There are sectors plagued by structural difficulties, such as the beer industry. There are companies suffering from disastrous management, like Boeing.

And then there are the radioactive sectors, to be avoided at all costs, such as the airline industry, which includes companies that perform worse than their rivals, like EasyJet.

Despite its ubiquity across all major Mediterranean tourist hubs, the company has grown at a slower pace than Ryanair. It also has a significantly worse operational performance than its Irish competitor or the Hungarian airline Wizz Air.

In the fall of 2022, we also highlighted that EasyJet had never actually generated profits distributable to its shareholders.

Its expansion was financed by a series of capital increases and bond issues, but the pandemic put an end to the benevolent generosity of investors. Faced with a wall, the company was compelled to give assurances.

These assurances, it must be acknowledged, have been given: over the last three semesters, EasyJet has generated almost £1 billion in free cash flow. Such a fortunate sequence had never occurred before.

At the end of last year, after the best exercise in the company's history, EasyJet took advantage of this situation to order 157 Airbus A320 and A321 Neos, with deliveries scheduled between 2029 and 2034.

Thus, the free cash flow recently generated, in addition to the proceeds from the last capital increase carried out during the pandemic, has allowed the company to completely de-leverage itself. However, these improvements have not been enough to impress investors.