TRAFFIC GROWS 6% AS FARES RISE 4%

Ryanair Holdings plc today (26 Jan.) reported a Q3 PAT of €115m (pre-exceptionals) compared to a strong prior-year Q3 PAT of €149m. An €85m exceptional charge is a provision for approx. 33% of the baseless Italian AGCM fine which our lawyers are confident will be overturned on appeal.

	Q3 FY25	Q3 FY26	+/-
Passengers	44.9m	47.5m	+6%
Load Factor	92%	92%	–
Ave. fare (€)	43	44	+4%
Revenue (€)	2.96bn	3.21bn	+9%
Op. Costs (pre-except.) (€)	2.93bn	3.11bn	+6%
PAT (pre-except.) (€)	149m	115m	-22%
PAT (post. except.) (€)	149m	30m	-80%

Q3 highlights include:

• Traffic grew 6% to 47.5m.
• Rev. per pax up 3% (ave. fare +4% & ancil. rev. +1%).
• Strong cost control with unit costs flat (pre-except. charge).
• 206 B737 “Gamechangers” in 643 fleet at 31 Dec.
• 3 new bases & 106 new routes on sale for S.26.
• Fuel 80% hedged for FY27 @ $67bbl
• Italian AGCM levies baseless €256m fine which is under appeal.

Q3 FY26 REVIEW

Ryanair Group CEO Michael O’Leary, said:

Revenue & Costs:

“Q3 revenue rose 9% to €3.21bn.  Scheduled revenue increased 10% to €2.10bn as traffic grew 6% with 4% higher fares, thanks to strong Oct. school mid-term and close-in Christmas/New Year bookings.  Ancillary revenue was solid, rising 7% to €1.11bn.  Operating costs (pre-except. charge) rose 6% to €3.11bn (flat per pax).  With almost all of our B-8200 “Gamechangers” delivered, other income in Q3 dipped due to the absence of delivery delay compensation in the quarter (which was incl. in PY Q3 comp.).

Q4 FY26 fuel is 84% hedged at $77bbl and we’ve now locked-in FY27 savings with 80% of our jet-fuel requirements hedged at c.$67bbl. 

Balance Sheet, Liquidity & Returns:

Our balance sheet is strong with a BBB+ credit rating (both Fitch and S&P) and an unencumbered B737 fleet.  At 31 Dec., gross cash was €2.4bn after €1.2bn debt repayments, €1.4bn capex and €0.6bn shareholder distributions.  Liquidity is further boosted by the Group’s RCF which has c.€1bn undrawn.  Net cash was €1bn, leaving the Group well positioned to fund capex and repay our last remaining €1.2bn bond 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 31 Dec. we had purchased (and cancelled) over 13.1m shares (c.46% of programme) at a cost of over €340m.  An interim div. of €0.193 per share will be paid in late Feb.

Over the last 3-years we have generated a TSR (total shareholder return) in excess of 150%, placing Ryanair comfortably in the top quartile of the Stoxx Europe 600 index TSR performers.  The Group will continue to deliver disciplined and consistent capital allocation (underpinned by a strong balance sheet) as traffic grows to 300m p.a. by FY34.

FLEET & GROWTH

The Group had 206 B737-8200 “Gamechangers” in its 643 fleet at 31 Dec. We expect to receive the final 4 Gamechangers (210 total) by the end of Feb., facilitating 4% traffic growth to 216m next year (FY27).  Boeing expects MAX-10 certification during summer 2026 and are increasingly confident that they will meet their contract delivery dates for Ryanair’s first 15 MAX-10s in Spring 2027, with 300 of these fuel-efficient aircraft due to deliver by Mar. 2034. 

This winter, we’ve allocated Ryanair’s scarce capacity to regions and airports cutting aviation taxes and incentivising traffic growth (such as Albania, Italy, Morocco, Slovakia and Sweden) by switching flights and routes away from high cost, uncompetitive markets like Austria, Belgium, Germany and regional Spain.  This trend continues into S.26, with over 106 new routes on sale (incl. 3 new bases in Rabat, Tirana and Trapani). With seats likely to sell out, we encourage all passengers to book early on www.ryanair.com to grab our lowest fares.

