Ryanair Holdings plc today (18 May) reported record full-year (FY26) PAT of €2.26bn (pre-exceptional) up 40% over its prior-year PAT of €1.61bn.

FY26 highlights include:

• Traffic grew 4% to 208.4m, despite delivery delays on 29 B-8200 aircraft.
• Rev. per pax up 7%.
• Unit costs rose 1% (pre-except. charge).
• FY27 jet-fuel 80% hedged @ $668 met. tn.  
• All 210 B737 “Gamechangers” in 647 fleet at 31 Mar.
• 30 spare LEAP-1Bs purchased.
• Final div. of €0.195 per share payable in Sept. (subject to AGM approval).

Ryanair Group CEO Michael O’Leary, said:

Revenue & Costs:

“Group revenue rose 11% to €15.54bn.  Scheduled revenue increased 14% to €10.56bn as traffic grew 4% with 10% higher fares (recovering last year’s 7% fare decline). Ancillary revenue rose 6% to €4.99bn (€24 per pax).  Operating costs (pre-exceptional) rose 6% to €13.09bn (+1% per pax).  With all 210 B-8200 “Gamechangers” now delivered, other income fell reflecting significantly lower delivery delay compensation in FY26.  While our lawyers are confident that the baseless Italian AGCM fine levied in Dec. 2025 will be overturned on appeal, an exceptional €85m provision (approx. 33% of the €256m fine) is included as an exceptional charge in the FY26 results.

Jet-Fuel Hedging:

The conflict in the Middle East has created economic uncertainty and we still don’t know when the Strait of Hormuz will reopen.  Despite this, Europe remains relatively well supplied with jet-fuel, with significant volumes sourced from West Africa, the Americas and Norway.  Global jet-fuel spot prices have, however, spiked to over $150bbl and are expected to remain elevated versus pre-conflict levels for some months.  Ryanair’s conservative jet-fuel hedging strategy (80% of FY27 jet-fuel is hedged at approx. $67bbl – to April 2027) will insulate Group earnings in the current very volatile oil markets and widen the cost advantage over EU competitors for the remainder of FY27. 

Balance Sheet, Liquidity & Returns:

Our balance sheet is strong with a BBB+ credit rating (both Fitch and S&P) and an unencumbered B737 fleet of 620 aircraft. At 31 Mar. (year-end) gross cash was €3.6bn after €1.9bn capex spend, €1.2bn debt repayments and over €900m shareholder distributions.  Liquidity is further boosted by the Group’s RCF which has c.€1bn undrawn.  Net cash was €2.1bn, which enables the Group to repay its last €1.2bn bond next week leaving our group effectively debt free.  This financial strength further widens the cost gap between Ryanair and our competitors, many of whom are exposed to expensive (long-term) finance, rising aircraft lease costs and unhedged jet-fuel.

During FY26, we purchased (and cancelled) some 2% of issued share capital (over 20m shares) and have now retired c.38% of Ryanair’s issued share capital since 2008.  In line with our capital allocation policy, a final dividend of €0.195 per share is payable in Sept. (subject to AGM approval).  Over the coming year, our priorities include the May repayment of our last €1.2bn bond, funding our MAX-10 aircraft capex, our dividends and the balance of our (€750m) buyback programme from internal cashflows while rebuilding the Group’s gross cash back to €4bn.

FLEET & GROWTH

The Group’s year-end fleet of 647 aircraft (incl. all 210 Gamechangers) should facilitate 4% traffic growth to approx. 216m this year (FY27).  Boeing expect MAX-10 certification in late summer 2026 and have confirmed they expect to deliver Ryanair’s first 15 MAX-10s in Spring 2027 (in line with contract dates), with 300 of these fuel-efficient aircraft (20% less fuel & 20% more seats) due to deliver by Mar. 2034. 

Building on last year’s deal to buy 30 new CFM LEAP-1B engines, in Q4 Ryanair agreed a multi-year engine material services agreement to purchase CFM parts (both CFM56-7B and LEAP-1B) to support the Group’s 2 engine shop (MRO) project which will bring all of Ryanair’s engine maintenance in-house.  The first of these MROs are expected to be operational in early 2029 and we expect to identify the first location shortly.  Our second MRO should be operational in early 2030s.  When built, these 2 MROs will further widen the maintenance cost advantage that Ryanair has over competitor airlines.

