REAFFIRMING RYANAIR’S ZERO TOLERANCE POLICY ON PASSENGER MISCONDUCT

Ryanair, Europe’s No.1 airline, today (Thurs, 13 Nov) welcomed the decision by the Dublin District Court to convict an unruly passenger who disrupted flight FR7122 from Dublin to Tenerife on 24 September 2022 by physically assaulting another passenger onboard. This disruptive passenger pleaded guilty and received a 3-month suspended sentence.

Ryanair is committed to ensuring that all passengers and crew travel in a comfortable and stress-free environment free of unnecessary disruption caused by a tiny number of unruly passengers. Ryanair has a strict zero tolerance policy towards passenger misconduct and will continue to take action to combat unruly passenger behaviour on aircraft for the benefit of the vast majority of passengers who do not disrupt flights.

Ryanair’s Director of Communications, Jade Kirwan, said:

“We welcome the Dublin District Court’s conviction of this unruly passenger whose inexcusable behaviour disrupted a flight from Dublin to Tenerife in September 2022. This demonstrates just one of the many consequences (including travel bans and offload fines) that passengers who disrupt flights will face as part of Ryanair’s zero tolerance policy. We hope this conviction will further deter disruptive behaviour on flights so that both passengers and crew can travel in a comfortable and stress-free environment.”

Ryanair, Europe’s No.1 airline, today (Wed, 12 Nov) updated on the success of day one of its digital boarding pass (DBP) initiative. Up to 13:00hrs, over 700 flights have departed across Europe without any delay or disruption. Over 98% of passengers presented with their DBP and the other 2% – all of whom had checked in online before arriving at the airport – were issued free of charge boarding passes at airport ticket desks. Customer feedback was universally positive as passengers swiped their phones through airport security and boarding gates. No passengers were offloaded, and where one or two passengers had a problem with their phone, they were boarded without difficulty as the boarding gates had their details from their online check-in.

Ryanair CMO, Dara Brady, said:

“So far, day one of Ryanair’s DBP has been a huge success as over 700 flights and more than 100,000 passengers enjoyed the improved service and better experience of paper-free boarding at Ryanair airports. We estimate our DBP initiative will save up to €40M annually, and this will help us to lower ticket prices and make air travel more competitive for Ryanair’s customers.”

Ryanair, Europe’s No.1 low fares airline, today (Tues, 11 Nov) released its November OTA Overcharge Survey, showing some OTAs like eDreams, Tix, Fru, and Vola are still overcharging up to 3 times Ryanair’s prices. This month’s survey marks two years of exposing these OTAs who overcharge consumers, yet EU Govts and Consumer Authorities have failed to take any action to address these OTA overcharges.

Ryanair again calls on EU Govts (notably Spain’s useless Consumer Minister Bustinduy) and National Consumer Authorities to take urgent action to protect consumers from these overcharging OTAs and insist on mandatory price transparency from all OTAs, in line with the transparent pricing being delivered by all Ryanair’s “Approved OTA” partners, to protect consumers.

Ryanair’s Dara Brady said:

“Ryanair’s November OTA survey shows that eDreams, Tix, Fru, and Vola continue to overcharge unsuspecting consumers up to 3 times the prices on Ryanair’s website. It’s unacceptable that after two full years of publishing these monthly OTA overcharging surveys, EU Govts and National Consumer Authorities have done nothing to protect consumers from overcharging OTAs.

Ryanair again calls on EU Govt and Consumer Protection Authorities to take urgent action to protect consumers across Europe by bringing price transparency standards in line with the transparency standards applied by Ryanair’s OTA partners.”

4 AIRCRAFT, US$400M INVESTMENT, 15% GROWTH AND 4 NEW ROUTES

Ryanair, Europe and Ireland’s No.1 airline, today (Tues, 11 Nov) announced it will base a fourth aircraft at Shannon for Summer 2026, representing a US$400m investment from Ryanair in Midwest Ireland. This additional aircraft will deliver +180,000 additional seats (+15% growth), 4 exciting new routes to Rome, Madrid, Warsaw, and Poznań, and extra flights on 5 existing popular routes to Alicante, Lanzarote, Manchester, Malta, and Reus. Ryanair’s record Shannon Summer 2026 schedule will deliver 1.4m seats across 30 routes, offering customers in the Midwest even more choice at Europe’s lowest fares.

Ryanair’s Shannon Summer 2026 schedule will deliver:

• A record 30 routes incl. 4 new routes to Rome, Madrid, Warsaw & Poznań
• 4 based aircraft (+1 vs. S25 – US$400m investment in Shannon)
• Increased freq. on 5 routes – Alicante, Lanzarote, Manchester, Malta & Reus
• 1.4m seats incl. 180,000 (+15%) additional seats
• Shannon traffic grows to over 2m seats p.a.

