS

We are strengthening our early

talent pipeline through graduate

and apprenticeship programmes.

We currently have 49 active

graduates across easyJet, while

our engineering apprenticeship

scheme has trained 45

mechanics since 2017. We have

expanded STEM outreach,

engaging almost 14,000 young

people, and supported 47 Data

and AI apprenticeships. As part

of the aviation skills board, we

are shaping future programmes,

including a First Officer

Apprenticeship.

OPAL PERRY:

As our new Chief Data

&Technology Officer,

how will you help to

futureproof our business?

When I joined easyJet, I was

immediately struck by the

energy, ambition and strong

sense of purpose that drives

the business.

As CDTO, my focus is on

building the digital and data

foundations that give us the

agility to keep pace with

change — being secure, smart,

and responsive. We are using

AI to streamline processes,

improve everyday tools and

protect our data to enable

innovation and growth.

But future-proofing goes

beyond technology; it is

about fostering a culture of

curiosity, experimentation

and collaboration. By working

closely across the business, we

are focused on delivering what

truly matters to our customers.

I am excited to be helping

shape the next chapter of

easyJet’s journey.

The Lounge:

CONNECTING OUR PEOPLE

To improve communication

and simplify access to tools,

we launchedThe Lounge, a

mobile app that centralises

updates, resources and

community spaces. Built

around the needs of our

mobile workforce, it supports

real-time collaboration and

complements existing systems.

To further streamline

operations, we deployedover

7,000 iPads across 31 bases,

giving teams reliable access to

flight plans, rosters, manuals

and The Lounge.

This initiative has significantly

reduced friction in workflows,

accelerated decision making

and improved customer

service delivery.

The Lounge continues to evolve

through employee feedback,

reinforcing our commitment to

keeping our people informed,

connected and empowered.

>7,000

iPads distributed

across 31 bases

Case study

Strategic report

Governance Financials

easyJet plc

Annual Report and Accounts 2025

KEY PERFORMANCE INDICATORS

Headline return/(loss) on

capital employed (%)

18.0%

Group

Why it is important

As a low-cost business we focus on driving efficiencies to ensure

the capital we invest to operate our business delivers the necessary

returns. This metric, calculated on a constant currency basis, is part of

the consideration for the employee annual bonus outcome.

What we measure

Headline profit/(loss) before interest, foreign exchange gain/(loss)

and tax, applying tax at the prevailing UK corporation tax rate at

the end of the financial year, and dividing by the average capital

employed. Capital employed is defined as shareholders’ equity,

excluding the hedging and cost of hedging reserves, less net cash.

How we performed

This year saw a further improvement in headline ROCE to 18.0%

(2024: 16.1%) driven by an 18% improvement in the Group’s

headline profit before interest, foreign exchange gain/(loss) and

tax of £703 million (2024: £597 million). Total ROCE for the year

was 17.8% (2024: 15.9%) similarly reflecting the growth in adjusted

operating profit after tax.

2025 18.0

2022

2023

2024

2021

0.1

12.6

16.1

(25.2)

Headline profit/(loss) before

tax per seat (£)

£6.39

Group

Why it is important

A key pillar of our medium-term targets is the improved profitability

per seat flown. This demonstrates the interplay between revenue

generation, cost management and aircraft utilisation, generating

value for all stakeholders. Group headline profit/(loss) before tax per

seat, calculated on a constant currency basis, is part of

the consideration for the employee annual bonus outcome.

What we measure

Headline profit/(loss) before tax divided by the number of

seats flown.

How we performed

Headline profit before tax per seat improved by £0.31 (5%) and now

stands at £6.39 (2024: £6.08), driven by increased revenue per seat,

reflecting our expanded network offer. easyJet holidays contributed

£2.40 (2024: £1.90) to the Group’s headline profit before tax per seat,

an increase of 26%, reflecting increased passenger numbers.

2025 6.39

2022

2023

2021

2024

(2.19)

(40.29)

4.91

6.08

Airline headline profit/(loss)

before tax (£m)

£415m

Airline

Why it is important

Improvements in Airline profitability ensure we have a platform for

long-term growth while creating value for all stakeholders by

increasing revenue and driving cost efficiencies across the

business, including through fleet modernisation, utilisation, and a

multitude of other initiatives.

What we measure

Airline headline profit/(loss) before tax.

How we performed

Airline headline profit before tax of £415 million remained broadly

flat (a marginal decline of £5 million) year on year. The airline profit

performance, particularly over winter, has been more challenging

to improve at the rate we originally anticipated, due to the pace of

route maturity and the wider geopolitical, macro-economic and

competitive environment in specific markets. Alongside this, the

airline invested £20 million during the year in the launch of new

bases in Milan and Rome, which are in the early stages of maturity.

2025 415

2023

2022

2021

2024

333

(216)

(1,124)

420

easyJet holidays headline

profit/(loss) before tax (£m)

£250m

Holidays

Why it is important

Since launch in 2019, easyJet holidays has transformed the

earnings generation of the Group, now generating 38% of the

Group’s profit before tax. Although the ultimate priority is driving

Group profitability, management is committed to delivering

continued improvements in both the airline and holidays business.

What we measure

easyJet holidays headline profit/(loss) before tax.

How we performed

easyJet holidays has delivered £250 million of profit before tax,

achieving its previously set medium-term target – done through

achieving a 13% profit before tax margin, with a 7% attachment rate

on the airlines seats (excluding domestic capacity). A new target of

£450 million profit before tax by FY30 has been launched.

2025 250

2023

2022

2021

2024

122

(12)

190

Headline earnings/(loss)

per share (p)

66.4p

Group

Why it is important

Delivering sustainable shareholder value is a fundamental part

of our mindset as we manage our business.

What we measure

Headline profit/(loss) after tax divided by the weighted average

number of shares in issue during the year (adjusted for shares

held in employee benefit trusts).

How we performed

Headline earnings per share was 66.4 pence (2024: 61.3 pence) as

a result of the improved performance of the Group this year. Total

earnings per share was 65.8 pence (2024: 60.3 pence).

2025 66.4

2022

2023

2024

2021

(19.6)

45.4

61.3

(166.9)

Strategic report

Governance Financials

easyJet plc

Annual Report and Accounts 2025

KEY PERFORMANCE INDICATORS (CONTINUED)

Airline customer

satisfaction (%)

80%

Airline

Why it is important

Customers have increasing choice and their expectations are

rising. Ensuring we meet their evolving needs will position us as

the brand of choice when flying within Europe. This metric is part

of the consideration for the employee annual bonus outcome.

What we measure

Our customer satisfaction index is based on the results of a

customer satisfaction survey for the airline, measuring how

satisfied the customer was with their most recent flight.

How we performed

We are proud to see our airline customer satisfaction improve by

4 points to 80% this year. We believe this is a reflection of the

investment in the customer experience throughout the year as

well as our ongoing completion rate of 99% and improved on-time

performance as noted below.

2025 80

2022

2023

2024

2021

easyJet holidays customer

satisfaction (%)

83%

Holidays

Why it is important

In a saturated market, delivering brilliant customer experience is key

to keeping easyJet holidays front of mind for travellers. This metric is

part of the consideration for the employee annual bonus outcome.

What we measure

Our customer satisfaction index is based on the results of a

customer satisfaction survey for easyJet holidays, measuring how

satisfied the customer was with their most recent holiday

experience.

In 2024 we revised our methodology for calculating customer

satisfaction to include all customers. This was previously

calculated based on opt-in customers only. The 2024 score has

been restated and the 2023 score has been estimated under the

new methodology to ensure comparability with 2025.

How we performed

Holidays customer satisfaction improved by 1 point to 83%. This is

partly a reflection of the Airline’s improvement in completion rate

and on-time performance, combined with continuous investment

in our hotel range.

2025 83

2023

2024

On-time performance (%)

72%

Airline

Why it is important

Reliable operational performance is a key factor in our customers’

perceptions of their experience with us. Managing on-time

performance (OTP) and minimising disruption will positively

impact on the likelihood of our customers choosing to fly with

us on a repeat basis. This metric is part of the consideration for the

employee annual bonus outcome.

What we measure

Percentage of flights which arrive within 15 minutes of the

scheduled arrival time.

How we performed

A focus on OTP in the year has improved this key metric to 72%

(2024: 69%) reflecting our investment in targeted resilience

measures to reduce the impact of disruption on our customers

despite continuing challenges in European airspace.

2025 72

2022

2023

2024

2021

emissions per passenger

kilometre (G)

65.47g

Airline

Why it is important

An important part of our strategy is to make a meaningful difference

and play our part in the aviation industry’s response to climate

change. In the short term our focus is to drive carbon efficiencies.

What we measure

How much carbon dioxide is produced for each passenger, for

each kilometre they fly with us.

How we performed

In 2025, our carbon emissions per passenger kilometre reduced

further to a new record low of 65.47g CO

/RPK (2024: 66.64g CO

RPK). This was driven primarily by more efficient NEO aircraft

joining the fleet and a series of operational efficiencies such as the

FANS-C retrofit, APU-ZERO and the use of lower-weight paint for

our fleet. Read more on page 48.

2025 65.47

2022

2023

2024

2021

70.36

67.23

66.64

81.08

Strategic report

Governance Financials

easyJet plc

Annual Report and Accounts 2025

MARKET REVIEW

The key factors and trends which influence easyJet and all operators within the European airline industry.

Demand Fuel

KEY MARKET DRIVER

The airline industry overall is a cyclical one,

with demand for flights driven primarily

by the macroeconomic and geopolitical

environment. Demand is seasonal, particularly

in leisure travel. However, the business model

of low-cost carriers such as easyJet tends to

be more resilient to recession, as there will

be some customers who seek greater value

during periods of low economic growth,

attracted by our lower prices and our network

of primary airports.

The overall economic climate in 2025

was challenging due to the continuation

of geopolitical conflicts, tariff uncertainty,

tighter global financial conditions and

weaker external demand. Independent

forecasters estimate UK and Euro-area GDP

to grow at ~1% in 2025, with a moderate

increase in 2026.

In 2025, Western European travel demand

in the summer has increased in line with

previous years. Eurocontrol reported a 3%

increase in flights in Summer 2025 versus

2024, while Oxford Economics forecasts

intra-Western European passengers to grow

by 4% between 2024 and 2025, similar to

the previous year.

Consumer surveys show a continued interest

in holidays, although increasing costs are

starting to feature more as a key deciding

factor. Consumer confidence is weakening

among lower-income segments, whereas

it continues to hold steady among higher-

income groups. Surveys also show a greater

willingness to avoid the peak season and

shift to shoulder seasons to manage these

rising costs. There is increasing evidence

that business travel is returning to near pre-

pandemic levels.

Fuel is one of the biggest costs airlines face

and can be one of the most volatile.

Fuel represented 24% of our headline cost

base in the current financial year.

The spot price of jet fuel has fluctuated

between $622 and $843 per metric tonne

over our financial year. At 30 September

2025 the spot price was $730 per metric

tonne, c.5% higher than 12 months earlier.

Jet spot price $

1,500

1,250

1,000

750

500

250

2019 2020 2021 2022 2023 2024 2025

IMPACT ON OUR

INDUSTRY

• The increased economic headwinds in

the year, as well as the continued growth

in supply by airlines, has resulted in yield

softness. However, the added emphasis

on value, as well as the return of business

travel, is expected to benefit airlines such

as easyJet, that have a low-cost offering

from primary airports, in the future.

• Many European airlines hedge their

fuel costs, reducing their exposure to

short-term volatility in the price of

jet fuel.

HOW WE ARE

RESPONDING

• Our strategic focus on Building Europe’s

best network, Strengthening revenue, and

Driving our low-cost model, addresses

these market dynamics and how we

manage the associated risks. Read more

on pages 11 to 15.

• We also retain sufficient fleet flexibility to

allow us to respond more effectively to

structural downturns in demand.

• We are involved in a number of initiatives

to achieve our ambition to be a leader in

decarbonising aviation. The main ones are

hydrogen aircraft partnerships and the

use of Sustainable Aviation Fuel (SAF). Full

details can be found in the Sustainability

section on pages 40 to 56.

• We also continue to increase our

proportion of NEO aircraft in the fleet

and drive fuel-efficiency initiatives such

as reduced APU usage, to further reduce

emissions - read more on page 48.

• We have continued our hedging

programme throughout the year and are

80% hedged for H1 FY26.

• In the year the Finance Committee

approved an extension of the fuel hedging

policy from 18 months to 24 months.

Strategic report

Governance Financials

easyJet plc

Annual Report and Accounts 2025

MARKET REVIEW (CONTINUED)

Environmental

and social

On-time performance, airspace management

and supply chain pressures

Foreign

exchange

KEY MARKET DRIVER

Air travel contributes between 2 and 3% of global carbon

dioxide emissions per year, and the corresponding

environmental impact presents a pressing issue for the

entire aviation industry.

In recent research conducted by OnePoll involving 2,000

British holidaymakers, six in 10 Brits said that they want to

travel more sustainably, and 48% revealed that they are

consciously making choices like flying to closer European-

based destinations rather than the far off long-haul

destinations they have travelled to in the past. In addition,

64% of respondents said that relative environmental impact

would be a major factor in choosing one airline over another,

and 46% were said to be excited at the prospect of flying on

low or zero carbon emission aircraft in the future.

European airspace remains challenging, with average air

traffic control (ATC) delays of four minutes per easyJet flight

in 2025. Eurocontrol has made some progress in redesigning

airspace infrastructure, but most UK and EU airspace still

relies on a complex network of flight paths that has seen

little change in 70 years.

Congestion persisted in 2025, with French ATC under pressure

due to staffing shortages and industrial action, and capacity

challenges in Greece, Germany and Austria because of airspace

closures caused by the Russia-Ukraine conflict.

These restrictions created operational challenges, particularly

in the second half of the year, but resilience improved

through schedule adjustments and initiatives to enhance

turnaround performance, supporting better on-time

performance (OTP) and completion rates.

We are exposed to foreign exchange rate movements,

mainly resulting from euro and Swiss franc revenues and US

dollar and euro costs, translated into our functional currency

of sterling.

Sterling weakened during the year against the euro and

Swiss franc and strengthened against the US dollar. When

sterling strengthens this has a favourable impact on costs

denominated in US dollars and euros (mainly fuel, leases,

maintenance and hotel costs) and an adverse impact on

foreign currency revenues when translated into sterling.

IMPACT ON OUR

INDUSTRY

• Individual airlines, airports and industry groups have set

net zero targets for 2050.

• New technologies and fuels such as SAF are being

developed and scaled up in production, and are already

playing a part in decarbonising aviation. However, scaling

SAF in an affordable way remains a significant challenge

due to high production costs, limited availability of

feedstock, and the need for substantial investment in

production infrastructure.

• Governments across Europe continue to consider the

policy measures required to help industries meet their net

zero obligations.

• ATC delays continue to cause a number of issues, with

these delays putting pressure on our OTP and on our

operations at airports that have hard curfew restrictions. In

addition, these delays create cost pressures as a result of

additional fuel burn, increased disruption and crewing costs.

• Many European airlines hedge their foreign currency

requirements, particularly for the US dollar, which reduces

their exposure to short-term currency fluctuations.

HOW WE ARE

RESPONDING

• In FY25 we recorded our lowest ever carbon intensity of

65.47g CO

/RPK. Aviation Greenhouse Gas (GHG) intensity

reduced by 2.2% versus FY24 to 861 gCO

e/RTK. We have

also reduced our well-to-wake GHG emissions per Revenue

Tonne Kilometre by 7.7% versus FY19.

• This was mainly driven by the addition of more efficient

NEO aircraft and operational improvements such as

FANS-C retrofits, APU-ZERO, and lighter-weight paint

(see page 48).

• We continue to push for airspace reform with UK and

EU governments, using operational data and Eurocontrol

insights to highlight inefficiencies. We expect up to a

10% emissions reduction by 2035 once reforms are

implemented across the region.

• Read more in the Sustainability section on pages 40 to 56.

• We continue to lobby for change and modernisation of

airspace with national decision makers and maintain a

collaborative relationship with Eurocontrol.

• During the year, we have rerouted flights in the tactical

window based on real-time Eurocontrol capacity forecasts

and challenges. This has helped mitigate legal pressures

surrounding curfew restrictions and crew flying hours.

• We have made significant progress on our Delivering

ease and reliability strategic pillar with the on-the-day

completion rate improving +0.3 points to 99.4% and

our on-time performance increasing 3 points to 72%.

Throughout the organisation, our central and frontline

staff have focused on a set of controllable KPIs, including

Average Turn Times, to mitigate external pressures. Read

more in the Challenging operational efficiency case study

on page 23.

• We have continued our US dollar hedging programme

throughout the year and are already 77% hedged on US

dollars for H1 FY26.

• In the year, the Finance Committee approved an extension

of the foreign exchange hedging policy from 18 months to

24 months.

• Further details on how we manage this risk can be found

under the Macroeconomic conditions and geopolitical

events risk on page 67.

Strategic report

Governance Financials

easyJet plc

Annual Report and Accounts 2025

FINANCIAL REVIEW

OUR FINANCIAL

RESULTS

Jan De Raeymaeker

Chief Financial Officer

Strong earnings growth alongside a

further strengthened balance sheet,

with further capacity investments

driving increased asset utilisation and

productivity, mitigating the continued

market wide cost inflationary pressures.

OVERVIEW

Total headline earnings before interest and taxes

(EBIT) amounted to £703 million, an improvement

of £106 million year on year (+18%) with both the

airline (+£50 million) and easyJet holidays (+£56

million) going forward.

Total headline profit before tax for the year

ended 30 September 2025 was £665 million, an

improvement of £55 million (9%) on the year ended

30 September 2024 equivalent profit of £610 million.

Within the year the airline delivered a headline profit

before tax of £415 million (2024: £420 million),

broadly flat year on year as strategic investments will

see revenue maturity over the coming years as they

embed themselves into our route network. easyJet

holidays contributed £250 million to the Group profit

before tax, £60 million ahead of the previous year

(2024: £190 million), delivering its mid-term target

ahead of schedule. Total revenue reached £10,106

million, £797 million (9%) greater than the prior year

(2024: £9,309 million).

2025 saw a further expansion in fleet size with the

addition of nine new A320neo aircraft which were

deployed across our stronger performing bases

as well as to the opening of new bases in Milan

Linate, Rome Fiumicino and London Southend.

Serving the 1,202 routes in the easyJet network, our

aircraft allocation enabled capacity growth of 4%

to 104.0 million seats (2024: 100.4 million). With a

load factor of 90% (2024: 89%), this translated into

93.4 million passengers carried (2024: 89.7 million),

an increase of 4% on the prior year. The additional

capacity deployment was primarily focused on city,

beach and non-EU destinations, resulting in total

available seat kilometres (ASK) increasing by 9%

to 134,451 million (2024: 122,885 million) and the

average sector length rising 6% to 1,293 kilometres

(2024: 1,223 kilometres). This strategic shift towards

longer sectors naturally resulted in some revenue

dilution with the corresponding efficiencies seen

within cost. Alongside the investment into capacity

growth through winter (H1 2025) where ASKs

increased by 12% and airline revenue per available

seat kilometre (RASK) reduced 6% year on year,

this resulted in full year RASK seeing a 3% decline

to 6.45 pence (2024: 6.65 pence).

The entire industry continued to see inflationary

pressures across the cost base including the

introduction of SAF mandates from January

2025, reduced no-cost Emissions Trading Scheme

(ETS) allowances, and continued inflation

across navigation costs, raw materials, airport

charges, maintenance and wages. Nonetheless,

management retained focus on improving

operational efficiency and customer ease by

increasing punctuality, with on-time performance

improving significantly during the year. This was

achieved through proactive resilience measures,

including increased crewing levels (especially

in the busy summer period), renewed focus on

aircraft turnaround times and the use of simulation

to proactively adjust our schedule, resulting in a

material reduction in disruption compensation

and welfare expenses. Combined with continued

attention to cost and fleet efficiency, easyJet’s

airline headline cost per available seat kilometre

(CASK) excluding fuel of 4.46 pence reduced by

1% compared to the prior year (2024: 4.50 pence).

Total CASK of 6.14 pence was a reduction of 3%

compared to the previous year (2024: 6.31 pence).

easyJet holidays had 3.1 million customers in the

year, including agent commission customers

(2024: 2.6 million), a total increase of 20%, with an

expanded hotel range and growth in UK market

share supporting a revenue outcome of £1,440

million (2024: £1,137 million) and £250 million profit

before tax (2024: £190 million).

With the Group’s headline profit before tax

performance improving by £55 million compared

to the previous year, and easyJet holidays seeing

headline profit before tax growth of £60 million,

this has meant the airline’s headline profit before

tax remained broadly flat (a marginal decline of £5

million) compared to the previous year. The airline

profit before tax performance, particularly over

winter, has been more challenging to improve at the

Strategic report

Governance Financials

easyJet plc

Annual Report and Accounts 2025

FINANCIAL REVIEW (CONTINUED)

rate we originally anticipated, due to the pace of route maturity and the wider geopolitical, macroeconomic

and competitive environment in specific markets. Alongside this, the airline invested £20 million during the

year due to the launch of new base openings in Milan and Rome which are in the early stages of maturity.

Looking at the first half of the financial year, easyJet saw a slight improvement on prior year when adjusting

for the timing of Easter. Reported headline loss before tax reached £394 million for the six months ended

31 March 2025 against a loss of £350 million for the comparative period. easyJet holidays H1 headline

profit before tax of £44 million was an increase of £13 million compared to the previous year (H1 2024:

£31 million).

The first half of the year was characterised by important capacity investments into longer leisure

destinations on top of additional city destinations. This investment provides a starting point for crew and

asset productivity increases and a platform to structurally reduce winter losses in the medium term. ASKs

grew 12% to 55,570 million (H1 2024: 49,421 million) and led to first-half revenue of £3,534 million (H1

2024: £3,268 million), an increase of 8%. However, RASK of 5.64 pence was down 6% compared to the

previous year (H1 2024: 5.98 pence) as a result of the timing of Easter, and the investment into longer

sectors. Fuel prices remained lower than H1 2024 and, aided by easyJet’s hedging policy, fuel costs on an

ASK basis reduced by 8% to 1.71 pence (H1 2024: 1.85 pence). This was despite pressures from reducing

ETS no-cost credit allowances, the introduction of SAF mandates and a catch-up in costs associated with

an expansion of the scope of the EU-ETS scheme. Increased crew and asset productivity, alongside the

natural efficiencies from an increased average sector length, saw CASK excluding fuel reduce by 4% to 4.72

pence (H1 2024: 4.90 pence).

The second half of the financial year delivered a headline profit before tax of £1,059 million (H2 2024:

£960 million). easyJet holidays headline profit before tax of £206 million was an increase of £47 million

(H2 2024: £159 million).

The second half period saw a more moderate capacity growth of 2%, with sector length growing by 6%,

resulting in ASK growth of 7%. Despite the continued investment into longer sectors, H2 saw a limited

RASK reduction of 1% to 7.01 pence (H2 2024: 7.10 pence), and airline revenue of £5,532 million was a 6%

improvement over the same period last year (H2 2024: £5,215 million). Market-wide inflationary pressure

across the airline cost base was a continual challenge, but with efficiencies from improved operational

performance and falling fuel prices, this was largely mitigated. H2 CASK excluding fuel increased by 1%

to 4.28 pence compared to the prior period (H2 2024: 4.23 pence). H2 total CASK of 5.93 pence was a

reduction of 1% compared to the prior period (H2 2024: 6.01 pence).

Taken together, the full year saw a headline EBIT achievement of £703 million, an 18% improvement on

the prior year (2024: £597 million), representing a year-on-year uplift of £50 million for the airline and £56

million for easyJet holidays.

Airline net financing charges increased due to reduced interest income from lower market interest rates

on our cash and an increase in interest charges relating to borrowings. This was driven by the annualisation

of interest charges on the €850 million Eurobond issued in March 2024, and the settlement of the €500

million June 2019 Eurobond which had a lower interest rate payable than the cash deposits used to repay it.

On a statutory level, profit before tax amounted to £658 million, £56 million higher than the previous year

(2024: £602 million).

Building on this profit growth, easyJet continues to have one of the strongest investment grade balance

sheets in European Aviation (Baa2/stable from Moody’s and BBB+/stable from Standard & Poor’s). In the

year, easyJet repaid a €500 million Eurobond, and secured a $1.7 billion revolving credit facility (RCF) which

is undrawn at 30 September 2025 (this new RCF replaced an existing $400 million RCF and a $1,750 million

UK Export Finance (UKEF) backed facility which were both cancelled at the same time the new facility

commenced). At 30 September 2025, easyJet had a net cash position of £602 million (2024: £181 million)

and as a result of our strong balance sheet position and EBIT performance, the year-end headline ROCE of

18.0% (2024: 16.1%) achieved our target of delivering high teen returns on capital employed.

Over the course of the year, easyJet took delivery of nine new A320 family aircraft, all being taken into

ownership through free cash generation. We were also presented with the opportunity to repurchase eight

leased A320 family aircraft, taking them back into ownership, further strengthening our owned assets

position. This action will deliver structural cost efficiencies going forwards through reduced ownership

costs. A non-cash accounting release of net £54 million in FY25 resulted from the lease repurchase. This

one-off benefit is partially offset in the year-on-year comparison when taking into account other one-off

items and balance sheet revaluations.

Where amounts are presented at constant currency these values are an alternative performance measure

(APM) and are not determined in accordance with International Financial Reporting Standards (IFRS)

but provide relevant and comparative reporting for readers of these financial statements. Definitions of

APMs and reconciliations to IFRS measures are set out in the Glossary on pages 191 and 192.

PERFORMANCE SUMMARY

£ million (reported)

2025 2024

Total revenue 10,106 9,309

Headline costs excluding fuel, balance sheet FX and ownership costs

(6,407) (5,719)

Fuel

(2,253)

(2,223)

Headline EBITDA 1,446 1,367

Depreciation and amortisation

(743)

(770)

Headline EBIT 703 597

Net finance (charges)/income (26) 9

Foreign exchange (loss)/gain

(12)

Total headline profit before tax

665

610

Being:

Airline headline profit before tax 415 420

easyJet holidays headline profit before tax

250

190

Total headline profit before tax per seat

£6.39

£6.08

Strategic report

Governance Financials

easyJet plc

Annual Report and Accounts 2025

FINANCIAL REVIEW (CONTINUED)

pence per ASK (available seat kilometre) – Airline only

2025 2024

Airline revenue 6.45 6.65

Headline costs excluding fuel, balance sheet FX and ownership costs

(3.87) (3.87)

Fuel

(1.68)

(1.81)

Headline EBITDA 0.90 0.97

Depreciation and amortisation

(0.54)

(0.62)

Headline EBIT 0.36 0.35

Net finance charges (0.05) (0.01)

Foreign exchange (loss)/gain

(0.00)

0.00

Airline headline profit before tax

0.31

0.34

1) Ownership costs are defined as depreciation and amortisation plus net finance income/(charges).

2) Per ASK metrics are for the airline business only and correlate to the airline revenue and costs and the available seat

kilometres flown by the airline. Both airline and easyJet holidays profit is included in the total headline loss per seat metric,

and easyJet holidays’ key metrics are included in the key statistics section of this document.

Total revenue increased by 9% to £10,106 million (2024: £9,309 million), however with a shift to longer

sectors, airline RASK of 6.45 pence was a decrease of 3% on the prior year (2024: 6.65 pence). The airline

performance was complemented by strong easyJet holidays delivery, with net revenue (i.e. excluding flight

revenue which is reported under airline revenue) of £1,440 million (2024: £1,137 million), an increase of 27%.

Total headline costs excluding fuel increased by 11% to £7,188 million (2024: £6,476 million), driven by the

volume of flying, an increase in sector length, the growth of easyJet holidays and general market-wide

cost pressures. Costs were also impacted by the disruption seen throughout the year with £109 million of

EU261 compensation and welfare costs incurred, although this was lower than the previous year (2024:

£187 million), noting that part of the reduction is linked to the release of a customer liability of £24 million

(2024: £5 million). Additionally, depreciation and other costs benefit from a net £54 million credit (2024:

£nil) following the early exit of eight aircraft leases and the subsequent purchase of the aircraft. On a CASK

basis total airline headline costs excluding fuel reduced by 1% to 4.46 pence (2024: 4.50 pence), with CASK

benefiting from fixed operating costs being spread across greater ASKs.

Total fuel costs increased by 1% to £2,253 million for the year (2024: £2,223 million), which on an airline

CASK basis represented a 7% decrease to 1.68 pence (2024: 1.81 pence). Jet fuel price was down on

average across the year by 18%, and this was particularly prevalent in H1 where fuel prices were down on

average 23% compared to the previous year.

Exchange rate movements stabilised in the year, and with the benefit of FX hedging, resulted in a net credit

impact of £54 million (2024: £18 million) across costs and revenue, with an income statement debit of £12 million

(2024: £4 million credit) from the translation of foreign currency denominated monetary assets and liabilities

on the statement of financial position. On a constant currency basis, the increase in headline profit before tax

compared to the prior year was £14 million, compared to the £55 million increase in the reported figures.

easyJet’s investments continued to benefit from relatively high interest rates, although lower than FY24,

and overall financing activity in the year resulted in a net £26 million finance charge (2024: £9 million

net credit).

easyJet holidays contributed £250 million of headline profit before tax (2024: £190 million), an increase of 32%,

reflecting the 20% increase in total easyJet holidays customers and the strength of the business model.

A non-headline charge of £7 million (2024: £8 million) was recognised in the year, with additional costs for

the network restructuring activity in France and Italy offset by a release of costs previously provided for

severance cases in Germany which were settled in the year.

Corporation tax has been recognised at an effective rate of 24.9% (2024: 24.9%), resulting in an overall tax

charge of £164 million (2024: £150 million). This is a tax charge of £166 million on headline items offset by a

£2 million tax credit on the non-headline items.

Total headline profit before tax per seat was £6.39, 5% ahead of the previous year (2024: £6.08).

EARNINGS PER SHARE

2025

Pence per

2024

Pence per

Change in

pence per

Basic headline earnings per share

66.4

61.3 5.1

Basic earnings per share

65.8

60.3 5.5

Basic headline earnings per share increased by 5.1 pence and basic earnings per share increased by 5.5 pence

over the prior financial year as a consequence of the greater profit generated in the current financial year.

RETURN ON CAPITAL EMPLOYED (ROCE)

Reported £ million

2025 2024

Headline operating profit 703 597

UK corporation tax rate

25%

Normalised headline operating profit after tax (NOPAT)

527

448

Average shareholders’ equity (excluding the hedging and cost of hedging reserves) 3,322 2,897

Average net cash

(392)

(111)

Average capital employed

2,930

2,786

Headline return on capital employed

18.0%

16.1%

Total return on capital employed

17.8%

15.9%

ROCE is calculated by taking headline profit before interest, foreign exchange (loss)/gain and tax, applying

tax at the prevailing UK corporation tax rate at the end of the financial year, and dividing by average capital

employed. Capital employed is defined as shareholders’ equity excluding hedging and cost of hedging

reserves less net (cash)/debt.

Headline ROCE for the year of 18.0% is an improvement on the prior year (2024: 16.1%). This reflects the

higher headline profit for the year combined with the increase in the net cash position. Total ROCE of 17.8%

(2024: 15.9%) is reduced by the non-headline charge in the year, which is broadly aligned to the 2024 non-

headline charge.

Strategic report

Governance Financials

easyJet plc

Annual Report and Accounts 2025

FINANCIAL REVIEW (CONTINUED)

SUMMARY NET CASH RECONCILIATION

The below table presents cash flows on a net cash basis. This presentation is different to the presentation

of the statement of cash flows in the consolidated financial statements as it includes non-cash movements

on debt facilities.

2025

£ million

2024

£ million

Change

£ million

Operating profit 696 589 107

Net tax paid (12) (8) (4)

Net working capital movement excluding unearned revenue (34) (174) 140

Unearned revenue movement 209 240 (31)

Depreciation and amortisation 743 770 (27)

Net capital expenditure ( 1 , 0 0 1 ) (929) (72)

Acquisition of subsidiary, net of cash acquired – (22) 22

Net proceeds from sale and leaseback of aircraft – 114 (114)

Increase in lease liability (99) (497) 398

Purchase of own shares for employee share schemes (48) (18) (30)

Ordinary dividends paid (91) (34) (57)

Other (including the effect of exchange rate movements) 58 109 (51)

Net increase in net cash 421 140 281

Net cash at the beginning of the year 181 41 140

Net cash at the end of the year 602 181 421

Net cash as at 30 September 2025 was £602 million (30 September 2024: £181 million) and comprised

cash, cash equivalents and other investments of £3,528 million (30 September 2024: £3,461 million),

borrowings of £1,881 million (30 September 2024: £2,106 million) and lease liabilities of £1,045 million

(30 September 2024: £1,174 million).

Net working capital outflow, excluding unearned revenue, moved £34 million in the year (2024: £174

million) with a marginal increase in trade receivables and a decrease in the derivative financial instruments

liability partially offset by a reduced value of ETS allowances held at the year end.

The unearned revenue movement of £209 million (2024: £240 million) reflects capacity on sale at the

year end, including the benefit of the continued growth of easyJet holidays which traditionally has a longer

booking period compared to the airline.

The decrease in depreciation and amortisation to £743 million (2024: £770 million) includes additional

depreciation from the growth of the fleet and the increase in leased aircraft maintenance costs, recognised

through depreciation, with the rise in flying volumes and changes in the profile of leased aircraft assets through

the year. Intangible asset amortisation has also increased with additional investment in technology assets. This

increase has been offset by a £60 million release from the leased aircraft maintenance provision following the

early exit of eight aircraft leases (with the aircraft being subsequently brought into ownership).

Net capital expenditure in the year of £1,001 million (2024: £929 million) reflects the continued investment

in fleet renewal and growth in the overall size of the fleet, alongside pre-delivery payments against our

future order book. The expenditure is across nine new aircraft (2024: sixteen), eight leased aircraft brought

into ownership (2024: nil), maintenance additions, pre-delivery payments and capital expenditure on long-

life parts, engines and aircraft spares. Additionally, spend on easyJet’s digital infrastructure and customer-

facing platforms continues with significant intangible asset investment.

The net £58 million movement (2024: £109 million) in ‘Other’ is predominantly made up by foreign

exchange impacts, costs associated with employee share schemes, and net losses on sale of property,

plant and equipment.

EXCHANGE RATES

The proportion of revenue and headline costs denominated in currencies other than sterling is outlined

below alongside the exchange rates in the year:

Revenue Headline costs

2025 2024 2025 2024

Sterling 56% 55% 32% 34%

Euro 34% 35% 39% 36%

US dollar

1% 1% 24% 25%

Swiss franc 8% 8% 5% 4%

Other

Average headline exchange rates

2025 2024

Euro – revenue €1.18 €1.16

Euro – costs €1.18 €1.17

US dollar $1.29 $1.24

Swiss franc

CHF 1.10

Closing exchange rates

2025 2024

Euro €1.15 €1.20

US dollar $1.35 $1.34

Swiss franc

CHF 1.07

CHF 1.13

1) Our customers have the option of paying for flights in US dollars.

2) Exchange rates quoted are post-hedging applied to revenue and headline costs.

Strategic report

Governance Financials

easyJet plc

Annual Report and Accounts 2025

FINANCIAL REVIEW (CONTINUED)

HEADLINE EXCHANGE RATE IMPACT

Favourable/(adverse)

Euro

£ million

Swiss franc

£ million

US dollar

£ million

Other

£ million

Total

£ million

Total revenu e (56) 6 (1) (1) (52)

Fuel 1 – 64 – 65

Headline costs excluding fuel 36 (5) 10 (0) 41

Headline total before tax

(19) 1 73 (1) 54

1) Excludes the impact of balance sheet translation.

easyJet’s Foreign Currency Risk Management policy aims to reduce the impact of fluctuations in exchange

rates on future cash flows. Refer to note 26 in the financial statements for more details.

As a European carrier, easyJet recognises a significant element of revenue, 34%, across its network in

euros. Therefore, the strengthening of sterling against the euro on average over the year, when compared

to the prior year, has reduced the value of the revenue translated into sterling. The euro exchange rate

impact in revenue has been partially offset by the converse impact on costs, with the stronger average

sterling rate to euro compared to the prior year reducing costs translated from euros. Along with the

strengthening of sterling against the US dollar, which has reduced translated costs, particularly across fuel

and maintenance, there is a favourable foreign currency impact of £54 million across the consolidated

income statement.

The impact on the income statement from the functional currency translation of foreign currency

monetary assets and liabilities was a £12 million loss in the year (2024: £4 million gain).

FINANCIAL PERFORMANCE

Revenue

£ million

2025 2024

Passenger revenue 6,072 5,715

Ancillary revenue 2,594 2,457

easyJet holidays revenue

1,440

1,137

Total revenue

10,106

9,309

1) easyJet holidays numbers are after the elimination of intercompany airline transactions.

Total revenue increased by 9% to £10,106 million (2024: £9,309 million).

Revenue performance in the year was supported by ASK growth, through a function of increased capacity

and sector length, with a focus on growing city, beach and non-EU routes. Whilst this delivered positive

revenue growth, natural sector length dilution in addition to a challenging competitive environment on

some routes through winter where easyJet, alongside other carriers, simultaneously sought to reallocate

capacity originally planned to operate into Tel Aviv, resulted in a 3% decrease in airline RASK to 6.45 pence

(2024: 6.65 pence). Passenger RASK was 3% behind and ancillary RASK 4% behind prior year. The total

number of passengers carried in the year increased by 4% to 93.4 million (2024: 89.7 million), supported

by additional capacity with a 4% increase in seats flown to 104.0 million seats (2024: 100.4 million seats).

A focus on longer sectors, with average sector length increasing by 6% to 1,293 kilometres (2024: 1,223

kilometres), delivered an ASK growth of 9%.

Airline ancillary revenue of £2,594 million was 6% ahead of the previous financial year (2024: £2,457

million) as a result of higher passenger numbers. Whilst ancillary RASK was 4% back on prior year, ancillary

revenue per seat was ahead 2%. Our inflight retail offer continues to grow in popularity as menu choices

and product ranges evolve, resulting in an improved profit per seat of 7% to £0.73 (2024: £0.68), delivering

additional revenue of £8 million.

Before adjusting for flight revenue, easyJet holidays customers generated revenue of £1,917 million, a 26%

growth on 2024 revenue of £1,521 million. Net of flight revenue, easyJet holidays revenue of £1,440 million

was an increase of 27% (2024: £1,137 million), reflecting the growth in customer volumes and the success in

increasing our share of the UK package holiday market, with an expanded hotel range and the promotion

of new city destinations.

As in the prior year, within revenue there was a £19 million credit (2024: £47 million) arising from the release

of aged contract liabilities within other payables, with £12 million recognised in passenger revenue and £7

million in ancillary revenue.

Strategic report

Governance Financials

easyJet plc

Annual Report and Accounts 2025

FINANCIAL REVIEW (CONTINUED)

Headline costs excluding fuel

2025 2024

Total

£ million

Airline

pence per

ASK

Total

£ million

Airline

pence per

ASK

Operating costs and income

Airports and ground handling 2,161 1.60 1,989 1.62

Crew 1,198 0.89 1,074 0.87

Navigation 533 0.40 463 0.38

Maintenance 451 0.34 390 0.32

easyJet holidays direct operating costs

1,072 – 840 –

Selling and marketing 273 0.16 257 0.16

Other costs 754 0.51 758 0.56

Other income

(35) (0.03)

(52) (0.04)

6,407 3.87

5,719 3.87

Ownership costs

Depreciation 679 0.50 727 0.59

Amortisation 64 0.04 43 0.03

Net interest and other financing income and charges

26 0.05

(9) 0.01

769 0.59 761 0.63

Foreign exchange loss/(gain)

12 0.00

(4) 0.00

781 0.59

757 0.63

Headline costs excluding fuel

7,188 4.46

6,476 4.50

1) Excluding flight costs.

Headline CASK excluding fuel for the airline decreased by 1% to 4.46 pence (2024: 4.50p). Although many

cost lines increased in absolute terms in the year, the additional seat kilometres flown across the expanded

network were delivered at a proportionally lower cost, driving a unit CASK benefit.

Included within the total headline costs excluding fuel of £7,188 million is £1,190 million (2024: £947 million)

related to the easyJet holidays business, the cost increase being due to the growth of the business.

Headline operating costs and income

Airports and ground handling operating costs increased by 9% to £2,161 million (2024: £1,989 million), a

reduction of 1% to 1.60 pence (2024: 1.62 pence) on an airline CASK basis. With a network of largely slot-

constrained and regulated primary airports, easyJet is subject to regulatory price increases with labour

costs in the general market also contributing to overall cost increases. However, on a CASK basis, these

cost increases were offset by an increase in available seat kilometres.

Crew costs increased by 12% to £1,198 million (2024: £1,074 million), an increase of 2% to 0.89 pence

(2024: 0.87 pence) on an airline CASK basis, reflecting the allocation of the fixed element of crew costs

over a higher ASK base. Higher costs in the period reflect industry wide pressures on wages, alongside

the additional crew requirements for increased capacity and longer sector lengths, and an investment

in resilience measures to mitigate the challenging operating environment across European airspace.

Whilst crew productivity improved over winter, the resilience measures in place to support operational

performance limited the ability to drive summer crew productivity, although overall productivity improved

by 3% over the full year.

Navigation costs increased by 15% to £533 million (2024: £463 million) as a result of both Eurocontrol rate

increases and longer sectors flown. This was a rise of 5% to 0.40 pence (2024: 0.38 pence) on an airline

CASK basis.

easyJet holidays direct operating costs (excluding flights) increased to £1,072 million driven by the 27%

growth in revenue during the year. The business continues to scale efficiently and explore ways to maintain

its low fixed-cost base through digital initiatives and developments.

Maintenance costs increased by 16% to £451 million (2024: £390 million), an airline CASK increase of 6% to

0.34 pence (2024: 0.32 pence). The overall cost increase was the outcome of a higher number of aircraft

maintenance events in this reporting period, and an increased average cost due to an ageing fleet combined

with general cost pressures in the wider operating environment linked to inflation and supply chain challenges.

Selling and marketing costs increased by 6% to £273 million (2024: £257 million). Whilst marketing costs

saw an increase to support the growth of the easyJet holidays business in the summer, airline marketing

costs grew in line with ASK growth, with CASK of 0.16 pence (2024: 0.16 pence), flat against the prior year.

Total other costs decreased by 1% to £754 million (2024: £758 million), which for the airline was a reduction

of 9% to 0.51 pence (2024: 0.56 pence) on a CASK basis. Other costs include the impact of the disruption

experienced in the year, with net £109 million disruption compensation and welfare costs incurred (2024:

£187 million). The operational focus in the year which delivered an improved on-time performance has

positively reduced delays and cancellation events (for which easyJet is accountable) and as a result,

disruption compensation and welfare costs have reduced. The reduction in compensation costs compared

to the prior year includes a £24 million release (2024: £5 million) of a liability held for prior years’ disruption

costs where customer compensation claims were lower than our initial estimations. The other cost line

also includes central employee costs and benefits, with headcount costs increasing as the business grows,

and within this cost line net £6 million additional costs (2024: £nil) were incurred from extinguishing the

leases for eight aircraft that were brought into ownership. Additionally, IT costs increased year on year with

easyJet’s continued investment in technology including infrastructure, data management and customer-

facing system enhancements. Increases in easyJet holidays’ fixed costs reflected growth in the segment.

Other income of £35 million was a decrease of £17 million from the prior year (2024: £52 million) and comprised

income from a variety of non-revenue sources including dividend income and supplier compensation.

Strategic report

Governance Financials

easyJet plc

Annual Report and Accounts 2025

FINANCIAL REVIEW (CONTINUED)

Headline ownership costs

Depreciation costs reduced by 7% to £679 million (2024: £727 million), a 15% decrease to 0.50 pence

(2024: 0.59 pence) on a CASK basis. Nine new aircraft were delivered in the year and there were further

lease extensions entered into to mitigate Airbus delivery delays, increasing depreciation. This increase was

offset by a £60 million credit (2024: £nil) from the release of maintenance provision reserves for eight

previously leased aircraft which were brought back into ownership in the year.

The increase in amortisation costs of 49% to £64 million (2024: £43 million) reflects easyJet’s investment

in technology in recent years, with continued enhancement to customer-facing platforms in addition to

commercial infrastructure and the evolution of data insight and digital security technology. On an airline

CASK basis, the 0.04 pence measure is a 33% increase on the prior year (2024: 0.03 pence).

Net interest and other financing income and charges were a £26 million charge (2024: £9 million net

income) reflecting reducing interest income due to reducing market interest rates, an increase in interest

charges relating to financing activity on Eurobonds, increasing interest payments of lease liabilities, and the

unwind of discounting on longer-term provisions.

Foreign exchange losses of £12 million in the year (2024: £4 million gain) were minimal, being the output

of the retranslation of foreign currency denominated monetary assets and liabilities arising from currency

movements in the year, notably tempered by the benefits of FX hedging and natural hedging across the

statement of financial position.

FUEL

2025 2024

Total

£ million

Airline

pence per

ASK

Total

£ million

Airline

pence per

ASK

Fuel

2,253 1.68

2,223 1.81

Fuel costs for the year increased by 1% to £2,253 million (2024: £2,223 million), a 7% reduction on a CASK

basis to 1.68 pence (2024: 1.81 pence). The spot price of jet fuel has fluctuated between $622 and $843 per

metric tonne over the financial year, and whilst overall jet fuel prices reduced in the year, the absolute cost

reflects the increased flying volume. On a per ASK basis, alongside the reduced fuel prices, nine additional

aircraft deliveries in the year saw an increase of the more fuel-efficient NEO aircraft in the fleet. These

benefits were partially offset by a reduction in the allocation of no-cost ETS allowances, as jurisdictions

wind down the ‘free’ aspects of the scheme, with easyJet therefore increasing the proportion of purchased

allowances utilised in the year, as well as the cost of responding to the introduction of sustainable aviation

fuel mandates in calendar year 2025. Additionally within the year, a £15 million (2024: £nil) catch-up cost

was recognised for changes in ETS regulations, in particular the expansion of the scope of flights covered

by the scheme, and also to reflect an increase in published growth factor estimates for the CORSIA

(Carbon Offsetting and Reduction Scheme for International Aviation) scheme.

easyJet uses jet fuel derivatives to hedge against increases in jet fuel prices in order to mitigate cash and

income statement volatility. To manage the risk exposure, jet fuel derivative contracts are used in line with

the Board-approved policy to hedge up to 24 months of forecast exposures. During the financial year, the

average market price payable for jet fuel reduced by 18% to $709 per tonne from $864 per tonne in FY24.

The overall post-hedge fuel price in the year was $761 per tonne (2024: $842), a 10% reduction compared

to FY24. Approximately 79% of jet fuel was hedged in FY25.

PROFIT AFTER TAX

£ million (reported)

2025 2024

Headline profit before tax 665 610

Headline tax charge

(166)

(151)

Headline profit after tax

499

459

Non-headline items before tax (7) (8)

Non-headline tax credit

Total profit after tax

494

452

NON-HEADLINE ITEMS

A non-headline charge of £7 million (2024: £8 million) was recognised in the year. This consists of a net

£8 million additional costs of the network restructuring exercise in Italy and France (announced in FY24),

offset by a £1 million release from the provision for the previously announced Germany restructuring

programmes following a number of settlements finalised in the year.

CORPORATE TAX

Corporation tax has been recognised at an effective rate of 24.9% (2024: 24.9%), resulting in an overall tax

charge of £164 million (2024: £150 million). This splits into a tax charge of £166 million on the headline profit

and a tax credit of £2 million on the non-headline items.

Strategic report

Governance Financials

easyJet plc

Annual Report and Accounts 2025

FINANCIAL REVIEW (CONTINUED)

SUMMARY CONSOLIDATED STATEMENT OF FINANCIAL POSITION

2025

£ million

2024

£ million

Change

£ million

Goodwill and other non-current intangible assets 771 793 (22)

Property, plant and equipment 4,791 4,285 506

Right of use assets 1,015 1,190 (175)

Derivative financial instruments (46) (290) 244

Equity investment 64 51 13

Other assets (excluding cash and other investments) 1,226 1,224 2

Unearned revenue (1,950) (1,741) (209)

Trade and other payables (1,654) (1,656) 2

Other liabilities (excluding debt)

(1,321)

(1,064) (257)

Capital employed

2,896

2,792 104

Cash, cash equivalents and other investments

3,528 3,461 67

Debt (excluding lease liabilities) (1,881) (2,106) 225

Lease liabilities

(1,045)

(1,174) 129

Net cash

602

181 421

Net assets

3,498

2,973 525

1) Other investments include term deposits, tri-party repos and managed investments.

Since 30 September 2024 net assets have increased by £525 million.

The net book value of goodwill and other non-current intangible assets of £771 million (2024: £793 million)

has reduced in the year by £22 million. This includes a reduction in non-current ETS assets of £44 million,

now recognised as current assets at 30 September 2025, offset by ongoing investment in software

development and applications of net £22 million, aimed at enhancing digital safety and security, and

optimising commercial platforms and customer applications.

Property, plant and equipment net book value has increased by £506 million to £4,791 million (2024: £4,285

million). The depreciation charge for the year has been more than offset by the nine new owned aircraft

brought into the fleet in the year, alongside eight leased aircraft brought into ownership, repurchases, advanced

payments on the Airbus order book and increased capitalised parts and maintenance.

At 30 September 2025, right of use assets amounted to £1,015 million (2024: £1,190 million) with lease

liabilities of £1,045 million (2024: £1,174 million). The reduction in both the right of use asset and lease

liability balances is driven by the termination of the eight aircraft leases, as well as a further year of

depreciation and lease payments against these respective balances with some offset from lease extensions

in the year.

There has been a £244 million increase in the net asset value of derivative financial instruments, reducing

the net liability position in the year to £46 million (2024: £290 million). The movement is primarily due to an

increase in the price of jet fuel, leading to jet fuel hedges being in an asset position compared to a liability

position as at 30 September 2024. Similarly, there was a decrease in the net liability value of currency

hedges, largely driven by sterling weakening against the euro. In addition, the settlement of the June 2019

Eurobond in the year led to the removal of a cross-currency swap liability, contributing to cross-currency

swaps being in an asset position compared to a liability position in the prior year.

Unearned revenue increased by £209 million to £1,950 million (2024: £1,741 million), reflecting increased

capacity on sale and the growth of easyJet holidays.

Other liabilities (excluding debt) amounted to £1,321 million at 30 September 2025, an increase of £257

million (2024: £1,064 million). This movement was primarily the result of an increase in easyJet’s deferred

tax liability from profit generated in the year, along with a higher lease asset maintenance provision linked

to increased flying volumes.

Debt has reduced by a net £225 million to £1,881 million (2024: £2,106 million) with the repayment of a

€500 million Eurobond in June 2025 partially offset by new borrowings from entering three aircraft into

JOLCO (Japanese Operating Lease with Call Option) financing arrangements.

Overall, easyJet’s net cash position has improved to £602 million (2024: £181 million).

Strategic report

Governance Financials

easyJet plc

Annual Report and Accounts 2025

FINANCIAL REVIEW (CONTINUED)

KEY STATISTICS

Operating measures

2025 2024

Increase/

(decrease)

Seats flown (millions) 104.0 100.4 4%

Passengers (millions) 93.4 89.7 4%

Load factor 89.8% 89.3% 0.5ppt

Available seat kilometres (ASK) (millions) 134,451 122,885 9%

Revenue passenger kilometres (RPK) (millions) 122,021 111,615 9%

Average sector length (kilometres) 1,293 1,223 6%

Sectors (thousands) 576 559 3%

Block hours (thousands) 1,268 1,182 7%

easyJet holidays customers (thousands)

3,090 2,575 20%

Number of aircraft owned/leased at end of year 356 347 3%

Average number of aircraft owned/leased during year 354 342 4%

Average number of aircraft operated per day during year 305 291 5%

Number of routes operated in winter and summer season

1,202 1,072 12%

Number of airports served in winter and summer season

163

158 3%

1) easyJet holidays’ customer numbers excluding agency commission customers are 2.7 million (2024: 2.3 million.)

2) These metrics are now presented based on the consolidated IATA winter and summer seasons. Winter begins on the last

Sunday of October and ends on the last Saturday in March. Summer begins on the last Sunday in March and ends on the

last Saturday in October. ‘Consolidated’ winter plus summer is the number of unique statistics in the combined winter and

summer season to provide an annualised view. Diversions and charter flights are excluded. The FY24 comparative has been

restated accordingly for comparability.

FINANCIAL MEASURES

2025 2024

Favourable/

(adverse)

Return on capital employed 17.8% 15.9% 1.9ppt

Headline return on capital employed 18.0% 16.1% 1.9ppt

Profit before tax per ASK (pence) 0.49 0.49 0%

Profit before tax per seat (£) 6.33 6.00 6%

Headline profit before tax per ASK (pence) 0.49 0.50 (2%)

Headline profit before tax per seat (£) 6.39 6.08 5%

Airline profit before tax per ASK (pence) 0.30 0.34 (12%)

Airline profit before tax per seat (£) 3.92 4.10 (4%)

Airline headline profit before tax per ASK (pence) 0.31 0.34 (9%)

Airline headline profit before tax per seat (£) 3.99 4.18 (5%)

easyJet holidays profit before tax (£ millions) 250 190 32%

Revenue

Airline revenue per ASK (pence) 6.45 6.65 (3.0%)

Airline revenue per ASK at constant currency (pence) 6.48 6.65 (2.6%)

Airline revenue per seat (£) 83.33 81.35 2.4%

Airline revenue per seat at constant currency (£) 83.82 81.35 3.0%

Airline revenue per passenger (£) 92.75 91.11 1.8%

Airline revenue per passenger at constant currency (£) 93.31 91.11 2.4%

Costs

Per ASK measures

Airline headline cost per ASK (pence) 6.14 6.31 2.7%

Airline headline cost per ASK excluding fuel (pence) 4.46 4.50 0.9%

Airline headline cost per ASK excluding fuel at constant currency (pence) 4.47 4.50 0.7%

Per seat measures

Airline headline cost per seat (£) 79.34 7 7.1 7 (2.8%)

Airline headline cost per seat excluding fuel (£) 57.68 55.03 (4.8%)

Airline headline cost per seat excluding fuel at constant currency (£) 57.84 55.05 (5.1%)

Refer to the Glossary on pages 191 to 193 for further detail.

Strategic report

Governance Financials

easyJet plc

Annual Report and Accounts 2025

SUSTAINABILITY

OUR

APPROACH TO

SUSTAINABILITY

Flying plays a central role in today’s society –

connecting people with new places and cultures,

providing jobs and economic prosperity worldwide.

easyJet alone facilitated £21 billion in gross-value-

added to the UK economy in 2024, our previous

financial year, with UK-Europe connectivity having

increased by 61% since our launch in 1995.

At the same time, air travel

contributes to between 2% and

3% of global carbon dioxide

emissions per year. We are open

about this and working hard to

do something about it. Relative

to other industries, the aviation

sector is hard to abate given the

lack of alternative technologies

available. It is because of this

that it will take time to fully

decarbonise our operations.

Despite this, I am pleased to

say we have continued progress

towards this goal in 2025.

As part of our net zero roadmap,

we trialled a new lower weight

paint system on 38 aircraft — a

world first, projected to reduce

emissions by 4,095 tonnes

annually once applied across the

fleet by 2030. We successfully

completed a ground operations

efficiency trial at Milan Malpensa

Airport, switching to electric

pre-conditioning units and

reducing auxiliary power unit

runtime. And we installed

advanced FANS- C navigation

software on 54 aircraft to

optimise air traffic collaboration,

reduce delays and improve on

time performance.

Among many others, these

initiatives have helped us lower

the carbon intensity of our flying

in FY25 for the third successive

year – a total 7.7% improvement

versus our 2019 baseline and we

remain on track to deliver our

SBTi-validated 35% reduction in

GHG emissions intensity by 2035.

Looking ahead, we entered

multiple strategic partnerships,

signing supply agreements with

Enilive (Italy) and MoUs with

ATOBA Energy and World Fuel

Services – to secure SAF to

comply with UK and EU mandates.

We advanced collaborations with

Rolls-Royce, Airbus, and JetZero

to continue development on

future aircraft technologies and

the 1PointFive-run carbon removal

facility we backed, capable of

capturing 500,000 tonnes of CO

annually, has now been built.

Beyond our roadmap, we

continued to promote

environmental and social

sustainability across our network in

2025. We expanded our certified

sustainable hotels to embed even

stronger food and plastic waste

reduction practices, added to

our UNICEF collection pot – now

over £17 million – thanks to the

generosity of customer donations,

and launched a programme to

donate thousands of retired crew

uniforms to local charities.

With aviation growing and record

numbers of young people not

in employment, education or

training, we launched our ‘Flight

Paths’ initiative, offering free

cabin crew taster sessions to

18-24s ahead of our recruitment

of 1,000 new roles in 2026. We

also opened applications for our

2026 engineering apprenticeship

programme, providing earn-while-

you-learn opportunities for people

from all backgrounds.

We have industry leading scores

from important Environmental,

Social, and Governance (ESG)

bodies, including being the

top ranked airline worldwide

on Sustainalytics, top ranked

European airline on MSCI, as well

as our inclusion in FTSE4Good.

This gives me confidence that we

are moving in the right direction

but we need to keep pushing.

Lowering the impact of our

operations is not only needed

for the environment but critical

for the airline to thrive into the

future. Our Sustainability Strategy

enables us to take a proactive

approach to this challenge and

its delivery continues to be

fundamental to how we lower

our impact, maintain our low-cost

model and preserve the benefits

of flying for future generations.

Score

Awarded in August 2024

MSCI uses a CCC-AAA scoring

scale

18.0

Score

Awarded in November 2025

Our Sustainalytics score places

us as the top ranked airline

worldwide

Sustainalytics uses a 100-0

scoring scale – the lower the

score the better

Included in

Score

Awarded in February 2025

CDP uses an F-A scoring scale

ESG RATINGS

Strategic report

Governance Financials

easyJet plc

Annual Report and Accounts 2025

OUR

SUSTAINABILITY

STRATEGY

Read more about our performance on page 45

Read more about our governance on page 42

SUSTAINABILITY (CONTINUED)

Helping drive progress for

our planet, communities

and people.

REDUCING

OUR IMPACT TODAY

PIONEERING

FUTURE TRAVEL

DRIVING

POSITIVE CHANGE

Working tirelessly to reduce the

environmental impact across our

operations.

• Focused on reducing the carbon intensity

of our flying.

• Tackling waste and plastic reduction within

easyJet and our supply chain.

• Continuously addressing our noise impact.

• Enhancing our environmental performance

through our ISO 14001-aligned environmental

management system.

Supporting the development of

novel technology to shape the

future of flying.

• Committed to net zero carbon emissions

by 2050.

• Driving change to deliver our Net Zero Roadmap.

• Collaboration and partnerships to achieve zero

carbon emission flying.

• Advocating for effective carbon regulation and

support for new technology.

Positively impacting our people,

customers and communities to

maximise the social and economic

benefits of travel and tourism.

• Creating Europe’s most loved place to work.

• Driving more sustainable tourism through

easyJet holidays.

• Supporting charitable causes that are important

to our customers and employees.

Find out how we are seeking to reducing our

impact today on pages 47 to 50.

Find out how we are pioneering future

travel on pages 51 and 52.

Find out how we are driving positive change

on pages 53 to 56.

United Nations Sustainable Development Goals (UNSDGs) relevant to each part of our strategy

Underpinned by strong governance and monitoring at Board level to drive delivery of this strategy

Strong governance and monitoring at Board level drive delivery

of our Sustainability Strategy

PLC BOARD

Approves Sustainability Strategy and reviews implementation

Strategic report

Governance Financials

easyJet plc

Annual Report and Accounts 2025

SUSTAINABILITY (CONTINUED)

Under our ESG Governance framework,

the Board sets the ESG strategy and

has ultimate oversight, with regular

reporting on sustainability from the

Director of Sustainability. The ESG

Steering Committee tracks

implementation of this strategy.

Climate-related matters were discussed by the PLC

Board through sustainability updates and dedicated

sessions to approve decisions. During the year, the

Audit Committee also reviewed climate transition

risks as part of its oversight of principal risks.

easyJet has a dedicated Sustainability team,

responsible for developing and owning the

environmental strategy including climate-related

issues and embedding it within the organisation.

Environment, Social and Governance issues are

managed by the Sustainability team, People team

and General Counsel’s Office (GCO) respectively,

with AMB level accountability from the Group

Markets Director, Chief People Officer and

General Counsel.

The ESG Steering Committee sets the strategy

regarding ESG performance, monitors delivery

of the net zero pathway and ESG strategy, and

ensures readiness for changes in legislation and

reporting requirements.

AMB members are collectively responsible for

assessing and managing climate-related risks

and opportunities, and use regular updates

on performance versus targets to drive the

performance of the Group against strategic KPIs.

SUSTAINABILITY AND

ESG GOVERNANCE

SUSTAINABILITY AND ESG GOVERNANCE

AIRLINE MANAGEMENT BOARD

Regular updates and approval. There are AMB sponsors for key material ESG topics

ESG STEERING COMMITTEE

Steers direction of Sustainability Strategy, including net zero roadmap and ESG disclosure

Sustainability team People team General Counsel’s Office

Aviation Company

of the year Award

Aviation Industry

Awards UK 2025

We have been

recognised for

our exceptional

contribution to the

industry, particularly in

sustainability, for the

second year in a row.

Aviation

Sustainability &

Environment Award

Aviation Industry

Awards UK 2025

Awarded for our

pioneering achievement

in rolling out a world-

first lower-weight paint

system to our fleet.

Women in Aviation

Award

Aviation Industry

Awards UK 2025

Awarded to Debbie

Thomas for her dual

role as an easyJet pilot

and her pioneering

work with Rolls-Royce

to create the first

hydrogen cockpit

simulator.

Hydrogen for

Transport Award

Hydrogen UK Awards

2025

Awarded for Project

Acorn, the first

hydrogen refuelling

trial to take place at

a major UK airport.

Strategic report

Governance Financials

easyJet plc

Annual Report and Accounts 2025

SUSTAINABILITY (CONTINUED)

HIGHLIGHTS OF THE YEAR

Record low emissions intensity

We recorded our lowest-ever aviation CO

emissions intensity

to date.

Fleet renewal

We continued fleet renewal to enhance efficiency and reduce

environmental impact.

Operational efficiency – APU-ZERO

We cut fuel use, emissions and noise through hybrid ground

power innovation.

Lightweight paint

We pioneered a lower-weight aircraft paint system to reduce

fuel use and emissions.

REDUCING OUR IMPACT TODAY

Read more on page 53

JetZero collaboration

Partnered to advance ultra-efficient blended wing body aircraft

design with breakthrough fuel-saving potential.

Rolls-Royce hydrogen engine

We have been collaborating with Rolls-Royce to develop a

world-first hydrogen combustion engine for aviation.

Direct Air Carbon Capture and Storage (DACCS)

Agreement in place for carbon removal credits from newly built

Stratos DACCS plant.

Corporate SAF trial

We launched our corporate SAF scheme helping businesses cut

Scope 3 travel emissions.

Certified Sustainable hotel range

Continued growth of our Certified Sustainable hotel range,

increasing the availability of more sustainable accommodation

options for customers.

Community engagement with Planeterra

Supporting local tourism enterprises to strengthen culture,

climate, biodiversity and resilience.

InfluenceMap rating

Highest rated airline scored by InfluenceMap for climate

policy engagement.

Supporting communities and ecosystems

Partnering locally to uplift communities and protect ecosystems

across our destinations.

1 5 9

2 6

3 7

4 8

2025 AWARDS

HOW WE WILL GET THERE

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SUSTAINABILITY (CONTINUED)

OUR ROADMAP

TO NET ZERO

In 2023, we conducted a double materiality

assessment to identify the sustainability issues

most critical to our business. Climate change,

driven by aircraft emissions, was the top issue.

Our roadmap to net zero will help us address this

important challenge.

In FY25, we recorded our lowest ever intensity of

861gCO

e/revenue tonne kilometre (Scope 1 and

Scope 3 aviation fuel). We continued to make

progress towards our greenhouse gas (GHG)

emissions intensity target and achieved a 2.2%

improvement compared to FY24.

We also achieved a 7.7% reduction in GHG emissions

intensity versus a FY19 baseline, well on our way to

a 35% reduction by 2035. This target, set in 2022

and validated by the Science Based Targets initiative

(SBTi), was a first among low-cost carriers worldwide.

In FY25 we also updated our Net Zero Roadmap

to reflect the latest fleet plan. The FY35 target

is supported by fleet renewal with NEO aircraft,

continuous improvement in operational efficiency,

airspace modernisation and SAF use in line with

EU and UK mandates. There are delivery risks

in this period due to slow progress on airspace

modernisation and risk of SAF supply failing to

meet mandated demand, however there is upside

potential on operational efficiencies.

From 2035 onwards we anticipate the emergence

of new technology such as next generation

narrowbodies, hydrogen aircraft and novel aircraft

configurations such as a blended wing. The

roadmap incorporates hydrogen aircraft which

carries delivery risk, while other technologies offer

upside potential.

We will address residual

emissions through carbon

removals

Improvement

versus 2019

78%*

BY 2050

we aim to be net zero,

reducing our carbon

emissions intensity by

Our validated science-

based target, a 35%

carbon emissions intensity

improvement by 2035, is

benchmarked against a 2019

baseline. Since 2000, we have

already reduced our carbon

emissions per passenger per

kilometre by one third.

35%*

7.7%

BY 2035

we are committed to

reducing our GHG

emissions intensity

200

400

800

1,000

600

2023 20302025 20402035 2045 20502024

Our emissions intensity in grams CO

e per Revenue Tonne Kilometre

Replace

fossil fuels with low-carbon and zero carbon

emissions sources

Remove

residual emissions to reach net zero

Reduce

our energy use

Fleet renewal with NEO

Minimise fuel burn and emissions through

current technology

Airspace modernisation

Aiming for 10% emission reduction by

2035 through Single European Sky and

modernisation of UK airspace

Operational efficiencies

Fuel saving through initiatives including

single engine taxi and engine washing

Carbon removal

Residual emissions will be removed

to reach net zero by 2050

Sustainable Aviation Fuel

Use at scale in line with

EU and UK mandates

Zero carbon emission aircraft

Aiming to be an early adopter

in transitioning the fleet

* versus 2019.

1) easyJet plc commits to reduce well-to-wake GHG

emissions related to jet fuel from owned and leased

operations by 35% per revenue tonne kilometre (RTK) by

FY35 from a FY19 base year.

Note: 2024–25 targets based on Roadmap published in

FY24 Annual Report as these were the official targets. All

other figures have been updated in Oct 2025.

2025

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Annual Report and Accounts 2025

SUSTAINABILITY (CONTINUED)

EMISSIONS AND ENERGY PERFORMANCE

Greenhouse gas (GHG) and energy performance

FY25 FY24

Global emissions UK-only emissions

Global emissions

(excluding UK) Global emissions UK-only emissions

Global emissions

(excluding UK)

Scope 1 – tonnes of CO

e 8,701,928 4,659,293 4,042,635 8,114,121 4,359,896 3,754,225

Scope 2 – tonnes of CO

798 8 790

284 22 262

Total Scope 1 and 2 – tonnes of CO

8,702,726 4,659,301 4,043,425

8,114,405 4,359,918 3,754,487

Scope 3 – tonnes of CO

2,710,810

2,564,787

Total carbon footprint – Scope 1, 2 and 3

tonnes of CO

11,413,536

10,679,192

Scope 1 energy use (kWh) 33,379,038,860 17,881,767,461 15,497,271,399 31,129,602,567 16,731,487,813 14,398,114,754

Scope 2 energy use (kWh) 7,442,151 3,659,437 3,782,714 3,864,672 2,674, 802 1,189,870

Total energy use (kWh) Scope 1 and 2

33,386,481,011 17,885,426,898 15,501,054,113

31,133,467,239 16,734,162,615 14,399,304,624

1) UK-only emissions cover emissions from flights operating under our UK Air Operating Certificate.

2) Scope 3 figures exclude the following GHG protocol categories as they are not applicable to easyJet: (9) Downstream transportation and distribution (13) Downstream leased assets (14)

Franchises. Categories (10) Processing of sold products and (11) Use of sold products are not deemed to be material for easyJet and are also excluded.

AVIATION FUEL – SCOPE 1 EMISSIONS

FY25 FY24

easyJet plc

gCO

/RPK

easyJet plc

gCO

e/RPK

easyJet plc

gCO

/RPK

easyJet plc

gCO

e/RPK

Carbon emissions/revenue

passenger kilometre (RPK)

65.47 66.06

66.64 67.25

Scope 1 CO

/RPK due to aviation fuel

emissions due to combustion of aviation turbine fuel per revenue

passenger per kilometre travelled on revenue flights. Includes sector length

correction factor.

Scope 1 CO

e/RPK due to aviation fuel

GHG emissions CO

, N

O and CH4 due to combustion of aviation turbine fuel

per revenue passenger per kilometre travelled on revenue flights. Includes

sector length correction factor.

WELL-TO-WAKE GHG EMISSIONS/REVENUE TONNE KILOMETRE DUE

TO AVIATION FUEL (ALIGNED WITH THE SBTI TARGET)

FY25

easyJet plc

gCO

e/RTK

FY24

easyJet plc

gCO

e/RTK

Well-to-wake GHG emissions/Revenue Tonne

Kilometre (RTK) (aligned with the SBTi target)

861

880

Well-to-wake CO

e/RTK

GHG emissions including CO

, N

O and CH4 due to Scope 1 (combustion) and

Scope 3 Category 3 (extraction, processing and distribution) of aviation turbine

fuel per tonne of revenue payload per kilometre travelled on revenue flights –

as required by the SBTi. Does not include sector length correction factor as per

SBTi guidance.

OUR CARBON PERFORMANCE IN FY25

Total and intensity

Our total GHG emissions from the fuel used in

our flights were 8,701,928 metric tonnes CO

e in

FY25, up 7% versus FY24, driven by a 9% increase

in ASKs, reflecting continued improvements in

emissions efficiency.

In FY25 we recorded our lowest ever carbon intensity

of 65.47g CO

/RPK as nine more Airbus NEO aircraft

joined our fleet, taking our fleet composition to 26%

NEO, and made significant progress in implementing

operational efficiency initiatives. Aviation GHG intensity

reduced by 2.2% versus FY24 to 861 gCO

e /RTK.

We have also reduced our well-to-wake GHG

emissions per RTK by 7.7% versus FY19, and we are

on track to achieve our SBTi-validated interim target

of 35% reduction in emissions intensity by 2035.

We purchased fuel compliant with EU and UK SAF

mandates. The associated emissions benefits have

not been accounted for in FY25 and instead will

be reported in FY26, aligning with ETS reporting

timeframes which are for the calendar year.

The increase in Scope 2 emissions is due to the

acquisition of easyJet Malta, which accounts for

65% of the footprint. Excluding Malta, Scope

2 emissions fell by 2% versus FY24, as easyJet

switched to renewable energy providers in

all but one UK location and our Berlin Airport

engineering facility.

Third-party verification

Our total emissions and intensity metrics have been

verified by Normec Verifavia, a UKAS and COFRAC

accredited verification provider for the aviation

sector. Scope 1, Scope 2 and Scope 3 Category

3 calculations are completed in-house by easyJet

and independently verified, with Scope 1 and Scope

3 Category 3 receiving reasonable assurance

and Scope 2 limited assurance. All other Scope 3

calculations are performed by SE Advisory Services,

a global climate and sustainability consultancy.

Detailed emissions data are available in our

environment fact sheet. Assurance statements are

available at corporate.easyJet.com/sustainability.

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SUSTAINABILITY (CONTINUED)

GROUND WASTE

Waste type

Metric tonnes

FY25

Metric tonnes

FY24

Total waste generated (offices, training academies, engineering, maintenance)

482

436

Total general waste

340

317

Total hazardous waste

142

120

Total reused, recycled, and recovered

425

433

ONBOARD WASTE

Metric

FY25 FY24

Waste per passenger (onboard cleaning waste) (kg/pax)

0.10 0.08

Total onboard waste (extrapolation onboard waste) (metric tonnes)

9,340

7,040

1) Average waste generated per passenger was calculated based on the total cabin waste generated from aircraft operations

at Luton Airport and the number of arriving passengers.

2) Total onboard cabin waste generated was calculated using average waste per arriving passenger at Luton and the total

number of easyJet passengers carried across our network.

Carbon emissions methodology

The measurement and reporting of our GHG

emissions are aligned to the EU, UK and Swiss

Emissions Trading Schemes (ETS), the GHG Protocol,

and the recommendations of the Task Force on

Climate-related Financial Disclosures (TCFD), (pages

57 to 61). Our GHG emissions metrics also meet the

UK government’s Streamlined Energy and Carbon

Reporting (SECR) requirements, 2019. easyJet

measures and reports GHG emissions footprint in

tonnes CO

and CO

e (carbon dioxide equivalent,

i.e. CO

, N

O and CH

easyJet uses the operational control approach, in

which we include emissions from activities where

we control the operation.

Scope 1, Scope 2 and Scope 3 Category 3 (extraction,

processing and distribution of aviation turbine fuel)

emissions are calculated in-house by easyJet’s

Sustainability, Finance and Flight Operations teams.

They are third-party verified, and equate to 92% of our

total GHG emissions footprint.

For Scope 1, total energy use in kWh is calculated from

fuel burn data converted from kilograms to kWH using

UK Government GHG Conversion Factors for Company

Reporting (DEFRA/DESNZ – June 2025). Fuel mass is

determined by multiplying fuel burn in litres by recorded

density, applying a standard 0.8kg/l where unavailable.

For Scope 2, energy use is based on meter readings.

Since FY23 we have worked with SE Advisory

Services, a global climate change and sustainability

consultancy, on our carbon mapping work. SE

Advisory has carried out GHG mapping on all

applicable Scope 3 emissions, excluding Category 3

(equating to 8% of our total GHG emissions footprint).

Our carbon intensity calculation method aligns to

industry norms, i.e. ETS requirements. We adopt

Great Circle Distance (GCD) with a fixed correction

factor for each sector to account for indirect

flight paths, as endorsed by ETS and International

Civil Aviation Organisation (ICAO). This approach

enhances the accuracy of distances flown. Each

flight records completed data, fuel, passengers and

GCD, with regular internal checks for data quality. UK

government GHG Conversion Factors from July 2025

were applied for reporting. 81% of our flying emissions

were under the ETS in FY25.

For further details on our carbon emissions

methodology, see the ESG environment fact sheet

at corporate.easyJet.com/sustainability

Internal carbon pricing

We have established an internal carbon price,

based on ETS costs, to monitor and evaluate

our compliance obligations. By using this internal

carbon price, we can track obligation costs both

now and in the future.

This internal carbon price is integrated into easyJet’s

master financial models, which drive our five-year

financial plan, 10-year funding model and budget.

These models forecast the financial performance of

the business and the decisions that drive it, thereby

influencing both near- and long-term commercial

decisions, such as the routes easyJet operates and

the frequency of services.

Additionally, the internal carbon price significantly

impacts our fleet plan, determining the number and

type of aircraft in the easyJet fleet, and influences

fleet-related capital expenditures.

Waste performance

On-the-ground waste produced in FY25 increased

overall due to continued insourcing of engineering

activities, including the opening of our new UK

base at Southend Airport and inclusion of easyJet

Engineering Malta, now reporting for the full year.

Waste generation at our UK offices decreased

compared to FY24. 100% of UK-generated waste

is still diverted from landfill, though recycling and

recovery opportunities remain limited on the island

of Malta.

Onboard waste increased in FY25, partly due

to higher sales from our in-flight retail service,

which broadly followed passenger growth and

contributed to more packaging waste, as well

as the reintroduction of the customer Traveller

magazine removed during the pandemic. We

estimate onboard waste volumes for the network

using limited data from our Luton base only. We

recognise limitations with this dataset and that

wider aviation-sector factors make detailed cabin-

waste analysis and benchmarking challenging.

REDUCING OUR

IMPACT TODAY

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CONNECTED UNSDGS

SUSTAINABILITY (CONTINUED)

REDUCING OUR

IMPACT IN THE AIR

OVERVIEW

Pursuing efficiency has been a key priority of the

airline since its inception. In FY25, we recorded our

lowest ever intensity of 65.47g CO

/RPK (Scope 1

aviation emissions), a 1.8% improvement compared

to FY24.

This was driven primarily by more efficient NEO

aircraft joining the fleet and a series of operational

efficiencies such as the FANS-C retrofit of our NEO

aircraft, APU-ZERO and the use of lower-weight

paint for our fleet. Read more on our emissions

performance on page 45.

We continue to make progress towards our interim

target of a 35% reduction in GHG emissions by

2035 (against an FY19 baseline). We set this

ambitious target in 2022, as a key step towards our

goal of net zero by 2050. This target, validated by

the Science Based Targets initiative (SBTi), was a

first among low-cost carriers worldwide.