Demand (despite the current Middle East conflict) remains robust, although the booking window is closer-in than last year.  Ryanair has 130 new S.26 routes on sale (incl. new bases in Rabat, Tirana and Trapani).  Our scarce FY27 capacity growth is allocated to those regions and airports who have cut aviation taxes and are incentivising traffic growth (such as Albania, Italy, Morocco, Slovakia and Sweden) as we switch flights and routes away from uncompetitive high tax markets like Austria, Belgium, Germany and Regional Spain.  With near term fuel prices likely to remain high, we urge all passengers book early on www.ryanair.com to secure the lowest airfares for S.2026 travel.

We expect European short-haul capacity to remain constrained until at least 2030 as the 2 big OEMs remain well behind on aircraft deliveries, Pratt & Whitney engine repair delays continue, EU airline consolidation accelerates and unprofitable airlines (further hit by high jet-fuel prices) have recently withdrawn capacity due to unhedged fuel costs which leaves them less able to compete with Ryanair’s much lower costs.  Industry capacity constraints, combined with our widening cost advantage, strong balance sheet, low-cost (fuel-efficient) aircraft orderbook and industry leading ops resilience will, we believe, facilitate Ryanair’s profitable growth to over 300m passengers p.a. by FY34. 

CEO CONTRACT & BOARD UPDATE

This Spring the Board commenced discussions with Michael O’Leary (“MOL”) on an extension of his employment contract with the Group (currently ends 2028) until April 2032.  These discussions have almost concluded and engagement with the Group’s largest institutional shareholders will commence in the coming days.  Under the proposed new contract, MOL will have a purchase option over 10m shares struck at market price (before the recent Iran war related decline), but (similar to his 2019 grant) these options will only be exercisable if very ambitious PAT or share price growth targets are achieved, which will create substantial value for all shareholders. A further update will be provided in due course.

Following a period of significant Board refreshment, Stan McCarty (Chairman) and Róisín Brennan (SID) have agreed to remain on the Board until Sept. 2029 & 2030 respectively to facilitate experienced management of the Group, orderly succession and onboarding of new NEDs.

ESG

Our significant investment in new technology and operational resilience, coupled with ambitious SAF commitments, positions Ryanair as one of Europe’s most environmentally efficient airlines.  During FY26 we took delivery of 34 new Gamechangers (4% more seats, 16% less fuel & CO₂) and 30 new spare LEAP-1B engines, while accelerating the retrofit of winglets to 75% of our B737NG fleet (1.5% lower fuel burn and 6% less noise).  The Group also recorded a record 89% CSAT score (PY: 86%). In recognition of the above, CDP (Carbon Disclosure Project) recently upgraded Ryanair’s climate rating to A (previously A-), MSCI reconfirmed the Group’s ‘A’ rating and Sustainalytics graded the Group as “low-risk”.

OUTLOOK

We expect FY27 traffic to grow 4% to 216m passengers.  While 80% of our FY27 jet-fuel requirements are hedged at c.$67bbl (lower than prior year), the price of our unhedged 20% has spiked due to the Middle East conflict.  Our EU enviro. taxes are expected to rise by a further €300m this year to c.€1.4bn which makes EU air travel even less competitive.  With maintenance costs rising (ageing NG fleet and mid-life “hospital visits” on B-8200 LEAP engines) and some significant crew pay increases agreed under newly negotiated multi-year CLAs, if unhedged fuel prices remain at current elevated levels then FY27 unit costs could rise by a mid-single digit percentage.  To date, S.26 travel demand remains robust although bookings are closer-in than last year reducing visibility. Pricing in recent weeks has eased somewhat in response to economic uncertainty caused by higher oil prices, the fear of fuel shortages and the risk of inflation adversely impacting consumer spending.  As always, Ryanair will pursue its “load-active/yield passive” strategy to drive traffic growth, ancillary revenue and lower unit costs.  With the first week of Easter falling into Mar. (benefitting Q4 FY26), we now expect Q1 fares to be behind (mid-single digit percentage) Q1 FY26 (which enjoyed a full-Easter).  With constrained EU short-haul capacity, we had originally expected S.26 fares to rise modestly (low single digits) ahead of last year.  Q2 pricing (with limited visibility) is now trending broadly flat and the final outcome will be totally dependent on close-in peak S.26 bookings and fares.  With zero H2 visibility and significant fuel price/potential supply volatility it is far too early to provide any meaningful FY27 profit guidance at this time. 