To celebrate Ryanair’s fourth aircraft and 4 new routes at Shannon next Summer, the airline has launched a 2-day seat sale with fares from just €29.99 available only at Ryanair.com.

Ryanair’s CCO, Jason McGuinness, said:

“We are delighted to celebrate the news that Ryanair will base a fourth aircraft in Shannon for Summer 2026 alongside the announcement of 4 new routes to Rome, Madrid, Warsaw, and Poznań, in addition to extra flights to popular sun and city destinations Alicante, Lanzarote, Manchester, Malta, and Reus. Next Summer Ryanair’s US$400m investment in the Midwest will deliver more than 1.4m low-fare seats from Shannon to a record 30 European destinations.

Ryanair’s 4 based aircraft and US$400m investment in Shannon is a clear commitment to growing Ireland’s regional connectivity. This Summer Shannon will benefit from +180,000 (+15%) additional seats and 4 new routes thanks to the hard work of The Shannon Airport Group, who recognise the need for efficient, cost-competitive facilities to attract growth and drive inbound tourism to the region, supporting year-round international connectivity. However, the Irish Govt. needs to support regional airports by expanding the scope of the Regional Airports Programme 2026-30 to at least 3m passenger p.a., which would allow regional airports to grow traffic even more without being penalised for doing so.

To celebrate Ryanair’s biggest ever schedule and 4 new routes at Shannon next Summer, we’ve launched a 2-day seat sale with fares from just €29.99 available only at Ryanair.com.”

Welcoming the announcement, Ray O’Driscoll, Interim CEO of The Shannon Airport Group said:

 “We’re delighted to welcome Ryanair’s continued commitment to Shannon Airport with the addition of a fourth based aircraft, four new Summer ‘26 services to Rome, Warsaw, Poznań, and Madrid, as well as increased frequencies on five key routes. This expansion is a strong vote of confidence in Shannon’s growth trajectory. It reflects our ongoing investment in infrastructure and passenger experience, as well as our strong commitment to working with airline partners to expand our route network and deliver greater choice for customers across the country.

These new services enhance Shannon’s connectivity to key European cities, supporting tourism, trade, and regional development, and will be warmly welcomed by both holiday makers and business travellers alike.”

Ryanair, Europe’s No.1 airline, today (11 Nov) responded to Transport Minister Peter “Hopeless” Hanke’s claims that “he wanted enough time to review Ryanair’s proposal”. Ryanair’s proposal was submitted to Minister Hanke by the Lauda Motion CEO at a meeting on 12 June, almost 5 months ago. Minister Hanke promised to reply by the end of Sept. Surely, even for a “do nothing” Minister like ‘“Hopeless” Hanke, 3.5 months between 12 June and 30 Sept is enough time to “consult with the Finance Ministry”, and make a decision to grow Austrian air traffic, tourism and jobs in the economy generally.

While “Hopeless” Hanke has wasted 5 months doing nothing, neighbouring countries like Slovakia have abolished Enviro Taxes and have reduced ATC and airport fees. The Regions of Italy are also abolishing their Enviro (Municipal) Tax. Even Sweden – the home of Greta Thunberg – has abolished its Enviro Tax, while “Hopeless” Hanke has been asleep at the wheel between June and Nov.

Ryanair’s CEO Michael O’Leary said:

“It appears that “Hopeless” Hanke just can’t make a decision. While he has done nothing over the last 5 months, competitor countries like Slovakia, Italy, Sweden, and Hungary have abolished their Enviro Tax. “Hopeless” Hanke now defends this Tax, despite the fact that it raises less than €160m p.a, and has done untold damage to Austrian air traffic and tourism, as airlines -including Ryanair, Wizz, EasyJet and others – are moving aircraft, routes, traffic and jobs out of Austria to lower-cost economies like Slovakia, Sweden, Italy and Hungary.

If “Hopeless” Hanke hadn’t wasted the last 5 months, he could have easily worked out that with the 70% traffic growth Ryanair has promised, the increased spend from these visitors in the Austrian economy, the Austrian budget would generate far more in visitor taxes, than the €160million it will lose from abolishing this failed, but damaging Aviation Tax.

Now “Hopeless” Hanke surfaces to tell us “how responsible Politics works”. We know from his inaction over the last 5 months, and his failure to accept a $1bn investment by Ryanair to grow Austrian tourism, that “Hopeless” Hanke doesn’t know how responsible Politics “works”. Politics doesn’t work, if Ministers take 5 months to consider a growth proposal, but then fail to meet their own deadline to respond by the end of Sept. There is not much point in meeting with this hopeless Minister, when 5 months after his last meeting he still hasn’t accepted (or rejected) Ryanair’s €1bn growth proposal.

