1 1

Half Year Results Analyst and Investor

presentation Wednesday 15 May 2013

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Introduction

Carolyn McCall

Chief Executive Officer

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Key messages

1. easyJet’s competitive advantages means it continues to be a structural winner in the European short-haul market despite a difficult economic environment

2. Significantly improved winter performance

3. Strategy is delivering strong results and returns for shareholders

-5.47

-3.87

-2.04

-12.1%

-7.6%

-3.8%

-14%

-12%

-10%

-8%

-6%

-4%

-2%

0%

-6

-5

-4

-3

-2

-1

0

2011 2012 2013

PB

T m

arg

in

PB

T /

se

at

Loss / seat PBT margin

-153

-112

-61

2011 2012 2013

Lo

ss b

efo

re ta

x

Reducing winter losses, down over 45% Improving loss per seat and margins

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Finance review

Chris Kennedy

Chief Financial Officer

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Management action taken to offset headwinds

Loss per seat bridge

£ per seat

H1

2013

-2.04

0.10

1.34

3.50

0.35

H1

2012

Cost

increase

FX excl Fuel easyJet lean

incremental

Easter

2.44

-3.87

0.83

0.83

Fuel per Seat Revenue

per Seat

A320 Mix

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Financial Results

£m H1’13 H1’12 Change B/(W)

Total revenue 1,601 1,465 136

Fuel (496) (483) (13)

Operating costs excluding fuel (1,042) (982) (60)

EBITDAR 63 - 63

Ownership costs (124) (112) (12)

Loss before tax (61) (112) 51

EBITDAR margin 3.9% 0.0% 3.9ppt

Loss before tax margin (3.8%) (7.6%) 3.8ppt

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Financial results

£m H1’13 H1’12 Change

Loss before tax (61) (112) 45.5%

Tax credit 14 22 (36.6%)

Loss after tax (47) (90) 47.8%

Effective tax rate 23% 20% 3ppt

Loss per share 12.0p 21.2p (43.4%)

Return on capital employed* (0.9%) (2.8%) 1.9ppt

Notes: Return on capital employed (ROCE) measure includes leases capitalised at 7 times The ROCE measure with target liquidity included is shown in the appendix

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Improved revenue performance

£m H1’13 H1’12 Change

Passengers (m) 26.6 25.2 5.3%

Load factor (%) 88.6% 86.9% 1.7ppt

Seats (m) 30.0 29.0 3.3%

Average sector length (km) 1,042 1,061 (1.8%)

Total revenue (£m) 1,601 1,465 9.3%

Total revenue per seat (£) 53.39 50.47 5.8%

@ constant currency (£) 54.80 50.47 8.6%

Source: Competitor capacity from OAG using an easyJet definition of overlapping markets. This excludes charter capacity.

-2.4%

Q3’12

7.5%

4.7%

Q4’12 Q1’13 Q2’13 -3.6%

5.2% 6.7%

8.0%

5.0%

-2.3%

9.2%

1.5%

-3.3%

Revenue per seat at constant currency easyJet capacity growth Competitor capacity on easyJet markets

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Revenue improvement driven by initiatives

Year on year drivers of revenue per seat change (£/Seat)

0.09

1.64

3.23

0.59

0.83

50.47

53.39

H1 2012Actual

Revenueinitiatives

New Routematurity

Non-seat Easter FX andhedge

H1 2013Actual

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Currency impact

Currency split – total costs

Currency split – total revenue

H1‘13 currency impact favourable / (adverse)

EUR CHF USD Other Total

Revenue - Euro rate €1.22 (2012: €1.16) (36) (6) - (1) (43)

Fuel 3 - 4 - 7

Costs excluding fuel - Euro rate €1.22 (2012: €1.18) 3 1 (1) (1) 2

Total (30) (5) 3 (2) (34)

8%3%

Swiss Franc

Sterling 45% Euro 44%

Other

31%

6%

25%

Euro

Swiss Franc

Sterling

1%

37%

Other

US Dollar

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1.05

1.10

1.15

1.20

1.25

1.30

Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep

FY'12 FY'13

Timing of Euro: Sterling movement drove adverse fx

GBP: Euro rates:

Sharp decline in value of Sterling to Euro in January 2013

High level of forward bookings posted at above 1.20, cost incurred at lower rate

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Impact of fuel

H1'13 H1'12 Change B/(W)

Fuel $ per metric tonne

Market price 1,041 1,028 (13)