The final FY27 outcome remains heavily exposed to adverse external developments, incl. conflict escalation in the Middle East and Ukraine, risks to fuel supply shortages, higher for longer fuel prices on our unhedged 20%, macro-economic shocks and European ATC strikes & mismanagement. We hope to be able to give shareholders a clearer picture on H1 pricing and fuel costs during our Q1 results release in late July.”    

Ryanair spokesperson today responded to the DAA’s statement (copy attached) by asking the DAA to explain their €5.6 billion spend on Dublin airport as set out below.

1. Why are the DAA proposing to spend more CapEx than 2x Children’s Hospitals?
   
   
2. Why is DAA budgeting so poor that over €1.5 billion is allocated to “inflation” and “contingencies”?
   
   
3. Ryanair accounts for over 50% of traffic at Dublin airport (and most of Dublin’s growth), yet DAA insists on building facilities (including air bridges & lounges) for “other 40+ airlines” who don’t deliver significant traffic and don’t grow.
   
   
4. Why is DAA spending €700m extending Pier 1 when this extension could be done for less than €100m and still create traffic growth for 10m passengers p.a.?
   
   
5. DAA keeps wasting money on “lounges” when Ryanair’s 17m passengers don’t use them.
   
   
6. DAA claims that spending €7m on wildflowers is “wrong”. However, pages 164 &169 of their submission to the regulator (attached) confirms that €6.84m will be spent on “planting trees, hedgerows, and pollinator-friendly vegetation to enhance the biodiversity value of these locations”. Even this €7m includes €1.23m for “contingency”. The DAA can’t even plant wildflowers or trees without over €1 million for “contingency”.
   
   
7. The DAA claim it is “not state funded”. This is true. It is, however, a regulated state owned monopoly, and their proposal to waste €5.6bn – twice the cost of the National Children’s Hospital – on unnecessary facilities (air bridges and lounges), including €600 million on “sustainability projects”, €1.5bn on “inflation and contingencies”, and yes, even €7m on wildflowers (AKA biodiversity) proves they can’t be trusted to run an efficient or cost-effective airport.
   
   

A Ryanair spokesperson said:

“Planning to put air bridges on Pier 1 where Ryanair accounts for 80% of the traffic, but won’t use them, shows the real purpose of this plan, which is to “game” the regulator, explode CapEx, so that they can double airport charges over the next five years from €20 pdp today to over €40 pdp by 2031.

If Ireland had a competent Dept of Transport, the Board of the DAA would be sacked for these mad spending plans. Instead, like the Children’s Hospital, the DAA propose to waste this money, the regulator will increase the passenger charges, and with much higher charges, Dublin Airport will stop growing because Ryanair – the main generator of growth at Dublin Airport – will switch its new aircraft, new routes, and new jobs to lower cost airports elsewhere in Europe.”

Ryanair, Europe’s No. 1 airline, today (14 May) announced the lucky winner of its 2026 annual ‘Win A Million’ scratch card draw, who walked away with a life changing cash prize of €500,000.

Longstanding Ryanair customer, Helen Swindells from Liverpool, joined the Ryanair team at Slane Castle, Co. Meath, Ireland on Wednesday (13 May) to play for a whopping sum of €1 million, having purchased a winning €2 Ryanair Scratch Card on a flight from Krakow to Liverpool in May 2025.

Ms. Swindells bought the Ryanair Scratch Card in support of UK charity, Naomi & Jacks – an independent charity that provides expert care for over 600 seriously ill babies, children and young adults. Naomi & Jacks is just one of the 13 amazing charities across Europe that benefit from Ryanair’s Scratch Card programme. Ms. Swindells had no idea at the time that purchasing this €2 Ryanair Scratch Card would lead to her winning an extraordinary €500,000, as part of Ryanair’s annual ‘Win A Million’ event.

