Ryanair Holdings plc today (22 July) reported Q1 profit of €360m, compared to a prior-year Q1 PAT of €663m, as strong traffic growth (+10%) to 55.5m customers, was offset by half of Easter falling into PYQ4 and weaker than expected air fares in the quarter

Q1 Highlights include:

• Traffic grew 10% to 55.5m, despite multiple Boeing delivery delays.
• Rev. per pax fell 10% (ave. fare down 15% & ancil. rev. flat).
• 156x B737 “Gamechangers” in 594 fleet at 30 June (20 less than budget).
• Record Summer schedule launched (5 new bases, over 200 new S.24 routes).
• Multiple “Approved OTA” partnerships signed to protect consumers.
• Fuel hedges extended: 75% FY25 at under $80bbl saves over €450m & c.45% FY26 at $78bbl.
• Over 50% of €700m share buyback completed.

Ryanair Group CEO Michael O’Leary, said:

ENVIRONMENT:

“Ryanair is Europe’s No. 1 rated airline for ESG by Sustainalytics, and enjoys industry leading ratings from both MSCI (A) and CDP (A-).  Our new aircraft and increasing use of SAF has positioned Ryanair as one of the EU’s most environmentally efficient major airlines.  During Q1 we took delivery of 10x B737-8200 “Gamechangers” (4% more seats, 16% less fuel & CO2) and continued to retro-fit winglets to our B737NG fleet (target 409 by 2026), reducing fuel burn by 1.5% and noise by 6%.  In April we extended our partnership with Trinity College Dublin’s Sustainable Aviation Research Centre (“TCD”) to 2030.  TCD’s facility supports the acceleration of SAF deployment, and funds important non-CO2 research.  Recently proposed EU legislation confining the monitoring of aviation’s non-CO2 impact to only intra-EU flights (yet again exempting long haul flights, which account for the majority of EU aviation emissions) is indefensible and undermines the EU’s green agenda and credibility.  We call on the EU Commission to adopt a “polluter pays” principle and to end the indefensible exemption of polluting long-haul flights from EU enviro. regulation.

In the last 10 days of June we suffered a significant deterioration in European ATC capacity which caused multiple flight delays and cancellations, especially on first wave morning flights, making it more urgent than ever that the new EU Commission and Parliament deliver long delayed reform of Europe’s hopelessly inefficient ATC services.  This can be achieved by properly staffing of Europe’s ATC services and protecting overflights (during national strikes) which would deliver revolutionary environmental improvements in EU air travel.

FLEET & GROWTH:

The Ryanair Group had 156x B737 Gamechangers at 30 June and we expect to increase this to over 160 by the end of July (20 short of our contracted S.24 deliveries).  We continue to work with Boeing (Stephanie Pope & Brian West) and have noted an improvement in the quality and frequency of deliveries during Q1.  While there remains a risk that Boeing deliveries could slip further, our focus has now turned to ensuring timely delivery of our remaining 50 Gamechangers ahead of S.25.

This summer we’re operating our largest ever schedule with over 200 new routes (and 5 new bases) as we deliver as much low fare growth as possible for our passengers and airport partners in FY25.  We’ve launched a new Tangier base and, following Calabria’s recent decision to abolish the Municipal Tax at its regional airports, we will base a second aircraft in both Reggio Calabria (from W.24) and Lamezia (for S.25). To facilitate this growth, Lauda has extended op. leases on 3 of its A320s to 2028.  We will also continue to take delivery of B737s through Aug. and Sept. even though we will be unable to schedule these aircraft for peak Summer flights.

We expect European short-haul capacity to remain constrained for some years as A320 operators work through significant P&W engine repairs, OEMs struggle with delivery backlogs, and airline consolidation continues, including Lufthansa’s recently approved takeover of ITA (Italy), IAG’s delayed takeover of Air Europa (Spain) and the upcoming sale of TAP (Portugal).  These capacity constraints, combined with our significant unit cost advantage, a strong balance sheet, low-cost aircraft orders and industry leading OTP, will underpin a decade of low-fare profitable growth to 300m passengers by FY34. 