Effective price 988 972 (16)

US dollar rate

Market rate 1.59 1.59 -

Effective rate 1.61 1.60 1c

Actual cost of fuel £ per metric tonne 613 608 (5)

Year on year drivers of £(13)m fuel cost increase

• £(2)m from £5 per metric tonne increase in fuel price, ETS and fx movements

• £(14)m volume related: increased sectors and load factor partially offset by reduced sector length

• £3m saving from increased proportion of A320 aircraft

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Favourable/ (Adverse)

£ cost per seat ex fuel

£ var at Constant Currency

% var at Constant Currency

Drivers

Ground Operations

15.47 (1.57) (10.9%) • Steep increase in airport charges in Spain & Italy • Increase in de-icing costs due to adverse weather

conditions in winter 2012

Crew 7.17 (0.15) (2.1%) • Pay increase of 1.8% & changes to performance related

bonus schemes

Navigation 4.07 0.03 0.9% • Increase in regulated charges • Offset by cost savings achieved through fleet mix change

& reduction in average sector length

Maintenance 2.99 0.28 8.3% • Underlying maintenance costs broadly flat • One off adjustment to leased engine maintenance

provision in H1 2012 (not repeated in H1 2013)

Overhead 4.89 (0.06) (1.2%) • Increase in disruption costs • Investment in IT development resources • Increase in proportion of performance-related pay

Brand Licence 0.16 (0.07) (88.2%) • Royalty fee increased from £2.5m to £4.8m due to the

change from fixed royalty payments to a percentage of revenue

Ownership Costs 4.14 0.28 7.1%

• Decrease in interest cost due to repayment of more expensive debt

• Decrease in lease costs due to lower average fleet lease mix

Total cost (ex fuel) 38.89 (1.26) (3.4%)

Cost per seat – key drivers H1’13 vs. H1’12

Variances shown: red & bracketed = negative or an increase in cost, black = favourable or decrease in cost

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Increasing proportion of A320’s

Mar‘13 Mar‘12 Change

A319 (operating lease) 49 55 (6)

A319 (owned / finance lease) 105 111 (6)

A319 Total 154 166 (12)

A320 (operating lease) 14 6 8

A320 (owned / finance lease) 42 32 10

A320 Total 56 38 18

Total fleet 210 204 6

Percentage of operating leases 30% 30% -

Percentage unencumbered 40% 21% 19ppt

Percentage of A320s in fleet 27% 19% 8ppt

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Seasonal working capital benefit from summer bookings

883 40 56

390 34 85

97

239 193

131 36 1,194

Net Working Capital

Depn & amort

Operating Loss

Sep 2012 * Mar 2013 FX Restricted Cash

Sale & Leaseback

Borrowings CAPEX Ordinary dividend

paid

Tax, net int & other

* Includes money market deposits but excludes restricted cash

£m

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Strong balance sheet

£m Mar ‘13 Mar ‘12

Property, plant and equipment 2,192 2,193

Goodwill and other intangible assets 456 452

Other assets 554 591

Liabilities (excluding debt) (1,968) (1,772)

1,234 1,464

Debt 761 1,169

Cash and money market deposits (1,194) (1,211)

Net debt / (cash) (433) (42)

Shareholders’ equity 1,667 1,506

Capital employed 1,234 1,464

Gearing* 11% 31%

*Gearing defined as (debt + 7 x annual lease payments – cash) divided by (shareholders’ equity + debt +7 x annual lease payments – cash)

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Fuel and foreign exchange hedging

Sensitivities

• $10 movement per metric tonne impacts F’13 PBT by +/-$1.3m

• One cent movement in £/$ impacts F’13 PBT by +/-£0.9m

• One cent movement in £/€ impacts F’13 PBT by +/-£0.4m

Fuel requirement

US Dollar requirement

Euro

surplus

Six months to 30 September 2013 83% 80% 85%

Average rate $980/ tonne 1.60 1.18

Full year ending 30 September 2013 85% 82% 85%

Average rate $983/ tonne 1.60 1.18

Full year ending 30 September 2014 67% 62% 71%

Average rate $984/ tonne 1.58 1.20

Rates as at 13 May 2013: Euro to sterling 1.18; US$ to sterling 1.54; Jet fuel cif US$923 per metric tonne . FX sensitivities shown relate to the impact of changes in the fx rate on the unhedged element of currency over and away from the outlook statement and the rates shown above

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Forward bookings

% seats sold *

H2 (Apr‘13 to Sept‘13) * As at 6 May 2013

H2 bookings in line with prior year

Easter Impact

89%

49%

87%

49%

Apr May Jun Jul Aug Sep H2

FY'12 FY'13

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Outlook

Capacity (seats flown)

• Q3: c. +4% (before disruption)

• H2: c.+3.5% (before disruption)

Revenue per seat (constant currency)

• H2: c.+4%

Cost per seat ex fuel (constant currency)

• H2: c.+4% (assuming normal disruption levels and constant load factors)

Second half results

• H2: £5 million to £10 million further adverse movement from foreign exchange rates (including those related to fuel).