REDUCING ENERGY CONSUMPTION

We are using three main levers to reduce our

energy use:

• modernising our fleet

• maximising the efficiency of our operations

• working collaboratively to modernise airspace

Fleet renewal

Operating as efficient a fleet possible, and using

the most fuel-efficient aircraft available, is key

to reducing energy consumption and emissions.

The A320neo family of aircraft is one of the most

efficient short-haul aircraft there is, and we already

have one of the largest fleets in Europe. Another

290 are scheduled for delivery between now and

FY34, with a total list price of $35.2 billion.

The aircraft in our fleet are becoming both newer

and larger gauge, which creates a double benefit.

The new engines on the NEO make it 15% more

fuel efficient (with 50% smaller noise footprint)

than the previous generation of aircraft. As we

retire the smaller A319s and replace them with

larger A320neo and A321neo, we can increase the

numbers of seats per flight while simultaneously

improving fuel burn, reducing the emissions impact

per passenger.

This builds on work we have already done, such

as the addition of Sharklet wingtips to the A320ceo

aircraft, reducing drag and fuel burn by up to

4%. Lighter, more slimline seating has enabled six

more seats per aircraft to be added to our A320

fleet, further reducing aircraft weight and fuel burn

per passenger.

NEO aircraft in our fleet

65.47g

/RPK Scope 1 aviation emissions

1.8%

improvement compared to FY24

We are working hard to reduce our

environmental impact. Our primary

focus is on lowering the carbon

intensity of our flights, and we are

also taking active steps to reduce

non-aviation emissions, noise

pollution and waste, while

decreasing our reliance on plastic

and other resources to enhance our

environmental performance.

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SUSTAINABILITY (CONTINUED)

Operational efficiency

Our second lever for lowering carbon emissions

is maximising the efficiency of our operations. In

FY25, we have focused on driving the performance

of existing initiatives and delivering new ones

to reduce fuel consumption. These efforts

are essential for lowering easyJet’s gCO

/RPK

carbon intensity. Some operational and airspace

modernisation initiatives have the added benefit of

reducing NOx and other non-CO

emissions.

Significant fuel savings have been achieved

through regular, tracked initiatives such as single-

engine taxi departures and arrivals, reduced flap

landings, managed speed compliance, Continuous

Descent Approach (CDA), and auxiliary power unit

(APU) reduction.

Examples of new flight efficiency projects to reduce

fuel burn and emissions in FY25 include:

• The FANS-C retrofit (Future Air Navigation

System C) for the 54 existing A320neo and

A321neo aircraft will enable us to optimise our

aircraft trajectories, making traffic flows more

fluid and aircraft speed easier to manage. This

technology will help save fuel and reduce noise.

Additionally, sharing predicted trajectories with

ATC controllers will facilitate smooth aircraft

sequencing both on approach and on the ground.

• At Gatwick, we now use tugs with built-in ground

power to operate aircraft navigation lights

during towing, reducing APU use, fuel burn, and

emissions during ground handling. This saves 2kg

of fuel and 6kg of CO

per minute of towing.

• One-engine taxi departure without APU

(OETD-WA) – a new crew procedure, whereby

the APU is switched off during the taxi-out phase,

saving 2kg of fuel and 6kg of CO

per minute.

• The rollout of the OpenAirlines’ MyFuelCoach

iPad application for Berlin-based crew which

gives pilots the necessary data to fly in a more

fuel-efficient way, saving an average of 4kg of

fuel per flight.

Operational efficiency initiatives:

CREATING MORE SUSTAINABLE OPERATIONS

LOWER WEIGHT PAINT

At the start of 2025, easyJet announced a one-

of-a-kind initiative to use a new type of paint

across its fleet which is helping reduce weight,

fuel and emissions.

The lower-weight paint system devised by

easyJet’s Engineering and Maintenance teams,

led by Sophie Michelson and in partnership with

Mankiewicz Aviation Coatings, represents a world-

first for any airline. The new system uses less

paint, which is helping to reduce the overall weight

of the aircraft by as much as 27kg.

This will enable fuel savings of up to 1,296 tonnes

and is anticipated to reduce CO

e by 4,095 tonnes

per year once rolled out fleet-wide by 2030.

While these reductions are modest, this is one

initiative of many we are rolling out to make

our operations increasingly more efficient and

lower impact.

The new paint system is just one small example

of how we are assessing every single part of

our operation to find efficiency gains to help

us lower our impact.

Sophie Michelson

Aircraft Appearance Manager

APU-ZERO

Led by Flight Operations Manager for Efficiency

and Sustainability David Buckley, our APU-

ZERO project involves switching off aircraft

APUs at Milan Malpensa Airport and replacing

them with pre-conditioning air units (PCAs).

Project APU-ZERO takes a holistic approach to

reducing our ground-based environmental impact.

First trialled at Milan Malpensa in September 2024,

it became a permanent fixture in early 2025, with

16 PCAs rolled out in phases from March to May.

In partnership with TCR, Guinault, Menzies

Aviation, and SEA Milan Airports, the initiative

allows easyJet aircraft to turn off their APUs, a

gas turbine at the tail of the plane that provides

electric power, air conditioning and heating during

turnaround, and starts the engines for takeoff.

APUs consume significant fuel when aircraft

are stationary, contributing to noise and carbon

emissions on the apron. To address this and create

a cleaner, quieter ground environment for staff,

passengers, and communities, easyJet replaced

APUs with hybrid PCAs.

As part of the airline’s operational efficiencies

workstream, this has delivered annual savings

of approximately 1,150 tonnes of fuel, equivalent

to 3,600 tonnes of CO

(based on Milan

Malpensa operations).

The initiative is now being trialled at London

Gatwick Airport, easyJet’s biggest base, with

potential rollout to other airports equipped with

the necessary infrastructure.

Case study

7,695 tonnes

Approximate CO

savings

across both initiatives

By transitioning from APUs to PCAs at Milan

Malpensa, we have achieved substantial

reductions in fuel use, carbon emissions, and

noise, all without impacting our operational

performance. This initiative underscores our

sustainability commitment, proving focused

changes can drive major progress towards

net zero aviation.

David Buckley

Flight Operations Manager

for Efficiency and Sustainability

Left: The lower-weight paint system being applied at MAAS’

Maintenance Repair and Overhaul facilities (MRO) in Maastricht.

Right: David Buckley, Flight Operations Manager, Efficiency

and Sustainability

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SUSTAINABILITY (CONTINUED)

Airspace modernisation

Our third lever for reducing carbon emissions in

the near term is airspace modernisation, which is

currently being addressed at a national and pan-

European level. Airspace modernisation is crucial for

a more environmentally optimised and efficient air

traffic management system. It has the potential to

offer significant carbon reductions in the short and

medium term and will be critical to addressing

non-CO

global warming effects going forwards.

We are anticipating a reduction in our emissions

of around 10% by 2035 once airspace reform has

been implemented across the UK and Europe.

We continue to push for airspace reform with

both UK and EU national governments, using data

based on easyJet’s operations and via Eurocontrol

to highlight where the greatest inefficiencies occur

across our network. This gives us a granular picture

of where action is most needed and enables us to

target advocacy in specific areas rather than relying

on top-down reform at EU level, which has so far

proven hard to achieve.

We are continuing to support airspace

modernisation through our collaboration on

IRIS, an innovative air traffic management

programme led by Viasat, a global leader in satellite

communications, the European Space Agency and

Airbus. IRIS enables new air traffic management

features, such as trajectory-based operations,

allowing controllers to manage a flight as a single,

continuous path rather than a series of separate

segments. This system helps aircraft avoid holding

patterns, find the shortest available routes, and

determine optimal altitudes.

The programme also uses the additional

communications capacity provided by

SwiftBroadband-Safety (SB-S), a satellite

communications system which supports a range

of advanced onboard digital applications, including

AI-powered flight profile optimisers and real-time

weather applications. We have 11 Airbus NEO aircraft

equipped with IRIS and another six will be installed

in FY26.

Noise

We are reducing the noise impact of our aircraft

and flights, thanks to the newer, quieter Airbus

A320neo and A321neo aircraft that make up 26%

of our fleet in 2025. These aircraft comply with

ICAO Chapter 14 regulations, the latest and most

stringent noise standards. The remaining 74% of

our aircraft are certified under Chapter 4 standards.

Many of the new operational efficiency elements

we have introduced that optimise engine and APU

operations, such as APU-ZERO, Airbus Descent

Profile Optimisation (DPO), Continuous Descent

Approach (CDA) and IDLE factors also contribute

to a reduction in our noise footprint.

In 2025, we enhanced our environmental

commitment by integrating the IDLE Factor

Optimiser (IFO) with our existing DPO and CDA

systems. These advanced solutions enable

smoother, quieter descents by optimising flight

paths and minimising engine thrust, significantly

reducing noise pollution for communities near

airports. By maintaining higher altitudes for longer

and eliminating noisy level-off segments, these

technologies have improved operational efficiency

while reinforcing our dedication to minimising our

environmental impact.

REDUCING OUR IMPACT

ON THE GROUND

OVERVIEW

We are not only concerned about the impact of

aviation on climate change – we are also looking at

reducing non-aviation emissions, waste and energy

across our whole operation, such as switching to

electric vehicles and making our buildings more

energy efficient. We manage our environmental

activities through our IATA-certified Environmental

Management System (EMS).

Regarding Scope 1 and 2 non-aviation emissions, we

are aiming to reduce Scope 2 GHG emissions, which

includes electricity usage in assets where we have

direct operational control, by 90% by FY30, based

on the FY19 baseline, by moving to renewable

electricity wherever possible.

WASTE MANAGEMENT

We generate waste throughout our operations and

are always looking for opportunities to minimise the

environmental impact of that waste. We comply

with waste regulations in all countries where we

operate and look for opportunities to go beyond

statutory requirements.

New initiatives in 2025 include:

• A domestic onboard waste segregation trial with

Gatwick Airport and DHL, who already segregate

recycling on all international flights. Since the

beginning of the trial 5,566 bags have been

diverted from incineration.

• The introduction of reusable items in our

properties such as mugs, glasses and cutlery,

to reduce non-flying waste.

10%

anticipated reduction in our emissions

by 2035 after airspace reform has been

implemented

50%

reduction in noise footprint

of NEO compared to CEO aircraft

EXPANDING OUR CARBON REDUCTION INITIATIVES

Departure En route Arrival

Reduced auxiliary

power unit usage

Descent Profile

Optimisation

Reduced acceleration

altitude

Continuous Descent

Approach

Refined taxi

fuel calculations

Reduced auxiliary

power unit usage

Delayed

engine start

Reduced

flap landings

Single

engine taxi

Single

engine taxi

Pre-conditioned air

*NEW*

(PCA) units

Idle factor

optimisation

Engine

washing

MyFuelCoach

*NEW*

SkyBreathe fuel

management tool

Cost index

optimisation

Advanced weather

information

Speed

adherence

Lighter paint

Optimised cruise and

descent winds

FANS-C

*NEW*

Aircraft performance

monitoring

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SUSTAINABILITY (CONTINUED)

Waste is segregated on board and then taken to

disposal facilities at airports, where materials are

stored for collection by waste contractors. We

currently recycle cabin waste at 65% of our bases

and we are continuously working to improve this.

Waste designated as International Catering Waste

(ICW) goes to deep landfill or is incinerated. New

guidance, developed with UK airports, airlines,

and waste handlers, and agreed with the UK’s

Department for Environment Food and Rural Affairs

and its executive agency for Animal and Plant

Health Agency, outlines practices for segregating

recyclables from ICW. Initiated by easyJet in

2023, this collaboration now includes various

airlines, airports, and ground handlers. Published in

September 2025, the guidance aims to enhance

material recovery, prevent cross-contamination, and

promote circular resource use.

We are working to reduce the amount of waste

generated by our inflight retail operations.

Initiatives include:

• Bar packing to reduce inflight weight – We have

used multiple analysis tools to optimise loading

relative to sales. This has supported overall

reduction in carried weights, which directly drive

fuel reduction.

• Packaging innovations – We have worked

with partners to reduce the size of secondary

packaging, reducing total weight of items such as

perfumes.

• Stock to landfill – We tasked ourselves to send

less than 1% of the value of our delisted stock to

landfill. We are expecting to deliver 0.6% this year.

Hazardous waste

We classify our waste in accordance with the

European Waste Catalogue to comply with the

Waste Framework Directive, to ensure it is handled

appropriately. We are committed to implementing

the waste hierarchy, even more so when it applies

to hazardous wastes.

Onboard waste

We discuss issues of waste with our partners at

the airports we fly from, including the airports

themselves, ground handlers, and cleaners, to

improve waste sorting and increase recycling rates.

We also regularly talk with our cabin crew about the

importance of sorting waste and the consequences

of waste cross-contamination. Cabin standards

assurance checks by base managers and crew

performance managers help ensure cabin waste is

segregated properly so it can then be recycled.

Typically, our ground-handling and cleaning

contractors process onboard waste.

ELECTRIC VEHICLES

We aim to electrify our entire fleet of airside

engineering vehicles, with 35% already electric.

Expanding this fleet will require additional

investment in airport charging infrastructure. We

are collaborating with airports to upgrade this

infrastructure, enabling us to increase the number

of electric vehicles in our fleet.

Within the year five more easyJet UK, and

two easyJet Engineering Malta vehicles were

successfully transitioned from petrol to fully electric

models, immediately reducing fuel-related emissions

and serving as a benchmark for wider fleet

electrification.

Last year, in partnership with GEM Travel, our

destination partner in Rhodes, easyJet holidays

launched its first electric vehicles for airport

transfers. These vehicles run on electric energy

and use solar power to recharge. We have since

doubled our Rhodes fleet to six and introduced our

first three electric transfer vehicles in Turkey.

AIRPORTS

We have implemented an environmental

programme at several European airports, including

Milan Malpensa and London Gatwick, collaborating

with airport operators to achieve greater carbon

efficiency and sustainability.

The partnerships explore the use of sustainable

aviation fuels, improvements to recycling and

waste management, more sustainable ground

service equipment, flight operations improvements,

employee carbon-saving initiatives, including

travel to work, and research partnerships on the

infrastructure associated with the transition to

hydrogen. Initiatives this year include APU-ZERO at

Milan Malpensa (see case study on page 48).

SUSTAINABLE PREMISES

In FY25 we had direct operational control over nine

sites – six in the UK and one each in Germany,

France and Malta. Across the sites where we

either directly contract energy or have operational

control, 66% of electricity used was from renewable

sources. In Malta, although we directly contract

energy, renewable tariffs are not currently available.

In Malta, easyJet Engineering Malta is progressing

plans for the installation of onsite solar panels.

Once operational, this project is expected to

reduce electricity-related CO

emissions by up

to 50%, representing a significant step towards

cleaner operations and alignment with our broader

decarbonisation targets. Currently, Malta is reliant

on grid-supplied electricity, which constitutes a

large proportion of our Scope 2 footprint, making

this initiative even more impactful.

ENVIRONMENTAL MANAGEMENT SYSTEM

All our environmental activities are governed by an

IEnvA certified, ISO 14001-aligned Environmental

Management System (EMS).

Our EMS provides a robust framework for

identifying and managing environmental risks. It

ensures compliance with environmental legislation

and supports continuous improvement in

environmental performance across our operations.

In FY24 our EMS was successfully audited and

recertified to the IATA IEnvA management system

standard, with certification valid until August 2026.

The scope of the IEnvA certification covers flight

operations, corporate buildings, maintenance,

repair and overhaul activities. We uphold rigorous

standards across all of our operations and expect

our suppliers to do the same.

We are actively embedding environmental

management into our core business processes. Our

goal is to establish a truly integrated management

system where environmental responsibility and

sustainability are central to everything we do.

Electric vans like this one at Glasgow Airport are helping us reduce

emissions on the ground.

PIONEERING

FUTURE TRAVEL

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SUSTAINABILITY (CONTINUED)

Addressing aviation’s climate impact

is a significant challenge that requires

diverse solutions. We take a holistic

approach, collaborating with partners

to scale up sustainable aviation fuel

(SAF) and greenhouse gas removals

(GGR), while supporting the

development of hydrogen-powered

flight, blended wing body aircraft

and contrail management solutions.

We also strongly advocate for

effective regulation to achieve our

collective ambitions as an industry.

CONNECTED UNSDGs

OVERVIEW

The aviation industry must address climate actions

across the short, medium and long term due to the

industry’s 2050 net zero target. Key technologies

like SAF, GGR, hydrogen and novel aircraft are at

various stages from research to commercial scale.

SAF and GGRs are transitioning, while hydrogen and

blended wing body aircraft are still in development.

Understanding and mitigating non-CO

effects is

also advancing. However, significant challenges and

uncertainties remain in developing and scaling these

technologies, and progress may not always be

linear. We aim to address aviation’s climate impact

holistically by collaborating with our partners across

different technologies.

SUSTAINABLE AVIATION FUEL

Sustainable aviation fuel will play a critical role in

the path to net zero for easyJet and the wider

aviation industry. SAF significantly reduces net CO

emissions across the life cycle of the fuel compared

to fossil kerosene without requiring material

changes to aircraft and infrastructure. However,

it needs to be scaled up to meet the industry’s

demands. Scaling SAF in an affordable way remains

a significant challenge due to high production costs,

limited availability of feedstock, and the need for

substantial investment in production infrastructure.

Our fuel suppliers in the UK and the EU are subject

to SAF mandates, which started at 2% SAF blend

in 2025. Through our fuel procurement process

we have acquired compliant fuel in line with the

mandates for FY25. The UK mandates increase

linearly to 10% blend by 2030, while the EU is

static until 2030, at which point it steps up to 6%.

To complement the fuel procurement process,

we have also signed a number of memoranda of

understanding (MOU) with fuel suppliers to provide

us with access to compliant fuel aligned with the

mandates within this decade.

To mitigate delivery risks and costs to the consumer

associated with the mandates, we actively engage

on UK and EU policy directly and through trade

associations such as Airlines UK, Airlines for Europe

and Sustainable Aviation UK.

A significant proportion of easyJet and the

industry’s long-term SAF needs will have to be met

by Power-to-Liquid (PtL), which uses renewable

electricity as the key energy source to produce

synthetic liquid fuel. This type of SAF needs to be

scaled up from zero, and, in addition to our new

memoranda of agreement in this area with World

Fuel Services and Renavia, we are continuing

work on Project SkyPower, which brings together

key stakeholders to accelerate the building of

large-scale e-SAF plants to reach final investment

decision in time to meet EU mandates. Our

CEO is one of three airline CEOs on the steering

committee, all members of which are CEOs from

companies across the PtL value chain.

We are also trialling a corporate SAF programme,

starting with Project Lighthouse, the proof

of concept, in partnership with Airbus to

simultaneously encourage voluntary uplift of SAF

beyond the mandates level and support the scaling-

up of supply, and our business travel partners on

their sustainability journeys.

THOMAS HAAGENSEN:

What role does innovation play in

helping easyJet deliver its sustainability

ambitions?

Decarbonising our operations remains a key

objective for easyJet, and part of my role as

Group Markets Director is to manage this

transition in a way that reduces our impact while

ensuring our low-cost model continues to thrive.

Aviation is a hard-to-abate sector, and innovation

is key to achieving our net zero ambitions. We

are investing in new technologies, from lower-

emission aircraft, operational efficiencies and SAF,

to future solutions such as zero-carbon emissions

aircraft and carbon removals.

For three decades, easyJet has led on

innovation, but we cannot do it alone. That is

why we are partnering with organisations such

as Airbus, Rolls-Royce and JetZero as well as

governments across our network to implement

required policy and regulatory changes needed

to turn ambition into progress. Just as vital is

our mindset, valuing curiosity, collaboration and

continuous improvement to help lead aviation

towards a sustainable future.

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SUSTAINABILITY (CONTINUED)

There are many technical and operational

challenges to commercial hydrogen flight. To

address these, we have been working with our

partners on the development of technology,

infrastructure and regulation. Together with Rolls-

Royce, we have been developing the world’s first

hydrogen-powered, fossil fuel-free combustion

engine which will be tested at a purpose-built test

facility at NASA in the USA. We have also been

working on the Gatwick Hydrogen Hub project

with Gatwick Airport Ltd, Airbus and Air Products,

which has involved a supply/demand evaluation,

design and feasibility assessments for hydrogen

infrastructure at the airport. In addition, we

continue to advocate for the regulatory evolutions

and support required to progress this promising

technology through the Hydrogen in Aviation (HIA)

alliance, which easyJet co-founded. We have been

recognised for our work in hydrogen with the H2

Aviation Award in FY25.

NOVEL TECHNOLOGY – BLENDED-WING

BODY AIRCRAFT

We have been working with US-based start-up

JetZero since 2024 as their first European airline

partner. JetZero’s goal is to develop a blended wing

body aircraft that can provide up to 50% lower fuel

burn compared to traditional designs, made possible

by advances in manufacturing and avionics. JetZero

is in the process of building their flight test aircraft for

demonstration within this decade.

We are also on the advisory board of NASA’s

AACES (Advanced Aircraft Concepts for

Environmental Sustainability) programme,

supporting NASA, JetZero and a host of major

organisations in developing hydrogen propulsion

for blended-wing aircraft.

NON-CO

EFFECTS

Contrail warming is recognised as contributing

to aviation’s climate impact. This is where

condensation trails made by the engines turn

into cirrus clouds under certain conditions. Unlike

GHG impact, contrail impact is expected to be

concentrated in a small minority of flights. In the

medium term there is the potential to reduce

contrail warming effects through changes to

flightpaths to avoid contrail forming regions.

This requires the science of contrail prediction to

improve, and to incorporate contrail avoidance into

flight planning and airspace management. In the

long term, advances in aircraft and engine design,

and non-fossil fuels such as SAF and hydrogen,

have the potential to further reduce impact. We are

playing our part to advance contrail science with a

view to managing the impact as soon as possible

through participation in operational trials such as

CICONIA in the EU, and with partners such as NATS,

Google and Breakthrough Energy.

In the EU, we have called for extra-EEA routes to be

included in the non-CO

Monitoring, Reporting and

Verification (MRV) system. We believe a full-scope

MRV is important for effective and fair climate

policy and to accurately depict the contributions of

short-haul networks to non-CO

effects compared

to long haul.

GREENHOUSE GAS REMOVALS

GGR is an essential element of both easyJet’s

and the industry’s net zero roadmaps and will be

required to address residual emissions. Engineered

carbon removals, notably in the form of Direct Air

Carbon Capture and Storage (DACCS), will be a

key part of this, addressing the residual carbon our

aircraft will emit through to 2050 and beyond.

It is a high-potential technology which has been

identified by the Intergovernmental Panel on

Climate Change (IPCC) as essential to a net zero

world and recognised by the SBTi. The technology

involves capturing carbon directly from the

atmosphere and storing it securely and durably in

underground geological formations. It will also be

critical for producing PtL SAF.

We have an agreement through the Airbus Carbon

Capture Offer to supply us with carbon removal

credits from the 1PointFive DACCS plant, Stratos,

in Texas from FY26 to FY29. Stratos will be the

largest carbon removal plant in the world with the

capacity to remove up to 500,000 metric tonnes

of CO

every year when fully operational. The plant

construction is complete, and we expect it to start

delivering credits next year.

NOVEL TECHNOLOGY – HYDROGEN

Hydrogen remains one of the most promising

potential fuel sources for zero carbon emissions

flight. It has no operational CO

emissions, and

no lifecycle CO

emissions when produced

from renewable energy sources. In addition,

published research indicates that hydrogen flight

will require less energy than PtL SAF which will

drive lower costs and align with the Low Cost

Carrier (LCC) business model. In FY25 easyJet,

Rolls-Royce, Heathrow Airport and University

College London conducted a market evaluation

study that demonstrated how the introduction

of hydrogen into the European short-haul market

could simultaneously accelerate airline growth and

emissions reduction.

Case study

In collaboration with Rolls-Royce:

HYDROGEN PROPULSION

Since 2022, we have collaborated with Rolls-

Royce on a hydrogen demonstrator programme

— developing the technology that could one day

power the short-haul aviation sector.

The programme has achieved multiple

milestones, including the development of

the world’s first fully purpose-built hydrogen

combustion engine and testing site at NASA’s

Stennis facility. The success of the programme

has proved hydrogen’s viability as a fuel source to

power combustion engine technology, in a way

that removes carbon from the equation when

Bristol-based Senior First Officer, Debbie

Thomas (pictured) led the team working

with Rolls-Royce to create the first hydrogen

cockpit simulator – advancing understanding

of hydrogen propulsion and its impact on

operations and cockpit interfaces. Research

into ground operations and refuelling logistics

is now underway and will be critical for real-

world implementation.

DRIVING

POSITIVE

CHANGE

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SUSTAINABILITY (CONTINUED)

We aim to make a meaningful impact

by unlocking the social and economic

potential of travel and tourism. Our

focus is on making sustainable

tourism inclusive and accessible,

supporting key causes for our

employees and customers, and

creating Europe’s most loved

workplace. We also drive change

through collaboration, advocating for

environmental causes and making

sustainable travel more accessible.

CONNECTED UNSDGs

OVERVIEW

This year we have offered access and opportunity

to many of those that our operations touch,

opening recruitment at easyJet to groups who

may not have considered themselves eligible, such

as our Flight Paths programme to support young

people not in any form of education, employment

or training. We have encouraged charitable giving

to local and international organisations and,

separately, empowered local communities at our

destinations to make tourism more sustainable

through our partnerships with organisations such as

Planeterra and the Conservation Collective. Across

the Group, we have deepened our engagement

with our people and our stakeholders – especially

policymakers – to drive sustainable change.

SUSTAINABLE TRAVEL

Travel and tourism increasingly deliver a wealth of

social and economic benefits to destinations and

is a critical income source for many communities

across our network.

Aviation’s contribution to the European economy is

significant. In 2024, direct and indirect impacts of

the aviation sector are estimated to have reached

€851 billion

, representing 5% of Europe’s GDP, and

supporting 14 million jobs, equivalent to 6% of total

European employment.

As a leading European airline, we want to enhance the

positive impacts of tourism, while working to reduce

its negative impacts, such as the emissions associated

with air travel and the impact on local ecosystems.

Through easyJet holidays, we bring millions of

customers to more than 120 destinations annually,

helping to sustain employment and economic

opportunity in the destinations where we operate.

More sustainable hotels

To empower our customers to make more

sustainable travel choices, we have continued to

develop the easyJet holidays Certified Sustainable

range. This range includes hotels that hold

globally recognised sustainability certifications,

aligning to the Global Sustainable Tourism Council

(GSTC) standard, which focus on all aspects of

sustainability. The number of Certified Sustainable

hotels we offer is a key performance indicator at

the easyJet holidays Board level.

• In FY25 the number of hotels in our certified

sustainable range grew by 40%.

• Over 30% of our direct customers stayed in a

Certified Sustainable hotel.

• 37% of our top 100 hotels hold certification.

To further expand the number of Certified

Sustainable hotels available to our customers,

we have launched an updated and upgraded

sustainability course for hotels. This course, which is

free for all our direct hotel partners, is designed to

help hotels achieve certification and meet our high

sustainability standards.

1) ACI Europe press release, October 2024, https://www.aci-

europe.org/media-room/513-new-study-shows-airports-air-

connectivity-power-5-of-european-gdp-also-supporting-

quality-education-gender-equality-r-d-and-well-being.html

SUSTAINABLE TOURISM

Sustainable tourism is part of easyJet holidays’ core

strategy, focusing on three pillars:

Creating better holiday choices – making more

sustainable travel affordable and accessible

to everyone.

Keeping holidays special – maximising the

benefits and minimising the negative impacts

of sustainable tourism.

Transforming travel for everyone – embedding

sustainability into business decisions and

behaviours and driving meaningful change

in the industry.

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SUSTAINABILITY (CONTINUED)

GIVING BACK TO COMMUNITIES

Conservation in destination

We recognise that the places we call destinations

others call home, so we are committed to

supporting local communities and preserving local

environments. This year, we launched a partnership

with the Conservation Collective, a global network

of environmental foundations, to strengthen

conservation efforts in two of our customers’ most-

loved holiday destinations (see case study).

Planeterra

easyJet holidays has partnered with Planeterra on

a multi-year project to uplift and empower local

communities, with the goal of preserving cultures

and promoting community-owned tourism within

the mainstream travel industry. Working with

our destination management company (DMC)

in Greece, we identified a need to strengthen

community support so that local initiatives can

develop and succeed, contributing to climate

adaptation, biodiversity regeneration, and overall

community resilience.

Together, easyJet holidays and Planeterra are

identifying, supporting and integrating enterprises

into Planeterra’s Global Community Tourism

Network. As part of this, we have created bespoke

Greek-language materials to support communities

with product development. In the first year,

communities were onboarded, and in the next

stage, groups will be selected for integration into

easyJet holidays’ offering through collaboration with

our local DMC and hotel partners.

WORKING WITH THE TRAVEL INDUSTRY

UN Tourism

We have continued our industry-leading partnership

with UN Tourism, developing the first harmonised

ESG Framework for Tourism Businesses, which

will guide unified reporting to compare progress

and promote sustainable practices across the

tourism sector.

Extensive global, multi-stakeholder engagement

and piloting across multiple sectors of the tourism

industry have informed early development of the

Framework. Hundreds of easyJet holidays’ suppliers

took part in surveys designed to identify key

priorities and the direction of the Framework.

Working with the travel trade

The travel trade is an important part of our

business, driving business growth and amplifying

business communications, through travel trade

media. TTG is a top travel trade publisher, and we

partner with them to amplify our messaging on our

ESG progress. This year, this included collaborating

on the TTG Sustainability Festival, a tailor-made

week of online training, curated to empower,

inspire and educate travel agents to make positive

steps towards selling more responsible holidays.

easyJet holidays was a lead partner for the event,

which included an opening interview and panel

with Matt Callaghan, Chief Operating Officer at

easyJet holidays.

easyJet holidays was also a lead sponsor of the

TTG Sustainable Travel Ambassadors programme,

which sees 20 travel agents become ambassadors

every year, attending educational workshops,

experiencing responsible tourism in action on

trips, and actively taking steps to build a ‘Smarter,

Better, Fairer’ travel industry. As a project partner,

we delivered a training session designed to support

travel agents in helping their customers to travel

more responsibly, exhibiting progress across some

of our most popular destinations.

Case study

Promoting Sustainable Tourism:

REDUCING SINGLE-USE PLASTICS

AND PROTECTING MARINE ECOSYSTEMS

Through our customer ESG surveys, we know our

customers feel strongly about the need to act

on reducing single-use plastic. In Menorca we

are supporting a local organisation, the Menorca

Preservation Fund, to remove single-use plastics

from our hotel partners’ operations, rewarding them

with certification. Through the initiative ‘Plastic Free

Menorca Alliance’, we are also providing beach

toy libraries, for hotel customers to reuse beach

equipment and reduce waste on Menorca’s beaches.

In Santorini, we are collaborating with the

Cyclades Preservation Fund (CPF) to support

‘Cyclades Posidonia Alert’, a campaign dedicated

to the protection of Posidonia seagrass, a

species endemic to the Mediterranean and vital

to the health of the marine ecosystems. The

CPF delivered an in-depth training session for

Santorini-based tourism businesses, and our

funding provides an educational snorkelling

excursion for easyJet holidays customers.

This tangible action, driven by our local

partners, underscores the vital role of

collaboration across the tourism sector in

advancing responsible travel. By working

together, we can create meaningful change

and help safeguard the destinations that

make our holidays special.

Matt Callaghan

COO at easyJet holidays

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SUSTAINABILITY (CONTINUED)

INTERNAL ENGAGEMENT ON

SUSTAINABILITY

Building strong relationships with our people is key

to driving sustainability. We are evolving how we

work by introducing sustainability business partners

who collaborate with specific business areas to

embed sustainability into everyday operations.

This approach is already underway with our

Gatwick operations and properties teams, helping

build understanding, capability and long-term

impact, under the Environmental Management

System framework.

In 2025, we further developed our internal

sustainability engagement approach to help

colleagues across the business understand their

role in delivering our sustainability strategy. As

we are still at the early stages of this work, our

focus has been on establishing clear, accessible

communication and practical steps colleagues can

take in their day-to-day roles. Strengthening this

foundation will support greater ownership across

easyJet as we continue to build the culture needed

to deliver our long-term strategy.

We are challenging industry stereotypes and

opening aviation careers to people of all ages and

backgrounds – successfully attracting more

over-50s and young adults through inclusive,

award-winning recruitment campaigns. More details

can be found on page 25.

We are building a more inclusive, supportive and

diverse workplace by integrating wellbeing and

inclusion efforts, empowering local and central

initiatives, and embedding sustainable, trusted

practices that help our people thrive – more details

can be found on page 24.

For the second consecutive year, easyJet has

been named in Glassdoor’s ‘Best Places to Work’,

moving up 10 places to number 6. Notably, easyJet

is the only airline to feature on this list, reflecting

the culture highlighted by anonymous feedback

on Glassdoor – more details on our external

recognition can be found on page 22.

Make-A-Wish partnership

We are proud of our continued partnership with

Make-A-Wish, which helps grant travel wishes for

children across Europe facing critical illness. Since

launch, the partnership has enabled children from

across Europe to experience unforgettable moments,

with support from our crew and network teams. We

marked a major milestone this year by supporting our

100th wish flight, delivering children and their families

to more destinations across Europe.

EXTERNAL ENGAGEMENT

We collaborate with policymakers across the UK

and Europe on climate action, advocating for

policies that are effective, efficient and fair. Our

goal is to help the sector decarbonise and scale up

the use of alternative technologies.

We have taken a leading role in designing

aspects of European and UK climate policy on

aviation. Our engagements aim to help to protect

easyJet from market distortions and avert overly

burdensome restrictions by focusing on and

promoting the science-based actions that are

necessary for decarbonisation.

Our efficacy is indicated by our InfluenceMap

rating of B- for climate policy engagement, the

highest rating of any airline scored by InfluenceMap.

InfluenceMap analyses our real-world climate policy

engagement activities against science-based and

government policy-based benchmarks for delivering

the goals of the Paris Agreement (see our TCFD

report on page 57). Our InfluenceMap engagement

intensity score is 45%. Scores over 25% indicate

increasingly strategic engagement on climate

policy stream.

Climate advocacy

• We emphasise and advocate for science-based

measures essential for decarbonisation.

• We have been recognised as a leader in climate

advocacy in aviation.

• We support the use of non-distortive

mechanisms for carbon pricing.

SAF mandates

• We advocate for comprehensive and

non-discriminatory SAF mandates in the UK

and EU which delivers reliable and growing

volumes of SAF at market-competitive prices.

• We support the development of a Book and

Claim system for SAF to avoid market distortions.

Non-C0

policy

• We advocate for a full-scope monitoring,

reporting and verification system for non-C0

effects in both the EU and UK.

Airspace modernisation

• We support airspace modernisation as a

cost-effective means to reduce emissions. We

welcome the establishment of the UK Airspace

Design Service and advocate for a streamlined

CAP1616 process.

Hydrogen advocacy

• We established Hydrogen in Aviation to

decarbonise short-haul aviation using hydrogen-

powered aircraft.

• We co-chair the Alliance for Zero Emission

Aviation to support the introduction of

commercial hydrogen and electric aircraft.

Emissions Trading System (ETS)

• We push for the inclusion of carbon dioxide

removal in the UK and EU ETS.

Taxes

• Where passenger taxes are in place, we support

differentiating these based on emissions in line

with the polluter-pays principle, and advocate for

any revenues being reinvested into support for

the decarbonisation of aviation.

WORKING WITH OUR CHARITY PARTNERS

UNICEF partnership

We have continued our flagship partnership

with UNICEF, fundraising for our ‘Every Child Can

Fly’ campaign to support every child’s right to

education. Our partnership, first launched in 2012,

has now raised more than £17 million for UNICEF

and its life-saving programmes.

We have remained committed to supporting

UNICEF’s education programmes, with all the

funds raised going to UNICEF to support its work

in this area. UNICEF’s target is to provide access to

learning opportunities for 114 millionout-of-school

children and digital education for 149 million children

around the world by the end of 2025.

We have also supported their Children’s Emergency

Fund, as well as being a founding member of

UNICEF UK’s Emergency Alliance initiative.This

means that funds raised on board our flights help

UNICEF to respond immediately in an emergency,

protecting children and families caught up in

crises with whatever they need, be that life-saving

therapeutic food,cleanwater and sanitation,

temporary schools,healthclinics, and so much more.

OUR VALUE CHAIN OF PARTNERSHIPS

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SUSTAINABILITY (CONTINUED)

PARTNERING ACROSS THE VALUE

CHAIN, INDUSTRY ASSOCIATIONS AND

GOVERNMENT

Our achievements and initiatives are a testament

to the power of collaboration. We recognise that

our efforts to drive climate action, advocate for

sustainable aviation and support sustainable tourism

would not be possible without the invaluable

partnerships we have cultivated across the value

chain, industry associations, and government bodies.

By working closely with our partners, including

bilateral collaborations, trade associations

and government entities, we ensure that our

strategies are aligned with the latest technological

advancements, regulatory frameworks, and industry

best practices.

Our commitment to sustainability extends beyond

our operations to our extensive network of partners.

We work with leading providers of business

sustainability ratings to assess and enhance

sustainability practices within our supply chain.

Using EcoVadis’ comprehensive methodology,

which evaluates suppliers on critical aspects such as

environment, labour and human rights, ethics, and

sustainable procurement, we can give our suppliers

a baseline for continuous improvement and can

identify and mitigate sustainability risks.

Working with our partners, we are aiming to

create a more sustainable future for aviation and

beyond. It is through these collective efforts that

we can continue to make significant strides in

our environmental advocacy and contribute to a

better world.

For a comprehensive view of our value chain and

partnerships, please refer to the graphic.

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TASK FORCE ON CLIMATE-RELATED FINANCIAL DISCLOSURES

Our disclosures are consistent with the recommendations and recommended

disclosures of the Task Force on Climate-related Financial Disclosures (TCFD),

taking into consideration the TCFD all-sector guidance and the supplemental

guidance for non-financial groups for the transportation group.

GOVERNANCE

(A) The Board’s oversight of climate-related

risks and opportunities

Climate-related issues were discussed and reviewed

by the PLC Board through regular sustainability

updates that included an overview of the external

landscape for sustainability and the impact on

climate-related risks; for relevant Board expertise,

see page 86; for the frequency of sustainability

updates to the Board, which include monitoring of

progress against targets, see pages 82 to 84. The

Audit Committee has reviewed the climate change

transition risks during the year as part of its review of

principal risks, as set out in its report on page 102.

(B) Management’s role in assessing and

managing climate-related risks and

opportunities

easyJet has a Sustainability team responsible for

developing and owning environmental strategy,

including climate-related issues, and embedding

it across the organisation. Climate-related issues

are monitored by the Sustainability team and

reported to the PLC Board through the outlined

governance structure.

Environmental, Social and Governance (ESG)

issues are managed by the Sustainability team,

People team and General Counsel & Company

Secretary’s Office (GCO). Accountability at Airline

Management Board (AMB) sits with the Group

Markets Director, Chief People Officer and General

Counsel & Company Secretary. ESG management

is overseen by the ESG Steering Committee, which

includes relevant AMB members and is supported

by the Director of Sustainability, Director of Internal

Communications and Social Sustainability, and

the Deputy General Counsel. The ESG Steering

Committee coordinates ESG management and

oversees performance, including setting strategy,

monitoring delivery of the net-zero pathway and

wider ESG strategy, and ensuring readiness for

legislative and reporting requirements.

Recommendations from the ESG Steering

Committee are reviewed and monitored by the AMB,

and functional leaders across the Group to track

climate-related issues. The AMB is responsible for

assessing and managing climate-related risks and

opportunities, using performance updates against

strategic KPIs to drive Group-wide delivery. These

updates are also provided to the PLC Board through

sustainability reporting, as outlined on page 82.

The remuneration of the Chief Executive Officer

(CEO), Chief Financial Officer (CFO) and several

AMB members is aligned with sustainability

targets for FY25. This includes embedding the

net-zero ambition, best-practice environmental

management, and delivery against tCO

/RPK

targets and improved ESG scores. Further detail

is set out in the Directors’ remuneration report on

page 113. Since FY23, management accountabilities

for delivering the net zero roadmap have been

formalised in a RACI matrix, which is regularly

updated to reflect organisational changes.

STRATEGY

(A) The climate-related risks and

opportunities we have identified over

the short, medium and long term

Risks and opportunities are dynamically reviewed

and developed as part of the corporate risk

management framework, which ensures a unified

and collaborative risk management approach and

best practice across the Group. We define the time

horizons for climate risk as follows:

Short

0–1 year – aligned with budget

Medium

2–5 years – aligned with corporate strategy

and financial plan

Long

6–25 years – aligned with our target to reach

net zero by 2050

The key risks identified by the business using the

risk framework, and subsequently reviewed by the

Board, fall into seven broad themes – one of which

is the climate change transition risk, as outlined in

the risk section on page 70. Since FY20, easyJet

has engaged with Risilience (formerly known as

Cambridge Centre for Risk Studies), an enterprise

risk management specialist, to assess our exposure

to climate-related risks and opportunities under

four global average-temperature increase scenarios.

Risilience created a digital twin of the Group’s current

portfolio and business activities, assuming no climate

actions are undertaken. TCFD categorisation was

then used to define transition and physical risk

definitions and scope, and each risk was modelled

independently. The analysis covered physical and

transition risks that we could be exposed to in the

short, medium and long term. The focus of the

analysis was on the five-year horizon to identify

which risks we could be exposed to in the short and

medium term, aligned with easyJet’s budget and

corporate strategy timeframes. These risks were

extrapolated to determine their long-term impact.

The assessment was made using workshops and

interviews with key internal stakeholders regarding

the potential financial risks to our business operations

associated with physical and transition risks.

Risilience then undertook scenario modelling of each

climate risk against easyJet’s current commercial

and physical footprint. This included the potential

financial impacts of transition risks such as changing

climate and carbon-related taxes, regulatory

changes on a country level and physical risks. We

have assessed the financial impact of climate

change transition risks and physical risks based on

the five-year enterprise value at risk (5yrEV@Risk).

Risks that have a value greater than 1% of total

assets, which equates to a threshold of £115 million in

FY25, have been deemed to have had a substantive

financial or strategic impact. The risk quantifications

in this report represent the assessment and analysis

that was carried out in FY24. There is no material

change in the risk landscape in FY25 versus FY24.

Transition risks

We have identified six transition risk areas which apply

to easyJet and to the airline sector as a whole:

• Compliance costs: Financial impact of

coordinated regulatory action to increase the

costs of emitting GHGs.

• Legal: Legislation and litigation to ensure that

companies take sufficient action on GHG reduction.

• Technology: Transition to low-carbon emissions

technology and products drives increased total

operating costs, impairment of existing assets

and delivery risk.

• Consumer sentiment: Consumer preferences

shift at scale to lower emissions alternatives

resulting in demand suppression.

• Investor/market sentiment: Investors retreat

from carbon-intensive industries, resulting in

increasing challenges to attract/retain investment

and/or financing opportunities.

• Reputation: Impact of greenwashing claims

and climate activism towards organisations

and industries that are seen as being slow

to transition towards a low-carbon economy

adversely impacting reputation, brand and

ultimately demand.

We have identified specific risks within these

transition risk areas. These include:

PLC BOARD

AMB

ESG STEERING COMMITTEE

Sustainability

team

People team General

Counsel’s

Office

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Compliance costs:

carbon pricing (short to medium term)

Future policy measures and regulation, to tackle

the impact of aviation on climate change such as

escalating costs of carbon emissions, introduction

of non-CO

emissions taxes and the phasing out of

Emissions Trading Scheme (ETS) free allowances

for the aviation sector, will add significant costs for

European airlines. We are exposed to three ETS

schemes – UK, EU and Switzerland – which included

81% of our flying carbon emissions in FY25. We

incorporate an internal carbon price into financial

frameworks including the budget, five-year financial

plan and fleet evaluations. In FY25 this carbon

price was driven by the cost of UK-ETS allowances

(UKAs) and EU-ETS allowances (EUAs) which

were an average of £44 and €69 per metric tonne

respectively across the financial year. Going forward,

FY26 marks the end of free ETS allowances in both

the UK and EU. While the impact of existing carbon

pricing mechanisms is modelled in our financial plans,

the cost is subject to market volatility. Policy change

could result in a risk in the case of escalating costs,

or conversely an opportunity where the actual costs

are lower than expected.

Technology: sustainable aviation fuel

mandates (medium to long term)

SAF mandates in the UK and EU will require fuel

suppliers to provide kerosene with a specified

blend of SAF at airports in that country or region.

Airlines lifting fuel in these countries will therefore

be subject to higher total fuel cost. easyJet has

entered into several memoranda of understanding

to explore long term SAF supply. These include

Moeve in Spain, ATOBA Energy and WFS to

supply the UK and EU, and a joint agreement with

Renavia and WFS for eSAF. These agreements

are in addition to our in-year fuel procurement

process which ensures the purchase of compliant

blended fuel for our operations. We are also trialling

a Corporate SAF product to enable our corporate

customers to voluntarily purchase additional SAF to

meet their travel emissions targets.

Technology: new technology transition

(long term)

Capex and operational costs are associated with

the introduction of new technology such as next-

generation aircraft, alternative fuels and carbon

removals, and there are potential depreciation

impacts on older assets. FY25 has seen some

changes in the outlook for new technology. The

entry into service of hydrogen-powered aircraft

is likely to be delayed, however conversely there

have been advances in blended wing body aircraft

development by our partner, JetZero see page 52.

PHYSICAL RISKS

The Risilience analysis highlighted the acute

and chronic physical risks that could impact our

business. These relate to extreme weather events

as well as long-term environmental changes. The

physical risks were assessed according to the

forecast changes in environmental conditions in

the different geographies in which we operate and

include the following:

• Operational disruption: acute physical risk due

to extreme weather events in the short, medium

and long term.

• Market disruption: chronic physical risk driven

by changing demand patterns due to climate

change in the long term.

Due to the nature of our business, we could be

exposed to both on-the-ground impacts (such

as heavy rainfall and flooding affecting airport

infrastructure) and aerial impacts (such as more

severe storms, extreme wind or hailstorms). The

geographic spread of physical risk types varies

depending on the specific location – for instance,

coastal flooding was modelled as being more

pronounced in low-lying areas of North Western

Europe such as the Netherlands, whereas heatwave

risk was higher in inland regions of Spain, Portugal

and France. As an airline operator we have some

flexibility to adapt network and operations to

respond to changing geographic risk.

RISKS SUMMARY

Risilience quantified our climate change risks using

5yrEV@Risk metric for the period FY25–29, which

shows how the risks would impact discounted

cash flows over five years according to different

scenarios, aligned with the timeframe for our

budget, corporate strategy and financial planning

process. The long-term risk levels have been

determined based on the quantified short to

medium-term risks and the long-term impact

and likelihood, as outlined in easyJet’s corporate

risk register. The following table indicates the risk

relative to the present day, based on the Paris

Agreement scenario without easyJet taking any

action to manage our climate change transition.

This scenario was selected as the baseline as

it is consistent with the SBTi aviation sectoral

Risk

Short term

(0–1 year)

Medium term

(2–5 years)

Long term

(6–25 years)

Compliance costs

Legal

Technology

Consumer sentiment

Investor/market sentiment

Reputation

Physical

Low: <£115 million Medium: £115–£230 million High: >£230 million

Medium and long-term risks have been assessed on 5yrEV@Risk and categorised as low: £230 million, due

to £115 million being defined as 1% of Group assets. Short-term risks are categorised as low as they are

accounted for in our financial plan.

decarbonisation pathway, launched in August 2021,

which is aligned to a well-below 2°C temperature

scenario. The evaluation from FY24 has been

carried over to FY25 as our internal analysis

indicated that there have been no major changes

to risk drivers that would result in a material change

to the assessment outlined below. This is to be

expected as the climate change transition risks

are long-term structural risks and therefore are

only likely to change in a material way in response

to significant changes in the internal or external

environment. Note, these valuations are calculated

by Risilience and are influenced by general trends

such as overall customer preferences for products

and services that are considered more sustainable.

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OPPORTUNITIES SUMMARY

The key opportunities we have identified are outlined below.

Opportunity

Short term

(0–1 year)

Medium term

(2–5 years)

Long term

(6–25 years)

Fleet renewal: the use of more efficient Airbus NEO aircraft, which

reduce our fuel burn, carbon emissions and related costs. We

currently have a firm order for 290 NEO aircraft valued at $35.2

billion at list price, and a further 100 options, for delivery up to FY34

Optimising flight operations: initiatives to minimise fuel burn,

carbon emissions and related costs

Supporting development of zero carbon emission flight:

collaborations with industry partners, including Rolls-Royce, Airbus,

and JetZero, will be a key long-term driver of industry

decarbonisation – –

Shifting consumer preferences: opportunity for us to build brand

preference and loyalty as consumer preferences shift towards

organisations that are committed to tackling climate change

Low: <£115 million Medium: £115–£230 million High: >£230 million

These are the indicative upside opportunities beyond risk mitigation and are based on high level

assumptions.

(B) The impact of climate-related risks and

opportunities on our businesses, strategy

and financial planning

Climate-related risks and opportunities are

incorporated into our corporate risk register and

are integrated into our strategic and financial plans.

These have a material influence on major business

decisions including our fleet strategy, centred

on fleet portfolio decisions, and the purchase

of next-generation aircraft, an increased focus

on fuel-saving initiatives to refine our operation,

entering into partnerships with entities at the

vanguard of decarbonisation technologies and

investigations into transitioning from fossil fuels

to SAF. Costs associated with carbon, i.e. costs

related to SAF and to ETS, are incorporated into

our five-year financial plan and inform key longer-

term decisions such as fleet planning. Please see

page 70 for the climate-related risks as defined

in the corporate risk register. These risks are

monitored through annual updates of the Risilience

modelling to reflect changes in the macroeconomic

and physical environment, as well as changes to

easyJet’s outlook.

Transition plan – net zero roadmap

In November 2021 we signed up to the Race to

Zero and committed to achieving net zero carbon

emissions by 2050, in line with the UK commitment

in the Climate Change Act 2008 (2050 Target

Amendment) Order 2019. In FY22 we developed

our net zero roadmap, which provides the strategic

framework with which we plan to achieve net zero

GHG emissions by 2050, which materially affects

business decisions over the short, medium and long

term. Using our roadmap we set an interim science-

based target of 35% reduction in GHG emissions

intensity by FY35 versus FY19 – we were the first low-

cost carrier in Europe to have our target validated by

the Science Based Targets initiative (SBTi).

The roadmap is based on well-to-wake GHG

emissions intensity measured in gCO

e per Revenue

Tonne Kilometre as required by the SBTi aviation

sectoral decarbonisation pathway. This is the Scope

1 and Scope 3 emissions due to aviation fuel, which

accounts for 92% of our total footprint in FY25, per

tonne of revenue payload per kilometre travelled.

Revenue tonnes are calculated by assuming 100kg

per passenger in line with the SBTi. Progress against

our net zero roadmap, as measured by our gCO

RTK targets is the key marker of mitigating climate-

related risks. In addition to the intensity KPI, we

assess the performance of the net zero roadmap

levers, e.g. NEO deliveries. Since launching the

net zero roadmap, we have won several awards,

including Aviation Company of the year and

Aviation Sustainability & Environment Award at the

Aviation Industry Awards 2025, and the Hydrogen

for Transport Award at the Hydrogen UK Awards

2025. The net zero roadmap is aligned to the SBTi

aviation sectoral decarbonisation pathway, which

is aligned to the Paris Agreement scenario (well

below 2°C). We intend to re-evaluate the net zero

roadmap versus the SBTi 1.5°C aviation pathway

once it has gone through consultation and has

been formalised.

In the short to medium term, our focus will be on

maximising efficiency and using SAF in line with

mandated requirements by purchasing compliant

blended fuel from our suppliers. These initiatives

will continue into the long term. This will involve

the following:

• Fleet renewal with Airbus NEO aircraft, operating

as efficient a fleet possible, and using the

most fuel-efficient aircraft available, is key to

reducing energy consumption and emissions.

The A320neo family of aircraft is one of the

most efficient short-haul aircraft there is, and we

already have one of the largest fleets in Europe.

• Our second lever for lowering carbon emissions

is maximising the efficiency of our operations.

In FY25, we have focused on driving the

performance of existing initiatives and delivering

new initiatives to reduce fuel consumption. These

initiatives are essential for lowering easyJet’s

gCO

e/RTK carbon intensity. Operational and

airspace modernisation initiatives have the added

benefit of reducing NOx and other non-CO

emissions. Significant fuel savings have been

made through continuing tracked initiatives such

as single-engine taxi departures and arrivals,

increased usage of single-engine taxi without

auxiliary power unit (APU), reduced flap landings,

managed speed compliance, Continuous Descent

Approach (CDA), and APU reduction, and adding

further initiatives see page 48.

• easyJet’s fuel suppliers in the UK and the EU are

subject to SAF mandates which started at 2%

SAF blend in 2025. Through our fuel procurement

process we have acquired compliant fuel in line

with the mandates for FY25. The UK mandates

increase linearly to 10% blend by 2030 while the

EU is static until 2030, at which point it steps

up to 6%. To complement the fuel procurement

process, we have also signed a number of

memoranda of understanding (MOU) with fuel

suppliers to provide us with access to compliant

fuel aligned with the mandates within this decade.

• Hydrogen remains one of the most promising

potential fuel sources for zero carbon emissions

flight. It has no operational CO

emissions, and

no lifecycle CO

emissions when produced from

renewable energy sources. In addition, published

research indicates that hydrogen flight will require

less energy than PtL SAF, which will drive lower

costs and align with the LCC business model.

In FY25 easyJet, Rolls-Royce, Heathrow Airport

Reduce our energy use by renewing our

fleet with the most efficient aircraft available,

which is currently the Airbus A320neo series;

saving fuel through operational efficiencies

and through the modernisation of UK and

European airspace. (See page 47 for more

details).

Replace fossil fuels with non-fossil alternatives

such as Sustainable Aviation Fuels and aim

to be early adopters of zero carbon emission

aircraft. (See page 51 for more details).

Remove residual emissions with carbon removal

solutions. (See page 52 for more details).

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and University College London (UCL) conducted

a market evaluation study that demonstrated

how the introduction of hydrogen into the

European short-haul market could simultaneously

accelerate airline growth and emissions reduction.

There are many technical and operational challenges

to commercial hydrogen flight. To address these,

we have been working with our partners on the

development of technology, infrastructure and

regulation. Together with Rolls-Royce, we have been

developing the world’s first hydrogen-powered, fossil

fuel-free combustion engine which will be tested at

a purpose-built test facility at NASA in the US. We

have also been working on the Gatwick Hydrogen

Hub project with Gatwick Airport Ltd, Airbus and

Air Products, which has involved a supply/demand

evaluation and design and feasibility assessments for

hydrogen infrastructure at the airport. In addition, we

continue to advocate for the regulatory evolutions

and support required to progress this promising

technology through the Hydrogen in Aviation (HIA)

alliance, which easyJet co-founded. We have been

recognised for our work in hydrogen with the H2

Aviation Award in FY25.

Please refer to page 44 for more detail on the net

zero roadmap.

Contrail warming is recognised as contributing

to aviation’s climate impact. This is where

condensation trails made by the engines turn

into cirrus clouds under certain conditions. Unlike

GHG impact, contrail impact is expected to be

concentrated in a small minority of flights. In the

medium term there is the potential to reduce

contrail warming effects through changes to

flightpaths to avoid contrail forming regions.

This requires the science of contrail prediction to

improve, and to incorporate contrail avoidance into

flight planning and airspace management. In the

long term, advances in aircraft and engine design,

and non-fossil fuels such as SAF and hydrogen

have the potential to further reduce impact. We are

playing our part in advancing contrail science with

a view to managing the impact as soon as possible

through participation in operational trials such as

CICONIA in the EU, and with partners such as NATS,

Google and Breakthrough Energy.

In the EU, we have called for extra-EEA routes to be

included in the non-CO

Monitoring, Reporting and

Verification (MRV) system. We believe a full-scope

MRV is important for effective and fair climate

policy and to accurately depict the contributions of

short-haul networks to non-CO

effects compared

to long haul. Similarly, in the UK, we participate

in the Jet Zero Council’s non-CO

working group,

advocating for a comparable full-scope approach to

non-CO

management.

into consideration different climate-related

scenarios, including a 2°C or lower scenario

Our net zero pathway is aligned to the SBTi

aviation sectoral decarbonisation pathway, which

is aligned to the Paris Agreement scenario (well

below 2°C). The sensitivity of the pathway and

the ability to meet our targets in the absence

of different levers has been assessed to ensure

there is no over-dependence on any single lever.

Overview of scenario analysis

Scenario

Current

policy Stated policy

Paris

Agreement

Paris

Ambition

Temperature alignment 3°C 2.5°C Well below

2°C

1.5°C

Target global emissions reduction -50%

by 2100

-75%

by 2100

Net zero

by 2050

Net zero

by 2050

Representative concentration pathway RCP 7.0 RCP 4.5 RCP 2.6 RCP 2.6

1) We worked in partnership with Risilience to evaluate a range of climate change-related risks across a range of scenarios,

outlined further on page 57.

2) The Paris Agreement of well below 2°C was selected as the baseline scenario as it is aligned with the SBTi aviation sectoral

decarbonisation pathway, launched in August 2021. The analysis varied input assumptions across the transition risks in

line with these scenarios. As an example, the Paris Agreement scenario assumes a 56% increase in consumers adopting

sustainable alternative products by 2030, compared to 58% under the Paris Ambition and 42% under ‘stated policy’. 5yrEV@

Risk was assessed under these scenarios as described in the Risks summary on page 58. These scenarios incorporate

socioeconomic projections from the Shared Socioeconomic Pathways (SSPs). Transition risks decrease as temperature

scenarios increase. Physical risks worsen as temperature scenarios increase, however, they have a lower financial impact

than transition risks.

There is currently no formal aviation sectoral SBTi

pathway aligned to the Paris Ambition (1.5°C),

although SBTi has released an interim pathway

that is yet to go through consultation. easyJet aims

to reach net zero by 2050 by reducing emissions

intensity by 78% and addressing residual emissions

via carbon dioxide removals. This is a significantly

better reduction than the 57% threshold defined for

easyJet by the well below 2°C SBTi pathway. This

gives easyJet headroom and therefore resilience

in respect of our climate change risk and net zero

strategy. As discussed, climate-related issues are

integrated into strategic planning and financial

decision making. All of these adaptations and

changes aim to further bolster our resilience to

climate-related risks over time.

RISK MANAGEMENT

(A) Our processes for identifying and

assessing climate-related risks and

opportunities

We worked in partnership with Risilience to evaluate

a range of climate-related risks across scenarios

as described on page 57. The quantified risks

are assessed against the business threshold for

what constitutes a risk of ‘major concern’, e.g.

substantive financial. This metric is defined as 1%

of total assets, equating to a threshold of £115

million at the end of FY25. Risks are categorised

using this threshold as low, medium and high, as

outlined in the risks and opportunities table. In

parallel, we leverage internal and external expertise

to understand and evaluate transition risks and

opportunities related to compliance, consumer

sentiment, market sentiment, technology, legal and

reputation that are relevant to the Group. Group

Finance, Legal, Investor Relations and Marketing

teams support the identification and qualitative

and quantitative assessment of specific risks and

opportunities, feeding into Risilience’s analysis and

into strategy and financial planning for the Group.

Risilience conducted workshops in FY22 focused on

climate-related risks identified as potentially having

a substantive financial impact. These workshops

involved colleagues from across the business and

identified key functional-level risks within each

corporate-level risk category. For details of specific

risks identified, see Strategy section (A) on page 57.

The impact and likelihood inputs were calibrated to

reach an aligned and consistent view of each risk.

Risks are reviewed annually and updated if required.

(B) Our processes for managing climate-

related risks and opportunities

Following the outputs of internal stakeholders,

the Risilience study and external networks, risk

workshops were conducted to determine the

appropriate ownership and management of

these risks. In FY23, easyJet carried out a double

materiality assessment, which confirmed climate

change as a principal risk, see page 70 of our Risk

section for further detail. Mitigations and controls

for these risks were developed by the named risk

owners including those outlined on page 61, and are

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documented in the Risk Register, overall ownership

of which sits with the Group Markets Director.

Governance for these risks and mitigations are

regularly reviewed through easyJet’s ESG Steering

Committee. Ownership of risks are outlined below.

Risk Risk owner

Compliance costs Chief Financial Officer

Legal Group General Counsel

Technology Chief Financial Officer

Consumer sentiment Chief Customer &

Marketing Officer

Investor/market

sentiment

Chief Financial Officer

Reputation Group Markets Director

assessing and managing climate-related

risks are incorporated into the organisation’s

overall risk management

As described in the risk management section

above, climate change transition risks are

incorporated into the corporate risk framework

and register. For more detail on the overall risk

management of the business, see the Risk

section, pages 63 to 70. Mitigation options that

are identified during the above process have been

incorporated into our net zero pathway, which is

reviewed on an annual basis and feeds into the

corporate strategy and financial planning process

and principal risks and uncertainties, see pages 65

to 70.

METRICS AND TARGETS

(A) The metrics we use to assess the

climate-related risks and opportunities

in line with our strategy and risk

management process

Since FY22 we have assessed financial impact

in the form of 5yrEV@Risk. These figures are

then assessed against a threshold of 1% of total

assets, i.e. a threshold of £115 million in FY25. Risks

and mitigation options identified through these

metrics have been incorporated into our climate

change transition plan and continue to inform

our financial and strategic planning. Furthermore,

we use an internal carbon price that is driven by

the costs of UK and EU ETS allowances in our

financial and strategic planning. 81% of easyJet’s

emissions in FY25 were covered by ETS schemes.

At 30 September 2025 UK and EU ETS credits cost

£44 and €69 per metric tonne CO

respectively.

Beyond pure financial impact, we use a range of

other metrics to consider climate-related impacts,

including measuring our emissions, our energy

consumption and SAF uplift, as described in more

detail on page 46.

(B) Our disclosure of Scope 1, Scope 2

and Scope 3 GHG and the related risks

We have disclosed our full value chain emissions

in this Annual Report. Our climate impact is

primarily due to the use of fossil aviation fuel,

which accounts for 92% of our overall GHG

emissions footprint. Our emissions footprint has

been independently verified by Normec Verifavia,

a UKAS and COFRAC accredited global leader in

environmental validation, verification, and auditing

within the transport sector. Scope 1 and Scope 3

Category 3 receiving reasonable assurance and

Scope 2 limited assurance. See our comprehensive

GHG and energy performance table, including

Scope 1, 2 and 3 emissions on page 45, where you

can find the breakdown by geography and the

methodology used. See page 45 for a link to the

detailed independent assurance statement and ESG

fact sheets.

related risks and opportunities and

performance against targets

Delivering against the net zero roadmap is the

primary mitigation for all climate related risks

and opportunities. As our interim target, we have

committed to reducing well-to-wake GHG emissions

intensity related to jet fuel by 35% per Revenue

Tonne Kilometre (RTK) by FY35 from a FY19 base

year

1, 2

, which has been approved by the SBTi. This

interim target is on the path to net zero by 2050,

by which point we are aiming for a 78% reduction in

GHG emissions intensity, with the residual emissions

addressed through a portfolio of carbon removal

solutions. In FY25, we have reported 861 gCO

e/RTK

well-to-wake emissions intensity, a 7.7% reduction

versus the FY19 baseline. This has been driven mainly

by fleet renewal with a further nine NEO aircraft

joining the fleet in FY25, and by continued delivery of

operational efficiency initiatives. We are also aiming

to reduce Scope 2 GHG emissions, which includes

electricity usage in assets where we have direct

operational control, by 90% by FY30, based on the

FY19 baseline, by moving to renewable electricity

wherever possible. Our net zero roadmap, outlined

on page 44, provides the framework with which we

intend to meet our targets in 2035 and beyond on

our journey to net zero in 2050. As a component

of the net zero roadmap, we have targets in place

for SAF uplift in line with EU and UK proposed

mandates, which started in FY25:

2025 2030

10%

For details of the CEO and CFO sustainability-

related targets, see the Directors’ remuneration

report on page 113.

1) The target boundary includes biogenic emissions and

removals from bioenergy feedstocks.

2) Non-CO

effects which may also contribute to aviation

induced warming are not included in this target. easyJet

commits to report publicly on its collaboration with

stakeholders to improve understanding of opportunities to

mitigate the non-CO

impacts of aviation annually over its

target timeframe.

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SASB Standards identify the subset of ESG issues most relevant to financial performance and enterprise value for 77 industries. Below we report on the metrics for the Airlines standard.

TABLE 1. SUSTAINABILITY DISCLOSURE TOPICS AND ACCOUNTING METRICS

Topic Accounting metric Category Unit of measure Code Disclosure

Greenhouse gas

emissions

Gross global Scope 1 emissions Quantitative Metric tonnes (t) CO

e TR-AL-110a.1 Disclosed on page 45 of the Annual Report

Discussion of long-term and short-term strategy or plan to

manage Scope 1 emissions, emissions reduction targets, and

an analysis of performance against those targets

n/a T R-A L-1 1 0 a . 3 Covered in the Annual Report, (primarily pages 40 to 52)

(1) Total fuel consumed Quantitative Gigajoules (GJ) T R- A L-1 1 0 a . 3 120,143,221

(2) Percentage alternative

Percentage (%) 1.32%

(3) Percentage sustainable

Quantitative 1.32%

Labour practices

Percentage of active workforce covered under collective

bargaining agreements

Quantitative Percentage (%) T R -A L- 3 1 0 a .1 Disclosed in Human Capital ESG fact sheet

(1) Number of work stoppages and Quantitative Number, days TR-AL-310a.2 Not disclosed

(2) Total days idle

Competitive behaviour

Total amount of monetary losses as a result of legal

proceedings associated with anti-competitive behaviour

regulations

Discussion and

analysis

n/a T R-A L- 5 4 0 a .1 The Company has not incurred any monetary losses as a

result of legal proceedings associated with anti-competitive

behaviour regulations

Accident and safety

management

Description of implementation and outcomes of a safety

management system

Discussion and

analysis

n/a T R-A L- 5 4 0 a .1 Disclosed in Safety, Quality & Governance ESG fact sheet.

Also discussed in Annual Report risk section pages 63 to 70

Number of aviation accidents Quantitative Number TR-AL-540a.2 Zero

Number of governmental enforcement actions of aviation

safety regulations

Quantitative Number TR-AL-540a.3 Zero

TABLE 2. ACTIVITY METRICS

Activity metric Category Unit of measure Code Disclosure

Available Seat Kilometres (ASK)

Quantitative ASK TR-AL-000.A Disclosed on page 39 of Annual Report

Passenger load factor

Quantitative Rate TR-AL-000.B Disclosed on page 39 of Annual Report

Revenue Passenger Kilometres (RPK)

Quantitative RPK TR-AL-000.C Disclosed on page 39 of Annual Report

Revenue Tonne Kilometres (RTK)

Quantitative RTK TR-AL-000.D 12,209,483,000

Number of departures Quantitative Number TR-AL-000.E Disclosed on page 39 of Annual Report

Average age of fleet Quantitative Years TR-AL-000.F 10.9 years

1) Calculated based on 2% SAF mandate on all fuel uplifted from UK and EU airports from Jan-Sep 2025. Emissions reductions from SAF in this period will be reported in FY26 to align with ETS reporting timelines.

2) Note to TR-AL-310a.2 – Disclosure shall include a description of the reason for each work stoppage, impact on operations and any corrective actions taken.

3) Note to TR-AL-520a.1 – The entity shall briefly describe the nature, context and any corrective actions taken as a result of the monetary losses.

4) Note to TR-AL-000.A – Available Seat Kilometres (ASK) is defined as the maximum potential cumulative kilometres travelled by passengers (i.e. kilometres travelled by occupied and unoccupied seats).

5) Note to TR-AL-000.B – Load factor is a measure of capacity utilisation and is calculated as passenger kilometres travelled, divided by ASK.

6) Note to TR-AL-000.C – Revenue Passenger Kilometres (RPK) is defined as the cumulative total kilometres travelled by revenue passengers. A revenue passenger is a passenger for whose transportation an air carrier receives commercial remuneration.

7) Note to TR-AL-000.D – Revenue Tonne Kilometres (RTK) is defined as one metric tonne of revenue traffic transported one kilometre. RTK is computed by multiplying the aircraft kilometres flown on each flight stage by the number of metric tonnes of

revenue traffic carried on that flight stage (e.g. passengers, baggage, freight and mail).

Strategic report

Governance Financials

easyJet plc

Annual Report and Accounts 2025

RISK MANAGEMENT

PROACTIVE RISK

MANAGEMENT

OUR RISK MANAGEMENT

FRAMEWORK

The Board approves easyJet’s

strategy, including the strategic

initiatives and objectives, and

ensures suitable oversight and

governance through several

management methods. This

includes monitoring and

reporting, strategic reviews,

oversight committees and deep

dives into specific risk areas. The

Board is ultimately responsible

for determining the nature and

extent of the principal risks it

is willing to take to achieve its

strategic objectives, setting its

risk appetite, and maintaining

the Group’s systems of internal

control and risk management.

The Audit Committee and the

Board are accountable for

reviewing and assessing the risk

management processes and

the associated internal control

framework. The Risk & Assurance

team, which reports to the Chief

Financial Officer (CFO), ensures

that comprehensive processes

are in place for identifying and

assessing the Group’s principal

and emerging risks.

The Risk & Assurance team

is responsible for creating,

implementing and delivering the

risk management framework

and reporting the principal and

emerging risks to the Board.

Each function across easyJet is

responsible for understanding

and managing its own risks and

considering the impact on all

stakeholders.

To ensure that risks are managed

within the framework, the Risk

& Assurance team maintains a

programme of risk monitoring

with each function and promotes

cross-functional management of

risks. In the current financial year

this aspect of the framework

has been enhanced through the

creation of a Risk Management

Forum (RMF). The RMF consists

of risk specialists from across

easyJet and primarily, although

not exclusively, from the Executive

Leadership Team, ensuring

coverage of all the principal

risks and major functions of the

Group. The remit of the RMF is to

discuss risk management both at

a functional level and across the

published principal risks of the

Group, including consideration of

risk drivers, emerging risks, risk

appetite and the operation of the

controls in place to manage those

risks. Conclusions and observations

from this forum are then relayed

up to the regular risk discussions

at the AMB, Audit Committee

and Board, and feedback from

those higher bodies reported back

down to the RMF, thereby ensuring

better alignment on risks and their

management throughout the

Group. The Risk & Assurance team,

primarily through the RMF, works

with all functions to ensure that

risk information remains relevant,

control deficiencies or gaps are

identified and improvement

actions are implemented.

The Board, with the assistance

of the Audit Committee, has

carried out a robust assessment

of the principal and emerging

risks facing the Group and how

those risks affect the prospects

of the Group.

Last year, Provision 29 of the UK

Corporate Governance Code

was revised to set out more

detailed requirements for the

monitoring of the Company’s

risk management and internal

control framework and a review

of its effectiveness. It specifically

states that the monitoring and

review should cover all material

controls, including financial,

operational, reporting and

compliance controls. Whilst the

revised Provision 29 does not

apply to easyJet until our financial

year ending 30 September 2027,

we are already putting in place

processes to ensure that we

will be able to comply with the

new requirements.

Over recent years we have

implemented a monitored

financial control framework

across the Group, based on a

‘Three lines of assurance’ model.

This consists of identifying

material financial controls and

their control operators, with first-

line assurance being obtained

through attestation from the

control operators that their

control(s) operated correctly at

the appropriate time. Second-

line assurance is then achieved

through independent verification

by the Group’s Financial Control

Assurance team of the operation

of a sample of the material

controls tested throughout the

year. Third-line assurance is

obtained by the Internal Audit

team conducting cyclical reviews

of key processes and testing

material controls as part of their

audit work.

Strategic report

Governance Financials

easyJet plc

Annual Report and Accounts 2025

RISK MANAGEMENT (CONTINUED)

This ‘Three lines of assurance’

model of a monitored control

framework gives us a robust

blueprint to enhance the

effectiveness assessment of

operational, reporting and

compliance controls which the

revised Provision 29 specifies.

Page 106 of the Audit Committee

report details the effectiveness

review conducted in the current

financial year.

PRINCIPAL RISK

DEVELOPMENTS

During the current financial

year, as part of our standard

risk management process, a

review was undertaken of the

principal risks of the Group.

This review concluded that

the ‘Non-delivery of strategic

initiatives’ risk had declined due

to the improved governance

placed around strategic projects

(principally IT-related projects)

and their delivery, and this was

no longer a principal risk. It has

therefore been removed from

this year’s principal risks and it

will continue to be monitored

and assessed within the

functional risk register of the

Technology team. This review

also considered that the risk of

an internal technology failure

has been reduced through such

measures as cloud migration,

stronger processes and improved

monitoring. However, the airline’s

increasing reliance on technology

to underpin operations and

drive efficiency means the

overall focus on this risk has

been elevated. Therefore, the

risk ‘Critical technology failure’

has been promoted out of the

Technology risk register and onto

this year’s principal risk list.

The year ending 30 September

2025 has seen a continuation of

conflicts which have a disruptive

effect on our operations

through airspace restrictions

(e.g. the war in Ukraine) and/or

safety concerns about airport

operations (e.g. Tel Aviv due to

the Gaza conflict).

A new development in 2025 has

been the introduction of or an

increase in tariffs on many goods

and services traded between

the US and other countries. The

full impact of these tariffs is still

being assessed, both directly on

costs within the supply chain and

general macroeconomic impacts

which could suppress demand

in the short or medium term.

We therefore felt it appropriate

to broaden the scope of the

principal risk to incorporate not

only macroeconomic events

but geopolitical events too and

have assessed this risk as having

increased compared to the

previous financial year.

Our key medium-term ambition

is to record annual profit before

tax greater than £1 billion. To

achieve that objective, we need

to profitably expand our flown

capacity either by deepening

the flying on existing routes or

expanding to new routes and/or

destinations. We have reframed

the risk ‘Network, expansion and

primary airport’ to incorporate

that need to profitably expand

capacity and have increased the

risk score slightly to reflect that.

All functional and principal

risks have been scored on a

consistent basis using the same

taxonomy. The annual review and

update of the risk appetite has

been completed by the AMB and

Board, with the conclusion that

all principal risks are in line with

the risk appetite of the Group.

Case study

Combatting operational disruption:

CREATING A MORE RESILIENT PROCESS

Operational disruption continues to be

one of our most significant risks,

whether driven by weather, airspace

constraints, supply chain challenges or

technical events. We have been taking

deliberate steps to embed resilience

into our day-to-day operations, with a

clear focus on minimising the impact

of disruption and maintaining an easy

and reliable service for our customers.

Central to our approach has been targeted

investment in operational readiness, including

crew availability. We have strengthened our fleet

resilience by securing standby aircraft and critical

spares and expanded our in-house maintenance

capability, including a heavy maintenance facility

in Malta. These steps have improved our ability

to recover from unplanned events reducing

our dependency on external resources during

peak periods.

We have also enhanced our use of data,

automation and simulation tools to support

more resilient scheduling and faster operational

decision making. By forecasting our pressure

points and modelling potential delay scenarios,

we have been able to plan with greater foresight,

introducing scheduling buffers and refining crew

rosters to mitigate fatigue risks and improve

stability during periods of likely disruption. Our

enhanced data analytics capability allows us to

identify operational hotspots throughout our

network and implement improvements.

These operational measures are underpinned

by a robust incident and crisis management

framework, ensuring that we can respond quickly

and cohesively when events do escalate. This

framework provides clear escalation pathways,

defined leadership roles and regular exercises to

keep teams aligned and ready to respond. We

also support our customers through periods of

disruption with our self-service portals to support

onward travel and overnight hotel needs.

The combined impact of these initiatives has

been clear. We have seen a measurable reduction

in controllable disruption events, improved

operational performance and stronger cross-

functional coordination. These outcomes reflect

the growing maturity of our resilience posture

and our commitment to making low-cost travel

easy for our customers, even under pressure.

Strategic report

Governance Financials

easyJet plc

Annual Report and Accounts 2025

RISK MANAGEMENT (CONTINUED)

Impact

Likelihood

Our strategic priorities

Principal risk Risk change Risk owner

Changing legal and regulatory landscape Group General Counsel

Significant safety or security event Chief Operating Officer

Significant digital security event

Group General Counsel/

Chief Data & Technology Officer

Macroeconomic conditions and

geopolitical events

Chief Financial Officer

Network, expansion and primary airports

Chief Commercial Officer

Critical technology failure Chief Data & Technology Officer

Significant operational disruption Chief Operating Officer

Talent and critical skills acquisition Chief People Officer

Climate change transition risks Group Markets Director

Read more on pages 66 to 70

This heat map shows the relative position of our

principal risks at a residual risk level. We continue

to monitor risks and develop action plans where

necessary to keep risks in line with our risk appetite.