We expect European short-haul capacity to remain constrained to at least 2030 as the big 2 OEMs remain well behind on aircraft deliveries, Pratt & Whitney engine repair delays continue for many Airbus operators, EU airline consolidation accelerates 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 Q3 CDP (Carbon Disclosure Project) upgraded Ryanair’s rating to A (was A-) and MSCI reconfirmed the Group’s ‘A’ rating.  We took delivery of 7 new Gamechangers (4% more seats, 16% less fuel & CO₂) and benefitted from retrofitting winglets to c.65% of our B737NG fleet (1.5% lower fuel burn and 6% less noise).  All of our (409) NGs will be retrofitted by late 2026 and we expect to have all 210 Gamechangers in our fleet before the end of Feb., driving S.26 efficiencies.  The Groups significant investment in new technology, coupled with ambitious SAF commitments, positions Ryanair as one of Europe’s most environmentally efficient airlines.

BASELESS AGCM FINE

In late December the Italian AGCM levied a baseless €256m fine against Ryanair for our direct distribution to consumers policy in Italy.  This fine, will we believe, be overturned on appeal as it ignores and contradicts the Milan Court of Appeal ruling in Jan. 2024 which ruled that Ryanair’s direct distribution model

• “undoubtedly benefit[s] consumers” by leading to lower fares
• is “economically justified in terms of containing operating costs, and eliminating the costs associated with intermediation in ticket sales”
• “contribute[s] to…..a direct channel of communication…for any possible need for information and updates on flights”.

Both we and our Italian legal advisors are confident that the Courts will overturn this AGCM ruling on appeal.

OUTLOOK

We now expect FY26 traffic to grow 4% to almost 208m passengers (previously 207m), due to strong demand and earlier than expected Boeing deliveries.  Unit costs have performed well, and we continue to expect only modest FY26 unit cost inflation as our B-8200 deliveries, fuel hedging and effective cost control helps offset increased ATC charges, higher enviro. costs and the roll-off of last years delivery delay compensation.  While Q4 doesn’t benefit from Easter, fares are trending ahead of prior year and we now believe full-year fares will exceed the +7% growth previously guided by 1% or 2%.  At this stage, we are cautiously guiding FY26 PAT (pre-exceptional) in a range of €2.13bn to €2.23bn.  The final FY26 outcome remains exposed to adverse external developments in Q4, incl. conflict escalation in Ukraine and the Mid. East, macro-economic shocks and any further impact of repeated European ATC strikes & mismanagement.”   

ENDS

Certain of the information included in this release is forward looking and is subject to important risks and uncertainties that could cause actual results to differ materially and that could impact the price of Ryanair’s securities. Forward looking statements are based on management’s beliefs and assumptions and on information currently available to management. Ryanair has no obligation to update any forward looking statements contained in this release, whether as a result of new information, future events, or otherwise. It is not reasonably possible to itemise all of the many factors and specific events that could affect the outlook and results of an airline operating in the European economy and the price of its securities. Among the factors that are subject to change and could significantly impact Ryanair’s expected results and the price of its securities are the airline pricing environment, fuel costs, competition from new and existing carriers, market prices for the maintenance and replacement of aircraft, costs associated with environmental, safety and security measures, actions of the Irish, U.K., European Union (“EU”) and other governments and their respective regulatory agencies, litigation, post-Brexit uncertainties, changes in the structure of the European Union, any further change in the restrictions on the ownership of Ryanair’s ordinary shares and the voting rights of its shareholders and ADR holders, including as a result of regulatory changes or the actions of Ryanair itself, weather related disruptions, ATC strikes and staffing related disruptions, aircraft availability and delays in the delivery of contracted aircraft, dependence on external service providers and key personnel, supply chain disruptions, tariffs, fluctuations in corporate tax rates, currency exchange rates and interest rates, airport access and charges, labour relations, the economic environment of the airline industry, the general economic environment in Ireland, the U.K. and Continental Europe, continued acceptance of low fares airlines, the general willingness of passengers to travel, war, geopolitical uncertainty and other economic, social and political factors, significant outbreaks of airborne disease and global pandemics such as Covid-19 and unforeseen security events, terrorist attacks and cyber-attacks. There may be other risks and uncertainties that Ryanair is unable to predict at this time or that Ryanair currently does not expect to have a material adverse effect on its business.