• H2: With fuel remaining within its recent $900/MT to $1,000/MT trading range, constant currency fuel costs for the second half would be up to £10 million favourable.

“Whilst there is always the potential for unexpected events to impact short term financial performance, the outlook for the second half of the financial year combined with the strong reduction in first half

losses means that easyJet expects to deliver improved returns and profitability for the year ending 30 September 2013.”

Rates as at 13 May 2013: Euro to sterling 1.18; US$ to sterling 1.54; Jet fuel cif US$923 per metric tonne .

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Business Review

Carolyn McCall

Chief Executive

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Clear opportunity to deliver sustainable growth and returns for shareholders

Environment creating opportunity for easyJet

• Economic uncertainty & sluggish growth

• Industrial unrest

• High fuel costs

• Sovereign debt concerns

• Legacy carriers incurring significant short haul losses

• Weaker carriers retreating or exiting with 3% reduction in competitor capacity over winter

• Consumers valuing low fares

1. Efficient, low cost model

2. Strong network and market positions

3. easyJet.com and brand

4. Strong balance sheet

+ + = Industry Headwinds

Competitive environment

Competitive advantages

Growing returns

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EZJ 46m seats

Non-LCC P2P (est)

86m seats

Non-LCC transfer (est)

26m seats

Other LCC 51m seats

Profitable opportunities within existing markets

Share of traffic within easyJet’s top 20 airports

Growth in existing markets

• easyJet has approximately 22% share of capacity at its top 20 airports – equating to around 46 m seats

• Other low cost carriers (LCCs) have ~25% share

• Non-LCCs account for 53%, with 12% estimated to be for connections to long haul flights

• 41% or 86m seats opportunity within easyJet’s top 20 airports

Source: Market size sourced from OAG data based on easyJet definition of short-haul routes; estimates of transfer traffic obtained from airport and company external announcements. P2P = point to point; LCC = Low-cost carrier.

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4% 4%

13%

7%

3%1%

-2%

-4%

-9%

-1%

2%

0%

4%

-5%

0%

UK France Swiss Italy Market

easyJet change

Competitors on easyJet markets

Total change on easyJet markets

Continued competitor capacity retrenchment

Capacity growth H2‘ F’13 (OAG) Capacity change (YOY)

H2’12 capacity

H1 ‘13 capacity

H2’13 capacity

Competitors on EZJ routes

-3.0% -2.8% -1.0%

easyJet +7.5% +3.3% +3.5%

Market on easyJet routes

-0.1% -1.0% +0.1%

Competitors in total SH market

-1.1% -4.6% +0.1%

Rate of competitor capacity withdrawal expected to slow going into summer

Source: Market share data from OAG. easyJet routes based on internal easyJet definition. Based on April download for the six months to 31 March 2013. Forward looking data based on 6 months ending 30 September 2013. Adjustments made to forward looking capacity to remove outliers and conform with easyJet and analyst views.

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Strategy to drive growth and returns

1. Drive demand, conversion and yield across Europe

2. Build strong number 1 and 2 network positions

3. Maintain cost advantage

4. Disciplined use of capital

• Sustainable growth

• (slightly in excess of market c. 3% to 5% per annum)

• Improved returns

• Tangible and regular cash returns via 3x cover dividend

Leverage easyJet’s cost advantage, leading market positions and brand to deliver point-to-point low fares with operational efficiency and friendly service for our customers

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1. Drive demand: Digital developments 1.