Ryanair’s Scratch Card programme not only supports incredible charities across Europe, but also offers passengers the chance to win a range of prizes, including:

• €10,000 cash prizes
• A brand-new car
• Ryanair onboard spend credit
• Chance to qualify for the annual “Win A Million” grand prize draw

Speaking at Ryanair’s ‘Win A Million’ event, Helen Swindells said:

“I’m absolutely over the moon – never in a million years did I think boarding that Ryanair flight home to Liverpool from my holiday in Krakow that I would purchase a winning Ryanair Scratch Card. I only bought the scratch card because I wanted to support Naomi House & Jacksplace. It was only €2, so I thought ‘why not?’. Little did I know that I’d win and have the opportunity to got to Slane Castle with the Ryanair Team and participate in Ryanair’s annual ‘Win a Million’ event – an event that has changed my life forever. I knew there was a chance to win €1 million, but I just never thought I’d win anything close to that – let alone walking away with €500,000. It is completely life changing and I couldn’t be happier!”

Remarking on the phenomenal win, Ryanair’s Aoife Greene said:

“We are delighted for Helen on her incredible €500,000 Ryanair “Win a Million” win. Ryanair’s Scratch Card programme continues to make a real difference to our charity partners across Europe doing extraordinary work for children and families in need, while also giving our passengers the opportunity to win fantastic prizes.”

RYANAIR EMPLOYEES HELPED CREATE “SUPERPOWER KITS” FOR CHILDREN RECEIVING TREATMENT AT LA PAZ UNIVERSITY HOSPITAL IN MADRID

Ryanair, Europe’s No.1 airline, today (13 May) joined Fundación Pequeño Deseo’s national initiative to mark National Hospitalised Children’s Day, delivering “superpower kits” to children receiving treatment at La Paz University Hospital in Madrid.

The initiative forms part of the hospital humanisation work carried out by the Foundation nationwide and aims to raise awareness of the importance of supporting hospitalised children, helping to make their stay in hospital more bearable through emotional support.

As part of this initiative, Ryanair employees recently took part in a volunteering session at the company’s offices in Madrid, where they handmade the kits, which include costumes, capes, masks and a range of accessories, with the aim of bringing excitement and moments of joy to hospitalised children. These gifts also provide support to medical teams during challenging moments such as tests, treatments or prolonged hospital stays, when emotional encouragement for young patients is especially important.

Through this initiative, Ryanair and Fundación Pequeño Deseo, with which the airline has been collaborating for more than 13 years through its “Scratch Card” charity programme, have today delivered the kits with the help of some of the most recognisable superheroes. The action further strengthens a partnership that seeks to make a positive impact on children’s lives and help make their hospital stay more bearable.

Alejandra Ruiz, Ryanair’s spokesperson in Spain, said:

“Ryanair is proud to once again collaborate with Fundación Pequeño Deseo and to contribute, through this very special initiative, to bringing joy and hope to children going through difficult times. This initiative also reflects the commitment and solidarity of our employees, who have actively taken part in creating these ‘superpower kits’ with great dedication and care. We are delighted to be able to play a small part and to see the significant impact of the work carried out by Fundación Pequeño Deseo through initiatives such as this.”

Cristina Cuadrado, General Manager of Fundación Pequeño Deseo, added:

“Fundación Pequeño Deseo would like to thank Ryanair for its continued commitment over all these years. In a hospital, sick children do not only receive medical treatment; it is also essential to care for their emotional wellbeing, their excitement and their mental strength, as well as that of their families. The involvement of Ryanair employees in creating these kits shows that, through small gestures, we can support them during their hospital stay and make a very positive impact on their lives.”

LOS EMPLEADOS DE RYANAIR HAN PARTICIPADO EN LA ELABORACIÓN DE “KITS DE SUPERPODERES” ENTREGADOS A NIÑOS HOSPITALIZADOS EN EL HOSPITAL UNIVERSITARIO LA PAZ DE MADRID

Ryanair, la aerolínea nº1 de Europa, se ha sumado hoy (miércoles, 13 de mayo) a la acción nacional impulsada por la Fundación Pequeño Deseo con motivo del Día Nacional del Niño Hospitalizado, con la entrega de “kits de superpoderes” a niños ingresados en el Hospital Universitario La Paz de Madrid.