RISK HEAT MAP

OUR STRATEGIC PRIORITIES

Delivering ease and

reliability

Strengthening

revenue

Driving our low-cost

model

Building Europe’s

best network

OUR PRINCIPAL

RISKS AT A GLANCE

Strategic report

Governance Financials

easyJet plc

Annual Report and Accounts 2025

RISK MANAGEMENT (CONTINUED)

SIGNIFICANT SAFETY OR SECURITY EVENTCHANGING LEGAL AND REGULATORY LANDSCAPE

Keeping our customers and colleagues safe

and protected from any major incident

DRIVERS

1. Safety of aircraft

2. Human performance

3. Malicious harm and security

4. Personal injury

5. Safety oversight and assurance

6. Failure of critical technology/misinformation

RISK OWNER

Chief Operating Officer

CHANGE IN RISK

No change

LINK TO STRATEGIC PRIORITIES

easyJet’s number one priority is the safety

and security of its customers, colleagues and

contractors, demonstrated by our value of

‘Always with safety at our heart’. The delivery of a

safe and secure operation also supports easyJet’s

strategy to ‘Deliver ease and reliability’ to meet

the needs and expectations of our customers.

This is critical to ‘Building Europe’s best network’,

the expansion of which also potentially exposes

us to a wider range of safety or security events.

IMPACTS

• Injury/loss of life

• Sustained adverse media coverage

• Reduction in future revenue

• Fines/regulatory sanctions

• Operational disruption

• Significant increase in costs

• Share price movement

MITIGATING CONTROLS

• easyJet has a core value of ‘Always with safety at

our heart’ which means that safety is always at the

forefront of our minds and what we do, every day.

• We have regular safety meetings and boards

across our operating companies, including the plc

Safety and Operational Readiness Committee,

easyJet Safety Board, AOC Safety Review Boards

and functional Safety Action Groups to ensure

we can monitor safety performance, review and

take actions and monitor effectiveness of safety

management processes.

• We operate an ISO 9001 Quality Management

Standard Certified Integrated Management

System (IMS), approved by our three national

aviation authorities, which enables us to effectively

manage the inter-related components of the

organisation by combining all aspects of our

processes and standards into one system.

• We use leading software systems to: report

incidents and identify events; identify

hazards and threats and take appropriate

risk mitigating actions; collect and analyse

safety data; enable learning from easyJet and

industry events/incidents to be captured and

embedded into future risk mitigations.

• We regularly update an internal Safety Plan

with the strategies to meet safety, security and

compliance objectives.

• We promote key safety messages through

regular communication, leadership briefings

and competency and training management.

• Our crisis and emergency processes are

managed, documented and regularly tested

and reported on.

• Hull (all risks) and liabilities insurance (including

spares) is held.

• Security-cleared specialists continually review

geopolitical developments across the easyJet

network and report to the Board on any areas

of concern.

Changes in regulations may impact our

business objectives

DRIVERS

1. Increasing requirement for disclosure

2. Cross-jurisdictional legislation

3. Corporate Social Responsibility Directive

RISK OWNER

Group General Counsel & Company Secretary

CHANGE IN RISK

No change

LINK TO STRATEGIC PRIORITIES

Expanding our network within a heavily regulated

industry increases our exposure to legislative

and regulatory changes across the jurisdictions

we operate within. This means we need to

ensure we keep ourselves well informed and

adapt as required to the changing legal and

regulatory landscape.

IMPACTS

• Fines/regulatory sanctions

• Reduction in future revenue

• Operational disruption

• Loss of operating licence

• Significant increase in costs

• Share price movement

• Loss of colleague/customer trust

• Sustained adverse media coverage

MITIGATING CONTROLS

• Board and Committees’ oversight of

compliance with material policies, processes

and controls.

• Policies, procedures and mandatory

training programmes.

• In-house and external legal advisers and

regulatory experts to identify and advise on

changes in legislation and the impact on both

easyJet and its supply chain.

• Influencing relevant future and existing

policy, including by working with relevant

industry bodies.

• Adapting existing processes for new

legislation/regulation.

• Technical accounting team assesses any

impact on easyJet’s Group accounts from

changes in IFRS requirements.

• Most expansion destinations are within the EU,

and subject to similar legislation.

• Panel law firms have multi-jurisdictional

expertise and carry out horizon scanning.

• Dedicated in-house legal expertise, specifically

in ESG, greenwashing and CSR matters, with

external professional advisers in support.

• Supply chain working group established

with Procurement and Risk & Assurance

in attendance.

2 1

Strategic report

Governance Financials

easyJet plc

Annual Report and Accounts 2025

RISK MANAGEMENT (CONTINUED)

MACROECONOMIC CONDITIONS AND GEOPOLITICAL EVENTSSIGNIFICANT DIGITAL SECURITY EVENT

4  3

To protect our operation from a disruptive cyber

event. Through an effective security operating

model we minimise the success of malicious

intent by cyber criminals and protect the data

of our customers and colleagues

DRIVERS

1. Data loss or compromise

2. Extortion or disruptive cyber event

RISK OWNER

Group General Counsel & Company Secretary/

Chief Data & Technology Officer

CHANGE IN RISK

No change

LINK TO STRATEGIC PRIORITIES

easyJet’s strategy to deliver ‘ease and reliability’

includes, developing new partner relationships,

adapting process and incorporating new

technologies to enhance experiences and

operational performance. These advancements

inevitably expose the business to cyber events

driven by the ever-changing sophistication of

serious organised crime groups, terrorists, nation

states and even lone parties.

IMPACTS

• Sustained adverse media coverage

• Reduction in future revenue

• Fines/regulatory sanctions

• Operational disruption

• Significant increase in costs

• Share price movement

MITIGATING CONTROLS

• Oversight of cyber and information security

strategy, risks and mitigations through a Digital

Safety Board with escalations via a Digital

Safety Assurance Forum.

• A cyber and information risk governance

structure exists to regularly review the risk

landscape and determine required action to

take place to manage risk effectively.

• Dedicated Digital Safety team provides a level

of assurance over third parties, proactively

monitors threats and responds to incidents.

• Employee education and awareness campaigns.

• External threat intelligence monitoring.

• Security Operations Centre.

• Vulnerability scanning and penetration testing.

• Assurance over our supply chain.

• Risk management embedded into business

change life cycle.

• Credit card data is protected through PCI DSS

compliance as a Level 1 Merchant.

• Assurance programme to ensure compliance,

data controls and protection.

• Regular control reviews and audits performed

of key areas and technology.

• Digital safety is discussed at least quarterly at

our AMB and biannually at both the Board and

Audit Committee.

External events which can impact the financial

position of an organisation such as natural

disasters, inflation, economic cycles, political

changes, wars and conflicts

DRIVERS

1. Political/government uncertainty and change in

our key markets

2. Volatility in financial markets, particularly jet

fuel, currency, interest rates and emission

trading schemes

3. Impact of tariffs, geopolitical events and/or

general inflation leading to increased costs

charged by suppliers and/or supplier failure

4. Geopolitical events e.g. wars, impacting our

ability to conduct normal operations

RISK OWNER

Chief Financial Officer

CHANGE IN RISK

This year we have broadened this principal risk

to also cover geopolitical events. As a result and

combined with the uncertainty created by current

world events, including increased tariffs and their

potential impact on our supply chain, we see this risk

as having increased in the current financial year.

LINK TO STRATEGIC PRIORITIES

External events can impact the ability or

willingness of consumers to spend money on

travel products, thereby affecting our strategic

priority of ‘Strengthening revenue’. Furthermore,

macroeconomic conditions and geopolitical events

can cause operational disruption by, for example,

increasing the frequency of industrial action or

restricting the use of airspace, which impacts our

strategic priority to ‘Deliver ease and reliability’ for

our customers. Finally, external events can lead to

significant and potentially sudden changes in costs

through their impact on global markets, particularly

jet fuel and interest rates, which affects our strategic

priority of ‘Driving our low-cost model’.

IMPACTS

• Weakerconsumer demand for travel products

in general putting downward pressure on

prices and/or volumes

• Significant and potentially sudden increase

in costs

• Potential operational disruption from

geopolitical events

• Insufficient cash to meet financial obligations

as they fall due and/or the inability to fund the

business when needed, leading to insolvency

• Adverse impact to credit rating

• Share price movement

MITIGATING CONTROLS

• Finance Committee oversees the Treasury

Policy and funding activities.

• The Treasury Policy contains strategies for

managing market price risk (e.g. hedging),

counterparty credit risk and liquidity risk

management. The Board approves the Treasury

Policy and compliance with the Treasury Policy

is reported on a monthly basis.

• easyJet manages a liquidity buffer to protect

against unforeseen circumstances and this

liquidity buffer is supported by cash and

undrawn facilities.

• Unencumbered assets can be used if required

to raise further liquidity.

• Broad network makes it easier to redeploy

capacity if required due to any prolonged

geopolitical-induced operational issues.

• Advanced selling window of Holidays products

provides a timing buffer against the impact of

an economic downturn.

Strategic report

Governance Financials

easyJet plc

Annual Report and Accounts 2025

RISK MANAGEMENT (CONTINUED)

CRITICAL TECHNOLOGY FAILURENETWORK, EXPANSION AND PRIMARY AIRPORTS

6 5

Competition we may face in our primary

airports, network constraints we may encounter

including loss of slots and our strategic drive to

profitably increase capacity

DRIVERS

1. Operational disruption resulting in significant

non-performance of individual landing slots

2. New market entrants and/or increased

capacity from existing competitors putting

pressure on prices

3. Changing consumer preferences away from

primary airports, possibly in a response to

competitor pricing behaviour

4. Regulated airports driving airport costs up

which make them unattractive for our low-cost

business model, limiting our growth prospects

5. Larger aircraft and increased aircraft numbers

increasing the capacity we need to sell

profitably in the market

6. Lack of markets/routes with potential to

profitably deploy additional capacity

RISK OWNER

Chief Commercial Officer

CHANGE IN RISK

With the reframing of this risk to include competitor

growth and impact on commercial performance,

we perceive this risk to have increased in this

financial year, in line with our risk appetite, as we

are willing to take on more trading risk (trialling

new initiatives, expanding the network to new

destinations or allowing greater frequencies) to

facilitate a greater volume of profitable flying.

LINK TO STRATEGIC PRIORITIES

This risk directly influences our strategic priority

of ‘Building Europe’s best network’ and plays a

key role in ‘Strengthening revenue’.

IMPACTS

• Reduced revenue and/or loss of market share

• Margin reduction

• Brand erosion

• Increased marketing and/or airport costs

• Operational strain (requirement to cut costs to

remain competitive in face of pricing pressure)

• Reduced profitability

• Share price decline

MITIGATING CONTROLS

• Network Development Forum regularly reviews

capacity allocations.

• Regular AMB network updates on capacity

allocation throughout the network and

schedule build process.

• Scheduling monitoring and advising operations

to minimise cancellations where threshold is at

risk to ensure comfortable operation of slots

above the required 80% threshold.

• Deployment of resources in response to

industrial action or other service interruption

by key supplier.

• Market intelligence and analysis – capturing

and analysing market data, competitor

activities, and customer trends and feedback

to stay informed and anticipate changes in

competitive behaviour.

• Pricing and differentiation strategy.

• Brand loyalty.

• Operational efficiency initiatives aimed at

optimising costs and maintaining competitive

pricing (e.g. removal of seats, wet lease and

how pipeline for crew is increased).

• Airport negotiations to limit cost increases and/

or alternative airport search managed through

Airport Development Forum.

A critical technology failure includes any

technical failure which is sufficient to interrupt

critical business operations (which may include

one or more systems or platforms)

DRIVERS

1. Failure of a key third-party service provider

2. Malicious cyber activity (disruptive attack,

ransomware or insider threat)

3. Human error leading to failed or poorly

implemented change/deployment

4. System dependency failure or critical

integration breakdown

5. Major outage at cloud (or infrastructure)

provider

RISK OWNER

Chief Data & Technology Officer

CHANGE IN RISK

While the risk of an internal technology failure has

been reduced through cloud migration, stronger

processes and improved monitoring, the airline’s

increasing reliance on technology to underpin

operations and drive efficiency means the overall

focus on this risk has been elevated.

LINK TO STRATEGIC PRIORITIES

easyJet’s strategy to deliver ‘Ease and reliability’

includes developing new technologies to enhance

experiences and operational performance. New

technology, particularly AI, can also facilitate

greater efficiency in our back-office processes,

thereby helping to ‘Drive our low-cost model’.

As our business becomes more automated, it

accentuates the need to ensure that key systems

are available 100% of the time.

IMPACTS

• Operational disruption

• Reduction in future revenue

• Sustained adverse media coverage

• Significant spike in costs

• Fines/regulatory sanctions

• Share price movement

MITIGATING CONTROLS

• Third-party resilience management – robust

supplier due diligence, ongoing monitoring,

contractual SLAs and contingency planning.

• Cyber security controls (see mitigating controls

under 3. Significant Digital Security Event).

• Change management discipline – strict change

approval, testing, rollback capability, and post-

implementation reviews.

• Resilience and recovery – disaster recovery and

backup processes tested regularly to ensure

rapid restoration of critical systems.

• System monitoring and observability –

proactive monitoring to detect issues early,

with automated alerting and escalation.

• Skills and accountability – training for staff on

secure deployment, error prevention, and clear

accountability for technology changes.

Strategic report

Governance Financials

easyJet plc

Annual Report and Accounts 2025

RISK MANAGEMENT (CONTINUED)

SIGNIFICANT OPERATIONAL DISRUPTION

Various events, including weather conditions,

air space restrictions, strike action, aircraft

maintenance issues, crew availability and

technology failures could lead to short-term

disruption to our flying schedules

DRIVERS

1. Disruption due to insufficient aircraft and/or

crew

2. Disruption due to station-specific performance

issues including industrial action

3. Disruption due to planning, governance and

back-office processes

4. Disruption due to events causing air space

restrictions e.g. weather, conflicts, air traffic

control (ATC) issues

5. Disruption due to environmental factors and

climate change

RISK OWNER

Chief Operating Officer

CHANGE IN RISK

During the current financial year we have focused

intensively on further improving our planning and

processes to reduce the likelihood of controllable

disruption events occurring (e.g. due to insufficient

aircraft or crew being available) and to minimise

the impact when disruption does occur. There

have still been industry-wide issues such as

industrial action and ATC restrictions which have

caused disruption events throughout the year, but

overall our perception is that this risk has declined

slightly in this financial year due to the self-help

measures that we have taken.

LINK TO STRATEGIC PRIORITIES

Disruption primarily affects our strategic priority

to ‘Deliver ease and reliability’ for the customer.

Significant operational disruption could also

put at risk our ability to maintain landing slots

at constrained airports, impacting our strategic

priority to ‘Build Europe’s best network’. Disruption

is also expensive through welfare and possible

compensation costs that we might have to pay to

impacted customers, and so minimising this risk

helps us with ‘Driving our low-cost model’.

IMPACTS

• Customer dissatisfaction

• Reduction in future revenue

• EU261 compensation and welfare payable to

customers

• Inefficient use of resources

• Negative impact on brand

• Share price movement

• Adverse media coverage

• Significant operational disruption could put

landing slot allocations at risk

MITIGATING CONTROLS

• Board oversight through the Safety &

Operational Readiness Committee which

meets quarterly and is provided with updates

on operational readiness, challenges around

disruption and initiatives undertaken to minimise

disruption. The Board also receives regular

timely updates from the Chief Operating Officer.

• Business interruption insurance provides

cover for physical damage events such as

fire and flood damage at our locations or key

suppliers/bases.

• Use of data analytics and technology across

the operation to predict and manage disruptive

events and aid decision making.

• Full visibility of Airbus delivery schedule

for new aircraft and continuous monitoring

of a consolidated and up-to-date fleet

availability forecast.

• Up-to-date seasonal crew establishment target

based on peak flying volumes.

• Phased onboarding and training plan aligned

to schedule.

• Airline design team, co-chaired by the Chief

Operating Officer and the Chief Commercial

Officer, in place to provide cross-functional

governance for readiness and resilience.

• Disruption management self-service tool in

place to make it easier for customers to make

changes when disruptions occur.

• ATC system engagement and close working

relationship with key stakeholders including

but not limited to airport authorities and slot

co-ordinators.

• Rigorous established aircraft maintenance

programme approved by relevant

regulatory bodies.

• Union engagement with regular meetings

to engage discussions before any formal

escalations. This is supported by our Industrial

Relations plan and governance in place to

oversee negotiations.

• We have well-managed, planned and regularly

tested processes for dealing with incidents

and crises that could cause significant

operational disruption including, but not limited

to, aircraft damage, IT and cyber events and

environmental factors.

• Regular tracking and reporting for network-wide

station performance including, but not limited to

ground-handling resource, airport resource and

de-icing resource.

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Governance Financials

easyJet plc

Annual Report and Accounts 2025

RISK MANAGEMENT (CONTINUED)

CLIMATE CHANGE TRANSITION RISKS

Risks that we are exposed to in response to

striving to meet our climate transition targets

DRIVERS

1. Civil society

2. Financial markets sentiment

3. Emissions reduction including availability of

alternative technology to decarbonise the

airline industry

4. Cost of emissions

RISK OWNER

Group Markets Director

CHANGE IN RISK

No change

LINK TO STRATEGIC PRIORITIES

easyJet’s environmental sustainability strategy is

aligned with driving our low-cost model, by taking

action to reduce our impact today, pioneer future

travel and drive positive change.

IMPACTS

• Increased operational costs driven by

regulation relating to the use of Sustainable

Aviation Fuel (SAF), withdrawal of free

allowances under the ETS, fuel taxes, taxation

of non-carbon GHG emissions and other air

travel related charges

• Suppression of demand driven by changes in

consumer preferences

• Increased compliance and reporting

requirements

• Shareholder activism

• Adverse publicity and impact on our reputation

• Climate change-related regulatory and

legal challenge

MITIGATING CONTROLS

• Robust governance structure and oversight

through the ESG Steering Committee, AMB

and the Board, as well as specific forums

such as the Environmental Policy forum,

Fuel Conservation Working Group, Airspace

Strategy Working Group and Integrated

Communications forum.

• Developed and published net zero roadmap

with an interim SBTi-validated target which

provides the framework to manage easyJet’s

climate change transition risks, and a key

stakeholder communication tool.

• Inclusion of climate regulation-related

operational costs in financial modelling.

• Sustainable aviation fuel strategy focused on

supply security and competitive pricing, and

optimising fuel usage through operational and

technological initiatives to reduce emissions.

• Proactive advocacy with UK and EU authorities

to ensure that industry decarbonisation policies

do not disproportionately disadvantage short-

haul and/or low-cost carriers.

• Securing next generation Airbus A320neo

and A321neo aircraft which are between 15%

and 25% more fuel efficient than the previous

generation CEO aircraft.

• Collaborating with airlines and trade

bodies to develop a lobbying strategy for

the modernisation of airspace across the

easyJet network.

• Partnering with appropriate stakeholders to

maximise the likelihood of all decarbonisation

levers being available at scale, for example

investing in Direct Air Carbon Capture and

Storage (DACCS) to support development and

formal recognition of carbon removal through

a partnership with Airbus.

• Supporting future technologies including

hydrogen aircraft development with our

partners such as Rolls-Royce and Airbus,

investing in DACCS and securing SAF supply

through long-term agreements.

TALENT AND CRITICAL SKILLS ACQUISITION

The inability to deliver the future roles or skills

needed to meet business needs

DRIVERS

1. Inability to recruit critical skills

2. Failure to understand and meet future skills

gaps for key roles

RISK OWNER

Chief People Officer

CHANGE IN RISK

No change

LINK TO STRATEGIC PRIORITIES

Having the right people is a key part of our value

to be ‘Always warm and welcoming’. Creating

an inclusive, diverse and energised environment

will ensure that we attract the right people to

support us in realising our strategic priority of

‘Building Europe’s best network’.

IMPACTS

• Sustained inability to deliver key strategic

initiatives

• Loss of corporate knowledge

• Potential operational disruption and

associated costs

MITIGATING CONTROLS

• Board oversight on the review of management

succession plans and leadership needs

via recommendations reported by the

Nominations Committee.

• Biannual talent reviews and validation of

successors with HR business partners.

• Monthly reporting on attrition to highlight any

areas of concern to address in a timely way.

• Review the Target Operating Model and

assess what impact this will have on skills and

capability requirements in the future.

• Review the organisation design framework and

structure for easyJet to ensure that this remains

on track and in line with the strategic goals.

• Identify interventions to meet these gaps

either to train or acquire where there may be

skill shortages:

– Strategies to recruit future pilots through

provision of own training facility

– Programme to recruit more engineering

apprentices and widen the recruitment net.

Strategic report

Governance Financials

easyJet plc

Annual Report and Accounts 2025

VIABILITY STATEMENT AND GOING CONCERN

ASSESSMENT OF PROSPECTS

The strategic report, pages 3 to 74, sets out

easyJet’s activities and the factors likely to impact

the Group’s future development, performance

and position. The Financial Review on pages 31

to 39 sets out our financial position for the year

ending 30 September 2025, cash flows, liquidity

position and borrowing activity. The notes to the

financial statements on pages 149 to 184 include the

objectives, policies and procedures for managing

capital, financial risk management objectives, details

of financial instruments and hedging activities and

exposure to credit risk and liquidity risk.

In accordance with the requirements of the 2018

UK Corporate Governance Code, the Directors have

assessed easyJet’s prospects over a three-year

period, taking into account its current position, the

medium-term targets set out in the strategic plan

(see page 21) and a range of internal and external

factors, including principal risks.

The Directors have determined that a three-year

period is an appropriate timeframe for this viability

assessment considering the reliability of forecast

information, the current macro-economic and

market conditions and longer-term management

incentives. However, it is noted that the high-level

fleet plan used by easyJet necessarily forecasts

over a longer time period to enable the future

planning of aircraft deliveries which underpin our

plans for fleet modernisation, future growth, cost

efficiencies and sustainability improvements. This

longer-term planning is evidenced by the aircraft

purchase transaction, completed in FY24, which

secured aircraft deliveries for the period FY29–34.

The assessment of the prospects of the Group

includes the following factors:

• The strategic plan – which takes into

consideration growth expected by way of

creating value through the business model,

market conditions, future commitments, cash

flow, expected impact of key risks, funding

requirements and the maturity of existing

financing facilities (see table on the right);

• The fleet plan – the plan retains some flexibility

to adjust the size of the fleet in response to

opportunities or risks;

• Strength of the balance sheet and

unencumbered assets – this sustainable strength

gives us access to capital markets; and

• Risk assessment – see detailed risk assessment

on pages 66 to 70.

STRESS TESTING

easyJet’s corporate risk management framework

facilitates the identification, analysis and response

to plausible risks, including emerging risks, as our

business evolves in an ever-changing environment.

Through our corporate risk management process, a

robust assessment of the principal risks facing the

organisation has been performed (see pages 66 to

70) and the controls and mitigations identified.

Both individually and combined these potential

risks are unlikely to require significant additional

management actions to support the business to

remain viable; however, there could be actions that

management would deem necessary to reduce

the impact of the risks. The stress testing scenarios

identified in the table on the next page, show that

there remains sufficient liquidity under all scenarios.

In the first four scenarios one of the assumptions is

that new Eurobonds are issued, whereas in the last

scenario no issuance of new Eurobonds is assumed.

GOING CONCERN STATEMENT

The financial statements have been prepared on a

going concern basis. In adopting the going concern

basis the Directors have considered easyJet’s

business activities, together with factors likely to

affect its future development and performance,

as well as easyJet’s principal risks and uncertainties

through to March 2027.

As at 30 September 2025, easyJet had a net

cash position of £602 million including cash, cash

equivalents and other investments of £3.5 billion,

and 58% of the total aircraft fleet are in ownership,

three of which are encumbered. easyJet also has

access to a committed Revolving Credit Facility

(RCF) of $1.7 billion (£1.3 billion) resulting in total

available liquidity of £4.8 billion.

The Directors have reviewed the financial forecasts

and funding requirements with consideration given

to the potential impact of severe but plausible risks.

easyJet has modelled a base case representing

management’s best estimation of how the business

plans to perform over the period. The future impact

of climate change on easyJet has been incorporated

within the base case cash flow projections to the

extent these can be estimated. This includes for

example, the cost of future fleet renewals, the future

estimated price of regulatory carbon schemes

(including UK and EU ETS and CORSIA), the phasing

out of no-cost ETS allowances, the expected price and

quantity of SAF requirements, and the cost of carbon

removal credits and other sustainability initiatives.

The business is exposed to fluctuations in fuel

prices and foreign exchange rates. easyJet is

currently c.80% hedged for fuel in H1 of FY26 at

c.$717 per metric tonne, c.54% hedged for H2 FY26

at c.$690 and c.31% hedged for H1 FY27 at c.$677.

In modelling the impact of severe but plausible

downside risks, the Directors have considered

demand suppression leading to a reduction in ticket

yield of 5% and a reduction in easyJet holidays

contribution of 5%. The model also includes the

reoccurrence of additional disruption costs (at

FY22 levels), an additional $50 per metric tonne

on the fuel price, 1.5% additional operating cost

inflation and an adverse movement on the US dollar

rate. These impacts have been modelled across

the whole going concern period. In addition, this

downside model also includes a grounding of 25%

of the fleet for the duration of the peak trading

month of August to cover the range of severe

but plausible risks that could result in significant

operational disruption. The impact of mitigating,

controllable actions which the management team

would be able to take in response to such risks

have then been factored-in, being actions which

do not require negotiation or other agreements

to be obtained from third parties. Examples

include reducing capex spend and exercising our

contractual right to delay a certain number of

aircraft deliveries. This downside scenario resulted in

a significant reduction in liquidity but still maintained

sufficient headroom on liquidity requirements.

After reviewing the current liquidity position,

committed funding facilities, the base case and the

severe but plausible downside financial forecasts

incorporating the uncertainties described above,

the Directors have a reasonable expectation that

the Group has sufficient resources to continue

in operation through to at least March 2027. For

these reasons, the Directors continue to adopt the

going concern basis of accounting in preparing the

Group’s and the Company’s financial statements.

As at September 2025

Maturity date

Funding

(drawn and

undrawn)

Eurobonds March 2028 €1,200m

March 2031 €850m

Revolving credit

facility June 2030

$1,700m

1) Option to extend by up to two years at lender’s consent.

Strategic report

Governance Financials

easyJet plc

Annual Report and Accounts 2025

VIABILITY STATEMENT AND GOING CONCERN (CONTINUED)

VIABILITY STATEMENT

Based on the assessment performed, the Directors

have a reasonable expectation that the Company

and the Group will be able to continue in operation

and meet all liabilities as they fall due up to

September 2028. In making this statement, the

Directors have made the following key assumptions:

1. easyJet has access to a variety of funding options

including capital markets, aircraft financing and

bank or government debt. The stress testing

demonstrates that the current funding with both

the repayment and new issue of Eurobonds would

be sufficient to retain liquidity in both the base and

downside scenarios (noting that the new issue of

Eurobonds is excluded from the specific lack of

funding scenario).

2. As with the going concern assessment, the

impact of mitigating, controllable actions which

the management team would be able to take in

the downside scenarios have been factored-in,

being actions which do not require negotiation

or other agreements to be obtained from third

parties. Examples include reducing capex spend

and exercising our contractual right to delay a

certain number of aircraft deliveries.

3. In assessing viability, it is assumed that the detailed

risk management process as outlined on pages

63 to 70 captures all plausible risks, and that in the

event that multiple risks occur, all available actions to

mitigate the impact to the Group would be taken on

a timely basis and have the intended impact.

4. There is no prolonged grounding of a substantial

portion of the fleet greater than that included in

the downside and alternative downside scenarios.

This includes a grounding of 25% of the fleet for

the duration of the peak trading month of August,

to cover the range of severe but plausible risks that

could result in significant operational disruption.

The key risks that are most likely to have a significant

impact on easyJet’s viability have been considered in

the stress testing across multiple scenarios and are

shown on the right. The assumptions applied to the

models are based on the plausible but severe impacts

of the risks, as assessed by our review of the current

macroeconomic position and historical information

across the airline industry. The principal risks have

continued to be assessed for any changes in the risk

environment. The actions in place to mitigate against

these risks are included in the Risk section on pages

66 to 70.

Scenario modelled Description Assumptions applied Corporate risk covered

Demand suppression

and operational

disruption

Downside scenario covering multiple

risks that may lead to a reduction in

demand, resulting in a prolonged yield

reduction over the period. In addition,

this scenario combines risks that also

would lead to operational disruption

and/or short-term grounding of the fleet.

Across the whole period:

• reduction in ticket yield of 5%

• reduction in easyJet holidays contribution

of 5%

• additional disruption costs (based on

FY22 levels)

• mitigating controllable actions included

One-off:

• a grounding of 25% of the fleet for

the duration of the peak trading month

of August

• Significant safety or security event

• Significant digital security event

• Network, expansion and primary

airports

• Critical technology failure

• Significant operational disruption

Increase in costs and

operational disruption

Scenario covers multiple risks that

would result in an increase in costs

across the period or a significant spike

in costs. In addition, this scenario

combines risks that also would lead

to operational disruption and/or

short-term grounding of the fleet.

Across the whole period:

• additional $100 per metric tonne on the

fuel price

• increased costs (additional inflation

assumed on all costs)

• additional disruption costs (based on

FY22 levels)

• an adverse movement on the US dollar rate

One-off:

• a grounding of 25% of the fleet for the

duration of the peak trading month of

August

• Significant safety or security event

• Significant operational disruption

• Significant digital security event

• Macroeconomic conditions and

geopolitical events

• Network, expansion and primary

airports

Climate change

Scenario covers climate-based risks

that would result in both a reduction

in demand and increased costs. This

includes SAF and ETS costs, capex

and maintenance costs due to

technology changes and additional

costs for regulatory and legal challenge.

Across the whole period:

• reduction in demand – reduced yields

or capacity

• increased fuel costs (SAF and ETS)

• increased maintenance costs

• new taxes

• Climate change transition risks

Failure to deliver on

plans

Scenario covers the risks that would

result in easyJet being unable to

deliver on its plans for the period.

Across the whole period:

• reduced initiatives income

• increased costs

• reduction in ticket yield of 5%

• reduction in easyJet holidays contribution

of 5%

• mitigating controllable actions included

• Network, expansion and primary

airports

• Talent and critical skills acquisition

Lack of funding

Scenario covers the risk that would

result in no further funding being

available to easyJet during the period.

Across the whole period:

• uncommitted funding excluded

• mitigating controllable actions included

• Macroeconomic conditions and

geopolitical events

Strategic report

Governance Financials

easyJet plc

Annual Report and Accounts 2025

NON-FINANCIAL AND SUSTAINABILITY INFORMATION STATEMENT

Our approach

We care deeply about making a positive

impact on our planet, our people and the

communities we serve. Sustainability matters

to us, and we are committed to reducing our

environmental footprint across all areas of

our operation. We’re also taking meaningful

steps to help shape a more sustainable

future for travel.

Read more in the Sustainability section on

pages 40 to 56.

Our policies

• Environment Policy – our policy focuses on minimising the

environmental impact across the organisation.

• Net zero roadmap – our roadmap to net zero carbon

emissions by 2050 focuses on zero carbon emission

technology.

• Sustainability Strategy – easyJet’s Sustainability Strategy has

evolved to reflect our ambition to pioneer positive change for

our planet, communities and people.

• Environment Management System (EMS) – allows us

to manage and continually improve our environmental

performance in a structured and systematic way.

• Supplier Code of Conduct – we require our suppliers to

comply with environmental standards.

Due diligence, outcome and key

performance indicators

• The role of the ESG Steering Committee is to set the strategy

regarding ESG performance, monitor delivery of the net zero

pathway and ESG strategy, and ensure readiness for changes

in legislation and reporting requirements.

• Further details on sustainability and our roadmap to net zero

can be found on pages 40 to 56.

• Streamlined Energy and Carbon Reporting can be found on

page 45, and climate-related financial disclosures can be

found on pages 57 to 61.

• easyJet continues to maintain our environment management

system which is certified to the IATA environmental

assessment standard IEnvA. The IEnvA standard complies

with ISO 14001 and is specifically developed to apply to

organisations in the aviation sector.

Related principal risks

• The impacts of climate change on our business

and operations, regulation/taxation, and changing

consumer and colleague expectations are recognised

as one of our principal risks. More information can be

found on page 70.

• Our strategy and risk management on climate-related

risks and opportunities can be found in the Task Force

on Climate-related Financial Disclosures section on

pages 57 to 61.

Our approach

Our people are at the heart of our success,

and we are committed to attracting,

developing and retaining top talent. We

focus on building an inclusive and energising

workplace where everyone is encouraged

to grow, learn and contribute – allowing the

Orange Spirit to flourish.

Read more in the People section on pages

22 to 26.

Our policies

• Equal opportunity and inclusion – encourages our

employees to make the best use of their skills and experience,

and ensure we treat staff, potential staff and the public fairly.

• Inclusion and Diversity Framework – keeps us focused on

what is important for creating an inclusive and diverse culture

and an authentic workforce.

• Wellbeing Strategy – drives impact and cultural change

through a programme of activities.

• Code of Business Ethics – promotes a culture that

encourages open lines of communication and free access

to information.

• ‘Speak Up, Speak Out’ whistleblowing process – enables

easyJet employees and suppliers to be able to raise concerns

about any safety, ethical or legal issues.

Due diligence, outcome and key

performance indicators

• Engagement with colleagues across the Company to ensure

everyone understands the part they play in creating an

inclusive culture.

• Continued to promote behavioural framework across the

business. More information on page 23.

• We continue to measure how our employees feel about the

inclusive environment that we are striving to create, through

our regular employee listening activities. More information on

page 23.

• Ethical and compliance policies are monitored by the Business

Integrity Committee and People team. The Audit Committee

reviews the Business Integrity Committee’s activities quarterly.

• Stakeholder engagement (employees) on page 95.

• Whistleblowing on pages 81, 103 and 106.

Related principal risks

• Talent and critical skills acquisition is recognised as a

principal risk and we seek to control and mitigate that

risk in order to reduce its impact. Further information is

set out on page 70.

The table below and the information incorporated

by reference comprises our Non-Financial and

Sustainability Information Statement required by

s414CA and 414CB of the Companies Act 2006.

Read more on our business model on page 10 and our

non-financial KPIs on page 28.

Many of the policies listed

below can be found on

our corporate website at

corporate.easyJet.com

SECTION 172 STATEMENT

The Board recognises its duty under Section 172 of the Companies Act 2006 to promote the company’s success for the

benefit of its members, considering the interests of stakeholders and the matters in Section 172(1)(a)-(f). Details of our

key stakeholders, our engagement with them, and resulting outcomes are set out on pages 94 to 97. Examples of how

the Board has considered the long-term impact of its decisions on stakeholders are included throughout the Strategic

and Governance reports.

ENVIRONMENTAL MATTERS

PEOPLE

Strategic report

Governance Financials

easyJet plc

Annual Report and Accounts 2025

NON-FINANCIAL AND SUSTAINABILITY INFORMATION STATEMENT (CONTINUED)

Our approach

easyJet is committed to acting responsibly

and doing what’s right for our customers, our

people, our partners, the communities we

serve, and the environment.

Our policies

• We have completed our first year in partnership with Make-A-

Wish International, supporting them with flights to help grant

travel wishes for children in need across Europe.

• easyJet continues its longstanding partnership with UNICEF

through its Every Child Can Fly partnership. Over the

past year we have supported a mix of education themed

collections and UNICEF’s Childrens Emergency Fund, which

helps UNICEF provide immediate aim to children effected by

disasters, conflicts and other emergencies.

Due diligence, outcome and key performance indicators

• We have so far delivered over 100 flights for Make-A-Wish

families across the whole easyJet network.

• For UNICEF, our cabin crew make on board appeals at set

periods throughout the year for our customers to make a

donation in support of UNICEF’s work.

• Continued to run a development programme for women,

with the wider goal of increasing the number of women in

leadership roles. More information can be found on page 24.

Related principal risks

• Social impact matters are not considered to be

principal risks. However, these matters are considered

by the PLC Board as part of its stakeholder

engagement programme; further information is set out

on pages 94 to 97.

Our approach

We are committed to upholding human

rights across our business and throughout

our supply chain. This includes respecting the

principles outlined in the International Labour

Organization’s Declaration on Fundamental

Principles and Rights at Work.

Our policies

• Human Rights and Modern Slavery Policy – supports

recognised human rights principles.

• Supplier Code of Conduct – easyJet’s suppliers have an

important role in delivering our ambition, and we strive to

ensure that our suppliers have aligned views on corporate

responsibility and compliance.

Due diligence, outcome and key performance indicators

• Both induction training and annual refresher training at Group

level ensure the workforce is continually mindful of human

rights and modern slavery.

• We seek to identify and prevent modern slavery impacts

directly linked to our business relationships, through obtaining

appropriate contractual commitments and undertaking

appropriate due diligence on suppliers (including enhanced

due diligence on high risk suppliers).

• Cross-functional modern slavery working group ensures legal

compliance, compiles and maintains up-to-date policies and

procedures, identifies and mitigates modern slavery breaches.

Related principal risks

• We use EcoVadis to support our analysis of geographic

risks and assess whether the country/area has a

high prevalence of modern slavery or other labour

rights violations.

Our approach

At easyJet, we are committed to conducting

business with honesty and integrity. We

have a zero-tolerance approach to bribery

and corruption and strive to act ethically,

fairly and professionally in all our dealings,

wherever we operate. We also encourage our

employees and suppliers to speak up about

any ethical concerns through our ‘Speak Up,

Speak Out’ whistleblowing process.

Our policies

• Anti-Bribery and Anti-Corruption Policy – sets out the

responsibilities of easyJet, and of those working for and on

behalf of easyJet, to observe and uphold easyJet’s prohibition

on bribery and corruption.

• Gifts and Hospitality Policy – sets out the rules on receiving

and giving gifts and hospitality.

• Code of Ethics – ethical and compliance policies, covering

topics that include bribery and corruption, gift-giving

and fraud.

Due diligence, outcome and key performance indicators

• All existing and new employees receive mandatory ethics,

anti-fraud and bribery training annually and upon joining

the business.

• Risks associated with bribery and corruption are regularly

reviewed by the Audit Committee.

• Ethical and compliance policies are monitored by the Business

Integrity Committee and People team. The Business Integrity

Committee’s activities are reviewed by the Audit Committee.

Related principal risks

• The changing legal and regulatory landscape is

recognised as a principal risk. More details can be

found on page 66.

SOCIAL MATTERS

HUMAN RIGHTS

ANTI-CORRUPTION AND ANTI-BRIBERY

Strategic report

Governance

Financials

easyJet plc

Annual Report and Accounts 2025

GOVERNANCE

Chair’s introduction to governance

Highlights

Governance highlights

Board activities in the year

Understanding the business and culture

Our business and culture

Our performance

Ensuring effective governance

Our governance framework

Board at a glance

Board of Directors’ biographies

Airline Management Board biographies

Board performance review

Stakeholders

Engaging with stakeholders

Committee reports

Nominations Committee Report

Audit Committee Report

102

Finance Committee Report

109

Safety & Operational Readiness Committee

Report

111

Directors’ remuneration report

113

Other disclosures

133

Statement of Directors’ responsibilities

137

Financials

easyJet plc

Annual Report and Accounts 2025

Strategic report

Governance

CHAIR’ S INTRODUCTION TO GOVERNANCE

ENSURING

EFFECTIVE

GOVERNANCE

Sir Stephen Hester

Chair

I am pleased to present our Governance Report

which, in conjunction with the Committee Reports

that follow, outlines the activities of the Board over

the past year, alongside our broader governance

arrangements. At easyJet, we remain committed

to high standards of corporate governance, which

underpin the Group’s long-term success and

support the delivery of our strategy.

During the year, the Board oversaw a key

leadership transition as Kenton Jarvis succeeded

Johan Lundgren as Chief Executive from 1 January

2025. Following Kenton’s appointment, the Board

was pleased to welcome Jan De Raeymaeker as

Chief Financial Officer on 20 January 2025. We also

welcomed Julie Chakraverty on 27 January 2025

and Elyes Mrad on 1 June 2025 as Non-Executive

Directors, bringing valuable commercial, financial,

technological and travel expertise to the Board.

This year the Board has focused on supporting the

business in delivering our medium-term targets and

wider strategic priorities. Stakeholder engagement

remains central to our work, and as part of our

annual base visit programme, Board members met

with teams across our network in Manchester and

Paris. Further details can be found on page 80.

We recognise that good governance must adapt

to the evolving needs of the organisation and

to emerging best practice. This year, following

recommendations from the Board Performance

Review, we undertook a thorough reassessment

of the remit of our Remuneration Committee. The

resulting changes have clarified the Committee’s

oversight of ESG matters and broadened its

role to encompass a clear focus on people

related topics — from the delivery of our People

Strategy to matters of culture, diversity, wellbeing

and inclusion. In recognition of this expanded

scope, the Committee has been renamed as the

Remuneration & People Committee. This evolution

ensures that, alongside our continued compliance

with remuneration reporting regulations, we give

appropriate prominence to the governance of our

people agenda.

Our Board Committees have each played a vital

role in advancing key aspects of governance during

the year. The Nominations Committee managed

Board and Executive transitions seamlessly; the

Audit Committee provided rigorous oversight of

the auditor handover from PwC to Deloitte; and

the Finance Committee approved refinancing

arrangements and reviewed our foreign exchange

policies. The Safety and Operational Readiness

Committee continued its deep-dive oversight of

safety leadership, culture and operational readiness

and, following a review of its remit, its responsibilities

were expanded to include oversight of Information

Technology and Digital risks. This ensures focused

Board-level scrutiny of technology, data and

cybersecurity matters that underpin the Company’s

operational resilience. More information on our

Committees can be found on pages 98 to 132.

The pages that follow set out both the year’s

governance highlights and the detailed work of the

Board and Committees. I look forward to building

on these foundations in the year ahead, ensuring

easyJet remains well governed, strategically aligned,

and positioned to deliver sustainable value for our

customers and shareholders alike.

Sir Stephen Hester

Chair

Good governance is

embedded in our culture,

guiding the way we lead

and ensuring we deliver

sustainable value for our

stakeholders.

Financials

easyJet plc

Annual Report and Accounts 2025

Strategic report

Governance

HIGHLIGHTS

GOVERNANCE

HIGHLIGHTS

UNDERSTANDING THE BUSINESS AND

CULTURE

• As part of the rolling programme of base visits,

the Board visited our Manchester and Paris bases

during the year. In Manchester, the Board engaged

with local management and key airport leadership

where they were provided with an overview of the

airport redevelopment plans currently underway.

In Paris, the Board toured Charles de Gaulle Airport

and engaged with colleagues to gain an insight into

operations and market dynamics.

• In July, the Board received a “spotlight on our

crew” deep dive aimed at presenting an in-depth

overview of the wider crew experience here

at easyJet. During this exercise, they gained

invaluable insight into the day-to-day of our

crew, an overview of our recruitment, training

and development programmes and key themes

among crew from past Your Voice Matters surveys.

• During the year, the Employee Representative

Directors met with the Dutch Ground Handling

team in Amsterdam Schiphol, the Customer

eCommerce & Marketing team, and held a virtual

coffee event with the employee networks across

the Group.

OVERSEEING STRATEGY AND

PERFORMANCE

• The Board regularly reviewed the Company’s

trading, operational, and financial performance

which remained standing items at each meeting,

with interim updates provided between sessions

where relevant.

• The Board undertook a deep dive session into the

easyJet holidays business. This included an

overview of financial projections, the proposed

FY26-30 strategy and key strategic enablers,

areas of opportunities and growth as well as key

considerations and risks for the business.

• The Board reviewed and approved a number of

financing activities during the year. This included

the EMTN Bond Refresh exercise, the repayment

of a €500 million Eurobond and the agreement of

a new Revolving Credit Facility for $1.7 billion which

replaced the previous $1.75 billion UKEF Facility

and the $400 million Revolving Credit Facility.

• Throughout the year the Board were kept

informed of the digital roadmap, software and

app development pipeline. This included updates

on features, improvements and the proposed

roadmap along with the performance of the

team in rolling out these features.

ENSURING EFFECTIVE GOVERNANCE

• The Board considered its composition, diversity,

and balance of skills and experience during the year

and were pleased to welcome Jan De Raeymaeker

as Chief Financial Officer, and Julie Chakraverty

and Elyes Mrad as Non-Executive Directors.

Accordingly, the Board made several changes to

committee memberships to best reflect the skills

and experience of the new appointees.

• Following up on recommendations from last

year’s external Board Performance Review,

and evolving best practice, the Board agreed

to expand the Remuneration Committee’s

remit to include workforce engagement and

delivery of the People Strategy. As part of

this, the Committee has been renamed as the

Remuneration & People Committee and the

terms of reference have been updated to better

reflect the expanded role of the Committee.

• The Board has focused on ensuring a seamless

and well-managed transition between the Group’s

external auditors. To facilitate this, the Board

has provided oversight of joint working groups

composed of representatives from PwC, Deloitte,

and easyJet management.

ENGAGING WITH STAKEHOLDERS

• In addition to the Employee Representative

Director meetings, the Board continued to

host breakfasts for the senior leadership

teams working below the Airline Management

Board (AMB). In addition, the Board engaged

with employees throughout the year through

initiatives such as the crew deep dive and

biannual base visits.

• The Board, led by the Chair, CEO, and CFO

actively engages with shareholders and investors

during the year including ahead of the Annual

General Meeting (AGM). This year, a key topic

of engagement was in respect of the Director

Remuneration Policy and the Board was regularly

informed of the feedback from investors.

Throughout the year, the views of investors are

communicated to the Board via regular updates

from the Director of Investor Relations.

• As part of their onboarding and induction

programmes, Jan, Julie, and Elyes held meetings

with stakeholders across easyJet to gain an

insight into the organisation and to better

understand the key challenges and opportunities

within the business. More information on their

induction can be found in the Nominations

Committee Report on pages 98 to 101.

• During the Board’s visits to Manchester and

Paris, members also had the chance to engage

with representatives from key local and airport

management teams.

Read more on page 81 Read more on page 82 Read more on page 83 Read more on page 94

COMPLIANCE WITH THE CORPORATE GOVERNANCE CODE 2018

For the year ended 30 September 2025, easyJet applied the principles of the 2018 UK Corporate

Governance Code (the ‘Code’), available in full at frc.org.uk. The Board is pleased to confirm full

compliance with all applicable principles and provisions of the Code throughout the year. Further

details of our application of the Code can be found within this section, together with the Directors’

Remuneration Report on pages 113 to 132, and the Other Disclosures section on pages 133 to 136, as

well as cross-references to relevant sections of this wider report.

The Board considers the Annual Report as fair, balanced, and understandable, and provides the

necessary information for shareholders to assess the Company’s position, performance, business

model and strategy. More details are available in the Audit Committee Report on page 105.

The Board is aware of the upcoming changes under the UK Corporate Governance Code (the ‘2024

Code’) and is progressing the work needed in relation to these requirements which will take effect

from the 2026 financial year. More information can be found in the Audit Committee Report on

page 108.

Financials

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Annual Report and Accounts 2025

Strategic report

Governance

HIGHLIGHTS (CONTINUED)

BOARD ACTIVITIES

IN THE YEAR

The Board meets regularly and held seven scheduled

meetings during the year.

Each Board meeting is guided by a carefully

structured agenda agreed in advance by the

Chair, Chief Executive, and Company Secretary.

The Company Secretary supports the Chair in

planning the Board’s forward agenda, ensuring that

key matters are brought to the Board’s attention

throughout the year. The agenda items align with

the strategic priorities of the business and consider

the impact on all relevant stakeholders. The Board

maintains a formal schedule of matters reserved for

its decision. It is supported in its responsibilities by its

Committees, with each Committee Chair providing

regular updates on discussions and highlighting any

key issues for the Board’s consideration.

The matters reserved for the Board and the

terms of reference of the Board Committees

are available on our corporate website at

corporate.easyJet.com.

The Board is collectively responsible for promoting

the long-term sustainable success of the Group,

generating value for shareholders as a whole

and contributing to wider society by fulfilling

its purpose. In exercising this responsibility, the

Board considers all relevant stakeholders including

customers, employees, suppliers, shareholders,

the communities we operate in, regulators and

governments, and the effect of the activities of the

Group on the environment.

Further information on how we have engaged

with our stakeholders and the outcomes of that

engagement, can be found on pages 94 to 97.

The following page sets out a brief summary of

the main activities of the Board during the year,

including topics covered in Board meetings and

other key events.

Strategic report

Governance

Financials

easyJet plc

Annual Report and Accounts 2025

HIGHLIGHTS (CONTINUED)

NOVEMBER JANUARY FEBRUARY MARCH

MAY JUNE/JULY SEPTEMBER

Key event:

Full-year results

Board and Committee meetings including:

• CEO, CFO, Investor Relations (IR) reports

• Full-year principal risk assessment

• Year-end approvals, including the Annual Report,

Final Dividend and AGM matters

• Summer 2024 deep dive

• 2025 Budget

• Web and app roadmap

• Employee Relations NED update

Business updates covering:

Trading, Safety, Operations, IT strategy, strategic

initiatives and sustainability

Key event:

Q1 trading update

Other events:

Engagement with shareholders ahead of the Q1

Trading Update and Annual General Meeting.

The Board appointed Julie Chakraverty as Non-

Executive Director and member of the Finance

and Safety & Operational Readiness Committees

and Sue Clark was appointed as Chair of the

Remuneration Committee.

Board and Committee meetings including:

• CEO, CFO, and IR Reports

• Q1 trading update RNS approval

Business updates covering:

Trading, Operations and Network

Key event:

Half-year results

Other events:

Engagement with shareholders ahead of the

Half-year results.

Board and Committee meetings including:

• CEO, CFO, and IR reports

• Half-year results

• easyJet holidays deep dive session

• Review of Winter 25 network plan

• Governance updates including Companies House

reform and schedule of Matters Reserved for the

Board

Business updates covering:

Trading, Safety, Operations, IT, web and app

Key event:

Q3 trading update

Other events:

The Board appointed Elyes Mrad as Non-Executive

Director and member of the Audit Committee and

Harald Eisenaecher was appointed as Chair of the

Safety & Operational Readiness Committee.

The Board hosted several senior leaders as part of

their rolling leadership breakfast programme.

Engagement with shareholders ahead of the Q3

trading update.

Board and Committee meetings including:

• CEO, CFO, and IR Reports

• Q3 trading update

• Crew deep dive

• Risk review

• Reconstitution of the Remuneration & People

Committee and revised terms of reference

• Employee Relations NED update

Business updates covering:

Operations, Safety and Trading

Key event:

The 2025 Annual General Meeting

Other events:

The Board hosted several senior leaders as part of

their rolling leadership breakfast programme.

Board and Committee meetings including:

• CEO, CFO, and IR reports

• European Market and Performance Deep Dive

• End-to-end customer experience

• Approval and publication of the Euro Medium

Term prospectus

• Employee Relations NED update

• Modern Slavery Statement

Business updates covering:

Trading, Safety, Operations and Digital safety

Key event:

Manchester Airport base visit

Board and Committee meetings including:

• CEO, CFO, and IR Reports

• Winter, Network, Operations and Tech strategy

reviews

• FY25 Tax Strategy

Business updates covering:

• Operations, Trading and Sustainability

Key event:

Paris Charles de Gaulle Airport base visit

Board and Committee meetings including:

• CEO, CFO, and IR Reports

• France deep dive

• FY26 Budget

• Employee Relations NED update

Business updates covering:

Operations, Safety, Trading, Digital Safety,

Customers, Marketing and Sustainability.

Stakeholder key

Customers People Shareholders Communities Suppliers

Financials

easyJet plc

Annual Report and Accounts 2025

Strategic report

Governance

HIGHLIGHTS (CONTINUED)

BASE VISITS IN 2025

Manchester Airport, United Kingdom

In July 2025, the Board spent two days at our base

in Manchester to observe easyJet operations at

one of our key UK regional bases. The visit was

designed to broaden the Board’s understanding of

our operational footprint in the UK regions and the

role Manchester plays within our network. Over the

two days, the Board toured the airport and met

with key base personnel along with the local airport

leadership. The visit included:

• Meeting with the leadership of Manchester

Airport who took the Board on a tour round

the airport and discussed several items including

the upcoming terminal move and the wider

development plans proposed by the airport,

their investment in technology and wider tech

offering, challenges and mitigations regarding

passenger disruption and the end-to-end

customer experience.

• Dinner with local and regional management

as well as the Airline Management Board to

create a constructive dialogue and facilitate

strong, effective, communication at all levels

of the business.

The visit provided the Board with the opportunity

to connect directly with both local stakeholders and

our people on the ground, offering a first-hand view

of easyJet’s culture and operations in practice. It

also gave Directors valuable time to collaborate and

engage with one another as a group. Key topics

discussed during the visit included:

• Operational measures, ground handling

operations, customer satisfaction and the wider

resilience plans of the airport.

• The impact of disruptive passengers and the

active mitigations currently in place by the airport.

This included outlining the work being done by

the airport in coordination with Manchester police

and retailers.

• The commercial performance of the base,

opportunities for growth, the wider terminal

growth and the success of easyJet holidays.

Paris Charles de Gaulle Airport, France

In September 2025, the Board spent two days

at our base at Paris Charles de Gaulle Airport to

experience easyJet’s operations in France and

the dynamics of one of Europe’s most important

aviation markets. The visit formed part of the

Board’s ongoing commitment to engaging with

teams across the network, strengthening local

relationships and understanding regional challenges

and opportunities. The visit included:

• A presentation from the French management

team, who provided an overview of easyJet’s

performance, market position and customer

trends in France. The session outlined the

competitive landscape, and the challenges and

opportunities across easyJet’s French bases.

• A strategic briefing from Philippe Pascal, CEO of

Aéroports de Paris (ADP), who shared insights

into ADP’s long-term airport strategy and how

easyJet fits into that vision. His presentation

covered the development priorities for the Paris

airports network and areas of collaboration to

enhance operational efficiency and sustainability.

• A tour of Charles de Gaulle Airport, where

the Board observed both landside and airside

operations, gaining firsthand insight into the

infrastructure, logistics and coordination involved

in running a major European hub. The tour also

provided valuable context around the customer

journey and the operational environment at

the base.

• A dinner hosted by the Chair and Chief

Executive with a group of Paris-based pilots,

offering an opportunity for open discussion

about operational realities, team morale and the

distinctive experience of operating from one of

Europe’s busiest airports.

The Board met with local teams and external

stakeholders, to better understand the French

aviation landscape. The Board expressed

their appreciation for the warm welcome and

professionalism of the Paris team and noted the

value of the visit in informing future strategy,

operational planning and investment decisions.

Financials

easyJet plc

Annual Report and Accounts 2025

Strategic report

Governance

UNDERSTANDING THE BUSINESS AND CULTURE

OUR BUSINESS

AND CULTURE

A strong understanding of easyJet’s business and

culture is important for our Non-Executive Directors.

It enables them to engage thoughtfully in Board

discussions and to monitor company performance

in a well-informed and effective way.

HOW WE UNDERSTAND OUR CULTURE

This report demonstrates how a deep

understanding of company culture is cultivated

through various engagement methods, including:

• holding meetings around the easyJet network

• undertaking base visits to key sites

• using the easyJet product when travelling

• meeting with a wide variety of employees and

employee representative groups

• receiving updates on market context and deep

dives on relevant topics

easyJet’s distinctive culture – known as the Orange

Spirit – is open, positive and collaborative. It is this

spirit that shapes how we work together across

the business. Our Four Promise Behaviours are at

the heart of this, guiding how we interact, lead

and deliver. You can find more detail on these

behaviours on page 23.

The Board places strong emphasis on embedding

these behaviours across the organisation and

ensuring they are reflected in everyday decision

making. It takes steps to establish the right policies

and practices to support and sustain the culture.

Where behaviours, policies or practices fall short of

aligning with easyJet’s purpose, values or strategy,

the Board and management work together to take

appropriate corrective action.

HOW THE BOARD MONITORED

CULTURE DURING THE YEAR

The Board understand their role in setting the tone

from the top and reflecting the company’s culture

through their decisions and behaviour. In order

to better inform their decision making, the Board

employs a variety of methods to assess, understand

and oversee the Company’s culture. These practices

on the adjacent table offer more insight into the

approaches taken.

Assessment mechanism Insight gained Outcomes/actions

Employee representative

director (ERD) meetings

with employee groups

Understanding of the different

concerns, priorities and experiences

of the different employee

populations through direct one-on-

one meetings.

The ERDs provide an update to the

Board following each engagement

on the key themes raised, which

allows the Board to discuss any

developing trends.

Senior management

breakfasts

Opportunity to engage directly with

senior management below the AMB

and build an understanding of their

roles and experiences.

The Directors gain a greater

understanding of the roles and

functions within easyJet, and of

those who may feature in future

succession planning.

Policies and procedures

With the assistance of the

Committees, the Board oversees the

effectiveness of a number of

Company policies in relation to

Modern Slavery, Digital Safety

(including cyber security), Inclusion

and Diversity, and more.

This enables the Board to

understand the practice and

behaviours across the Group and

how these align with our purpose

and promises, and actions taken in

these areas to make easyJet a better

place to work.

Induction meetings with

senior management

Opportunity to ask questions about

the culture in one-on-one sessions.

Having an opportunity to ask

questions in private sessions allows

the Board to build an understanding

of the culture in practice and has

led to direct follow-ups with

senior management.

Visits to operations in

Manchester and Paris

Opportunity to see easyJet’s culture

in action and tour the airport facilities

at Manchester and Paris.

The Board has an understanding

of the complexity of the daily

operations and how easyJet is

upgrading its facilities to provide

market-leading work environments.

Speak up, speak out

(SUSO) whistleblowing

arrangements and

regular reports to audit

committee

Understanding of the issues and

incidents being flagged through

SUSO, and the mitigations and

actions put in place to deal

with them.

The Audit Committee regularly

reviews reports, the efficacy of the

wider reporting mechanism and

the incidents and outcomes of

these reports. These discussions

are fed back to the Board by

the Committee Chair.

Health and safety

easyJet has a Safety Policy that

promotes a ‘just culture’, to ensure

that any incidents are openly

reported without negative

repercussions. The Safety &

Operational Readiness Committee

regularly reviews safety strategy and

performance to ensure appropriate

mitigations are in place and any

trends identified, which are then

reported to the Board.

The Safety & Operational Readiness

Committee requested that safety

related deep dives remain a standing

item at each Committee Meeting.

More detail on these deep dives

can be found in the Safety &

Operational Readiness Committee

Report on page 111.

Financials

easyJet plc

Annual Report and Accounts 2025

Strategic report

Governance

UNDERSTANDING THE BUSINESS AND CULTURE (CONTINUED)

OUR PERFORMANCE

The Board remains focused on overseeing management’s delivery of

easyJet’s strategy, as outlined on page 11. Throughout the year, the Board’s

forward agenda has been structured to ensure a balanced consideration of

strategic priorities, governance matters, and regular business updates.

Progress against longer-term objectives is monitored closely, with a

summary of activities presented on pages 11 to 15. Details of the business’s

strong performance during the period can be found on pages 31 to 39.

Trading

The Board reviewed trading performance at each

meeting via an update from the Chief Commercial

Officer, reviewing demand trends, pricing, load

factors, the impact of marketing campaigns and

other commercial initiatives.

Operations

The Board received updates on operations and

operational readiness from the Chief Operating

Officer at each meeting, with a specific focus

on seasonality, including summer readiness and

winter planning.

Finance

The Chief Financial Officer updated the Board

at each meeting on the financial performance

of the Company. This included reviewing costs,

revenue, net debt and cash balances, a refresh of

the Company’s Euro Medium Term Note (EMTN)

Programme, the repayment of a €500 million

Eurobond, and a new Revolving Credit Facility for

$1.7 billion.

Budget

The Board reviewed the previous year’s performance

versus budget and competitor performance;

monitored FY25 financial performance against

budget throughout the year; and reviewed the draft

budget for FY26.

Strategy

The Board regularly reviewed operational and

financial performance against the Company’s

strategy, KPIs and business area deep dives; and

received regular strategic updates in a number of

key areas.

Customer

The Board received presentations from the Chief

Customer and Marketing Director on the customer

strategy and initiatives planned to improve ease and

reliability and end-to-end customer experience, as

well as key brand and marketing activity.

Technology

The Chief Data and Technology Officer updated the

Board on the Technology Strategy and the IT Data

and Change Programme, and the Board continued

to challenge the team to accelerate progress

wherever possible.

Sustainability

There were several sustainability updates

throughout the year, which included updates on

progress towards easyJet’s Net Zero Roadmap and

the Company’s ESG ratings.

People

The Board were updated on people matters

regularly, including diversity & inclusion and gender

pay reporting.

HOW THE COMMITTEES MONITORED

PERFORMANCE DURING THE YEAR

• The Nominations Committee monitored the

Company’s progress against diversity targets

and succession plans, and reviewed the

Board’s performance through the Board

Performance Review.

• The Audit Committee continued to monitor

easyJet’s financial control framework and

the corporate risk plan through regular

updates at meetings and feedback from

the external auditors.

• The Finance Committee monitored the

performance of easyJet’s fuel and capex

hedging policies, liquidity management and

balance sheet policies.

• The Remuneration & People Committee reviewed

progress on the gender pay gap, how effective

the Remuneration Policy was in incentivising

management to deliver the Company’s strategic

objectives, and how performance and outcomes

benchmarked against others.

• The Safety & Operational Readiness Committee

monitored safety and operational performance

metrics through incident and risk trackers,

deep-dive sessions on key risks and operational

areas, and regular reports from the Director of

Safety, Security & Compliance and the Chief

Operating Officer.

More information on Committee activities are set

out on pages 98 to 132.

HOW THE BOARD MONITORED

PERFORMANCE DURING THE YEAR

The Board continued to receive regular updates

at Board meetings on trading, operational and

financial performance. This gives the Board a

chance to challenge management on progress

against the strategic initiatives.

Financials

easyJet plc

Annual Report and Accounts 2025

Strategic report

Governance

OUR GOVERNANCE

FRAMEWORK

To ensure effective governance, the Board has

established a clear and robust governance

framework, which we set out on page 84.

The composition of the Board is a critical part of

the effective operation of this framework, and we

set out details of the different responsibilities of the

Board roles on page 85, and the attributes, skills,

attendance and biographies on pages 86 to 89.

During the year, there were several changes to the

composition of the Board and we have set out in

detail how the Board approaches appointments and

inductions in the Nominations Committee report on

pages 98 to 101.

A comprehensive induction programme was

provided to Jan De Raeymaeker after he joined as

Chief Financial Officer in January 2025 and similar

inductions were provided to Julie Chakraverty

and Elyes Mrad following their respective Board

appointments as Non-Executive Directors.

Details of the induction programme are set out on

page 99. The Board also regularly reviews how it is

performing through an annual performance review,

and details of this year’s review can be found on

page 93.

Board at a glance:

Read more on page 94

Nominations Committee

To evaluate the balance of skills, knowledge,

experience and diversity on the Board, and

keep the composition, structure and size of

the Board and its Committees under regular

review.

To provide succession planning for senior

executives and the Board, leading the

process for all Board appointments.

To oversee the Board elements of the

Inclusion and Diversity Policy and monitor

Group-wide initiatives.

Audit Committee

To monitor the integrity of the Group’s

financial and narrative reporting, and the

adequacy and effectiveness of the systems

for risk management and internal control.

To monitor the effectiveness and independence

of the internal and external auditors.

Finance Committee

To review and monitor the Group’s treasury

policies, treasury operations and funding

activities, along with the associated risks and

provide approvals in relation to fuel, currency

and interest rate hedging, letters of credit

and guarantees.

Safety & Operational Readiness

Committee

To oversee easyJet’s safety strategy to address

existing and emerging safety risks, identify

and monitor any new, emerging or changing

safety risks, ensure an appropriate governance

framework is in place and receive reports on

operational performance indicators.

To monitor the status of IT and Digital

risks across the business, and review

the appropriateness of the controls and

assurance in place.

Remuneration & People Committee

To set remuneration for all Executive

Directors, the Chair and the Airline

Management Board (AMB), including pension

rights and any compensation payments.

To oversee remuneration and workforce

policies and practices and take these

into account when setting the policy for

Directors’ remuneration.

To review and monitor the delivery of the

Company’s People Strategy and progress

against culture plans, including Diversity,

Equity & Inclusion and Wellbeing strategies.

Financials

easyJet plc

Annual Report and Accounts 2025

Strategic report

Governance

ENSURING EFFECTIVE GOVERNANCE (CONTINUED)

THE BOARD

Independent Non-Executive DirectorsExecutive Directors Company Secretary

INFORMATION FLOWS, TRAINING AND DEVELOPMENT

All Board members are provided with clear and accurate information in a timely manner for Board or

Committee meetings via an electronic Board portal at least one week prior to meetings. The Company

Secretary has individual meetings with Non-Executive Directors to address any additional support needs.

Directors may also seek independent legal advice concerning their duties at the Group’s expense.

Upon appointment, Directors partake in a tailored and thorough induction programme, developed

in consultation with the Chair and Company Secretary, detailed on page 99, in respect of Jan De

Raeymaeker, Julie Chakraverty and Elyes Mrad’s appointment to the Board. They are encouraged to

identify areas for improvement during their annual performance reviews, with training supported by

internal and external sessions, workshops and presentations.

Chief Executive

• Responsible for recommending the Group’s

strategy to the Board and for delivering the

strategy once approved.

• Together with the Chief Financial Officer,

monitors the Group’s operating and financial

results and directs the day-to-day business of

the Group.

• Responsible for recruitment, leadership

and development of the Group’s executive

management team below Board level.

• Keeps the Chair and the Board apprised of

important and strategic issues facing the Group.

Chief Financial Officer

• Supports the Chief Executive in developing and

implementing strategy.

• Provides financial leadership to the Group

and alignment between the Group’s business

and financial strategy, including developing

the Group’s annual budget prior to the formal

agreement of the Board.

Chair

• Responsible for leadership of the Board and

ensuring effectiveness in all aspects of its role.

• Responsible for setting the Board’s agenda

and ensuring adequate time is available for

discussion of all agenda items, including

strategic issues.

• Responsible for encouraging and facilitating

active engagement by and between all

Directors, ensuring a culture of openness

is maintained and drawing on each of their

extensive skills, knowledge and experience.

• Ensures effective engagement between the

Board, its shareholders and key stakeholders.

Non-Executive Directors (NED)

• Provide an external perspective, sound

judgement and objectivity to the Board’s

deliberations and decision making.

• Use their diverse range of skills and expertise to

support and constructively challenge the Executive

Directors and monitor and scrutinise the Group’s

performance against agreed goals and objectives.

• Responsible for determining appropriate levels

of executive remuneration, appointing and

removing Executive Directors, and succession

planning through their membership of the

Remuneration and Nominations Committees.

• Review the integrity of financial reporting

and financial controls and systems of risk

management are robust.

Senior Independent Director (SID)

• Acts as a sounding board for the Chair and

as an intermediary for the other Directors

when necessary.

• Responsible for addressing shareholders’

concerns that have not been resolved through

the normal channels of communication with the

Chair, Chief Executive or Chief Financial Officer.

• Responsible for evaluating the performance of

the Chair in consultation with the other Non-

Executive Directors.

Employee Representative Directors

• Provide the mechanism for the Board to engage

with the workforce in line with the Corporate

Governance Code.

• Responsible for meeting the Company’s

European Works Council (EWC) and

Management & Administration Consultative

Group (MACG) at least once a year, and other

works councils on a periodic basis, along with

other informal engagement.

• Provide regular updates to the Board to

ensure employee voice is clearly reflected in

the boardroom.

• Acts as Secretary of the Board and its

Committees and attends all meetings.

• Supports and works closely with the Chair, the

Chief Executive and the Chairs of the Board

Committees in setting agendas for meetings

of the Board and its Committees.

• Supports the provision of accurate, timely and

clear information flows to and from the Board

and the Board Committees, and between

Directors and senior management.

• Supports the Chair in designing and delivering

Directors’ induction programmes and the Board

and Committee performance evaluations.

• Provides advice and support to the Board and

individual Directors on corporate governance

matters and Board procedures.

• Responsible for administering the Share Dealing

Code and the Annual General Meeting.

Board Audit Finance Nominations

Remuneration

& People

Safety &

Operational

Readiness

Sir Stephen Hester 7/7 – – 2/2 – – Airline/travel

Kenton Jarvis 7/7 – – – – – Finance

Jan De Raeymaeker 6/6 – – – – – Strategy

Catherine Bradley CBE 7/7 5/5 4/4 2/2 – – Safety/sustainability

Julie Chakraverty

4/5 – 3/3 – 2/2 3/3 Commercial/consumer

Sue Clark 7/7 5/5 – 2/2 3/3 4/4 Digital/marketing

Ryanne van der Eijk 7/7 – – – 3/3 4/4 Ex CEO/CFO

Harald Eisenächer 7/7 – 4/4 – 5/5 3/3 Operations

Elyes Mrad 2/2 1/1 – – – –

David Robbie

7/7 5/5 4/4 2/2 4/5 –

Financials

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Annual Report and Accounts 2025

Strategic report

Governance

ENSURING EFFECTIVE GOVERNANCE (CONTINUED)

BOARD AT A GLANCE

The Board continues to meet

best practice guidelines for

independence and ethnic

diversity and keeps the balance

of skills, knowledge and

experience on the Board under

regular review. Biographies are

set out on pages 87 to 89.

1) Absences were due to unavoidable prior commitments. Directors who are unable to attend meetings continue to receive the papers in advance of the meeting and have the opportunity to discuss with the relevant Chair or the Company Secretary.

Feedback is provided on the decisions taken at the meeting.

Gender Ethnicity Nationality Tenure Independence

Male 6

Female 4

White 9

Asian 1

Dutch 1

German 1

Swiss 1

UK 5

UK/French 1

Belgian 1

0–3 years 4

3–7 years 6

Chair 1

Executive Director 2

Non-Executive

Director 7

BOARD COMPOSITION AS AT 30 SEPTEMBER 2025

MEETING ATTENDANCE SKILLS AND EXPERIENCE

Financials

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ENSURING EFFECTIVE GOVERNANCE (CONTINUED)

BOARD OF

DIRECTORS’

BIOGRAPHIES

BOARD OF DIRECTORS KEY

Audit Committee

Committee Chair

Finance Committee

Nominations Committee

Remuneration & People Committee

Safety & Operational Readiness Committee

SIR STEPHEN HESTER

Chair

KENTON JARVIS

Chief Executive

JAN DE RAEYMAEKER

Chief Financial Officer

Nationality: British

Appointed: September 2021

(Chair from December 2021)

Contribution to the Board

• Stephen is a prominent international business

leader with more than 35 years of wide-ranging

business experience, including significant

experience leading major international businesses

in regulated industries.

• He brings a strong track record of value creation

and listed company experience to the Board.

• As well as ensuring the Board operates effectively,

chairing Board meetings and meetings of the

Nominations Committee, he regularly engages

with management, employees and investors

to ensure their views are represented in the

Board’s deliberations.

Career and experience

Stephen served as a Chief Executive of RSA Insurance

Group plc from February 2014 to May 2021, and prior

to this as Chief Executive of Royal Bank of Scotland

Group, Chief Executive of British Land plc and Chief

Operating Officer of Abbey National plc, as well as

holding a number of senior executive roles at Credit

Suisse First Boston in London and New York. He has

also held senior non-executive positions as Deputy

Chairman of Northern Rock and Senior Independent

Director of Centrica plc. Stephen was honoured with

a knighthood in the 2024 New Year’s Honours list for

services to business and the economy.

Current external appointments

Lead Independent Director, Kyndryl Holdings, Inc.

and Chair, Nordea Bank Abp.

Nationality: British

Appointed: February 2021

(Chief Executive from January 2025)

Contribution to the Board

• Kenton brings over 25 years’ experience of the

travel and aviation sector to the Board, having held

senior group and divisional finance roles at TUI and

Airtours Holidays.

• His significant contribution and leadership skills

have been recognised with his appointment as

CEO from January 2025.

Career and experience

Kenton was previously CEO of Aviation and Business

Improvement Director – Markets, at TUI Group, having

held a number of senior group and divisional finance

roles at TUI since 2003. Before joining TUI, Kenton was

the Finance Director of Airtours Holidays and held a

number of commercial finance roles at Adidas, prior to

which he qualified as a chartered accountant with PwC.

Current external appointments

None

Nationality: Belgian

Appointed: January 2025

Contribution to the Board

• Jan brings deep knowledge of the transport and

airline sector to the Board having held various CFO

and management roles.

• His significant financial and commercial acumen will

be critical to easyJet as we continue to build

towards the delivery of our medium-term targets

and our purpose of making low-cost travel easy.

Career and experience

Jan was previously the Chief Financial Officer of Lineas,

the largest private rail freight operator in Europe,

where he oversaw the Finance, Legal and Purchasing

teams. Prior to Lineas he was CFO of Brussels Airlines

where he played an instrumental role in transforming

the company’s finance function whilst achieving a

significant growth in passenger numbers as part

of the airline’s commercial repositioning. Earlier in

his career, Jan held management roles at Arthur D.

Little and De Valck Consultants, focusing on business

strategy and technology.

Current external appointments

None

Financials

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Governance

ENSURING EFFECTIVE GOVERNANCE (CONTINUED)

BOARD OF DIRECTORS (CONTINUED)

CATHERINE BRADLEY CBE

Non-Executive Director

SUE CLARK

Senior Independent Director

JULIE CHAKRAVERTY

Non-Executive Director

RYANNE VAN DER EIJK

Non-Executive Director

Nationality: French and British

Appointed: January 2020

Contribution to the Board

• Extensive financial expertise gained across senior

finance roles in investment banking and M&A over

33 years, along with an in-depth understanding of

corporate governance and regulatory matters.

• Her experience in financial and capital markets makes

her ideally suited as Finance Committee Chair.

• Experienced in stakeholder engagement as

evidenced in her role as an Employee

Representative Director.

Career and experience

Catherine began her career with Merrill Lynch in the

US and finished the executive phase of her career as

Head of Advisory Global Markets with Société Générale

in Asia. Catherine then served as a Non-Executive

Director of the UK Financial Conduct Authority and

Chair of its Audit Committee from 2014 to July 2020,

and of WS Atkins plc from 2015 until its delisting in

2017. Catherine was also a member of the Supervisory

Board and Chair of the Finance and Audit Committee

of Peugeot S.A. from 2016 to 2021, and Non-Executive

Director and Chair of the Audit Committee of abrdn plc

from 2022 to 2024.

Current external appointments

Chair of Nominations and Governance Committee,

Johnson Electric Holdings Limited; Chair of the Audit

Committee of Worldpay Holdco, LLC; Chair, Interactive

Investor Limited a wholly owned subsidiary of abrdn plc.

Nationality: British

Appointed: March 2023

Contribution to the Board

• Strong international, strategic and commercial

experience from Executive and Non-Executive

roles in consumer facing, transport and utility

businesses. Her wide-ranging board, regulatory

and stakeholder experience is valuable in driving

long-term shareholder value.

• Sue’s corporate governance insight creates a strong

fit to her role as Senior Independent Director.

Career and experience

Sue served as a member of the Executive

Management team at SABMiller plc from 2003,

initially as Director of Corporate Affairs until 2012 and

then Managing Director, Europe, until the business

was acquired in 2016. Prior to SABMiller, she served

as Director of Corporate Affairs for Railtrack plc and

Scottish Power plc. Sue also served as Non-Executive

Director and Chair of the Remuneration Committee at

Britvic plc from 2016 to 2024, Non-Executive Director

of Bakkavor Group plc from 2017 to 2020, and

member of the Supervisory Board of AkzoNobel NV

from 2017 to 2021.

Current external appointments

Senior Independent Director and Chair of

Remuneration Committee, Imperial Brands PLC

and Mondi plc.

Nationality: British

Appointed: January 2025

Contribution to the Board

• 30 years of financial services and technology

leadership experience, having served on the

boards of listed global banks, insurers, and

investment companies, whilst successfully founding

Rungway Limited, an employee engagement and

mentoring platform.

Career and experience

During her executive career, Julie worked at JP Morgan

Chase and held several global leadership positions at

UBS Investment Bank, where she created an award-

winning portfolio risk management platform. Julie

previously served as Senior Independent Director and

Risk Committee Chair at Aberdeen Asset Management

(now abrdn plc) and as a Non-Executive Director of

Santander UK plc, Amlin plc, and Spirit Pub Company

plc (now Greene King).

Current external appointments

Senior Independent Director at NCC Group plc and

a Non-Executive Director of AJ Bell plc and Starling

Bank Limited.

