9 MONTH YTD PROFIT FALLS 12% ON LOWER FARES

Ryanair Holdings plc today (27 Jan.) reported a Q3 profit after tax of €149m, compared to the prior-year Q3 PAT of €15m, as traffic grew 9% to 45m passengers at marginally higher fares due to stronger close-in Christmas/New Year bookings.  Cumulative 9 month profits of €1.94bn fell 12% below PY 9 month PAT on 8% lower air fares.

	Q3 FY24	Q3 FY25	Change	YTD FY24	YTD FY25	Change
Customers	41.4m	44.9m	+9%	146.8m	160.2m	+9%
Load Factor	92%	92%	–	94%	94%	–
Revenue	€2.70bn	€2.96bn	+10%	€11.27bn	€11.65bn	+3%
Op. Costs	€2.72bn	€2.93bn	+8%	€8.88bn	€9.60bn	+8%
PAT	€15m	€149m	+€134m	€2.19bn	€1.94bn	-12%

Q3 highlights include:

• Traffic grew 9% to 45m, despite prolonged Boeing delays.
• Rev. per pax rose 1% (Q3 ave. fare & ancil. revenue per pax up 1%).
• 172 B737 “Gamechangers” in 609 fleet at 31 Dec.
• Approved OTA partnerships almost fully integrated.
• Over 50% of €800m buy-back completed at 31 Dec.
• €0.223 per share interim div. payable 26 Feb.

Ryanair Group CEO Michael O’Leary, said:

Q3 FY25 BUSINESS REVIEW

Revenue & Costs:

“Total Q3 revenue rose 10% to €2.96bn.  Scheduled revenue increased 10% to €1.92bn as traffic (despite repeated Boeing delivery delays) grew 9% at marginally higher Q3 ave. fares (+1%), helped by strong close-in Christmas/New Year bookings and easier PY comps (with last year’s Q3 holiday season impacted by the OTA boycott).  Ancillary revenues delivered another solid performance, rising 10% to €1.04bn in Q3.  Operating costs rose 8% to €2.93bn as fuel hedge savings offset higher staff and other costs due (in part) to Boeing delivery delays.

Q4 FY25 fuel is c.85% hedged at $80bbl and FY26 fuel is over 75% hedged at $77bbl, de-risking the Group from fuel price volatility.

Balance Sheet, Liquidity & Shareholder Returns:

Ryanair’s balance sheet is one of the strongest in the industry with a BBB+ credit rating (both S&P and Fitch).  On 31 Dec., gross cash was €2.77bn which delivered a modest quarter end net cash balance of €75m, despite €1.1bn capex, over €1.1bn share buybacks and a €0.2bn dividend paid last Sept.  Our owned B737 fleet (582 aircraft) is fully unencumbered, which widens Ryanair’s cost advantage over competitor airlines.  While Ryanair prepares to repay a maturing €850m bond in Sept. 2025 from internal cash resources, our competitors remain exposed to expensive (long-term) finance and rising aircraft lease costs.

We’re now over halfway through our current €800m buyback and remain on track to complete this programme by mid-2025.  When complete, Ryanair will have returned almost €9bn (incl. dividends) to our shareholders since 2008, with approx. 36% of our issued share capital repurchased and cancelled.  An interim dividend of €0.223 per share will be paid in late Feb.

FLEET & GROWTH

Ryanair had 172 B737-8200 “Gamechangers” in its 609 aircraft fleet at 31 Dec.  We continue to work with Boeing to accelerate aircraft deliveries and visited Seattle earlier this month.  While B737 production is recovering from Boeing’s strike in late 2024, we no longer expect Boeing to deliver sufficient aircraft ahead of S.25 to facilitate FY26 traffic growth to 210m passengers.  Boeing delays have forced us to revise our FY26 traffic target to 206m (just 3% growth).  We’re hopeful that the remaining 29 Gamechangers in our 210 orderbook will deliver before March 2026, enabling us to recover this delayed traffic growth in S.26 instead of S.25.  Boeing expects the MAX-10 to be certified in late 2025 which, we hope, will facilitate a timely delivery of our first 15 MAX-10s in Spring 2027 (as contracted). 

Over the coming year, we’ll reallocate this scarce capacity growth to those regions and airports (in Poland, Sweden and Italy) who are investing in growth by cutting/abolishing aviation taxes, and incentivising traffic growth.  Almost all of our S.25 capacity is now on sale, incl. 164 new routes (total 2,600 routes), and we encourage early booking on www.ryanair.com to avoid disappointment.