Drive demand

1. Drive

Demand

Developments

• easyJet is the 3rd most searched for airline globally

• easyJet App now has 4.5m downloads

• Flight tracker introduced used over 4 million times since launch

• Over 4,000 updates posted

• Inspire me launched in October

• Mobile boarding cards being trialled

Marketing strategy is increasing traffic to easyJet and improving conversion rates

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1. Drive demand: CRM improvements allow targeted upsell

Consolidated data sources to create a single customer view allowing improved targeting and allocation of

marketing spend

Inspire me

Departure Pre-booking

Allocated seating

Additional products

• Hotels

• Car hire

• Allocated seating

Information to make journeys easier

• On departure and arrival airport

• Info. for families

• Travel checklist

• Online check-in and document reminders

Airport info 48 hours to go

1. Drive

Demand

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98% 100% 90%

98%

88% 92%

12% 13% 6%

19%

7%

21%

H1'12 H1'13 H1'12 H1'13 H1'12 H1'13

Total brand awareness Brand choice/preference

1. Drive demand: Brand recognition scores improving Drive

Demand

1. Drive

Demand

Brand strength is building:

• Sustained strong brand awareness in all markets

• Consideration still growing, and Europe continuing to match strong UK levels

• 1 in 5 consumers in both France and Italy consider easyJet to be their first choice airline, up from less than 1 in 10 a year ago.

UK France Italy

Source: 2013 data based on Millward Brown research commissioned by easyJet. 2012 data normalised based on GfK CSAT

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1. Drive demand: Allocated seating on track

*Source : Gfk & weighted Millward Brown for six months to March ‘13 vs 6 months to end March ‘12.

1. Drive

Demand

Delivered against objectives

1. No impact on asset utilisation

• Strong operational performance, best in class OTP

2. No negative impact on cost per seat

3. Drive increased customer satisfaction

• Satisfaction with boarding experience has increased by 2.6 percentage points year on year to 70.5%*

4. Generating higher returns than speedy boarding

• Allocated seating drove an incremental £8 million sales over Speedy Boarding in the first half

easyJet’s focus remains on minimising the operational impact of the change to allocated seating over the busy summer schedule

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1. Drive demand: Business travel 1.

Drive Demand

Building blocks FY11 FY12 FY13 FY14 FY15

Proposition improve punctuality o add new network points o increase frequency

Product launch & develop flexi fare deploy allocated seating o enable Fast Track Security

Sales recruit pan European sales force o negotiate TMC incentives o deliver corporate fares

Distribution agree new commercial terms with GDS o standardise GDS booking process o strengthen position on Self Booking Tools o enhance online & mobile capability

Consideration develop Business Sense campaign o increase allocation of media weight

Delivered

Delivered

Delivered

Ongoing

Delivered

Ongoing

Ongoing

Delivered

Delivered

Ongoing

Ongoing

In progress

In progress

Planned

Planned

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2. Network: Optimising the network

United Kingdom +5%

France +4%

Italy

+7%

Spain

-16%

Switzerland +13%

Germany +4.5%

Overall c. 3.5% capacity growth in H2 (assuming minimal disruption)

Portugal

+2%

Source : Internal easyJet projection April 2013

2. Network

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3. Cost

advantage 3. Cost: Innovating to reduce cost

Bendibelt

• New technology to load bags onto aircraft

• Reduces headcount required to load bags from 3 to 2 people

Forced air de-icing

• Trialling forced Air technology

• Potential to reduce de-icing fluid usage by c. 40-50%

Reducing weight & fuel burn

• Lightweight seats

• Lightweight trollies

• Lightweight carpets

• Sharklets

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3. Cost

advantage

• Simplifying the process without compromising safety

E.g.

• Refuelling in Italy

• Ground handling contracts

3. Cost: easyJet turn to reduce costs

‘easyJet turn’ logged 360 activities required to turn an aircraft round

Targeting reducing time on ground by 3 minutes

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4. Continued growth in network returns

Improving returns

• In 2012 - 56 routes were delivering less than 40% of average ROCE; now only 20 routes

• 18 Improved

• 18 Dropped. E.g.

o Liverpool: Brussels

o Brest : Paris CDG

• Madrid closure implemented efficiently

• June’12 – proposed closure

• Dec’12 – closure completed

• Q2’13 – improving returns

• Growing capacity on high performing routes

4. Capital

Discipline

Improving network returns year on year

Rolling 12 months returns: April – March ‘13 vs. April to March ‘12

Returns

R outes

Rolling 12 to March 12 Rolling 12m to March 13

12% ROCE

0% ROCE

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4. Evaluation of new generation aircraft

• Technical evaluation complete

• Competitive process

• Rigorous level of governance of the process

• No decision yet made and dependant on making an order that is in the interests of all shareholders