Nationality: Dutch

Appointed: September 2022

Contribution to the Board

• In-depth airline and customer services experience,

along with a valuable European perspective to

Board deliberations.

• Experienced in stakeholder engagement as

evidenced in her role as an Employee

Representative Director.

Career and experience

Ryanne has extensive airline operations and customer

service experience, having more than 20 years’

experience with KLM, her last role being the Chief

Experience Officer. Her previous senior executive

appointments also include Chief Operating Officer

for Dubai Airports and Chief Experience Officer for

Ras Al Khaimah Economic Zone in the UAE. Ryanne

has recently served as an interim executive at various

boards, such as COO at Mentaal Beter and Director of

Maintenance & Asset Management at GVB. She was

previously the chair of the advisory board of CPRC, a

child protection research centre.

Current external appointments

Managing Director of Wundermart.

S SR F F RN A RA

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ENSURING EFFECTIVE GOVERNANCE (CONTINUED)

BOARD OF DIRECTORS (CONTINUED)

ELYES MRAD

Non-Executive Director

HARALD EISENÄCHER

Non-Executive Director

DAVID ROBBIE

Non-Executive Director

REBECCA MILLS

Group General Counsel and

Company Secretary

Nationality: Swiss

Appointed: June 2025

Contribution to the Board

• Brings extensive Europe-wide experience in

hospitality and travel, and is currently Executive

Vice President for Hertz International, where he

oversees the company’s business in EMEA, Latam

and Asia Pacific.

Career and experience

Before joining Hertz, he held Managing Director roles at

Certares, a leading private equity firm focused on the

hospitality and travel industry, and American Express

Global Business Travel. He has also held senior positions

with Sita, JTI, and Rolex.

Current external appointments

Chair of the Board of Zytlyn Technologies AG

Nationality: German

Appointed: September 2022

Contribution to the Board

• Brings extensive travel and aviation sector

commercial experience as well as a deep

knowledge of digital and data driven businesses,

combined with a European outlook.

Career and experience

Harald brings significant experience of the travel

and aviation industry, having held senior executive

positions with Lufthansa and Sabre Travel Network.

He most recently served as Chief Commercial Officer

for Infare A/S, the leading provider of competitor air

travel data based in Denmark, and later served as a

member of the Supervisory Board (2021 to 2023).

He has previously held senior positions with Deutsche

Telekom, eBay Inc. and Hoechst AG, and served as

a Non-Executive Director of Groz-Beckert SE (2007

to 2021) and Ifolor AG (2013 to 2019). Additionally, he

was a member of the Advisory Board of Solytic GmbH

(2021 to 2024).

Current external appointments

Member of the Advisory Board, Omnevo GmbH

and Chair of the Advisory Board, Mimi Hearing

Technologies GmbH.

Nationality: British

Appointed: November 2020

Contribution to the Board

• Brings strong financial, risk management and

corporate finance experience to the Board and

Audit Committee as Chair.

• His international and strategic outlook, combined

with over 25 years serving as a Director on FTSE

boards, provides a valuable perspective in Board

and Committee discussions.

Career and experience

David was Finance Director of Rexam plc from 2005

until 2016. Prior to his role at Rexam, David served in

senior finance roles at Invensys plc before becoming

Group Finance Director at CMG plc in 2000 and

then Chief Financial Officer at Royal P&O Nedlloyd

N.V. in 2004. He served as interim Chairman, Senior

Independent Director and Chair of the Audit Committee

of FirstGroup plc from 2018 to 2021, and Non-Executive

Director and Chair of the Audit Committee for the BBC

between 2006 and 2010. David qualified as a chartered

accountant at KPMG.

Current external appointments

Non-Executive Director, International Paper Company.

Changes to the Board during the year and

up to 25 November 2025:

• Johan Lundgren resigned as Chief Executive

on 31 December 2024.

• Kenton Jarvis was appointed Chief Executive

on 1 January 2025.

• Jan De Raeymaeker was appointed Chief Financial

Officer on 20 January 2025.

• Julie Chakraverty was appointed as a Non-Executive

Director on 27 January 2025.

• Moni Mannings resigned from her role as

Non-Executive Director on 13 February 2025.

• Elyes Mrad joined the Board as a Non-Executive

Director on 1 June 2025.

• Detlef Trefzger resigned from his position as

Non-Executive Director on 1 June 2025.

• Ben Matthews resigned as Company Secretary

on 15 July 2025.

• Rebecca Mills was appointed Company Secretary

on 15 July 2025.

S AFR FNRA

Read more on page 91

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Governance

AIRLINE

MANAGEMENT

BOARD

BIOGRAPHIES

KENTON JARVIS

Chief Executive Officer

JAN DE RAEYMAEKER

Chief Financial Officer

ROBERT BIRGE

Chief Customer & Marketing Officer

See Board of Directors profile. See Board of Directors profile. Nationality: American

Areas of expertise: Marketing, ecommerce

and customer

Career and experience

Robert joined the AMB in August 2022 and leads

eCommerce, Marketing, and Customer Experience.

He is accountable for optimising digital conversion

and adoption across web and app channels, driving

profitable booking growth, building long-term brand

advantage, and improving customer experience and

lifetime value. Before joining easyJet, Robert helped

establish KAYAK as a leading online travel brand while

serving as Chief Marketing Officer, culminating in a

successful public listing. Earlier, he led marketing as

part of the original start-up team that created the US

online travel agency Orbitz. His previous leadership

roles include ASOS, IMG, TBWA, and The Boston

Consulting Group, spanning both consumer and digital-

first businesses across the US and Europe.

ENSURING EFFECTIVE GOVERNANCE (CONTINUED)

Read more on page 87 Read more on page 87

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Annual Report and Accounts 2025

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Governance

ENSURING EFFECTIVE GOVERNANCE (CONTINUED)

AIRLINE MANAGEMENT BOARD BIOGRAPHIES (CONTINUED)

REBECCA MILLS

Group General Counsel &

Company Secretary

SOPHIE DEKKERS

Chief Commercial Officer

THOMAS HAAGENSEN

Group Markets Director

DAVID MORGAN

Chief Operating Officer

Nationality: British

Areas of expertise: Legal, regulatory and digital

safety

Career and experience

Rebecca joined the AMB in January 2023 as Group

General Counsel and was appointed Company

Secretary in July 2025. Rebecca has over 20 years’

experience as a lawyer, having started her career at

Herbert Smith Freehills, where she specialised in IP,

technology and media law, and disputes. She joined

easyJet in 2010 as a senior commercial lawyer and

has progressed her career through a variety of roles,

before taking on responsibility for the management of

the legal and claims teams in 2018. From 2019 to 2023,

she led these teams in the role of Deputy General

Counsel and was at the heart of easyJet’s response

to, and emergence from, the pandemic. Rebecca has

also been the Legal Director of easyJet holidays since

it was established in 2019. Rebecca’s sharp commercial

skills, combined with her deep understanding of the

airline and holidays businesses, give her a unique and

powerful perspective.

Nationality: British

Areas of expertise: Aviation and strategy

Career and experience

Sophie joined the AMB in December 2020 and has

been with easyJet since 2007. During her time at the

airline, she has held senior roles including Customer

Director, Director of Scheduling, and UK Country

Director — driving commercial strategy, systems

improvements, and representing easyJet before

Parliamentary Select Committees. Her early career

specialised in customer insight, working with brands

such as Jaguar Land Rover, Mars, Unilever, and

Vodafone. Sophie also served as a Non-Executive

Director at Airport Coordination Limited (2017–2021)

and is easyJet’s AMB lead on diversity, equity, and

inclusion. A qualified MindGym coach, business

mentor, and founding member of easyJet’s Women’s

Network, she also sits on the WiHTL Advisory Board.

Nationality: Danish

Areas of expertise: Commercial and

operations management

Career and experience

Thomas joined the AMB in May 2018. Thomas has over

20 years’ experience in operations management built

in a variety of roles across Europe. Thomas began his

career with Tetra Pak, working his way up to Regional

Manager of the East Med where he developed and

succeeded in implementing ambitious growth and

profitability improvement plans. Since joining easyJet

in 2008 Thomas has significantly grown the Swiss

market, developed easyJet’s market entry strategy for

Germany and developed the business traveller segment

in Northern Europe. Most recently he was appointed

Managing Director of easyJet Europe, establishing

the Company’s Austrian AOC, a key part of its Brexit

migration plan, and managed the transition of 100

aircraft to easyJet Europe.

Nationality: British

Areas of expertise: Flight operations

Career and experience

David joined the AMB in July 2022, having joined

easyJet in September 2016 as the airline’s Chief Pilot,

and in December 2017 took up the position of Director

of Flight Operations, taking responsibility for the safe

and efficient operation of the airline’s flights across

Europe. David previously served as interim COO in

2019, when he oversaw operations across the airline

and delivered significant improvements in operational

performance. David and his operations team focus

on safe, efficient and sustainable operations in an

increasingly complex and challenging environment.

Prior to joining the airline, David was Chief Flight

Operations Officer at Wizz Air. His long career in

aviation has taken him around the world including

Australia and the Middle East.

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Governance

ENSURING EFFECTIVE GOVERNANCE (CONTINUED)

AIRLINE MANAGEMENT BOARD BIOGRAPHIES (CONTINUED)

GARRY WILSON

CEO, easyJet holidays

OPAL PERRY

Chief Data & Technology Officer

ELLY TOMLINS

Chief People Officer

Nationality: British

Areas of expertise: Travel, business transformation

and global markets

Career and experience

Garry joined the AMB in 2018 and has over 25 years’

experience in the travel sector. He has successfully

developed significant business growth strategies across

several international markets and has built and led

large global teams throughout his career. Garry works

extensively with overseas governments and emerging

economies to create sustainable tourism policies, whilst

promoting major economic growth and positive social

change. He is an AMB sponsor for diversity, equity and

inclusion, and health and wellbeing. He has held Board

positions in the Travel Foundation and Travelife and was

appointed to the board of ABTA in 2021.

Nationality: British

Areas of expertise: Leading cultural

transformation, delivering innovative and engaging

talent strategies and overseeing large-scale

change

Career and experience

Elly joined easyJet as Chief People Officer in March

2025. Prior to easyJet, she served as the Chief People

Officer for Britvic plc where she was responsible for

driving their People and Culture strategy globally to

help build and promote a dynamic culture of belonging,

wellbeing and growth. She also held HR leadership roles

in Tate & Lyle, Whitbread, and Thomson Reuters.

Nationality: American

Areas of expertise: Transforming digital customer

experiences and strengthening the resilience of

legacy systems

Career and experience

Opal joined easyJet as Chief Data and Technology

Officer in February 2025. Prior to joining easyJet,

Opal served as Chief Strategy and Digital

Transformation Officer at PODS Enterprises. She

also held the role of Chief Information Officer at

Hertz, where she led the company’s IT strategy

and oversaw the delivery and implementation of

a major cloud-based systems transformation.

Earlier in her career, Opal was Divisional CIO and

Vice President of Technology & Strategic Ventures

at Allstate Insurance Company, one of the largest

insurers in the United States.

Changes to the AMB during the year and

up to 25 November 2025:

• Opal Perry was appointed Chief Data & Technology

Officer in February 2025

• Elly Tomlins was appointed Chief People Officer in

March 2025

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ENSURING EFFECTIVE GOVERNANCE (CONTINUED)

The evaluation of the Chairman was led by the

Senior Independent Director, who gathered

performance feedback through separate meetings

with each of the Non-Executive Directors and

supplementary views from the Executive Directors.

2025 BOARD PERFORMANCE REVIEW

The 2025 performance review was conducted

internally. The review extended to all aspects

of Board and Committee performance and the

process undertaken is explained below.

Area Outcome and actions

Strategic focus and Board

agenda planning

The Board agreed to further strengthen its strategic focus

by prioritising key topics within agendas, fostering more

interactive presentations, and streamlining Executive updates

to emphasise critical issues.

Early-year meetings will concentrate on the five-year plan

development, and every meeting will feature at least one

extended strategic discussion session. The Executive team

will regularly review topic relevance, and Board papers should

remain concise, balanced and clear.

Employee and

management

engagement

The Board endorsed continuing employee engagement

breakfasts in their current format to maintain open dialogue

and strengthen cultural alignment. They will also continue

to have deep dives into specific employee communities. In

addition, team-building initiatives with the Executive leadership

remain a priority, to foster collaboration and cohesion at the

top level.

The Board will continue to visit easyJet bases and key facilities

operated by critical third-party providers. In FY26 the Board

will visit the Airbus safety and production facilities in Toulouse

as well as easyJet’s Bristol base. These visits will provide

firsthand insight into operational challenges and opportunities,

supporting informed decision making and stronger

relationships with essential partners.

Non-Executive

engagement

The Board continues to support Non-Executive Director private

sessions and informal engagements as a means of fostering

candid dialogue and strengthening governance effectiveness.

To support this, dedicated Non-Executive Director-only

sessions will be scheduled prior to each formal Board meeting,

providing an opportunity for open discussion on emerging

issues, priorities and perspectives. In addition, a brief Non-

Executive Director-only check-in will be incorporated at the

conclusion of each Board meeting to capture reflections and

ensure alignment.

Preparation

Questionnaires for the Board and its Committees were developed by the Company Secretary

in consultation with the Chairman and Senior Independent Director.

The questionnaires covered the following thematic areas:

Board

composition,

skills and diversity

Board

effectiveness

Link between

the Board and

business

Strategic

oversight

Culture

oversight

Information

flow

Individual

performance

Committee

strengths and

weaknesses

Completion of online questionnaires

Online questionnaires were distributed to each of the individual Board members for completion.

The questionnaires sought feedback on the areas set out above, covering both the Board

and its Committees.

Collation of responses and individual discussions

Individual responses to the questionnaires were collated by the Company Secretary,

who prepared anonymised summaries. These anonymised summaries were discussed with the

Chairman and Senior Independent Director. The Company Secretary then summarised the main

areas of feedback, before preparing a summary of suggested actions that could be implemented

over the forthcoming year.

Board discussion

The findings of the performance review and proposed actions were discussed at the September

Board meeting. The feedback on the Chairman was discussed by the Non-Executive Directors

without the Chairman being present.

The Board agreed a number of actions in response to the review that would be implemented

and monitored over the forthcoming year.

Our customers sit at the heart of

easyJet’s strategy. Winning their loyalty

and understanding their needs is

essential to long-term value creation.

As competition and expectations rise,

this insight helps us to focus investment

on the products, channels and service

standards that matter most.

Read more on pages 16 and 17

Key focus

• Safety and reliability: Safety remains

non-negotiable. We are standardising processes

and training to deliver a reliable, consistent

service wherever customers see orange.

• Product choice and digital ease: We continue

to broaden our network and ancillary offering

while making it simpler for customers to

shop, book and manage their journeys via our

app-centric connected-travel strategy.

• Disruption recovery: When travel plans change,

automation and real-time communication

provide customers with clear re-booking and

compensation options.

Key issues during FY25

• ATC disruption: Capacity shortfalls and

strikes caused longer delays despite fewer

cancellations.

• Cost pressures: Inflation and supply-chain

constraints necessitate disciplined investment.

How we engage directly

• We communicate via email, our app, call

centres, social media and a self-service

disruption portal.

• We measure satisfaction at each touchpoint

and gather feedback through post-flight

surveys, Trust Pilot, focus groups and app

ratings; this informs our customer-satisfaction

improvement programme.

• FY25 enhancements include real-time flight

status updates, automatic vouchers and

AI-generated multilingual notifications.

How we engage indirectly

• Crew debriefs and online forums capture

frontline feedback for training and process

improvements.

• Customer sentiment and operational

performance are reviewed regularly by senior

management and the Board.

• We work with regulators and industry peers to

address air-traffic-control capacity and other

structural issues.

• Collaboration with ground handlers, airports

and suppliers helps us improve service delivery

and efficiency.

Considerations and outcomes

• Strategic alignment: The Board reviewed

progress on execution of the Customer

Experience Strategy and agreed four FY26

priorities: service consistency, app-centric

connected travel, Customer Management

Centre transformation and industry-leading

disruption service recovery.

• Customer satisfaction: Satisfaction continued

to improve year on year with gains across all

major touchpoints, reflecting improved service

and operational reliability.

• Operational resilience: On-time performance

improved and cancellations fell. The Board

monitors readiness and approves targeted

investments to reduce disruption.

• Digital momentum: Real-time status capability

now covers the majority of our network and we

have shifted the majority of customer contacts

to live chat and automated journeys.

• Forward focus: FY26 will prioritise wider app

adoption, deeper automation and a strong

service culture while working with policymakers

to reduce systemic disruption.

OUR CUSTOMERS

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STAKEHOLDERS

ENGAGING WITH

STAKEHOLDERS

As set out in the Code, the Board recognises the

importance of identifying its key stakeholders

and understanding their perspectives. They are

a fundamental part of our operations and are

referenced throughout this report. We have set

out on the following pages details of our key

stakeholders and how we have engaged with them

(including specific examples relating to strategic

decisions).

OUR PEOPLE

OUR SUPPLIERS

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STAKEHOLDERS (CONTINUED)

ENGAGING WITH STAKEHOLDERS (CONTINUED)

Our people are at the heart of

everything we do. We are committed

to building an inclusive culture where

everyone can thrive, feel a true sense

of belonging, and live the Orange

Spirit. Meaningful engagement with

our teams is essential to making this

a reality.

Read more on pages 18 and 19

Key focus

• Health, safety and working conditions

• Wellbeing and mental health

• Training and career development

• Inclusion and diversity

• Reward and benefits

Key issues during FY25

• Crew communications

• Base management structure

• Employee recognition

• Diversity and Inclusion

• Crew uniform

How we engage directly

• Employee Representative Directors’ meetings.

• Base visits and informal interaction with crew.

• Hosting events such as breakfasts with senior

leaders to get to know the management layer

below the AMB.

• Engagement with employee representative

groups, pilot and cabin crew unions.

• Regular internal communications.

• Participation in the Group’s performance

through employee share schemes.

• The Board received a presentation on our cabin

crew, who they are, how we train them, how

we incentivise them and manage any pain

points. This gave the Board an opportunity to

engage directly with crew and teams involved

in the process.

How we engage indirectly

• Updates from the CEO and Group People

Director on people strategy and other matters.

• Your Voice Matters employee surveys are

discussed by the AMB and Board.

• Monitoring of themes and trends arising

from the ‘Speak Up, Speak Out’ (SUSO)

whistleblowing mechanism.

Considerations and outcomes

• The Board received regular updates from our

Employee Representative Directors to ensure

our employee voice was reflected when taking

strategic decisions, including during the fleet

discussions during the year. This included

feedback from meetings with the ground

handling teams, ecommerce, customer and

marketing teams as well as interactions with

employee networks.

• The Board and its Committees have considered

this feedback during its deliberations in the year,

including when reviewing SUSO whistleblowing

cases, culture and matters such as the gender

pay gap.

• The Your Voice Matters survey was discussed

by the Board as part of the crew update, to

understand what we are doing to improve

engagement and effectiveness.

easyJet’s suppliers have an important

role in delivering our ambition, and we

strive to ensure that they have aligned

views on corporate responsibility and

compliance.

We partner with key suppliers to

deliver many of our operational and

commercial activities. Our partners

are carefully selected and significant

emphasis is placed on managing

these relationships, with the aim of

encouraging incremental innovation

and performance.

Key focus

• Compliance with regulations

• Health and safety

• Treatment of suppliers

• Sustainability

• Payment practices

Key issues during FY25

• Built upon the work in previous years to bolster

the organisation’s third-party risk exposure. This

has included a wider rollout of third-party risk

management tools.

How we engage directly

• Meetings between AMB members and senior

executives of major suppliers on a regular

basis to understand the strategy and health

of their businesses.

• The Board looks to engage with key suppliers

whenever appropriate, including tourism bodies

at key bases on base visits.

• Regular review meetings between AMB

members and senior executives at London

Gatwick Airport and other key bases.

How we engage indirectly

• Discussion at Audit Committee and Board

with central procurement function on

supplier management.

• Quarterly Airport Strategy Forums to discuss

operational issues across key airports and agree

on the right strategy.

• Work with external partners to monitor financial

risk of certain suppliers.

Considerations and outcomes

• We have a number of key suppliers who we

continue to engage with, including aircraft and

engine suppliers, ground handling and logistics,

critical technology suppliers, fuel providers,

engineering and maintenance providers, aircraft

lessors, and hoteliers, destination management

companies and trade distribution partners for

easyJet holidays.

• The CEO met with the DHL Supply Chain

Services UK CEO.

• During base visits, the Board meets with the

local and regional management teams, including

airport CEOs.

• AMB members, including the CEO, meet

regularly with senior executives of key suppliers.

Shareholders and investors play a vital

role in the success and growth of the

Group. As such, maintaining a clear

understanding of their perspectives

remains a key priority.

We actively consider shareholder views

on the Company’s operational and

financial performance, as well as its

strategic direction. This ongoing

dialogue supports our commitment

to delivering long-term, sustainable

shareholder value.

Read more on pages 20 and 21

Key focus

• Operational and financial performance

• Creation of long-term sustainable shareholder

value

• Share price and capital returns

• Environmental, social and governance matters

Key issues during FY25

• Continued progress towards medium-term

targets

• Delivery of strategy

• Capital allocation and free cash generation

• Impact of macroeconomic and geopolitical

environment

How we engage directly

• The Board is committed to maintaining

open and transparent communication with

shareholders, including major institutional

investors and shareholder representative bodies.

• The Chair, Senior Independent Director, Chief

Executive Officer and Chief Financial Officer,

alongside members of the AMB, regularly

engage with shareholders.

• Regular roadshows are held with members of

the AMB and the investor relations (IR) team

across UK, Europe and US.

• AMB members and IR team attend conferences

in UK and Europe throughout the year.

• Online engagement with retail investors via

presentations on Investor Meet platform as well

as ad-hoc meetings throughout the year.

• The Company Secretary liaises with

shareholders as needed to understand their

views and policies on corporate governance.

• The Chair and Committee Chairs are available

for discussions with major shareholders.

• The IR team maintains ongoing dialogue with

investors, analysts, and governance teams

throughout the year.

• The Chair of the Remuneration & People

Committee engages with shareholders on

remuneration matters and responds to requests

for further discussion.

• Shareholders are encouraged to participate

in the AGM either in person or remotely and

communicate directly with the Board.

How we engage indirectly

• The Board receives regular updates on

shareholder views.

• All financial results announcements and

presentations are published on the

Company’s website.

• Summary videos of seminars and business

updates are recorded and made available online.

• Engagement also takes place through brokers

and other external advisers.

Considerations and outcomes

• Post-AGM engagement focused on

understanding areas where investor policies

diverged from the Company’s approach,

particularly around share capital authorities.

These insights will inform the Board’s planning

and finalisation of business for the next AGM.

OUR SHAREHOLDERS AND INVESTORS

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STAKEHOLDERS (CONTINUED)

ENGAGING WITH STAKEHOLDERS (CONTINUED)

OUR COMMUNITIES

REGULATORS AND GOVERNMENTS

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STAKEHOLDERS (CONTINUED)

ENGAGING WITH STAKEHOLDERS (CONTINUED)

We want to make a positive impact and

we value our relationships with the

communities where our employees and

customers live and operations are

based, as they are important to the

effective operation of our business.

Key focus

• Local employment and social mobility

• Sustainability, including carbon and other aircraft

emissions; aircraft noise; energy usage; recycling

and waste

• Charitable activity

Key issues during FY25

• Net zero roadmap

• EU Emissions Trading Scheme (ETS)

How we engage directly

• Country managers lead the community

engagement in their markets, and base

managers also engage directly with their local

airport communities.

• Partnerships with individual airports and air traffic

control teams to implement reduction in cabin

waste and noise mitigation activities that seek to

minimise the impact on local communities.

• Employee volunteering with local charities and

organisations.

How we engage indirectly

• We provide updates on our progress against our

sustainability targets directly to customers and

via our corporate website.

Considerations and outcomes

• Wherever possible, we offer support for

employees to volunteer in their local communities,

such as flexible working and time off.

• We completed our first year in partnership with

Make-A-Wish International, supporting them with

flights to grant travel wishes for children across

Europe, and continued to partner with UNICEF

through our Every Child Can Fly campaign, which

has raised over £17 million for UNICEF since 2012.

More information can be found on page 74.

• easyJet continues to be the official airline

sponsor of the Eurovision Song Contest,

allowing employees the chance to take part in

the celebrations.

Regulators and governments take

decisions which directly impact our

operations and business environment.

We engage with them to understand

their strategic drivers and concerns;

and to closely monitor and manage the

impact of any actions by those

regulators or government bodies on

both easyJet and the wider industry.

We also ensure that regulators and

governments are informed of the

potential impact of any regulatory

changes on the Company and its

consumers; as well as the social and

economic benefits that easyJet and the

wider aviation industry deliver.

Key focus

• Health and safety

• Carbon efficiency and operational resilience

• Compliance with regulations

• Sustainability

Key topics during FY25

• UK government: Engaged with the UK

government on a number of issues such as

dynamic pricing in the aviation industry, the

UK Airspace Design Service (UKADS) and

the Sustainable Aviation Fuel Bill – including

involvement in parliamentary discussions.

• UK Competition and Markets Authority:

Engaged with the UK Competition and Markets

Authority on the implementation of Part 1 of the

Digital Markets, Competition and Consumers

Act (DMCC) 2024.

• European Commission: Engaged with the

European Commission on a number of issues

such as Implementation of the EU Digital Markets

Act, the EU evaluation of the EU Emissions

Trading System (EU ETS) ahead of their future

reviews planned for 2026, the EU fitness check

on the review of the Airport Charges and Ground

Handling Directives, Slot Regulations and annual

consultations for Air Navigation Service Providers

in Europe and NERL in UK.

How we engage directly

• AMB members and senior leaders engage

directly with government and regulatory

bodies at both national and regional levels.

• Regular dialogue with operations and

safety regulators.

• The policy team works closely with officials in

the European Commission, the UK government,

other national governments, legislators, industry

stakeholders, NGOs, and academia, to understand

and shape future policy.

• Ongoing engagement with air traffic control

operators.

How we engage indirectly

• Active participation in trade associations such as

Airlines for Europe and Airlines UK, and tourism

bodies, including ABTA and the GSTC.

• Collaboration through industry and other cross-

sector groups, such as the Aerospace Technology

Institute, the Aviation Council, the EU’s Climate

Change Expert Group, Destination 2050, the Jet

Zero Council (UK government) and Sustainable

Aviation (UK).

Considerations and outcomes

• easyJet met with various governments to

discuss key challenges and opportunities; and

also to confirm our commitment to various

markets in our network.

• During FY25, easyJet continued to co-chair

the Alliance for Zero Emission Aviation (AZEA),

along with Airbus. AZEA is an alliance of 170

companies operating under the oversight of the

European Commission. It is currently developing

a detailed roadmap with clear objectives, to

guide industry action and inform policymakers.

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COMMITTEE REPORTS

NOMINATIONS

COMMITTEE

REPORT

I am pleased to present an overview of the

Nominations Committee's activities during 2025.

The main purpose of the Committee is to ensure

plans are in place for orderly succession of Board

and senior management positions while maintaining

an appropriate balance of skills, experience,

independence and diversity. The Committee

oversees the structure, size and composition of the

Board and makes recommendations to the Board

with regard to any changes.

During the year, the Committee successfully

executed the orderly transition plans established

in FY24, delivering seamless leadership changes at

both Board and executive levels. The Committee

oversaw the appointment of Kenton Jarvis as Chief

Executive effective 1 January 2025, completing

the succession plan announced in May 2024.

Following Kenton's appointment as CEO, the

Committee oversaw the search process that

resulted in the appointment of Jan De Raeymaeker

as Chief Financial Officer effective 20 January

2025. Jan brings substantial airline and transport

sector expertise, having previously served as CFO

of Brussels Airlines and Lineas, strengthening the

Board's financial leadership capabilities during a

critical growth phase.

The Committee also oversaw changes to Non-

Executive Director composition. Moni Mannings OBE

and Dr Detlef Trefzger stepped down at the February

2025 AGM and in June 2025, respectively. To maintain

Board effectiveness, the Committee appointed two

new Non-Executive Directors: Julie Chakraverty joined

on 27 January 2025 and Elyes Mrad joined on 1 June

2025. Elyes joined the Board and Audit Committee,

bringing extensive Europe-wide experience in

hospitality and travel, which has already proven

invaluable to our discussions. Julie joined the Finance

and Safety & Operational Readiness Committees,

contributing strong leadership experience in financial

services and technology that continues to enrich the

Board’s perspective.

The Committee continued to review the Company's

wider talent and succession plans for the Board

and senior management, building on the successful

executive transitions. We worked closely with

management to strengthen internal succession

pipelines, particularly focusing on developing the

next generation of leaders who could progress to

senior roles.

Diversity, equity and inclusion (DE&I) remain a priority

for the Board. During the year, we strengthened our

governance by transferring responsibility for DE&I

to the Remuneration & People Committee whose

expanded terms of reference were approved by

the Board in July 2025. The Remuneration & People

Committee will now oversee our DE&I strategy,

monitor the Board Diversity Policy and track progress

against our targets.

Further details of the Committee's activities during

the year are set out in this report.

Sir Stephen Hester

Chair, Nominations Committee

MEMBERS

Sir Stephen Hester (Chair)

Catherine Bradley CBE

Sue Clark

Moni Mannings OBE (until 13 Feb 2025)

David Robbie

Dr Detlef Trefzger (until 1 June 2025)

Harald Eisenächer (from 1 June 2025)

All members of the Committee are Independent

Non-Executive Directors. Member biographies

can be found on pages 87 to 89.

The Chair of the Board acts as Chair of the

Committee with members of the executive

management invited to attend meetings. The

General Counsel & Company Secretary acts as

Secretary to the Committee.

The Committee met two times in the year and

meeting attendance can be found on page 86.

The Committee’s terms of reference can

be found on the Company’s website at

corporate.easyJet.com

INDUCTION

All Directors appointed during the year received a comprehensive and tailored induction programme developed

through discussion with the Chair and Company Secretary. Each induction was designed to support a smooth transition

into their new roles, taking into account individual backgrounds, committee responsibilities and the current context for easyJet.

Non-Executive Director Inductions –

Julie Chakraverty and Elyes Mrad

Julie Chakraverty and Elyes Mrad joined the easyJet plc

Board in 2025 and undertook comprehensive induction

programmes designed to provide them with a thorough

understanding of the Company’s business, operations,

governance framework and strategic priorities.

Board and Committee leadership:

• One-to-one meetings with the Chair on Board

dynamics and strategic vision.

• Detailed briefings with the CEO and CFO on

operational performance and financial strategy.

• Sessions with the Senior Independent Director and all

Committee Chairs.

• Understanding of governance framework, Board

matters reserved and delegated authorities through

Company Secretary briefings.

Executive management and Operations:

• Comprehensive sessions with all Airline Management

Board members across functional areas.

• Deep dives into commercial strategy, revenue

management and cost structures.

• Legal and regulatory briefings.

• People strategy sessions covering wellness, inclusion,

industrial relations and succession planning.

• Technology and data strategy briefings including

cybersecurity programmes.

Operational immersion and site visits:

• Extensive tour of the Integrated Control Centre to

understand operational control and flight planning.

• Site visits to Hangar 89 maintenance facilities and

safety operations.

• Tours of London Gatwick operations and cabin crew

training programmes.

• Base visit to Berlin Brandenburg including meetings

with crew, ground handling and maintenance teams.

Commercial and customer focus:

• Customer experience strategy sessions and customer

service team meetings.

• easyJet holidays business briefings and market

positioning discussions.

• Trading team sessions with key personnel on revenue

optimisation.

• Marketing and brand strategy discussions.

Financial and stakeholder relations:

• Treasury operations covering credit ratings, forex

management, financing and liquidity.

• Investor relations briefings on shareholder relationships

and major stakeholder breakdown.

• External advisor meetings with joint brokers and

audit partners.

• Sustainability strategy sessions covering environmental

commitments and reporting.

The programmes spanned several months, reflecting

easyJet’s commitment to ensuring new Board members

gain comprehensive insight into all aspects of the

business. This thorough approach enables new directors

to contribute effectively from appointment and supports

the Board’s collective responsibility for the Company’s

long-term sustainable success.

CFO induction – Jan De Raeymaeker

A tailored induction programme was implemented

for Jan De Raeymaeker following his appointment

as Chief Financial Officer on 20 January 2025.

Jan’s programme included:

• In-depth briefings with the Chair, CEO, Audit

Committee Chair and senior finance leaders on

strategic priorities and financial governance.

• Site visits to key operational and maintenance facilities

to understand cost drivers, capital expenditure

processes and safety protocols.

• Workshops with the Treasury, Risk and Investor

Relations teams covering liquidity management, credit

ratings, risk frameworks and shareholder engagement.

• Governance sessions with the Company Secretary and

external advisers on Board matters reserved, delegated

authorities and MAR/share-dealing obligations.

• Meetings with members of the Board and AMB, and

other senior leaders within the Company.

• Meetings with shareholders and corporate brokers.

• Site visits in both the UK and Europe.

These activities provided Jan with both the strategic

overview and detailed business insights required to

contribute effectively as CFO and Board member from

the outset.

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COMMITTEE REPORTS (CONTINUED)

NOMINATIONS COMMITTEE REPORT (CONTINUED)

ACTIVITIES IN THE YEAR

Board composition and appointments

The Committee remains responsible for the orderly

succession of both Board and senior management

positions, and for building and developing a diverse

pipeline for that purpose. We are committed to

maintaining a formal, rigorous and transparent

appointment process grounded in merit and

objective criteria to ensure Non-Executive Directors

bring breadth of business skills, knowledge and

experience that are essential for effective oversight

of the Group, and provide input and challenge in

the boardroom to assist in the development and

execution of the Board’s strategy. This approach

also supports the Board in shaping and delivering

our Group strategy.

During FY25, the Committee carried out a thorough

review of the Board’s composition and forward-

looking succession plans. Our aim remains to ensure

that easyJet’s Board is the right size, with the right

balance of skills, experience and diversity to support

the Company’s long-term strategy and good

governance. We concluded that the current Board

size is effective, enabling strong debate and full

committee coverage, while avoiding unnecessary

complexity. We continue to monitor director tenure

in line with the UK Corporate Governance Code,

ensuring orderly succession through planned,

staggered refreshment.

A review of our Board skills matrix this year

confirmed that our existing mix of experience

supports easyJet’s strategic priorities, with diversity

targets met across gender, ethnicity and European

perspectives. The Committee also identified

potential areas for future Board development,

including greater focus on IT, consumer and public

policy expertise. The Committee will keep Board

composition under regular review to ensure we

have the right expertise for the next stage of

easyJet’s growth.

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COMMITTEE REPORTS (CONTINUED)

NOMINATIONS COMMITTEE REPORT (CONTINUED)

Following a process led by the Nominations

Committee, the Board approved the appointment

of Julie Chakraverty as a Non-Executive Director

with effect from 27 January 2025. In addition, the

Board approved the appointment of Elyes Mrad

as a Non-Executive Director with effect from

1 June 2025. Korn Ferry and Egon Zehnder were

engaged to support the process, which included

developing the role profile, compiling a longlist of

potential candidates, and refining the required skills

and experience based on input from the Board.

The Nominations Committee carefully considered

the balance of skills, knowledge, independence,

diversity and time commitments across the

Board, before shortlisting candidates. Interviews

were conducted with Board members and the

Chief People Office after which Julie Chakraverty

and Elyes Mrad were identified as the preferred

candidates, bringing additional breadth and diversity

of experience to the Board.

Korn Ferry and Egon Zehnder are both signatories

to the Enhanced Code of Conduct for Executive

Search Firms and do not have any other connection

with the Company nor individual Directors,

except where they may have liaised with them as

prospective candidates for other positions.

Talent and succession planning

The Committee continued to refine our succession

plans to ensure the Board and AMB maintain the

optimal blend of skills, diversity and experience, building

on the groundwork laid in previous years. Recognising

the importance of a strong, diverse leadership

pipeline, we placed continued emphasis on executive

succession for the AMB and Executive Leadership

Team (ELT) to support easyJet’s future growth.

Alongside the completion of the CEO succession

and the appointment of our new CFO, the

Committee conducted a detailed review of the

Group’s senior management talent pipeline. We

evaluated development plans, assessed emergency

and medium-term successors for all key roles,

and monitored progress against our talent and

development framework to identify strengths and

address any skill gaps.

The Board is satisfied that all of the Non-Executive

Directors continue to remain independent in

character and judgement and are free from any

business or other relationships that could materially

affect the exercise of their judgement.

Time commitment and external

appointments

The expected time commitment of the Chair and

Non-Executive Directors is agreed and set out in

writing in the letter of appointment, available on

our corporate website at corporate.easyJet.com.

For the Chair, this remains a minimum of one

day per week, and for Non-Executive Directors, a

minimum of three days per month. The Directors

often spend time in excess of this minimum

requirement, for example the Chair meets with the

CEO and other members of the AMB regularly and

undertakes regular base visits across Europe.

The core activities of the Board and its Committees

are covered in scheduled meetings held during

the year. Additional ad hoc meetings may be held

to consider and decide matters when required.

Non-Executive Directors are encouraged to

communicate directly with each other and senior

management between Board meetings.

Directors are invited to attend all Board and

Committee meetings, but in certain circumstances

meetings may be called at short notice and, due to

prior business commitments and time differences,

Directors may not always be able to attend. Even

if a Director is unable to attend a meeting, they

continue to receive the papers and have the

opportunity to discuss with the relevant Chair or

the Company Secretary any matters on the agenda

which they wish to raise. Feedback is provided to

the Directors not able to attend on the decisions

taken at the meeting.

The Chair holds regular meetings with the

Non-Executive Directors without the Executive

Directors present either immediately before or

after Board meetings.

Throughout the year, Board members deepened

their engagement with the AMB and ELT through

formal presentations at Board meeting and

informal breakfasts and dinners. These interactions

have been invaluable in understanding individual

capabilities and readiness, ensuring our succession

pipeline remains robust and aligned with the

Company’s strategic ambitions.

Board performance

The 2025 Board Effectiveness Review was

conducted through an internal, questionnaire-based

process, complemented by discussions at the

September Board meeting. Directors completed

a detailed questionnaire covering Board dynamics,

committee contributions, leadership, strategic

oversight, risk management, information quality,

and governance culture. The key findings from

these assessments were discussed collectively,

resulting in agreed actions to maintain and enhance

Board performance.

Following this review, the Committee is satisfied

that each Director continues to demonstrate the

necessary independence, commitment, and ability

to devote sufficient time to their roles. Attendance

at meetings remained high throughout the year,

as shown in the attendance table on page 86,

underscoring the Directors’ ongoing dedication

to effective governance and strategic oversight.

Details of the 2025 Board performance review are

set out in full on page 93.

Independence

The Board consists of 10 Directors, with over half of

the Board (excluding the Chair) being independent

Non-Executive Directors. Additionally, the Chair

was considered independent on appointment. The

composition of the Committees also complies with

the Code.

Factors such as length of tenure and relationships

or circumstances that are likely to affect, or appear

to affect, the Directors’ judgement, are considered

in determining whether they remain independent.

Non-Executive Directors do not participate in any

of the Group’s share option or bonus schemes.

In addition to the regular Board meetings, and to

provide opportunities for the Board to engage

with senior management to discuss key elements

of the business, a number of Board dinners and

lunches were held, as well as two breakfasts with

management, detailed further on pages 77 and 81 .

Executive Directors and the AMB are permitted

to take up non-executive positions on the board

of one other listed company as long as this is not

deemed to interfere with the business of the Group.

In line with the Code, Directors are required to seek

Board approval prior to taking on any additional

external appointments.

Election and re-election

In line with the provisions of the Code and the

Company’s Articles of Association, each Director is

required to seek election or re-election annually at

the Company’s AGM.

The Committee is mindful of differing policies

and guidelines amongst shareholders and proxy

advisers on the number of appointments the

Directors should hold. However, when reviewing

the contribution of individual Directors, the Board

reviews their attendance, their availability to attend

ad hoc meetings and their contribution outside of

meetings. Following this review, the Committee

has satisfied itself that the individual skills, relevant

experience, contributions and time commitment of

all the Non-Executive Directors, taking into account

their other external appointments and interests

held, remain appropriate.

The Board is therefore recommending the election

or re-election of all continuing Directors at this

year’s AGM.

Details of the service agreements for the Executive

Directors and letters of appointment for the

Non-Executive Directors, and their availability

for inspection, are set out in the Directors’

remuneration report on page 129.

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COMMITTEE REPORTS (CONTINUED)

NOMINATIONS COMMITTEE REPORT (CONTINUED)

Diversity, equity and inclusion

The Committee remains fully committed to

promoting diversity, equity and inclusion across

the Group. Oversight of diversity, including

progress against gender, ethnicity and broader

inclusion targets, has been transferred to the

expanded Remuneration & People Committee. The

Remuneration & People Committee now leads on

the development and monitoring of our Diversity,

Equity & Inclusion strategy, as detailed in the

Remuneration & People Committee’s section of this

report. The Nominations Committee continues to

support our overarching commitment to merit-based

appointments and diverse talent pipelines, with

regular updates provided to the Board on progress.

The Committee and the Board remain steadfast

in ensuring that the Board collectively brings the

right blend of skills, experience, knowledge and

perspectives to drive easyJet’s long-term success.

We recognise that diverse viewpoints underpin

balanced decision making and reinforce alignment

with our purpose, values and strategy. All Board

appointments continue to be made on an objective

and shared understanding of merit, in line with

required competencies relevant to the Company as

identified by the Committee, and consistent with

the Inclusion and Diversity Policy.

During the year, the Committee reviewed progress

against the Company’s wider strategic approach

on inclusion and diversity with particular focus on

gender representation and ethnic diversity across

the business.

We continue to oversee the development

of a diverse pipeline for future succession of

Board and senior management appointments,

including reviewing the gender balance of senior

management and its direct reports. Where there

is a known desire to improve diversity at a certain

level or in a certain function in the organisation, the

recruiting team will ask to see a higher proportion

of candidates fitting the diversity criteria. However,

the final selection will always be on merit.

DIVERSITY TARGETS

The Committee is pleased to confirm that as

at 30 September 2025, the Board meets the

following targets:

Targ et

Legislation/requirement

At least 40% of the

Board being women

• FTSE Women

Leaders target

• FCA Diversity

Targets as required

by UK Listing Rule

6.6.6

At least one of the

senior Board

positions being held

by a woman

• FCA Diversity

Targets

At least one member

of the Board being

from an ethnic

minority background

• FCA Diversity

Targets

At AMB level, we have increased female

representation to 40% (2024: 33%) and will

submit our target of 10% ethnic minority

representation among senior management

(AMB and direct reports) as required by the

Parker Review by December 2025. Further

information is set out on page 24. Detailed

data under UK Listing Rule 6.6.6 for the

Board and executive management, as at

30 September 2025, is set out on pages 133

and 134.

Board Diversity Policy

Our Board Diversity Policy underpins easyJet’s commitment to creating an inclusive culture in which all

Directors can contribute fully and authentically. It aligns with our purpose, values and strategic priorities,

and is informed by the Financial Conduct Authority (FCA) Listing Rule 6.6.6, the FTSE Women Leaders

Review and the Parker Review.

Policy principles Outcomes

Appropriately review all aspects of

diversity in relation to Board and

Committee composition.

The Board and Committees continue to meet FCA diversity targets,

with 40% female, one member from an ethnic minority, and the role

of Senior Independent Director held by a woman.

Review diversity of the Board on

an annual basis as part of the

Board Performance Review.

The internal Board Performance Review confirmed that our diversity

metrics, covering gender, ethnicity, and broader inclusion factors are

on track with our targets, and no material gaps were identified,

reinforcing our commitment to continuous improvement and

inclusive leadership.

New appointments to the Board

will be made on merit, in the

context of the requirements of the

Board at that time.

In FY25, Kenton Jarvis and Jan De Raeymaeker were appointed CEO

and CFO respectively, each selected for their skills, experience and

the positive contribution of their diverse perspectives. Additionally,

Julie Chakraverty and Elyes Mrad joined the Board as Non-Executive

Directors, appointed on the same merit-based, diversity-aware basis

to bring fresh expertise and insight to our governance.

Identify suitable candidates based

on merit against objective criteria

and with due regard for the

benefits of diversity on the Board

including social and ethnic

background, cognitive and

personal strengths as well as

diversity of gender.

The Committee prioritises identifying candidates based on the role

profile required on the Board following discussion with the Board

members as well as considering diversity, social and ethnic

background. These requirements are briefed to the external

consultants to develop a role profile that suits our purposes,

including for the appointments undertaken in the year.

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COMMITTEE REPORTS (CONTINUED)

AUDIT COMMITTEE REPORT

AUDIT

COMMITTEE

REPORT

I am pleased to present the Audit Committee

Report for the year ended 30 September 2025.

The 2025 financial year has been a pivotal period

for the Committee, marked not only by successful

external audit transition planning and strengthened

financial controls, but also by a clear focus on driving

improvements in governance and risk oversight that

have enhanced the Group’s control environment.

Looking ahead, the Committee is proactively

preparing for the upcoming requirements of the

2024 UK Corporate Governance Code, particularly

Provision 29. We have begun embedding further

assurance processes over material controls, using

easyJet’s monitored financial control framework

as a blueprint to facilitate reporting pursuant to

Provision 29. We expect to be able to fully comply

with Provision 29 for the financial year ending

30 September 2027, as required.

FINANCIAL AND NARRATIVE REPORTING

The Committee continued to play a key role in

assisting the Board in its oversight responsibility and

monitoring the integrity of the financial information

for the benefit of our shareholders.

This has included challenging management on the

significant accounting judgements made in our

financial reporting, as well as reviewing the analysis

behind our going concern and viability statements

and considering the processes that underpin the

production of the Annual Report and Accounts.

The implementation of a monitored financial control

framework is complete and the ongoing assurance

this provides is now part of the regular reporting to

the Committee from management. This monitored

framework positions us well to make the disclosures

required by the revised Provision 29 of the 2024

UK Corporate Governance Code in our 2026–2027

financial year. We also reviewed the evolving corporate

governance reporting requirements, particularly

relating to non-financial reporting and the potential EU

Corporate Sustainability Reporting Directive (CSRD)

impact on our Malta and EU subsidiaries.

RISK MANAGEMENT AND INTERNAL

CONTROL

The Committee reviewed the effectiveness of the

system of internal control and risk management

and the process for identification and mitigation of

principal and emerging risks during the year. The

Committee maintained close oversight of our risk

landscape, including operations in Israel, potential

US tariff impacts, and broader macroeconomic and

geopolitical uncertainties. We are pleased to report

that no material control deficiencies were identified

during the year, reflecting the maturity of our control

environment and the effectiveness of our framework.

INTERNAL AUDIT

The Committee is responsible for reviewing the

robustness and effectiveness of the Group’s Internal

Audit function and regularly reviewed the Internal

Audit plan, reports on the work of Internal Audit

across different business areas and the resourcing

levels of the Internal Audit team. The Committee

concluded that the function continued to operate

effectively and provided valuable independent third

line assurance, reinforcing the first and second

line assurance activities across the business. No

significant gaps were identified during the year.

EXTERNAL AUDIT

Following the comprehensive external audit tender

completed in 2024, I am pleased to report that

the transition from PwC to Deloitte as our external

auditors from 1 October 2025 is proceeding

smoothly. PwC continues to deliver high-quality

audit services for the FY25 reporting cycle, whilst

we have commenced detailed handover protocols

with Deloitte to ensure continuity and knowledge

transfer ahead of FY26 interim reporting.

The Committee has overseen management’s

establishment of joint working groups and reviewed

transition progress against agreed milestones to

ensure a seamless handover.

To ensure critical matters get addressed at each

meeting, I meet with the CFO, senior members

of the Finance team and the External Audit team

before each meeting. After each Committee

meeting, I provide an update to the Board on the

key topics discussed during our meetings.

David Robbie

Chair of the Audit Committee

MEMBERS

David Robbie (Chair)

Catherine Bradley CBE

Sue Clark

Dr Detlef Trefzger (until 1 June 2025)

Elyes Mrad (from 1 June 2025)

All members of the Committee are Independent

Non-Executive Directors. Member biographies

can be found on pages 87 to 89.

The General Counsel & Company Secretary acts

as Secretary to the Committee and members of

the executive management are invited to attend

meetings. In addition, the Committee Chair holds

regular private sessions with the Chief Financial

Officer (CFO), senior members of the Finance

team, the Director of Risk Assurance & Finance

Transformation, the Head of Internal Audit, the

Group Financial Control Director and the External

Audit team, to ensure that open and informal

lines of communication exist should they wish to

raise any concerns outside formal meetings.

The Committee met five times in the year and

meeting attendance can be found on page 86.

The Committee’s terms of reference can

be found on the Company’s website at

corporate.easyJet.com

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COMMITTEE REPORTS (CONTINUED)

AUDIT COMMITTEE REPORT (CONTINUED)

KEY ACTIVITIES DURING THE YEAR

Financial and narrative reporting

• Full-year and half-year financial statements:

Reviewed the integrity of the 2024 and 2025

full-year results and 2025 half-year financial

statements and formal announcements relating

to the Group’s financial performance.

• Viability statement and going concern:

Reviewed the information, key assumptions

and stress-testing analyses underpinning the

Group’s viability statement and going concern

assessment for both the full-year and half-year

reporting periods.

• Significant accounting judgements: Reviewed

and challenged material areas where significant

judgements were applied in preparation of the

2025 full-year financial statements.

• Corporate governance compliance: Monitored

proposed approach for 2024 UK Corporate

Governance Code Provision 29 requirements

and implementation timeline for the 2026–2027

financial year.

• ESG and sustainability reporting: Received

updates on CSRD implementation requirements

for Malta and EU subsidiaries.

Risk management and internal control

• Risk framework oversight: Confirmed

adequacy and effectiveness of the Group’s risk

management systems through evaluation of risk

assessments and assurance plans.

• Financial control framework maturity: Oversaw

successful completion of COSO-aligned

monitored framework and embedding of Three

Lines of Assurance model.

• Principal and emerging risks: Conducted a

review of principal risks with particular emphasis

on evolving external events such as US tariff

implications, macroeconomic uncertainties

and the ongoing situation in Gaza, which has

implications for our operations in Tel Aviv. Also

reviewed a number of emerging risks to assess

whether they should be included in the principal

risk list.

• Digital and cyber security: Reviewed existing

and emerging digital safety risks and received

updates on the Group’s cybersecurity activities

and controls.

• Governance policies: Reviewed and approved

updates to the Group’s delegated authority

policy and the processes for third-party risk

management approaches.

Compliance, business integrity

and fraud

• Fraud prevention: Received updates on fraud

investigations, assurance over fraud risks and

reviewed the updated fraud risk register. Also

monitored our ability to comply with the ‘Failure

to Prevent Fraud’ law within the Economic Crime

and Corporate Transparency Act (ECCTA) which

came into effect in the UK on 1 September 2025.

• Business integrity programme: Reviewed the

‘Speak Up, Speak Out’ whistleblowing reports and

processes, and the enhanced fraud investigation

outcomes in preparation for ECCTA requirements.

• Compliance framework: Monitored Business

Integrity team activities on compliance and

standardisation of corporate policy frameworks

across the business.

Internal audit

• Audit plan delivery: Reviewed internal audit

reports, key recommendations and common

themes across audit activities with no material

gaps identified.

• Action tracking: Monitored status of outstanding

internal audit actions including direct updates

from action owners where appropriate.

• Function effectiveness: Assessed independence

and effectiveness of Internal Audit function through

performance reviews and stakeholder feedback.

• Planning and resources: Approved FY26 Internal

Audit Plan and budget allocation, ensuring

appropriate resourcing and risk coverage.

• Annual reporting: Approved FY25 Annual Report

of Internal Audit and Business Integrity activities,

highlighting key themes and improvements.

• Charter updates: Reviewed and approved

updated Internal Audit Charter reflecting

enhanced governance requirements.

External audit and transition

• Audit quality and performance: Reviewed PwC’s

audit approach, significant risks, areas of focus,

scope and materiality for FY24, confirming

continued effectiveness.

• Auditor independence: Assessed performance

and continued objectivity of external auditors,

including review of audit and non-audit fees

compliance with policy.

• Transition management: Oversaw management’s

establishment of PwC-Deloitte handover

protocols and monitored transition progress

against agreed milestones.

• Audit planning: Reviewed and agreed FY25 year-

end audit plan and approach with PwC team.

• Fee approval: Approved audit fees and reviewed

non-audit services to ensure compliance with

Non-Audit Services Policy.

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COMMITTEE REPORTS (CONTINUED)

AUDIT COMMITTEE REPORT (CONTINUED)

FINANCIAL AND NARRATIVE REPORTING

Significant judgements and estimates

The Committee focuses on maintaining the

integrity and quality of our financial reporting,

considering the significant accounting judgements

made by management and the findings of the

external auditors. The Committee assesses whether

suitable accounting policies have been adopted

and whether management has made appropriate

estimates and judgements through reviewing

and challenging accounting papers prepared by

management. The Committee also reviewed the

reports by the external auditors on the half-year

and full-year results, which highlighted any issues

arising from the work undertaken on the audit.

The significant issues considered in relation to the

financial statements are detailed across this page.

GOING CONCERN

LEASE REPURCHASING

Action taken by Committee

The Committee reviewed and challenged

management’s assessment of the base

case model, the downside forecast cash

flows, and the mitigating controllable actions

available. The review of the downside scenario

considered sensitivities to macro-economic

uncertainties, including a sustained downturn

in demand, and higher interest rates and fuel

prices, combined with operational disruption.

Outcome

Having considered and challenged these

downside scenarios and reviewed the

associated going concern disclosures in the

financial statements, the Committee was

comfortable with recommending to the Board

that it adopt the going concern basis of

preparation for these financial statements.

Action taken by Committee

Management exited eight lease agreements

during the year in order to purchase the

leased assets, thereby bringing eight aircraft

into ownership. As such transactions are

sporadic for easyJet and involve management

judgement on purchase price values and the

unwinding of leased aircraft accounting, details

of the accounting applied to the transactions

and the estimates made were presented to

the Committee.

Outcome

Having considered management’s accounting

approach and the supporting estimates

and judgements, the Committee was

comfortable that the approach taken was

correct and the carrying values of the assets

are appropriately recorded.

CARRYING VALUE OF ASSETS

OTHER KEY JUDGEMENTAL ACCRUALS, PROVISIONS, AND CONTINGENT LIABILITIES

Action taken by Committee

The Committee considered whether the

carrying value of goodwill, landing rights,

aircraft assets and investments in subsidiaries

held by easyJet should be impaired or

otherwise adjusted. The recoverable amount

has been determined based on value in use

calculations which relies on a number of key

estimates as described on pages 158 and 188.

The Committee addressed these matters by

challenging management on the sensitivities

performed on the calculation of the value

in use and other relevant information used

to support the carrying value of assets. The

Committee also reviewed the proposed

disclosures, including those for the plc entity

financial statements.

Outcome

Having assessed the forecast cash flows and

challenged management on the sensitivities

performed, the Committee was comfortable

with management’s assertion that no

impairment was required to the carrying value

of goodwill, landing rights, aircraft assets and

investments in subsidiaries. Further, the

Committee was comfortable that the

proposed disclosures were appropriate.

AIRCRAFT MAINTENANCE PROVISION

Action taken by Committee

The aircraft maintenance provision is the most

material provision on the consolidated statement

of financial position and the Committee therefore

reviews the provision at both the half-year and

the year end. The estimates and assumptions

used in the calculation of the provision are

reviewed at least annually by management,

and when information becomes available that

is capable of causing a material change to an

estimate, such as the renegotiation of end of

lease return conditions, increased or decreased

aircraft utilisation, or changes in the cost of

heavy maintenance services and the expected

uplift in future prices.

The Committee assessed these matters using

reports received from management which

detailed the drivers of key movements in

the provision, the basis for any revisions in

estimation which significantly impacted the

value of the provision and management’s

response to any audit recommendations.

Outcome

After reviewing management’s reports detailing

the drivers of key movements in the provision,

the Committee concluded that the year-end

maintenance provision was appropriately

valued and disclosed.

Action taken by Committee

The Committee reviewed and challenged the level and calculations of key accruals, and provisions

which use assumptions and estimates in their valuation and are judgemental in nature, and considered

the appropriate disclosures. Key matters in the year were the recognition of obligations under the

European ETS, estimations applied to customer claims and revenue management resulting from flight

delays and cancellations, and the provision for legal liabilities. The Committee also considered the

appropriateness of the recognition of contingent liabilities as at the year end.

Outcome

The Committee was comfortable with the quantum of these items and considered the associated

disclosures to be appropriate.

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COMMITTEE REPORTS (CONTINUED)

AUDIT COMMITTEE REPORT (CONTINUED)

REPORTING CONTROLS

Management is responsible for maintaining

adequate internal control over the financial

reporting of the Group. Our monitored financial

control framework, now fully aligned with COSO

principles and embedding our Three Lines of

Assurance model, provides strengthened oversight

and assurance. A summary of the Group’s financial

results and commentary on performance measures

is provided to the Board each month. Controls in

place over financial data include review meetings

on key balances and commentary on variances

to forecast and prior periods. On a monthly basis,

senior management, including the Group Financial

Control Director, Director of FP&A, and the CFO,

review the management reporting packs.

The Annual Report and Accounts are produced

by the Group Financial Control team based on

submissions from individual teams across the

business including Investor Relations, Finance,

HR, Company Secretariat, and Risk & Assurance.

The report contributors are required to maintain

supporting evidence for their submissions and

ensure they are reviewed. The figures are validated

by the Group Financial Control team. Senior

members of the Finance team, including the CFO

and the Group Financial Control Director, meet with

the Committee to present key events and discuss

areas of judgement or in-depth presentations on

significant areas.

The Finance team has regular proactive

conversations with both PwC and Deloitte on

topics which are of audit relevance and to support

a smooth audit transition process. The external

auditors perform audit procedures and challenge of

the Annual Report and Accounts and present their

findings to the Committee.

The Committee has reviewed the Group’s going

concern and viability statements and considered

the thorough assessment reports prepared by

management in support of these statements. The

going concern and viability statement section

on pages 71 and 72 provides details of the base

case and downside scenarios applied in assessing

the appropriateness of this statement and the

Committee provided robust challenge of the

assumptions applied by management as part of

this assessment.

The Committee continues to conclude that the

time period of three years used to assess the

Viability Statement remains appropriate.

Based on these assessments and the maturity of

our control environment, the Committee confirmed

that the application of the going concern basis

for the preparation of the financial statements

continued to be appropriate and recommended

the approval of the Viability Statement. No material

control weaknesses were identified during the

year, reflecting the effectiveness of our enhanced

financial control framework.

FAIR, BALANCED AND UNDERSTANDABLE

The Committee conducted a comprehensive

assessment and recommended to the Board that,

taken as a whole, the 2025 Annual Report and

Accounts (which the Board subsequently approved)

is fair, balanced and understandable, and provides

the necessary information for shareholders to assess

the Group and Company’s position and performance,

business model and strategy. In reaching this

conclusion, the Committee critically considered the

overall review and confirmation process around the

Annual Report and Accounts including:

• The input of subject matter experts, the AMB and

other senior management and, where applicable,

the Board and its Committees.

• The processes and controls which underpin the

overall review and confirmation process, including

the preparation, control process, verification of

content and consistency of information being

carried out by internal financial controls specialists.

• Ensuring key messages are clearly summarised

and reflect the Group’s performance as a whole,

as well as provide stakeholders with clear, concise

and transparent disclosures.

• Review of the Annual Report and Accounts held

by senior management and other subject matter

experts to focus solely on the reporting being

fair, balanced and understandable.

The Committee was provided with the opportunity

to review and comment on iterations of the

draft copy of the Annual Report and Accounts.

In carrying out the above assessment, key

considerations included ensuring that there was

consistency between the financial statements and

the narrative provided in the front half of the Annual

Report, and that there was an appropriate balance

between the reporting of weaknesses, difficulties

and challenges, as well as successes, in an open

and balanced manner, including linkage between

key messages throughout the document.

FINANCIAL REPORTING COUNCIL

ENGAGEMENT

During the year, the Financial Reporting Council’s

(FRC) Corporate Reporting Review team included

the Company’s 2024 Annual Report and Accounts

within its thematic review of share-based payment

disclosures. The FRC carried out a limited-scope

review and confirmed that it had no questions or

queries to raise with the Company. The thematic

review findings were published by the FRC in

October 2025 and will be considered when

preparing future Annual Reports and Accounts.

NON-FINANCIAL REPORTING

The ESG reporting landscape continued to be an area

of significant regulatory development and strategic

focus during the year. In May 2025, the Committee

received a comprehensive update on the Corporate

Sustainability Reporting Directive (CSRD) and noted

the extension of reporting deadlines for most EU

companies to 2027, and the proposed simplification

of the legislation which is under regulatory

consideration. The Committee will continue to monitor

these developments going forward.

The Committee has also monitored preparations for

the Economic Crime and Corporate Transparency Act

(ECCTA) requirements effective from 1 September

2025, overseeing enhancements to our business

integrity programme and compliance frameworks.

Our Task Force on Climate-related Financial

Disclosures (TCFD) continue to evolve and are

set out on pages 57 to 61, reflecting our ongoing

commitment to net zero objectives and climate risk

integration into financial planning.

The Non-Financial and Sustainability Information

Statement on pages 73 and 74 and Streamlined

Energy and Carbon Reporting (SECR) in alignment

with the greenhouse gas protocol on page 45

demonstrates our continued progress in transparent

sustainability reporting.

The Committee confirms that appropriate

governance and control frameworks are in place to

support the integrity of our non-financial reporting

as regulatory requirements continue to expand,

positioning easyJet for compliance with emerging

sustainability reporting standards.

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COMMITTEE REPORTS (CONTINUED)

AUDIT COMMITTEE REPORT (CONTINUED)

RISK MANAGEMENT AND

INTERNAL CONTROL

The Board as a whole, including the Committee

members, considers the nature and extent of

easyJet’s risk appetite that is acceptable to achieve

the Group’s strategic objectives and for ensuring

that an appropriate culture has been embedded

throughout the organisation. The Committee has

reviewed the work undertaken by management

on the assessment of the Group’s emerging

and principal risks, including their impact on the

prospects of the Group. Details about our corporate

risk framework, together with principal and

emerging risks, can be found on pages 63 to 70.

Last year, Provision 29 of the 2024 UK Corporate

Governance Code was revised to require the Board to

provide a declaration of effectiveness of the material

controls as at the balance sheet date. It specifically

states that the Board’s monitoring and review

should cover all material controls, including financial,

operational, reporting and compliance controls.

Revised Provision 29 does not apply to easyJet

until our financial year ending 30 September 2027,

however, the management team are already putting

in place processes to ensure that easyJet will be able

to comply with the new reporting requirements.

The monitoring framework has now been

completed for the financial controls framework

and is based on a ‘Three Lines of Assurance’

model. First-line assurance is obtained throughout

the year through attestation from the business

control operators that their control(s) operated

correctly at the appropriate time. Any notified

control deficiencies are followed up by the Financial

Control Assurance team with the control operator

concerned to ensure that an appropriate remedy

can be put in place in a suitable timeframe.

Attestation results for controls operated at

30 September 2025 indicated no material financial

control deficiencies.

Second-line assurance is then achieved through

independent verification by the Group’s Financial

Control Assurance team of a sample of the financial

controls tested throughout the year, including

a sample of controls operating at the year end.

Third-line assurance is obtained by the Internal

Audit team conducting cyclical reviews of key

processes and testing significant controls as part

of their audit work. The results obtained from the

three lines of assurance are reported to the Audit

Committee regularly throughout the year, including

at the year end, and the Audit Committee concur

with management’s view that there have been no

material financial control deficiencies at the year end.

This ‘Three lines of assurance’ model of a monitored

control framework now gives us a robust blueprint

to enhance the effectiveness assessment of

operational, reporting and compliance controls

specified by the revised Provision 29.

easyJet’s system of internal controls, along with

its design and operating effectiveness, is subject

to review by the Committee, which in FY25 has

been achieved through reports received from

management along with those from both internal

and external auditors. Any control deficiencies

identified are followed up, with action plans tracked

by management and reported to the Committee.

As a result of this annual review of the effectiveness

of the risk management and internal control

systems, which the Committee undertakes on

behalf of the Board, it is considered that the Board

has fulfilled its current obligations under the Code.

COMPLIANCE, WHISTLEBLOWING

AND FRAUD

Building on the foundation established in previous

years, the Committee continued to receive

regular updates on the Group-wide compliance

and assurance framework throughout FY25 with

enhanced focus on fraud following the introduction

of the new ‘Failure to Prevent Fraud’ offence

effective from 1 September 2025. This framework

includes a standardised approach to managing

and assuring all policies across the organisation

(the Group-wide Corporate Policy Management

Framework) and continued development of a

robust process for identifying and managing

supplier compliance with our policies (the Supplier

Relationship Management Framework). These

elements ensure consistent application, clear

ownership and efficient monitoring of policies, and

will enable mitigation of potential risks associated

with non-compliant suppliers.

Demonstrating its commitment to ethical conduct,

the Group maintains a robust whistleblowing

mechanism called ‘Speak Up, Speak Out’ (SUSO).

This empowers employees and third parties to

confidentially raise concerns, fostering a culture

of openness and accountability in line with the

Code requirements. The Board and Committee

receives regular reports on SUSO’s effectiveness.

The Committee assists the Board in ensuring

that adequate arrangements are in place for the

proportionate and independent investigation of

such matters and for appropriate follow-up action,

with trends being regularly reported to the Board.

Furthermore, the SUSO mechanism offers

multilingual support and benefits from independent

oversight by the Head of Internal Audit and

management oversight by the Business Integrity

Committee, which guarantees fair outcomes,

identifies root causes of concerns, and implements

corrective actions. Any matters of significance are

reported to the Committee and the Board, along

with a comprehensive full-year report.

The Committee was pleased to note the continued

effective use of SUSO channels in FY25, with 346

cases received and appropriately investigated. All

reports were acknowledged, triaged to relevant

areas of the business, and investigated where

appropriate, demonstrating the continued maturity

of our business integrity programme.

To ensure mitigation against fraud risks,

management successfully launched the enhanced

fraud investigation framework across the Company

during FY25, supported by an expanded Revenue

Protection team with dedicated resource able to

conduct investigations across the Group and run

exception reports to proactively identify potentially

fraudulent activities. The Committee received

regular updates on anti-fraud activities throughout

FY25 including the refreshed Anti Bribery and

Corruption Risk Assessment. The Committee

has been kept up to date with changes to fraud

legislation and our comprehensive approach to

meeting these evolving requirements.

INTERNAL AUDIT

The Committee is responsible for overseeing

the work of the Internal Audit function, which

provides independent and objective assurance to

management, the Committee, and the Board on

the effectiveness of the Group’s risk management

and internal controls. The purpose, scope and

authority of Internal Audit is defined within

its charter which is approved annually by the

Committee. To safeguard independence, the Head

of Internal Audit has a dual reporting line into the

Chair of the Audit Committee and the CFO and

can meet privately with the Committee without

management. External providers continue to be

employed where specific skills are required.

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COMMITTEE REPORTS (CONTINUED)

AUDIT COMMITTEE REPORT (CONTINUED)

The Committee reviews and approves the scope

of the Internal Audit annual plan and resourcing

levels, maintaining a continued focus on financial

processes and controls, including oversight of

the Finance Transformation Project from FY26.

It also reviews ongoing enhancements to the

audit methodology.

Members have access to detailed Internal Audit

reports, and the Committee assesses their

quality while reviewing management’s actions

to address findings through strengthened

tracking mechanisms.

At each meeting, the Committee receives

updates on progress against the Internal Audit

annual plan and on the status of the closure of

recommended actions. The Committee also reviews

all audits with limited assurance in detail, including

management’s responses and action plans, and

considers stakeholder feedback on the quality

and effectiveness of Internal Audit work.

INTERNAL AUDIT EFFECTIVENESS

Following the independent External Quality

Assessment (EQA) conducted by Forvis Mazars

in the previous year, the Committee monitored

implementation of the agreed action plan

throughout FY25. One such recommendation,

the greater utilisation of Internal Audit expertise in

strategic change initiatives, has been successfully

embedded within the function, for example, now

providing enhanced oversight of the Finance

Transformation project from FY26, which aims

to improve efficiency through robust data and

standardised processes.

The Committee conducted its annual assessment

of Internal Audit effectiveness during FY25,

considering audit plan delivery, quality of reports

and recommendations, stakeholder feedback,

and professional development. The assessment

confirmed that the function continues to evolve

in line with best practice, with improved strategic

contribution while maintaining independence

and objectivity.

The Internal Audit function has successfully adapted

to support easyJet’s transformation agenda while

maintaining robust assurance over traditional

risk areas. This was achieved through enhanced

collaboration with management on emerging risks,

particularly around technology transformation and

has demonstrated the function’s strategic value

while preserving independent challenge.

Taking all these elements into account, the

Committee concluded that the Internal Audit

function was an effective provider of assurance

over the Group’s risks and controls, and appropriate

resources were available as required.

EXTERNAL AUDIT

The Committee has a primary responsibility of

overseeing the relationship with the external

auditors, including assessing their performance,

effectiveness and annual independence,

managing the transition from PwC to Deloitte, and

making recommendations to the Board on their

appointment, reappointment and removal. PwC

continues as external auditors for FY25 conducting

the statutory audit and expressing an opinion on

the Group’s financial statements.

During the year, PwC presented the strategy and

scope of the FY25 audit as well as the areas of

focus, providing an opportunity for the Committee

to monitor progress and raise questions. PwC

shared insights and feedback with management

and refined the planned audit approach for the

financial year ended 30 September 2025. The

external audit plan and the fee proposal of £1.7

million for the financial year (2024: £1.7 million) was

prepared by PwC and presented to the Committee

for consideration and approval.

EXTERNAL AUDITOR EFFECTIVENESS

The Committee remains focused on ensuring the

external auditors deliver a high-quality audit and

play an essential role in overseeing the Group’s

relationship with both the current and incoming

external auditors to ensure their independence, the

quality of the external audit process and provide

challenge where necessary.

The Committee has regular engagement with

PwC, including meetings without any member

of management being present. It also assesses

the effectiveness, independence, objectivity, and

quality of the external auditors by reviewing, among

other things:

• The audit approach and planning process for the

delivery of efficient and effective audit, areas of

focus, scope and level of audit fees.

• Quality of the external auditors’ plans and reports, in

particular those summarising audit work performed

to address significant risks and critical judgements

identified, and detailed audit testing thereon.

• Key accounting and audit judgements and

how the external auditors have challenged

management in reaching a conclusion.

• Reviewing the findings from the audit, or

management letter, and other communications

with the Committee, to assess whether it

is based on a good understanding of the

Company’s business.

• Reviewing and discussing FRC audit quality

inspection reports where relevant.

• Assessing the quality, knowledge, and expertise of

the audit team, the nature of their interactions with

management and Committee members, and the

culture and independence that they display.

The Committee was satisfied that the agreed

audit plan had been met and that the external

audit process had provided appropriate focus to

those areas identified as the key risk areas to be

considered, and that the auditors had challenged

management as part of the process. The audit

had also continued to address the areas of

significant accounting estimates. On this basis,

and considering the views of senior management,

including the CFO and Group Financial Control

Director (including the quality of interaction

between the audit partner and senior members of

the audit team and the Company) the Committee

concurred that the external audit had been

effective and was of a high standard.

EXTERNAL AUDITOR INDEPENDENCE

AND OBJECTIVITY

The Committee also assesses the independence

and objectivity of the external auditor through the

assurances provided by the external auditors on

their independence, challenges to management on

significant accounting judgements and professional

scepticism. In addition, oversight of the Non-Audit

Services Policy and level of fees paid, as well as

employment of former PwC employees, are also

considered in determining the independence of the

external auditors.

PwC confirmed compliance with UK regulatory and

professional requirements, including the ethical

standard issued by the FRC, and the assurance that

all of PwC’s partners and staff are independent of

any links to the Group.

To preserve objectivity and independence, the

external auditors do not provide consulting services

to the Group, unless this is in compliance with the

Group’s Non-Audit Services Policy which reflects the

applicable audit regulations and the FRC’s Revised

Ethical Standard on permitted services.

1). Substantial: Controls are effective, providing reasonable

assurance that risks are appropriately managed.

2). Adequate: Controls are generally effective, though minor

improvements are required.

3). Limited: Controls are weak, with limited assurance that

risks are adequately managed.

Internal audit ratings for FY25

Substantial assurance 6

Adequate assurance 13

Limited assurance 4

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COMMITTEE REPORTS (CONTINUED)

AUDIT COMMITTEE REPORT (CONTINUED)

The Non-Audit Services Policy sets out the

categories of non-audit services and related

approvals required, and those non-audit services

which the auditors are prohibited from undertaking.

Certain audit-related non-audit services (such

as reporting on regulatory returns) are deemed

pre-approved by the Committee but only up to a

value of £100,000. Other non-audit services require

approval by the Committee as set out in the Policy.

An additional protection is provided by way of a

non-audit services fee cap.

The Policy also covers the approach around hiring

former external audit employees to avoid any

conflict of interest and to protect external auditor

independence. This Policy is available to view on the

Company’s website at corporate.easyJet.com

The Committee, or the Company, may not approve

an engagement of the external auditors if annual non-

audit services fees would exceed 70% of the average

audit fees (not including fees for audit-related services

or for services required by regulation) charged in the

previous three financial years.

During FY25, PwC undertook non-audit services

totalling £0.3 million, as set out in note 3 to the

financial statements. These fees were within the

Policy limits and comprised audit-related services of

£0.2 million (principally half-year review) and other

assurance services of £0.1 million.

AUDIT COMMITTEES AND

THE EXTERNAL AUDIT

Minimum standard

This Audit Committee Report describes how the

Audit Committee has complied with each of the

provisions of the Minimum Standard during the

year (the ‘External Audit’ section of this report). An

explanation of the Group’s accounting policies is

provided on pages 150 to 157.

There were no shareholder requests for certain

matters to be covered in the audit during the year

and there were no regulatory inspections of the

quality of the Company’s audit.

CMA order

The Company confirms that it has complied with

the provisions of the Statutory Audit Services for

Large Companies Market Investigation (Mandatory

Use of Competitive Tender Processes and Audit

Committee Responsibilities) Order 2014 relating to

tendering and non-audit services.

EXTERNAL AUDIT TRANSITION

Ahead of Deloitte’s appointment as external

auditors in respect of FY26 (subject to approval

at the upcoming AGM), the Committee has

focused on ensuring a seamless and well-managed

transition. The Committee has been provided

with reports detailing management’s work with

Deloitte and PwC to facilitate comprehensive and

timely knowledge transfer. Transition activities

have focused on critical areas including accounting

policies, key judgements, and business processes to

safeguard audit continuity and quality.

During FY25, Deloitte commenced shadow audit

activities including attendance at the May 2025,

September 2025 and November 2025 Committee

meetings, review of significant operational and

financial areas, and familiarising themselves with

easyJet’s control environment ahead of their formal

appointment. The Committee has closely monitored

these shadow audit activities to ensure Deloitte’s

readiness and alignment with the Group’s risk and

governance frameworks.

Regular progress reviews against agreed transition

milestones have been undertaken by the Committee

throughout the year. Deloitte have provided

frequent updates on the effectiveness of handover

processes, enabling the Committee to confirm that

the transition is on track and that audit quality and

independence will be maintained throughout this

critical period. The Committee remains committed

to overseeing this transition rigorously to protect

shareholder interests and uphold the highest

standards of external audit governance.

PREPARING FOR THE 2024 UK CORPORATE

GOVERNANCE CODE

The Committee is committed to ensuring

compliance with the requirements of the 2024 UK

Corporate Governance Code, effective from FY26

(with the exception of Provision 29 which applies

to the Company for FY27). To support this, the

Committee will continue to review and provide

oversight of:

• Developing enhanced assurance processes

over material controls to enable the disclosures

required under Provision 29.

• Strengthening risk appetite governance frameworks

with clearer Board oversight and reporting.

• Continuing skills and knowledge development to

address emerging governance challenges.

• Enhancing engagement with management,

internal audit, and auditors to support evolving

oversight responsibilities.

These proactive measures underpin the Committee’s

commitment to upholding best-in-class governance

and delivering value to shareholders.

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COMMITTEE REPORTS (CONTINUED)

FINANCE COMMITTEE REPORT

FINANCE

COMMITTEE

REPORT

I am pleased to present the Finance Committee

Report for the year ended 30 September 2025.

This report provides an outline of the key activities

of the Committee during the year in overseeing the

Group’s treasury operations and funding activities.

The Committee provides oversight by reviewing

and monitoring the Group’s liquidity and hedging

approach, treasury activities and associated risks

in this area. The Committee is also responsible for

reviewing and recommending to the Board any

financing arrangements that may be appropriate

for the Company to enter into, including aircraft

financing. In doing so, it assists the Board in the

effective discharge of its duties in relation to

balance sheet considerations, financing options and

treasury arrangements.