Q1 FY25 BUSINESS REVIEW:

Revenue & Costs:

Q1 scheduled revenue fell 6% to €2.33bn.  While traffic grew 10% to 55.5m, our customers enjoyed substantial savings thanks to 15% lower fares due, in part, to the absence of the first half of Easter which fell into March, and more price stimulation than we had previously expected.  Ancillary sales rose 10% to €1.30bn (c.€23.40 per passenger).  As a result, total revenue declined 1% to €3.63bn.  Operating costs increased 11% to €3.26bn, marginally ahead of traffic growth, as fuel hedge savings offset higher staff and other costs which was in part due to Boeing delivery delays.

Our FY25 fuel volumes are 75% hedged at just under $80bbl and 85% of €/$ opex is hedged at $1.11, locking in over €450m savings.  We have taken advantage of recent oil price weakness to increase our FY26 fuel hedging to almost 45% at c.$78bbl.  This strong hedge position helps insulate the Group from significant fuel price volatility.

Balance Sheet & Liquidity:

Ryanair’s balance sheet is one of the strongest in the industry with a BBB+ credit rating (both S&P and Fitch) and €4.49bn gross cash at quarter end, despite €0.50bn capex and €0.25bn share buybacks. Net cash increased to €1.74bn at 30 June (€1.37bn at 31 Mar.). Our owned B737 fleet (566 aircraft) is fully unencumbered, widening our cost advantage over competitor airlines, many of whom are exposed to expensive lease and financing costs.

SHAREHOLDER RETURNS:

A €700m share buyback commenced in May.  To date we have completed over 50% of the programme.  When complete, Ryanair will have returned over €7.8bn to shareholders since 2008.  A final dividend of €0.178 per share is due to be paid in Sept.

Ryanair’s ADSs are traded on NASDAQ.  Following a recent review, the Board has approved a change to the ADS ratio so that one ADS will equal two Ordinary Shares, a 2:1 ratio (currently 5:1).  This change will be formally announced, and implemented, in the coming weeks and requires no action from ADS holders.  The purpose of the change is to bring the Ryanair ADS price broadly in line with current market norms.  As the ADS price will be reduced, they should be more attractive to new investors which potentially will increase ADS liquidity.  

OUTLOOK:

FY25 traffic is expected to grow 8% (198m to 200m passengers), subject to no worsening Boeing delivery delays.  As previously guided, we expect unit costs to rise modestly this year as ex-fuel costs (incl. pay & productivity increases, higher handling & ATC fees and the impact of multiple B737 delivery delays) are substantially offset by our fuel hedge savings, and rising net interest income, which widen Ryanair’s cost advantage over its competitors.  While Q2 demand is strong, pricing remains softer than we expected, and we now expect Q2 fares to be materially lower than last summer ( previously expected to be flat to modestly up).  The final H1 outcome is, however, totally dependent on close-in bookings and yields in Aug. and Sept.  As is normal at this time of year, we have almost zero Q3 and Q4 visibility, although Q4 will not benefit from last year’s early Easter.  It is too early to provide meaningful FY25 PAT guidance, although we hope to be able to do so at our H1 results in Nov.  The final FY25 outcome remains subject to avoiding adverse developments during FY25 ( especially given continuing conflicts in Ukraine and the Middle East, repeated ATC short-staffing and capacity restrictions, or further Boeing delivery delays).

JURY RULES THAT BOOKING.COM VIOLATED U.S. COMPUTER FRAUD AND ABUSE ACT (CFAA) WITH INTENT TO DEFRAUD RYANAIR

JURY DISMISSES BOOKING.COM’S COUNTERCLAIM AGAINST RYANAIR ARGUING DEFAMATION, AND UNFAIR COMPETITION

Ryanair Holdings Plc, today (Fri 19 Jul), welcomed the unanimous verdicts of the jury in the Delaware District Court, which last evening unanimously ruled in favour of Ryanair’s claims that Booking.com had violated the US Computer Fraud and Abuse Act, causing loss to Ryanair. The jury also ruled that Booking.com had done so knowingly with “intent to defraud”, and that Ryanair had suffered economic harm as a result of Booking.com’s unlawful screenscraping activity.