La iniciativa forma parte de la labor de humanización hospitalaria que la Fundación desarrolla a nivel nacional y busca sensibilizar sobre la importancia de acompañar a los niños hospitalizados, contribuyendo a hacer más llevadera su estancia en el hospital también desde el apoyo emocional.

En el marco de esta acción, empleados de Ryanair participaron recientemente en una jornada de voluntariado en las oficinas de la compañía en Madrid, donde elaboraron de forma manual estos kits, compuestos por disfraces, capas, máscaras y distintos accesorios, con el objetivo de llevar ilusión y momentos de alegría a los niños hospitalizados. Además, estos obsequios también sirven de apoyo a los equipos médicos en momentos complejos como pruebas, tratamientos o ingresos prolongados, donde el refuerzo anímico a los más pequeños resulta fundamental.

De esta manera, Ryanair y la Fundación Pequeño Deseo, con la que la aerolínea colabora desde hace más de 13 años a través de su programa solidario “Rasca y Gana”, han entregado hoy estos “kits” de la mano de algunos de los superhéroes más reconocidos, reforzando así una colaboración que busca generar un impacto positivo en la vida de los niños y contribuir a hacer más llevadera su estancia hospitalaria.

Alejandra Ruiz, portavoz de Ryanair, ha declarado:

“Para Ryanair, es un orgullo colaborar nuevamente con la Fundación Pequeño Deseo y poder contribuir, a través de esta acción tan especial, a llevar ilusión y esperanza a niños que atraviesan momentos delicados. Esta iniciativa refleja también el compromiso y la solidaridad de nuestros empleados, que han participado de forma activa en la creación de estos “kits de superpoderes” con gran dedicación y cariño. Nos hace muy felices poder poner nuestro granito de arena y ver el impacto tan grande que tiene el trabajo que realiza la Fundación Pequeño Deseo con iniciativas como esta”.

Por su parte, Cristina Cuadrado, Directora General de la Fundación Pequeño Deseo, ha señalado:

“Desde la Fundación Pequeño Deseo queremos agradecer a Ryanair su compromiso continuado durante todos estos años. En un hospital no solo se trata médicamente a los niños enfermos; también es fundamental cuidar su parte emocional, su ilusión y su fortaleza mental, así como la de sus familias. La implicación de los empleados de Ryanair en la creación de estos kits demuestra que, con pequeños gestos, podemos acompañarlos durante su estancia hospitalaria y generar un impacto muy positivo en sus vidas”.

“The statement issued by the Fraport Greece Monopoly on 8 May highlights just how off the mark the German owned monopoly airport operator is. Ryanair’s decision to close its three aircraft Thessaloniki base for Winter ’26 is entirely due to Fraport’s decision to hike its airport charges by an excessive +66% following the pandemic.

More recently, instead of passing on the Greek Govt’s sensible decision to reduce the Airport Development Fee by -75% to all airlines and passengers to stimulate year-round connectivity and tourism across Greece – the Fraport monopoly pocketed this tax reduction to further line the pockets of its German shareholder. The Fraport Greece monopoly has made Greece aviation hopelessly uncompetitive compared to other European countries such as Albania, regional Italy, Slovakia and Sweden, all of whom are actively lowering airport fees and abolishing taxes to support traffic, tourism and jobs growth.

Ryanair wants to grow in Greece – as it is in other more competitive countries across Europe – but can only do so if Fraport Greece freezes airport charges and passes the -75% Airport Development Fee reduction on to all airlines and passengers to stimulate capacity growth and investment, instead of lining the pockets of its German shareholder. Ryanair calls on the Greek Govt. to break up the Fraport Greece monopoly, which will bring much needed competition to the Greek aviation market.“

ORDENA LA DEVOLUCIÓN ÍNTEGRA DE LA MULTA DE 4,2 MILLONES DE EUROS, MÁS INTERESES, A RYANAIR

Ryanair, la aerolínea nº1 de Europa, ha instado hoy (miércoles 13 de mayo) a la primera ministra italiana, Giorgia Meloni, a reformar urgentemente la Autoridad Italiana de la Competencia (AGCM) para abordar la percepción de parcialidad tras la sentencia dictada hoy por el Consejo de Estado italiano, que ha puesto de manifiesto la conducta discriminatoria e ilegal de la AGCM hacia Ryanair.