During the year, the Committee continued to focus

on ensuring the Company’s approach to hedging

and treasury strategies remained appropriate. As

part of this oversight, the Committee receives a

report on the Company’s liquidity, hedging, balance

sheet and operational positions along with an

executive summary of key financial activity during

the period in advance of every meeting.

In addition, during the year, the Committee also

approved the Company’s annual Euro Medium

Term Note (EMTN) Programme refresh, the Treasury

Risk Management Strategy, the refinancing of

the new $1.7 billion Revolving Credit Facility (RCF),

the entering into of Japanese Operating Leases with

Call Options (JOLCOs) for three A320neo aircraft, and

approved the updates on the Group’s and easyJet

holidays’ hedging and cash investment policies.

After each Committee meeting, I presented an

update to the Board on the key issues discussed

during our meetings.

Catherine Bradley CBE

Chair of the Finance Committee

MEMBERS

Catherine Bradley CBE (Chair)

Julie Chakraverty (from 27 January 2025)

Harald Eisenächer

David Robbie

All members of the Committee are Independent

Non-Executive Directors. Member biographies

can be found on pages 87 to 89.

The General Counsel & Company Secretary acts

as Secretary to the Committee, and members

of the executive management and other non-

executive members of the Board are invited to

attend meetings.

The Committee met four times in the year and

meeting attendance can be found on page 86.

The Committee’s terms of reference can

be found on the Company’s website at

corporate.easyJet.com

COMMITTEE ACTIVITIES DURING

THE YEAR

November 2024

• Review of easyJet Group hedging principles

and policies

• Approval of easyJet holidays’ hedging policy

• Historical review of easyJet’s jet fuel hedging

policy performance

• Approval of the Capex hedging policy

February 2025

• Approval of the EMTN refresh programme

• Approval of the RCF and UKEF refinancing strategy

and targets

• Approval of the updated jet fuel and FX

hedging policies

May 2025

• Deep dive into the Group’s FX positions and related

hedging policies

• Update on the treasury risk management strategy

• Approval of JOLCOs

• Aviation insurance renewal update

September 2025

• Approval of updated cash investment strategy

• Review of historical discretionary hedging

performance and principles

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COMMITTEE REPORTS (CONTINUED)

FINANCE COMMITTEE REPORT (CONTINUED)

COMMITTEE ROLE AND ACTIVITIES

IN THE YEAR

Liquidity

The Committee continued to monitor the

Company’s liquidity during the year, including where

cash balances were held. easyJet has a clear policy

of holding liquidity of at least Unearned Revenue

plus £500 million which protects customers’

money and creates a buffer for shock events. The

Committee received regular updates to ensure that

the Company was forecasting liquidity in excess

of its policy after considering future cash flows,

including debt maturities and capital expenditure.

In addition to monitoring the Company’s liquidity

headroom, the Committee actively reviewed the

returns on investment for the Company’s cash and

ensured the investment decisions were in line with

the Committee’s risk appetite.

Hedging

easyJet seeks to mitigate cash flow and P&L

volatility by hedging its largest commodity and

currency exposures. The Committee actively

monitors the Company’s hedging activity and

undertakes robust reviews of the hedging policies

while ensuring these policies are benchmarked

appropriately. During the year, the Committee

reviewed the easyJet holidays, Capex and jet fuel

hedging strategies, along with a review of the wider

principles of hedging across the Group.

Funding and debt

During the year the Committee reviewed and

recommended to the Board the refresh of the

Company’s EMTN Programme, which had originally

been established in January 2016. The refresh of

the EMTN Programme allows easyJet to access a

diverse range of funding alternatives.

The Committee also reviewed easyJet’s undrawn

facility arrangements and approved management’s

recommendation to enter into a new Revolving

Credit Facility for $1.7 billion. This new facility

replaced the previous $1.75 billion UKEF facility and

the $400 million Revolving Credit Facility, both of

which have now been terminated. The new facility

provides easyJet with a more efficient financing

structure and reduces associated annual interest

charges by £8 million per year.

Aircraft

The Committee also considered wider fleet

financing options available to easyJet. The

Committee agreed with management that bond

issuances remained easyJet’s preferred source of

liquidity but other options would be considered

when making future financing decisions.

In May 2025, the Committee received an update

on the Japanese Operating Leases with Call

Options (JOLCOs) on three A320neo family aircraft

which had been approved by the Board in 2025.

As part of this update, the Committee reviewed

the economics of the transaction and approved

management’s approval to bring forward the

remaining transactions.

The Committee reviewed the Treasury Risk

Management Strategy and approved the proposed

changes to the policy in May 2025.

The Group finishes the year in a strong financial

position with a net cash position of £602 million

and a strong liquidity position of £4.8 billion.

Case study

Committee Deep Dive :

FOREIGN EXCHANGE POLICY

REVIEW

In May 2025, the Committee undertook a

comprehensive review of the Company’s

FX policies, assessing their robustness,

interdependencies and wider alignment with

industry benchmarks where applicable. This

deep dive involved mapping all FX policies and

FX exposures, historic and current approaches

to hedging, and assessed how they fit within

the broader financial framework.

The exercise provided the Committee with

a greater level of insight into the broader FX

approach of the Company and presented an

opportunity for them to actively challenge,

assess, and question all aspects of the FX risk

management strategy.

Following the review, key topics of discussion

were noted and have helped shape future

recommendations on risk management

strategies. The review has informed

approaches to general FX principles and

helped to ensure these remain aligned to the

Board’s risk appetite.

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COMMITTEE REPORTS (CONTINUED)

SAFETY & OPERATIONAL READINESS COMMITTEE REPORT

SAFETY &

OPERATIONAL

READINESS

COMMITTEE REPORT

I am pleased to present the Safety & Operational

Readiness Committee Report for the year ended

30 September 2025.

During the year, the Committee undertook regular

reviews of operational and safety performance

data, KPI dashboards and assessments of existing,

emerging and focus risks to better understand the

evolving risk landscape. The Committee approved

the five-year Safety Plan and received updates on

operational resilience, life-cycle planning, disruptive

passenger trends, mental health, and wider

workforce updates. A rolling programme of deep

dives provided further insight into key elements of

the Safety Plan. In addition, the Committee received

regular briefings in respect of several high-profile

events that occurred within the aviation industry

during the year.

The Committee also received updates on Winter

2024 and Summer 2025 and reviewed operational

readiness and resilience across all areas, identifying

key risks, mitigations and action plans.

After each Committee meeting, an update was

presented to the Board on the key issues discussed

during the Committee meetings.

Following a review of the Committee’s remit, it was

agreed that its responsibilities would be broadened

to include oversight of Information Technology and

Digital risks, as well as an enhanced oversight of

easyJet holidays. Going forward, the Committee will

receive regular updates and reports on these areas,

and will provide a summary of its work in this regard

in next year’s report.

Harald Eisenächer

Chair of the Safety & Operational Readiness

Committee

MEMBERS

Harald Eisenächer (Chair from 1 June 2025)

Dr Detlef Trefzger (up to 1 June 2025)

Julie Chakraverty (from 27 January 2025)

Sue Clark

Ryanne van der Eijk

All members of the Committee are Independent

Non-Executive Directors. Member biographies

can be found on pages 87 to 89.

The General Counsel & Company Secretary acts

as Secretary to the Committee and attends

all the meetings, as does the Chief Operating

Officer and Director of Safety, Security &

Compliance. Other members of the executive

management team are invited to attend all

or part of the meetings as appropriate or

necessary, including the CEO, Director of

Operations Strategy & Planning, Director of

Flight Operations, Director of Engineering &

Maintenance and Head of Operational Risk &

Business Resilience.

The Committee met four times in the year and

meeting attendance can be found on page 86.

The Committee’s terms of reference can

be found on the Company’s website at

corporate.easyJet.com

COMMITTEE ACTIVITIES DURING

THE YEAR

November 2024

• Safety Plan 2025–2030

• Operational and Summer 2024 resilience

• Rostering and fatigue update

February 2025

• Extreme weather deep dive

• Disruptive passengers update

• Business continuity plan lifecycle

• Summer 2025 operational readiness

May 2025

• Safety promotion deep dive

• Pilot workforce update

• Washington collision initial findings

September 2025

• AI utilisation deep dive

• Initial findings on Air India event

• Update on Winter 2025/2026 operational readiness

• Update on fitness to operate

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COMMITTEE REPORTS (CONTINUED)

SAFETY & OPERATIONAL READINESS COMMITTEE REPORT (CONTINUED)

COMMITTEE ROLE AND ACTIVITIES

IN THE YEAR

Safety strategy

Our Safety Plan supports our promises to our

customers and our people and recognises that

safety is at the heart of everything we do. This

comprehensive Plan covers our operational safety,

health and safety, occupational health, compliance

and environmental protection. During the year,

the Committee reviewed and approved the new

FY25–FY30 Safety Plan and continued to monitor

progress made against it, as well as keeping track

of the longer-term deliverables.

Safety performance

The Committee oversaw the safety issues and

performance against the risk framework through safety

dashboards and trends. This allows the Committee

to understand easyJet’s safety performance in each

area of the business as well as highlight current and

emerging threats and risks at easyJet and the aviation

industry as a whole and actions taken to mitigate them.

Safety governance

To ensure that easyJet’s Safety, Security and

Compliance team was adequately resourced and

had the appropriate information to perform its

functions effectively and in accordance with the

relevant professional standards, the Committee

received regular reports from the Director of Safety,

Security & Compliance. These reports provided

assurance to the Committee on the Safety, Security

and Compliance programme. The Director of

Safety, Security & Compliance reports regularly to

the AMB, the Committee and the Board. He has

the right of direct access to the Committee Chair

and to the Chair of the Board, which reinforces the

independence of safety oversight.

Operational readiness

Operational readiness is key to delivering a safe,

efficient and reliable operation for easyJet’s winter

and summer schedule. The governance review of

the Committee’s role highlighted the importance

of the Committee receiving updates on operational

readiness on a regular basis to ensure resources,

infrastructure and processes were in place to deliver

an efficient operation.

As a result, the Committee received detailed

reports from the Chief Operating Officer on

seasonal planning, recruitment and training, fleet,

ground handling, engineering and maintenance as

well as specific base and air traffic control issues

and mitigations.

Seasonal resilience

The Committee reviewed the seasonal readiness

for Winter 2024 and Summer 2025 to ensure

tasks across all departments were on schedule,

and that cross-departmental communications

were in place to deal with issues faced during the

previous seasons, for example ensuring disruption

mitigations were in place for expected ATC delays

and airspace restrictions.

During the winter and summer season, the

Committee received regular updates on the

operational readiness and any action plans that had

been put in place during the period. The Committee

were kept updated with key operational indicators,

disruption reporting rates, safety outcomes and

incidents and any key drivers for increased reporting.

Global aviation incidents

The Committee received and reviewed regular

briefings on major incidents that occurred during

the year, including the initial findings on the Busan

Aircraft Fire, the Washington mid-air Collision and

the Air India Accident in Ahmedabad.

Case study

Committee deep dive

KEY ACTIVITIES IN THE YEAR

SAFETY LEADERSHIP

Following the approval of the 2025-2030 Safety

Plan, the Committee has been kept informed

of the strategic work underway to embed the

Plan within the organisation. This has been done

through regular deep dives throughout the year.

The Committee was presented with an update

on the Annual Safety Conference and the wider

work done within the organisation around Safety

Leadership and culture. The Committee was

briefed on the idea of Safety Habits – clear

repeatable behaviours that translate safety into

culture. In addition, the team built upon the

momentum of the Conference and launched

‘lunch and learn’ sessions focused on priority

risk areas.

These sessions provided the Committee with

a useful insight into the aspects of the Safety

Plan implementation process and afforded

members the opportunity to review, discuss and

understand what it looks like in practice.

DISRUPTIVE PASSENGERS

The Committee received an update on the rise

in disruptive behaviour at airports and on board,

including data on incidents and flight diversions.

The session covered the controls in place to

manage this risk and the actions being taken.

The Committee was briefed on the sanctions

available, including bans of up to a lifetime, and

the systems used to identify banned individuals.

Preventative measures were also discussed, such

as new crew training, updates to the Traveller

magazine and pre-flight messaging.

The session concluded with a review of further

actions under consideration, including body-worn

cameras and collaboration with other airlines.

The Committee agreed to continue monitoring

this issue.

AI UTILISATION

The Committee received an update on how

AI is being used to improve safety across the

Company’s operations. This included projects

that help spot risks earlier, speed up analysis, and

support better decision making.

Examples shared included AI tools that analyse

safety data to find patterns, help manage fatigue

risks, and support investigations into complex

safety events. The Committee also heard about a

new dashboard being developed to support crisis

response with real-time updates.

The Committee was assured that strong

governance is in place, with human oversight

built into all AI tools. Members agreed to continue

monitoring progress as these technologies are

developed and rolled out.

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DIRECTORS’ REMUNERATION REPORT

DIRECTORS’

REMUNERATION

REPORT

ANNUAL STATEMENT BY THE CHAIR OF THE

REMUNERATION AND PEOPLE COMMITTEE

I have been pleased to take on the role of Chair to

the Remuneration and People Committee this year. I

would like to thank my predecessor, Moni Mannings,

who chaired the Committee until 13 February 2025,

for her invaluable and thoughtful stewardship. We

have reviewed our Board meeting structure this

year and as a result expanded the scope of the

Remuneration Committee to consider broader people

related matters that were previously reviewed at our

Board meetings or other sub-committees, to ensure

that they receive the appropriate focus.

THE 2025 FINANCIAL YEAR

In our 2025 financial year we have delivered a

stronger performance, despite the airline profit

performance, particularly over winter, being

more challenging to improve than the rate we

originally anticipated. Pre-tax headline profit grew

to £665 million compared to £610 million for the

2024 financial year, up 9%. We flew 93.4 million

passengers, an increase of 3.7 million on 2024. We

continued to grow capacity with a 4% increase to

104 million seats on sale. easyJet holidays made a

significant contribution to the overall Group outcome

with a profit before tax (PBT) performance of £250

million, an increase of £60 million from 2024.

INCENTIVE OUTCOMES

Annual bonus

The FY25 annual bonus was based 30% PBT

performance, 10% on return on capital employed

(ROCE), 10% on profit per seat and 30% on a

balanced scorecard of key strategic targets

focused on cost, operational performance and

customer experience, aligning with our key priorities

for the year. The remaining 20% of the bonus

was based on individual performance including

measures linked to delivery of our strategic

initiatives, sustainability, balance sheet resilience,

and people and employee engagement.

The operation of the balanced scorecard element of

the bonus helps us to ensure that the bonus provides

an incentive to drive performance across a range of

key strategic and operational areas, whilst providing

flexibility for the Committee to determine that

payouts were fair, taking into account the underlying

performance and stakeholder experience.

Financial performance was ahead of FY24, although

airline profit delivery, especially through the winter

months, did not progress as quickly as we had initially

expected. Overall performance against the financial

metrics within the bonus (PBT at constant currency,

ROCE, and Profit per Seat) was between threshold

and target.

Within the balanced scorecard, the Group delivered

above maximum performance on the cost

programme target. Customer satisfaction (CSAT)

scores were also above stretch, reflecting the

customer-experience initiatives delivered across

the airline. Operational performance also improved,

with stronger on-time performance and higher

completion (non-cancellation) rates. We have

invested significantly in our operational teams and

processes to deliver improvements, and it has been

very encouraging to see this reflected in the results.

Where disruption occurred, this was mainly driven

by external factors outside the airline’s control.

In determining the annual bonus outcomes, the

Committee considered the financial and scorecard

results in the round, together with the performance

of the Chief Executive Officer (CEO) and Chief

Financial Officer (CFO) against their personal

strategic objectives (summarised on page 125).

Following this assessment, the Committee

determined an outcome of 48% out of 80% for the

financial and balanced scorecard elements, with no

discretion applied. Performance against personal

objectives for the Executive Directors was judged

as 17.1% out of 20% for Kenton Jarvis, reflecting his

exceptional transition into his CEO role and 12.5%

out of 20% for Jan De Raeymaeker.

The resulting bonus awards were £968,000 for

Kenton Jarvis (65.1% of maximum), and £405,226

for Jan De Raeymaeker (60.5% of maximum) with

one-third deferred into shares under the Deferred

Share Bonus Plan (DSBP). In accordance with the

terms of his leaving arrangements, Johan Lundgren

received a pro-rated bonus of £247,405 (60.5% of

maximum), payable entirely in cash. Further details

are provided on page 123.

The Committee considered these outcomes to be

appropriate in the context of overall performance

in the year and the experience of shareholders,

colleagues and customers.

MEMBERS

Sue Clark (Chair)

David Robbie

Harald Eisenächer

Ryanne van der Eijk

Julie Chakraverty

The Remuneration & People Committee consists

of Independent Non-Executive Directors, listed

on the left. Member biographies can be found on

pages 87 to 89.

The General Counsel & Company Secretary

acts as Secretary of the Committee. Other key

invitees include the Chief Executive Officer, the

Chief People Officer, the Reward Director, the

Chief Financial Officer and external advisers

as relevant.

The Committee met five times during the year.

Meeting attendance can be found on page 86.

The Committee’s terms of reference can

be found on the Company’s website at

corporate.easyJet.com

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DIRECTORS’ REMUNERATION REPORT (CONTINUED)

• 30% balanced scorecard (cost, customer

experience and operational performance)

• 20% assessment of individual objectives

The RSP will continue in the same form as last year.

On their appointments, Kenton Jarvis’ salary as CEO

was set at £800,000, and Jan De Raeymaeker’s

salary as CFO was set at £550,000. Both salaries

were set at a lower level than those of their

predecessors but were aligned with the experience

and deep knowledge of the transport and airline

sector that both individuals bring to their roles. The

Committee has reviewed the Executive Directors’

salaries and considered detailed data provided by

the Committee’s adviser (Korn Ferry), reviewing both

the FTSE 51 to 150 and sector benchmarks. The

Committee concluded that, while Kenton’s salary

had been appropriate at the time of his appointment

as CEO, his development in the role now warrants

a review to ensure alignment with the relevant

peer benchmark, consistent with our Directors’

Remuneration Policy. Accordingly, the Committee

elected to apply an increase to Kenton’s package

that is in line with the weighted average salary

increase across the workforce, of 5.31%, taking his

basic salary to £842,480 which will take effect from

1 January 2026. For Jan De Raeymaeker a review of

3% was approved by the Committee, taking his basic

salary to £566,500 from 1 January 2026.

WORKFORCE PAY AND ENGAGEMENT

Whilst the Committee closely reviews the approach

for executive reward, the Committee also considers

the wider remuneration arrangements within

easyJet to ensure that these are aligned with this

approach and the broader reward philosophy.

The Committee received a detailed update from

management on the developments in reward

strategy and its application across all employee

groups, including pilots, cabin crew, Management

& Administration (M&A) and Engineering. This

continues to provide the Committee with a wider

perspective on the Company’s approach to reward

to inform decisions around pay for Executive

Directors and the Airline Management Board

(AMB) members. The Committee also takes a close

interest in the position on gender pay at easyJet

and any actions taken and is also mindful of the

forthcoming EU Pay Transparency Directive and

how easyJet will ensure it is compliant.

cover additional costs incurred. The remuneration

details for both Kenton and Jan in their new roles

are summarised on pages 115 and 120.

DIRECTORS’ REMUNERATION POLICY

RENEWED AT THE 2025 AGM

In accordance with the mandatory three-year

period, we submitted a Directors’ Remuneration

Policy for shareholder approval at the 2025 AGM.

After careful consideration by the Committee

only minor changes were proposed to the existing

policy and I was pleased to see that the Directors’

Remuneration Policy was approved with 90.87%

shareholder support.

Whilst we did not make any significant changes at this

renewal, as the business and market practice evolves

the Committee continues to review the effectiveness

of the Directors’ Remuneration Policy, and particularly

the incentive plan structure. We greatly value our

shareholders’ perspectives, and I have spent some

time over this year meeting with a number of our

largest shareholders to understand their views on our

policy. I was very grateful for the open discussions

and the feedback I received, which has been

discussed at the Committee. The Committee will take

account of this feedback, the continued evolution

of remuneration within the UK market and our own

strategy over the coming year, and holds open the

possibility of returning to shareholders for a Directors’

Remuneration Policy vote at the 2027 AGM, one year

before the three-year requirement. Any proposals will

take full account of our strategy and be designed to

further improve performance and alignment with our

shareholders. We will, of course, continue to consult

with our shareholders in the event that significant

changes are proposed, to ensure alignment and

understanding with your views.

IMPLEMENTATION OF THE DIRECTORS’

REMUNERATION POLICY IN FY26

For FY26 the Committee intends to apply the

following measures and weightings to the annual

bonus. These are broadly consistent with those

operated in FY25, with some additional measures

applied in the balanced scorecard to assess cost

management performance

• 30% headline PBT at constant currency

• 10% headline ROCE

• 10% profit per seat

Restricted Share Plan 2022

Following the year end, the Committee assessed the

underpins attached to the Restricted Share Plan (RSP)

award made in December 2022. These underpins

were that easyJet does not fall below its minimum

liquidity target through the three-year performance

period (1 October 2022 to 30 September 2025), and

that there is satisfactory governance performance

including no ESG issues that result in material

reputational damage to the Company. The

Committee operated a third underpin requiring that

the Company’s performance as a whole could not

materially underperform what might reasonably be

expected for the sector for reasons attributable to

management action or inaction. The Committee

assessed the overall performance achieved over

the three-year period and determined that the

underpins had been met. The Committee also

holistically reviewed the value delivered to executives

over the vesting period relative to the experience

of shareholders, and concluded that this delivered

appropriate alignment. Accordingly, it was agreed that

the December 2022 RSP awards will vest in full.

BOARD CHANGES

Johan Lundgren stepped down as Executive Director

and CEO on 31 December 2024, Kenton Jarvis

(formerly CFO) succeeded Johan as CEO from

1 January 2025 and Jan De Raeymaeker commenced

as CFO with effect from 20 January 2025.

Johan remained employed until the conclusion of

his notice period on 16 May 2025, during which

time he was available to support the business

as required. Johan’s remuneration was treated in

accordance with easyJet’s shareholder approved

Directors’ Remuneration Policy and his service

contract. On reaching his retirement, Johan is

treated as a good leaver for the purpose of

incentives. Details of his remuneration terms on

departure can be found on page 122.

As previously detailed, Kenton’s and Jan’s

remuneration on their appointment were treated in

line with easyJet’s Directors’ Remuneration Policy.

Jan also received support for his relocation to the

UK from Belgium, as provided for in the Directors’

Remuneration Policy, in line with easyJet’s relocation

policy. This was provided through a combination of

access to Company-provided relocation, tax and

visa services and one-off financial allowances to

The Board takes its responsibilities to hear direct

feedback from our employees seriously. Members

of the Board met with employees on several

occasions during the year, in their capacity as

the Board’s Employee Representative Directors.

These meetings provide an opportunity for the

Board to hear directly from our employees to

understand the employee voice and bring that

back to inform our Committee deliberations. In my

role as Remuneration & People Committee Chair

I also personally met with the M&A Consultation

Group, which is a group of around 30 colleagues

from across the business who meet regularly to

provide feedback to management. This was a great

opportunity to hear directly from a range of more

junior colleagues on their thoughts and feedback on

the current remuneration approaches for executives

and other colleague groups and we agreed to do

this again in FY26.

Broadening the scope of the Committee to also

consider wider people matters, will enable a more

holistic view of the People strategy and activities,

and how this intersects with the Committee

considerations on remuneration. In addition to the

above engagement, regular meetings are held with

the Reward Director and the Chief People Officer

to discuss developments in reward over the year,

whilst structured meetings have also been held with

members of the AMB.

On behalf of the Committee, I would like to thank

shareholders for their continued support during

2025 and at the next AGM.

Sue Clark

Chair of the Remuneration & People Committee

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REMUNERATION AT A GLANCE

Reward principles Application in remuneration framework

SIMPLE AND

COST EFFECTIVE

To establish a simple and cost-effective

reward package in line with our

low-cost and efficient business model.

ALIGNED WITH

BUSINESS STRATEGY

To support the achievement of our

business strategy of long-term

sustainable growth and returns. The

combination of our annual bonus plan

based on a mix of financial, operational

and strategic targets and our long-term

Restricted Share Plan ensures that

value is delivered to shareholders and

that Executive Directors are rewarded

for the successful and sustained

delivery of the key strategic objectives

of the Group.

SUSTAINABLE

LONG-TERM SUCCESS

Total remuneration is weighted towards

elements which align with sustainable

long-term shareholder value creation.

This ensures that there is a clear link

between the value created for

shareholders and the amount paid

to our Executive Directors.

MINDFUL OF THE

WIDER STAKEHOLDER

EXPERIENCE

Notwithstanding the financial

performance of the business, overall

remuneration outcomes will be mindful

of the wider stakeholder experience to

ensure Executive Director remuneration

remains fair, responsible and

sustainable.

FIXED PAY

Salary Benefits Pension

CEO

£743k

(what they earned in FY25)

CFO

£388k

(what they earned in FY25)

• Life assurance

• Other insurances

• Travel expenses

Amount of salary

6.15%

Implementation for FY26: From 1 January 2026 Kenton Jarvis’ salary as CEO will be £842,480, and Jan De Raeymaeker’s salary as CFO will be £566,500. The approach to benefits

and pension will be aligned with the above.

ANNUAL BONUS

Kenton Jarvis CEO Maximum opportunity 200%

Jan De Raeymaeker CFO Maximum opportunity 175%

FY25 outcomes — 65.1% of maximum for the CEO and 60.5% for the CFO

Measure

Threshold

(10%)

Targ et

(50%)

Max

(100%) Actual % of max

Financial

Group Headline PBT at constant currency (£m) (30%) 610 710 810 679 3 7.6%

Return on capital employed (ROCE) (10%) 17% 19% 21% 18% 30%

Profit per seat (£) (10%) 5.87 6.84 7. 8 0 6.53 37.2%

Balanced scorecard (30%)

Cost

• Edge programme

• CASK vs competition

• Budget management

Cost programme performance

(savings delivered £m)

85 110 135 146.1 100%

Customer

• C SAT

• Overall customer experience

CSAT

76.2% 77% 7 7.8% 80.2% 100%

Operation

• Operational performance in FY25

• Number of disrupted customers

Completion

On-time performance

Assessment of absolute performance over the

full year and S25 and relative performance

against competitors 99.4% 100%

-1

Industry

Average 1 1.8 100%

Individual performance (20%)

Kenton Jarvis

Outcome based on assessment of

achievement against objectives

17.1% 17.1%

Jan De Raeymaeker 12.5% 12.5%

Implementation for FY26: No change to opportunity levels from FY25. Performance measures will be weighted at 50% financial, 30% balanced scorecard (cost, customer

experience and operational performance), 20% individual.

LONG-TERM INCENTIVES

December 2022

award vesting

assessment

RSP award

CEO: 100% of salary

CFO: no award

Three-year performance

period to September 2025

Two-year holding period

to December 2027

Underpins

• That easyJet does not fall below its minimum liquidity

target (such that a credit risk is triggered) through the

vesting period.

• That there is satisfactory governance performance,

including no ESG issues that result in material reputational

damage to the Company (as determined by the Board).

• That the Company’s performance taken as a whole does not materially

underperform what might reasonably have been expected for the sector

for reasons attributable to management action or inaction.

• It is the view of the Committee that there is no reason to consider that

the underpins have not been met for these awards, and these will vest at

100% in December 2025, subject to the two-year holding period that will

run to December 2027.

Implementation for FY26: Awards of 125% (CEO) and 100% (CFO) to be made in December 2025.

IMPLEMENTATION OF THE DIRECTORS’ REMUNERATION POLICY FOR FY26 (£000)

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£931,841

£2,827,421

£3,669,901

£4,196,451

100%

33%

25%

22%

Minimum

30% 37%

46% 29%

40% 38%

Mid

Maximum

Maximum with 50% share price increase

£618,888

£1,681,075

£2,176,763

£2,460,013

100%

37%

28%

25%

Minimum

29% 34%

46% 26%

40% 35%

Mid

Maximum

Maximum with 50% share price increase

DIRECTORS’ REMUNERATION REPORT (CONTINUED)

REMUNERATION AT A GLANCE (CONTINUED)

CEO (Kenton Jarvis)

ILLUSTRATION OF DIRECTORS’ REMUNERATION POLICY TIMELINES

ANNUAL BONUS

FY26 FY27 FY28 FY29 FY30 FY31

CASH AWARD

DEFERRED SHARE AWARD

RESTRICTED

SHARE PLAN

CFO (Jan De Raeymaeker)

Fixed

Annual bonus

RSP

Performance period

Holding/deferral period

Subject to malus and/or clawback

ROLE OF THE REMUNERATION & PEOPLE COMMITTEE

The key role of the Committee is to make recommendations to the Board on

executive remuneration packages and to ensure that the Directors’

Remuneration Policy and practices of the Company reward fairly and

responsibly, with a clear link to corporate and individual performance.

Key activities during the year

• Conducted a review for new remuneration advisors for the Committee, with Korn Ferry appointed

to replace Deloitte, who stood down from February following their appointment as easyJet

company auditors.

• Considered the voting and outcomes from shareholders at the AGM and any feedback received.

• Reviewed the feedback from the introductory sessions between the Committee Chair and

our largest shareholders and the implications of this for the future evolution of the Directors’

Remuneration Policy.

• Assessed the level of performance in respect of the bonus for the 2025 financial year,

and RSP awards granted in December 2022 and vesting in December 2025, to determine

appropriate payouts.

• Reviewed and considered the salary arrangements for the Executive Directors.

• Reviewed and approved the remuneration packages for the new AMB members.

• Reviewed the total packages and service contracts of the AMB and senior management.

• Considered the results and implications of the UK gender pay gap report and reviewed and

commented on recommendations to address the gap and challenges faced by the aviation sector.

• Reviewed and approved the all-colleague Performance Share Award made in April 2025 in respect

of the 2024 financial year results.

• Provided oversight on the broader remuneration framework for the wider workforce across

easyJet, in particular the approach to attract and retain key skills in the future across flight crew,

engineering and data and IT. This also enabled the Committee to understand the impacts on pay

for our employees as a result of the investments made through consultative agreements agreed

through FY25.

REMUNERATION & PEOPLE COMMITTEE KEY RESPONSIBILITIES

• To set the Directors’ Remuneration Policy for the Executive Directors and the Company’s Chair.

• To set the remuneration packages for the AMB and monitor the principles and structure of

remuneration for other senior management.

• To oversee remuneration and workforce policies and practices and take these into account when

setting the policy for Executive Directors and AMB remuneration to ensure that they remain

reasonable and appropriate in comparison with the wider workforce and external market.

• To consider the approach taken for performance management across easyJet.

• To approve the design of, and determine targets for, all colleague share schemes operated by

the Group.

• To provide oversight on the approach to managing talent and capability in easyJet.

• To oversee any major changes in colleague benefit structures throughout the Company or Group.

• To review and monitor the Group’s compliance with relevant gender pay reporting requirements.

• To understand and influence easyJet’s broader approach to diversity and inclusion, and

employee wellbeing.

• To assess that all incentives implemented are consistent with Company culture and purpose.

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DIRECTORS’ REMUNERATION REPORT (CONTINUED)

REMUNERATION AT A GLANCE (CONTINUED)

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DIRECTORS’ REMUNERATION POLICY

REMUNERATION STRUCTURE

The table below sets out the main components of easyJet’s Directors’ Remuneration Policy and a summary of how the Committee intends to implement this in FY26:

Element Summary of the Directors’ Remuneration Policy Implementation for FY26

Base salary

The Committee considers individual salaries at the appropriate

Committee meeting each year after having due regard to the

factors noted in operating the salary policy.

Salaries may be increased, and any increase will ordinarily be no

higher than those of the wider workforce (in percentage of salary

terms) though may be increased at higher rates in certain

circumstances. No recovery provisions apply to base salary.

The Committee has reviewed the salary for the Executive

Directors with effect from 1 January 2026 and agreed to increase

the CEO salary to £842,480 (5.31% increase) and the CFO salary

to £566,500 (3% increase). These increases are for the CEO in line

with the average increase for the wider workforce during 2025

and into 2026, which is equal to 5.31% and for the CFO in line with

the broader management population.

Benefits

Executive Directors are entitled to a combination of modest

benefits aligned to the market, such as life assurance and

other insurance arrangements, as well as a range of voluntary

benefits including the purchase of additional holiday.

Executive Directors are also eligible to participate in any

all-employee share plans operated by the Company, in line

with HMRC guidelines currently prevailing (where relevant),

on the same basis as for other eligible employees.

No recovery provisions apply to benefits.

No change

Pension

Defined contribution plan with the same monthly employer

contributions as those offered to eligible employees in the

wider UK workforce (i.e. up to 7% of base salary); or a cash

alternative to the same value, which will normally be less

the equivalent value of employer National Insurance

contribution costs at 6.15%.

No recovery provisions apply to pension.

No change

Annual bonus

Maximum opportunity of 200% of salary for CEO and 175% of

salary for other Executive Directors. One-third of the bonus

deferred into an award over shares for three years, pursuant to

the deferred share bonus plan. Deferral may be scaled back

(including to zero) where shareholding guidelines have been met.

The Committee may, at its discretion, adjust the level of bonus

payout if it considers that the payout would not reflect the

underlying performance of the executive, the Group, the

experience of shareholders, other stakeholders or if such a

level would not be appropriate in the circumstances. Safety

underpins all the operational activities of the Group, and the

bonus plan includes a provision that enables the Committee to

scale back the bonus earned (including to zero) in the event

that there is a safety event which it considers warrants the use

of such discretion. Malus and clawback provisions apply.

Maximum will remain at 200% of base salary for the CEO and

at 175% of base salary for the CFO. The FY26 annual bonus will

be based on 30% on profit before tax (PBT) performance, 10%

on return on capital employed (ROCE), 10% on profit per seat

and 30% on a balanced scorecard of key strategic targets

focused on cost, operational performance and customer

experience. The remaining 20% of the bonus will be based on

individual performance including measures linked to

sustainability, strategy, balance sheet resilience, and employee

engagement. The actual performance targets set for FY26

remain commercially sensitive and will be disclosed as

appropriate in next year’s Directors’ remuneration report.

The Directors’ Remuneration Policy was approved

by shareholders at the AGM on 13 February

2025, and can be found in full in the Directors’

Remuneration Report as contained within the 2025

Annual Report (and Accounts) on the Company

website: corporate.easyJet.com/investors/reports-

and-presentation

During FY24 the Committee undertook a detailed

review of our Directors’ Remuneration Policy and

aside from minor changes concluded that the

existing Directors’ Remuneration Policy continued to

support the execution of our strategy and created

long-term shareholder value. No changes have been

made to the Directors’ Remuneration Policy in FY25.

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DIRECTORS’ REMUNERATION REPORT (CONTINUED)

DIRECTORS’ REMUNERATION POLICY (CONTINUED)

Element Summary of the Directors’ Remuneration Policy Implementation for FY26

Restricted Share

Plan (RSP) award

The normal maximum face value of annual awards will be 125% of base salary for the

CEO and 100% of base salary for other Executive Directors. (With awards up to 150% of

salary eligible to be made in exceptional circumstances).

Three-year performance period plus two-year post-vesting holding period. Awards will

be subject to performance underpins measured over the performance period. Malus and

clawback provisions apply. The Committee may, at its discretion, adjust the vesting level of

an award if it considers that the vesting level would not reflect the underlying performance

of the executive, the Group, the experience of shareholders or other stakeholders.

Dividend equivalent awards may be made on RSP awards that vest and may assume

the reinvestment of dividends.

Awards of 125% of salary will be made to the CEO and 100% of salary for the CFO in

December 2025. The underpins for these awards are unchanged and will be:

• That easyJet does not fall below its minimum liquidity target through the performance period.

• Satisfactory governance performance including no Environmental, Social and Governance

(ESG) issues that result in material reputational damage to the Company (as determined

by the Board). If the Company does not meet one or more of the underpins the

Committee will consider whether it is appropriate to scale back the level of payout under

the award to reflect this.

The Committee will operate a further underpin such that if the Company’s performance,

taken as a whole, materially underperforms what might reasonably have been expected

for the sector for reasons attributable to management action or inaction, the Committee

will at its discretion reduce the award quantum appropriately.

Share ownership

To ensure alignment

between the interests

of Executive Directors

and shareholders.

The CEO and the CFO are required to build and maintain a holding equivalent to 250%

and 200% of salary, respectively. Executive Directors are required to retain 50% of the

post-tax shares vesting under the RSP and 100% of the post-tax deferred bonus shares

until the guideline is met.

No change

Post-employment share

ownership guideline

Executive Directors are required to hold up to 100% of their shareholding requirement for

two years after stepping down from the Board (or their total shareholding, if they have

not met their shareholding requirement at the date of stepping down from the Board).

No change

Non-Executive fees

The Chair is paid an all-inclusive fee for all Board responsibilities.

The other Non-Executive Directors receive a basic fee, with supplementary fees

payable for additional responsibilities including Board or Committee responsibilities.

Fee levels are reviewed on a regular basis, and may be adjusted, taking into account

factors such as the time commitment of the role, market levels in companies of

comparable size and complexity and any changes in the size and complexity of

the organisation.

From 1 January 2026 the fees for the Chairman and Non-Executive Directors will be

increased by 3%. In addition, the committee membership fee will be increased to £8,000

per committee.

Fees from 1 January 2026 are summarised below

January 2026 January 2025 % increase

Chairman £386,250 £375,000 3%

Basic fee for other Non-Executive Directors £73,250 £71,100 3%

Fee for Senior Independent Director role £25,750 £25,000 3%

Chair of the Audit, Safety & Operational Readiness,

and Remuneration & People Committees £17,4 60 £16,953 3%

Chair of the Finance Committee

£11,650

£11,302 3%

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£931,841

100%

£931,841

33%

£931,841

25%

£931,841

22%

£842,480

Minimum

30%

£1,053,100

37%

£1,684,960

46%

£1,053,100

29%

£1,684,960

40%

£1,579,650

38%

Mid

Maximum

Maximum with 50% share price increase

£618,888

100%

£618,888

37%

£618,888

28%

£618,888

25%

£495,688

Minimum

29%

£566,500

34%

£991,375

46%

£566,500

26%

£991,375

40%

£849,750

35%

Mid

Maximum

Maximum with 50% share price increase

DIRECTORS’ REMUNERATION REPORT (CONTINUED)

DIRECTORS’ REMUNERATION POLICY (CONTINUED)

ILLUSTRATION OF HOW MUCH THE EXECUTIVE DIRECTORS COULD EARN UNDER THE

DIRECTORS’ REMUNERATION POLICY

The charts below show how much the CEO and CFO could earn, through easyJet’s Directors’ Remuneration

Policy under different performance scenarios in the 2026 financial year. The following assumptions have

been made:

Minimum (performance below threshold) – fixed pay only (including the value of benefits received in

FY26), with no vesting under any of easyJet’s incentive plans.

Mid (performance in line with expectations) – fixed pay plus a bonus at the mid-point of the range (giving

50% of the maximum opportunity), plus 100% vesting of the Restricted Share Plan.

Maximum (performance meets or exceeds maximum) – fixed pay plus maximum bonus, plus 100% vesting

of the Restricted Share Plan.

Fixed

Annual bonus

RSP

The scenarios shown above do not include any dividend assumptions. It should be noted that since

the analysis above shows what could be earned by the Executive Directors based on the Directors’

Remuneration Policy described above, these numbers will differ to values included in the table on page 121

detailing the actual earnings by Executive Directors.

CEO (Kenton Jarvis) CFO (Jan De Raeymaeker)

Maximum plus 50% increase in share price (performance meets or exceeds maximum) – fixed pay plus

maximum bonus, plus 100% vesting of the RSP and easyJet’s share price increases by 50%.

Fixed pay comprises:

Salary – salary effective as of 1 January 2026 for Kenton Jarvis and Jan De Raeymaeker.

Benefits – amount receivable in the 2026 financial year.

Pensions – employer contributions and/or cash-equivalent payments receivable in the 2026 financial year.

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DIRECTORS’ REMUNERATION POLICY (CONTINUED)

UK CORPORATE GOVERNANCE CODE –

PROVISION 40 DISCLOSURES

When considering implementation of the

Directors’ Remuneration Policy for 2025, the

Committee was mindful of the UK Corporate

Governance Code and considers that the executive

remuneration framework appropriately addresses

the following factors:

• Clarity – the Committee is committed to

providing open and transparent disclosures

regarding our executive remuneration

arrangements.

• Simplicity – remuneration arrangements for

our Executives and our wider workforce are

simple in nature, in particular the use of the

RSP, and well understood by both participants

and shareholders.

• Risk – the Committee considers that the

incentive arrangements do not encourage

inappropriate risk-taking. Malus and clawback

provisions apply to annual bonus and RSP

awards, and the Committee has overarching

discretion to adjust formulaic outcomes to

ensure that they are appropriate.

• Predictability and proportionality – the RSP

provides outcomes in line with delivering

the strategy and minimises the potential

of unintended outcomes. Our Directors’

Remuneration Policy illustrates opportunity

levels for Executive Directors under various

scenarios for each component of pay.

• Alignment to culture – any financial and

strategic targets set by the Committee are

designed to drive the right behaviours across

the business. The RSP encourages our executives

to focus on making the right decisions for the

execution of our strategy and the creation of

long-term shareholder value.

SINGLE TOTAL FIGURE OF REMUNERATION FOR THE YEAR ENDED 30 SEPTEMBER 2025

The table below sets out the amounts earned by the Directors (audited).

£’000

Fees and salary Benefits

Bonus

RSP

Pension

Other

emoluments

Total

Total fixed Total variable

2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024

Executive Directors:

Kenton Jarvis

743 567 33 10 968 841 668 420 46 35 1 – 2,459 1,873 822 612 1,637 1,261

Jan De Raeymaeker

388 – 3 – 405 – – – 23 – 126 – 945 – 414 – 531 –

Johan Lundgren

203 803 13 57 247 1,362 962 747 12 49 – – 1,437 3,018 228 909 1,209 2,109

Non-Executive

Directors:

Sir Stephen Hester 367 340 – – – – – – – – – – 367 340 367 340 – –

Catherine Bradley

CBE 86 79 – – – – – – – – – – 86 79 86 79 – –

Julie Chakraverty

59 – – – – – – – – – – – 59 – 59 – – –

Sue Clark 115 93 – – – – – – – – – – 115 93 115 93 – –

Ryanne van der Eijk 79 68 – – – – – – – – – – 79 68 79 68 – –

Harald Eisenächer 87 68 – – – – – – – – – – 87 68 87 68 – –

Moni Mannings

OBE

32 84 – – – – – – – – – – 32 84 32 84 – –

Elyes Mrad

26 – – – – – – – – – – – 26 – 26 – – –

David Robbie 96 84 – – – – – – – – – – 96 84 96 84 – –

Dr Detlef Trefzger

60 84 – – – – – – – – – – 60 84 60 84 – –

1) Appointed to CEO on 1 January 2025.

2) Appointed Executive Director and CFO on 20 January 2025. The salary is from the date of his appointment as Executive Director and CFO.

3) Stepped down as an Executive Director and CEO on 31 December 2024 and remained with the business until the conclusion of his notice period on 16 May 2025 during which time he

received loss of office payments totalling £326,772 and benefits totalling £12,147. The figures included in the table above represent remuneration for services as an executive director during

FY25 only.

4) Appointed to the Board on 27 January 2025.

5) Stepped down from the Board on 13 February 2025.

6) Appointed to the Board on 1 June 2025.

7) Stepped down from the Board on 1 June 2025.

8) Benefits relate to the cost to the Company of life assurance and other insurance of £17,548 and a travel allowance of £15,000 for Kenton Jarvis , £3,306 for Jan De Raeymaeker and £13,196

for Johan Lundgren, who also received reimbursements for business-related travel expenses in respect of domestic car travel to the value of £5,908.

9) One-third of the annual bonus is satisfied via the grant of a nil cost option under the DSBP, vesting over three years. There are no performance conditions attaching to the DSBP award. The

award is subject to continued employment.

10) This value represents the vesting of the awards made in December 2022 that will vest in December 2025. For the purpose of this table, this award has been valued using the three-month

average share price to 30 September 2025 of £4.93, which will be restated in next year’s remuneration report once the share price on the date of vesting is known. No amount of the award

is attributable to share price appreciation. The 2024 total value figures have been restated using the actual share price at the date of vesting of £5.73 and include the value of accrued

dividend equivalents on RSP awards.

11) Kenton Jarvis received an annual pension contribution of £10,000 deposited into his pension account and a cash alternative to pension contributions which together total 6.15% of his base

salary, Jan De Raeymaeker and Johan Lundgren received a cash alternative to pension contributions equivalent to 6.15% of base salary. No Director who served during the year accrued any

other pension benefits.

12) For Kenton Jarvis, other incentives include the all-employee share plans. Awards do not have performance conditions attached. The value shown represents the difference between the

exercise price and the market value at the date of grant. For Jan De Raeymaeker, includes payments totalling £126,281 made for relocation support in line with the Company relocation policy,

details on page 131.

13) No clawback has been applied for FY25.

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PAYMENTS FOR LOSS OF OFFICE AND PAYMENTS TO PAST DIRECTORS (AUDITED)

Departure terms for Johan Lundgren

Johan Lundgren stepped down as an Executive Director and CEO on 31 December 2024, having served seven years as CEO. Details of Johan’s remuneration arrangements related to his departure are below and follow

the agreed policy and the arrangements outlined in last year’s Directors’ Remuneration Report.

Element Treatment

Notice

• Johan stepped down as an Executive Director and CEO on 31 December 2024 and remained with the business until the conclusion of his notice period on 16 May 2025,

during which period he was available to support the business and

continued to receive payment of salary and benefits. For details of amounts paid on notice refer to

footnote 3 on page 121.

Bonus

• Johan remained eligible for a FY25 bonus in respect of the period worked to 31 December 2024, subject to performance. The bonus of £247,405 earned was paid in

cash reflecting that Johan was no longer an employee at the payment date, so the Committee determined that it was appropriate not to require any payment of the

bonus to be in deferred shares.

Restricted Share Plan (RSP)

• No RSP was awarded in December 2024.

• Johan retains all outstanding RSP awards, subject to time pro-rating and retained his shareholding as at his Termination Date. Awards will vest at the normal time

subject to the assessment of performance underpins.

• Awards are subject to post-vesting holding requirement of two years.

Deferred Share Bonus Plan (DSBP)

• All outstanding share awards will remain capable of vesting at the normal time.

Performance (free) shares under SIP

• Transferred by the trustees after sale for tax within 30 days of cessation date.

Post-employment shareholding

• Johan is required to retain the company awarded shareholding which he held at the Termination Date, for two years after stepping down from the Board in respect of

shares received from incentive awards.

Other benefits

• Total of £25,000 paid for legal fees.

There were no other payments for loss of office or payments to past Directors.

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ANNUAL BONUS OUTTURN FOR PERFORMANCE IN THE 2025 FINANCIAL YEAR (AUDITED)

The measures selected for the FY25 annual bonus were aligned with the Group’s key priorities for the

year. The structure of the bonus remained unchanged from the prior year and comprised 50% financial

measures, consisting of 30% Profit Before Tax (PBT) at constant currency, 10% Return on Capital Employed

(ROCE) and 10% Profit per Seat.

A further 30% of the bonus was based on a balanced scorecard of Group performance indicators,

including cost control, customer experience and operational performance and the balance of 20% was

based on individual performance, including objectives relating to strategy, sustainability, balance sheet

resilience and employee engagement.

Financial year 2025 was a year of continued growth despite the airline profit performance, particularly

over winter, being more challenging to improve at the rate we originally anticipated. Headline profit before

tax (at constant currency) was £679 million, an improvement on FY24 although below the target set for

the year. Operational performance improved on FY24, with stronger on-time performance and higher

completion (non-cancellation) of flights, and customer experience also strengthened with customer

feedback scores reaching the highest level in a decade. These results reflect the focus and investment

undertaken across these areas during the year.

In assessing the 20% personal performance element of the plan, the Committee reviewed the Executive

Directors’ performance against their individual strategic objectives, as well as their broader contribution to

the business. Performance against personal objectives for the Executive Directors was judged as 17.1% out of

Our financial performance during the year was an

improvement on FY24, despite the airline profit

performance, particularly over winter, being more

challenging to improve at the rate we originally

anticipated. Overall performance against the

financial metrics within the bonus (PBT at constant

currency, ROCE, and Profit per Seat) was between

threshold and target.

The balanced scorecard was carefully considered

by the Remuneration Committee to ensure that a

holistic view was taken on achievements against

the measures set and overall performance in these

areas. Overall, it was agreed that this delivered

at maximum, reflecting the strong operational

performance achieved through the year and the

improved positive feedback received from our

customers on their overall experience. The cost

programme also delivered above the stretch targets

set for the year.

20% maximum for Kenton Jarvis, reflecting his exceptional transition into his CEO role and 12.5% out of 20%

maximum for Jan De Raeymaeker.

The Committee reviewed performance against each of these measures and determined that the annual

bonus for FY25 should pay out at 65.1% of maximum for Kenton Jarvis and 60.5% of maximum for Jan De

Raeymaeker. The Committee considered that the Executive Directors had performed well during the year,

with positive progress against a number of key financial and strategic objectives and therefore determined

that the bonus outcomes and levels of payout were appropriate, and no discretion was applied.

Following this assessment, the final bonus outcomes were for Kenton Jarvis: £968,000 (65.1% of maximum),

of which one-third will be delivered as a Deferred Share Bonus Plan (DSBP) award vesting over three years,

and for Jan De Raeymaeker: £405,226 (60.5% of maximum), of which one-third will be delivered under

the DSBP on the same basis. DSBP awards are not subject to performance conditions but are subject to

continued service. When calculating the bonus for Kenton Jarvis, the Committee determined to apply his CEO

bonus opportunity and use his actual earnings in the year, rather than pro-rating his salaries for his time as

CFO and CEO.

Under the terms of his leaving arrangement, Johan Lundgren received a pro-rated bonus of £247,405 (60.5%

of maximum), reflecting the application of the same Company performance metrics and the assessment of

his personal performance until he stepped down from the Board. This award will be paid fully in cash. More

details are provided on page 122.

FY25 targets

Weighting

CEO & CFO

Threshold

(10%)

On target

(50%)

Maximum

(100%) Outcome Payout %

Financial

PBT (at constant currency) £ million 30% 610 710 810 679 37.6%

ROCE 10% 17% 19% 21% 18% 30%

Profit per seat 10% 5.87 6.84 7.8 0 6.53 37.2%

Balanced scorecard 30%

Cost

• Edge programme

• CASK vs competition

• Budget management

Cost programme performance £ million

85 110 135 146.1 100%

Customer

• C S AT

• Overall customer experience

CSAT

76.2% 7 7.0% 7 7.8% 80.2% 100%

Operation

• Operational performance in FY25

• On-time Performance

• Completion

• Number of disrupted customers

Completion

Assessment of absolute performance

over the full year and S25 and relative

performance against competitors

99.4% 100%

On-time performance

-1.0

Industry

average +1.0 1.8 100%

Individual Kenton Jarvis

20%

Range of outcomes based on

individual performance up to

100% of maximum

17.1% 17.1 %

Jan De Raeymaeker

12.5% 12.5%

Total

Kenton Jarvis

100%

65.1%

Jan De Raeymaeker 60.5%

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DIRECTORS’ REMUNERATION REPORT (CONTINUED)

PERSONAL OBJECTIVES (20% WEIGHTING) (AUDITED)

This component focuses on personal performance against the priorities set by the Board for the Executive

Directors for FY25. The Remuneration & People Committee considers their performance holistically in

relation to the development and driving of strategy, financial performance, sustainability, customer and

people initiatives (both what was delivered and how each of these priorities is considered relevant to the

business and they are not subject to formal weighting). The assessment for each Executive Director was as

shown in the following tables:

Kenton Jarvis (CEO)

For the period 1 October 2024 – 31 December 2024 as CFO and from 1 January 2025 as CEO, the

Committee assessed performance against the objective focus areas to the right and determined that his

performance warranted 17.1% of maximum.

Johan Lundgren (former CEO)

For the period 1 October 2024 – 31 December 2024 the Committee assessed Johan Lundgren’s

performance against the objective focus areas to the right for the CEO and his support for the transition to

Kenton Jarvis. The Committee determined that his performance warranted 12.5% of maximum.

Jan De Raeymaeker (CFO)

For the period from 20 January 2025, the Committee assessed performance against the objective focus

areas to the right for the CFO and determined that his performance warranted 12.5% of maximum.

1) Civil Aviation Authority

STRATEGY

Leading the Company strategy to deliver long-term value

ENVIRONMENTAL, SOCIAL AND GOVERNANCE

Taking an industry lead on sustainability through delivering on our net zero

ambition to underpin the delivery of the strategy

BALANCE SHEET RESILIENCE

Generate and maintain strong liquidity above policy and

CAA

thresholds for lowest P&L cost

PEOPLE AND EMPLOYEE ENGAGEMENT

To lead a continued improvement in employee engagement

scores. Build the strength of the Airline Management Board

GOVERNANCE/AUTOMATION

Continue to strengthen the control environment and progress

automation within the Finance department

INVESTOR RELATIONS

Build confidence in delivery of medium-term targets and

communicate effectively to the market

Read more on page 125

OUR FOCUS AREAS FOR THE PERSONAL OBJECTIVES

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DIRECTORS’ REMUNERATION REPORT (CONTINUED)

Focus area Outcomes and evidence – CEO

Outcomes and evidence – CFO

Strategy

• Country improvement plans in place with regular reviews of profitability by base

• Strategic initiatives confirmed and initiated by the Board to drive new revenue

opportunities

• Significant focus and investment made in improving operational performance,

with resulting positive outcomes in FY25

• Country improvement plans in place with regular reviews of profitability by base

• Strategic initiatives confirmed and initiated by the Board to drive new revenue

opportunities

• Significant focus and investment made in improving operational performance, with

resulting positive outcomes in FY25

Environmental, social and

governance

• Continued delivery made against net zero targets

• Maintained leading position on sustainability against sector peers, evidenced through

position on key indices

• Immediate SAF requirements in place and future strategy under review

• Continued progress on gender representation in senior roles

• Continued delivery made against net zero targets

• Maintained leading position on sustainability against sector peers, evidenced through

position on key indices

• Immediate SAF requirements in place and future strategy under review

Balance sheet resilience

• Strong liquidity in place over and above policy requirements

• New Revolving Credit Facility (RCF) agreed replacing existing arrangements

• Repurchased eight aircraft from lessors, entering Japanese Operating Leases with Call

Options (JOLCO) financing on three of these aircraft

• Maintained or improved credit ratings

• Strong liquidity in place over and above policy requirements

• New RCF agreed replacing existing arrangements

• Repurchased eight aircraft from lessors, entering JOLCO financing on three of

these aircraft

• Maintained or improved credit ratings

People and employee

engagement

• Improved employee engagement as evidenced through results of employee survey

(Your Voice Matters)

• Successful recruitment and integration of three new AMB members

• Maintained positive engagement levels in the Finance team as evidenced through

results of employee survey (Your Voice Matters)

Governance/automation

• Continued to strengthen governance and control environment

• Successful introduction of automated invoice checking system resulting in significant

process improvements for invoice management with associated cost savings

• Developed clearly articulated funding plans for 2027/28

• Successfully widened investor base

1) Assessed for Johan Lundgren to 31 December 2024 and for Kenton Jarvis thereafter.

2) Assessed for Kenton Jarvis to 31 December 2024 and for Jan De Raeymaeker from 20 January 2025.

2022 RSP AWARD

Following the year end the Committee assessed the underpins attached to the RSP award made in December 2022. These underpins were that easyJet does not fall below its minimum liquidity target through the

three-year performance period, and that there is satisfactory governance performance including no ESG issues that result in material reputational damage to the Company. The Committee assessed the overall

performance achieved over the three-year period and determined that the underpins had been met, and that the 2022 RSP awards should vest in full.

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DIRECTORS’ REMUNERATION REPORT (CONTINUED)

EXECUTIVE DIRECTORS’ SHARE AWARDS OUTSTANDING AT THE FINANCIAL YEAR END (AUDITED)

Details of share options and share awards outstanding at the financial year end are shown in the following tables (footnotes are explained on page 127):

Scheme

No. of shares/options

at 30 September

2024

Shares/options

granted in year

Shares/options

lapsed in year

Shares/options

exercised in year

Total no. of shares/

options at 30

September 2025

Date of grant Exercise price (£)

Market price on

exercise date (£)

Date from which

exercisable Expiry date

Kenton Jarvis

A 73,305 – – (73,305) – 16 Feb 2022

– 5.73 19 Dec 2024 16 Feb 2032

A 135,557 – – – 135,557 12 Dec 2022

– – 12 Dec 2025 12 Dec 2032

A 112,130 – – – 112,130 13 Dec 2023

– – 13 Dec 2026 13 Dec 2033

A – 99,064 – – 99,064 12 Dec 2024

– – 12 Dec 2027 12 Dec 2034

A – 83,724 – – 83,724 22 Jan 2025

– – 12 Dec 2027 12 Dec 2034

B 64,149 – – – 64,149 12 Dec 2022

– – 12 Dec 2025 12 Dec 2032

B 55,598 – – – 55,598 13 Dec 2023

– – 13 Dec 2026 13 Dec 2033

B – 48,519 – – 48,519 12 Dec 2024

– – 12 Dec 2027 12 Dec 2034

C 1,963 – (1,963) – – 20 Jul 2021

6.42 – 1 Sep 2024 1 Mar 2025

C 1,353 – – (1,353) – 19 Jul 2022

3.99 4.89 1 Sep 2025 1 Mar 2026

C 3,596 – – – 3,596 17 Jul 2024

3.61 – 1 Sep 2027 1 Mar 2028

C – 1,283 – – 1,283 16 Jul 2025

4.29 – 1 Sep 2028 1 Mar 2029

D 537 – – – 537 5 April 2024 – – 5 April 2027 n/a

D – 347 – – 347 4 April 2025 – – 4 April 2028 n/a

Jan De Raeymaeker

A – 107, 5 89 – – 107,589 22 Jan 2025

– – 12 Dec 2027 12 Dec 2034

C – 2,994 – – 2,994 16 Jul 2025

4.29 – 1 Sep 2028 1 Mar 2029

Johan Lundgren

A 130,399 – – – 130,399 16 Feb 2022

– – 19 Dec 2024 16 Feb 2032

A 241,136 – (45,994) – 195,142 12 Dec 2022

– – 12 Dec 2025 12 Dec 2032

A 198,776 – (104,357) – 94,419 13 Dec 2023

– – 13 Dec 2026 13 Dec 2033

B 36,775 – – – 36,775 19 Dec 2018 – – 19 Dec 2021 19 Dec 2028

B 6,818 – – – 6,818 19 Dec 2019 – – 19 Dec 2022 19 Dec 2029

B 104,331 – – – 104,331 12 Dec 2022

– – 12 Dec 2025 12 Dec 2032

B 90,112 – – – 90,112 13 Dec 2023

– – 13 Dec 2026 13 Dec 2033

B – 78,639 – – 78,639 12 Dec 2024

– – 12 Dec 2027 12 Dec 2034

D 537 – – – 537 5 April 2024 – – 5 April 2027 n/a

D – 347 – – 347 4 April 2025 – – 4 April 2028 n/a

Key:

A RSP B Deferred Share Bonus Plan (DSBP) C Save As You Earn Awards (SAYE) D Share Incentive Plan – Performance (Free) Shares

The closing share price of the Company’s ordinary shares on 30 September 2025 was £4.64 and the closing price range during the year ended 30 September 2025 was £4.27 to £5.88.

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DIRECTORS’ REMUNERATION REPORT (CONTINUED)

Note 1: Number of share awards granted

The number of shares is calculated according to

the scheme rules of individual plans based on the

middle-market closing share price on the day prior

to grant.

Note 2: Restricted share plan awards made

in February 2022

The RSP awards made in February 2022 related

to the performance period (1 October 2021 to

30 September 2024). Awards were made in line

with the approval of the Directors’ Remuneration

Policy and Restricted Share Plan rules at the AGM

in February 2022 and are treated as having been

granted on the normal grant date of 19 December

2021 for the purposes of Provision 36 of the

Corporate Governance Code. The face value of the

award granted to Johan Lundgren was £925,000

(125% of salary) and for Kenton Jarvis £520,000

(100% of salary). This was based on the middle-

market closing share price on the day prior to

grant, being £7.15. The awards were granted as nil

cost options and were subject to the underpins

as detailed in note 11. The Committee determined

that the underpins had been met for these awards,

and they vested in full in December 2024. The total

number of shares for Kenton Jarvis include 599

dividend equivalent shares with a value of £3,435

and the total number of shares for Johan Lundgren

include 1,065 dividend equivalent shares with a

value of £6,107 based on share price of £5.73 on

the date of vesting.

Note 3: Restricted share plan awards made

in December 2022

The face value of the award granted to Johan

Lundgren was £925,000 (125% of salary) of which

45,994 of the nil cost options have lapsed due

to Johan’s retirement on 16 May 2025. The face

value of the award granted to Kenton Jarvis was

£520,000 (100% of salary). This was based on the

middle-market closing share price on the day prior

to grant, being £3.84. The awards were granted as

nil-cost options and are subject to the underpins as

detailed in note 11. The Committee has determined

that the underpins have been met for these awards,

and they will vest in full on 12 December 2025.

Note 4: Restricted share plan awards made

in December 2023

The face value of the award granted to Johan

Lundgren was £975,000 (125% of salary), of which

104,357 of the nil cost options have lapsed due

to Johan’s retirement on 16 May 2025. The face

value of the award granted to Kenton Jarvis was

£550,000 (100% of salary). This was based on the

middle-market closing share price on the day prior

to grant, being £4.91. The awards were granted as

nil-cost options and are subject to the underpins as

detailed in note 11. Subject to the underpins being

met, the awards will vest on 13 December 2026.

Note 5: Restricted share plan awards made

in December 2024

The face value of the award granted to Kenton

Jarvis was £572,000 (100% of his CFO salary) This

was based on the middle-market closing share

price on the day prior to grant, being £5.77. The

award was granted as nil-cost option and is subject

to the underpins as detailed in note 11. Subject to

the underpins being met, the awards will vest on

12 December 2027.

Note 6: Restricted share plan awards made

in January 2025

The face value of the award granted to Kenton

Jarvis was £428,000 (the difference between the

award made to Kenton in December 2024 of 100%

of his CFO salary and the CEO award of 125% of

his CEO salary) and for Jan De Raeymaeker was

£550,000 (100% of salary). This was based on the

middle-market closing share price on the day prior

to grant, being £5.11. The awards were granted as

nil-cost options and are subject to the underpins as

detailed in note 11. Subject to the underpins being

met, the awards will vest on 12 December 2027.

Note 7: Deferred share bonus plan awards

made in December 2022

The face value of the award granted to Johan

Lundgren was £400,217 and for Kenton Jarvis

£246,079 and relates to the deferral into shares

of one-third of the bonus paid in 2022. This was

based on the middle-market closing share price

on the day prior to grant, being £3.84. They were

granted as nil-cost options and are not subject

to performance conditions, but are subject to

continued employment for Kenton Jarvis, and the

post-employment shareholding guidelines for

Johan Lundgren.

Note 8: Deferred share bonus plan awards

made in December 2023

The face value of the award granted to Johan

Lundgren was £441,999 and for Kenton Jarvis

£272,708 and relates to the deferral into shares

of one-third of the bonus paid in 2023. This was

based on the middle-market closing share price

on the day prior to grant, being £4.91. They were

granted as nil-cost options and are not subject

to performance conditions, but are subject to

continued employment for Kenton Jarvis, and the

post-employment shareholding guidelines for

Johan Lundgren.

Note 9: Deferred share bonus plan awards

made in December 2024

The face value of the award granted to Johan

Lundgren was £454,062 and for Kenton Jarvis

£280,149 and relates to the deferral into shares

of one-third of the bonus paid in 2024. This was

based on the middle-market closing share price

on the day prior to grant, being £5.77. They were

granted as nil-cost options and are not subject

to performance conditions, but are subject to

continued employment for Kenton Jarvis, and the

post-employment shareholding guidelines for

Johan Lundgren.

Note 10: Save As You Earn awards

Executive Directors are eligible to participate in

the SAYE on the same terms as all other UK-based

colleagues of the Company. Options are granted

under the SAYE, which, in the UK, is an HMRC tax-

advantaged plan.

Participants contract to save up to the equivalent of

£350 per month over a period of three years. Under

the applicable plan rules the maximum permitted

monthly saving across all SAYE plans is £500. There

is a 20% discount to market value for these awards.

As is usual market practice, the option price for

SAYE awards is determined by the Committee in

advance of the award by reference to the share

price following announcement of the half-year

results the day immediately preceding the date the

invitations are sent. In common with most plans

of this type, there are no performance conditions

applicable to options granted under the SAYE.

Note 11: Restricted Share Plan underpins

The RSP share awards are all subject to the following

underpins: that easyJet does not fall below its

minimum liquidity target through the three-year

performance period; and that there is satisfactory

governance performance including no ESG issues

that result in material reputational damage to the

Company (as determined by the Board).

The Committee operates a further underpin such

that if the Company’s performance, taken as

a whole, materially underperforms what might

reasonably have been expected for the sector for

reasons attributable to management action or

inaction, the Committee will at its discretion reduce

the award quantum appropriately.

SHAREHOLDING GUIDELINES AND

REQUIREMENTS IN THE 2025 FINANCIAL

YEAR (AUDITED)

The CEO and CFO are expected to build up

a shareholding of 250% and 200% of salary

respectively. The Committee noted that Johan

Lundgren stepped down from the Board on

31 December 2024 and the post-employment

shareholding guidelines will continue to apply. The

Committee also notes that the Executive Directors

are required to retain a minimum of 50% of net

vested shares from the RSP and 100% of net vested

deferred bonus shares until the guidelines are met.

Compliance with the guideline is reviewed on an

ongoing basis.

The Non-Executive Directors, including the Chair of

the Board, are required to build up a shareholding

of 100% of annual fees, through a voluntary share

purchase within a reasonable time frame. Details of

their holdings are set out below.

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DIRECTORS’ REMUNERATION REPORT (CONTINUED)

DIRECTORS’ CURRENT SHAREHOLDINGS (AUDITED)

The following table provides details on current Directors’ interests in shares on 30 September 2025 (unless otherwise noted).

Interests in share schemes

Unconditionally

owned shares

Shareholding

guidelines

achieved

Vested but

unexercised

Unvested

– subject to

continued

employment

Unvested

– subject to

performance

underpins

SAYE

SIP

Total

Sir Stephen Hester 120,000 100% – – – – – –

Kenton Jarvis

57, 669 40% – 168,266 430,475 4,879 884 604,504

Jan De Raeymaeker

0 0% – 0 107, 5 89 2,994 0 110,583

Johan Lundgren

0 27% 173,992 273,082 289,561 – 884 737,519

Catherine Bradley CBE 16,000 93% – – – – – –

Julie Chakraverty

20,083 100% – – – – – –

Sue Clark 24,961 100% – – – – – –

Ryanne van der Eijk 15,670 97% – – – – – –

Harald Eisenächer 17,500 91% – – – – – –

Moni Mannings OBE

6,990 48% – – – – – –

Elyes Mrad

14,000 100% – – – – – –

David Robbie 24,000 100% – – – – – –

Dr Detlef Trefzger

20,000 100% – – – – – –

1) Appointed to CEO on 1 January 2025.

2) Appointed Executive Director and CFO on 20 January

2025.

3) Stepped down as Executive Director and CEO on

31 December 2024 and remained with the business until

the conclusion of his notice period on 16 May 2025.

4) Appointed to the Board on 27 January 2025.

5) Stepped down from the Board on 13 February 2025.

6) Appointed to the Board on 1 June 2025.

7) Stepped down from the Board on 1 June 2025.

8) Includes SIP Partnership Shares, vested SIP Performance

(Free) Shares, vested SIP Matching Shares, and any shares

owned by connected persons.

9) Based on the shareholding guidelines and including

unconditionally owned shares and for the Executive

Directors, the post-tax value of vested but unexercised

share interests under the DSBP and RSP. The extent to

which the guidelines have been achieved is calculated

based on the price at purchase or vesting; therefore, the

values will be different for each Director based on their

purchase history.

10) Unvested options that are subject to continued

employment include Deferred Share bonus awards

granted under the DSBP.

11) Unvested options subject to performance underpins

included restricted stock awards granted under the

RSP plan.

12) SAYE are granted as options and are not subject to

performance conditions.

13) Consists of unvested SIP Performance (Free) Shares.

Between 30 September 2025 and the date of this report, the only change to the above holdings is the purchase of 63 partnership shares under the Buy As You

Earn (SIP) scheme for Kenton Jarvis. There have been no other changes.

Executive Directors are deemed to be interested in the unvested shares held by the easyJet Share Incentive Plan Trust and the easyJet plc Employee Benefit Trust.

On 30 September 2025, the unvested ordinary shares held in the Trusts were as follows:

Number of ordinary

easyJet Share Incentive Plan Trust 4,047,029

easyJet plc Employee Benefit Trust 7,824,114

Total 11,871,143

Changes since the year end: as of 24 November 2025, the easyJet plc Employee Benefit Trust balance held 6,436,814 shares and there has been no change to the

easyJet Share Incentive Plan Trust balance.

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250

200

150

100

Sep 15 Sep 16

easyJet

Sep 17 Sep 18 Sep 19 Sep 20 Sep 21 Sep 22 Sep 23 Sep 24 Sep 25

FTSE 100 index FTSE 250 index Airlines

DIRECTORS’ REMUNERATION REPORT (CONTINUED)

EMPLOYEE SHARE PLAN PARTICIPATION

A key component of easyJet’s reward philosophy is to provide share ownership opportunities throughout

the Group by making annual awards of performance-related shares to all eligible employees under the tax-

advantaged SIP, when necessary financial targets are achieved. In addition, easyJet operates a voluntary

discounted share purchase arrangement for all employees via a Save As You Earn scheme and a Buy As

You Earn arrangement under the SIP. A 20% discount was offered on Save As You Earn 2025.

DETAILS OF DIRECTORS’ SERVICE CONTRACTS AND LETTERS OF APPOINTMENT

Details of the service contracts and letters of appointment in place as of 30 September 2025 for

Directors are as follows:

Date of appointment

Date of current service

contract Unexpired term at 30 September 2025

Sir Stephen Hester 01 September 2021 20 August 2021

Executive Directors are

subject to a 12-month notice

period. Letters of appointment

for the Non-Executive

Directors do not contain

fixed-term periods (but provide

for three-month notice

periods); however, they are

appointed in the expectation

that they will serve for a

maximum of nine years,

subject to satisfactory

performance and re-election

at AGMs.

Kenton Jarvis 03 February 2021 17 September 2020

Jan De Raeymaeker 20 January 2025 13 October 2024

Catherine Bradley CBE 01 January 2020 09 December 2019

Julie Chakraverty 27 January 2025 6 January 2025

Sue Clark 01 March 2023 04 January 2023

Ryanne van der Eijk 01 September 2022 22 August 2022

Harald Eisenächer 01 September 2022 22 August 2022

Elyes Mrad 01 June 2025 22 April 2025

David Robbie 17 November 2020 16 November 2020

REVIEW OF PAST PERFORMANCE

The chart sets out the TSR performance of the Company relative to the FTSE 250, FTSE 100, and a group

of European airlines

since 30 September 2015. The FTSE 100 and FTSE 250 were chosen as easyJet has

been a member of both indices during the period.

It shows the value, by 30 September 2025, of £100 invested in easyJet on 30 September 2015, compared

with the value of £100 invested in the FTSE 100 and FTSE 250 indices or a comparator group of airlines on

the same date.

The other points plotted are the values at intervening financial year ends. Overseas companies have been

tracked in their local currency, i.e. ignoring exchange rate movements since 30 September 2015.

1) Lufthansa, Ryanair, Air France-KLM and Wizz Air have all been included in the comparative European airlines group. Wizz Air

has been tracked from listing.

CEO TOTAL REMUNERATION TABLE

The table below shows the total remuneration figure earned for the CEO over the same 10-year period.

The total remuneration figure includes the annual bonus and LTIP/RSP awards which vested based on

performance in those years.

The annual bonus and LTIP/RSP vesting percentages show the payout for each year as a percentage of the

maximum.

2016 2017 2018

2019 2020 2021 2022 2023 2024 2025

Single total

figure of

remuneration

(£000)

Kenton Jarvis – – – – – – – – – 2,459

Johan Lundgren – – 1,500 1,006 755

794 2,034 2,194 3,018 1,437

Carolyn McCall 1,453 757 125 – – – – – –

–

Annual bonus

(%)

Kenton Jarvis – – – – – – – – – 65%

Johan Lundgren – – 73% 16% 0% 0% 81% 85% 84% 61%

Carolyn McCall 13% 0% – – – – – – –

–

LTIP/RSP

vesting (%)

Kenton Jarvis – – – – – – – – – 100%

Johan Lundgren – – n/a n/a 0% 0% 0% 0% 100% 81%

Carolyn McCall 32% 0% – – – – – – –

–

1) Kenton Jarvis was appointed CEO on 1 January 2025 and Johan Lundgren stepped down from the Board on 31 December

2024. The RSP vesting for Johan Lundgren in 2025 has been pro-rated accordingly.

2) Johan Lundgren was appointed to the Board on 1 December 2017 and Carolyn McCall stepped down from the Board on

30 November 2017.

3) This amount is after the voluntary 20% reduction in base salary during April, May and June 2020.

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DIRECTORS’ REMUNERATION REPORT (CONTINUED)

CHANGE IN DIRECTORS’ PAY FOR THE YEAR

The table below shows the year-on-year percentage change in pay for the Directors, compared to the average earnings of all other easyJet UK colleagues.

2025 2024 2023 2022 2021

Salary/Fees Benefits

Annual

bonus Salary/Fees Benefits

Annual

bonus Salary/fees Benefits

Annual

bonus Salary/fees Benefits

Annual

bonus Salary/fees Benefits

Annual

bonus

Executive Directors

Kenton Jarvis

31.0% 230.0% 15.1% 4.6% 25.0% 2.8% 4.2% 0.0% 10.8% 52.0% n/a n/a n/a n/a n/a

Jan De Raeymaeker

n/a n/a n/a – – – – – – – – – – – –

Johan Lundgren

-74.7% -7 7.2% -81.9% 4.3% 14.0% 2.7% 4.1% 6.4% 10.4% 0.0% 4 87. 5% n/a 6.0% -43.0% n/a

Non-Executive Directors

Sir Stephen Hester 7.9% – – 4.3% – – 19.4% – – n/a – – n/a – –

Catherine Bradley CBE 8.9% – – 3.9% – – 4.1% – – – – – 62.2% – –

Julie Chakraverty

n/a – – – – – – – – – – – – – –

Sue Clark

23.7% – – 75.5% – – n/a – – n/a – – – – –

Ryanne van der Eijk 16.2% – – 4.6% – – 1,200% – – n/a – – – – –

Harald Eisenächer 27.9% – – 4.6% – – 1,200% – – n/a – – – – –

Elyes Mrad

n/a – – – – – – – – – – – – – –

David Robbie 14.3% – – 12.0% – – 19.0% – – 21.2% – – n/a – –

Colleagues

Average pay based on

easyJet’s UK colleagues

6.58% 0.0% -25.1%

8.8% 166% -7.3% 7.0 % 0.0% 0.0% 1.9% 0.0% n/a 0.0% 0.0% n/a

Basic fees for Non-Executive Directors and additional fees for specific roles on committees are disclosed on page 119 and are generally uplifted in line with the increase for the wider workforce. Year on year increases

may also reflect changes in committee memberships.

n/a refers to a nil value in the previous year, meaning that the year-on-year change cannot be calculated.

1) Appointed CEO 1 January 2025.

2) Appointed Executive Director and CFO on 20 January 2025.

3) Stepped down as an Executive Director and CEO on 31 December 2024.

4) Appointed to the Board on 27 January 2025.

5) Appointed Chair of Remuneration Committee on 13 February 2025.

6) Appointed to the Board on 1 June 2025.

7) There are no colleagues in easyJet plc; therefore, the Committee decided to use the average for all UK colleagues as the appropriate comparator group given they comprise over 50% of total colleagues and therefore this is considered to be the most

representative for comparison. There was an average change in pay of 6.58% in FY25 for UK colleagues.

8) Benefits relate to the cost to the Company of life assurance and other insurances.

