EZJ mess up its fuel hedge just like FR did one year before. You also need to look at the same half year when looking at the two airlines. That means looking at the second half numbers of EZJ that cover the same period as the first half of FRs accounting year. Easyjet made £5.90 per pax in its H2 even with a very high fuel price due to poor hedging. These effect will work out the system and the next 6 months should see both airlines make very little per pax over the winter. Next summer will see FR running with less income per PAX and EZJ running with more. If you were a shareholder you would like to own an airline that can increase fares and grow slowly to one that has to discount to the point were it is not profitable. EZJ is one of the few profitable airlines at the moment and it is the only one that is investable in.
So growing slowly is what 1.5% over 20 months
Yup invest where largest shareholder decides what he want to do and tell the board and kicks out those who don't agree with him.
You have failed to show why FR will be running with less Pax income but sadly this is the norm in attempts at analysis, on each occasion FR is always going bust and everyone else is succeeding.