4. Capital

Discipline

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Summary: strategy continues to deliver

Strategy delivered strong performance over winter

Modest capacity growth

Strong unit revenue growth

Controlling costs

Capital discipline

Improving returns

Further opportunities to take profitable share

1. Efficient, low cost model

2. Strong network and market positions

3. easyJet.com and brand

4. Strong balance sheet

Clear opportunity to continue to deliver growing returns to shareholders

Favourable competitive environment

• Legacy carriers’ losses

• Weaker carriers retreating or exiting

• Consumers valuing low fares

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Q&A

36

37 37

Appendix

37

38 38

ROCE Calculation – including 7x lease adjustment

Reported £m H1 2013 H1 2012

Loss before interest and tax – reported (40) (99)

Interest element of operating lease payments 16 17

Loss before interest and tax - adjusted (24) (82)

Tax 23% 24%

Normalised operating profit after tax (NOPAT) (19) (62)

Average shareholders’ equity – reported 1,731 1,606

Average net cash – reported (180) (71)

Opening capitalised leases 665 763

Closing capitalised leases 644 713

Average capitalised leases 655 738

Average capital employed 2,206 2,273

Return on capital employed – 7x basis (0.9%) (2.8%)

39 39

ROCE Calculation – NPV and Target liquidity

Proforma £m H1 2013 H1 2012

Loss before interest and tax – reported (40) (99)

Interest element of operating lease payments 9 14

Loss before interest and tax – adjusted (31) (85)

Tax 23% 24%

Normalised operating profit after tax (NOPAT) (24) (65)

Average shareholders’ equity – reported 1,731 1,606

Adjustment to shareholders’ equity (41) (37)

Average shareholder’s equity – adjusted 1,690 1,569

Average net cash – reported (180) (71)

Increase in debt associated with capitalising leases 363 376

Target liquidity adjustment 848 816

Average net debt – adjusted 1,031 1,121

Average capital employed 2,721 2,690

Return on capital employed – NPV basis (0.9%) (2.4%)*

*2012 ROCE on NPV basis restated from -2.3% to -2.4% to reflect the same NPV calculation methodology used for FY 2012 statement

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RASK and CASK

£m H1 2013 H1 2012 Change B/(W)

Total revenue per seat 53.39 50.47 5.8%

at constant currency 54.80 50.47 8.6%

RASK at constant currency (pence) 5.26 4.76 10.5%

Total cost per seat ex fuel 38.89 37.70 (3.1%)

at constant currency 38.96 37.70 (3.4%)

CASK ex fuel at constant currency (pence) 3.74 3.55 (5.2%)

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This communication is directed only at (i) persons having professional experience in matters relating to investments who fall within the definition of “investment professionals” in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2001; or (ii) high net worth bodies corporate, unincorporated associations and partnerships and trustees of high value trusts as described in Article 49(2) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2001. Persons within the United Kingdom who receive this communication (other than those falling within (i) and (ii) above) should not rely on or act upon the contents of this communication. Nothing in this presentation is intended to constitute an invitation or inducement to engage in investment activity for the purposes of the prohibition on financial promotion contained in the Financial Services and Markets Act 2000.

This presentation has been furnished to you solely for information and may not be reproduced, redistributed or passed on to any other person, nor may it be published in whole or in part, for any other purpose.

This presentation does not constitute or form part of, and should not be construed as, an offer for sale or subscription of, or solicitation of any offer to buy or subscribe for, any securities of easyJet plc (“easyJet”) in any jurisdiction nor should it or any part of it form the basis of, or be relied on in connection with, any contract or commitment whatsoever. This presentation does not constitute a recommendation regarding the securities of easyJet. Without limitation to the foregoing, these materials do not constitute an offer of securities for sale in the United States. Securities may not be offered or sold into the United States absent registration under the US Securities Act of 1933 or an exemption there from.

easyJet has not verified any of the information set out in this presentation. Without prejudice to the foregoing, neither easyJet nor its associates nor any officer, director, employee or representative of any of them accepts any liability whatsoever for any loss however arising, directly or indirectly, from any reliance on this presentation or its contents.

This presentation is not being issued, and is not for distribution in, the United States (with certain limited exceptions in accordance with the US Securities Act of 1933) or in any jurisdiction where such distribution is unlawful and is not for distribution to publications with a general circulation in the United States.

By attending or reading this presentation you agree to be bound by the foregoing limitations.

Disclaimer