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.”    

RYANAIR PRIME MEMBERS ENJOY ALMOST €650 IN SAVINGS

Ryanair, Europe’s No.1 airline, today (Fri, 31 Oct) released its exclusive “Prime Member” offer for November, giving members €30 off return flights operating between 18 December to 8 January. This exclusive 48hr sale is available only to Ryanair Prime members, so sign up before this 2-day sale goes live on Fri, 31 October, to save on fares and other Prime Member benefits, like free reserved seats and free travel insurance.

This November Prime Member sale is the eighth monthly seat sale since Ryanair launched its €79 subscriber discount scheme in March, with Prime members accumulating almost €650 in savings to date for a 12-month membership cost of just €79. Ryanair’s eighth-monthly seat sales alone saved Prime members €340, over four times €79 cost of Prime membership.

Ryanair CMO, Dara Brady said:

“We’re excited to launch our November Prime Member Seat Sale, going live on Friday, 31 October, for just 48 hours. Prime members can enjoy €30 off return flights for travel between Thursday, 18 December and Thursday, 8 January, the perfect opportunity to explore Europe’s magical Christmas markets or kick off the new year with a getaway.

With Prime, members unlock unbeatable value all year round, from exclusive flight and seat savings to great deals on travel extras, all for just €79 a year. Don’t miss out! Sign up to Prime today and start enjoying the same amazing savings and benefits already loved by thousands of members.”

CALLS ON GOVT TO SCRAP AVIATION TAX TO GROW TRAFFIC & TOURISM

Ryanair, Europe’s No.1 airline, today (Tue, 28 Oct) announced it will cut 2 more aircraft from its Vienna base for S26 (loss of $200m investment) due to the Govt’s continued failure to scrap its harmful aviation tax and lower Vienna Airport’s excessive fees. Despite Ryanair presenting an ambitious €1bn growth plan to the Chancellor in September, which would grow Austria’s traffic to 12m passengers p.a. (+70%) and see Ryanair base another 10 new “Next-Gen” Boeing 8-200 aircraft by 2030, the Govt has failed to respond, and as a result, high cost/high tax Austria continues to lose aircraft, traffic, tourism, and jobs to lower cost neighbours Italy & Slovakia.

Austria’s air travel market is collapsing because of this harmful aviation tax – which is one of the highest in Europe at €12 per passenger – making Austria completely uncompetitive compared to lower cost EU countries, like Sweden, Hungary, Slovakia, and regional Italy, where Govt’s are abolishing aviation taxes and cutting airport fees to grow traffic and tourism.

Ryanair has already been forced to cut 3 aircraft and close 3 routes from Vienna for W25. Wizz, Level and easyJet have also closed their Vienna bases, and Lufthansa announced a cut of 10 aircraft from its AUA fleet.

The Austrian Govt. must now wake up if it wishes to save Austria’s failing traffic, tourism, and jobs by immediately scrapping the Austria’s failed aviation tax, and lowering Vienna Airport’s excessive fees.

Ryanair’s Group CEO, Michael O’Leary said:

“We are disappointed with the Austrian Govt’s failure to honour their promise to respond to our $1bn growth plan, which would see Ryanair grow its Austrian traffic by 70% to 12m passengers p.a., base another 10 aircraft at Vienna, add 40 new routes and create 300 high paid jobs for pilots, cabin crew, and engineers. This would see Ryanair fill the gap left by Lufthansa, Wizz, and other high-fare airlines who have cut routes to/from Austria in recent months. All Chancellor Stocker had to do was to scrap Austria’s harmful aviation tax (which only raises €160m p.a.), which is already one of the highest in Europe at €12 per passenger.

As a result of Chancellor Stocker’s failure to reply to our growth proposal, Ryanair has been forced to cut another 2 aircraft from our Vienna base for S26, on top of the 3 aircraft already removed for W25. This capacity will instead be reallocated to other low-cost EU markets, like Italy, Hungary, and Slovakia, where Govt’s are abolishing aviation taxes to stimulate traffic and tourism growth.