It appears that “Hopeless” Hanke is following the lead of “Sleepy” Stocker. We met with Chancellor Stocker in his office on 17 Sept. He too promised us a reply on this ambitious growth plan by the end of Sept, yet we are now in Nov and still no action from either or “Sleepy” Stocker or “Hopeless” Hanke. While Austrian Politicians do nothing, Politicians in Slovakia, Italy, Sweden and Hungary are abolishing Enviro Taxes, lowering airport fees, and slashing ATC charges to win traffic, tourism and jobs growth – all of which being lost by Austria. This is reversable, but it needs some Politician in Austria to make a decision, without delaying another 5 months and then complaining that this is “how Politics works”. It doesn’t work in Austria, which is why Austria is declining, while neighbouring countries are growing, with the help of Ryanair and other low-cost airlines.”

Ryanair today (Tues, 4 Nov) released its Oct 2025 traffic stats as follows:

Ryanair Holdings plc today (3 Nov.) reported Q2 PAT of €1.72bn, up 20% on PY Q2 PAT of €1.43bn.   H1 PAT rose 42% to €2.54bn, as traffic grew 3% to 119m passengers while fares rose 13% due to a strong Easter, weak prior-year comps and Q2 fare recovery.

H1 highlights include:
• Traffic grew 3% to a record 119m.
• Rev. per pax up 9% (ave. fare +13% & ancil. rev. +3%).
• Strong cost control as unit costs rise just 1%.
• 199 B737 “Gamechangers” in 636 fleet at 30 Sept.
• 2 new bases & 91 new routes (over 2,500) on sale for S.26.
• Jet fuel hedges extended: 80% of FY27 at just under $67bbl.
• Ryanair added to MSCI Global & FTSE Russell indices.
• €0.193 interim div. per share declared (payable in Feb. 2026).

H1 REVIEW

Ryanair Group CEO Michael O’Leary, said:

Revenue & Costs:

“H1 revenues rose 13% to €9.82bn.  Scheduled revenue increased 16% to €6.91bn as traffic grew 3% but fares rose 13%.  Fares benefitted from having the full Easter holiday in Q1 (with weak prior-year comps) and we achieved a full recovery of the 7% fare decline we suffered in last years Q2.  Ancillary revenue was solid, rising 6% to €2.91bn.  Operating costs rose 4% (+1% per pax) to €6.96bn as our fuel hedges helped offset higher ATC fees (up 14%) and enviro. costs (ETS allowance unwind and SAF blend mandates from last Jan.).

H2 FY26 fuel is c.85% hedged at $76bbl (de-risking the Group for the remainder of this year) and we’ve taken advantage of recent price dips to extend our FY27 hedge cover to 80% at just under $67bbl, locking in price savings of over 10% in our fuel costs next year. 

Balance Sheet, Liquidity & Returns:

Ryanair’s balance sheet is strong with a BBB+ credit rating (both Fitch and S&P) and unencumbered B737 fleet (610 aircraft).  At 30 Sept., gross cash was €3bn after €1.2bn debt repayments (incl. our €850m bond in Sept.), €1.1bn capex and €0.4bn shareholder distributions.  Liquidity is further boosted by the Group’s RCF which has c.€1bn undrawn.  Net cash rose to over €1.5bn from €1.3bn at 31 Mar., leaving the Group well positioned to fund capex and repay our last remaining bond (€1.2bn) in May 2026 from internal cash resources.  This financial strength widens the cost gap between Ryanair and our competitors, many of whom remain exposed to expensive (long-term) finance and rising aircraft lease costs.

In May, we launched a €750m share buyback.  At 30 Sept. we had purchased (and cancelled) over 7m shares (approx. 25% of programme) at a cost of €188m.  Today, the Board (in line with Ryanair’s dividend policy) declared an interim dividend of €0.193 per share (payable in late Feb. 2026).

FLEET & GROWTH

Boeing’s improved deliveries continued through S.25 and into Oct., enabling our Group to carry extra passengers in H1 and selectively add capacity over the peak Oct. mid-term school holidays and into the Christmas/New-Year peak travel period.  Ryanair had 204 B737-8200 “Gamechangers” in its 641 fleet at the end of Oct. and we’re confident that the last 6 remaining Gamechangers (210 orderbook) will deliver well ahead of S.26, facilitating 4% traffic growth to 215m next year (FY27).  Boeing expects MAX-10 certification in mid 2026 and they expect to meet our contract delivery dates for our first 15 MAX-10s in Spring 2027, with 300 of these fuel-efficient aircraft due to deliver by Mar. 2034.  As part of our preparations for the MAX-10s, we need to accelerate cadet and first officer (“FO”) recruitment for the next 3 years.  While this investment in training and growth (approx. €25m p.a.) will increase FO crewing ratios for up to 3 years, it will provide a strong pool of home-grown FOs ready for promotion to Captains when MAX-10 deliveries ramp-up in FY29/FY30.  We’ve also taken advantage of recent US$ weakness and hedged approx. 35% of our MAX-10 firm order (150 aircraft) capex at an average €/$ rate of 1.24, locking-in further capex savings on these low-cost aircraft. 