The Delaware Court jury also dismissed all Booking.com’s counterclaims against Ryanair, which included claims for defamation, unfair competition, and deceptive trade practices. These Delaware Court rulings prove that Booking.com was knowingly engaged in unlawful screenscraping of the Ryanair.com website, with an intent to defraud Ryanair. Ryanair has long complained about the deceptive practices of OTA Pirates like Booking.com, who used intermediate software providers to scrape Ryanair’s website, and then use this information to overcharge consumers for Ryanair air fares and/or ancillary services but mask these anti-consumer practices by making bookings using fake customer emails and fake customer payment cards.   

Ryanair’s CEO Michael O’Leary said:

“Ryanair and our customers warmly welcome yesterday’s unanimous jury ruling in the Delaware Court, which comprehensively (found in favour of Ryanair, proving that the travel industry giant Booking.com had illegally “scraped” Ryanair’s website, and did so with an intention to defraud both Ryanair and ordinary consumers, which was in breach of the US Computer Fraud and Abuse Act. We expect that this ruling will end the internet piracy and overcharging perpetrated on both airlines and other travel companies and consumers by the unlawful activity of OTA Pirates like Booking.com.

It is unacceptable that global giants, like Booking.com (mkt cap $133 billion), have been engaged in these illegal and deceptive practices for many years with the intent to defraud both Ryanair and consumers. Ryanair has fought to protect consumers and ensure that they have direct access to Ryanair’s low fares, and our low-price ancillary services without OTAs, like Booking.com and others, inserting themselves into this relationship in order to overcharge unsuspecting consumers who believe they are booking directly with Ryanair, but in fact are being duped into booking (at inflated prices) via these OTA Pirates like Booking.com.  

We also welcome the Delaware Courts rejection of Booking.com’s counterclaims that they had been defamed by Ryanair when calling them an OTA Pirate. We hope these Delaware Court rulings will now see an end to OTA Pirates illegally screenscraping travel websites like Ryanair.com, and will force consumer agencies across the UK and Europe to finally take action to outlaw this illegal screenscraping and over charging of consumers for flights and ancillary services.

This ruling is a great victory for low fare air travel, and it’s a great win for the travelling public as well. We sincerely thank the District Court of Delaware and the jury for their ruling, which completely vindicates Ryanair’s case against Booking.com on behalf of our customers. We now call on Booking.com’s vastly overpaid CEO Glen Fogel ($46m pay in 2023) that he and his company will cease scraping the Ryanair.com website and stop overcharging consumers with inflated air fares and ancillary services, now that Booking.com has been found to be in breach of the US Computer Fraud and Abuse Act.”

Ryanair, Europe’s No.1 airline, today (18 July) announced its latest “Approved OTA” partnership with one of the world’s largest travel technology companies, Expedia Group. This collaboration enables Expedia Group to offer Ryanair’s low fare flights to its travellers, enhancing traveller choices and experiences for those seeking value and convenience.

This is great news for Expedia Group travelers who wish to book Ryanair’s low fares, unbeatable choice of 240+ destinations, and impeccable service. Simplifying the booking process, travellers booking Ryanair flights via Expedia Group have the option of a holiday package or standalone booking, with a path to Ryanair. This ensures Expedia Group travellers have access to their myRyanair account and essential flight updates directly without needing to complete Ryanair’s customer verification process. Travellers can expect to book Ryanair flights directly through Expedia Group in the coming months.

Ryanair CMO, Dara Brady said:  

“We are pleased to announce our latest “Approved OTA” partnership with global travel tech leader, Expedia Group. Through this new agreement, Expedia Group travellers will be able to book Ryanair’s low-fare flights as part of their holiday packages or standalone bookings, with the guarantee of full price transparency and full access to their booking. We look forward to working with Expedia Group and carrying their customers onboard our market-leading network of Ryanair flights in the coming months.”