The message is clear; Austria’s air travel market is collapsing due to its harmful aviation tax (which only raises €160m p.a.). Chancellor Stocker must act now to scrap this harmful tax and promote low-fare air traffic and tourism growth or suffer more cuts and higher air fares for Austrian passengers/visitors.”

38 ROUTES (6 NEW), 7 AIRCRAFT, INVESTMENT WORTH USD 700 MILLION

Ryanair, the largest airline in Poland and Europe, announced today (October 23) its 2025 winter flight schedule for Wrocław, covering 38 routes, including six new connections – to Newcastle, London Luton, Seville, Pescara, Lamezia, and Athens.

With seven aircraft based in Wrocław, Ryanair is strengthening its position as the largest carrier in the region, supporting the development of tourism, jobs, and the economy of Lower Silesia. This year, the airline will carry over 2.5 million passengers to and from Wrocław, offering them an even wider choice of destinations across Europe.

Ryanair’s winter schedule from Wrocław for 2025 includes:

•    38 routes, including 6 new ones: Newcastle, London Luton, Seville, Pescara, Lamezia, Athens

•    7 aircraft based in Wrocław (investment of USD 700 million)

•    2.5 million passengers per year

•    Over 2,500 jobs in the region

As the fastest growing airline in Europe and the CEE region, Ryanair has also announced recruitment for cadet pilot positions for 2026. Across Poland, 100 places have been created for future pilots who want to start their careers with Europe’s largest airline. Detailed information about the recruitment process can be found on the website https://careers.ryanair.com/jobs/

To mark the announcement of its winter flight schedule, Ryanair has launched a special promotion offering tickets from PLN 119 – the offer is available for a limited time exclusively on ryanair.com.

Michał Kaczmarzyk, President of Buzz (Ryanair Group), said:

“Ryanair is proud to expand its network from Wrocław, which has been one of our key airports in Poland for many years. This winter season, we are offering as many as 38 routes, including 6 new ones, giving passengers even more choice of destinations across Europe.

We have 7 aircraft based in Wrocław this winter – an investment worth USD 700 million, supporting over 2,500 jobs directly and thousands indirectly in the region. At the same time, we are investing in the future of Polish aviation by creating 100 new jobs for cadet pilots for 2026. Recruitment is already underway – this is a unique opportunity to start a career with Europe’s largest airline.

We encourage passengers to take advantage of our ticket promotion from PLN 119, available exclusively on ryanair.com – first come, first fly cheaper!”

Karol Przywara, President of the Management Board of Wrocław Airport, said:

“The ever-growing presence of Ryanair in Wrocław is excellent news for passengers, who can take advantage of the carrier’s extensive network of connections. An even larger number of aircraft at the Wrocław base will make the offer available to travelers in the capital of Lower Silesia truly impressive. It is also worth noting that the region will gain new jobs offered by Ryanair, both for aircraft crews and employees of the service center operating at Wrocław Airport.”

UNVEILS MAJOR INVESTMENT PROPOSAL FOR AMMAN, AQABA & MARKA

Ryanair, Europe’s No.1 airline, today (Wed, 22 Oct) announced a record schedule for Amman this Winter delivering more than 300k seats across 18 destinations – connecting Jordan to 12 EU countries including Austria, Belgium, France, Germany, Italy, and Spain.

The rapid return to full operations at Amman Airport is due to the pragmatic approach of the airport and pro-business attitude of the Jordanian Government which sees Jordan continuing to strengthen its position as a leading tourism destination in the Middle East. Ryanair is committed to playing a key role in driving tourism to Jordan by delivering Europe’s lowest airfares, allowing tourists to spend their money in local hotels, restaurants, and services supporting job creation and economic growth.

Ryanair also today unveiled its ambitious investment proposal for the Hashemite Kingdom of Jordan which offers to:

1. Increase traffic by +360% to 3m annual seats;
2. Operate 50 direct connections from European cities to Jordan;
3. Launch new flights to Marka (Amman) Airport; and,
4. Maintain year-round flights to Aqaba.

Ryanair CEO, Eddie Wilson, said:

“Ryanair is thrilled to announce the return to full operations to Jordan from Oct, underlined by a record Winter schedule for Amman. With 84 weekly flights across 18 routes to 12 European countries such as Austria, Belgium, France, Germany, and Spain, Ryanair’s investment will ensure that Jordan remains a key tourist destination this Winter – delivering enhanced connectivity, increased tourism, and economic growth with Europe’s lowest fares.

