Q1 2021 analyst & investor presentation

28 January 2021

positioned for recovery

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> Q1 financials in line with management expectations

> Demand uncertainty driven by government travel restrictions

> Decisive actions have put easyJet in strong position

Further funding activity and re-profiling of debt Cost programme delivering & on track to improve margins Fleet deliveries re-profiled whilst maintaining flexibility Smooth Brexit transition

> Set up for recovery

Competitive landscape improving Customer satisfaction scores increasing Brand scores maintained and strong easyJet is operationally ready New ancillary products launched easyJet holidays well positioned to take share

Q1 2021 key stats

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Q1 ‘21 Q1 ’20 Change Favourable/(adverse)

Passengers (thousand) 2,858 22,192 (87.1%)

Seats flown (thousand) 4,350 24,308 (82.1%)

Load factor 65.7% 91.3% (25.6 ppts)

Passenger revenue (£ million) 118 1,124 (89.5%)

Ancillary revenue (£ million) 47 301 (84.4%)

Total revenue (£ million) 165 1,425 (88.4%)

Total group headline cost (£ million) (588) (1,429) 58.9%

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Accurate & disciplined capacity forecasting has allowed for strong cost control

Yield discipline

Decisive funding action underpins liquidity

Access to c£2.5bn

unrestricted liquidity1

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Over £4.5bn total

liquidity raised

CCFF £0.6bn

SLBs

£1.4bn

UKEF - £1.4bn - Reprofiles existing debt

- c.£600m undrawn

- Commercial terms

- Lower collateral requirements

Equity placing

£0.4bn

Term loans

£0.4bn

RCF

£0.4bn

Investment grade credit ratings maintained

4 1) As at 25 January 2021, following repayment of Revolving Credit Facility and Term Loans

Cost-out programme delivering & on track

PEOPLE

> UK – c1400 employees have left, c75% of UK pilots now on seasonal contracts, furlough arrangements in place

> Germany – Majority of redundancies issued, extended long-term furlough in place

> Spain, Portugal, Netherlands – restructuring, pay freezes agreed, furlough in place

> Switzerland – reached long term agreement, including pay freezes, furlough in place

> France, Italy – on track, furlough arrangements in place

AIRPORTS & GROUND

HANDLING

> New ground handling contracts concluded at LGW, all of Switzerland, all of Spain

> Airports deals resized to reflect new demand outlook with traffic recovery deals agreed or under negotiation. Airports and tourist boards keen to incentivise traffic to regions reliant on tourism

MAINTENANCE > Bringing line maintenance in-house at 3 UK bases

> Renegotiating contracts for heavy maintenance

FUEL > Around 1.5% savings from fuel efficiency initiatives

5 5 1) Excludes furlough arrangements, which are not considered to be permanent savings

Permanent savings1

> H1 and FY on track for internally targeted cost savings

> Will re-set the cost base, increase margins and further improve cost position relative to other airlines

> Fixed cost & capex cash burn in a fully grounded scenario reduced to c£40m per week

H1 outlook - continued capacity discipline > Based on current travel restrictions in the markets in which we operate, easyJet expects to fly no

more than c.10% of Q2 2019 capacity levels for Q2 2021

Winter’20/21: Temporary waiver of the EU’s 80:20 slot rules enables easyJet to best match capacity against the lower demand that currently exists, minimising losses and cash burn

Summer ’21 : EC and UK proposals for revised waiver under discussion

> easyJet retains disciplined focus on operating lines of flying which are expected to generate a positive contribution

> Flexibility retained to ramp up capacity quickly when we see demand return

> At this stage, given the continued level of short-term uncertainty, it would not be appropriate to provide any further financial guidance for the 2021 financial year

> Customers are booking later and visibility remains limited

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Set up for recovery

Positive indications for demand

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> Short haul leisure flying expected to recover first

> Despite later bookings, consumer research1 evidences pent-up leisure demand:

65% of consumers have booked or intend to book holidays abroad in 2021

Of which only 14% have booked already, indicating pent up demand to come

For easyJet customers the likelihood increases from 65% to 74%

> Vaccine rollout progressing well:

Key to unwinding travel restrictions as vulnerable groups are protected and pressure on health systems eases

UK has by far the fastest vaccination rollout so far amongst G20 nations2

Key European markets catching up fast (Germany, Italy, Spain)

> Testing costs anticipated to reduce

> Government decisions on travel restrictions a key driver

1) Kadence propensity to travel survey, January 2021, 1,000 respondents per market (UK, FR, DE, IT CH). 2) Cumulative Covid-19 vaccination doses administered per 100 people https://ourworldindata.org/covid-vaccinations

Europe competitor capacity outlook Capacity share on easyJet markets and routes1

% of capacity on easyJet markets (city pairs) and routes FY19

33%

48%

27%

21%

40% 32% Legacy

+ Charter

Market (city pair)

100%

Route

LCC

easyJet

315m seats 221m seats

> Legacy (and holiday charter) are the main competitors on the routes we operate, with 71m seats vs easyJet’s 105m in FY19

> Anticipate significant reductions in legacy carrier capacity to open up opportunities for easyJet

> Competitor fleet reductions:

Lufthansa grounding c.300 aircraft across the Group

BA suspended flying from LGW in S20-W20, with S21 under review

Alitalia shrinking to c.50% of their fleet

TAP expected to cut c.20% of fleet with potential further structural downsizing

Swiss retiring some older narrowbody aircraft

1) OAG capacity, easyJet operated city pairs and routes only 9

Uniquely positioned for demand recovery

1) 1) Millward Brown brand tracker Oct ’20 – Dec ’20. 2) Worth perceptions by market as % of consumers where worth is defined as number of respondents selecting “Worth more than it costs”. 3) Returning customers definition based on customers that have booked in q1 2021 and at any point in the customer’s history with easyJet . 4) Kadence travel intent research Jan 2021. 50% of customers said flexible booking policies is most important factor when booking.

A strong brand

> Remains first choice LCC in UK, France, Switzerland and Berlin1

> Best value airline in UK and France ahead of LCCs and legacies2

> Best value LCC in Italy, Switzerland and Berlin2

A loyal customer base

> More loyal – 82.1% of seats booked by returning customers, up 1.4ppts vs Q1’203

> Increased CSAT – 83% rating, up 5.8ppts vs Q1’20

A trusted brand

> Leading the industry on customer drivers of choice

> Only major airline to offset the carbon from its operations on behalf of its customers

> Protection Promise enables customers to make plans with confidence by providing risk-free booking and an enhanced policy for customers affected by lockdowns4

25% 21%

44%

24%

17% 15% 12%

2%

39%

13%

UK FR CH IT Berlin

easyJet

nearest LCC

% of respondents

easyJet first choice brand vs nearest LCC1

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Operational flexibility in place

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> Flexibility to ramp up quickly

> Growing at London Gatwick, our largest base

Additional 4 based aircraft, bringing total to 71

Slot trade with Norwegian

New routes Aberdeen, Bilbao, Cagliari + more frequencies on existing routes

> New seasonal bases in Malaga and Faro

Greater flexibility

Cost efficient

New revenue and route opportunities

Increases margins

Evolving products – driving Ancillaries

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Standard Plus Fare

> New fare class

> Includes Up front seating, Speedy Boarding, cabin bag

> Launches today

Cabin Bags

> Sold as a bundle with premium seating

> 42-63 premium seats available per flight

> Improve boarding efficiency and OTP

> Dynamically priced

> Launch February 2021

Significant ancillary revenue opportunities increase margins

Easyjet holidays – well positioned for recovery

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> Optimal business model for the prevailing market

Leading low fixed cost base – currently 93% variable

No commitments or bed inventory risk

c75% of our holidays are cheaper than our competition1

4/5 star hotels now 70% of all holidays sold

Fast technology delivery – newest technology with unmatched agility

> Industry leading customer protection and choice

Protection Promise – industry leading and unique customer protection

Europe’s leading leisure network, combined with trusted quality hotels

> Resilient demand and taking market opportunities

Summer ‘21 bookings significantly ahead of last year

Secured c35 Flagship hotels, previously exclusive with competitors

Early W21 launch performing above expectations

1) On like-for-like searches

ready for recovery

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> Liquidity & balance sheet robust

> Cost base reset, delivering and on track

> Unmatched network with share gain opportunities

> Leading value credentials and trusted brand

> Operationally flexible

> Ancillaries & holidays revenue opportunities

> Ready for pent-up demand once government travel restrictions removed

appendix

Q1 Passenger Statistics

October 2021 2020 Change

Passengers (k) 1,708 8,787 (80.6)%

Load Factor 68.8% 91.6% (22.8) ppt

November 2021 2020 Change

Passengers (k) 322 6,165 (94.8)%

Load Factor 61.5% 90.8% (29.3) ppt

December 2021 2020 Change

Passengers (k) 827 7,240 (88.6)%

Load Factor 61.6% 91.3% (29.7) ppt

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easyJet’s Debt maturity profile1

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-

100

200

300

400

500

600

700

800

FY21 FY22 FY23 FY24 FY25 FY26

Debt maturity profile optimised, further undrawn liquidity available

1) Debt maturities include the CCFF, UKEF facility, IFRS lease liabilities, outstanding Eurobonds and JOLCOs

Utilising flexibility in Fleet

1) Chart shows contractual arrangements with Airbus and current lessors; 2) Reduction to 302 is dependent on commercial negotiations currently in progress; 3) At FY2021, easyJet will be storing up to an additional eight operating leases on behalf of their respective lessors. These are held at zero rent unless flown and excluded from the 302.

Current contractual Max > Continued flexibility to

expand/contract fleet size

Deferral of 22 aircraft from FY22-24 to FY27-28

Delivery dates of 15 aircraft within FY22-24 moved to more closely match seasonal requirements

> Pre-agreed pricing

> No change to total size of order book

> Excludes any potential opportunistic fleet additions, which are not included in the 302 base plan for 2021

Current contractual Min

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FY21 Base Plan

342

318 325

353

302

285

276

302

250

270

290

310

330

350

370

FY2020 FY2021 FY2022 FY2023

Fuel and foreign exchange hedging

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Current Hedge Position

> Jet hedging for time periods through to October 2021 has been paused

> USD and jet fuel hedging continues for later periods

> Excluding any ineffective hedges:

• FY21 Jet fuel requirement is currently c.77% hedged @ $603/MT

• FY22 Jet fuel requirement is currently c.46% hedged @ $486/MT

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