MUST IRELAND WAIT UNTIL U.S BLOCKS AER LINGUS FLIGHTS, OR CANCELS MARTIN’S WHITE HOUSE VISIT, BEFORE DUBLIN’S ILLEGAL CAP IS SCRAPPED??

Ryanair, Europe’s largest airline, today (Wed, 21 Jan) called for Micheál “do-nothing” Martin to return immediately from this week’s “doss in Davos”, and pass Legislation to scrap Dublin Airport’s illegal cap before the end of January. Otherwise, Ireland runs the real risk, that the Trump Administration will block Aer Lingus flights landing in the USA, or even worse, Micheál Martin’s March trip to the White House. Micheál Martin’s inaction on the Dublin Airport cap is indefensible, 13 months after his 20-seat majority Govt published their Program in Jan 2025, promising that the Dublin cap would be scrapped “as soon as possible”. Sadly, in Micheál Martin’s world “as soon as possible” means 1, 2, or 3 years maybe later.

The inaction of Micheál Martin’s Govt is an embarrassment. Airlines 4 America have now filed a complaint with the U.S DOT, calling on the U.S Govt to take reciprocal action against Ireland for its indefensible failure to scrap the cap. The main reason for this inaction is Micheál Martin’s never-ending “worldwide tour”, which last year included visits to Canada, Brazil, South Africa, Angola, and frequent trips to Brussels. Already in Jan, he has been to China, and this week he is wasting more time “dossing in Davos” getting his photo taken, while his Govt delivers zero action here at home. What chance has Ireland got of real reform on housing or infrastructure, when Micheál Martin’s Govt (with a 20-seat majority) haven’t scrapped the Dublin Airport cap, 13 months after they promised to do “as soon as possible”.

Irish airports can grow, but only if Micheál Martin acts NOW to scrap the Dublin cap, freeze the DAA’s high fees, and reform Europe’s unfair ETS taxation scam. Ryanair could grow its Irish traffic by 50% from 23m to 35m passengers by 2032, base an additional 20 aircraft in Ireland ($2bn invest), and create thousands more jobs across Ireland, but we need Govt action on aviation and tourism.

Ryanair CEO Michael O’Leary said:

“Micheál Martin’s failure to scrap the cap 13 months after he promised to do – despite a majority of 20 seats – is an international joke. The time has passed for promises, cabinet discussions, heads of bills, or any more delay. It’s time for action! In Feb, the European Court of Justice will rule on Ireland’s illegal cap, which is in breach of Europe’s Charter on freedom of movement. This cap is also contrary to the EU – U.S open skies agreement. After 13 months of inaction,  Airlines 4 America has now made a complaint to the U.S DOT, calling for immediate action to force Ireland to scrap this illegal cap. None of this would be necessary, if our “do-nothing” Taoiseach and his “do-nothing” Govt had delivered their (Jan 2025) promise to scrap this cap as soon as possible.

The problem Ireland suffers is a “do-nothing” Taoiseach leading a “do-nothing” Govt. Micheál Martin prefers overseas trips rather than delivering real action on his Govt Program here at home. It’s time for Micheál Martin to scrap the cap, or quit. His failure to deliver, and that of his Govt, is indefensible and inexplicable.

The NAMA Legislation was passed within 24hours. Why can’t his Govt pass the Legislation to scrap this cap within 1 week or 1 month? He has a 20-seat majority, he’s had 13 months to pass this law, so he should get on with the job and allow the airlines – both Ryanair, and American – to continue to grow traffic, tourism, and economic wealth for Ireland. In 2025 Dublin Airport handled 36.4m pax, which is 4.2m more than the cap. This cap is not only illegal, but is completely outdated and irrelevant.  