Ryanair’s rapid return to Jordan is built on a long-standing partnership between Ryanair and the Kingdom whose pro- growth strategy will ensure Jordan remains the premier touristic destination in the Middle East. We are also excited to unveil our investment proposal which will increase Ryanair traffic to Jordon to 3m seats p.a., deliver 50 direct connections across Amman, Marka and Aqaba airports, driving job creation, tourism and economic growth.

We look forward to working with the Hashemite Kingdom of Jordan to deliver this exciting plan and introducing millions of passengers from across Europe to Jordan’s rich culture and unique history.”

Jordanian Minister of Tourism and Antiquities, Dr. Emad Hijazeen, said:

“Today’s announcement of 18 Ryanair routes to Amman for the Winter 25/26 Season, marks a truly exceptional milestone for Jordan’s aviation and tourism sectors.

This expansion not only reinforces Jordan’s position as a key tourism and investment hub in the region, but also plays a vital role in supporting our national economy and creating new opportunities across the tourism value chain.

Our partnership with Ryanair, which began in 2018, has evolved into a model of a successful partnership built on trust, resilience, and shared vision.”

Jordan Tourism Board Managing Director, Dr. Abdul Razzaq Arabiyat, said:

“Since the start of our partnership in 2018, Ryanair has been an essential strategic tool in promoting Jordan as a competitive and accessible destination for European travellers.

Together, we have achieved exceptional results, welcoming more than a million visitors since the start of this strategic partnership from across Europe, diversifying source markets, and helping Jordan achieve record-breaking tourism numbers in multiple seasons.

Beyond routes and capacity, our joint marketing initiatives and campaigns since 2018 have played a truly transformative role in positioning Jordan globally — showcasing it as a must-visit destination for travellers of all profiles, from cultural explorers to adventure seekers and families alike. These initiatives are carefully localized, translated, and tailored for each market in its own language, ensuring maximum impact, relevance, and efficiency in reaching diverse audiences across Europe.”

NEW ROUTES TO ALICANTE & PALMA FROM SUMMER 2026

Ryanair, Europe’s No. 1 airline, today (Wednesday, 22 October) reaffirmed its commitment to Germany’s regions, announcing that it will operate low-cost flights from Friedrichshafen Airport from Summer ’26. Ryanair will connect Friedrichshafen with Alicante twice weekly and Palma de Mallorca three times per week, providing the citizens of Friedrichshafen and the surrounding Lake Constance region with new connections to two popular summer destinations at Europe’s lowest fares. With Friedrichshafen re-joining Ryanair’s network of over 230 airports, Ryanair has continued its investment in the regional German airports offering competitive costs, boosting international connectivity and tourism while supporting local jobs and economies.

Ryanair’s investment in Germany could be far greater were it not for the Federal Govt’s repeated failure to address Germany’s high access costs, which continue to stifle traffic, tourism, jobs, and Germany’s post-COVID economic recovery. The Govt’s decision to backtrack on reversing the latest +24% aviation tax increase introduced in May ’24 has forced Ryanair to reduce its Winter ’25 schedule by over 800,000 seats and cancel 24 routes across 9 high-cost German airports (including Berlin, Hamburg, and Memmingen), while Dortmund, Dresden, and Leipzig airports also remain closed.

Germany’s aviation sector is being choked by excessive taxes and security fees, sky-high ATC charges and rising airport costs, making it one of the least competitive markets in Europe. While countries like Sweden, Hungary, and regions of Italy (Abruzzo, Calabria, Friuli-Venezia Giulia, and Sicily) are abolishing aviation taxes and lowering access costs to drive traffic growth and tourism, Germany continues to lag behind, operating at just 88% of pre-COVID traffic levels.

To celebrate the launch of flights to Friedrichshafen, Ryanair is offering a special seat sale with fares starting from €34.99 for travel between April and May, bookable until the end of October and available later today on www.ryanair.com.