This winter, we’ve allocated Ryanair’s scarce capacity to those regions and airports cutting aviation taxes and incentivising traffic growth such as Sweden, Slovakia, Italy, Albania and Morocco by switching flights and routes away from high cost, uncompetitive markets like Germany, Austria and regional Spain.  This trend will continue into S.26, with over 2,500 routes now on sale (incl. new bases in Tirana and Trapani and 91 additional routes).

We expect European short-haul capacity to remain constrained to at least 2030 as the big 2 OEMs remain behind on aircraft production, Pratt & Whitney engine repairs continue to be an issue for many Airbus operators, EU airline consolidation accelerates (incl. Air Europa, SAS & TAP) and unprofitable airlines withdraw capacity from markets where they are unable to compete with Ryanair’s lower costs.  Industry capacity constraints, combined with our widening cost advantage, strong balance sheet, low-cost aircraft orderbook and industry leading ops resilience will, we believe, facilitate Ryanair’s controlled profitable growth to 300m passengers p.a. by FY34. 

ESG

During H1 we took delivery of 23 new Gamechangers (4% more seats, 16% less fuel & CO₂) and benefitted from the retrofit of winglets to approx. 60% of our B737NG fleet (1.5% lower fuel burn and 6% less noise).  Our 409 NGs will be retrofitted by the end of 2026 and we expect to have all 210 Gamechangers in our fleet well ahead of S.26.  We recently agreed to purchase 30 CFM LEAP-1B spare engines (a $500m commitment) to improve our operational resilience.  Over 50% of these engines were delivered at 30 Sept., with the balance expected in coming months.  These latest technology engines reduce fuel consumption and CO₂ emissions per seat by up to 20%.  The Groups significant investment in new technology, coupled with ambitious SAF commitments, positions Ryanair as one of Europe’s most environmentally efficient airlines.

As expected, following the lifting of the prohibition on non-EU nationals purchasing Ryanair’s ord. shares in Mar. (while continuing to apply voting restrictions) and Ryanair’s inclusion in the MSCI Global and FTSE Russell indices, we’ve seen increased global investor interest.  At 30 Sept. the proportion of Ryanair’s issued share capital held by EU nationals was 33% (significantly above the 20% threshold for potential re-introduction of purchase restrictions), while 100% of voting rights remained in the hands of EU investors.

EUROPE IS FAILING ON COMPETITIVENESS

We remain concerned that Ursula von der Leyen (and her new Commission) have done nothing, over the past 14 months, to improve European competitiveness by implementing the Sept. 2024 Draghi Report recommendations.  Europe’s airlines have called for a level playing field on enviro. taxes, by bringing ETS rates into line with CORSIA, and urgent ATC reform by protecting overflights during national strikes, and ensuring that Europe’s major ATC providers in France, Germany, and Spain are fully staffed for the first wave of daily departures.  These reforms are urgent and it’s about time President von der Leyen stopped talking about reform and started to deliver it.

While the Commission stands idly by, the EU Parliament is proposing even more stupid rules (such as further increasing free carry-on luggage limits – even though there is no room in the aircraft cabin for these extra bags) which will only lead to more airport security and flight delays as well as higher costs, and higher fares for Europe’s consumers.

OUTLOOK

FY26 traffic is now expected to grow by more than 3% to 207m passengers (previously 206m), due to earlier than expected Boeing deliveries and strong H1 demand.  Unit costs performed well in H1 and, as previously guided, we expect only modest FY26 unit cost inflation as our B-8200 deliveries, fuel hedging and effective cost control across the Group helps offset increased ATC charges, higher enviro. costs and the roll-off of last years modest delivery delay compensation.  While Q3 forward bookings are slightly ahead of PY, particularly across the Oct. mid-term and Christmas peaks, we would caution that we face more challenging PY fare comps in H2 making fare growth more challenging.  Q3s fare outcome will be determined by close-in Christmas and New Year bookings.  As is normal at this time of year, we have zero Q4 visibility and there is no Easter benefit in this year’s Q4. 

It remains too early to provide meaningful FY26 PAT guidance.  We do, however, cautiously expect to recover all of last years 7% full-year fare decline, which should lead to reasonable net profit growth in FY26.  The final FY26 outcome remains exposed to adverse external developments, incl. conflict escalation in Ukraine and the Mid. East, macro-economic shocks and any further impact of repeated European ATC strikes & mismanagement.”