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TRANSPORTATION: easyJet; Moody's stays put

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(Baa2 Stable/BBB Pos)

  • Moody's has gross debt at 2.1x to end 1Q25 (to dec). Reminder co runs a net cash position ahead of a capex pick-up for fleet renewals.
  • Moody's expects FCF after dividends and leases to turn negative in FY26 (to Sept '26) on below capex bump. Co says it can finance capex up to and including FY26 with FCF.
  • Reminder co has said the €500m 25s (only maturity this year) was prefunded last year with the €850m 31s.
  • The other that may be tapping debt markets to expand capacity (and more aggressively given weaker FCF) is Wizz Air. The two may help offset lost supply from IAG and Ryanair.
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(Baa2 Stable/BBB Pos)

  • Moody's has gross debt at 2.1x to end 1Q25 (to dec). Reminder co runs a net cash position ahead of a capex pick-up for fleet renewals.
  • Moody's expects FCF after dividends and leases to turn negative in FY26 (to Sept '26) on below capex bump. Co says it can finance capex up to and including FY26 with FCF.
  • Reminder co has said the €500m 25s (only maturity this year) was prefunded last year with the €850m 31s.
  • The other that may be tapping debt markets to expand capacity (and more aggressively given weaker FCF) is Wizz Air. The two may help offset lost supply from IAG and Ryanair.
image