El Consejo de Estado de Italia ha dictado hoy una sentencia firme y vinculante que anula la multa de 4,2 millones de euros impuesta por la AGCM a Ryanair en 2021 en relación con las cancelaciones de vuelos por la COVID-19. Es fundamental destacar que el Tribunal consideró que la AGCM había discriminado a Ryanair al rechazar los compromisos propuestos por la compañía sin entablar un diálogo, mientras que aceptaba compromisos similares de otras aerolíneas, entre ellas Alitalia, Vueling y Blue Panorama. El Consejo de Estado sostuvo que la conducta de la AGCM infringió principios fundamentales del derecho administrativo y de la competencia, afirmando que la discrecionalidad de la AGCM se había ejercido “de manera incompatible con los principios de coherencia, razonabilidad y no discriminación”.

Estas conclusiones perjudican gravemente la reputación de la AGCM y aportan un contexto contundente a la insólita multa de 256 millones de euros impuesta por la AGCM a Ryanair por su política de distribución directa, que ignoraba la sentencia precedente del Tribunal de Apelación de Milán de enero de 2024. En dicha sentencia, el Tribunal de Apelación de Milán confirmó que el modelo de distribución directa de Ryanair:

• “Beneficia sin duda a los consumidores”, ya que da lugar a tarifas más bajas
• Está “justificado desde el punto de vista económico en lo que respecta a la contención de los costes operativos y a la eliminación de los costes asociados a la intermediación en la venta de billetes”
• “Contribuye a… un canal directo de comunicación… para cualquier posible necesidad de información y actualizaciones sobre los vuelos”

La sentencia del Consejo de Estado que dictamina que la AGCM discriminó a Ryanair plantea serias dudas sobre si se puede confiar en que el personal de la AGCM actúe de forma objetiva, coherente y de acuerdo con la jurisprudencia, especialmente en lo que respecta a Ryanair.

Ryanair ha recurrido la resolución de la AGCM, legalmente defectuosa, por valor de 256 millones de euros y confía en que, al igual que en el caso anterior de cancelaciones por la COVID-19, los tribunales italianos volverán a defender el Estado de derecho y anularán otra multa de la AGCM infundada y defectuosa en un caso que afecta a Ryanair.

Michael O’Leary, de Ryanair, ha declarado:

“La sentencia vinculante dictada hoy por el Consejo de Estado plantea serias dudas sobre la imparcialidad de la AGCM y el trato que ha dispensado a Ryanair. El tribunal ha dictaminado que la AGCM discriminó a Ryanair al aplicar criterios distintos a los que aplicó a otras compañías aéreas en casos equivalentes, lo que supone una clara violación de los principios básicos de la justicia.

Estas conclusiones dañan profundamente la reputación de la AGCM y contextualizan claramente la insólita multa de 256 millones de euros impuesta por la AGCM en diciembre de 2025 (por nuestra política de distribución directa), que contradice la clara sentencia precedente del Tribunal de Apelación de Milán de enero de 2024, en la que se determinó que el modelo de distribución directa de Ryanair ‘beneficia sin duda a los consumidores’ y ofrece tarifas competitivas. Ryanair ha recurrido esta multa de la AGCM, que adolece de vicios de forma, y confía en que, una vez más, los tribunales italianos defenderán el Estado de derecho, respetarán los precedentes judiciales y anularán otra resolución ilegal de la AGCM. Hacemos un llamamiento a la primera ministra Giorgia Meloni para que reforme urgentemente la AGCM a fin de garantizar que actúe de manera justa y en el mejor interés de los consumidores, en lugar de atacar injustamente a Ryanair con acusaciones infundadas y multas ilegales”.