It’s time for Micheál Martin to spend more time at home, delivering his Program for Govt (“scrap the cap”), and if necessary, send his Ministers overseas on junkets. If Micheál Martin spent more time at home, and less on his never-ending “worldwide tour”, then the illegal Dublin Airport cap would already be scrapped, and real reform on housing and infrastructure would be delivered as well.”

$400M INVEST FACILITATES 20 NEW ROUTES & 50% GROWTH FOR S26

Ryanair, Albania’s only low-fare airline, today (Tues, 20 Jan) announced that it will base a 4^th B737-800 aircraft in Tirana for April 2026, (a $400m investment) and open 20 new routes including Alghero, Baden-Baden, Eindhoven, Genoa, Memmingen, Parma & Wroclaw in addition to the 23 existing routes for S26 (43 total), supporting over 3,000 jobs, incl. 120 new high-paid jobs for Ryanair pilots and cabin crew in Tirana.

This $400m Ryanair investment in growth at Tirana is a direct result of the Albanian Govt’s proactive policy to abolish aviation taxes and Tirana Airport’s successful growth incentive scheme. Ryanair will deliver 50% traffic growth in Tirana and 4m pax in 2026.

Ryanair’s Tirana S26 schedule will deliver:

• 4 based a/c – $400m invest.
• 43 routes, 20 new
• Traffic growth to 4m pax p.a. (+50% growth)
• Supp. over 3,000 jobs in Albania
• Unbeatable low-fare choice for Albanian citizens/visitors

Over the next 5 years, Ryanair will continue to invest in Albania, basing up to 6 B737 aircraft ($600m invest.) in Tirana, growing to over 6m passengers p.a., operating over 60 routes, supporting over 4,000 jobs by 2030, provided always that the Albanian Govt continues its zero aviation tax policy, and Tirana Airport maintains its low access costs via growth incentive schemes, to stimulate rapid traffic and tourism growth in Tirana.

To celebrate Ryanair’s 4^th based aircraft and 20 new routes to/from Tirana in S26 the airline has launched a 3-day seat sale with 100,000 seats on sale from just €29.99, available to book now via the Ryanair app.

Ryanair CEO Michael O’Leary said:

“As Albania’s only low-fare airline, Ryanair is pleased to announce a 4^th based aircraft in Tirana for S26, which will expand Ryanair’s market share in Albania with 43 routes for Summer 2026, including 20 exciting new routes to the likes of Alghero, Baden–Baden, Eindhoven, Genoa, Memmingen, Parma & Wroclaw, among others. This record Ryanair investment ($400m), record traffic growth of over 50% to 4m pax for Tirana, is a direct result of Albania’s proactive policy to abolish travel taxes, and the Airport’s lower costs, which are delivered by its successful growth incentive schemes.

20 New Routes S26
Alghero	Genoa	Pescara
Baden-Baden	Liverpool	Poznan
Birmingham	Malta	Trieste
Bratislava	Memmingen	Turin
Dublin	Milan M	Verona
Eindhoven	Naples	Wroclaw
Gdansk	Parma

Ryanair’s record 2026 growth at Tirana, offers Albania a unique opportunity to become Europe’s fastest growing air traffic & tourism market in 2026. Ryanair now plans to grow to over 6m passengers p.a. and base up to 6 a/c at Tirana in a $600m investment by 2030, which will deliver over 60 low-fare routes, provided always that Albania continues its zero aviation tax policy and Tirana maintains its current low access costs (via growth incentive schemes), to stimulate rapid growth in traffic, tourism, investment, and jobs in Albania.”

Tirana Airport’s Chief Operating Officer, Mr. Piervittorio Farabbi, said :

“The early expansion of Ryanair’s base in Tirana is a powerful demonstration of the strength of our partnership and our shared ambition for sustainable growth. By combining Ryanair’s network and scale with Tirana International Airport’s rapidly expanding capacity driven by Kastrati Group’s strategic investments in infrastructure, technology, and operational excellence we are unlocking new opportunities for tourism, business, and economic development across Albania and the wider region.”

WHILE HUNGARY, ITALY, SLOVAKIA AND SWEDEN SCRAP TAXES, SILLY BELGIUM RAISES TAXES (5-FOLD!!) & LOSES TRAFFIC/JOBS

Ryanair, Europe’s largest airline, today (Wed, 14 Jan) revised its Brussels 2026 schedules by reducing the number of seats on offer at Charleroi by 1.1m in 2026, with a further planned 1.1m seat cuts in 2027, as Charleroi City Council announces plans for a €3 tax per pax departing Charleroi from April 2026, and the silly Belgium Govt announces a 5-fold increase in pax taxes from €2 in Jan 2025 to €10 in Jan 2027 (at a time when Mario Draghi is calling on Europe to be more competitive). These tax increases are silly when other EU countries including Sweden, Slovakia, Hungary, Italy and Albania, have abolished Aviation Taxes to grow traffic, tourism and jobs. Belgium’s tax rises will now send traffic and jobs to other, more competitive, EU countries.

Ryanair calls on Prime Minister De Wever to reverse these silly tax rises, which will damage Belgium’s competitiveness, and cost Belgium millions of passengers, thousands of flights, and thousands of jobs in tourism and support industries. While almost every other EU country is abolishing Aviation Taxes, it makes no sense for Belgium to increase pax taxes 5-fold, when these taxes have failed in every other EU State. Ryanair, which is Belgium’s largest airline, carrying 11.6m passengers to/from Belgium in 2025, will now cut this figure to (10.6m) in 2026 (if Charleroi Council goes ahead with its €3 tax plan) and will cut further to 9.6m passengers in 2027, if the Belgium Govt doesn’t reverse this idiotic 5-fold increase in pax taxes. The competitiveness of European Aviation is already being damaged by Europe’s mad ETS tax scheme, which taxes only intra-EU flights, while exempting all non-EU flights, and Belgian citizens/visitors cannot be asked to pay even more of these unfair and damaging taxes.

As many other European States have shown, taxing air travel loses traffic, routes and jobs. If the Belgium economy really wants to grow, then the Govt needs to scrap these silly travel taxes, and allow low-fare airlines – led by Ryanair – to return to growth in Zaventem and in Charleroi, instead of cutting over 2m seats, which is what we now plan to do over the next 2 years.

Ryanair’s CEO Michael O’Leary said:

“Only the Belgium Govt could be so silly to raise Aviation Taxes five-fold, at a time when Sweden, Hungary, Italy, Slovakia and Albania are abolishing their Aviation Taxes. These taxes have failed, and have damaged air travel and tourism in many EU countries, which is why they are being scrapped. In Belgium however, the De Wever Govt seems determined to fail, while others are succeeding. Having enjoyed Ryanair’s low fare growth at Charleroi and Zaventem Airport over the last 20 years, the Govt has now decided to raise aviation Taxes (by 5-fold!!) at a time, when almost all other EU States are abolishing them.

What these silly politicians don’t understand is that aircraft and passengers are mobile. If Belgium wants to tax passengers, then they simply switch to lower cost, non-tax, destinations, like Sweden, Italy, Hungary, Slovakia and Albania. Belgium’s loss will be to the gain of these lower cost, tax-cutting States.

When the Draghi Report has called on Europe to become more competitive, the De Wever Govt seems determined to make Belgium even less competitive. Raising taxes will deliver fewer flights, less passengers, less tourism, and cost thousands of jobs at both, Zaventem and Charleroi Airports. The solution to this challenge is easy: Scrap these damaging aviation taxes (as many other EU States have), and allow Ryanair to continue to grow, especially at Charleroi, where over the last 20 years, Ryanair has grown to be Belgium’s largest airline. This growth can easily be lost to tax abolishing countries like Sweden, Hungary, Slovakia and Italy, and if Charleroi and Belgium don’t reverse these taxes, then Ryanair will cut 1.1m pax in 2026 and another 1.1m in 2027, and we will keep cutting until Belgium’s silly Govt works out that taxing traffic is not the way to grow tourism/jobs, it simply sends them to other lower cost, zero-tax, competitor destinations elsewhere in Europe.”

Ryanair today (8 Jan) welcomed three judgments from the Hamburg Regional Court, which ruled that eDreams’ presentation of prices misled consumers.  The Court found that eDreams displayed airline seat and baggage prices without clearly disclosing its own additional fees and that its claimed savings through its “Prime” service could not actually be achieved by consumers.

In its rulings, the Court stated that eDreams’ “price display for seat reservations without disclosing the additional fee… is in any case misleading” and further noted that this constituted “a misleading practice by omission.”  Regarding checked baggage, the Court found eDreams had been “misleading about the service fee,” and in relation to its Prime product the court held “the announcement of the concrete savings… represents a misrepresentation… since the specifically stated savings cannot actually be achieved.” (by consumers).

These judgments confirm that eDreams’ approach to pricing is “misleading”—a practice that sets it apart from most other online travel agencies such as Booking.com, Lastminute, and Kiwi, all of whom have adopted Ryanair’s price transparency standards.  For access to fares that are not “misleading”, we encourage all customers to book directly on the Ryanair.com website, or through one of our approved OTA partners—where consumers always see the true, accurate Ryanair price.

Ryanair’s Dara Brady said:

“These Hamburg Court decisions reinforce what, Ryanair has long advocated – transparent pricing for consumers.   Despite Ryanair’s repeated objections, eDreams continues to scrape our fares and overcharge consumers.  eDreams remains the only large OTA that refuses to follow the transparency standards already adopted by Booking.com, Lastminute, Kiwi and others.  Ryanair has offered to provide eDreams with free, direct access to Ryanair’s inventory — should they wish to compete on a level playing field – if/when they adopt the same transparency standards as their main OTA competitors, and desist from “misleading” or overcharging consumers.”

MISMANAGMENT BY ATC PROVIDERS DENIES THE FREEDOM OF MOVEMENT FOR EU CITZENS

Ryanair, Europe’s No.1 airline, today (Thurs, 8 Jan) published the table of “ATC GRINCHES” that ruined Christmas travel for over 600,000 Ryanair passengers during the festive season. This comes after over 3,200 Ryanair flights and 600,000 Ryanair passengers suffered avoidable ATC delays over the Christmas travel period (22-31 Dec) due to ATC staff shortages. Spain and France were by far the worst performing ATC providers this Christmas, accounting for 34% and 31% of delays respectively.

Such an excessive volume of ATC delays at one of the busiest travel weekends of the year – during which many passengers are travelling with young families – is not acceptable.

Ryanair has repeatedly called for EU ATC reform, but Ursula von “Derlayed-Again” ignores these ATC delays/cancellations which restricts freedom of movement for EU citizens simply due to ATC providers failure to plan for the right number of ATC staff. Ryanair calls on all EU passengers to visit the ‘Air Traffic Control Ruined Your Flight’ webpage and demand that Ursula von “Derlayed-Again” take urgent action to reform the EU’s broken ATC services to minimise delays for EU citizens.

Ryanair’s CEO Eddie Wilson said:

“It is unacceptable that 600,000 passengers suffered avoidable ATC delays this Christmas as a result of staff shortages at ATC centres across Spain, France, Portugal and Germany. With Spain and France top of the” ATC Grinches” list. Passengers should be able to travel around Europe without suffering hours of unnecessary ATC delays and cancellations.

When will Ursula von ‘Derlayed-Again’ and the EU Commission stop sitting on their hands and deliver real ATC reform to protect passengers from these completely avoidable delays? Ryanair has long called for urgent reform, yet the EU continues to allow these disruptions to happen year after year, especially at peak travel periods. We urge all passengers affected by these unacceptable delays to visit our ‘Air Traffic Control Ruined Your Flight’ webpage and email their transport minister to demand action. Enough is enough – Europe needs ATC reform now.”