Expedia Group’s SVP for Trips Partnerships, Susan Spinney said:

“This marks a significant step in our partnership with Ryanair. Earlier this year, we collaborated on ‘Ryanair Rooms,’ allowing Ryanair travelers to seamlessly book a hotel alongside their flight. Soon Ryanair flights will be available directly on Expedia Group’s marketplace, expanding the way travelers’ benefit from this powerful combination. Ryanair’s extensive network of budget-friendly flights, together with Expedia Group’s comprehensive travel offerings, creates an unbeatable value proposition for travelers seeking affordability and convenience.”

Ryanair, Europe’s No.1 airline, today (9^th July) announced its latest “Approved OTA” partnership with Etraveli Group – a world-leading air content tech platform, which includes well-known OTA brands like Mytrip, Gotogate and Flightnetwork – who will now be authorised to offer Ryanair’s low-fare flights to their customers.

This partnership is great news for Etraveli Group’s customers throughout Europe who want to book Ryanair’s low fares, unbeatable choice of 240+ destinations, and impeccable service. Similar to Ryanair’s existing “Approved OTA” agreements, this latest deal guarantees consumers who book Ryanair flights through Etraveli Group´s platforms, that their correct contact and payment info is provided to Ryanair, ensuring that they have access to their myRyanair account and receive important flight information directly process.           

Ryanair’s CMO, Dara Brady, said:

“We are pleased to announce our latest “Approved OTA” partnership with Etraveli Group and its OTA brands, including MyTrip, Gotogate and Flightnetwork, which will enable Etraveli Group’s customers to book Ryanair’s low-fare flights with the guarantee of full price transparency and full access to their booking. We look forward to working with Etraveli Group over the years to come and carrying their customers onboard our market-leading network of Ryanair flights.”

Etraveli Group’s CCO, Johan Elwin, said:

“We are excited to partner with Ryanair and look very much forward to this collaboration. This partnership not only strengthens our position but also benefits our customers by providing them with seamless access to Ryanair’s extensive network. It aligns with our ambition to offer the world’s best air content to our customers and partners both in and outside Europe. By leveraging our advanced tech solutions, including Virtual Interlining, we aim to enhance the travel experience and drive the future of air travel.”

Ryanair, Europe’s No.1 airline, today (5^th July) announced its latest “Approved OTA” partnership with leading global online travel agent (OTA), lastminute.com, who will now be authorised to offer Ryanair’s low-fare flights as part of their dynamic holiday packages and flights.

This milestone partnership is great news for consumers throughout Europe who want to access Ryanair’s low fares, unbeatable choice of 240+ destinations, and impeccable service as part of a package holiday. Similar to Ryanair’s existing “Approved OTA” agreements this latest deal guarantees lastminute.com customers who book Ryanair flights/ancillaries as part of their holiday package, or stand-alone flight, that their correct contact and payment info is provided to Ryanair, ensuring that they have access to their myRyanair account and receive important flight information directly without needing to complete Ryanair’s customer verification process, which unauthorised OTA customers must continue to do.

Ryanair’s Dara Brady said:

“We are pleased to announce our latest “Approved OTA” partnership with global OTA giant, lastminute.com. This milestone partnership is great news for consumers as lastminute.com will now be authorised to offer Ryanair’s low-fare flights as part of their dynamic holiday packages and flights, putting them in stark contrast to the unauthorised OTAs who continue to overcharge customers with hidden mark-ups and provide fake customer contact and payment information to Ryanair. We look forward to working with lastminute.com and carrying their customers onboard our Ryanair flights throughout the years ahead.”

CEO of lastminute.com, Luca Concone, said: 

“As the European Travel-Tech leader in Dynamic Holiday Packages, we know this partnership with Ryanair will grant flexibility, choice and value for customers looking for the best holidays and flights.

We look forward to working closely with Ryanair.”

GROWTH OF 11% OVER JUNE 2023

FIRST EVER MONTH TO EXCEED 19M GUESTS – (AUG 23 WAS 18.9M)

            Ryanair Holdings plc today (Wed, 5 Jun) released May 2024 traffic stats as follows: