Jet2 : Investor Presentation - Preliminary Results 2024

Results for the year ended 31 March 2024

IMPORTANT INFORMATION

These presentation slides and the accompanying oral presentation (the "Presentation Materials") are confidential and have been issued in connection with Jet2 plc (the "Company").

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2 Jet2 plc Financial Results | Year ended 31 March 2024

FY24 OVERVIEW

STEVE HEAPY

FY24 KEY HIGHLIGHTS AND OUTLOOK

Further progress against growth strategy: Delivered record passenger numbers, revenue and profitability

Financial Result: Group profit before foreign exchange revaluation and taxation up 33% to £520.1m (2023: £390.8m)

Financial Resilience: Free Cash Generated of £0.7bn; Own Cash of £1.3bn supporting future growth and flexibility

Investment: Successful Liverpool base launch; Airbus deliveries on time; Inflight Retail Operations Centre launched

Future Growth Secured: Remaining 36 Airbus purchase rights exercised - 146 firm A321neo aircraft delivering 2023 - 2035

Sustainability: Updated Strategy launched May 24; 2035 carbon intensity reduction target in line with SBTi guidance

Outlook: Summer 24 seat capacity +12.3%; Booked to date passengers +9.7% with pricing growth moderate. Year to date the business is trading in line with management expectations; we continue to believe that the end-to-endpackage holiday is a resilient and popular product which remains high on the priority list for our Customers, even during uncertain economic times.

4 Jet2 plc Financial Results | Year ended 31 March 2024

CFO UPDATE

GARY BROWN

FY24 FINANCIAL PERFORMANCE

KEY POINTS

• Demand: consistent though later booking profile
• Pricing growth robust: Package Holidays (+11%); Flight-Only (+14%); and non-ticket revenue (+1%)
• Operating profit: Profit per flown passenger maintained, despite cost inflation and disruption
• Net finance income: +£94m a function of strong average cash position and interest rate increases
• PBTFX: strong margin % of 8.3% (+0.5ppts) and PBTFX per flown passenger of £29 (+21%)
• Tax: effective rate of 25% (2023: 22%)

	FY24	FY23	% Vs FY23
Revenue	6,255.3	5,033.5	24%
Operating Profit	428.2	394.0	9%
Operating profit margin %	6.8%	7.8%	(1.0ppts)
Profit before tax and FX	520.1	390.8	33%
Profit before tax and FX margin %	8.3%	7.8%	0.5ppts
Profit before tax	529.5	371.0	43%
Profit before tax margin %	8.5%	7.4%	1.1ppts
EBITDA	680.3	581.8	17%
EBITDA margin %	10.9%	11.6%	(0.7ppts)
Revenue per flown passenger	£353	£310	14%
Operating profit per flown passenger	£24	£24	0%
Profit before tax and FX per flown	£29	£24	21%
passenger

6

Jet2 plc Financial Results | Year ended 31 March 2024

LEISURE TRAVEL KPI'S

	FY24	FY23	% Vs FY23
Seat capacity	19.73m	17.93m	10%
Flown passengers	17.72m	16.22m	9%
Load factor %	89.8%	90.5%	(0.7ppts)
Flight-only passengers	5.61m	5.69m	(1%)
Package holiday customers	6.08m	5.29m	15%
Package holiday mix	68.3%	64.9%	3.4ppts
Flight-only ticket yield per pax sector	£114.23	£100.28	14%
Average package holiday price	£830	£750	11%
Non-ticket revenue per pax sector	£26.34	£25.99	1%

KEY POINTS

• Capacity - Beach focused growth with Cities popularity returning; growth of 3.9m seats (+24%) since pre-Covid
• Higher margin per passenger Package Holiday growth of 15% (mix +3.4ppts)
• Flight-onlypassengers remain important - support flying frequency and enable holiday duration flexibility
• Holidays selling price - inflationary cost increases passed on
• Non-ticketrevenue - improved product mix and inflight stock availability

7 Jet2 plc Financial Results | Year ended 31 March 2024

GROUP CASHFLOW

4,000

3,500

3,000

2,500

Gross Cash

2,624.7

Operating Activities £1,093.5m (FY23: £952.1m)

355.746.1

680.311.4

Investing & Financing -£533.5m (FY23: -£555.9m)

(410.0) (24.7)

(289.5) 190.7

Gross Cash

3,184.7

£'m

2,000

1,500

1,000

500

0

1,497.6

Own Cash

1,127.1

• EBITDA +17% vs FY23
• Positive working capital including customer cash growth
• Free cash generated £686m post Capex of £410m
• Continued investment to support future growth (aircraft;

ROC; hangar; self-handling; LPL base; ground handling)

• Debt repayments comfortably met
• New financing agreed at reduced cost of debt

1,853.3

Own Cash

1,331.4

31 March 2023	EBITDA	Other Income Statement	Cash from	Other Working	Capex and Equity	Dividends, FX & Proceeds Finance Repayments	New financing	31 March 2024
		adjustments	Customers	Capital, Hotel Advances,	Investments	from disposal of assets
				and Interest & Tax

8 Jet2 plc Financial Results | Year ended 31 March 2024

STRONG BALANCE SHEET

KEY POINTS

1. • Supports growth and fleet modernisation whilst offering resilience for potential challenges
   • Capital Strength
   • • Unique Own Cash position of £1.3bn
     • Net cash ex lease liabilities of £1.7bn -
       firm foundation for increasing gross capex and repaying debt at maturity
   • Provides sound foundation for increased proportion of unencumbered owned aircraft
   • Deployment of capital: ROCE (1) (2013 -24) = 17%
2. ROCE = Operating profit / (Average Net assets + Borrowings + Lease Liabilities)

		FY24	FY23
	Intangible assets & Investments	28.8	26.8
	Property, plant and equipment	1,193.2	927.7
	Right-of-use assets	636.4	565.3
	Derivative financial instruments	(40.5)	(41.8)
	Other assets, excluding cash & derivatives	478.8	321.5
	Deferred revenue	(1,926.6)	(1,563.6)
	Liabilities, excluding borrowings,	(690.5)	(473.2)
	lease liabilities and derivatives
	Capital employed	(320.4)	(237.3)
	Cash (2)	3,184.7	2,624.7
	Borrowings (3)	(755.8)	(729.2)
	Lease Liabilities	(699.6)	(645.8)
	Net cash	1,729.3	1,249.7
Net assets	1,408.9	1,012.4

1. 1. Including money market deposits of £1,745.1m (2023: £1,669.5m)
2. Borrowings include structured aircraft finance of £396.0m (2023: £381.0m)

9 Jet2 plc Financial Results | Year ended 31 March 2024

GROSS CAPITAL EXPENDITURE & DEBT MATURITY PROFILE

CAPITAL EXPENDITURE FY25 - FY30

1,350
Gross Capex	1,275
1,200
2025-30										1,050
1,050	~£5bn	1,025
	900
		750
	750
£m	600
		400
	450	400

300

150

-

2025	2026	2027	2028	2029	2030
				Financial Year Ended
			Non Aircraft		Aircraft (New & Existing fleet)

£m

700	DEBT MATURITY FY25 - FY30
600	Debt Maturity
600	2025-30
			~£1.3bn
500

400

300 250

200		175
						125	100
100
									50
0
2025	2026	2027	2028	2029	2030
				Financial Year Ended
			Convertible Bond			Lease Liabilites		Aircraft Loans

• 146 firm ordered A321neos delivering by Summer 2035
• • Seven aircraft delivered at 31 March 2024.
  • Current delivery profile: FY25: 4; FY26: 6; FY27: 13; FY28: 17

• Future funding through a variety of sources:
• • Free cash flow; Debt: aircraft financing; JOLCOs; DCM
  • >65% of owned fleet targeted to be unencumbered by S30

10 Jet2 plc Financial Results | Year ended 31 March 2024