Ryanair’s Head of Communications DACH, Marcel Pouchain Meyer, said:

“We are delighted to announce the long-awaited return of Ryanair’s low-cost flights to Friedrichshafen from Summer 2026 with the launch of exciting new routes to two popular Spanish destinations, Alicante and Palma. We are excited to strengthen the connectivity of Friedrichshafen and the surrounding Lake Constance region, continuing Ryanair’s investment in Germany’s most cost-competitive regional airports and boosting tourism, jobs, and economic growth.

While Friedrichshafen and other competitive regional airports are benefitting from Ryanair’s growth this summer, Germany’s high cost, underperforming airports (such as Berlin, Hamburg, and Memmingen) continue to be crippled by high airport charges, exorbitant (and increasing) aviation / security taxes, and air traffic control charges which have doubled since 2019. These highly uncompetitive access costs have forced Ryanair to divert traffic growth from Germany to neighbouring European markets who are proactively abolishing aviation taxes and lowering access costs to deliver traffic recovery and growth (such as Sweden, Hungary, and regional Italy). It is no wonder that the German aviation market is recovering so poorly, at only 88% of pre-Covid levels.

Ryanair reiterates its call on Transport Minister Patrick Schnieder to finally act – scrap the aviation tax and cut access costs so that Germany’s air traffic can return to growth once again, instead of continuing to lag behind the rest of Europe.

To celebrate the launch of flights to Friedrichshafen, Ryanair is offering a special seat sale with fares starting from €34.99 for travel between April and May, bookable until the end of October and available later today on www.ryanair.com.”

15 ROUTES (3 NEW), 3 BASED AIRCRAFT  – INVESTMENT WORTH USD 300M

Ryanair, the largest airline in Poland and Europe, announced today (October 21) its 2025 winter flight schedule for Katowice, featuring 15 exciting routes, including three new destinations—Budapest, Brussels, and Trapani—and additional flights to popular sunny destinations such as Alicante, Athens, and Catania.

This winter, three Ryanair aircraft will be based in Katowice, strengthening the airport’s position as one of the key hubs in Ryanair’s network in Poland and supporting the development of tourism, jobs, and the local economy.

Ryanair’s winter schedule from Katowice for 2025 includes:

• 15 routes, including 3 new ones: Budapest, Brussels, and Trapani
• 3 aircraft based (investment of USD 300 million)
• 1.3 million passengers per year
• Over 1 000 jobs supported

As the fastest growing airline in Europe and the CEE region, Ryanair has also announced recruitment for cadet pilot positions for 2026. Across Poland, 100 places have been opened for future pilots who want to start their careers with Europe’s largest airline. Detailed information about the recruitment process can be found on the website: https://careers.ryanair.com/jobs/

To mark the announcement of its winter flight schedule, Ryanair has launched a special promotion with tickets starting at PLN 119 – the offer is valid for a limited time exclusively on ryanair.com.

Michał Kaczmarzyk, CEO of Buzz (Ryanair Group), said:

“Ryanair continues to grow in Poland, investing in regional airports such as Katowice, which play a key role in improving transport accessibility, developing tourism, and boosting local economies. Our 2025 winter schedule includes 15 routes, including three new connections – to Budapest, Brussels, and Trapani – giving passengers even more choice of winter destinations.

This schedule will be operated by three aircraft based in Katowice, representing an investment of USD 300 million and supporting over 1,000 jobs in the region. At the same time, we are investing in the future of Polish aviation by creating 100 new jobs for cadet pilots for 2026. Recruitment is already underway – this is a unique opportunity to start a career with Europe’s largest airline.

To mark the occasion, we are launching a special ticket sale starting at PLN 119, available exclusively on ryanair.com – we encourage passengers to book quickly so as not to miss out on the lowest prices.”

Artur Tomasik, President of the Management Board of the Upper Silesian Aviation Association (Katowice Airport):

“This year, Ryanair has significantly increased its regular flight offerings from Katowice Airport. In the first three quarters of 2025, it handled 14% more passengers at our airport than in the same period last year. Thanks in part to the activity of this carrier, this year, for the first time in the airport’s history, we will exceed the threshold of 7 million passengers served.”