Sorry, but a £400m winter loss is a dismal performance. And this (and previous) performance shows in their share price - easyJet shares have lost two thirds of their value since pre-pandemic where Ryanair and Wizz are both at around 10-15% lower.
The winter results show an £11 loss for every seat they flew, and they're reporting an 87.5% load factor - so with not a lot of room for improvement on load factor, their revenue management and cost base is the problem here. For every £1 it cost them to produce a seat, they took in 86p in revenue.
The unrelenting focus on holidays - which should be making a bloody profit given that it apparently doesn't pay the airline for bags and allocated seats given away in every holiday - is a story being frequently used to deflect from some really poor underlying management of what was once a really good business.