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DIRECTORS’ REMUNERATION REPORT (CONTINUED)

RELATIVE IMPORTANCE OF SPEND ON PAY

The table below illustrates the relative importance of the spend on pay, showing the total pay for all

easyJet colleagues compared to the distributions to shareholders in the year, and the percentage change

in the year ended 30 September 2025. Other reported key financial indicators are included for further

points of reference including information on the number of colleagues in the year, the reported total

revenue and the reported profit. For further information the majority of easyJet colleagues (around 90%)

perform flight and ground operations, with the rest performing administrative and managerial roles.

Year ended

30 September

2025

Year ended

30 September

2024 Change %

Employee costs (£m) 1,475 1,319 12%

Ordinary dividend (£m) 91 34 168%

Average number of employees 18,968 17,639 8%

Revenue (£m) 10,106 9,309 9%

Headline profit before tax (£m)

665

610 9%

CEO PAY RATIO

The table below sets out the CEO pay ratio as of 30 September 2025. The report will build up over time to

show a rolling 10-year period. The ratios compare the single total figure of remuneration of the CEO with

the equivalent figures for the lower quartile (P25), median (P50) and upper quartile (P75) colleagues.

We have used the ‘Option A’ methodology which uses actual earnings for the CEO and UK colleagues

over the financial year to provide the most accurate comparison. The total full-time equivalent (FTE)

remuneration paid during the year for each colleague in each of the groups was then calculated on the

same basis as the information set out in the single figure table for the CEO on page 121. For FY25 the CEO

basic pay figure used for the calculation is a blended average of Kenton’s salary for the CFO role and CEO

role which he assumed in January 2025.

In calculating the figures, the following considerations were made:

• The single total figure of remuneration of our UK colleagues was calculated as at 30 September 2025.

• Annual bonus will be paid in relation to the year ended 30 September 2025.

• For participating employees in the RSP, the value of awards that vest in relation to the year ended

30 September 2025 have been included.

• Earnings for those who are part-time or joined during the year have been annualised on an FTE basis.

The CEO’s remuneration differs significantly from that of most colleagues as it is largely performance-

based, influenced by business results and the share price, with a significant proportion tied to Bonus

and RSP schemes. This structure can therefore lead to year-on-year fluctuations in ratios. The decrease

in the ratio for FY25 is in line with expectations due to the CEO basic pay being lower than the previous

CEO and the FY25 variable pay outcomes being lower than in the prior year. As variable pay represents

a proportionally larger share of CEO remuneration than for the median employee, this has resulted in a

downward effect on the ratio.

The Committee has reviewed the final ratio and confirmed that it aligns with easyJet’s broader pay and

reward philosophy whilst reflecting market conditions, experience, and skills.

This data then identified those employees at the 25th, 50th (median) and 75th percentile points.

Year

Method

25th

percentile

pay ratio

Median pay

ratio

75th

percentile

pay ratio

2020 Option A 30:1 23:1 12:1

2021 Option A 27:1 21:1 10:1

2022 Option A 75:1 56:1 24:1

2023 Option A 74:1 57:1 27:1

2024 Option A 93:1 74:1 34:1

2025 Option A 84:1 69:1 36:1

2025 Total pay and benefits £33,130 £40,593 £ 7 7,281

2025 Salary £19,612 £24,544 £64,951

JOINING ARRANGEMENTS FOR JAN DE RAEYMAEKER

Jan De Raeymaeker joined as Executive Director and CFO on 20 January 2025. His salary was set at

£550,000 on appointment and was pro-rated from 20 January 2025. His pension and benefits are

provided in line with the Directors’ Remuneration Policy.

Jan was eligible to participate in the Annual Bonus scheme approved in the Directors’ Remuneration Policy

with a maximum of 175%. This was pro-rated from 20 January 2025. One-third of the pre-tax bonus was

deferred as an award over shares pursuant to the deferred share bonus plan. Dividend equivalent payments

may be made on the deferred bonus.

Restricted Share Plan – an award of 100% of salary (£550,000) was made to Jan in January 2025 after

his appointment, in line with the shareholder approved Directors’ Remuneration Policy.

Shareholding – Jan is expected to build and maintain a holding equivalent to 200% of salary. He will be

expected to retain 50% of the post-tax shares vesting under the RSP and 100% of the post-tax deferred

bonus shares until the guideline is met.

Other – No buy-out payments have been made to Jan in respect of forfeited remuneration from his

previous employment. Jan has received relocation support in line with the Company relocation policy in

FY25. This has included short-term temporary accommodation, tax advice, immigration advice and support

for visa applications, which have totalled £22,123, claimed to 30 September 2025, out of a total provision

of £80,000. The provision of temporary school fees support is also available if needed in FY26, which Jan

did not use in FY25. In addition, Jan was able to claim travel expenses for his initial travel from Belgium to

the UK until July 2025, which have totalled £4,158, claimed to 30 September 2025, out of a total provision

of £50,000. In addition, a one-off payment of £100,000 was made to Jan in July 2025 to cover any

other additional costs incurred for hotel and rental costs, the removals and transfer of personal items, the

purchase of necessary white goods and soft furnishings and travel between Belgium and the UK.

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DIRECTORS’ REMUNERATION REPORT (CONTINUED)

STATEMENT OF SHAREHOLDERS’ VOTING AT AGM

The table below provides details of shareholder voting in respect of the Directors’ Remuneration Policy

(approved in February 2025), and the Annual Report on Remuneration (in February 2025).

Directors’ Remuneration Policy

(February 2025 AGM)

Annual Report on Remuneration

(February 2025 AGM)

Votes cast in favour 339,923,730 90.87% 342,678,469 91.61%

Votes cast against 34,153,858 9.13% 31,394,995 8.39%

Total votes cast in favour or

against 374,07 7, 58 8 100% 374,073,464 100%

Votes withheld 225,624 228,049

We were pleased that the Annual Report on Remuneration passed at the 2025 AGM with a vote of 91.61%

in favour; however, we are also mindful that the Directors’ Remuneration Policy passed with a vote of

90.87% and a very small number of shareholders voted against the resolution.

ADVISORS TO THE REMUNERATION AND PEOPLE COMMITTEE

Korn Ferry was appointed as the new independent advisor, with effect from 9 June 2025 following an

independent review process. Korn Ferry advises the Remuneration & People Committee on developments

in executive pay and on the operation of easyJet’s incentive plans. Advice is also provided to easyJet in

relation to, for example, senior management pay practices and the fees of the Non-Executive Directors.

Total fees (excluding VAT) paid to Korn Ferry and the previous advisors Deloitte, in respect of services to

the Committee during the 2025 financial year were £55,700 and £62,400 respectively, based on time

and materials. Korn Ferry is a member of the Remuneration Consultants Group and a signatory to its code

of conduct.

Any advice received is governed by that code. The Committee is satisfied that the Korn Ferry engagement

team, which provides remuneration advice to the Committee, does not have connections with easyJet plc

or its Directors that may impair its independence. The Committee has reviewed the operating processes in

place at Korn Ferry and is satisfied that the advice it receives is independent and objective.

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OTHER DISCLOSURES

The Directors present their Annual Report and

Accounts together with the audited consolidated

financial statements for the year ended 30 September

2025. This Directors’ Report and the Strategic Report,

which includes the trends and factors likely to affect

the future development, performance and position

of the business and a description of the principal

risks and uncertainties of the Group (which can be

found on pages 63 to 70 and are incorporated by

reference), collectively comprise the management

report as required under the Disclosure Guidance and

Transparency Rules (DTRs).

RESULTS AND DIVIDEND

The profit for the financial year after taxation

is £494 million (2024: £452 million). The Board

recommends a dividend of 13.2 pence per share,

totalling £100 million and equivalent to 20%

of headline profit after tax. This dividend is subject

to shareholder approval at the Annual General

Meeting (AGM), due to be held on 12 February

2026, and will be payable on 27 March 2026 to

shareholders registered by the close of business

on 21 February 2026.

BOARD

Directors and their interests

Details of the Directors who held office during

the year and their biographical details are set out

on pages 87 to 89. The Directors’ interest in the

ordinary shares and options of the Company are

disclosed within the Directors’ Remuneration Report

on pages 113 to 132.

Directors’ appointment and retirement

The Directors may from time to time appoint one or

more Directors. Any such Director shall hold office

only until the next AGM and shall then be subject to

appointment by the Company’s shareholders.

It is the current intention that at the Company’s

next AGM all Executive and Non-Executive Directors

will retire and offer themselves for election or

re-election. Further information is set out in the

Nominations Committee Report on page 100.

Directors’ conflicts of interest

Directors must avoid conflicts of interest with

easyJet, requiring Board approval if such conflicts

arise. The Company has procedures and provisions

in its Articles of Association to manage and

authorise these conflicts, ensuring compliance with

company law. Directors must inform the Board of

any direct or indirect interests in transactions with

easyJet and continually update any changes to their

conflicts of interest.

Directors’ indemnities

Directors’ and officers’ insurance has been set up

for all Directors, covering their reasonable actions

for the Company. A 2007 deed indemnifies all

current and past Directors of the Company and its

subsidiaries, supplementing this insurance. These

indemnities, qualifying as third-party indemnity

provisions under section 234 of the Companies Act

2006, were active in the 2025 financial year and

continue to protect all eligible Directors.

Diversity

The Board prioritises diversity, recognising that

a mix of skills and experience is essential for the

Company’s future success. The Company has

achieved the FTSE Women Leaders target with

40% women on the Board for 2025. We are still

working towards our target of 40% women in the

Airline Management Board and their direct reports,

with 33% achieved in 2025 (2024: 33%).

Additionally, as at 30 September 2025, the

Company meets FCA Diversity Targets as per

UK Listing Rule 6.6.6:

• At least 40% of the Board are women

(2024: 40%).

• At least one senior Board position is held by a

woman (2025: Senior Independent Director).

• At least one Board member is from an ethnic

minority background (2024: one).

More details on the Board and Committee Diversity

Policy and the development of a diverse pipeline

are in the Nominations Committee Report on pages

98 to 101. The broader approach to Inclusion and

Diversity is detailed on page 24.

Data for the Board of Directors and executive

management as of 30 September 2025, based

on information from the Company’s HR team and

individual confirmations during the year-end sign-

off, is available on the following page.

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OTHER DISCLOSURES (CONTINUED)

Number of

Board members

Percentage of

the Board

Number of

senior positions

on the Board

(CEO, CFO, SID

and Chair)

Number in

executive

management*

Percentage in

executive

management*

Men 6 60% 3 6 60%

Women 4 40% 1 4 40%

Not specified/prefer not to say – — — — —

Ethnicity

Number of

Board members

Percentage of

the Board

Number of

senior positions

on the Board

(CEO, CFO, SID

and Chair)

Number in

executive

management*

Percentage in

executive

management*

White British or other White

(including minority-white

groups) 9 90% 4 10 100%

Mixed/Multiple Ethnic Groups — — — — —

Asian/Asian British 1 10% — — —

Black/African/Caribbean/

Black British — — — — —

Other ethnic group — — — — —

Not specified/prefer not to say – – – – –

* For the purposes of the FCA disclosures, ‘executive management’ is required to refer to the AMB (the most senior executive

body below the Board) and the Company Secretary, as set out under UK Listing Rule 6.6.6. Further details of our female and

male representation are set out on page 24.

EMPLOYEES

Employees with a disability

As part of our commitment to inclusion and diversity,

we treat every applicant in our recruitment process

fairly, including those requiring workplace adjustments.

We also continue to support employees who require

workplace adjustments to achieve their full potential,

including through training and development needs.

This includes colleagues who become disabled

whilst in employment. However, for our two largest

communities, pilots and cabin crew, we are bound

by regulatory requirements for ability with which

all applicants and employees must comply, for

operational safety reasons.

Communication and engagement

Details on how the Board and management have

communicated and engaged with employees and

the wider workforce while taking into account their

interests in decision making during the year can be

found in the Stakeholder engagement section on

pages 94 to 97.

Participation in share schemes

A key component of easyJet’s reward philosophy

is to provide share ownership opportunities

throughout the Group by making annual awards of

performance-related shares to all eligible employees

when certain criteria are met. In addition, easyJet

operates a voluntary discounted share purchase

arrangement for all employees via a Save As You

Earn scheme, and a Buy As You Earn arrangement

in the UK under the tax-approved Share Incentive

Plan. Further details of the Company’s share

schemes are disclosed within the Directors’

Remuneration Report on pages 113 to 132.

STAKEHOLDERS

Details on the methods the Board has used to

engage and build strong business relationships with

the Group’s suppliers, customers and other key

stakeholders are given on pages 94 to 97.

Further information on how the Board considered

stakeholders in its decision making can be found in

the governance report on pages 76 to 97.

The section 172 statement is available on pages 73

to 74.

Share capital and rights attaching

to shares

The Company’s issued share capital as at

30 September 2025 comprised a single class of

ordinary shares. Further details of the Company’s

share capital during the year are disclosed in note 21

to the consolidated financial statements.

All of the issued ordinary shares are fully paid

and rank equally in all respects. The rights and

obligations attaching to the Company’s ordinary

shares are set out in its Articles of Association.

Holders of ordinary shares are entitled, subject to

any applicable law and the Company’s Articles of

Association, to:

• have shareholder documents made available to

them, including notice of any general meeting;

• attend, speak and exercise voting rights at

general meetings, either in person or by proxy,

unless they are subject to disenfranchisement;

and

• participate in any distribution of income or

capital.

Directors’ powers in relation to issuing or

buying back shares

Subject to applicable law and the Company’s

Articles of Association the Directors may

exercise all powers of the Company, including

the power to authorise the issue and/or market

purchase of the Company’s shares (subject to an

appropriate authority being given to the Directors

by shareholders in a general meeting and any

conditions attaching to such authority).

At the AGM held on 13 February 2025 the Directors

were given the following authority:

• to allot shares up to a nominal amount of

£68,873,873 representing approximately one-third

of the Company’s then-issued share capital;

• to allot shares comprising equity securities

up to a further aggregate nominal amount of

£68,873,873 in connection with an offer by way

of a rights issue, representing approximately one-

third of the Company’s then issued share capital;

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OTHER DISCLOSURES (CONTINUED)

• to allot shares, without first offering them to

existing shareholders in proportion to their

holdings, up to a maximum nominal value of

£20,682,844, representing approximately 10% of

the Company’s then issued share capital;

• to allot shares, without first offering them to

existing shareholders in proportion to their

holdings, up to a maximum nominal value of

£20,682,844, representing approximately 10%

of the Company’s then issued share capital only

in connection with the financing (or refinancing,

if the authority is to be used within 12 months

after the original transaction) of an acquisition or

specified capital investment; and

• to purchase in the market a maximum of

75,801,002 shares representing approximately

10% of the Company’s then share capital.

No shares were allotted or bought back under the

above authorities during the year and up to the

date of this report.

Voting rights and restrictions on transfer

of shares

None of the ordinary shares carry any special rights

with regard to control of the Company. There are

no restrictions on transfers of shares other than:

• certain restrictions which may from time to time

be imposed by laws or regulations such as those

relating to insider dealing;

• pursuant to the Company’s Share Dealing Code,

whereby the Directors and designated employees

require approval to deal in the Company’s shares;

• where a person with an interest in the Company’s

shares has been served with a disclosure notice

and has failed to provide the Company with

information concerning interests in those shares;

• where a proposed transferee of the Company’s

shares has failed to provide to the Directors

a declaration of nationality (together with

such evidence as the Directors may require)

as required by the Company’s Articles of

Association; and

• the powers given to the Directors by the

Company’s Articles of Association to implement

disenfranchisement and to limit the ownership of

the Company’s shares by non-UK nationals

or, following a decision of the Directors, by

non-EU nationals, and powers to enforce this

limitation, including the right to force a sale of

any affected shares.

There are no restrictions on exercising voting rights

save in situations where the Company is legally

entitled to impose such a restriction (for example

under the Articles of Association where an Affected

Share Notice has been served, amounts remain

unpaid in the shares after request, or the holder is

otherwise in default of an obligation to the Company).

Those shareholders who own shares whose voting

rights will be suspended at the AGM will receive

an Affected Share Notice by post from Equiniti in

January 2026 notifying them of the suspension of

voting rights in respect of their Affected Shares.

Shareholders in receipt of an Affected Share Notice

will not be entitled to attend, speak or vote at

the AGM, in respect of those shares subject to an

Affected Share Notice. The Company is not aware

of any other arrangements between shareholders

that may result in restrictions on the transfer of

securities or voting rights.

Variation of rights

Subject to the Companies Act 2006, rights

attached to any class of shares may be varied with

the consent in writing of the holders of three-

quarters in nominal value of the issued shares of

the class or with the sanction of a special resolution

passed at a separate general meeting of such class.

Employee share schemes –

rights of control

The trustees of the easyJet UK Share Incentive

Plan, which is used to acquire and hold shares

in the Company for participants in the UK Share

Incentive Plan, does not seek to exercise voting

rights on shares held other than on direction of

the underlying beneficiaries. The trustees take no

action in respect of ordinary shares for which they

have received no direction to vote, or in respect of

ordinary shares which are unallocated.

The trustee of the easyJet plc Employee Benefit

Trust (the Trust), which is used to acquire and

hold shares in the Company for the benefit of

employees, including in connection with the easyJet

Long Term Incentive Plan, the Restricted Share Plan,

the International Share Incentive Plan and Save As

You Earn scheme, has the power to vote or not

vote, at its absolute discretion, in respect of any

shares in the Company held unallocated in the Trust.

However, in accordance with good practice, the

trustee adopts a policy of not voting in respect of

such shares. Both the trustees of the easyJet UK

Share Incentive Plan and the easyJet plc Employee

Benefit Trust have a dividend waiver in place in

respect of shares which are the beneficial property

of each of the trusts.

ADDITIONAL INFORMATION

Substantial interests

As at 30 September 2025, the Company had been

notified of the following disclosable interests in its

issued ordinary shares in accordance with DTR 5:

Number of

shares as notified

to the Company

% of issued share

capital as at

30 September

The Haji-Ioannou

family concert

party shareholding,

consisting of

easyGroup

Holdings Limited

(holding vehicle for

Sir Stelios Haji-

Ioannou and Clelia

Haji-Ioannou) and

Polys Haji-Ioannou

(through his holding

vehicle Polys

Holdings Limited) 115,737,821 15.27%

Societe Generale 33,384,779 4.40%

Annual general meeting

The Board currently intends to hold the AGM

on 12 February 2026. The arrangements for the

Company’s 2026 AGM and details of the resolutions

to be proposed, together with explanatory notes,

will be set out in the Notice of AGM to be published

on the Company’s website.

Articles of association

The Company’s Articles of Association may only

be amended by a special resolution at a general

meeting of the shareholders and were last

amended at the AGM on 23 December 2020. A

copy of the Articles is available on the Company’s

website: corporate.easyJet.com

Branches

The Group, through various subsidiaries, has

established branches in France, Germany, Italy,

the Netherlands, Portugal and Spain, in which the

business operates.

Financial instruments

Details of the Group’s use of financial instruments,

together with information on our financial risk

management objectives and policies, hedging

policies and our exposure to financial risks, can

be found in notes 25 and 26 of the consolidated

financial statements.

Going concern and viability statement

The Company’s going concern and viability

statements are detailed on pages 71 and 72 of the

Strategic Report.

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Governance

OTHER DISCLOSURES (CONTINUED)

Political donations and expenditure

easyJet works constructively with all levels of

government across its network, regardless of

political affiliation. easyJet believes in the rights of

individuals to engage in the democratic process;

however, it is easyJet’s policy not to make political

donations. There were no political donations made

or political expenditure incurred during the 2025

financial year.

Greenhouse gas emissions and

energy consumption

Details of the Company’s greenhouse gas emissions

(GHG), energy consumption, energy efficiency

action and Streamlined Energy and Carbon

Reporting (SECR) disclosures can be found on

pages 45 and 46 of the Strategic Report.

SIGNIFICANT AGREEMENTS – CHANGE OF

CONTROL

The Company licenses the easyJet brand from

easyGroup Limited. Further details are set out in

note 29 to the financial statements.

The following significant agreements, which were

in force at 27 November 2025, take effect, alter or

terminate on a change of control of the Company.

EMTN programme and Eurobond issue

On 7 January 2016, the Group established a

Euro Medium Term Note Programme (the EMTN

Programme) which provides the Group with a

standardised documentation platform to allow for

senior unsecured debt issuance in the Eurobond

markets. The maximum potential issuance under

the EMTN Programme is £4 billion.

Under the EMTN Programme, the following notes

(the Notes) have been issued by the Company and

easyJet Finco B.V.:

• February 2016: Eurobonds consisting of €500

million guaranteed Notes paying 1.75% coupon. This

was repaid on its maturity date in February 2023;

• October 2016: Eurobonds consisting of €500 million

guaranteed Notes paying 1.125% coupon. This was

repaid on its maturity date in October 2023;

• June 2019: Eurobonds consisting of €500 million

guaranteed Notes paying 0.875% coupon. This

was repaid on its maturity date in June 2025;

• March 2021: Eurobonds consisting of €1.2 billion

guaranteed Notes paying 1.875% coupon and

maturing in March 2028; and

• March 2024: Eurobonds consisting of €850

million guaranteed Notes paying 3.750% coupon

and maturing in 2031.

Pursuant to the final terms attaching to the Notes,

the Company will be required to make an offer to

redeem or purchase the Notes at their principal

amount plus interest up to the date of redemption

or repurchase if there is a change of control of

the Company which results in a downgrade of the

credit rating of the Notes to a non-investment

grade rating or withdrawal of the rating by both

Moody’s and Standard & Poor’s.

Revolving credit facility

On 25 July 2025, easyJet entered into a new

revolving credit facility (the RCF). The RCF

amounts to a $1.7 billion commitment, supported

by a syndicate of banks, and has a termination

date of July 2030. The new facility replaced the

Company’s $400 million revolving credit facility

(due to terminate in September 2025) and its $1.75

billion UKEF-backed loan facility (due to terminate

in June 2028).

Other agreements

The Company does not have agreements with

any Director or employee that would provide

compensation for loss of office or employment

resulting from a change of control on takeover,

except that provisions of the Company’s share

schemes and plans may cause options and awards

granted to employees under such schemes and

plans to vest on a takeover.

The Annual Report and Accounts have been drawn

up and presented in accordance with UK company

law and the liabilities of the Directors in connection

with the report shall be subject to the limitations

and restrictions provided by such law.

easyJet plc is incorporated as a public limited

company and is registered in England under

number 3959649. easyJet plc’s registered office

is Hangar 89, London Luton Airport, Luton,

Bedfordshire LU2 9PF.

The Strategic Report (pages 1 to 74) and

Directors’  Report (pages 76 to 136) were approved

by the Board and signed on its behalf by the

Company Secretary.

By order of the Board

Rebecca Mills

Group General Counsel and Company Secretary

25 November 2025

Disclosure required under UK listing rule 6.6

The information to be included in the 2025 Annual

Report and Accounts under UKLR 6.6, where

applicable, can be located as set out below.

Information

Page

Shareholder waiver of future dividends 135

Other information that is relevant to this report, and

which is incorporated by reference, can be located

as follows:

Information

Page

Directors’ service contracts

129

Environmental, Social and Governance

(ESG) matters

40–56

Corporate governance report

76–132

Activities in relation to research and

development

40–56

Events after statement of financial

position date 184

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Strategic report

Governance

STATEMENT OF DIRECTORS’ RESPONSIBILITIES IN RESPECT OF THE FINANCIAL STATEMENTS

The Directors are responsible for preparing the

Annual Report and Accounts 2025 and the financial

statements in accordance with applicable law

and regulation.

Company law requires the Directors to prepare

financial statements for each financial year. Under

that law the Directors have prepared the Group

financial statements in accordance with

UK-adopted international accounting standards and

the Company financial statements in accordance

with United Kingdom Generally Accepted

Accounting Practice (United Kingdom Accounting

Standards, comprising FRS 101 ‘Reduced Disclosure

Framework’, and applicable law).

Under company law, directors must not approve

the financial statements unless they are satisfied

that they give a true and fair view of the state of

affairs of the Group and Company and of the profit

or loss of the Group for that period. In preparing the

financial statements, the Directors are required to:

• select suitable accounting policies and then apply

them consistently;

• state whether applicable UK-adopted

international accounting standards have been

followed for the Group financial statements

and United Kingdom Accounting Standards,

comprising FRS 101 have been followed for the

Company financial statements, subject to any

material departures disclosed and explained in

the financial statements;

• make judgements and accounting estimates that

are reasonable and prudent; and

• prepare the financial statements on the going

concern basis unless it is inappropriate to

presume that the Group and Company will

continue in business.

The Directors are responsible for safeguarding the

assets of the Group and Company and hence for

taking reasonable steps for the prevention and

detection of fraud and other irregularities.

The Directors are also responsible for keeping

adequate accounting records that are sufficient

to show and explain the Group’s and Company’s

transactions and disclose with reasonable

accuracy at any time the financial position of the

Group and Company and enable them to ensure

that the financial statements and the Directors’

Remuneration Report comply with the Companies

Act 2006.

The Directors are responsible for the maintenance

and integrity of the Company’s website. Legislation

in the United Kingdom governing the preparation

and dissemination of financial statements may

differ from legislation in other jurisdictions.

DIRECTORS’ CONFIRMATIONS

Each of the Directors, whose names and functions

are listed on pages 87 to 89, confirm that, to the

best of their knowledge:

• the Group financial statements, which have

been prepared in accordance with UK-adopted

international accounting standards, give a true

and fair view of the assets, liabilities, financial

position and profit of the Group;

• the Company financial statements, which have

been prepared in accordance with United

Kingdom Accounting Standards, comprising

FRS 101, give a true and fair view of the assets,

liabilities and financial position of the Company;

and

• the Strategic Report, included in the Annual

Report, includes a fair review of the development

and performance of the business and the

position of the Group and Company, together

with a description of the principal risks and

uncertainties that it faces.

In the case of each Director in office at the date the

Directors’ Report is approved:

• so far as the Director is aware, there is no

relevant audit information of which the Group’s

and Company’s auditors are unaware; and

• they have taken all the steps that they ought

to have taken as a Director in order to make

themselves aware of any relevant audit

information and to establish that the Group’s and

Company’s auditors are aware of that information.

This responsibility statement was approved by

the Board of Directors on 25 November 2025 and

signed on its behalf by:

Kenton Jarvis

Chief Executive

Jan De Raeymaeker

Chief Financial Officer

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INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF easyJet plc

REPORT ON THE AUDIT OF THE FINANCIAL

STATEMENTS

OPINION

In our opinion:

• easyJet plc’s group financial statements and

company financial statements (the “financial

statements”) give a true and fair view of the state

of the group’s and of the company’s affairs as at

30 September 2025 and of the group’s profit and

the group’s cash flows for the year then ended;

• the group financial statements have been

properly prepared in accordance with UK-

adopted international accounting standards

as applied in accordance with the provisions

of the Companies Act 2006;

• the company financial statements have been

properly prepared in accordance with United

Kingdom Generally Accepted Accounting

Practice (United Kingdom Accounting

Standards, including FRS 101 “Reduced Disclosure

Framework”, and applicable law); and

• the financial statements have been prepared

in accordance with the requirements of the

Companies Act 2006.

We have audited the financial statements, included

within the Annual Report and Accounts 2025 (the

“Annual Report”), which comprise: the Consolidated

and Company statements of financial position as

at 30 September 2025; the Consolidated income

statement and the Consolidated statement of

comprehensive income, the Consolidated and

Company statements of changes in equity, and

the Consolidated statement of cash flows for the

year then ended; and the notes to the financial

statements, comprising material accounting policy

information and other explanatory information.

Our opinion is consistent with our reporting to the

Audit Committee.

BASIS FOR OPINION

We conducted our audit in accordance with

International Standards on Auditing (UK) (“ISAs

(UK)”) and applicable law. Our responsibilities under

ISAs (UK) are further described in the Auditors’

responsibilities for the audit of the financial

statements section of our report. We believe that

the audit evidence we have obtained is sufficient

and appropriate to provide a basis for our opinion.

Independence

We remained independent of the group in

accordance with the ethical requirements that are

relevant to our audit of the financial statements in

the UK, which includes the FRC’s Ethical Standard,

as applicable to listed public interest entities, and

we have fulfilled our other ethical responsibilities in

accordance with these requirements.

To the best of our knowledge and belief, we declare

that non-audit services prohibited by the FRC’s

Ethical Standard were not provided.

Other than those disclosed in Note 3 to the

financial statements and the Audit Committee

report, we have provided no non-audit services to

the company or its controlled undertakings in the

period under audit.

OUR AUDIT APPROACH

Overview

Audit scope

• We performed full scope audit procedures

over two individually significant components in

the group. Procedures over material financial

statement line items were performed in relation

to five further components.

• Separate audit procedures were performed

in relation to consolidation adjustments

and balances which arise or eliminate on

consolidation of the group financial statements,

including goodwill, tax and post-employment

benefit obligations.

Key audit matters

• Valuation of the leased aircraft maintenance

provision (group)

• Assessment of impairment of easyJet plc’s

investment in easyJet Airline Company

Limited (company)

Materiality

• Overall group materiality: £33,250,000 (2024:

£30,500,000) based on 5% of headline profit

before tax.

• Overall company materiality: £47,620,000

(2024: £51,500,000) based on 1% of total assets,

capped at 95% of group materiality for the

purposes of the group audit.

• Performance materiality: £24,937,000 (2024:

£22,875,000) (group) and £35,715,000 (2024:

£38,625,000) (company).

The scope of our audit

As part of designing our audit, we determined

materiality and assessed the risks of material

misstatement in the financial statements.

Key audit matters

Key audit matters are those matters that, in the

auditors’ professional judgement, were of most

significance in the audit of the financial statements

of the current period and include the most

significant assessed risks of material misstatement

(whether or not due to fraud) identified by the

auditors, including those which had the greatest

effect on: the overall audit strategy; the allocation

of resources in the audit; and directing the efforts

of the engagement team. These matters, and

any comments we make on the results of our

procedures thereon, were addressed in the context

of our audit of the financial statements as a whole,

and in forming our opinion thereon, and we do not

provide a separate opinion on these matters.

This is not a complete list of all risks identified

by our audit.

The key audit matters below are consistent with

last year.

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INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF easyJet plc (CONTINUED)

Key audit matter How our audit addressed the key audit matter

Valuation of the leased aircraft maintenance provision (group)

The group operates aircraft which are held

under lease arrangements and for which

it incurs liabilities for maintenance costs

during the term of the lease. These arise

from legal and contractual obligations

relating to the condition of the aircraft when

they are returned to the lessor. Significant

material maintenance provisions for aircraft

maintenance costs in respect of leased

aircraft were recorded in the financial

statements at 30 September 2025. At each

statement of financial position date, the

calculation of the maintenance provision

includes a number of variable factors and

assumptions including primarily the expected

cost of heavy maintenance events and the

point in time it is expected to occur. We

focused on this area because of the inherent

level of management estimation required in

calculating the amount of provision needed

as a result of the subjective estimation of

uncontracted variable costs and inflationary

increases which may arise as part of the

overall cost estimate.

Refer to the Accounting policies, judgements

and estimates note (Note 1) and Note 19 to

the consolidated financial statements, for

management’s disclosures of the relevant

judgements and estimates involved in

assessing this provision valuation. The

Audit Committee’s views are set out in the

Significant judgements and estimates section

of the Audit Committee report.

• We evaluated the maintenance provision model and

tested the calculations therein.

• We assessed the process by which the variable elements

within the provision are estimated, evaluating the

reasonableness of the assumptions, testing the input

data and re-performing calculations. Our testing has

focussed on those elements of the cost assumptions

which are most exposed to estimation uncertainty, being

the non-fixed elements of the current estimate of event

costs and the future inflation/escalation of costs to the

date at which the event is expected to arise.

• We challenged the key assumptions using both the

group’s internal data, such as historical experience,

business plans and forecasts as well as external data

points such as external maintenance contracts, and price

indices. We also performed sensitivity analysis in respect

of the key cost and inflationary assumptions identified

above, which are the elements most exposed to

estimation uncertainty. We found no material exceptions

from these assessments and comparisons.

• We performed testing over historic invoiced

maintenance costs, in order to evaluate the

reasonableness of management’s variable cost

assumptions.

• We have assessed the methodology by which the gross

provision has been discounted back to present value and

considered it to be appropriate.

• We evaluated the judgements made by management to

calculate certain elements of the provision based on the

expectation of incurring penalties rather than performing

maintenance restoration work before the lease end date.

We also performed testing to agree these penalty rates

back to the contractual agreements.

• We reviewed the adequacy of disclosures made in

the financial statements and challenged management

to be clear on what the critical sources of estimation

uncertainty are with respect to this balance and to

ensure that the sensitivity disclosures provided are

relevant to those specific areas.

Based on the work performed, as summarised above, we

have concluded the group’s valuation of maintenance

provisions on leased aircraft and disclosure of the related

critical estimates is materially appropriate.

Key audit matter How our audit addressed the key audit matter

Assessment of impairment of easyJet plc’s investment in easyJet Airline Company Limited (company)

At 30 September 2025, easyJet plc holds an

investment of £1.1bn (2024: £1.1bn) in easyJet

Airline Company Limited (EACL) being the

principal investment held by the company.

The directors have considered the cash flow

projections for the Airline cash-generating

unit (“CGU”), which are considered to be

the relevant cash flows for the purposes of

assessing impairment of the investment in

EACL. We focussed on the risk of impairment

as the impairment test involves estimates to

be made by management, many of which are

forward-looking. These estimates include key

assumptions underpinning the strategic plan,

fuel prices including exchange rates (including

the ability of cost increases to be passed

through to the customer), contracted increases

in fleet size, revenue per seat, short and long-

term economic growth rates and the impacts of

climate change on future cash flows.

Refer to the Accounting policies, judgements

and estimates note (Note 1), Note 10 to the

consolidated financial statements, and Notes

a) and c) to the company financial statements

for management’s disclosures of the relevant

judgements and estimates involved in assessing

the total investment balance for impairment.

The Audit Committee’s views are set out in the

Significant judgements and estimates section of

the Audit Committee report.

We obtained management’s annual impairment assessment

and ensured the calculations were mathematically accurate

and that the methodology used was in line with the

requirements of IAS 36 ‘Impairment of Assets’.

• We concluded that using the Airline CGU cash flows is

appropriate for the purposes of performing the assessment

of impairment of the investment held in EACL.

• We evaluated the future cash flow forecasts of the CGU,

and the process by which the forecasts were drawn up.

In doing this, we confirmed that the forecasts used for

the impairment assessment were appropriately consistent

with the latest available Board plans (excluding the impact

of easyJet holidays which is a separate CGU).

• We evaluated the inputs in the Value in Use (“VIU”)

calculation and challenged the key assumptions

including assessment of short and medium-term flying

assumptions by comparing them to industry forecasts.

• We used our internal valuation experts to calculate

an independent WACC rate range, with reference to

comparable businesses, to assess the appropriateness of

the WACC rate used in management’s assessment.

• We assessed the fuel price assumptions, to ensure the

rates used at 30 September 2025 were reasonable and

that sufficient disclosure of the underlying assumptions

for dealing with future potential fuel and Emissions

Trading Scheme credit price volatility via pass through

to customers have been adequately disclosed in the

financial statements.

• We evaluated the extent to which the considerations of

climate change, such as costs associated with emissions

trading schemes and the expected increased use of

sustainable aviation fuels, had been reflected in the

underlying cash flows and management’s sensitivities.

This included an assessment of the consistency of the

assumptions used with the latest impact assessments

that have been carried out by easyJet’s sustainability

team, including the continuing fleet transition.

• We reviewed the adequacy of disclosures made in the

financial statements and assessed compliance with

disclosure requirements.

Based on our work summarised above, we have concluded

that the investment in easyJet Airline Company Limited is

not impaired at 30 September 2025, and that appropriate

assumption and sensitivity disclosures have been made in

the financial statements.

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INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF easyJet plc (CONTINUED)

How we tailored the audit scope

We tailored the scope of our audit to ensure that

we performed enough work to be able to give an

opinion on the financial statements as a whole,

taking into account the structure of the group

and the company, the accounting processes and

controls, and the industry in which they operate.

The group operates through the company and

its thirteen subsidiary undertakings of which

nine were actively trading through the year. The

remaining subsidiaries are either holding companies

or currently dormant. The accounting for these

subsidiaries, each of which is considered to be a

separate component in the way we scope our audit,

is primarily centralised in the UK.

We determined the most effective approach to

scoping was to perform full scope audit procedures

over two components that are identified as significant

due to size or risk in the group which are registered in

the UK. We additionally performed audit procedures

over material financial statement line items in relation

to five further components. In some cases, financial

statement line items are tested in aggregate to the

group materiality where they arise on consolidation.

All audit work has been performed by the UK group

engagement team. Additional audit procedures were

performed in relation to consolidation adjustments

by the UK group engagement team.

The testing approach ensured that appropriate

audit evidence was obtained over all financial

statement line items in order to support our opinion

on the group financial statements as a whole.

The impact of climate risk on our audit

Climate change risk is expected to have a

significant impact on the aviation industry. As

explained in the Sustainability Report, the group is

clearly mindful of their impact on the environment

and in September 2022 set out their roadmap

to net zero carbon emissions by 2050, including

an interim target to have reduced well-to-wake

GHG emissions by 35% by 2035, aligned with the

Science-Based Targets initiative and how they aim

to deliver on these targets.

In planning and executing our audit we have

considered the group’s risk assessment process

and the steps the business expects to take to

deliver on its GHG emissions target. This, together

with discussions with management and reading

the group’s most recent sustainability reporting,

including their latest CDP (Carbon Disclosure

Project) submission, provided us with a good

understanding of the potential impact of climate

change on the financial statements.

We assessed that the key financial statement

line items and estimates which are more likely to

be materially impacted by climate risks are those

associated with future cash flows, given that the

more notable impacts of climate change on the

business are expected to arise in the medium to

long term. These include the key audit matter

in respect of the assessment of impairment of

easyJet plc’s investment in easyJet Airline Company

Limited, as well as the assessment of impairment

of goodwill and other intangible assets and the

recoverability of the group’s deferred tax assets.

We have considered the estimated costs used by

management in relation to carbon credits required

to be purchased under Emission trading schemes

and the minimum levels of SAF usage required

under currently implemented mandates. We have

also specifically considered how easyJet’s net zero

targets impact on likely aircraft ownership periods

and the related impact on ongoing depreciation

charges in respect of aircraft assets held at

30 September 2025. In addition we also considered

the consistency of the disclosures in relation to

climate change (including the disclosures in the

Task Force on Climate-related Financial Disclosures

(TCFD) section) within the Annual Report and

Accounts with the financial statements and our

knowledge obtained from our audit.

Whilst the group has started to quantify some of

the impacts that may arise on its pathway towards

its net zero targets, the future financial impacts are

clearly uncertain given the medium to long term

time horizon and the technological advancements

that will be necessary, including further updates

to sustainable aviation fuel mandates and the

development of zero emissions aircraft. We

have discussed with management and the Audit

Committee that the estimated financial impacts

of climate change, which are expected to be

significant, will need to be frequently reassessed

and our expectation that climate change

disclosures will continue to evolve as greater

understanding of the actual and potential impacts

on the group’s future operations is obtained.

Materiality

The scope of our audit was influenced by

our application of materiality. We set certain

quantitative thresholds for materiality. These,

together with qualitative considerations, helped

us to determine the scope of our audit and the

nature, timing and extent of our audit procedures

on the individual financial statement line items

and disclosures and in evaluating the effect of

misstatements, both individually and in aggregate

on the financial statements as a whole.

Based on our professional judgement, we determined materiality for the financial statements as a whole

as follows:

Financial statements – group Financial statements – company

Overall materiality

£33,250,000 (2024: £30,500,000). £47,620,000 (2024: £51,500,000).

How we determined it

Based on 5% of headline profit

before tax

Based on 1% of total assets, capped at

95% of group materiality for the

purposes of the group audit

Rationale for

benchmark applied

We consider that the income

statement remains the principal

measure used by the shareholders in

assessing the underlying

performance of the group and

therefore an approach to materiality

based on 5% of the headline profit

before tax has been applied.

We believe that a total asset

benchmark is appropriate given that

the company does not generate

revenues of its own.

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INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF easyJet plc (CONTINUED)

For each component in the scope of our group

audit, we allocated a materiality that is less than our

overall group materiality. The range of materiality

allocated across components was between

£8,660,000 and £31,587,000. Certain components

were audited to a local statutory audit materiality

that was also less than our overall group materiality.

We use performance materiality to reduce to

an appropriately low level the probability that

the aggregate of uncorrected and undetected

misstatements exceeds overall materiality.

Specifically, we use performance materiality in

determining the scope of our audit and the nature

and extent of our testing of account balances,

classes of transactions and disclosures, for example

in determining sample sizes. Our performance

materiality was 75% (2024: 75%) of overall

materiality, amounting to £24,937,000 (2024:

£22,875,000) for the group financial statements

and £35,715,000 (2024: £38,625,000) for the

company financial statements.

In determining the performance materiality, we

considered a number of factors - the history of

misstatements, risk assessment and aggregation

risk and the effectiveness of controls - and

concluded that an amount at the upper end of our

normal range was appropriate.

We agreed with the Audit Committee that we

would report to them misstatements identified

during our audit above £1,662,000 (group audit)

(2024: £1,525,000) and £1,662,000 (company

audit) (2024: £1,525,000) as well as misstatements

below those amounts that, in our view, warranted

reporting for qualitative reasons.

CONCLUSIONS RELATING TO GOING

CONCERN

Our evaluation of the directors’ assessment

of the group’s and the company’s ability to

continue to adopt the going concern basis of

accounting included:

• Review of management’s base case and severe

but plausible downside scenario, ensuring the

directors have considered appropriate factors.

This included consideration of the cash flows

against current industry forecasts, the liquidity

position of the group, available financing facilities,

the timing of contractual debt repayments and

committed capital expenditure and the relevant

requirements that exist as part of the contractual

arrangements with current card acquirers.

Based on the work we have performed, we have

not identified any material uncertainties relating to

events or conditions that, individually or collectively,

may cast significant doubt on the group’s and the

company’s ability to continue as a going concern

for a period of at least twelve months from when

the financial statements are authorised for issue.

In auditing the financial statements, we have

concluded that the directors’ use of the going

concern basis of accounting in the preparation of

the financial statements is appropriate.

However, because not all future events or

conditions can be predicted, this conclusion is not

a guarantee as to the group’s and the company’s

ability to continue as a going concern.

In relation to the directors’ reporting on how they

have applied the UK Corporate Governance Code,

we have nothing material to add or draw attention

to in relation to the directors’ statement in the

financial statements about whether the directors

considered it appropriate to adopt the going

concern basis of accounting.

Our responsibilities and the responsibilities of

the directors with respect to going concern are

described in the relevant sections of this report.

REPORTING ON OTHER INFORMATION

The other information comprises all of the

information in the Annual Report other than the

financial statements and our auditors’ report

thereon. The directors are responsible for the other

information. Our opinion on the financial statements

does not cover the other information and,

accordingly, we do not express an audit opinion or,

except to the extent otherwise explicitly stated in

this report, any form of assurance thereon.

In connection with our audit of the financial

statements, our responsibility is to read the other

information and, in doing so, consider whether

the other information is materially inconsistent

with the financial statements or our knowledge

obtained in the audit, or otherwise appears to be

materially misstated. If we identify an apparent

material inconsistency or material misstatement,

we are required to perform procedures to conclude

whether there is a material misstatement of the

financial statements or a material misstatement

of the other information. If, based on the work

we have performed, we conclude that there is a

material misstatement of this other information, we

are required to report that fact. We have nothing to

report based on these responsibilities.

With respect to the Strategic report and Directors’

Report, we also considered whether the disclosures

required by the UK Companies Act 2006 have

been included.

Based on our work undertaken in the course of

the audit, the Companies Act 2006 requires us

also to report certain opinions and matters as

described below.

Strategic report and Directors’ Report

In our opinion, based on the work undertaken in

the course of the audit, the information given in

the Strategic report and Directors’ Report for the

year ended 30 September 2025 is consistent with

the financial statements and has been prepared in

accordance with applicable legal requirements.

In light of the knowledge and understanding of

the group and company and their environment

obtained in the course of the audit, we did not

identify any material misstatements in the Strategic

report and Directors’ Report.

Directors’ Remuneration

In our opinion, the part of the Directors’

remuneration report to be audited has been

properly prepared in accordance with the

Companies Act 2006.

CORPORATE GOVERNANCE STATEMENT

The Listing Rules require us to review the directors’

statements in relation to going concern, longer-

term viability and that part of the corporate

governance statement relating to the company’s

compliance with the provisions of the UK

Corporate Governance Code specified for our

review. Our additional responsibilities with respect

to the corporate governance statement as other

information are described in the Reporting on other

information section of this report.

Based on the work undertaken as part of our audit,

we have concluded that each of the following

elements of the corporate governance statement,

included within the Governance and Strategic Report

sections of the Annual Report is materially consistent

with the financial statements and our knowledge

obtained during the audit, and we have nothing

material to add or draw attention to in relation to:

• The directors’ confirmation that they have carried

out a robust assessment of the emerging and

principal risks;

• The disclosures in the Annual Report that

describe those principal risks, what procedures

are in place to identify emerging risks and an

explanation of how these are being managed

or mitigated;

• The directors’ statement in the financial

statements about whether they considered it

appropriate to adopt the going concern basis

of accounting in preparing them, and their

identification of any material uncertainties to the

group’s and company’s ability to continue to do

so over a period of at least twelve months from

the date of approval of the financial statements;

• The directors’ explanation as to their assessment

of the group’s and company’s prospects, the

period this assessment covers and why the

period is appropriate; and

• The directors’ statement as to whether they have

a reasonable expectation that the company will

be able to continue in operation and meet its

liabilities as they fall due over the period of its

assessment, including any related disclosures

drawing attention to any necessary qualifications

or assumptions.

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Financials

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF easyJet plc (CONTINUED)

Our review of the directors’ statement regarding

the longer-term viability of the group and company

was substantially less in scope than an audit and

only consisted of making inquiries and considering

the directors’ process supporting their statement;

checking that the statement is in alignment with the

relevant provisions of the UK Corporate Governance

Code; and considering whether the statement is

consistent with the financial statements and our

knowledge and understanding of the group and

company and their environment obtained in the

course of the audit.

In addition, based on the work undertaken as part

of our audit, we have concluded that each of the

following elements of the corporate governance

statement is materially consistent with the financial

statements and our knowledge obtained during

the audit:

• The directors’ statement that they consider

the Annual Report, taken as a whole, is fair,

balanced and understandable, and provides

the information necessary for the members

to assess the group’s and company’s position,

performance, business model and strategy;

• The section of the Annual Report that describes

the review of effectiveness of risk management

and internal control systems; and

• The section of the Annual Report describing the

work of the Audit Committee.

We have nothing to report in respect of our

responsibility to report when the directors’

statement relating to the company’s compliance

with the Code does not properly disclose a

departure from a relevant provision of the Code

specified under the Listing Rules for review by

the auditors.

RESPONSIBILITIES FOR THE FINANCIAL

STATEMENTS AND THE AUDIT

Responsibilities of the directors for the

financial statements

As explained more fully in the Statement of

Directors’ responsibilities in respect of the financial

statements, the directors are responsible for

the preparation of the financial statements in

accordance with the applicable framework and for

being satisfied that they give a true and fair view.

The directors are also responsible for such internal

control as they determine is necessary to enable

the preparation of financial statements that are free

from material misstatement, whether due to fraud

or error.

In preparing the financial statements, the directors

are responsible for assessing the group’s and the

company’s ability to continue as a going concern,

disclosing, as applicable, matters related to going

concern and using the going concern basis of

accounting unless the directors either intend to

liquidate the group or the company or to cease

operations, or have no realistic alternative but to

do so.

Auditors’ responsibilities for the audit of the

financial statements

Our objectives are to obtain reasonable assurance

about whether the financial statements as a whole

are free from material misstatement, whether due

to fraud or error, and to issue an auditors’ report

that includes our opinion. Reasonable assurance is a

high level of assurance, but is not a guarantee that

an audit conducted in accordance with ISAs (UK)

will always detect a material misstatement when it

exists. Misstatements can arise from fraud or error

and are considered material if, individually or in the

aggregate, they could reasonably be expected to

influence the economic decisions of users taken on

the basis of these financial statements.

Irregularities, including fraud, are instances of

non-compliance with laws and regulations. We

design procedures in line with our responsibilities,

outlined above, to detect material misstatements in

respect of irregularities, including fraud. The extent

to which our procedures are capable of detecting

irregularities, including fraud, is detailed below.

Based on our understanding of the group and

industry, we identified that the principal risks of

non-compliance with laws and regulations related

to regulatory compliance to ensure Air Operator’s

Certificates (held in the UK, Switzerland and Austria)

and travel provider licences remain valid and fully

operational, Task Force on Climate-Related Financial

Disclosures and Streamlined Energy and Carbon

Reporting (SECR) requirements, and we considered

the extent to which non-compliance might have a

material effect on the financial statements. We also

considered those laws and regulations that have

a direct impact on the financial statements such

as compliance with the requirements of emissions

trading schemes and customer claims regulation,

The Listing Rules, UK and overseas tax legislation,

The UK Corporate Governance Code 2018 and

Companies Act 2006. We evaluated management’s

incentives and opportunities for fraudulent

manipulation of the financial statements (including

the risk of override of controls), and determined

that the principal risks were related to inappropriate

journal entries in the underlying books and records

and management bias in accounting estimates.

Audit procedures performed by the engagement

team included:

• Discussions with management, internal audit and

the group’s legal team, including consideration of

known or suspected instances of non-compliance

with laws and regulations and fraud;

• Challenging assumptions and judgements made

by management in its significant accounting

estimates that involved making assumptions

and considering future events that are inherently

uncertain. We focused on the valuation of the

maintenance provision, and for the company the

assessment of impairment of the investment in

easyJet Airline Company Limited (see related

key audit matters above). We also specifically

assessed the liabilities held in respect of items

including actual and potential litigation matters,

provisions held for customer compensation; the

assessment of impairment of intangible assets

and recoverability of deferred tax assets;

• Consideration of recent correspondence with the

group’s legal advisors to ensure that it aligned

with the conclusions drawn on obligations

recognised and contingent liabilities disclosed in

respect of uncertain legal matters;

• Identifying and testing journal entries, in particular

certain journal entries posted with unusual

account combinations;

• Designing audit procedures to incorporate

unpredictability around the nature, timing or

extent of our testing.

There are inherent limitations in the audit

procedures described above. We are less likely to

become aware of instances of non-compliance

with laws and regulations that are not closely

related to events and transactions reflected in the

financial statements. Also, the risk of not detecting

a material misstatement due to fraud is higher than

the risk of not detecting one resulting from error,

as fraud may involve deliberate concealment by, for

example, forgery or intentional misrepresentations,

or through collusion.

Our audit testing might include testing complete

populations of certain transactions and balances,

possibly using data auditing techniques. However,

it typically involves selecting a limited number of

items for testing, rather than testing complete

populations. We will often seek to target particular

items for testing based on their size or risk

characteristics. In other cases, we will use audit

sampling to enable us to draw a conclusion about

the population from which the sample is selected.

A further description of our responsibilities for

the audit of the financial statements is located

on the FRC’s website at: www.frc.org.uk/

auditorsresponsibilities. This description forms part

of our auditors’ report.

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INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF easyJet plc (CONTINUED)

Use of this report

This report, including the opinions, has been

prepared for and only for the company’s members

as a body in accordance with Chapter 3 of Part

16 of the Companies Act 2006 and for no other

purpose. We do not, in giving these opinions, accept

or assume responsibility for any other purpose or to

any other person to whom this report is shown or

into whose hands it may come save where expressly

agreed by our prior consent in writing.

OTHER REQUIRED REPORTING

COMPANIES ACT 2006 EXCEPTION

REPORTING

Under the Companies Act 2006 we are required to

report to you if, in our opinion:

• we have not obtained all the information and

explanations we require for our audit; or

• adequate accounting records have not been

kept by the company, or returns adequate for

our audit have not been received from branches

not visited by us; or

• certain disclosures of directors’ remuneration

specified by law are not made; or

• the company financial statements and the part of

the Directors’ remuneration report to be audited

are not in agreement with the accounting records

and returns.

We have no exceptions to report arising from this

responsibility.

APPOINTMENT

Following the recommendation of the Audit

Committee, we were appointed by the members

on 22 February 2006 to audit the financial

statements for the year ended 30 September

2006 and subsequent financial periods. The period

of total uninterrupted engagement is 20 years,

covering the years ended 30 September 2006 to

30 September 2025.

OTHER MATTER

The company is required by the Financial Conduct

Authority Disclosure Guidance and Transparency

Rules to include these financial statements in

an annual financial report prepared under the

structured digital format required by DTR 4.1.15R -

4.1.18R and filed on the National Storage Mechanism

of the Financial Conduct Authority. This auditors’

report provides no assurance over whether the

structured digital format annual financial report

has been prepared in accordance with those

requirements.

Matthew Mullins

(Senior Statutory Auditor)

for and on behalf of PricewaterhouseCoopers LLP

Chartered Accountants and Statutory Auditors

Watford

25 November 2025

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CONSOLIDATED INCOME STATEMENT



					Year ended 30 September
			2025			2024
			Non-headline			Non-headline
		Headline	(note 5)	Total	Headline	(note 5)	Total
	Notes	£ million	£ million	£ million	£ million	£ million	£ million
Passenger revenue 		6 ,072	–	6,07 2	5 ,7 1 5	–	5,7 1 5
Ancillary revenue
Airline ancillary revenue 		2,594	–	2,594	2,4 57	–	2,4 57
easyJet holidays revenue 1		 1,4 40	–	1,4 40	1 ,1 3 7	–	1 ,1 3 7
Total ancillary revenue 		4,03 4	–	4,03 4	3, 594	–	3, 594
Total revenue	8	10, 106	–	10, 106	9,3 0 9	–	9, 3 0 9
Fuel 		(2 , 2 5 3)	–	(2 , 2 5 3)	(2 , 2 2 3)	–	(2, 2 2 3)
Airports and ground handling 		(2 ,1 6 1)	–	(2 ,1 6 1)	(1 , 9 8 9)	–	(1 , 9 8 9)
Crew 		(1 ,1 9 8)	–	(1 ,1 9 8)	(1 , 0 74)	–	(1 , 0 74)
Navigation 		(533)	–	(533)	(4 63)	–	(4 6 3)
Maintenance 		(4 5 1)	–	(4 5 1)	(3 9 0)	–	(3 9 0)
easyJet holidays direct operating costs 1		(1 ,072)	–	(1 ,072)	(8 4 0)	–	(8 4 0)
Selling and marketing 		(273)	–	(273)	(2 5 7)	–	(2 5 7)
Other costs 		(75 4)	(7)	(761)	(7 5 8)	(9)	(767)
Other income 		35	–	35	52	1	53
EBITDA 		1 ,44 6	(7)	1,439	1, 367	(8)	1, 3 59
Depreciation	3	(6 79)	–	(67 9)	(7 27)	–	(727)
Amortisation of intangible assets	10	(6 4)	–	(6 4)	(4 3)	–	(4 3)
Operating profit 		703	(7)	696	5 97	(8)	589
Interest receivable and other financing income 		130	–	130	1 41	–	141
Interest payable and other financing charges 		(15 6)	–	(1 56)	(1 3 2)	–	(1 3 2)
Foreign exchange (loss)/gain 		(12)	–	(12)	4	–	4
Net finance (charges)/income	2	(3 8)	–	(3 8)	13	–	13
Profit before tax	3	665	(7)	65 8	610	(8)	6 02
Tax charg e	6	(16 6)	2	(164)	(15 1)	1	(1 5 0)
Profit for the year		499	(5)	494	459	(7)	4 52
Earnings per share, pence      
Basic	7  			65.8  			60. 3
Diluted	7  			6 4.7  			59. 6

      

1) easyJet holidays revenue and direct operating costs exclude the flight element of holiday packages that is eliminated on consolidation.

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CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME



		Year ended	Year ended
		30 September	30 September
		2025	2024
	Notes	£ million	£ million
Profit for the year 		494	452
Other comprehensive income/(loss)   
Items that may be reclassified to the income statement:
Retranslation of net assets of overseas subsidiaries 		3	–
Cash flow hedges  
Fair value gains/(losses) in the year 		34	(3 5 8)
Losses transferred to the income statement 		84	23
Hedge ineffectiveness/discontinuation (gains)/losses transferred to the income statement 		(1)	2
Related deferred tax (charge)/credit	6	(3 0)	83
Cost of hedging 		9	(8)
Related deferred tax (charge)/credit	6	(2)	2
Items that will not be reclassified to the income statement:
Cash flow hedges 
Fair value gains in the year 		2 8	–
Related deferred tax charge	6	(7)	–
Remeasurement loss of post-employment benefit obligations	20	(3)	(11)
Related deferred tax credit	6	1	3
Fair value gain on equity investment 		13	20
		  129	(24 4)
Total comprehensive income for the year 		623	20 8

  



Fair valuation gains on cash flow hedges in the year are driven by weakening of sterling, resulting in a favourable move in the value of the hedges.

(Gains)/losses on cash flow hedges reclassified from other comprehensive income to the income statement by income statement caption are as follows:



Year ended

30 September

2025

£ million

Year ended

30 September

2024

£ million

Revenue (27) (25)

Fuel 137 (13)

Maintenance 5 4

Eurobonds (within foreign exchange (loss)/gain) (32) 38

Other financing income 1 19

 84 23

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CONSOLIDATED STATEMENT OF FINANCIAL POSITION



		As at	As at
		30 September	30 September
		2025	2024
	Notes	£ million	£ million
Non-current assets   
Goodwill	10	3 87	387
Other intangible assets	10	3 84	406
Property, plant and equipment 1	11	4,79 1	4, 285
Right of use assets	18	1 ,01 5	1 , 190
Derivative financial instruments	25	63	2
Equity investment	25	64	51
Other non-current assets	12	178	169
		  6, 882	6, 490
Current assets   
Trade and other receivables	13	530	4 83
Current intangible assets	10	51 8	572
Derivative financial instruments	25	49	29
Other investments	14	2 ,024	2,1 1 8
Cash and cash equivalents	14	1,504	1,34 3
		  4,62 5	4, 5 45
Current liabilities   
Trade and other payables	15	(1 ,6 5 4)	(1 , 6 5 6)
Unearned revenue	16	(1,9 45)	(1 ,7 3 7)
Borrowings	17	(6)	(4 1 6)
Lease liabilities	18	(2 51)	(2 2 7)
Derivative financial instruments	25	(1 0 0)	(2 7 0)
Current tax liabilities	6	(11)	(9)
Provisions for liabilities and charges	19	(18 5)	(1 5 6)
		(4 ,1 5 2)	(4 , 4 7 1)
Net current assets 		473	74

 



		As at	As at
		30 September	30 September
		2025	2024
	Notes	£ million	£ million
Non-current liabilities   
Unearned revenue	16	(5)	(4)
Borrowings	17	(1,87 5)	(1 , 6 9 0)
Lease liabilities	18	(7 9 4)	(9 47)
Derivative financial instruments	25	(58)	(51)
Other liabilities 		(1 8)	(6)
Post-employment benefit obligations	20	(2 0)	(17)
Provisions for liabilities and charges	19	(8 2 9)	(8 0 6)
Deferred tax liabilities	6	(2 5 8)	(7 0)
		(3,8 57)	(3, 5 91)
Net assets 		3,498	2,97 3
Shareholders’ equity   
Share capital	21	2 07	2 07
Share premium 		2 ,1 6 6	2,1 6 6
Hedging reserve 		(2 6)	(1 3 7)
Cost of hedging reserve 		(1)	(8)
Translation reserve 		75	72
Retained earnings 		1, 07 7	673
Total equity 		3,498	2,97 3

 

1) Property, plant and equipment in the prior year has been re-presented to separately present right of use assets in the

consolidated statement of financial position, see note 1a for further details.

The financial statements on pages 144 to 184 were approved by the Board of Directors and authorised for

issue on 25 November 2025 and signed on behalf of the Board.

Kenton Jarvis Jan De Raeymaeker

Director Director

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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY



				Cost of
	Share	Share	Hedging	hedging	Translation	Retained	Total
	capital	premium	reserve	reserve	reserve	earnings	equity
	£ million	£ million	£ million	£ million	£ million	£ million	£ million
At 1 October 2024	2 07	2 ,1 6 6	(137)	(8)	72	673	2, 973
Profit for the year	–	–	–	–	–	494	494
Other comprehensive income	–	–	108	7	3	11	12 9
Total comprehensive income	–	–	108	7	3	5 05	623
Fair value loss transferred to property, plant and equipment	–	–	3	–	–	–	3
Dividends paid (note 9)	–	–	–	–	–	(91)	(9 1)
Share incentive schemes
Employee share schemes –
value of employee services (note 22)	–	–	–	–	–	38	38
Purchase of own shares	–	–	–	–	–	(4 8)	(4 8)
At 30 September 2025	207	2 ,1 6 6	(2 6)	(1)	75	1 ,07 7	3,498

      



				Cost of
	Share	Share	Hedging	hedging	Translation	Retained	Total
	capital	premium	reserve	reserve	reserve	earnings	equity
	£ million	£ million	£ million	£ million	£ million	£ million	£ million
At 1 October 2023	207	2 ,1 6 6	113	(2)	72	23 1	2 ,78 7
Profit for the year	–	–	–	–	–	452	452
Other comprehensive (loss)/income	–	–	(2 5 0)	(6)	–	12	(24 4)
Total comprehensive (loss)/income	–	–	(2 5 0)	(6)	–	464	20 8
Dividends paid (note 9)	–	–	–	–	–	(3 4)	(3 4)
Share incentive schemes
Employee share schemes –
value of employee services (note 22)	–	–	–	–	–	30	30
Purchase of own shares	–	–	–	–	–	(1 8)	(1 8)
At 30 September 2024	207	2 ,1 6 6	(1 3 7)	(8)	72	673	2, 973

      

The hedging reserve comprises the effective portion of the cumulative net change in the fair value of cash flow hedging instruments relating to highly probable

transactions that are forecast to occur after the year end.

At 30 September 2025, amounts in the cost of hedging reserve comprised a £1 million loss related to the time value of options (2024: £9 million loss) and £nil

related to cross-currency basis (2024: £1 million loss).

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CONSOLIDATED STATEMENT OF CASH FLOWS



		Year ended	Year ended
		30 September	30 September
		2025	2024
	Notes	£ million	£ million
Cash flows from operating activities   
Cash generated from operations	23	1,875	1,4 83
Dividends paid	9	(9 1)	(3 4)
Interest and other financing charges paid 		(14 0)	(101)
Interest and other financing income received 		138	1 24
Settlement of derivatives 		(1 45)	1
Tax paid	6	(12)	(8)
Net cash generated from operating activities 		1, 625	1,4 65
Cash flows from investing activities   
Purchase of property, plant and equipment 		(91 2)	(8 1 1)
Proceeds from sale of property, plant and equipment 		4	9
Acquisition of subsidiary, net of cash acquired 		–	(2 2)
Purchase of non-current other intangible assets 		(89)	(1 1 8)
Settlement of derivatives 		(2 6)	–
Decrease/(increase) in other investments	24	1 51	(2 , 1 1 8)
Proceeds from sale and leaseback of aircraft 		–	114
Net cash used in investing activities 		(87 2)	(2 , 9 4 6)
Cash flows from financing activities   
Purchase of own shares for employee share schemes 		(4 8)	(1 8)
Proceeds from debt financing and other borrowings	24	104	718
Repayment of bank loans and other borrowings	24	(4 2 3)	(4 3 4)
Settlement of derivatives 		(2 1)	(1 1)
Repayment of capital element of leases	24	(2 26)	(222)
Decrease in restricted cash 		–	2
Net cash (used in)/generated from financing activities		(61 4)	35
Effect of exchange rate movements 		22	(1 3 6)
Net increase/(decrease) in cash and cash equivalents		161	(1 , 5 8 2)
Cash and cash equivalents at beginning of year 		1,34 3	2, 925
Cash and cash equivalents at end of year	14	1,504	1,343

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NOTES TO THE FINANCIAL STATEMENTS

1. ACCOUNTING POLICIES, JUDGEMENTS AND ESTIMATES

Statement of compliance

easyJet plc (the ‘Company’) and its subsidiaries (‘easyJet’ or the ‘Group’ as applicable) is a low-cost airline

carrier operating principally in Europe. The Company is a public limited company (company number

03959649), incorporated and domiciled in the United Kingdom, whose shares are listed on the London

Stock Exchange under the ticker symbol EZJ. The address of its registered office is Hangar 89, London

Luton Airport, Luton, Bedfordshire, LU2 9PF, England.

The consolidated financial statements of easyJet plc have been prepared in accordance with UK-adopted

International Accounting Standards and with the requirements of the Companies Act 2006 as applicable to

companies reporting under those standards.

Basis of preparation

The financial statements are prepared based on the historical cost convention except for certain financial

assets and liabilities, including derivative financial instruments, financial guarantees, equity investments, and

certain contingent liabilities and commitments, which are measured at fair value.

easyJet’s business activities, together with factors likely to affect its future development and performance,

are described in the strategic report on pages 1 to 74. Principal risks and uncertainties are described

on pages 65 to 70. Note 26 to the financial statements sets out the Group’s objectives, policies and

procedures for managing its capital and gives details of the risks related to financial instruments held

by the Group.

The financial statements have been prepared on a going concern basis. In adopting the going concern

basis the Directors have considered easyJet’s business activities, together with factors likely to affect its

future development and performance, as well as easyJet’s principal risks and uncertainties through to

March 2027.

As at 30 September 2025, easyJet had a net cash position of £602 million including cash, cash equivalents

and other investments of £3.5 billion, and access to an undrawn Revolving Credit Facility (RCF) of £1.3

billion. easyJet therefore has access to £4.8 billion of liquidity and 58% of the total aircraft fleet are in

ownership, three of which are encumbered.

The Directors have reviewed the financial forecasts and funding requirements with consideration given

to the potential impact of severe but plausible risks. easyJet has modelled a base case representing

management’s best estimation of how the business plans to perform over the period. The future impact of

climate change on the business has been incorporated into strategic plans, for example the cost of future

fleet renewals, the future estimated price of regulatory carbon schemes (including UK and EU Emissions

Trading Schemes (ETS) and the Carbon Offsetting and Reduction Scheme for International Aviation

(CORSIA)), the phasing out of no-cost ETS allowances, the expected price and quantity of Sustainable

Aviation Fuel (SAF) requirements, and the cost of carbon removal credits and other sustainability initiatives.

The business is exposed to fluctuations in fuel prices and foreign exchange rates. easyJet is currently c.80%

hedged for fuel in H1 of FY26 at c.$717 per metric tonne, c.54% hedged for H2 FY26 at c.$690 and c.31%

hedged for H1 FY27 at c.$677.

In modelling the impact of severe but plausible downside risks, the Directors have considered demand

suppression leading to a reduction in ticket yield of 5% and a reduction in easyJet holidays contribution

of 5%. The model also includes the reoccurrence of additional disruption costs (comparable with

the significant levels experienced in FY22), an additional $50 per metric tonne on the fuel price, 1.5%

additional operating cost inflation and an adverse movement on the US dollar rate. These impacts have

been modelled across the whole going concern period. In addition, this downside model also includes a

grounding of 25% of the fleet for the duration of the peak trading month of August to cover the range of

severe but plausible risks that could result in significant operational disruption. The impact of mitigating,

controllable actions which the management team would be able to take in this instance have then been

factored-in, being actions which do not require negotiation or other agreements to be obtained from third

parties. Examples include reducing capex spend and exercising our contractual right to delay a certain

number of aircraft deliveries. This downside scenario resulted in a significant reduction in liquidity but still

maintained sufficient headroom on liquidity requirements.

After reviewing the current liquidity position, committed funding facilities, the base case and the severe but

plausible downside financial forecasts incorporating the uncertainties described above, the Directors have a

reasonable expectation that the Group has sufficient resources to continue in operation for the foreseeable

future. For these reasons, the Directors continue to adopt the going concern basis of accounting in

preparing the Group’s financial statements.

The use of critical accounting estimates and management judgement is required in applying relevant

accounting policies to the Group’s consolidated financial statements. Areas involving a higher degree of

judgement, or where assumptions and estimates are significant to the financial statements and carry

estimation risk, are highlighted on pages 157 to 159.

Climate change

In preparing the financial statements, the Directors have considered the impact of climate change,

particularly in the context of the climate change risks identified in the Sustainability section of the strategic

report, the Group’s stated target of net zero carbon emissions by 2050, and our commitment to reducing

our carbon emissions intensity by 35% by 2035. These targets and risks have been considered in relation

to the financial reporting judgements and estimates in the current year and these have not materially

impacted the conclusions reached including:

• the estimates of future cash flows used in impairment assessments of the carrying value of non-current

assets;

• the estimates of future profitability used in our assessment of the recoverability of deferred tax assets in

the UK; and

• the useful economic lives (UELs) and related residual values for our less fuel-efficient aircraft.

Known climate-related impacts are incorporated into the Group’s short-term and medium-term cash flow

forecasts including the cost of future fleet renewals, the future estimated price of regulatory carbon schemes

(including UK and EU ETS and CORSIA), the phasing out of no-cost ETS allowances, the expected price and

quantity of SAF requirements, and the cost of carbon removal credits and other sustainability initiatives.

Climate change is not expected to have any significant impact on demand or further impact on the Group’s

short-term cash flows considered in the going concern and viability assessments. Additional identified

climate-based risks and the impact of these in the absence of actions taken by easyJet to manage the

transition are considered in the sensitivity testing of management’s impairment assessments, and viability

modelling. In particular the impact of a reduction in demand due to investor/market sentiment and

increased costs due to changes in technology, regulatory and legal requirements have been considered.

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NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

1A. MATERIAL ACCOUNTING POLICIES

The material accounting policies applied in the preparation of the consolidated financial statements are

summarised below. Unless otherwise stated they have been applied consistently to both years presented.

The explanations of these policies focus on areas where judgement is applied or which are particularly

significant in the financial statements.

Basis of consolidation

The consolidated financial statements incorporate those of easyJet plc and its subsidiaries for the years

ended 30 September 2024 and 30 September 2025. A full list of subsidiaries can be found in the notes to

the Company financial statements on page 188.

A subsidiary is an entity controlled by easyJet plc. Control is achieved when easyJet is exposed to, or has

rights to, variable returns from its involvement with the investee and has the ability to affect those returns

through its power, directly or indirectly, over the investee.

The Group applies the acquisition method to account for business combinations. The consideration paid is

the fair value of the assets transferred, the liabilities incurred and the equity interests issued by the Group.

Identifiable assets acquired and liabilities assumed in a business combination are measured initially at their

fair values at the acquisition date.

Intragroup balances, transactions, and any unrealised gains and losses arising from intragroup transactions

are eliminated in preparing the consolidated financial statements.

Foreign currencies

The primary economic environment in which a subsidiary operates determines its functional currency. The

consolidated financial statements of easyJet are presented in sterling, rounded to the nearest £ million,

which is the Company’s functional currency and the Group’s presentation currency.

Transactions arising in foreign currencies are recorded using the rate of exchange ruling at the date of

the transaction. Monetary assets and liabilities denominated in foreign currencies are translated into the

functional currency using the rate of exchange ruling at the end of a reporting period and (except where

the asset or liability is designated as a cash flow hedge) the gains or losses on translation are included in

the income statement. Non-monetary assets and liabilities denominated in foreign currencies are translated

into the functional currency at foreign exchange rates ruling at the dates the transactions were affected.

Certain subsidiaries have operations that are primarily influenced by a currency other than sterling.

Exchange differences arising on the translation of these foreign operations are taken to the translation

reserve within shareholders’ equity until all or part of the interest is disposed of, when the relevant portion

of the accumulated exchange gains or losses is recognised in the income statement. Profits and losses of

foreign operations are translated into sterling at average monthly rates of exchange during the year, as this

approximates the rates on the dates of the transactions.

Change in presentation

Presentation of right of use assets

The presentation of the consolidated statement of financial position has been amended in order to

provide more relevant information to the users of the financial statements, separately presenting the

Group’s owned property, plant and equipment from leased right of use assets, reflecting the different

nature of these asset classes. Prior year comparatives have been reclassified to align to the current year

presentational approach. Information in respect of right of use assets, including the carrying amount,

additions and depreciation, previously included in note 11, is now set out in note 18.

Impairment of non-financial assets

easyJet has identified two separate cash-generating units (CGUs) which are two separate groups of assets

generating largely independent cash flows, these being easyJet’s airline route network and its holidays business.

All goodwill, landing rights, current intangible assets, associated working capital balances, aircraft and

aircraft spares belong to the Airline CGU which is tested annually for impairment or when there is an

indication of impairment. A single value in use (VIU) calculation is performed in order to assess the

recoverability of the assets.

The holidays CGU includes other intangible assets, which are subject to amortisation, and working capital

associated to the holidays business. The CGU is tested for impairment annually or when there is an

indication of impairment.

A further description of the calculation of the VIU and current year outcome and sensitivities for the Airline

CGU is given in note 10.

Goodwill and other intangible assets

Goodwill arising on acquisition has been recognised as an asset and initially measured at cost, being

the excess of the cost of the business combination over easyJet’s interest in the net fair value of the

identifiable assets acquired and the liabilities assumed. Goodwill is stated at cost less any accumulated

impairment losses. It has an indefinite expected useful life and is tested for impairment as part of the Airline

CGU on an annual basis or when there is an indication of impairment.

Landing rights are stated at cost less any accumulated impairment losses. They are considered to have an

indefinite useful life as they remain available for use for the foreseeable future provided minimum utilisation

requirements are observed. Landing rights form part of the Airline CGU and are tested for impairment at

least annually or when there is an indication of impairment. Landing rights with a carrying value that have

no further VIU and have been surrendered for nil value are de-recognised and a loss on disposal recognised

in the income statement at the point of surrender.

When assessing for impairment or reassessing UELs, easyJet considers potential significant future changes

including in relation to market, technological, economic and legal developments. The potential future impacts of

climate change have been incorporated by including the estimated financial impact within cash flow projections

of the future estimated price of ETS allowances, the expected price and quantity required of SAF usage, and

the cost of carbon removal credits and other sustainability initiatives. Additional risks associated with climate

change are modelled in sensitivity analysis including variations in SAF usage and ETS costs, additional legal and

technology costs, reduced demand and increased cost of maintenance and replacement aircraft.

Computer software is stated at cost and is amortised from the point at which the asset is ready for use on

a straight-line basis over the asset’s UEL. UELs are reviewed annually.

	Expected useful life
Computer software	2–7 years

Annual licence agreements to use cloud software are expensed and treated as a service agreement.

Perpetual licences to use cloud software are capitalised if easyJet has both a contractual right to the

software and the ability to run the software independently of the host vendor, but are otherwise expensed.

Customisation and configuration costs related to the implementation of Cloud based applications are

expensed unless the activity creates an asset that is separate and identifiable from the software.

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NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

1A. MATERIAL ACCOUNTING POLICIES (CONTINUED)

Carbon allowances and offsetting

easyJet participates in the EU ETS, CH (Swiss) ETS and UK ETS schemes. Participants are required to

purchase and surrender ETS carbon allowances to cover their annual carbon emissions from flying. The

surrender process takes place ahead of the compliance deadlines each year. A proportion of allowances

are issued for free (with 2025 being the final year of free allowances being issued) and are recognised at

fair value, being the market value on the date they are received, with a corresponding liability recognised

simultaneously. Purchased allowances are recognised at the purchase price. Both free and purchased carbon

allowances are held as intangible assets and are not subsequently revalued as they are held for own use.

As part of the annual surrender process free allowances will be surrendered first with purchased allowances

then surrendered on a first in, first out (FIFO) basis. The income statement expense (included in fuel

costs), recognised throughout the year as the liability is incurred through flying, is based on a weighted

average cost of the free and purchased allowances estimated to be surrendered (on the FIFO basis

described above) as part of the annual surrender process. A corresponding liability of the same value is

also recognised. As such, for any financial year, three months of the related expense will be known having

already been surrendered, with nine months of the expense subject to a degree of estimation. Both the

related asset and liability are extinguished only at the point when the allowances are surrendered.

These intangible assets form part of the Airline CGU and are reviewed for impairment annually or when

there is an indication of impairment within the Airline CGU.

Additionally, easyJet has an obligation under French law to offset CO

emissions incurred for French

domestic flights. Carbon certificates have been purchased for the obligation and are held on the

consolidated statement of financial position at purchase price.

Property, plant and equipment

Property, plant and equipment (PPE) is stated at cost less accumulated depreciation. Depreciation is

calculated to write off the cost, less estimated residual value, of assets on a straight-line basis over their

UELs. UELs and residual values are reviewed annually.

	Expected useful life
Aircraft 1	20–23 years 2, 3
Aircraft spares	18 years
Aircraft – prepaid maintenance	7–10 years
Aircraft – subsequent maintenance 5–10 years
Leasehold improvements	5–10 years or the length of lease if shorter
Freehold land	Not depreciated
Fixtures, fittings and equipment 4	3 years or length of the lease of the property where the equipment
	is used if shorter
Computer hardware 4	3–5 years

1) Aircraft held as right of use assets are depreciated over the lease term; see leases section. Contractual capital maintenance

associated with leased aircraft is charged as depreciation to the income statement as the usage that defines the

maintenance event occurs.

2) easyJet operates a fleet of Airbus CEO and NEO aircraft. The newer NEO aircraft have a UEL of 23 years. Aligning to the

longer-term plan for CEO aircraft, and the ambition to replace these over time with the more fuel efficient NEO aircraft as

part of easyJet’s net zero commitment, CEO aircraft have a shorter UEL of 20 years.

3) Aircraft are depreciated once in the location and condition necessary to be capable of operating in the manner intended by

management.

4) Included within owned other assets within note 11.

Residual values are reviewed annually, at the end of the reporting period, against prevailing market rates for

assets of an equivalent age, and the depreciation applied is adjusted accordingly on a prospective basis.

The carrying value of PPE assets is part of the Airline CGU and is therefore reviewed for impairment at least

annually or when there is any indication of impairment within the CGU. For aircraft, easyJet is dependent

on Airbus as its sole supplier. This gives rise to an increased valuation risk, which crystallises when aircraft

exit the fleet, where easyJet is reliant on the future demand for second-hand aircraft and specifically

Airbus aircraft. Future developments, such as the impact of climate change on the market, technological,

economic or legal environment factors, are considered when assessing residual values and UELs.

An element of the cost of a new aircraft is attributed on acquisition to prepaid maintenance, reflecting

the ‘full-life’ maintenance status of key components of the aircraft at the point of transition of ownership.

This cost is depreciated over a period of between seven to ten years from the date of manufacture,

in accordance with the maintenance schedule for the aircraft. Subsequent costs incurred which lend

enhancement to future periods, such as long-term scheduled maintenance and major overhauls of aircraft

and engines, are capitalised at the time of the event and depreciated over the length of the period

benefiting from these events. All other maintenance costs for owned aircraft are charged to the income

statement as incurred.

Pre-delivery payments made in respect of aircraft are recorded in PPE at cost. A proportion of easyJet’s

financing costs are attributed to pre-delivery payments, made in respect of aircraft and other qualifying

assets under construction. These financing costs are subsequently capitalised and added to the cost of the

relevant asset. Pre-delivery payments are depreciated from the point at which the aircraft to which they

relate is received and ready for commercial use.

Gains and losses on disposals (other than aircraft-related sale and leaseback transactions) are determined

by comparing the net proceeds with the carrying amount of the asset and are recognised in the

income statement.

Freehold land is recorded at cost and not depreciated as it is considered to have an indefinite useful life .

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NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

1A. MATERIAL ACCOUNTING POLICIES (CONTINUED)

Leases

The Group assesses at contract inception whether a contract is, or contains, a lease.

The Group as lessee

When a contractual arrangement contains a lease, easyJet recognises a lease liability and a corresponding

right of use asset at the commencement of the lease.

At the commencement date the lease liability is measured at the present value of the future lease

payments, discounted using the Group’s incremental borrowing rate where the interest rate in the lease

is not readily determined. Lease payments include fixed payments and variable payments which are

dependent on an index or rate. Where an index or rate is used this is initially measured using the index or

rate at commencement. Subsequently, the lease liability is adjusted by increasing the carrying amount to

reflect interest on the lease liability, reducing the carrying amount to reflect the lease payments made, and

remeasuring the carrying amount to reflect any reassessment or lease modifications.

The lease term is determined from the commencement date of the lease and the duration of the non-

cancellable term. If easyJet has an extension option, which it considers it is reasonably certain to exercise,

then the lease term will be considered to extend beyond that non-cancellable period to the end of the

extension period available. Where easyJet has previously assessed that there is no intention to exercise an

extension option but subsequently opts to exercise the option, then the lease liability is remeasured for

the revised lease term and change in future lease payments. If easyJet has a termination option, which it

considers it is reasonably certain to exercise, then the lease term will be accounted for until the point when

the termination option will take effect.

At the commencement date the right of use asset is measured at an amount equal to the lease liability

plus any lease payments made before the commencement date and any initial direct costs, less any

lease incentive payments received. An estimate of costs to be incurred in restoring an asset before

return to the lessor, in accordance with the terms of the lease, is also included in the right of use asset

at initial recognition. Subsequently, for leased aircraft, the right of use asset attracts maintenance work

in accordance with the contractual obligations of the lease, and a provision for the maintenance work is

built up as the aircraft is flown, with the offset being against the right of use asset. The maintenance asset

created is immediately fully depreciated as the liability is incurred as the aircraft is flown. Additionally, in

the event that a corresponding lease liability is remeasured, an adjustment is also made to the right of

use asset. The right of use assets form part of the Airline CGU and are therefore subject to review for

impairment annually or when there is an indication of impairment within the Airline CGU.

Short-term leases less than 12 months in length and low-value leases are not recognised as lease liabilities

and right of use assets but are recognised as an expense on a straight-line basis over the lease term.

In the consolidated statement of cash flows, payments for the interest element of recognised lease

liabilities are included in interest and other financing charges paid within cash flows from operating

activities. Payments for the principal element of recognised lease liabilities are presented within cash flows

from financing activities.

Sale and leaseback

easyJet periodically enters into sale and leaseback transactions whereby it sells either new or mid-life

aircraft or engines to a third-party and immediately leases them back. Each transaction is assessed as to

whether a sale of the asset has occurred under IFRS 15, ‘Revenue from Contracts with Customers’, taking

into consideration whether the contract contains a substantive purchase option for easyJet to repurchase

the asset.

If a sale of the asset is determined to have occurred, the asset is derecognised and a right of use asset and

lease liability are recognised. Where the transaction is judged to reflect the assets fair value, any gain or

loss arising on disposal is recognised in the income statement, to the extent that it relates to the rights that

have been transferred. Gains and losses that relate to the rights that have been retained are included in

the carrying amount of the right of use asset recognised at commencement of the lease. If sale proceeds

received were determined to not be at the asset’s fair value, any below market terms would be recognised

as a prepayment of lease payments, and above market terms recognised as additional financing provided

by the lessor. Gains on sale and leaseback transactions are recognised in other income, with losses on sale

and leaseback transactions recognised in other costs. Proceeds received for the sale of the fair value of the

asset are recognised in the statement of cash flows within investing activities as it relates to property, plant

and equipment.

If a sale is determined to have not occurred, then the contract is not accounted for as a lease. The asset

is retained on the consolidated statement of financial position within property, plant and equipment and a

financial liability is recognised within other borrowings for the sale proceeds received. The financial liability is

recognised at amortised cost as detailed in the financial instruments policy.

Purchase of leased assets

Where easyJet acquires an asset that was previously leased to the Group, and the original lease contract did

not contain a purchase option, the asset is recognised within property, plant and equipment at fair value. The

difference between the fair value and the purchase consideration paid is recognised in the income statement

together with the derecognition of the right of use asset, lease liability and associated maintenance and

restoration provisions. Payments to acquire the asset are presented in the consolidated statement of cash

flows within investing activities as they relate to the purchase of property plant and equipment.

Other non-current assets

Other non-current assets include both general lease deposits, as stipulated in lease agreements, as well

as mid-life aircraft delivery assets for maintenance obligations incurred on mid-life aircraft before easyJet

acquired the aircraft. The payments and receivables are recorded within current and non-current assets

as applicable, pending reimbursement or receipt in accordance with contract specific terms. Management

assess the recoverability of these assets on an annual basis through consideration of the credit position of

the debtors and other relevant inputs. Under the general approach to assess impairment of financial assets,

easyJet recognises a loss allowance equal to the 12-month expected credit losses.

Financial guarantees

Financial guarantees are initially measured at fair value and subsequently at the higher of the initial fair

value or the amount of the loss allowance determined by an expected credit loss calculation.

A loss allowance is calculated where easyJet is jointly and severally liable for financial guarantee contracts.

This is calculated based on the probability-weighted estimate of cash shortfalls to reimburse the holder for

a credit loss that it incurs and based on the agreements which may exist between any co-guarantors.

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NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

1A. MATERIAL ACCOUNTING POLICIES (CONTINUED)

Ta x

Tax expense in the income statement consists of current and deferred tax. Tax is recognised in the income

statement except when it relates to items credited or charged directly to other comprehensive income or

shareholders’ equity, in which case it is recognised in other comprehensive income or shareholders’ equity.

The charge for current tax is based on the results for the year as adjusted for income that is exempt and

expenses that are not deductible, using tax rates that are applicable to the taxable income.

Deferred tax is provided in full on temporary differences relating to the carrying amount of assets and

liabilities, where it is probable that the recovery or settlement will result in an obligation to pay more, or a

right to pay less, tax in the future, with the following exceptions:

• where the temporary difference arises from goodwill or from the initial recognition (other than in a

business combination) of other assets and liabilities in a transaction that affects neither taxable income

nor accounting profit; and

• deferred tax arising on investments in subsidiaries is not recognised where easyJet is able to control the

reversal of the temporary difference and it is probable that the temporary difference will not reverse in

the foreseeable future.

Deferred tax is calculated at the tax rates that are expected to apply in the periods in which recovery

of assets and settlement of liabilities are expected to take place, based on tax rates or laws enacted or

substantively enacted at the date of the statement of financial position.

Deferred tax assets represent amounts considered recoverable in future periods in respect of deductible

temporary differences, losses and tax credits carried forward. Deferred tax assets are recognised to

the extent that these are estimated to be fully recoverable against the unwind of taxable temporary

differences and future taxable income.

Deferred tax liabilities represent the amount of income taxes payable in future periods in respect of taxable

temporary differences.

Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax

assets against current tax liabilities and it is the intention to settle these on a net basis.

Provisions

Provisions are recognised when a present legal or constructive obligation arises as a result of a past event,

it is probable that the Group will be required to settle that obligation, and a reliable estimate can be made

of the amount of the obligation. Amounts provided for represent the best estimate of the consideration

required to settle the present obligation at the statement of financial position date, taking into account all

related risks and uncertainties.

Restructuring

Provisions for restructuring arise principally in relation to network optimisation and head office reviews.

Provisions for restructuring programmes are made when easyJet has a demonstrable commitment to a

restructuring programme, for example through an announcement made to the impacted employees.

Restructuring provisions are measured based on the expected outcome of consultations with impacted

employees. Where specific individuals at risk have not been identified, estimations are based on information

available such as average payroll data and length of service.

Leased aircraft maintenance

easyJet incurs liabilities for maintenance and restoration costs in respect of leased aircraft during the term

of the lease. These arise from legal and constructive contractual obligations relating to the condition of the

aircraft when it is returned to the lessor or when heavy maintenance events are expected to occur during

the period of the lease. Contractual maintenance obligations arising from the ongoing use of the aircraft

are provided for over the term of the lease based on the estimated future costs of the maintenance

events, or forecast penalty charges, discounted to present value. The provision is built as the aircraft are

flown, and recognised against the right of use asset, where it is immediately fully depreciated as the flying

hours that determine the provision have taken place. The restoration cost obligation is described in the

lease section.

Other provisions

Other provisions include amounts in respect of onerous contracts, compensation for quality issues and

personal injury and illness for easyJet holidays’ customers, the provision for refunds of air passenger

duty and similar charges, and potential liabilities for employee related and litigation matters which arise

in the normal course of business. Onerous contracts are recognised at the first indication that a loss is

anticipated, and the provision based on the expected economic outflow arising from the contracts.

Employee benefits

easyJet contributes to defined contribution pension schemes for the benefit of employees. The assets

of the schemes are held separately from those of easyJet in independently administered funds. easyJet’s

contributions are charged to the income statement in the year in which they are incurred. easyJet has no

further payment obligations once the contributions have been paid for defined contribution schemes.

The expected cost of compensated annual leave and other employee benefits is recognised at the time

that the related employees’ services are provided.

Switzerland pension scheme

easyJet contributes to an independently administered post-employment fund for employees in Switzerland.

The benefit is contribution-based with certain minimum guarantees required by Swiss law to the mandatory

part of the benefit. Due to these minimum guarantees, the Swiss pension plan meets IAS 19 Employee

Benefits requirements to be treated as a defined benefit plan for the purposes of these consolidated

financial statements.

The easyJet portion of the current service costs and the net interest costs are charged to the consolidated

income statement in the year in which they relate. Actuarial gains and losses are recognised in the

consolidated statement of comprehensive income and the consolidated statement of financial position

reflects the net surplus or deficit at the reporting date.

The actuarial assumptions used to calculate the defined benefit obligation are based on the requirements

set out in IAS 19. They are set by management, based on advice from an independent actuary. The

defined benefit obligation is calculated using the projected unit credit method. The costs of managing

the plan assets are deducted as incurred in determining the return on plan assets and the present value

of projected future general administration expenses that are a direct consequence of past service are

included as part of the retirement benefit obligation.

Share capital and dividend distribution

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary

shares or options are shown in equity as a deduction, net of tax, from the proceeds.

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1A. MATERIAL ACCOUNTING POLICIES (CONTINUED)

Where any Group company or employee benefit trust purchases the Company’s equity shares, the

consideration paid, and any directly attributable incremental costs are deducted from retained earnings until the

shares are cancelled or reissued. Proceeds from re-issue are shown as a credit to retained earnings.

easyJet settles share awards under the Long Term Incentive Plan, the Save As You Earn scheme, Restricted

Share Plan, Restricted Stock Unit, Share Incentive Plans and Deferred Annual Bonus by purchasing its own

shares on the market through employee benefit trusts. The costs of such purchases are deducted from

retained earnings in the period that the transaction occurs.

Final dividend distributions to the Company’s shareholders are recognised as a liability in the period in which

the dividends are approved by the Company’s shareholders. Interim dividends are recognised when paid

and are included within net cash generated from/used in operating activities as allowable by IAS 7 within

the statement of cash flows.

Share-based payments

easyJet has a number of equity-settled share incentive schemes. The fair value of share options granted under

the Save As You Earn scheme is measured at the date of grant using the Binomial Lattice option pricing model.

The fair value of all other awards is the closing share price from the last working day prior to the date of grant.

The fair value of the estimated number of options and awards that are expected to vest is expensed

to the income statement on a straight-line basis over the period that employees’ services are rendered,

with a corresponding increase in shareholders’ equity. Where non-market performance criteria (such as

sustainability targets) attached to the share options and awards are not met, any cumulative expense

previously recognised is reversed.

The social security obligations payable in connection with the grant of the share options are an integral

part of the grant itself and the charge is treated as a cash-settled transaction. A deferred tax balance is

recognised based on the intrinsic value of the outstanding options.

Financial instruments

Financial instruments are recognised when easyJet becomes a party to the contractual provisions of the

relevant instrument and derecognised when it ceases to be a party to such provisions. Financial assets are also

derecognised (written-off) when the Group has no reasonable expectation of recovering the financial asset.

With the exception of trade receivables that do not contain a significant financing component, financial

instruments are initially measured at fair value plus or minus (in the case of a financial asset or financial liability

not at fair value through the income statement) directly attributable transaction costs. Trade receivables that do

not contain a significant financing component are initially measured at the transaction price.

Where market values are not available, the fair value of financial instruments is calculated by discounting

expected cash flows at prevailing interest rates and by applying period end exchange rates.

The equity investment in The Airline Group Limited is measured at fair value. Movements in fair value are

assessed at each reporting period and recorded in other comprehensive income. The fair value is measured

using a dividend income model in accordance with IFRS 13 requirements. See note 25 for further details.

Non-derivative financial assets

Non-derivative financial assets are classified and measured according to easyJet’s business model for

managing a specified group of financial assets, and the nature of the contractual cash flows arising from

that group of financial assets.

Financial assets measured at amortised cost

Subsequent to initial recognition, this classification of financial asset is measured at amortised cost using

the effective interest rate method.

Financial assets are measured at amortised cost when both of the following criteria are met:

• the financial asset is held within a business model whose objective is to hold financial assets in order to

collect contractual cash flows; and

• the contractual terms of the financial asset give rise on specified dates to cash flows that are solely

payments of principal and interest on the principal amounts outstanding.

Financial assets measured at amortised cost include refundable lease deposits and other refundable

lease contributions, restricted cash, trade and other receivables, other investments, and cash and cash

equivalents (excluding money market funds).

Restricted cash comprises cash deposits which have restrictions governing their use and is classified as

a current or non-current asset based on the estimated remaining length of the restriction. Movements in

restricted cash are shown within financing activities in the consolidated statement of cash flows as the

movements arise from cash held relating to guarantees.

Cash and cash equivalents comprise cash held in bank accounts with no access restrictions and bank term

deposits and tri-party repos repayable on demand or maturing within three months of inception. Money

market funds (also part of Cash and cash equivalents) are measured at fair value through the income

statement (below).

Other investments comprise bank term deposits and tri-party repos maturing greater than three months

from inception. Managed investments (also part of Other investments) are measured at fair value through

other comprehensive income (below).

Financial assets measured at fair value through other comprehensive income

On initial recognition, managed investments, and equity investments, excluding interests in associates, are

irrevocably designated as measured at fair value through other comprehensive income. Subsequently they

are measured at fair value with changes recognised in other comprehensive income with no recycling of

these gains and losses.

Financial assets measured at fair value through the income statement

Financial assets are measured at fair value through the income statement when they do not meet the

criteria to be measured at amortised cost or at fair value through other comprehensive income.

Subsequent to initial recognition, this classification of financial assets is measured at fair value through the

income statement.

Financial assets measured at fair value through the income statement comprised of money market funds

as at 30 September 2025.

Impairment of financial assets

At each reporting date easyJet recognises a loss allowance for expected credit losses on financial assets

measured at amortised cost.

In establishing the appropriate amount of loss allowance to be recognised, easyJet applies either the general

approach or the simplified approach, depending on the nature of the underlying group of financial assets.

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1A. MATERIAL ACCOUNTING POLICIES (CONTINUED)

General approach – impairment assessment

The general approach is applied to the impairment assessment of refundable lease deposits and other

refundable lease contributions, restricted cash, other investments and cash and cash equivalents.

Under the general approach easyJet recognises a loss allowance for a financial asset at an amount equal to

the 12-month expected credit losses calculated using expected future default probabilities, unless the credit

risk on the financial asset has increased significantly since initial recognition, in which case a loss allowance

is recognised at an amount equal to the lifetime expected credit losses.

Simplified approach – impairment assessment

The simplified approach is applied to the impairment assessment of trade and other receivables.

Under the simplified approach easyJet recognises a loss allowance for a financial asset at an amount equal

to the lifetime expected credit losses using a historical loss probability method.

Non-derivative financial liabilities

Non-derivative financial liabilities are initially recorded at fair value less directly attributable transaction

costs, and subsequently at amortised cost, and include trade and other payables and borrowings. Interest

expense on borrowings is recognised using the effective interest method.

Borrowings are classified as current liabilities unless there is an unconditional right to defer settlement of

the liability for at least 12 months after the reporting period date.

Financial liabilities measured at amortised cost

Subsequent to initial recognition at cost, this classification of financial liability is measured at amortised cost.

Financial liabilities measured at amortised cost include trade and other payables, lease liabilities

and borrowings.

Derivative financial instruments and hedging activities

Derivative financial instruments are measured at fair value through the income statement with the

exception of derivative financial instruments that are designated as a hedging instrument in a cash flow

hedge relationship.

easyJet uses foreign currency forward exchange contracts to hedge foreign currency risks on transactions

denominated in US dollars, euros and Swiss francs. These transactions primarily affect revenue, fuel, lease

costs, holiday accommodation costs, pre-delivery payments, and the initial carrying value of owned aircraft.

easyJet also uses cross-currency interest rate swaps to hedge currency and interest rate risk on certain

borrowings, and jet fuel swap and option contracts to hedge fuel price risks. easyJet has a small number

of euro-denominated lease contracts which result in a committed schedule of euro lease rental payments;

these are matched against forecasted euro revenue cash flows to provide a cash flow hedge against the

sterling/euro exchange rate. Hedge accounting is applied to those financial instruments that are designated

as cash flow hedges or fair value hedges.

Cash flow hedges

Gains and losses arising from changes in the fair value of foreign exchange forwards, foreign exchange

options, jet fuel swaps, jet fuel options and cross-currency interest rate swap contracts designated as cash

flow hedges are recognised in other comprehensive income and deferred in the hedging reserve to the

extent that the hedges are determined to be effective.

Foreign exchange forward contracts in a cash flow hedge relationship are designated on a forward basis

with the full fair value as the hedge instrument. Jet fuel and foreign exchange option contracts in a cash

flow hedge relationship are designated using the intrinsic value of the derivative as the hedge instrument

only. The time value element of the full fair value for these derivatives is recognised through other

comprehensive income as a cost of hedging and recycled to the income statement at the same time as

the hedge item also impacts the income statement.

Fair value changes in a foreign currency derivative instrument attributable to the currency basis are not

designated as part of the hedged instrument. Such fair value changes are recognised through other

comprehensive income as a cost of hedging, and are recycled to the income statement on maturity or in

the event of hedge discontinuation, according to the nature of the underlying hedged item.

When the hedged forecast transaction relates to an item of property, plant and equipment, the relevant

accumulated gains and losses are transferred from the hedging reserve and included in the initial carrying

amount of that purchased asset. Otherwise they are recognised in the income statement in the same

period in which the hedged transaction affects the income statement and against the same line item.

In the event that a hedged forecast transaction is no longer expected to occur, any related gains and

losses are immediately transferred from the hedging reserve and recognised in the income statement.

Derivative instruments that have been derecognised from hedge relationships are classified as fair value

through the income statement thereafter with subsequent fair valuation movements being recognised in

the income statement.

Hedge accounting is discontinued when a hedging instrument is derecognised (e.g. through expiry,

disposal or termination of a derivative), or no longer qualifies for hedge accounting. Where the hedged item

continues to be expected to occur, the related gains and losses remain deferred in the hedging reserve

until the transaction takes place.

Hedge relationship

The Group determines that the criteria for each hedge accounting relationship are met where:

• all relationships demonstrate a strong economic correlation;

• the effects of credit do not dominate the change in value of the associated hedged risk; and

• all Group hedge relationships have a hedge ratio of one to one, aligning to the Group’s risk

management strategy.

Revenue recognition

easyJet categorises total revenue earned on the face of the income statement between passenger and ancillary

revenue, with ancillary revenue further categorised into airline ancillary revenue and easyJet holidays revenue.

Passenger revenue

Passenger revenue arises from the sale of flight seats and is recognised when the performance obligation

has been completed, which is when the flight takes place. Revenue recognised is the price paid by the

customer for the flight excluding air passenger tax; this includes amounts paid by ‘no-show’ customers, as

such customers are not generally entitled to change flights or seek refunds once a flight has departed.

Compensation payments made to customers (in respect of flight delays and cancellations) are offset

against revenues recognised up to the amount of the flight, with any excess compensation being recorded

within other costs. The liability for compensation payments not yet paid is measured based on known

eligible events, the number of passengers impacted, and the best estimate of claim rates which is informed

by historical claim rates.

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NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

1A. MATERIAL ACCOUNTING POLICIES (CONTINUED)

Airline flights are paid for at the point of booking. Unearned revenue from flights not yet flown is held in the

statement of financial position until it is realised in the income statement when the flight takes place.

If easyJet cancels a flight, unless a customer immediately rebooks on an alternative flight, at the point of

the cancellation the amount paid for the flight is derecognised from unearned revenue and a contract

liability is recognised within trade and other payables to refund the customer or provide a voucher or flight

transfer if requested. Vouchers issued by easyJet in lieu of refunds are held on the statement of financial

position in other payables as a contract liability (see note 16) until they are redeemed against a new

booking, at which point they are recognised as unearned revenue. Once vouchers expire or are deemed to

have a remote probability of being redeemed for a future booking they will be recognised as revenue. For

vouchers issued to customers in countries where regulations stipulate unused vouchers should be refunded

to the customer before the expiry of the statutory period, the required refunds are made.

Where customers do not request either a voucher, refund or flight transfer the liability continues to be

recognised in other payables, and breakage is applied when the likelihood of the customer exercising their

remaining rights to be compensated is considered remote.

Airline ancillary revenue

Sale of checked baggage, allocated seating, change fees and other

Revenue is measured as the price paid by the customer for the service booked and is recognised at a point

in time, which is when the flight takes place. Unearned revenue includes the amount paid for these services

and is treated in line with unearned revenue for the sale of flight seats.

Partner revenue and in-flight sales

Revenue is measured at the value of the commission earned as easyJet is deemed to be the agent and

does not control the related services or goods. The key consideration to reach this conclusion is that

the partner is deemed to be responsible for inventory risk and fulfilment of the goods and services. The

revenue is recognised at a point in time which is when the service takes place. The exception is commission

earned from travel insurance, where revenue is recognised at the time of booking as easyJet acts solely as

the appointed representative of the insurance company.

Cancellation fees

Revenue is measured at the amount paid for the cancellation and is recognised at a point in time, when the

cancellation requested by the customer is processed.

easyJet plus

Revenue is measured at the amount paid for the annual membership and is recognised evenly over the

membership period.

easyJet holidays revenue

easyJet holidays’ revenue as referenced in the income statement is net of flight revenue and comprises

package holiday revenue which is measured as the price paid by the customer for the service booked. The

performance obligation is satisfied over time with the revenue recognised evenly across the length of the

holiday. This includes amounts paid by ‘no-show’ customers.

Package holiday deposits are paid for at the point of booking. Unearned revenue from the non-flight

elements of package holidays for which the customer has paid but the service has not yet taken place, is

held on the statement of financial position until it is realised in the income statement when the performance

obligation is complete. Package holiday balances are due from customers 28 days before departure.

If easyJet holidays cancels a holiday, and the customer does not elect to rebook or receive a voucher, the price

of the holiday (including flights) is refunded to the customer. If the customer elects to receive a voucher, the

voucher is held on the statement of financial position in other payables as a contract liability (see note 16) until it

is redeemed against a new booking, at which point it is recognised as unearned revenue. Vouchers that expire or

are deemed to have a remote probability of being redeemed for a future booking are recognised as revenue.

Operational costs and income

Costs and income are presented in the income statement based on the nature of the cost/income as this

is most relevant to enable users of the financial statements to understand easyJet’s financial performance.

Costs are expensed as incurred either at the point the goods or service is transferred, or over time to

reflect when the benefits are received (for example easyJet holidays accommodation costs recognised

over the period the holiday is taken). Separate financial statement line items are shown for material income

and expenses; the other costs and other income lines include items not reported in the separate material

line items. Other income includes insurance receipts, supplier compensation payments, rental income,

income from sale of excess aircraft spare parts, and gains on sale of intangible assets. Other costs are

expensed as incurred and include disruption costs, IT costs, cost of third-party providers, employee costs

for sales, marketing and administration teams and insurance costs. Gains/losses on sale and leaseback

transactions are recognised as non-headline in other income/other costs as applicable.

Finance charge/income

Interest payable/receivable and other financing charges/income includes interest expense/income on cash

and borrowings which is recognised using the effective interest method, interest on lease liabilities which

is recognised using the interest rate implicit in the lease, and fair value movements of derivative financial

instruments that are not designated hedging instruments in a cash flow hedge arrangement.

Net foreign exchange gains/losses on statement of financial position monetary assets and liabilities are

presented as a separate financial statement line item.

Within the statement of cash flows, interest paid on bank borrowings and leases is included within net cash

generated from/used in operating activities as allowable by IAS 7. In addition, the settlement of derivatives

relating to cash flows for ineffective and fair value derivatives through the income statement are also

shown within operating activities as they relate to transactions that primarily affect revenue, fuel and lease

costs. The amount recognised in settlement of derivatives includes cash flows arising from the maturity

of cross-currency interest rate swaps in the period. The settlement of operational hedged derivatives that

have already been recycled through the income statement are included in the operating result.

Segmental reporting

easyJet has two operating segments, being its Airline business, which operates easyJet’s route network, and

the Holidays business, which sells package holidays. The Chief Operating Decision Maker (CODM) has been

assessed as being the easyJet plc Board, which receives regular reporting on the Airline and Holidays’ results in

order to make resource allocation decisions. Presentation of separate segmental reporting is included in note 8.

Geographic revenue is allocated on the following basis:

• revenue earned from customers is allocated according to the location of the first departure airport on

each booking; and

• commission revenue earned from partners is allocated according to the domicile of each partner.

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NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

1A. MATERIAL ACCOUNTING POLICIES (CONTINUED)

Revenue by country of origin has been provided where revenues from external customers attributed to an

individual foreign country are material.

Passenger revenue recognised within the Airline segment includes intra-segment sales of flights to

the Holidays segment. Sales of seats are made between Airline and easyJet holidays on a commercial

basis whereas the pricing of hold bags is based on historical average pricing to direct airline customers.

Passenger revenue is recognised in the Airline segment when the flight takes place.

Alternative performance measures (APMs)

A number of APMs are disclosed within the financial statements on pages 144 to 184. In the Directors’

opinion, these APMs provide additional understanding to users of the financial statements in their

assessment of underlying performance. Refer to the glossary for a list of APMs disclosed in the financial

statements, including definitions and reconciliations to IFRS measures.

Included in the income statement is the sub-total EBITDA which is a measure of earnings before interest,

taxes, depreciation and amortisation.

New and revised standards and interpretations

A number of amended standards became applicable during the current reporting period. The Group did

not have to change its accounting policies or make retrospective adjustments as a result of adopting these

standards. The amendments that became applicable for annual reporting periods commencing on or after

1 January 2024, and did not have a material impact were:

• Classification of liabilities as current or non-current and non-current liabilities with covenants –

Amendments to IAS 1

• Lease liability in a sale and leaseback – Amendments to IFRS 16

• Supplier finance arrangements – Amendments to IAS 7 and IFRS 7

In addition, IFRS 18 – presentation and disclosure in financial statements was issued in April 2024 and

becomes effective for periods beginning on or after 1 January 2027. This replaces IAS 1 - presentation

of financial statements. The Group is currently assessing the detailed implications of applying the new

standard on the Group’s consolidated financial statements. There are no other standards that are issued

but not yet effective that would be expected to have a material impact on the entity in the current or

future reporting periods and on foreseeable future transactions.

1B. ACCOUNTING JUDGEMENTS AND ESTIMATES

The preparation of the financial statements in conformity with generally accepted accounting principles

requires management to make judgements as to the application of accounting standards to the

recognition and presentation of material transactions, assets and liabilities within the Group, and the use

of estimates and assumptions that affect the reported amounts of assets and liabilities at the date of

the financial statements, and the reported amounts of income and expenses during the reporting period.

Estimations are based on management’s best evaluation of a range of assumptions, however, events or

actions may mean that actual results ultimately differ from those estimates, and these differences may be

material. The estimates and the underlying assumptions are reviewed regularly.

1B.(I) CRITICAL ACCOUNTING JUDGEMENTS

The following are the critical judgements, apart from those involving estimation (which are dealt with separately

below), that the Directors have made in the process of applying the Group’s accounting policies and that have

the most significant effect on the amounts recognised and presented in the financial statements.

Classification of income or expenses between headline and non-headline items (note 5)

Non-headline items are those where, in management’s opinion, their separate reporting provides an

additional understanding to users of the financial statements of easyJet’s underlying trading performance,

and which are significant by virtue of their size and/or nature. In considering the categorisation of an item

as non-headline, management’s judgement includes, but is not limited to, a consideration of:

• whether the item is outside of the principal activities of the easyJet Group (being to provide point-to-

point airline services and package holidays);

• the specific circumstances which have led to the item arising, including, if extinguishing an item from

the statement of financial position, whether that item was first generated via headline or non-headline

activity. The rebuttable presumption being that when subsequently extinguishing an item from the

statement of financial position, any impact on the income statement should be reflected in the same

way as that which was used in the initial creation of the item;

• if the item is irregular in nature; and

• whether the item is unusual by virtue of its size.

In accordance with Group policy, non-headline items include expenditure on major restructuring

programmes and the gain or loss resulting from the initial recognition of sale and leaseback transactions.

They may also include impairments and amounts relating to corporate acquisitions and disposals,

depending on the assessment of the above criteria.

Recoverability of deferred tax assets (note 6)

The deferred tax asset balances include £439 million (2024: £440 million) arising on full recognition of the

UK trading tax losses accumulated at the statement of financial position date. The Group has concluded

that these deferred tax assets will be fully recoverable against the unwind of taxable temporary differences

and future taxable income based on the long-term strategic plans of the Group. Where applicable the

financial projections used in assessing future taxable income are consistent with those used elsewhere

across the business, for example in the assessment of going concern. These assessments include the

expected impact of climate change on easyJet, and the future financial impact within cash flow projections,

such as the cost of future fleet renewals, the future estimated price of ETS allowances, the phasing out

of the no-cost ETS allowances, the expected price and quantity required of SAF, and the cost of carbon

removal credits and other sustainability initiatives.

The tax losses for which a deferred tax asset has been recognised are expected to be utilised within the

next nine years, assessed by considering probable forecast future taxable income. The probable forecast

future taxable income includes the impact of the expected unwind of taxable temporary differences as

well as the effect of Full Expensing Relief for qualifying capital expenditure. Probable forecast future taxable

income includes an incremental and increasing risk weighting to represent higher levels of uncertainty in

future periods.

The tax losses can be carried forward indefinitely and have no expiry date.

Consolidation of easyJet Switzerland S.A.

Judgement has been applied in consolidating easyJet Switzerland S.A. as a subsidiary on the basis that the

Company exercises control over the undertaking. A non-controlling interest has not been reflected in the

consolidated financial statements on the basis that the holders of the remaining 51% of the shares have no

entitlement to any dividends from that holding and the Company has an option to acquire those shares for

a predetermined minimal consideration.

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NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

1B.(II) CRITICAL ACCOUNTING ESTIMATES

The following critical accounting estimates include judgements or complexity and are the major sources

of estimation uncertainty that have a significant risk of resulting in a material adjustment to the carrying

amounts of assets and liabilities within the next year.

Aircraft maintenance provisions – £939 million (2024: £894 million) (note 19)

easyJet incurs liabilities for maintenance costs arising during the lease term of leased aircraft. These costs

arise from legal contractual obligations relating to the condition of the aircraft when it is returned to the

lessor. To discharge these obligations, it is usual for easyJet to carry out at least one heavy maintenance

check on each of the engines and the airframe of the aircraft during the lease term. A material provision

representing the estimated cost of this obligation is built up over the course of the lease. The estimates

and assumptions used in the calculation of the provision are reviewed at least annually, and when

information becomes available that is capable of causing a material change to an estimate, such as the

renegotiation of end of lease return conditions, increased or decreased aircraft utilisation, or changes in the

cost of heavy maintenance services and the expected uplift in future prices.

A significant portion of the future maintenance costs and cost increases are under contract and provide

certainty to the provision. Where cost increases are not under contract, an estimation of the likely future

increases are made in the calculation of the provision. Given the significant value of the provision, the

provision is sensitive to changes in the future increase of uncontracted costs including the impact of

inflationary factors. Additionally, with many maintenance costs incurred in US dollars, the provision remains

sensitive to changes in the GBP/USD exchange rate. The rates used to discount the provision to arrive at a

present value are based on observable market rates as an estimate of the relevant risk-free rate.

The provision can also be materially influenced by the maintenance status of aircraft when they enter

the easyJet fleet. To give flexibility within the fleet plan easyJet may lease ‘mid-life’ aircraft. When mid-life

aircraft enter the fleet, a ‘catch-up’ maintenance provision is created to reflect the maintenance obligation

for the flying cycles undertaken before the aircraft entered the easyJet fleet. The trigger for the recognition

of this addition to the provision is the signing of the lease contract. It is of note that where contractually

agreed a mid-life delivery asset is also created when the mid-life leased aircraft enter the fleet, creating a

separate related asset on the statement of financial position. A sensitivity analysis is included in note 19.

Impairment assessment of goodwill and landing rights – £542 million (2024: £542 million) (note 10)

It is management’s judgement that there are two separate CGUs which generate largely independent

cash flows, these being easyJet’s Airline route network and its Holidays business. The recoverable amount

of goodwill and landing rights has been determined based on value in use calculations for the airline

route network CGU as they are wholly attributable to it. The value in use is determined by discounting

future cash flows to their present value. When applying this method, easyJet relies on a number of key

estimates including the ability to meet its strategic plans, future fuel prices and exchange rates, long-term

economic growth rates for the principal countries in which it operates, and its pre-tax weighted average

cost of capital. Strategic plans include assessments of the future impact of climate change on easyJet to

the extent these can be estimated. This includes for example, the cost of future fleet renewals, the future

estimated price of regulatory carbon schemes (including UK and EU ETS and CORSIA), the phasing out

of no-cost ETS allowances, the expected price and quantity of SAF requirements, and the cost of carbon

removal credits and other sustainability initiatives. The possible impact of longer-term climate change risks

that are not part of the strategic plans have been considered as part of the sensitivity analysis.

Fuel prices and exchange rates continue to be volatile in nature and the ability to pass these changes on

to the customer is a critical judgement that requires estimation. In addition, assumptions over customer

demand levels could have a significant effect on the impairment assessment performed. Any future events

that would lead to extended travel restrictions or fleet grounding may impact future impairment or useful

economic life assessments. The sensitivity analysis considered as part of the overall impairment assessment

takes into account different assumptions for these key estimates, see note 10 for details.

1B.(III) OTHER AREAS OF JUDGEMENT AND ACCOUNTING ESTIMATES

The following are other areas of judgement and accounting estimates that do not meet the definition

under IAS 1 of significant accounting estimates or critical accounting judgements. The recognition and

measurement of the following material assets and liabilities of note in that they are based on assumptions

and/or are subject to longer term uncertainties.

Owned aircraft carrying values – £4,685 million (2024: £4,192 million) (note 11)

The key estimates used in arriving at aircraft carrying values are the UELs and residual values of the owned aircraft.

Aircraft are depreciated over their UEL to their residual values in line with the property, plant and equipment

accounting policy. The UEL is based on easyJet’s long-term fleet plan and intended utilisation of the current

fleet, which include long-term assumptions of market conditions and customer demands, which by their

nature are inherently uncertain.

Residual value estimates for aircraft are reviewed annually based on independent aircraft valuations. The

valuations are based on an assessment of the current state of the global marketplace for specific aircraft

assets. Residual values have continued to increase, with ongoing delivery delays from aircraft original

equipment manufacturers, together with the recovery in demand for air travel post the covid pandemic,

resulting in strong demand for the previous generation narrowbody aircraft, including the A320ceo.

Changes to residual value estimates are applied prospectively, and the review performed on 30 September

2025 resulted in a c.£500 million increase to the residual value of assets that continue to be depreciated.

This will result in a c.£60 million reduction in the depreciation charge for the year ended 30 September

2026, which will reduce in subsequent years as the Group disposes its older aircraft. Should the

marketplace for an asset class deteriorate unpredictably, there could be a risk that the recoverable amount

for some aircraft assets would fall below their current carrying value or that residual values are subject to

downward adjustment.

Owned and leased aircraft asset recoverable amounts are included in the Airline CGU and are therefore

subject to review for impairment annually or when there is an indication of impairment within the Airline

CGU. Further details of the impairment testing applied are included in note 10.

Defined benefit pension assumptions – £201 million gross obligation (2024: £175 million

gross obligation) (note 20)

The pension scheme for employees in Switzerland meets the requirements under IAS 19 to be recognised

as a defined benefit pension scheme and the net pension obligation is recognised on the consolidated

statement of financial position. The measurement of scheme assets and obligations are calculated by an

independent actuary in line with IAS 19. The financial and demographic assumptions used in the calculation

are determined by management following consultation with the independent actuary with consideration

of external market movements and inputs. The calculation is most sensitive to movements in the discount

rate applied, which has been subject to significant volatility. A sensitivity analysis is included in note 20.

Liability for compensation payments – £32 million (2024: £50 million) (presented within

other payables in note 15)

easyJet incurs liabilities for amounts payable to customers who make compensation claims in respect of flight

delays and cancellations, for which claims could be made up to six years after the event, and for reimbursement

of reasonable expenses incurred as a result of flight delays and cancellations. The key estimation in the liability

is the passenger claim rate for the payments. The estimation carries a level of uncertainty as it is based on

customer behaviour. The basis of the estimates included in the liability are reviewed at least annually and when

information becomes available that may result in a change to the estimate.

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NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

1B.(III) OTHER AREAS OF JUDGEMENT AND ACCOUNTING ESTIMATES (CONTINUED)

Fair value of leased aircraft purchases

Where easyJet enters into agreements to purchase aircraft that were previously leased to the Group, and

the original lease contract did not contain a purchase option, the newly acquired aircraft are recognised

within property, plant and equipment at their fair value at the acquisition date when the fair value can be

reliably measured. Management exercises judgement when determining the fair value of the aircraft at the

acquisition date, with the difference between the fair value of the aircraft and the consideration paid being

recognised in the income statement. Refer to note 1A for further details of the Group’s accounting policy

for the purchase of leased assets.

2. NET FINANCE CHARGES/(INCOME)

	Year ended	Year ended
	30 September	30 September
	2025	2024
	£ million	£ million
Interest receivable and other financing income
Interest income	(130)	(141)
Interest payable and other financing charges
Hedge discontinuation and ineffectiveness 1	(1)	2
Interest payable on bank and other borrowings	99	80
Interest payable on lease liabilities	58	50
	156	132
Net exchange loss/(gain) on monetary assets and liabilities 2	12	(4)
Net finance charges/(income)	38	(13)

1) See note 26 for details.

2) Included within net exchange loss/(gain) on monetary assets and liabilities is a £4 million loss (2024: £80 million loss) relating

to the fair value loss on US dollar foreign exchange derivatives designated as fair value through profit or loss.

3. PROFIT BEFORE TAX

The following have been included in arriving at profit before tax:

	Year ended	Year ended
	30 September	30 September
	2025	2024
	£ million	£ million
Depreciation of property, plant and equipment
Owned assets	303	277
Right of use assets	376	450
Total depreciation	679	727
Impairment of intangible assets	6	1
Loss on disposal of property, plant and equipment	19	18
(Reversal of impairment)/impairment of intangible assets	(1)	2
Loss on termination of leases	6	–
Sale and leaseback gain	–	(1)

Auditors’ remuneration

During the year the Company obtained the following services from the Company’s auditors:

	Year ended	Year ended
	30 September	30 September
	2025	2024
	£ million	£ million
Company audit fee	0.3	0.2
Fees for audit of the Company’s subsidiaries and their associates (including
foreign partners)	1.4	1.5
	1.7	1.7

In addition, easyJet incurred audit-related non-audit services fees of £0.2 million (2024: £0.2 million) from its

auditors. This includes the fee of £0.2 million (2024: £0.1 million) in respect of the half-year review performed.

During the year, other assurance related non-audit services fees totalling £0.1 million (2024: £0.4 million) were also

incurred in relation to our EMTN Programme (2024: EMTN Programme, the Airbus order and ESG assurance).

4. EMPLOYEES

The average monthly number of people employed by easyJet was:

	2025	2024
	Number	Number
Flight and ground operations	17,178	16,049
Sales, marketing and administration	1,790	1,590
	18,968	1 7,6 39

Employee costs for easyJet were:

	Year ended	Year ended
	30 September	30 September
	2025	2024
	£ million	£ million
Wages and salaries	1,178	1,065
Social security costs	170	152
Pension costs	89	72
Share-based payments	38	30
	1,475	1,319

Included in the pension costs is £9 million (2024: £6 million) related to pension schemes treated as a

defined benefit scheme under IAS 19. Refer to note 20.

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4. EMPLOYEES (CONTINUED)

Included in employee costs is a net charge of £7 million (2024: £9 million net charge) from redundancy

and restructuring costs. These costs wholly reflect the non-headline costs arising from the announced

restructuring programmes in Germany, France and Italy (see note 5 for further detail).

Key management compensation was as follows:

	Year ended	Year ended
	30 September	30 September
	2025	2024
	£ million	£ million
Short-term employee benefits	15	13
Share-based payments	5	4
	20	17

The Directors of easyJet plc and the other members of the Airline Management Board are easyJet’s key

management as they have collective authority and responsibility for planning, directing and controlling

the business.

Emoluments paid or payable to the Directors of easyJet plc were:

	Year ended	Year ended
	30 September	30 September
	2025	2024
	£ million	£ million
Remuneration	6	5
	6	5

For details of Directors’ remuneration refer to the audited sections of the Directors’ Remuneration Report

on pages 121 to 128.

5. NON-HEADLINE ITEMS

An analysis of the amounts presented as non-headline is given below:

	Year ended	Year ended
	30 September	30 September
	2025	2024
	£ million	£ million
Sale and leaseback gain	–	(1)
Restructuring charge	7	9
Total non-headline charge before tax	7	8
Tax credit on non-headline items	(2)	(1)
Total non-headline charge after tax	5	7

Sale and leaseback gain

No sale and leaseback transactions were entered into in the current reporting year. In the prior year,

easyJet completed the sale and leaseback of 11 A319 aircraft resulting in a £1 million profit on disposal.

Restructuring

During the year, the estimated costs of the base restructuring programme in France and Italy (announced

in September 2024) were revised resulting in an additional provision and an income statement cost of £8

million (2024: £12 million cost). This was offset by a £1 million release (2024: £3 million release) of the final

provision held for the previously announced restructuring programmes in Germany.

As at 30 September 2025, there were unpaid amounts of £10 million (2024: £12 million) representing

remaining redundancy cases which have not been finalised and settled at the end of the financial year.

Tax on non-headline items

A non-headline tax credit of £2 million (2024: £1 million) was recognised for the year with respect to the

restructuring transactions.

6. TAX CHARGE

Tax on profit on ordinary activities

	Year ended	Year ended
	30 September	30 September
	2025	2024
	£ million	£ million
Current tax
Foreign tax	14	13
Total current tax charge	14	13
Deferred tax
Temporary differences relating to property, plant and equipment	153	145
Other temporary differences	(1)	(4)
Adjustments in respect of prior years	(2)	(4)
Total deferred tax charge	150	137
Total tax charge	164	150
Effective tax rate	24.9%	24.9%

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NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

6. TAX CHARGE (CONTINUED)

Reconciliation of the total tax charge

The tax for the year is lower than (2024: lower than) the standard rate of corporation tax in the UK as set

out below:

	Year ended	Year ended
	30 September	30 September
	2025	2024
	£ million	£ million
Profit before tax	658	602
Total tax charge at 25.0% (2024: 25.0%)	165	151
Income not chargeable for tax purposes:
Expenses not deductible for tax purposes	15	10
Share-based payments	(10)	(5)
Adjustments in respect of prior years – overseas current tax	–	(1)
Adjustments in respect of prior years – deferred tax	(2)	(4)
Attributable to rates other than standard UK rate	(3)	(2)
Movement in provisions	(1)	1
Total tax charge	164	150

Current tax payable at 30 September 2025 amounted to £11 million (2024: £9 million) which is solely

related to tax payable in other European jurisdictions.

During the year ended 30 September 2025, net cash tax paid amounted to £12 million (2024: £8 million).

The Group monitors income tax developments in all jurisdictions in which it operates, including the

OECD Base Erosion and Profit Shifting (BEPS) initiative (Pillar 2), which may impact the Group’s future

tax liabilities. The UK has introduced a global minimum corporation tax in line with the OECD Inclusive

Framework on BEPS, which requires a minimum corporation tax rate of 15% in each jurisdiction in which the

Group operates.

As indicated above, the current tax charge includes the impact of the Global Minimum Tax legislation

implemented in the UK, specifically a multinational top-up tax in respect of Malta of £1m for the year ended

30 September 2025.

Tax on items recognised directly in other comprehensive income or shareholders’ equity:

	Year ended	Year ended
	30 September	30 September
	2025	2024
	£ million	£ million
Credit/(charge) to other comprehensive income
Deferred tax on change in fair value of cash flow hedges	(39)	85
Deferred tax on post-employment benefit	1	3
	(38)	88
Credit/(charge) directly to equity
Deferred tax on share-based payments	–	1
Total (charge)/credit to other comprehensive income	(38)	89

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6. TAX CHARGE (CONTINUED)

Deferred tax

The net deferred tax (asset)/liability in the statement of financial position is as follows:

					Post-
	Accelerated	Short-term			employment
	capital	timing	Fair value	Share-based	benefit
	allowances	differences	(gains)/losses	payments	obligation	Trading loss	Total
	£ million	£ million	£ million	£ million	£ million	£ million	£ million
At 1 October 2024	555	–	(31)	(10)	(4)	(440)	70
Charged/(credited) to income statement	151	–	–	(2)	–	1	150
Charged/(credited) to other comprehensive income	–	–	39	–	(1)	–	38
At 30 September 2025	706	–	8	(12)	(5)	(439)	258

Deferred tax liabilities expected to be settled:

	£ million
Within 12 months	–
After more than 12 months	258
At 30 September 2025	258

It is estimated that deferred tax assets of approximately £10 million (2024: £45 million) will reverse during the next financial year.

Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and

it is the intention to settle these on a net basis.

					Post-
	Accelerated	Short-term			employment
	capital	timing	Fair value	Share-based	benefit
	allowances	differences	losses/(gains)	payments	obligation	Trading loss	Total
	£ million	£ million	£ million	£ million	£ million	£ million	£ million
At 1 October 2023	414	1	54	(4)	(1)	(4 42)	22
Charged/(credited) to income statement	141	(1)	–	(5)	–	2	137
Credited to other comprehensive loss	–	–	(85)	–	(3)	–	(88)
Credited directly to equity	–	–	–	(1)	–	–	(1)
At 30 September 2024	555	–	(31)	(10)	(4)	(4 40)	70

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NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

7. EARNINGS PER SHARE

Basic earnings per share has been calculated by dividing the total profit for the year by the weighted

average number of ordinary shares in issue during the year after adjusting for ordinary shares held in

employee benefit trusts.

To calculate diluted earnings per share, the weighted average number of ordinary shares in issue has been

adjusted to assume conversion of all dilutive potential shares. Share options granted to employees where

the exercise price is less than the average market price of the Company’s ordinary shares during the year

are considered to be dilutive potential shares. Where share options are exercisable based on performance

criteria and those performance criteria have been met during the year, these options are included in the

calculation of dilutive potential shares.

Headline basic and diluted earnings per share are also presented, based on headline profit for the year.

Earnings per share is based on:

	Year ended	Year ended
	30 September	30 September
	2025	2024
	£ million	£ million
Total profit for the year	494	452
Headline profit for the year	499	459

	2025	2024
	million	million
Weighted average number of ordinary shares used to calculate basic earnings
per share	751	749
Weighted average number of ordinary shares used to calculate diluted earnings
per share	764	759

	2025	2024
Earnings per share	pence	pence
Basic	65.8	60.3
Diluted	64.7	59.6

	2025	2024
Headline earnings per share	pence	pence
Basic	66.4	61.3
Diluted	65.3	60.5

8. SEGMENTAL AND GEOGRAPHICAL REVENUE REPORTING

Segmental analysis:

			Year ended 30 September 2025
		easyJet	Intergroup
	Airline	holidays	transactions	Group
	£ million	£ million	£ million	£ million
Passenger revenue	6,072	–	–	6,072
Ancillary revenue	2,594	1,917	(477)	4,034
Total revenue	8,666	1,917	(477)	10,106
Airline operating costs including fuel	(6,596)	–	–	(6,596)
easyJet holidays direct operating costs	–	(1,538)	466	(1,072)
Selling and marketing	(208)	(65)	–	(273)
Other costs and other income	(649)	(81)	11	(719)
Amortisation and depreciation	(730)	(13)	–	(743)
Net interest (payable)/receivable and other financing
(charges)/income	(57)	31	–	(26)
Foreign exchange loss	(11)	(1)	–	(12)
Headline profit before tax	415	250	–	665
Non-headline items	(7)	–	–	(7)
Total profit before tax	408	250	–	658

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NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

8. SEGMENTAL AND GEOGRAPHICAL REVENUE REPORTING (CONTINUED)



			Year ended 30 September 2024
		easyJet	Intergroup
	Airline	holidays	transactions	Group
	£ million	£ million	£ million	£ million
Passenger revenue	5,715	–	–	5,715
Ancillary revenue	2,457	1,521	(384)	3,594
Total revenu e	8,172	1,521	(384)	9,309
Airline operating costs including fuel	(6,139)	–	–	(6,139)
easyJet holidays direct operating costs	–	(1,214)	374	(840)
Selling and marketing	(195)	(62)	–	(257)
Other costs and other income	(643)	(73)	10	(706)
Amortisation and depreciation	(762)	(8)	–	(770)
Net interest (payable)/receivable and other financing
(charges)/income	(15)	24	–	9
Foreign exchange gain	2	2	–	4
Headline profit before tax	420	190	–	610
Non-headline items	(8)	–	–	(8)
Total profit before tax	412	190	–	602

Airline operating costs including fuel comprises operating costs that relate solely to the Airline segment,

and similarly easyJet holidays direct operating costs are costs specific to the easyJet holidays segment. All

other costs are incurred by both the Airline and easyJet holidays segments.

As described in note 1, airline revenue is recognised at a point in time (when the flight takes place). The

easyJet holidays revenue detailed in this note includes both flight revenue, recognised at the time the

flight takes place, and remaining ancillary revenue which is recognised over time, aligned to the duration

of the holiday. The easyJet holidays flight revenue is included in this note within ancillary revenue (with the

associated intergroup transaction) aligned to the presentation of revenue to the CODM and plc Board.

The intergroup transactions column represents revenue and cost transactions between Airline and easyJet

holidays for the flight element of easyJet holidays’ packages and Group recharges. These intercompany

transactions are eliminated on consolidation.

Assets and liabilities are not allocated to individual segments and are not separately reported to, or

reviewed by, the CODM, and therefore have not been disclosed.

Geographical revenue:

	Year ended	Year ended
	30 September	30 September
	2025	2024
	£ million	£ million
United Kingdom	5,525	5,077
France	991	941
Switzerland	961	877
Northern Europe (excluding Switzerland)	711	641
Southern Europe (excluding France)	1,793	1,670
Other	125	103
	10,106	9,309

easyJet has assessed the materiality of geographical revenues and has disclosed revenues by country of

origin where such revenues are in excess of 10% of total revenue.

Geographical revenue is allocated according to the location of the first departure airport on each booking.

Southern Europe comprises countries lying wholly or mainly south of the border between Italy and

Switzerland.

easyJet holidays’ revenue is predominantly from the United Kingdom with additional revenues generated in

Europe that are not material for separate disclosure.

easyJet’s non-current assets principally comprise its fleet of 205 (2024: 188) owned and 151 (2024: 159)

leased aircraft, giving a total fleet of 356 at 30 September 2025 (2024: 347). 31 aircraft (2024: 30) are

registered in Switzerland, 135 (2024: 134) are registered in Austria, and the remaining 190 (2024: 183) are

registered in the United Kingdom.

9. DIVIDENDS

The Company paid an ordinary dividend of 12.1 pence per share (2024: 4.5 pence per share), or £91 million

(2024: £34 million) in respect of the year ended 30 September 2024. The dividend was paid on 21 March

2025, with a record date of 21 February 2025.

An ordinary dividend in respect of the year ended 30 September 2025 of 13.2 pence per share, or £100

million, based on 20% headline profit after tax, is to be proposed at the forthcoming Annual General

Meeting. These financial statements do not reflect this proposed dividend.

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NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

10. GOODWILL AND OTHER INTANGIBLE ASSETS

			Other intangible assets
		Landing	Computer	Carbon
	Goodwill	rights	software	allowances	Total
	£ million	£ million	£ million	£ million	£ million
Cost
At 1 October 2024	387	155	274	70	499
Additions	–	–	87	–	87
Transfers to current assets	–	–	–	(44)	(44)
Disposals	–	–	(22)	–	(22)
At 30 September 2025	387	155	339	26	520
Accumulated amortisation
At 1 October 2024	–	–	93	–	93
Charge for the year	–	–	64	–	64
Disposals	–	–	(21)	–	(21)
At 30 September 2025	–	–	136	–	136
Net book value
At 30 September 2025	387	155	203	26	384
At 1 October 2024	387	155	181	70	406

			Other intangible assets
		Landing	Computer	Carbon
	Goodwill	rights	software	allowances	Total
	£ million	£ million	£ million	£ million	£ million
Cost
At 1 October 2023	365	155	215	–	370
Additions	–	–	104	70	174
Acquisition of business	22	–	–	–	–
Disposals	–	–	(45)	–	(45)
At 30 September 2024	387	155	274	70	499
Accumulated amortisation
At 1 October 2023	–	–	94	–	94
Charge for the year	–	–	43	–	43
Disposals	–	–	(44)	–	(44)
At 30 September 2024	–	–	93	–	93
Net book value
At 30 September 2024	387	155	181	70	406
At 1 October 2023	365	155	121	–	276

Included within computer software are internally generated intangible assets of £164 million (2024: £99

million) and work in progress of £37 million (2024: £77 million). The accumulated depreciation of internally

generated intangible assets as at 30 September 2025 was £128 million (2024: £89 million).

Value in use calculation

The recoverable amount of goodwill and other assets with indefinite expected useful lives has been

determined based on value in use calculations for the airline route network CGU, which holds these assets.

Pre-tax cash flow projections have been derived from the strategic plan approved by the plc Board for the

period up to 2030, using the following key assumptions:

	2025	2024
Pre-tax discount rate (derived from weighted average cost of capital, WACC)	10.7%	10.0%
Fuel price (US dollars per metric tonne, MT)	719	838
Long-term economic growth rate	2.0%	2.0%
Exchange rates:
US dollar	1.37	1.26
Euro	1.17	1.18

The discount rate has been calculated based on the capital asset pricing model using external inputs where

relevant and the current cost of debt to the Group. The methodology is unchanged from the prior year.

The increase in the discount rate is primarily attributable to a rise in both the risk-free rate and the equity

risk premium, which have led to a higher cost of equity. Exchange rates and fuel price are based on spot

rates as at 30 June 2025, the date on which the annual impairment review is performed.

Cash flow projections for the period up to 2030 incorporate the long-term prospects of the Group, taking

into account growth expected by way of creating value through the business model. Cash flow projections

beyond the forecast period have been extrapolated using an estimated average of long-term economic

growth rates for the principal countries in which easyJet operates. The future impact of climate change

on the business has been incorporated into strategic plans including the cost of future fleet renewals, the

future estimated price of regulatory carbon schemes (including UK and EU ETS and CORSIA), the phasing

out of no-cost ETS allowances, the expected price and quantity of SAF requirements, and the cost of

carbon removal credits and other sustainability initiatives. The headroom of the value in use calculation over

the carrying value of the relevant assets is broadly comparable to that calculated at 30 June 2024.

Sensitivity analysis has been performed on key inputs to the value in use calculation, including the

assumptions listed above and the strategic plan used as the base for the calculation. The impairment

model is sensitive to a sustained and significant adverse movement in foreign currency exchange rates and

forecast operating profits to the extent that no other compensating action is taken. It has been assumed

that any significant future fuel price increase would be recovered through revenue pass through. Individual

scenarios that have been deemed reasonably probable, in particular in relation to the current macro-

economic environment, do not give rise to an impairment. These scenarios include +/-10% on euro and US

dollar rates, +100 bps increase in WACC, reduced capacity of 5%, increased operating costs (excluding fuel)

of 3%, a fuel price increase of $100 per metric tonne and a flat growth rate.

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NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

10. GOODWILL AND OTHER INTANGIBLE ASSETS (CONTINUED)

Additional risks associated with climate change have also been considered, including sensitivities of

SAF usage and ETS costs, additional legal and technology costs, reduced demand and increased cost

of maintenance and replacement aircraft. These scenarios, both individually and in reasonably probable

combinations, do not give rise to an impairment.

Intangible assets

	2025	2024
	£ million	£ million
Non-current assets
EU ETS, CH ETS and UK ETS carbon allowances	26	70
	26	70
Current assets
Carbon offsetting VER	7	8
EU ETS, CH ETS and UK ETS carbon allowances	511	564
	518	572
	544	642

ETS allowances are required to offset the carbon emitted by flights. The scheme is settled on an annual

basis. The allowances required for annual settlement are held as intangible assets, with the associated

liability included within accruals in trade and other payables (note 15). Non-current assets represent

allowances purchased in advance for future settlement in over 12 months’ time.

11. PROPERTY, PLANT AND EQUIPMENT

	Aircraft and
	spares	Land	Other	Total
	£ million	£ million	£ million	£ million
Cost
At 1 October 2024	5,845	44	65	5,954
Additions 1	809	–	23	832
Disposals	(31)	–	–	(31)
At 30 September 2025	6,623	44	88	6,755
Accumulated depreciation
At 1 October 2024	1,653	–	16	1,669
Charge for the year	293	–	10	303
Disposals	(8)	–	–	(8)
At 30 September 2025	1,938	–	26	1,964
Net book value
At 30 September 2025	4,685	44	62	4,791
At 1 October 2024	4,192	44	49	4,285



	Aircraft and
	spares	Land	Other	Total
	£ million	£ million	£ million	£ million
Cost
At 1 October 2023	5,396	44	78	5,518
Additions	752	–	14	766
Aircraft sold and leased back	(248)	–	–	(248)
Disposals	(55)	–	(27)	(82)
At 30 September 2024	5,845	44	65	5,954
Accumulated depreciation
At 1 October 2023	1,550	–	32	1,582
Charge for the year	269	–	8	277
Aircraft sold and leased back	(135)	–	–	(135)
Disposals	(31)	–	(24)	(55)
At 30 September 2024	1,653	–	16	1,669
Net book value
At 30 September 2024	4,192	44	49	4,285
At 1 October 2023	3,846	44	46	3,936

The right of use assets have been re-presented from property, plant and equipment to a separate

statement of financial position line. Refer to note 1a for further detail.

The net book value of aircraft includes £569 million (2024: £519 million) relating to advance payments for

future deliveries and life limited parts (LLPs) not yet in use. This amount is not depreciated.

The net book value of aircraft spares is £211 million (2024: £157 million).

The ‘Other’ category is principally comprised of leasehold improvements, computer hardware, fixtures,

fittings and equipment, and work in progress in respect of property, plant and equipment projects. The

work in progress as at 30 September 2025 was £27 million (2024: £15 million).

As at 30 September 2025, easyJet was contractually committed to the acquisition of 12 CFM LEAP engines

(2024: one), five used CFM56 engines (2024: Nil) and 290 (2024: 299) Airbus A320 family aircraft, with

a total estimated list price

of $35.2 billion (2024: $36.2 billion) before escalations and discounts, for

delivery in financial years 2026 (17 aircraft), 2027 and 2028 (73 aircraft) and 2029 to 2034 (200 aircraft).

Additionally, easyJet maintains purchase rights for a further 100 aircraft.

1) Right of use asset disposals in note 18 includes £73 million (2024: £nil) relating to the purchase of eight aircraft that were

previously leased, with a corresponding £237 million (2024: £nil) of additions to aircraft owned assets. The early exit of the

leases and subsequent purchase of the aircraft resulted in a £54 million (2024: £nil) credit to the income statement. Three of

the purchased aircraft were subsequently subject to financing under a Japanese operating lease with call option (‘JOLCO’),

with the proceeds received classified as other borrowings and secured against the associated owned aircraft with a net

book value of £103 million (2024: £nil).

2) As Airbus no longer publishes list prices, the last available list price published in January 2018 has been used for the

estimated list price.

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NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

12. OTHER NON-CURRENT ASSETS

	2025	2024
	£ million	£ million
Mid-life aircraft delivery assets	167	156
Deposits held by aircraft lessors	11	13
	178	169

Mid-life aircraft delivery assets arise from maintenance obligations incurred on mid-life leased aircraft

before easyJet acquired the aircraft. Some of these obligations occur where a lessor has agreed to make a

contribution to easyJet’s maintenance costs to reflect the cycles already flown by the aircraft at the point

it is delivered to easyJet, plus or minus any maintenance utilised by easyJet that will not be paid for via a

maintenance shop visit. Depending on the contract terms, payment will be made either at the maintenance

event date or at the lease return date, the timing of which determines the current and non-current

split of the asset. Other mid-life aircraft delivery assets are recognised as an offset to comparable lease

maintenance obligations in respect of cycles flown at the point the leased aircraft enters the fleet and for

which easyJet carries the cost burden. The timing of the utilisation of these assets matches the estimated

timing of the maintenance obligation assumed in the maintenance provision. The recoverability of this asset

has been assessed by management, and the asset is considered to be fully recoverable.

13. TRADE AND OTHER RECEIVABLES

	2025	2024
	£ million	£ million
Trade receivables	136	142
Less provision for loss allowance	(6)	(7)
	130	135
Prepayments	85	57
Accrued income	179	162
Other receivables	136	129
	530	483

Within the provision for loss allowance, £7 million has been credited to the income statement (2024: £5

million credited), with £nil million (2024: £nil million) being utilised in the year ended 30 September 2025.

Information about the impairment of trade receivables and the Group’s exposure to credit risk can be

found in note 26.

Other receivables comprises current mid-life aircraft delivery assets, supplier receivables, VAT and

trade deposits.

14. CASH, CASH EQUIVALENTS AND OTHER INVESTMENTS

	2025	2024
	£ million	£ million
Cash and cash equivalents (original maturity less than three months)	1,504	1,343
Other investments (original maturity more than three months)	2,024	2,118
	3,528	3,461

Other investments include term deposits, tri-party repos and managed investments where the original

duration of the investment was more than three months.

15. TRADE AND OTHER PAYABLES

	2025	2024
	£ million	£ million
Trade payables	366	357
Accruals	1,090	1,097
Taxes and social security	50	38
Other payables	148	164
	1,654	1,656

16. LIABILITIES RELATING TO CONTRACTS WITH CUSTOMERS

	2025		2024
	Unearned		Unearned
	revenue	Other	revenue	Other
	£ million	£ million	£ million	£ million
Opening contract liabilities	1,741	35	1,501	79
Revenue deferred during the year	11,019	–	10,170	–
Revenue recognised during the year	(10,045)	(19)	(9,219)	(47)
Airline passenger duty on revenue recognised during the year	(765)	–	(711)	–
Additional contract liability during the year	–	186	–	187
Reduction in contract liability during the year	–	(184)	–	(184)
Foreign exchange impact during the year	–	1	–	–
Closing contract liabilities	1,950	19	1,741	35

Revenue deferred and recognised during the year is inclusive of other charges, but net of intercompany

eliminations. Revenue deferred during the year is also presented inclusive of airline passenger duty (APD).

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NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

16. LIABILITIES RELATING TO CONTRACTS WITH CUSTOMERS (CONTINUED)



	2025		2024
	Unearned		Unearned
	revenue	Other	revenue	Other
	£ million	£ million	£ million	£ million
Revenue recognised that was included in the contract liability balance at the beginning of the year	1,678	25	1,399	47

Other customer contract liabilities consist of amounts transferred from unearned revenue to other payables

due to the cancellation of flights and is made up of customer vouchers outstanding and amounts where

customers have not yet requested a refund, voucher or flight transfer. The movements in ‘additional

contract liability’ and ‘reduction in contract liability’ arise as flights are cancelled, as vouchers are awarded

or exercised, and as customers advise on the exercise of their options following flight cancellations. The

breakage applied to the contract liability in the year is included in revenue recognised during the year.

17. BORROWINGS

	Current	Non-current	Total
	£ million	£ million	£ million
At 30 September 2025
Eurobonds	–	1,778	1,778
Other borrowings	6	97	103
	6	1,875	1,881

	Current	Non-current	Total
	£ million	£ million	£ million
At 30 September 2024
Eurobonds	416	1,690	2,106
	416	1,690	2,106

Other borrowings relate to aircraft that are subject to JOLCO agreements and are held at amortised cost.

Refer to notes 11, 18 and 26 for further details.

Eurobonds above are shown net of issue costs and/or discounted amounts which are amortised at the

effective interest rate over the life of the debt instruments.

The June 2019 €500 million Eurobond with a carrying value of £422 million was repaid in June 2025.

See note 26 for further information on borrowings.

18. LEASES

easyJet holds aircraft under leasing arrangements that are recognised as right of use assets and lease

liabilities, with remaining lease terms ranging up to ten years. easyJet is contractually obliged to carry out

maintenance on these aircraft, and the cost of this is provided based on the number of flying hours, days

and cycles operated and the estimated cost of the maintenance events. Further details are given in note 1.

Right of use assets

Information in respect of right of use assets, including the carrying amount, additions and depreciation, is

set out below. The right of use assets have been re-presented from property, plant and equipment in note

11. Refer to note 1a for further detail.

	Aircraft	Other	Total
	£ million	£ million	£ million
Net book value
At 1 October 2024	1,116	74	1,190
Additions	199	75	274
Depreciation charge for the year	(364)	(12)	(376)
Disposals 1	(73)	–	(73)
At 30 September 2025	878	137	1,015

	Aircraft	Other	Total
	£ million	£ million	£ million
Net book value
At 1 October 2023	905	23	928
Additions	605	62	667
Aircraft sold and leased back	46	–	46
Depreciation charge for the year	(440)	(10)	(450)
Disposals	–	(1)	(1)
At 30 September 2024	1,116	74	1,190

1) Right of use asset disposals includes £73 million (2024: £nil) relating to the purchase of eight aircraft that were previously

leased, with a corresponding £237 million (2024: £nil) of additions to aircraft owned assets in note 11.

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NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

18. LEASES (CONTINUED)

Lease liabilities

Information in respect of the carrying value and interest arising on lease liabilities is set out in note 25 and

note 2 respectively. A maturity analysis of lease liabilities is set out below.

	Year ended	Year ended
	30 September	30 September
	2025	2024
Amounts recognised in the statement of cash flows	£ million	£ million
Capital repayments	(226)	(222)
Interest payments	(58)	(50)
	(284)	(272)

	2025	2024
Lease liabilities	£ million	£ million
Maturity analysis - contractual undiscounted cash flows
Less than one year	(299)	(269)
One to five years	(727)	(852)
More than five years	(186)	(226)
	(1,212)	(1,347)

	2025	2024
Lease liabilities included in the statement of financial position	£ million	£ million
Current	(251)	(227)
Non-current	(794)	(947)
Total	(1,045)	(1,174)

easyJet also enters into short-term leases and low-value leases which are not recognised as right of use

assets and lease liabilities. The expense recognised in the year in relation to these leases is disclosed below.

	Year ended	Year ended
	30 September	30 September
	2025	2024
Amounts recognised in income statement	£ million	£ million
Interest on lease liabilities	58	50
Expenses relating to low-value leases	6	5
Expenses relating to short-term wet leases	15	–
	79	55

19. PROVISIONS FOR LIABILITIES AND CHARGES

	Maintenance		Other	Total
	provisions	Restructuring	provisions	provisions
	£ million	£ million	£ million	£ million
At 1 October 2024	894	12	56	962
Exchange adjustments	1	1	1	3
Release of provisions	(61)	(1)	(11)	(73)
Additional provisions recognised	197	6	25	228
Updated discount rates net of unwind of discount	16	–	–	16
Utilised	(108)	(8)	(6)	(122)
At 30 September 2025	939	10	65	1,014

	Maintenance		Other	Total
	provisions	Restructuring	provisions	provisions
	£ million	£ million	£ million	£ million
At 1 October 2023	753	6	42	801
Exchange adjustments	(67)	(1)	(1)	(69)
Release of provisions	(2)	(3)	(10)	(15)
Additional provisions recognised	315	12	28	355
Updated discount rates net of unwind of discount	(12)	–	–	(12)
Utilised	(93)	(2)	(3)	(98)
At 30 September 2024	894	12	56	962

The maintenance provisions provide for maintenance costs arising from legal and constructive obligations

relating to the condition of the aircraft when returned to the lessor. As a result of the early exit of eight

aircraft leases, with the aircraft subsequently being purchased, £61 million (2024: £nil) of the maintenance

provision has been released. The early exit of the leases and subsequent purchase of the aircraft resulted

in a £54 million (2024: £nil) credit to the income statement. Restructuring and other provisions include

amounts in respect of potential liabilities for employee-related matters and litigation which arose in the

normal course of business.

	2025	2024
	£ million	£ million
Current	185	156
Non-current	829	806
	1,014	962

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NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

19. PROVISIONS FOR LIABILITIES AND CHARGES (CONTINUED)

The split of the current/non-current maintenance provision is based on the expected maintenance event

timings. If actual aircraft usage varies from expectation the timing of the utilisation of the maintenance

provision could result in a material change in the classification between current and non-current.

Maintenance provisions are expected to be utilised within seven years.

As detailed in note 1B.(II), the aircraft maintenance provision is sensitive to changes in uncontracted costs

including the impact of inflationary factors in future years, discount rates and the GBP/USD exchange rate.

The following table provides an estimate of the impact on the aircraft maintenance provision of reasonably

possible changes to these assumptions.

		Impact on
	Reasonably possible	maintenance	2025
Key assumptions	change	provision	£ million
Discount rate	Increase of 1ppt	Decrease	(24)
	Decrease of 1ppt	Increase	26
Uncontracted costs in future years	Increase by 4ppts	Increase	32
	Decrease by 4ppts	Decrease	(34)
GBP/USD exchange rate	+10% change	Decrease	(68)
	-10% change	Increase	83

Within other provisions are provisions for litigation matters. The split of these provisions between current

and non-current is based on the dates of expected court judgements. Provisions for restructuring could be

fully utilised within one year from 30 September 2025 and therefore are classified as current.

20. PENSIONS

Total pension costs of £89 million (2024: £72 million) are recognised in employee costs (note 4), and

comprise £80 million (2024: £66 million) related to defined contribution plans and £9 million (2024: £6

million) related to defined benefit plans in Switzerland, including administration expenses of £nil million

(2024: £nil million).

The contributions payable to the relevant plans by the Group are at the rates specified in the rules of the

plans. The assets of the plans are held separately from those of the Group in funds under the control

of trustees.

Due to the minimum guarantees in place under Swiss law, the Swiss pension plan meets IAS 19

requirements to be treated as a defined benefit plan despite the scheme having many attributes akin to a

defined contribution scheme. The Swiss Federal Council requires that a guaranteed minimum interest rate

must be achieved (currently 1.25%) on the mandatory element of the benefits, and when an employee

retires, the accumulated pension on retirement is converted into a life annuity using a conversion rate.

The statutory minimum conversion rate to be applied is currently 6.8%. Swiss plans therefore do not meet

the definition of a defined contribution (DC) scheme under IFRS as, due to the guarantees, the obligation

of the employer does not stop with the payment of the pre-defined regular contributions. Further

contributions may be required by the employer and the employee if the plan becomes underfunded under

local Swiss GAAP. This results in the Swiss plans being accounted for as defined benefit plans. The scheme

remains open to new employees.

The easyJet portion of the current service costs and the net interest cost are charged to the consolidated

income statement in the year to which they relate. Net interest is determined by multiplying the net

defined benefit liability by the discount rate at the start of the annual reporting period, adjusted for

any contributions and benefit payments in the period. Actuarial gains and losses are recognised in the

consolidated statement of comprehensive income and the consolidated balance reflects the net surplus or

deficit at the statement of financial position date.

The defined benefit obligation is calculated using the projected unit credit method. This reflects service

rendered by employees to the dates of valuation and incorporates actuarial assumptions including discount

rates used in determining the present value of benefits, projected rates of remuneration growth and mortality

rates. The present value of the defined benefit obligation is determined by discounting the estimated future

cash outflows using yields of high-quality corporate bonds. Management bases the discount rate on the bond

yield in the Swiss bond market over 10 to 20 years, reflecting the currency in which the benefits will be paid,

and maturity terms approximating to the terms of the related pension obligation.

The key financial assumptions used to calculate the Swiss scheme liabilities under IAS 19 as at

30 September were:

	2025	2024
Discount rate	1.10%	1.10%
Interest rate on savings	1.10%	1.10%
Salary increase	1.25%	1.50%
Mortality assumptions	70% BVG 2020 GT	70% BVG 2020 GT

Demographic assumptions

The demographic assumptions, including mortality assumptions used for the liability calculation, are based

on the most recent BVG 2020 tables (2024: BVG 2020 tables). These tables are based on the experience

during the period 2015 to 2019 of 14 of the largest autonomous Swiss pension plans, and management

consider these to be the best estimate available.

Sensitivities

The scheme asset values are sensitive to market conditions. The scheme liabilities are sensitive to actuarial

assumptions used to determine the scheme obligations. Significant changes in these assumptions

could potentially have a material impact on the consolidated statement of financial position. The

main assumptions are the discount rate, the rate of salary increase and the life expectancy rate. The

following table provides an estimate of the potential impact on the pension scheme of changing these

assumptions. The sensitivity analysis was performed by recalculating the defined benefit obligation with the

following parameters (all other parameters were not modified):

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20. PENSIONS (CONTINUED)

			Increase/(decrease) in defined
			benefit obligation
		2025	2024
Discount rate	+0.5%	(6.1%)	(6.1%)
	-0.5%	7.0%	6.9%
Salary increase	+0.5%	0.9%	0.9%
	-0.5%	(0.8%)	(0.9%)
Life expectancy	+1 year	0.8%	0.8%
	-1 year	(0.9%)	(0.8%)

easyJet has an affiliation contract with Swiss Life Collective BVG Foundation. The assets of all affiliated

companies are pooled which diversifies the associated risk, and the scheme assets represent the share in

this Foundation. The Collective controls the asset management, is exposed to the risk, and guarantees the

savings capital under the contract in place which is valid until 31 December 2027. The Board of Trustees

with the elected employees and employer’s representatives decide the investment strategy. The current

agreement is known as ‘fully insured’ by Swiss Life, which means that all underfunding, investment and

longevity risks are transferred from easyJet to Swiss Life over the term of the policy. After the expiry date

the benefits are no longer insured and all payments are the liability of the pension scheme, unless the

provider renegotiates the terms of the contract.

Amounts recognised in the consolidated income statement are as follows:

	Year ended	Year ended
	30 September	30 September
	2025	2024
	£ million	£ million
Current service costs defined benefit	9	7
Interest cost on net defined benefit obligation	2	3
Interest income on defined benefit asset	(2)	(3)
Past service costs (plan amendment)	–	(1)
Net defined benefit cost recognised in the income statement	9	6

Amounts recognised in other comprehensive income:

	Year ended	Year ended
	30 September	30 September
	2025	2024
	£ million	£ million
(Gain)/loss from change in financial assumptions	(3)	9
Experience loss	6	2
Recognised in the statement of other comprehensive income	3	11

Movement in net deficit in the year:

	2025	2024
	£ million	£ million
Net deficit of the plan at 1 October	17	7
Net defined benefit cost recognised in the income statement	9	6
Net defined benefit loss recognised in other comprehensive income	3	11
Company contributions	(14)	(9)
Foreign exchange loss	5	2
Statement of financial position net deficit as at 30 September	20	17

A £4 million (2024: £3 million) prepayment representing cash paid over to Swiss Life in advance and not

yet utilised in the pension scheme is offset against the net deficit.

The employer cash contribution from the Group in the 2026 financial year is expected to be CHF 10 million

(2025: CHF 9 million).

Changes in the present value of the defined benefit obligation are as follows:

	2025	2024
	£ million	£ million
Present value of obligation at 1 October	175	152
Current service cost	9	7
Contributions paid by employees	6	5
Interest costs on defined benefit obligation	2	3
Contributions paid by plan participants	5	3
Benefit payments from scheme assets	(13)	(7)
Past service cost	–	(1)
Actuarial (gain)/loss arising from changes in financial assumptions	(1)	9
Actuarial loss arising from experience adjustments	6	2
Foreign exchange loss	12	2
Present value of obligation at 30 September	201	175

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20. PENSIONS (CONTINUED)

Changes in the fair value of the scheme assets are as follows:

	2025	2024
	£ million	£ million
Fair value of the scheme asset as at 1 October	158	145
Interest income on the defined benefit plan assets	2	3
Contributions paid by Company	14	9
Contributions paid by employees	6	5
Contributions paid by plan participants	5	3
Benefit payments from scheme assets	(13)	(7)
Return on plan assets	2	–
Foreign exchange gain	7	–
Fair value of the pension assets as at 30 September	181	158

	2025	2024
Number of active participants	1,260	1,152
Average age of active insured members in years	40	40
Average time remaining before active employees reach final age in years	9	9
Average active life expectancy in years	52	52
Average years of service in years	9	9

The assets held do not have a quoted market price as they are within the affiliation contract with Swiss Life

Collective BVG Foundation. All assets are within the one class which takes the form of an insurance contract.

The weighted average duration of the defined benefit obligation of the Swiss pension scheme is 14 years

(2024: 13 years).

Maturity profile of defined benefit obligation

	2025	2024
Expected benefit payments during fiscal year ending 30 September:	£ million	£ million
One year	11	11
Two yea rs	16	17
Three years	15	14
Four years	18	14
Five years	17	16
Six up to ten years	89	75

21. SHARE CAPITAL

	Number		Nominal value
	2025	2024	2025	2024
	million	million	£ million	£ million
Allotted, called up and fully paid
At 30 September
Ordinary shares of par 27 2/7 pence each	758	758	207	207

easyJet’s employee benefit trusts hold the following shares. The cost of these shares has been deducted

from retained earnings:

	2025	2024
Number of shares (million)	12	7
Cost (£ million)	58	42
Market value at year end (£ million)	55	38

22. SHARE INCENTIVE SCHEMES

easyJet operates the following share incentive schemes, all of which are equity settled, except for the

Individual Incentive Plan, which is cash-settled. The change in the number of awards outstanding, weighted

average exercise prices during the year, and the number exercisable at each year end were as follows:

	1 October		Forfeited/		30 September
	2024	Granted	cancellations	Exercised	2025
	million	million	million	million	million
Long Term Incentive Plan	–	–	–	–	–
Restricted Stock Unit	3.8	–	(0.1)	(1.2)	2.5
Restricted Share Plan	3.0	2.0	(0.4)	(0.3)	4.3
Save As You Earn scheme	22.4	7.6	(2.3)	(3.1)	24.6
Individual Incentive Plan	0.1	–	–	–	0.1
Share Incentive Plan	6.4	3.4	(0.3)	(0.4)	9.1
Deferred Annual Bonus Plan	0.6	0.2	–	–	0.8
	36.3	13.2	(3.1)	(5.0)	41.4

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22. SHARE INCENTIVE SCHEMES (CONTINUED)



	1 October		Forfeited/		30 September
	2023	Granted	cancellations	Exercised	2024
	million	million	million	million	million
Long Term Incentive Plan	0.3	–	(0.3)	–	–
Restricted Stock Unit	5.0	–	(0.4)	(0.8)	3.8
Restricted Share Plan	0.8	2.4	(0.2)	–	3.0
Save As You Earn scheme	19.1	9.4	(6.1)	–	22.4
Individual Incentive Plan	0.2	–	–	(0.1)	0.1
Share Incentive Plan	3.0	4.0	(0.2)	(0.4)	6.4
Deferred Annual Bonus Plan	0.3	0.3	–	–	0.6
	28.7	16.1	(7. 2)	(1.3)	36.3

Long Term Incentive Plan

The plan was open, by invitation, to Executive Directors and senior management, and provided for annual awards

of Performance Shares worth up to 250% of salary each year. The vesting of these shares was dependent on TSR

targets compared to FTSE-ranked companies at the start of the performance period. All awards have a three-year

vesting period. The last awards were made in December 2020 and were assessed on performance conditions

measured over the three financial years ended 30 September 2023. These plans are no longer awarded.

Restricted Stock Unit

The plan was awarded to the Airline Management Board, senior managers and some middle management,

and provided annual awards of Performance Shares worth up to 75% of salary each year. All awards have

a two or three-year vesting period, of which the vesting conditions are continued employment. These plans

are no longer awarded.

Restricted Share Plan

The plan is open, by invitation, to Executive Directors, the Airline Management Board and senior and some

middle management, and provides for annual awards of Performance Shares worth from 20% to 125% of

salary, depending on role. All awards have a three-year vesting period. For the Executive Directors a three-

year performance period plus two-year post-vesting holding period will apply. The awards are subject to the

following underpins: that easyJet does not fall below its minimum liquidity target (such that a credit risk event

is triggered) through the vesting period and that there is satisfactory governance performance including no

ESG issues that result in material reputational damage to the Company (as determined by the Board). The

vesting of these shares is also dependent on continued employment and assessment against performance

underpins, as outlined in the Directors’ Remuneration Report, measured over the vesting period.

Save As You Earn scheme

The scheme is open to all employees on the UK payroll. Participants may elect to save up to £500 per month

under a three-year savings contract. An option is granted by the Company to buy shares at a discount of 20%

from the market price on the day immediately preceding the date on which invitations are sent; however the

2022 scheme was granted at a discount of 10% from the market price. At the end of the savings period, the

option becomes exercisable for a period of six months. Employees who are not paid through the UK payroll may

participate in the scheme under similar terms and conditions, albeit without the same tax benefits.

Individual Incentive Plan

These cash-settled plans may be made available, by invitation, to members of the Airline Management

Board. Based on specific individual performance related measures and requiring continued employment,

awards are payable over multiple years based on the achievement of agreed targets. All awards are

approved by the Remuneration Committee.

Share Incentive Plan

The plan is open to all employees on the UK payroll. Participants may invest up to £1,800 of their pre-tax salary

each year to purchase Partnership Shares in easyJet and up until 1 April 2020 easyJet also contributed matching

shares. Employees must remain with easyJet for three years from the date of purchase of each Partnership

Share in order to qualify for the Matching Share, and for five years for the shares to be transferred to them tax

free. The employee is entitled to dividends on shares purchased, and to vote at shareholder meetings.

Subject to Company performance, easyJet also issues performance-related shares to UK employees (at no

cost to the employees) under an approved share incentive plan of up to £3,000 per annum in value. There

is a similar unapproved share scheme for international employees.

Deferred Annual Bonus Plan

This plan represents the deferral of one-third of the annual bonus in shares for the Executive Directors

and one-fifth of the annual bonus for the Airline Management Board. After an executive achieves their

shareholding as per the requirements of the shareholding policy, the Remuneration Committee may

determine that deferral is no longer required. All awards have a three-year vesting period of which the

vesting conditions are continued employment.

Weighted average exercise prices are as follows:

	1 October				30 September
	2024	Granted	Forfeited	Exercised	2025
	£	£	£	£	£
Save As You Earn scheme	3.91	4.29	4.77	3.99	3.96

The exercise price of all awards except those disclosed in the above table is £nil.

The number of awards exercisable at each year end and their weighted average exercise price is as follows:

	Price £		Number million
	2025	2024	2025	2024
Long Term Incentive Plan	–	–	–	–
Restricted Stock Unit	–	–	0.8	0.6
Restricted Share Plan	–	–	0.5	0.2
Save As You Earn scheme	3.99	6.39	5.2	0.6
Individual Incentive Plan	–	–	–	–
Share Incentive Plan	–	–	–	–
Deferred Annual Bonus Plan	–	–	–	–
			6.5	1.4

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NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

22. SHARE INCENTIVE SCHEMES (CONTINUED)

The weighted average remaining contractual life for each class of share award at 30 September 2025 and

30 September 2024 are as follows:

		Years
	2025	2024
Long Term Incentive Plan	3.8	5.2
Restricted Stock Unit	6.9	7.8
Restricted Share Plan	8.6	8.9
Save As You Earn scheme	2.1	2.4
Individual Incentive Plan	0.2	0.7
Share Incentive Plan	2.1	9.5
Deferred Annual Bonus Plan	7.8	8.7

The fair value of grants under the Save As You Earn scheme are calculated by applying the Binomial Lattice

option pricing model. The fair value of grants under all other schemes is the share price on the date of

grant. The following assumptions are used for share schemes in this financial year:

						Dividend
	Share	Exercise	Expected	Option	Risk-free	yield	Fair
	price	price	volatility	life	interest rate	assumption	value
Grant date	£	£	%	years	%	%	£
Restricted Share Plan
12 December 2024	5.77	–	–	–	–	–	5.77
22 January 2025	5.11	–	–	–	–	–	5.11
18 June 2025	5.36	–	–	–	–	–	5.36
Save As You Earn scheme
16 July 2025	5.26	4.29	37	3.50	4	2.3	1.83
Deferred Annual Bonus Plan
12 December 2024	5.77	–	–	–	–	–	5.77

Share price for the Restricted Share plans is the closing share price from the last working day prior to the

date of grant.

Expected volatility is based on historical volatility over a period comparable to the expected life of each

type of option.

The total share-based payment expense recognised for the year was £38 million (2024: £30 million). The

share-based payment liability, representing the national insurance payments due, as at 30 September 2025,

was £5 million (2024: £5 million).

23. RECONCILIATION OF OPERATING PROFIT TO CASH GENERATED FROM OPERATIONS

	Year ended	Year ended
	30 September	30 September
	2025	2024
	£ million	£ million
Operating profit	696	589
Adjustments for non-cash items:
Depreciation	679	727
Loss on disposal of property, plant and equipment	19	18
Loss on lease terminations	6	–
Gain on sale and leaseback	–	(1)
Amortisation of intangible assets	64	43
Share-based payments	38	30
Impairment of intangible assets	6	1
Changes in working capital and other items of an operating nature:
Increase in trade and other receivables	(53)	(130)
Decrease/(increase) in intangible assets	88	(8)
Decrease in trade and other payables	(18)	(45)
Increase in unearned revenue	209	240
Post employment benefit contributions	(5)	(12)
Increase in provisions	8	31
Decrease in other non-current assets	5	10
Increase/(decrease) in derivative financial instruments	133	(10)
Cash generated from operations	1,875	1,483

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24. RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET CASH/(DEBT)

						Cash, cash
						equivalents
			New debt			and other
	1 October	Foreign	raised in the	Repayment of		investments	30 September
	2024	exchange	year	capital	Other	movement	2025
	£ million	£ million	£ million	£ million	£ million	£ million	£ million
Cash and cash equivalents	1,343	22	–	–	–	139	1,504
Other investments	2,118	57	–	–	–	(151)	2,024
	3,461	79	–	–	–	(12)	3,528
Borrowings	(2,106)	(91)	(104)	423	(3)	–	(1,881)
Lease liabilities	(1,174)	2	(79)	226	(20)	–	(1,045)
	(3,280)	(89)	(183)	649	(23)	–	(2,926)
Net cash/(debt)	181	(10)	(183)	649	(23)	(12)	602

Other includes deferred fees, lease extensions, disposals and rate changes.

Other investments include term deposits, tri-party repos and managed investments where the original duration of the investment was more than three months.

25. FINANCIAL INSTRUMENTS

The fair values of financial assets and liabilities, together with the carrying value at each reporting date, are as follows:

		Amortised cost		Held at fair value
					Other
	Financial	Financial	Fair value	Cash flow	financial		Carrying
	assets	liabilities	hedges	hedges	instruments	Other 1	value	Fair value
At 30 September 2025	£ million	£ million	£ million	£ million	£ million	£ million	£ million	£ million
Other non-current assets	178	–	–	–	–	–	178	178
Trade and other receivables	322	–	–	–	–	208	530	530
Trade and other payables	–	(1,127)	–	–	–	(527)	(1,654)	(1,654)
Derivative financial instruments	–	–	–	(8)	(38)	–	(46)	(46)
Other investments	1,873	–	–	–	151	–	2,024	2,024
Cash and cash equivalents	486	–	–	–	1,018	–	1,504	1,504
Eurobonds 2	–	(1,778)	–	–	–	–	(1,778)	(1,789)
Other borrowings	–	(103)	–	–	–	–	(103)	(103)
Lease liabilities 3	–	(1,045)	–	–	–	–	(1,045)	n/a
Equity investments 4	–	–	–	–	64	–	64	64

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25. FINANCIAL INSTRUMENTS (CONTINUED)



		Amortised cost		Held at fair value
					Other
	Financial	Financial	Fair value	Cash flow	financial		Carrying	Fair
	assets	liabilities	hedges	hedges	instruments	Other 1	value	value
At 30 September 2024	£ million	£ million	£ million	£ million	£ million	£ million	£ million	£ million
Other non-current assets	169	–	–	–	–	–	169	169
Trade and other receivables	327	–	–	–	–	156	483	483
Trade and other payables	–	(1,134)	–	–	–	(522)	(1,656)	(1,656)
Derivative financial instruments	–	–	–	(240)	(50)	–	(290)	(290)
Other investments	1,968	–	–	–	150	–	2,118	2,118
Cash and cash equivalents	671	–	–	–	672	–	1,343	1,343
Eurobonds 2	–	(2,106)	–	–	–	–	(2,106)	(2,083)
Lease liabilities 3	–	(1,174)	–	–	–	–	(1,174)	n/a
Equity investments 4	–	–	–	–	51	–	51	51

1) Amounts disclosed in the ‘Other’ column are items that do not meet the definition of a financial instrument. They are disclosed to facilitate reconciliation of the carrying values of financial

instruments to line items presented in the statement of financial position.

2) For further information see capital, financing and interest risk management section below in note 26.

3) Lease liabilities are valued in accordance with IFRS 16 and a fair value determination is not applicable.

4) The equity investment of £64 million (2024: £51 million) represents a 13.2% shareholding in a non‐listed entity, The Airline Group Limited. Valuation movements are designated as being fair

valued through other comprehensive income due to the nature of the investment being held for strategic purposes. Dividends of £14 million were received during the year (2024: £nil).

Fair value calculation methodology

Where available, the fair values of financial instruments have been determined

by reference to observable market prices where the instruments are traded.

Where market prices are not available, the fair value has been estimated

by discounting expected future cash flows at prevailing interest rates and

by applying year-end exchange rates (excluding The Airline Group Limited

equity investment).

The fair values of the remaining two Eurobonds are classified as level 1 of the

IFRS 13 ‘Fair Value Measurement’ fair value hierarchy (valuations taken as the

closing market trade price for each respective Eurobond as of 30 September

2025). Apart from the equity investment, the remaining financial instruments

for which fair value is disclosed in the table above, and derivative financial

instruments, are classified as level 2.

The fair values of derivatives are calculated using observable market forward

curves (e.g. forward foreign exchange rates, forward interest rates or forward

jet fuel prices) and discounted to present value using risk free rates. The

impacts of counterparty credit, cross-currency basis and market volatility are

also included where appropriate as part of the fair valuation.

The equity investment is classified as level 3 due to the use of forecast dividends

which are discounted to present value. Although there are other level 2 inputs

to the valuation, the discounted cash flow is a significant input which is not

based on observable market data. The fair value is assessed at each reporting

date based on the discounted cash flows with a secondary validation through a

comparison to two other valuations calculated using a market approach and level

2 inputs. The fair value is being held at £64 million (2024: £51 million) based on

a valuation report using this method by an external valuation firm. The increase

in valuation arising during the year is principally as a result of improvements in

forecast cash flows. If the level 3 forecast cash flows were 10% higher or lower

the fair value would not increase/decrease by a material amount.

The fair value measurement hierarchy levels have been defined as follows:

• Level 1, fair value of financial instruments based on quoted prices

(unadjusted) in active markets for identical assets or liabilities.

• Level 2, fair value of financial instruments in an active market (for example,

over the counter derivatives) which are determined using valuation

techniques which maximise the use of observable market data and rely as

little as possible on entity specific estimates.

• Level 3, fair value of financial instruments that are not based on observable

market data (i.e. unobservable inputs).

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25. FINANCIAL INSTRUMENTS (CONTINUED)

Fair value of derivative financial instruments

		Non-current	Current	Current	Non-current
	Quantity	assets	assets	liabilities	liabilities	Total
At 30 September 2025	million	£ million	£ million	£ million	£ million	£ million
Designated as cash flow hedges
US dollar	3,538	5	2	(51)	(40)	(84)
Euro	4,183	41	31	(9)	–	63
Swiss franc	246	–	–	(3)	–	(3)
Jet fuel	2	2	15	(15)	(1)	1
Cross-currency interest rate swaps	600	15	–	–	–	15
Designated as fair value through profit or loss
US dollar	920	–	1	(22)	(17)	(38)
		63	49	(100)	(58)	(46)

		Non-current	Current	Current	Non-current
	Quantity	assets	assets	liabilities	liabilities	Total
At 30 September 2024	million	£ million	£ million	£ million	£ million	£ million
Designated as cash flow hedges
US dollar	1,899	–	–	(64)	(12)	(76)
Euro	2,065	1	18	(45)	(2)	(28)
Swiss franc	275	–	7	–	–	7
Jet fuel	2	1	2	(107)	(4)	(108)
Cross-currency interest rate swaps	1,100	–	–	(26)	(9)	(35)
Designated as fair value through profit or loss
US dollar	982	–	1	(19)	(24)	(42)
Euro	197	–	–	(8)	–	(8)
Jet fuel	–	–	1	(1)	–	–
		2	29	(270)	(51)	(290)

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25. FINANCIAL INSTRUMENTS (CONTINUED)

For foreign currency forward exchange contracts, quantity represents the absolute gross nominal value

of currency contracts held, disclosed in the contract foreign currency. The cross-currency interest rate

swap contracts are presented at the sterling notional amount. For jet fuel derivative contracts, the quantity

represents absolute contracted metric tonnes.

The majority of foreign exchange and jet fuel transactions designated as a cash flow hedge are expected

to occur within the next 24 months. Accumulated gains and losses resulting from these transactions are

deferred in the hedging reserve. The gains and losses will be recognised in the income statement in the

periods when the hedged transactions impact the income statement. Where the gain or loss is included in

the initial amount recognised following the purchase of an aircraft, recognition in the income statement is

over a period of up to 23 years in the form of depreciation of the purchased asset.

Amounts related to US dollar and euro foreign exchange derivatives held at fair value through profit or loss

(e.g. not held in a hedge accounting relationship) form part of the Group’s statement of financial position

retranslation risk management strategy. Fair value movements on these derivatives are recognised in the

income statement and offset foreign exchange movements on the corresponding notional amount of the

statement of financial position monetary liabilities held in US dollar and euro. These trades are all expected

to occur within the next 36 months.

The Group maintains cross-currency interest rate swap contracts on a proportion of fixed rate debt issuance as

part of the approach to currency and interest rate risk management. These cross-currency interest rate swap

contracts are designated and qualify as cash flow hedges to minimise volatility in the income statement.

The following derivative financial instruments are subject to offsetting, enforceable master netting

arrangements.

	Gross	Amount	Net
	amount	not set off	amount
At 30 September 2025	£ million	£ million	£ million
Derivative financial instruments
Assets	112	(110)	2
Liabilities	(158)	110	(48)
	(46)	–	(46)

	Gross	Amount	Net
	amount	not set off	amount
At 30 September 2024	£ million	£ million	£ million
Derivative financial instruments
Assets	31	(31)	–
Liabilities	(321)	31	(290)
	(290)	–	(290)

All financial assets and liabilities are presented gross on the face of the statement of financial position as

the conditions for netting specified in IAS - 32 ‘Financial Instruments Presentation’ are not met.

26. FINANCIAL RISK AND CAPITAL MANAGEMENT

easyJet is exposed to financial risks including fluctuations in exchange rates, commodity prices and

interest rates. Financial risk management aims to limit these market risks with selected derivative hedging

instruments being used for this purpose. easyJet’s policy is not to speculatively trade derivatives but use

the instruments to hedge anticipated exposure and gain cash flow certainty. easyJet reduces its exposure

to market risk by using derivatives as any gains and losses arising are offset by the outcome of the

underlying exposure being hedged.

The Board is responsible for setting financial risk and capital management policies and objectives which

are implemented by the treasury function on a day-to-day basis. The policy outlines the approach to risk

management and also states the instruments and time periods which the treasury function is authorised to

use in managing financial risks. The policy is regularly reviewed to ensure best practice.

Capital employed comprises shareholders’ equity (excluding hedging and cost of hedging reserves),

borrowings (including amounts related to lease liabilities), cash and cash equivalents and other investments

(excluding restricted cash).

In addition, easyJet also maintains committed access to capital through its undrawn credit facilities. This

amounted to £1.3 billion RCF ($1.7 billion RCF) at 30 September 2025 (2024: £1.6 billion; a $400 million RCF

and a $1,750 million UKEF backed facility) and contributed to easyJet’s total liquidity. There were no plans

to draw from the RCF as at 30 September 2025.

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NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

26. FINANCIAL RISK AND CAPITAL MANAGEMENT (CONTINUED)

Consequently, the capital employed at the end of the current and prior year and the return earned during those years were as follows:

		2025			2024
	Headline	Non-headline	Total	Headline	Non-headline	Total
	£ million	£ million	£ million	£ million	£ million	£ million
Opening capital employed
Shareholders’ equity (excluding hedging & cost of hedging reserves)	3,118	–	3,118	2,676	–	2,676
Borrowings	2,106	–	2,106	1,895	–	1,895
Lease liabilities	1,174	–	1,174	989	–	989
Cash, cash equivalents and other investments (excluding restricted cash)	(3,461)	–	(3,461)	(2,925)	–	(2,925)
Capital employed	2,937	–	2,937	2,635	–	2,635
Closing capital employed
Shareholders’ equity (excluding hedging & cost of hedging reserves)	3,525	–	3,525	3,118	–	3,118
Borrowings	1,881	–	1,881	2,106	–	2,106
Lease liabilities	1,045	–	1,045	1,174	–	1,174
Cash, cash equivalents and other investments (excluding restricted cash)	(3,528)	–	(3,528)	(3,461)	–	(3,461)
Capital employed	2,923	–	2,923	2,937	–	2,937
Average capital employed	2,930	–	2,930	2,786	–	2,786
Reported operating profit/(loss)	703	(7)	696	597	(8)	589
UK corporation tax rate	25%		25%	25%		25%
Normalised operating profit/(loss) after tax	527	(5)	522	448	(6)	442
Return on capital employed	18.0%		17.8%	16.1%		15.9%

Return on capital employed is calculated by dividing the normalised operating profit/(loss) after tax by the average of the opening and closing capital employed.

Normalised operating profit is reported operating profit, less tax at the prevailing UK corporation tax rate at the end of the financial year.

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NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

26. FINANCIAL RISK AND CAPITAL MANAGEMENT (CONTINUED)

Liquidity risk management

The objective of easyJet’s liquidity risk management is to ensure sufficient cash is available to meet future

liabilities as they fall due and ensure access to cost effective funding in various markets.

Within the year easyJet repurchased and entered into JOLCO financing on three aircraft to the value of

£104 million. In June 2025 easyJet also repaid the Eurobond issued in June 2019 for £422 million.

In addition, easyJet issued a $1.7 billion RCF which is undrawn at 30 September 2025. This is a committed facility

that commenced in June 2025 and matures in June 2030 (with potential extension to June 2032). This replaces

the $400 million RCF (originally maturing in September 2025) and the $1,750 million UKEF backed facility

(originally maturing in June 2028) which were both cancelled at the time the new facility commenced.

easyJet’s policy has consistently been to hold significant liquidity to mitigate the impact of potential

business disruption events. Throughout the year, easyJet’s target minimum liquidity requirement was

to cover unearned revenue plus £500 million. In assessing this liquidity metric any undrawn credit

facilities need to be taken into consideration. Total cash and cash equivalents and other investments at

30 September 2025 was £3,528 million (30 September 2024: £3,461 million) with total liquidity at £4,791

million. Surplus funds are invested in high quality short-term liquid instruments, mainly money market funds,

term deposits, tri-party repos and managed investments.

The maturity profile of financial liabilities and derivatives based on undiscounted cash flows and contractual

maturities is as follows:

	Within one	One-two	Two-five	Over five
	year	years	years	years
At 30 September 2025	£ million	£ million	£ million	£ million
Borrowings principal and interest	47	47	1,140	756
Trade and other payables	1,654	–	–	–
Lease liabilities	299	240	487	186
FX & jet derivative contracts – receipts	(4,163)	(1,912)	(2,100)	–
FX & jet derivative contracts – payments	4,225	1,935	2,181	–
Cross-currency swap contracts – receipts	(10)	(10)	(528)	–
Cross-currency swap contracts – payments	15	15	525	–

	Within one	One-two	Two-five	Over five
	year	years	years	years
At 30 September 2024	£ million	£ million	£ million	£ million
Borrowings principal and interest	465	45	1,115	760
Trade and other payables	1,656	–	–	–
Lease liabilities	269	257	595	226
FX & jet derivative contracts – receipts	(4,303)	(787)	(199)	–
FX & jet derivative contracts – payments	4,538	828	210	–
Cross-currency swap contracts – receipts	(429)	(9)	(518)	–
Cross-currency swap contracts – payments	469	15	540	–

The maturity profile has been calculated based on spot rates for the US dollar, euro, Swiss franc and jet fuel

at close of business on 30 September each year.

Credit risk management

easyJet is exposed to credit risk arising from cash and other investments, derivative financial instruments

and trade and other receivables. Credit risk management aims to reduce the risk of default by setting limits

on credit exposure to counterparties based on their respective credit ratings. Credit ratings also determine

the maximum period of investment when placing funds on deposit. The maximum exposure to credit risk

at the reporting date is equal to the carrying value of its financial assets, excluding tri-party repos, which

are securitised by high-quality, investment-grade financial assets.

Counterparties for cash investments and derivatives contracts are required to have a long-term credit

rating of A- or better at contract inception from either Moody’s, Standard & Poor’s or Fitch (except where

there is a specific regulatory, contractual requirement or a bank guarantee from an A- rated entity).

Exposures to these counterparties are regularly reviewed and, if the long-term credit rating falls below A-,

management will make a decision on remedial action to be taken.

The credit ratings of counterparties that easyJet holds financial assets with are as follows:

			Unrated/
	A- and above	Below A-	other	Total
At 30 September 2025	£ million	£ million	£ million	£ million
Financial assets
Trade receivables	–	–	530	530
Other non-current assets	–	–	178	178
Other investments	2,024	–	–	2,024
Cash and cash equivalents	1,502	2	–	1,504
Total	3,526	2	708	4,236

			Unrated/
	A- and above	Below A-	other	Total
At 30 September 2024	£ million	£ million	£ million	£ million
Financial assets
Trade receivables	–	–	483	483
Other non-current assets	–	–	169	169
Other investments	2,118	–	–	2,118
Cash and cash equivalents	1,340	3	–	1,343
Total	3,458	3	652	4,113

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NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

26. FINANCIAL RISK AND CAPITAL MANAGEMENT (CONTINUED)

At the end of each reporting date easyJet recognises a loss allowance for expected credit losses on

financial assets measured at amortised cost. In establishing the appropriate amount of loss allowance to

be recognised, easyJet applies either the general approach or the simplified approach, depending on the

nature of the underlying group of financial assets. See note 1a for further detail.

The general approach is applied to the impairment assessment of refundable lease deposits and other

refundable lease contributions, restricted cash, other investments and cash and cash equivalents (excluding

money market funds held at fair value through profit or loss). At 30 September 2025, the expected credit

loss was considered immaterial. This is due to easyJet’s strict policy of investing only with counterparties

who hold a high, investment grade credit standing (except in specific circumstances) as detailed in the

tables above.

The simplified approach is applied to the impairment assessment of trade and other receivables.

At 30 September 2025, trade receivables had a total loss allowance of £6 million (2024: £7 million). The

exposure to individual customer’s credit risk is reduced as no individual customer accounts for a substantial

amount of the total revenue and most payments for flight tickets are collected in advance of the service

being provided.

Foreign currency risk management

The majority of easyJet’s exposure to currency arises from fluctuations in the US dollar, euro and Swiss

franc exchange rates which can significantly impact easyJet’s financial results and cash flows. The aim of

easyJet’s foreign currency risk management is to reduce the impact of these exchange rate fluctuations.

easyJet has maintained hedging in line with policy throughout the year.

Significant currency exposures in the income statement are managed through the use of foreign currency

forward contracts entered into cash flow hedge relationships in line with the Board approved policy.

Throughout the year easyJet hedged operational US dollar, euro, and Swiss franc exposures up to 24

months out, with the aim of maintaining average cover of c.60% over a rolling 12-month period.

Of note, the Group separately manages foreign exchange risk related to forecast cash outflows associated

with package holiday costs. Significant currency exposures relating to the acquisition cost of aircraft are

managed through the use of FX forward contracts where up to 60 months of forecasted cash flows may

be hedged.

easyJet has monetary liabilities primarily denominated in US dollars and euros, which are largely offset

by holding US dollar and euro cash, and other investments. easyJet also uses FX forward contracts to

manage foreign exchange translation risk. These are classified as fair value through profit or loss (e.g. not

designated in a hedge relationship) and provide a natural offset to the translation of foreign currency

liabilities. During the year, easyJet used euro lease liabilities to hedge a proportion of its euro revenue

receipts in a cash flow hedge relationship. Translation gains and losses from these euro liabilities are held in

reserves and released on a straight-line basis over the term of the lease agreement through profit or loss.

Management may take action to hedge other currency exposures as deemed appropriate.

The gross notional value of transactions in a hedge relationship that matured during the financial year to

manage the foreign currency risk and the resulting gains and losses were as follows:



	2025		2024
	Notional	Gain/(loss)	Notional	Gain/(loss)
	£ million	£ million	£ million	£ million
USD	1,676	(46)	1,571	(46)
EUR	2,125	18	1,392	7
CHF	289	8	296	5

Notional value reflects the sterling contractual leg amount.

Capital financing and interest rate risk management

The objective of capital management is to ensure that easyJet is able to continue as a going concern

whilst delivering shareholder expectations of a strong capital base as well as returning benefits for other

stakeholders.

On 30 September 2025, easyJet held long-term corporate credit ratings from both Standard & Poor’s

(BBB+) and Moody’s (Baa2).

easyJet plc established a £3,000 million Euro Medium Term Note (EMTN) Programme on 7 January 2016.

The two remaining bonds under this scheme are guaranteed by easyJet Airline Company Limited, easyJet

plc and easyJet FinCo B.V. On 11 February 2022 the EMTN Programme increased in size to £4,000 million.

In June 2019, easyJet plc issued a €500 million bond under the EMTN Programme guaranteed by easyJet

Airline Company Limited. The Eurobond had a six-year term and paid an annual fixed coupon of 0.875%. At

the same time the Group entered into three cross-currency interest rate swaps to convert the entire €500

million fixed rate Eurobond to a sterling fixed rate exposure. In June 2025, this bond reached maturity and

was settled.

In March 2021, easyJet FinCo B.V. issued a €1,200 million bond under the EMTN Programme guaranteed

by easyJet Airline Company Limited and easyJet plc. The Eurobond has a seven-year term and pays an

annual fixed coupon of 1.875%. easyJet subsequently entered into four cross-currency interest rate swaps

to convert €600 million of the fixed rate Eurobond to a sterling fixed rate exposure. The Group designated

these cross-currency interest rate swaps as a cash flow hedge of the currency risk on the €1,200 million

Eurobond. The cross-currency interest rate swaps are measured at fair value with the effective portion

taken through the statement of comprehensive income. The element of the fair value generated by the

change in the spot rate is recycled to the income statement from the statement of comprehensive income

to offset the foreign currency translation of the Eurobond. The carrying value of the fixed rate Eurobond

net of cross-currency interest rate swaps at 30 September 2025 was £1,033 million. This value does not

include capitalised set-up costs incurred in the issuing of the bond.

In March 2024, easyJet plc issued a €850 million bond under the EMTN Programme guaranteed by easyJet

Airline Company Limited and easyJet FinCo B.V. The Eurobond has a seven-year term and pays an annual

fixed coupon of 3.75%. The carrying value of the fixed rate Eurobond at 30 September 2025 was £742

million. This value does not include capitalised set-up costs incurred in the issuing of the bond.

The weighted average sterling interest rate hedged for the three bonds was 2.67% with a weighted average

GBP/EUR foreign exchange hedge rate of 1.15.

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NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

26. FINANCIAL RISK AND CAPITAL MANAGEMENT (CONTINUED)

In the year ended 30 September 2025, easyJet Airline Company Limited entered into three JOLCO aircraft

financing agreements. These JOLCO agreements have a term of eight years before the call option payment

falls due and upon payment, contractual ownership of the aircraft transfers to easyJet and the financing

is extinguished. The carrying value of the JOLCO borrowings at 30 September 2025 was £103 million. The

weighted average sterling interest rate for the three JOLCOs was 4.41%.

Interest rate cash flow risk arises on floating rate borrowings and cash investments.

Interest Rate Risk Management Policy aims to provide certainty in a proportion of financing while retaining

the opportunity to benefit from interest rate reductions. Borrowings are issued at either fixed or floating

interest rates, repricing every three to six months. Aircraft leases are a mix of fixed and floating rates. Of

the 151 aircraft leases in place at 30 September 2025 (2024: 159), 98% were based on fixed interest rates

and 2% were based on floating interest rates (2024: 98% fixed, 2% floating).

In addition, easyJet has access to a $1.7 billion revolving credit facility which is fully undrawn at

30 September 2025. This is a committed facility that commenced in June 2025 and matures in June 2030

(with potential extension to June 2032). This replaces the $400 million revolving credit facility (originally

maturing in September 2025) and the $1,750 million UKEF backed facility (originally maturing in June 2028)

which were both cancelled at the time the new facility commenced.

Commodity price risk management

The Group is exposed to commodity risk in the form of jet fuel requirements and Carbon Emissions Trading

schemes (EU ETS, CH ETS and UK ETS) price risk. easyJet has maintained risk management activities

throughout the year in line with policy.

The objective of the fuel price risk management policy is to provide protection against sudden and

significant increases in jet fuel prices, thus mitigating volatility in the income statement in the short term. In

the year, easyJet hedged in line with its 24-month hedging policy with the aim of maintaining average cover

of c.60% over a rolling 12-month period. Jet fuel derivatives are entered into a cash flow hedge relationship

against the future forecasted jet fuel usage. Treasury strategies and actions will be driven by the need to

meet treasury, financial and corporate objectives.

The volume of effective hedge transactions that matured during the financial year to manage the jet

commodity price risk was 2.4 million metric tonnes. This resulted in a £97 million loss (2024: £41 million

gain) in the fuel line within the income statement. An additional £11 million charge (2024: £7 million charge)

was recognised in the income statement relating to jet option premiums for hedging in prior periods.

The Group has a requirement to comply with EU ETS, CH ETS and UK ETS regulations and report on an

annual basis to the relevant environmental agencies. In addition to being in receipt of free allowances,

easyJet is required to purchase carbon allowances on the open market to fulfil this requirement and is

exposed to price movements that can introduce cash flow volatility. To mitigate this exposure, easyJet

purchases its requirements on a spot or forward basis up to 24 months in advance. easyJet holds

allowances for 100% of all estimated ETS obligations for calendar year 2025.

ETS allowance spot and forward contracts maturing in the year were not classified as financial instruments

as they fell within the own use provision under IFRS 9.

Market risk sensitivity analysis

Financial assets and liabilities affected by market risk include borrowings, deposits, trade and other

receivables, trade and other payables, and derivative financial instruments. The following analysis illustrates

the sensitivity of changes in relevant foreign exchange rates, interest rates and fuel prices. It should be

noted that the analysis reflects the impact on profit or loss after tax for the year and other comprehensive

income on financial instruments in a cash flow hedge relationship held at the reporting date. The

sensitivities are calculated based on all other variables remaining constant. The analysis is considered

representative of easyJet’s exposure over the next 12-month period.

The sensitivity analysis is based on easyJet’s financial assets and liabilities and financial instruments held as

at 30 September 2025.

The currency exchange rate analysis assumes a +/-10% change in both US dollar and euro exchange rates.

The interest rate analysis assumes a 1% increase in interest rates over the next 12 months.

The fuel price analysis assumes a 10% increase in the fuel price forward curve over the next 12 months.

					Interest	Fuel price
	US dollar	US dollar	Euro	Euro	rates	10%
	+10% 1	-10% 2	+10% 1	-10% 2	1% increase	increase
At 30 September 2025	£ million	£ million	£ million	£ million	£ million	£ million
Income statement impact: gain/(loss)	(1)	1	2	(2)	26	–
Impact on other comprehensive income: increase/(decrease)	219	(179)	241	(197)	–	75

					Interest	Fuel price
	US dollar	US dollar	Euro	Euro	rates	10%
	+10% 1	-10% 2	+10% 1	-10% 2	1% increase	increase
At 30 September 2024	£ million	£ million	£ million	£ million	£ million	£ million
Income statement impact: gain/(loss)	1	(1)	(1)	–	26	–
Impact on other comprehensive income: increase/(decrease)	109	(89)	49	(40)	–	63

1) GBP weakened.

2) GBP strengthened.

The market risk sensitivity analysis has been calculated on spot rates for the US dollar, euro and jet fuel at

close of business on 30 September each year.

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NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

26. FINANCIAL RISK AND CAPITAL MANAGEMENT (CONTINUED)

Impact on the financial statements during the year ended 30 September 2025

Details of major hedging arrangements at the reporting date are set out below, broken down by the cash

maturity of hedge instruments, notional and average rates.

	Within one	Greater than
Hedge instrument (notional in millions)	year	one year
Jet fuel hedged notional	2	–
Average hedge rate	703	677
USD foreign exchange hedged notional	1,170	308
Average hedge rate	1.30	1.33
EUR foreign exchange hedged notional	339	38
Average hedge rate	1.16	1.13
CHF foreign exchange hedged notional	206	25
Average hedge rate	1.07	1.03

Notional expressed in the sterling contractual leg for currencies and metric tonnes for jet fuel.

Hedge discontinuation and ineffectiveness

Hedge effectiveness testing on all relationships is performed at each reporting date. Whilst the critical

terms matching of the Group’s hedge relationships means that any ineffectiveness should be minimal, it

can be driven by factors such as material changes in credit risk, price fixing basis (in the case of jet fuel) or

changes in the timings of the hedged cash flows.

In the year ended 30 September 2025, easyJet discontinued hedge accounting on FX forwards where the

FX hedge position exceeded forecasted exposures. Total impact was £nil (2024: £nil).

All hedge relationships where the underlying exposure is still anticipated to occur continue to exhibit a

strong economic hedge relationship as the changes in fair value of hypothetical hedged items is materially

offset by the changes in the fair value of hedging instruments.

Additionally, fair value adjustments of £1 million gain (2024: £1 million loss) were recorded during the year

related to hedge ineffectiveness on hedges of foreign currency denominated borrowings that continue to

be effective hedge relationships.

27. CONTINGENT LIABILITIES AND COMMITMENTS

Contingent liabilities

easyJet previously disclosed an ICO investigation into a cyberattack and data breach that took place

in 2020. Whilst the ICO investigation is now closed, associated group actions by law firms representing

classes of customers affected by the data breach arising from the cyber-attack remain in place, and other

claims have been commenced or threatened in certain other courts and jurisdictions. The merit, likely

outcome, and potential impact of the actions is subject to significant uncertainties and therefore the Group

is unable to assess the likely outcome or quantum of the claims and as such a provision is not included in

these financial statements.

In 2024 the Spanish Ministerio de Consumo (Ministry of Consumer Affairs) issued easyJet with a €29

million fine for its hand luggage policy and the charges applied to cabin bags. easyJet has appealed the

fine and believes its policy is entirely lawful. This is supported by a recent communication by the European

Commission who have opened an infringement procedure against Spain on the basis that this contravenes

European law. easyJet does not consider it appropriate to recognise a provision for the charge. It is of note

that a bank guarantee covering the value of the fine (€29 million) has been put in place during the year at

the request of the Spanish authorities whilst easyJet’s appeal is in the court process. This does not change

easyJet’s position that it believes its policy is entirely lawful.

In addition to the above, there are ongoing litigation matters in Italy and the possibility of claims being

made by interested parties in the UK and France. These matters have the potential to result in material

recoveries. Management has assessed the basis and likelihood of each case being brought, easyJet’s

response, and the potential of a successful resolution. At this stage, having taken external legal advice,

easyJet does not consider it appropriate to provide for these matters.

Through the normal course of business, easyJet is involved in a number of other disputes and litigation

cases. The potential outcome of these disputes and litigations can cover a range of scenarios, and in

complex cases reliable estimates of any potential obligation may not be possible.

Contingent commitments

Letters of credit and performance bonds

At 30 September 2025, easyJet had outstanding letters of credit and performance bonds totalling £72

million (2024: £47 million), of which £2 million (2024: £9 million) expires within one year. The fair value of

these instruments at each year end was negligible.

No amount is recognised on the statement of financial position in respect of any of these financial

instruments as it is not probable that there will be an outflow of resources and the fair value has been

assessed to be £nil.

Pathway to net zero

The airline industry has a responsibility to respond effectively to climate-based challenges. It is therefore

important that easyJet continues to play a positive role as a leader in mapping out the transition towards

our ultimate ambition of zero carbon emission flying. This is set out through our net zero roadmap. This

roadmap references several partnerships with other commercial companies to explore certain technologies

which may assist with the overall goal to decarbonise the aviation industry. The majority of these

partnerships are in fact agreements to work together on the areas identified and do not involve a financial

commitment from easyJet other than the time and effort involved in the collaboration over an agreed

period. Where there is a signed agreement requiring a financial commitment from easyJet in the future,

any future payments are contingent on project progress or product/service delivery and are therefore not

certain, hence no liability has been recognised for these payments.

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NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

28. GOVERNMENT GRANTS AND ASSISTANCE

In June 2023 easyJet Airline Company Limited entered into a five-year term loan facility of $1.75 billion (with

easyJet plc as guarantor), underwritten by a syndicate of banks and supported by a partial guarantee

from UK Export Finance under their Export Development Guarantee scheme. This term loan facility was

cancelled in June 2025.

29. RELATED PARTY TRANSACTIONS

The Company licences the easyJet brand from easyGroup Limited (‘easyGroup’), a wholly owned subsidiary

of easyGroup Holdings Limited, an entity in which easyJet’s founder, Sir Stelios Haji-Ioannou, holds a

beneficial controlling interest. The Haji-Ioannou family concert party shareholding (being easyGroup

Holdings Limited and Polys Holding Limited) holds, in total, approximately 15.27% of the issued share capital

of easyJet plc as at 30 September 2025 (2024: 15.27%).

Under the Amended Brand Licence signed in October 2010 and approved by the shareholders of easyJet

plc in December 2010, an annual royalty of 0.25% of total revenue is payable by easyJet to easyGroup. The

full term of the agreement is 50 years.

easyJet and easyGroup established a fund to meet the annual costs of protecting the ‘easy’ (and related

marks) and the ‘easyJet’ brands. easyJet contributes up to £1 million per annum to this fund and easyGroup

contributes £100,000 per annum. If easyJet contributes more than £1 million per annum, easyGroup will

match its contribution in the ratio of 1:10 up to a limit of £5 million contributed by easyJet and £500,000

contributed by easyGroup.

Three side letters have been entered into: (i) a letter dated 29 September 2016 in which easyGroup

consented to easyJet acquiring a portion of the equity share capital in Founders Factory Limited; (ii) a letter

dated 26 June 2017 in which easyJet’s permitted usage of the brand was slightly extended; and (iii) a letter

dated 2 February 2018 in which easyGroup agreed that certain affiliates of easyJet have the right to use

the brand.

The amounts included in the income statement, within other costs, for these items are as follows:

	Year ended	Year ended
	30 September	30 September
	2025	2024
	£ million	£ million
Annual royalty	25	23
Brand protection (legal fees paid through easyGroup to third parties)	1	1
	26	24

At 30 September 2025, £2 million (2024: £3 million) was payable to easyGroup.

30. EVENTS AFTER THE STATEMENT OF FINANCIAL POSITION DATE

There were no events to report after the statement of financial position date.

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COMPANY STATEMENT OF FINANCIAL POSITION



Notes

September

2025

£ million

September

2024

£ million

Non-current assets   

Investments in subsidiary undertakings c 1,232 1,093

Amounts due from subsidiary undertakings f

3,530

3,634

 

4,762

4,727

Current assets   

Amounts due from subsidiary undertakings f

–

434

 

–

434

Current liabilities   

Borrowings d – (416)

Other payables  (22) (20)

Derivative financial instruments with subsidiary undertakings 

–

(26)

 

(22)

(462)

Net current liabilities  (22) (28)

Non-current liabilities   

Borrowings d

(735)

(710)

 

(735)

(710)

Net assets 

4,005

3,989

Shareholders’ equity   

Share capital  207 207

Share premium  2,166 2,166

Hedging reserve  – 1

Retained earnings 

1,632

1,615

Total equity 

4,005

3,989

The financial statements on pages 185 to 189 were approved by the Board of Directors and authorised for issue on 25 November 2025 and signed on behalf of

the Board.

In accordance with Section 408 of the Companies Act 2006, the Company is exempt from the requirement to present its own income statement and statement

of comprehensive income. The Company’s profit for the year was £165 million (2024: £266 million). Included in this amount are dividends received of £70 million

(2024: £125 million), which are recognised when the right to receive payment is established.

Kenton Jarvis Jan De Raeymaeker

Director Director

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COMPANY STATEMENT OF CHANGES IN EQUITY



capital

£ million

premium

£ million

Hedging

reserve

£ million

Retained

earnings

£ million

Total

equity

£ million

At 1 October 2024 207 2,166 1 1,615 3,989

Profit for the year – – – 165 165

Other comprehensive loss

– – (1) – (1)

Total comprehensive income – – (1) 165 164

Compensation for subsidiary asset contributions (note C) – – – (95) (95)

Dividends paid – – – (91) (91)

Share incentive schemes     

Movement in reserves for employee share schemes

– – – 38 38

At 30 September 2025

207 2,166 – 1,632 4,005



capital

£ million

premium

£ million

Hedging

reserve

£ million

Retained

earnings

£ million

Total

equity

£ million

At 1 October 2023 207 2,166 1 1,354 3,728

Profit for the year – – – 266 266

Other comprehensive loss – – – – –

Total comprehensive (loss)/ income – – – 266 266

Dividends paid – – – (34) (34)

Share incentive schemes     

Movement in reserves for employee share schemes – – – 29 29

At 30 September 2024 207 2,166 1 1,615 3,989

An ordinary dividend in respect of the year ended 30 September 2025 of 13.2 pence per share, or £100 million, based on headline profit after tax, is to be

proposed at the forthcoming Annual General Meeting. These financial statements do not reflect this proposed dividend.

The disclosures required in respect of share capital are shown in note 21 to the consolidated financial statements.

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NOTES TO THE COMPANY FINANCIAL STATEMENTS

A) MATERIAL ACCOUNTING POLICIES

Statement of compliance

The financial statements of easyJet plc (the ‘Company’) have been prepared in accordance with Financial

Reporting Standard 101, ‘Reduced Disclosure Framework’ (FRS 101) and the applicable legal requirements of

the Companies Act 2006 as applicable to companies using FRS 101. The financial statements are prepared

based on the historical cost convention except for certain financial assets and liabilities, including derivative

financial instruments, financial guarantees and certain contingent liabilities and commitments, which are

measured at fair value.

easyJet plc is a holding company for a group of companies engaged in providing low-cost flights and

package holidays, principally in Europe. The Company is a public limited company (company number

03959649), incorporated and domiciled in the United Kingdom, whose shares are listed on the London

Stock Exchange under the ticker symbol EZJ. The address of its registered office is Hangar 89, London

Luton Airport, Luton, Bedfordshire, LU2 9PF, England.

Statement of preparation

The financial statements have been prepared on a going concern basis; details of the going concern and

viability statement are provided on pages 71 to 72.

The following exemptions from the requirements of IFRS have been applied in the preparation of these

financial statements, in accordance with FRS 101:

• IFRS 7 – Financial instruments: Disclosures.

• The requirements of paragraphs 45(b) and 46–52 of IFRS 2 – Share-based payment.

• The requirement in paragraph 38 of IAS 1 – Presentation of financial statements to present comparative

information in respect of: paragraph 79(a)(iv) of IAS 1.

• The requirements of paragraphs 10(f), 40A, 40B, 40C, 40D, of IAS 1 – presentation of financial

statements.

• The following paragraphs of IAS 1 - Presentation of financial statements:

– 10(d) (statement of cash flows);

– 16 (statement of compliance with all IFRS);

– 38A (requirement for minimum of two primary statements, including statement of cash flows);

– 38B-D (additional comparative information);

– 111 (statement of cash flows information); and

– 134–136 (capital management disclosures).

• IAS 7 – Statement of cash flows and related notes.

• The requirements of paragraphs 88C and 88D of IAS 12 Income Taxes.

• The requirements of paragraphs 62, B64(d), B64(e), B64(g), B64(h), B64(j) to B64(m), B64(n)(ii), B64(o)

(ii), B64(p), B64(q)(ii), B66 and B67 of IFRS 3 – Business Combinations.

• Paragraphs 91 to 99 of IFRS 13 – Fair value measurement (disclosure of valuation techniques and inputs

used for fair value measurement of assets and liabilities).

• Paragraphs 30 and 31 of IAS 8 – Accounting policies, changes in accounting estimates and errors

(requirement for the disclosure of information when an entity has not applied a new IFRS that has been

issued but is not yet effective).

• Paragraph 17 of IAS 24 – Related party disclosures (key management compensation).

• The requirements in IAS 24 – Related party disclosures, to disclose related party transactions entered

into between two or more members of a group.

The material accounting policies applied in the preparation of these Company financial statements are the

same as those set out in note 1 to the consolidated financial statements with the addition of the following:

Investments

Investments in subsidiaries are stated at cost, less any provision for impairment. Where subsidiary

undertakings incur charges for share-based payments in respect of share options and awards granted

by the Company (see note 22 of the consolidated financial statements), a capital contribution for the

same amount is recognised as an investment in subsidiary undertakings with a corresponding credit to

shareholders’ equity.

The recoverable amount of the investment balance has been assessed for impairment. This assessment

represents a critical accounting estimate for the Company. The cash flow projections, assumptions and

sensitivity analysis are based on those disclosed in note 10 to the consolidated financial statements.

Individual risks in reasonably probable combinations, including those associated with climate change

and the current macroeconomic environment, do not give rise to an impairment. A further review as at

30 September using up to date key inputs (fuel price and exchange rates) and latest cash flow projections

also did not give rise to an impairment.

Amounts due from/to subsidiary undertakings

Amounts due from/to subsidiary undertakings are recognised initially at fair value, and subsequently at

amortised cost using the effective interest rate method.

At each reporting date the Company recognises a loss allowance for expected credit losses on amounts

due from subsidiaries using the simplified approach. Under the simplified approach the Company

recognises a loss allowance at an amount equal to the lifetime expected credit losses.

Dividend income

Dividends received from investments in subsidiaries are recognised in the income statement when the right

to receive payment is established.

Derivative financial instruments with subsidiary undertakings

For the year ended 30 September 2024, this related to the June 2019 Eurobond as detailed in the

consolidated financial statements.

B) INCOME STATEMENT AND STATEMENT OF TOTAL COMPREHENSIVE INCOME

In accordance with Section 408 of the Companies Act 2006, the Company is exempt from the

requirement to present its own income statement and statement of comprehensive income. The

Company’s profit for the year was £165 million (2024: £266 million). Included in this amount are dividends

received of £70 million (2024: £125 million), which are recognised when the right to receive payment is

established.

The eight Non-Executive Directors of easyJet plc (2024: eight) are paid for their services by easyJet

Airline Company Limited. The Executive Directors of easyJet plc are employed and paid by easyJet Airline

Company Limited. Details of Directors’ remuneration are disclosed in note 4 to the consolidated financial

statements and in the audited sections of the Directors’ Remuneration Report on pages 121 to 128.

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NOTES TO THE COMPANY FINANCIAL STATEMENTS (CONTINUED)

C) INVESTMENTS IN SUBSIDIARY UNDERTAKINGS

Investments in subsidiary undertakings were as follows:



2025

£ million

2024

£ million

At 1 October 1,093 1,042

Capital contributions to subsidiaries 139 29

Acquisition of subsidiary

–

At 30 September

1,232

1,093

During the year, £38 million (2024: £29 million) capital contributions of share awards (as explained in note

a) above) were provided to Group companies.

During the financial year it was identified that a surrender of UK tax losses by one of the Company’s

subsidiaries, easyJet Airline Company Limited (EACL) (in line with the Corporate Tax Act 2010) without

consideration represented a distribution of assets with intrinsic value from EACL for which EACL was not

compensated. Furthermore, over the time period the distributions were made, EACL did not have sufficient

distributable reserves to support the distributions. In the financial year ending 30 September 2025, a

payable has been recognised by the Company, payable to EACL for the cumulative value of the asset, from

the year ending 30 September 2020 to the year ending 30 September 2024, of £196 million. This reflects

the value of the asset distributable by EACL to the Company to fully compensate EACL for the distribution.

Of the amount recognised by the Company, £101 million relates to surrenders to the Company’s other

subsidiaries and is included in capital contributions to subsidiaries.

The recoverable amount of the investment balance has been assessed for impairment. The cash flow

projections, assumptions and sensitivity analysis used in this exercise are based on those disclosed in note

10 to the consolidated financial statements. Individual risks, and risks in reasonably probable combinations,

including those associated with climate change and the current macro-economic environment, do not give

rise to an impairment.

A full list of Group companies is detailed below.

 Country of incorporation Principal activity

Percentage

of ordinary

shares held

easyJet Airline Company Limited

England and Wales Airline operator 100

easyJet Switzerland S.A.

Switzerland Airline operator 49*

easyJet UK Limited

England and Wales Airline operator 100

easyJet Europe Airline GmbH

Austria Airline operator 100

easyJet FinCo B.V.

Netherlands Financing company 100

easyJet MT Limited

Malta Insurance 100

easyJet HQ Holdings Limited

1, 6

England and Wales Holding company 100

easyJet HQ Limited

1, 6

England and Wales

Development of building

projects 100

easyJet HQ Development Limited

1, 6

England and Wales

Development of building

projects 100

easyJet Holidays Holdings Limited

England and Wales Holding company 100

easyJet Holidays Limited

England and Wales Tour operator 100

easyJet Holidays Transport Limited

England and Wales Air transport 100

easyJet Engineering Malta Limited

Malta Heavy base maintenance 100

1) Hangar 89, London Luton Airport, Luton, Bedfordshire, LU2 9PF, England.

2) 5 Route de l’Aeroport, Meyrin, CH-1215 Geneve 15, Switzerland.

3) Wagramer Stasse 19, 11.Stock IZD Tower, 1220 Wien, Austria.

4) Westerdoksdijk 423, 1013BX Amsterdam, Netherlands.

5) 188, 21st September Avenue, Naxxar, NXR 1012, Malta.

6) As dormant subsidiaries, the following UK entities, all of which are 100% owned by the Group, are exempt from the

requirement to prepare individual financial statements by virtue of section 394A of the Companies Act 2006 and from

filing individual accounts under section 448A of the Companies Act 2006: easyJet HQ Limited, (12367394), easyJet HQ

Development Limited (12367361) and easyJet HQ Holdings Limited (12366723).

7) Triq Hal Farrug, Hal Farrug, LUQA LQA 3079, Malta.

*The Company has a 49% interest in easyJet Switzerland S.A. with an option to acquire the remaining 51%. The option is

automatically extended for a further year on a rolling basis, unless the option is terminated by written agreement prior to the

automatic renewal date. easyJet Switzerland S.A. is a subsidiary on the basis that the Company exercises a dominant influence

over the undertaking. A non-controlling interest has not been reflected in the consolidated financial statements on the basis that

holders of the remaining 51% of the shares have no entitlement to any dividends from that holding and the Company has an

option to acquire those shares for a predetermined minimal consideration. The Company has 100% of voting rights for all

other subsidiaries.

There have been no changes to the percentage of ordinary shares held during the year.

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NOTES TO THE COMPANY FINANCIAL STATEMENTS (CONTINUED)

D) BORROWINGS



Current

£ million

Non-current

£ million

Total

£ million

At 30 September 2025   

Eurobonds

– 735 735



– 735 735



Current

£ million

Non-current

£ million

Total

£ million

At 30 September 2024   

Eurobonds 416 710 1,126

 416 710 1,126

easyJet plc uses cross-currency interest rate swaps with subsidiary undertakings to hedge currency

and interest rate risk on borrowings and these are held at a fair value, resulting in a £nil liability as at

30 September 2025 (2024: £26 million liability). The fair value of the swaps is determined as described in

note 25 to the consolidated financial statements.

For full details on the borrowings and financial instruments see note 17 and 25 respectively of the

consolidated financial statements.

E) GUARANTEES AND CONTINGENT LIABILITIES

The Company has given formal undertakings to the Civil Aviation Authority to guarantee the payment and

discharge of all liabilities of easyJet Airline Company Limited, a subsidiary of the Company. The guarantees

are required for that company to maintain its operating licence under Regulation 3 of the Licensing of Air

Carriers Regulations 1992, and to maintain its ATOL licence under The Civil Aviation (Air Travel Organisers’

Licensing) Regulations 2012.

The Company has issued a guarantee in favour of easyJet Airline Company Limited, a subsidiary

undertaking, in relation to the processing of credit card transactions, and also in respect of hedging

transactions carried out in accordance with treasury policy.

The Company has guaranteed the contractual obligations of easyJet Airline Company Limited to Airbus

SAS in respect of the supply of Airbus 320 family aircraft. Details of aircraft orders are disclosed in note 11

to the consolidated financial statements.

The Company has guaranteed jointly and severally the contractual obligations with easyJet Airline Company

Limited, a subsidiary undertaking, in respect of a $1.7 billion revolving credit facility. The revolving credit

facility was agreed in June 2025. This is a committed facility that matures in June 2030, with options to

extend for another two years.

In June 2023 easyJet Airline Company Limited entered into a five-year undrawn term loan facility of $1.75

billion (with easyJet plc as guarantor), underwritten by a syndicate of banks and supported by a partial

guarantee from UK Export Finance under their Export Development Guarantee scheme. This term loan

facility was cancelled in June 2025.

The Company jointly and severally with easyJet Airline Company Limited has guaranteed the repayment of

borrowings that financed the acquisition of aircraft by subsidiary undertakings. This includes the contractual

obligations of the €1,200 million bond that was issued on 3 March 2021 by easyJet FinCo B.V. under the Euro

Medium Term Note (EMTN) Programme. The bond has a coupon of 1.875% and matures in March 2028. The

Company has also guaranteed the payment obligations for the lease of aircraft by subsidiary undertakings.

easyJet plc has given a formal undertaking to the Civil Aviation Authority to guarantee the payment

and discharge of all liabilities of easyJet Holidays Limited and easyJet Holidays Transport Limited. The

guarantees are required for easyJet Holidays Limited and easyJet Holidays Transport Limited to maintain

ATOL licences under The Civil Aviation (Air Travel Organisers’ Licensing) Regulations 2012. easyJet plc has

also issued guarantees in favour of easyJet Holdings Limited relating to the processing of credit card

transactions and the brand licence agreement with easyGroup Limited.

The Company has guaranteed certain letters of credit issued on behalf of subsidiary undertakings.

No amount is recognised on the Company statement of financial position with respect to any of these

guarantees as the fair value is deemed to be £nil per measurement under IFRS 9. The calculated loss

allowance on these financial guarantee contracts is immaterial.

F) RELATED PARTY TRANSACTIONS

Transactions with subsidiary undertakings principally relate to the provision of funding within the Group.

Apart from those relating to loans associated with the issuance of the Eurobonds, the outstanding

balances are placed on intercompany accounts with no specified credit period, are unsecured, and bear

market rates of interest.It is expected that balances will be settled when the associated funding is repaid

or via distribution of a dividend. The portion of the ‘Amounts due from subsidiary undertakings’ balance that

is expected to be settled within 12 months is classified as current.

The intercompany loan agreements associated with the issuance of the Eurobonds in June 2019 and

March 2024 are on the same terms as the bonds themselves (see note 26 in the consolidated financial

statements). The June 2019 €500 million Eurobond with a carrying value of £422 million was repaid in

June 2025.

For full details of the Company’s relationships with easyGroup Holdings Limited, see note 29 of the

consolidated financial statements.

G) EVENTS AFTER THE STATEMENT OF FINANCIAL POSITION DATE

There were no events to report after the statement of financial position date.

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FIVE-YEAR SUMMARY (UNAUDITED)



2025



£ million

2024

(as reported)

£ million

2023

(as reported)

£ million

2022

(as reported)

£ million

2021

(as reported)

£ million

Income statement     

Revenue 10,106 9,309 8,171 5,769 1,458

Total EBITDA 1,439 1,359 1,126 537 (430)

Headline EBITDA 1,446 1,367 1,130 567 (556)

Total operating profit/(loss) 696 589 453 (27) (910)

Headline operating profit/(loss) 703 597 476 3 (1,036)

Total profit/(loss) before tax 658 602 432 (208) (1,036)

Headline profit/(loss) before tax 665 610 455 (178) (1,136)

Total profit/(loss) after tax 494 452 324 (169) (858)

Headline profit/(loss) after tax

499

459 341 (147) (900)

     

Basic earnings/(loss)

per share – pence 65.8 60.3 43.1 (22.4) (159.0)

Basic headline earnings/(loss)

per share – pence 66.4 61.3 45.4 (19.6) (166.9)

Diluted earnings/(loss)

per share – pence 64.7 59.6 42.7 (22.4) (159.0)

Diluted headline earnings/(loss)

per share – pence 65.3 60.5 45.0 (19.6) (166.9)

Ordinary dividend per share – pence

13.2 12.1 4.5 – –

     

Statement of financial position     

Non-current assets 6,882 6,490 5,711 5,525 5,608

Current assets 4,625 4,545 4,130 4,929 4,165

Current liabilities (4,152) (4,471) (4,144) (3,678) (2,677)

Non-current liabilities

(3,857)

(3,591) (2,910) (4,243) (4,457)

Net assets

3,498

2,973 2,787 2,533 2,639



2025

2024

(as reported)

2023

(as reported)

2022

(as reported)

2021

(as reported)

Other performance indicators     

Headline return on capital employed 18.0% 16.1% 12.6% 0.1% (25.2)%

Net cash/(debt) (£m) 602 181 41 (670) (910)

Group total profit/(loss) before

tax per seat (£) 6.33 6.00 4.67 (2.55) (36.75)

Group headline profit/(loss) before

tax per seat (£) 6.39 6.08 4.91 (2.19) (40.29)

Airline total profit/(loss) before

tax per seat (£) 3.92 4.10 3.35 (3.01) (36.33)

Airline headline profit/(loss) before

tax per seat (£) 3.99 4.18 3.59 (2.65) (39.87)

Airline revenue per seat (£) 83.33 81.35 79.84 66.23 50.54

Airline revenue per available seat

kilometre (pence) 6.45 6.65 6.52 5.55 4.37

Airline headline cost per seat (£) (79.34) (77.17) (76.25) (68.88) (90.41)

Airline headline cost per seat

excluding fuel (£) (57.68) (55.03) (54.30) (53.20) (7 7.25)

Airline headline costs per available seat

kilometre (pence) (6.14) (6.31) (6.23) (5.77) (7.6 4)

Seats flown (millions)

104.0

100.4 92.6 81.5 28.2

1) The 2025 amount is based on the proposed dividend subject to approval at the AGM.

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GLOSSARY – ALTERNATIVE PERFORMANCE MEASURES (APM) (UNAUDITED)

HEADLINE AND NON-HEADLINE

Non-headline items

Non-headline items are those where, in management’s opinion, their separate

reporting provides an additional understanding to users of the financial

statements of easyJet’s underlying trading performance, and which are

significant by virtue of their size/nature (see note 5).

Headline profit

before tax

A measure of underlying performance which is not impacted by

non-headline items.



Year ended

30 September

2025

£ million

Year ended

30 September

2024

£ million

Statutory profit before tax 658 602

Total non-headline loss before tax (see note 5)

Headline profit before tax

665

610

EBIT/EBITDA

EBIT

Earnings before interest and taxes

Headline EBIT

Earnings before non-headline items, interest and taxes

EBITDA

Earnings before interest, taxes, depreciation and amortisation.

Headline EBITDA

Earnings before non-headline items, interest, taxes, depreciation

and amortisation.



Year ended

30 September

2025

£ million

Year ended

30 September

2024

£ million

EBIT 696 589

Add back:  

Non-headline charge within EBIT (see note 5)

Headline EBIT 703 597

Add back:

Depreciation 679 727

Amortisation of intangible assets

Headline EBITDA 1,446 1,367

Non-headline charge within EBITDA (see note 5)

(7)

(8)

EBITDA

1,439

1,359

1) EBIT is consistent with operating profit, and both exclude the impact of foreign exchange gains and losses.

EARNINGS PER SHARE

Basic headline earnings

per share – pence

Total headline profit for the year divided by the weighted average number of

ordinary shares in issue during the year after adjusting for ordinary shares

held in employee benefit trusts.

Diluted headline

earnings per share –

pence

Total headline profit for the year divided by the weighted average number

of ordinary shares in issue adjusted to assume conversion of all dilutive

potential shares.



Year ended

30 September

2025

£ million

Year ended

30 September

2024

£ million

Total profit after tax for the year 494 452

Total non-headline charge before tax (see note 5) 7 8

Tax impact of non-headline items

(2)

(1)

Headline profit after tax

499

459



million million

Weighted average number of ordinary shares used to calculate basic profit

per share 751 749

Weighted average number of ordinary shares used to calculate diluted profit

per share

764

759

Headline earnings per share

Pence Pence

Basic 66.4 61.3

Diluted

65.3

60.5

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GLOSSARY – ALTERNATIVE PERFORMANCE MEASURES (APM) (UNAUDITED) (CONTINUED)

ROCE

Return on capital

employed (ROCE)

Profit/(loss) before interest, exchange gain/(loss) and tax applying tax at the

prevailing UK corporation tax rate at the end of the financial year, and dividing

by the average capital employed. Capital employed is shareholders’ equity,

excluding the hedging and cost of hedging reserves, plus net (cash)/debt.

Headline return on

capital employed

(ROCE)

Headline profit/(loss) before interest, exchange gain/(loss) and tax, applying tax at

the prevailing UK corporation tax rate at the end of the financial year, and dividing

by the average capital employed. Capital employed is shareholders’ equity,

excluding the hedging and cost of hedging reserves, plus net (cash)/debt.



Year ended

30 September

2025

£ million

Year ended

30 September

2024

£ million

Average shareholders’ equity excluding hedging and cost of hedging reserves 3,322 2,897

Average net cash

(392)

(111)

Average capital employed

2,930

2,786

Reported operating profit 696 589

Tax rate

25%

Normalised operating profit after tax

522

442

Return on capital employed

17.8%

15.9%

Reported operating profit 696 589

Non-headline charge within operating profit (see note 5) 7 8

Headline reported operating profit 703 597

Tax rate 25% 25%

Normalised headline operating profit after tax

527

448

Headline return on capital employed

18.0%

16.1%

NET CASH/(DEBT)

Net cash/(debt)

Total cash less borrowings and lease liabilities; cash includes cash equivalents

and other investments but excludes restricted cash.



As at

30 September

2025

£ million

As at

30 September

2024

£ million

Borrowings (1,881) (2,106)

Lease liabilities (1,045) (1,174)

Cash, cash equivalents and other investments (excluding restricted cash)

3,528

3,461

Net cash

602

181

CONSTANT CURRENCY

Constant currency

measures

These performance measures are calculated by translating the year ended

30 September 2025 income statement at the average exchange rate for year

ended 30 September 2024, excluding any income statement impact in either

financial year from foreign currency exchange gains and losses arising from

the foreign currency translation of the statement of financial position. The

purpose of this APM is to provide a like for like comparison of underlying

operating performance by excluding the impact of exchange rate movements.

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GLOSSARY – OTHER (UNAUDITED)

Aircraft dry/wet leasing

Dry leasing arrangements relate solely to the provision of an

aircraft. Wet leasing arrangements relate to the provision of

aircraft, crew, maintenance and insurance.

Aircraft owned/leased at end of year

Number of aircraft owned or on lease arrangements of over one

month’s duration at the end of the period.

Airline cost per ASK (CASK)

Total airline costs divided by available seat kilometres.

Airline cost per seat (CPS)

Total airline costs divided by seats flown.

Airline cost per seat, excluding

fuel (CPS ex fuel)

Total airline costs adding back fuel costs, divided by seats flown.

Airline CSAT (Customer

Satisfaction Score)

Customer satisfaction index, based on the results of a customer

satisfaction survey which measures how satisfied the customer

was with their most recent flight, and includes results from

customers who are completely, very and quite satisfied.

Airline operating costs

excluding fuel

Includes costs relating to airports and ground handling, crew,

navigation, maintenance, airline selling and marketing costs, and

airline other costs/income.

Airline revenue per ASK (RASK)

Airline revenue divided by available seat kilometres.

Airline revenue per seat

Airline revenue divided by seats flown.

Attachment rate

Percentage of earned seats flown, excluding domestics, occupied

by easyJet holidays customers.

Available seat kilometres (ASK)

Seats flown multiplied by the number of kilometres flown.

Block hours

Hours of service for aircraft, measured from the time that the

aircraft leaves the terminal at the departure airport to the time

that it arrives at the terminal at the destination airport.

Capacity growth

Annual seat capacity growth.

Capital employed

Shareholders’ equity excluding the hedging and cost of hedging

reserves, plus net cash/debt.

Load factor

Number of passengers as a percentage of number of seats

flown. The load factor is not weighted for the effect of varying

sector lengths.

Normalised operating

profit/loss after tax

Reported operating profit/loss, less tax at the prevailing UK

corporation tax rate at the end of the financial year.

Other costs

Administrative and operational costs not reported elsewhere,

including disruption costs, IT costs, costs of third-party providers,

some employee costs, wet lease costs and insurance. Additionally,

some non-headline costs, such as loss on sale and leaseback

transactions, and restructuring costs, are included in other costs.

Other income

Includes insurance receipts, supplier compensation payments,

rental income, gains on sale of intangible assets, income from

sale of excess aircraft spare parts, and gains on sale and

leaseback transactions.

Passengers

Number of earned seats flown. Earned seats comprises seats sold

to passengers (including no-shows), seats provided for promotional

purposes and seats provided to staff for business travel.

Profit before tax per seat

Profit before tax divided by seats flown.

Revenue

The sum of passenger revenue and ancillary revenue, including

package holiday revenue.

Revenue passenger kilometres

(RPK)

Number of passengers multiplied by the number of kilometres

those passengers were flown.

Seats flown

Seats available for passengers.

Sector

A one-way revenue flight.

HOW TO REGISTER FOR SHAREVIEW

Getting started with Shareview is simple. It

takes just a few steps to set up and you can

start using it straight away.

Please log onto the website of our Registrar,

Equiniti, at www.shareview.co.uk .

Alternatively, you can scan the QR code.

Financials

GovernanceStrategic report

easyJet plc

Annual Report and Accounts 2025

194

CBP030752

SHAREHOLDER INFORMATION

GO PAPERLESS

We want our shareholders to receive information

quickly and easily, but we also want to reduce our

impact on the environment, and as a low-cost

airline, be as efficient as possible. You can help us

achieve this in two easy ways:

• By signing up to receive electronic

communications by adding an email to your

Shareview account at shareview.co.uk

• By adding your bank details to the same account

to receive dividends securely directly into your

bank account instead of being sent by cheque.

Registering for a Shareview account is free and

provides a number of benefits:

• Update your details online including your email

address and postal address.

• Submit your voting instructions for shareholder

meetings.

• Add bank details so that you receive dividend

payments directly.

• Add a range of shareholding and investments

you have (including those with other registrars)

to monitor their value all in one place.

• Buy and sell shares easily.

MANAGING YOUR SHARES

If you have further queries relating to your

shareholding, you should contact Equiniti, the

Company’s registrars, by visiting help.shareview.

co.uk.

ANNUAL GENERAL MEETING

The Board currently intends to hold the AGM

on 12 February 2026. The arrangements for the

Company’s 2026 AGM and details of the resolutions

to be proposed, together with explanatory notes,

will be set out in the Notice of AGM to be published

on the Company’s website.

INDEPENDENT AUDITOR

PricewaterhouseCoopers LLP

40 Clarendon Road

Watford, Hertfordshire

WD17 1JJ

Registered office

Hangar 89

London Luton Airport

Luton

Bedfordshire

LU2 9PF

Telephone: 01582 525019

Registered in England & Wales under number

03959649

SHARE PRICE INFORMATION

Details of our share price data and other share price

tools are available at corporate.easyJet.com.

SHAREGIFT

Shareholders who only have a small number

of shares whose value makes it uneconomic

to sell them may wish to consider donating them

to charity through ShareGift, the independent

charity share donation scheme (registered

charity no. 1052686).

Further information may be obtained from

ShareGift on 020 7930 3737 or at sharegift.org.

SHAREHOLDER FRAUD

Fraud is on the increase and many shareholders

are targeted every year. If you have any reason

to believe that you may have been the target of

a fraud, or attempted fraud in relation to your

shareholding, please contact Equiniti immediately.

WEBSITE

You can access the corporate website at

corporate.easyJet.com. The corporate website

provides useful information including annual reports,

results announcements and share price data, as well

as background information about the Company

and current issues. Shareholders are encouraged

to sign up to receive email notifications of results

and press announcements as they are released by

registering on the website.

Printed by a CarbonNeutral® Company certified to

ISO 14001 environmental management system.

Printed on material from well-managed, FSC®

certified forests and other controlled sources.

100% of the inks used are HP Indigo ElectroInk

which complies with RoHS legislation and meets

the chemical requirements of the Nordic Ecolabel

(Nordic Swan) for printing companies, 95% of

press chemicals are recycled for further use and,

on average 99% of any waste associated with this

production will be recycled and the remaining 1%

used to generate energy.

The paper is Carbon Balanced with World Land

Trust, an international conservation charity, who

offset carbon emissions through the purchase

and preservation of high conservation value land.

Through protecting standing forests under threat of

clearance, carbon is locked-in that would otherwise

be released.

Hangar 89

London Luton Airport

Luton

Bedfordshire

LU2 9PF

easyJet.com