We expect European short-haul capacity to remain constrained in 2025 as many of Europe’s Airbus operators continue to work through Pratt & Whitney engine repairs, both major OEMs struggle with delivery backlogs, and EU airline consolidation continues, incl. Lufthansa’s takeover of ITA, Air France-KLM’s stake in SAS and the upcoming sale of TAP.  These capacity constraints, combined with our significant cost advantage, strong balance sheet, low-cost aircraft orders and industry leading operational resilience will, we believe, facilitate Ryanair’s low-fare profitable growth to 300m passengers over the next decade. 

ESG

During Q3, MSCI reconfirmed Ryanair’s ‘A’ rating, we retained Sustainalytics No.1 global large cap airline ESG ranking and Ryanair became the first major airline to have its environmental targets (to reduce CO2 per pax/km by 29% to c.50grams by 2031) validated to the latest SBTi guidelines.  In Q3 the retro-fit of winglets to our B737NG fleet (target of 409 by 2026) continued, reducing fuel burn by 1.5% and noise by 6%, and we took delivery of 2 Gamechangers (4% more seats, 16% less fuel & CO2).  Our new aircraft, increasing use of winglets and SAF commitments positions Ryanair as one of the EU’s most environmentally efficient airlines.  Plans to migrate the remaining 25% of customers who don’t already check-in via the Ryanair App to paperless boarding during 2025 are progressing well.  This initiative will remove approx. 300 tonnes of paper annually and will ensure that all customers have access to Day of Travel updates, live flight information, the convenience of Order to Seat for onboard purchases and the many other features contained in the Ryanair App (the ideal travel companion).

In 2024 European airlines suffered record ATC delays due to ATC staff shortages, poor rostering and repeated equipment failures, which caused repeated flight delays and cancellations (especially to first wave morning departures).  As we plan for S.25, we renew our call on the EU Commission to urgently deliver long delayed reform of Europe’s inefficient ATC service.  This can be achieved by demanding adequate staffing of Europe’s ATC providers, especially for the morning/first wave departures and protecting overflights (during national strikes) which would deliver dramatic environmental and punctuality benefits for EU passengers and air travel.

EU Airline Ownership & Control:

Last Sept. the Board confirmed that over 49% of Ryanair’s issued share capital was held by EU nationals.  In anticipation of the 50% threshold being reached, the Board deemed it appropriate to review the potential variation of (1) the purchase prohibition on non-EU nationals acquiring Ryanair ordinary shares (in place since 2002) or (2) the voting restrictions (in effect since Jan. 2021, following Brexit) in a manner that best ensures compliance with EU Reg. 1008/2008.  As part of this review, an engagement process with shareholders and regulators began last Sept. and is now at an advanced stage.  Current restrictions on share purchases and voting by non-EU nationals will remain in place during the review.  There can be no certainty as to the duration of this review or that any variation in approach will result from the review.  Based on current trends, the Company expects its EU shareholding to reach the 50% threshold in H1 2025, or soon thereafter.

OUTLOOK

We expect FY25 traffic to reach almost 200m (+9%) guests, subject to no further adverse news on Boeing delivery delays.  Unit costs are performing in line with expectations, as the cost gap between Ryanair and EU competitor airlines widens, and should be broadly flat for the full-year.  Our fuel hedge savings, strong interest income and some modest aircraft delay compensation are largely offsetting ex-fuel cost inflation (particularly crew pay & productivity increases, higher handling & ATC fees and the cost inefficiency of repeated B737 delivery delays).  While Q3 fares were marginally stronger than the prior year (which was impacted by the OTA boycott in late Nov. 2023), this year’s Q4 will not benefit from last year’s early Easter, which makes our Q4 PY comp. very challenging.  At this stage, we are cautiously guiding FY25 PAT in a range of €1.55bn to €1.61bn.  The final FY25 PAT outcome remains subject to avoiding adverse external developments between now and the end of Mar., incl. the risk of conflicts in Ukraine and the Middle East, further Boeing delivery delays and ATC mismanagement/short-staffing here in Europe.”    

_{Ryanair Holdings plc, Europe’s largest airline group, is the parent company of Buzz, Lauda, Malta Air, Ryanair & Ryanair UK. Carrying c.200m guests p.a. on approx. 3,600 daily flights from 94 bases, the Group connects 237 airports in 37 countries on a fleet of over 600 aircraft, and almost 340 new Boeing 737s on order, which will enable the Ryanair Group to grow traffic to 300m p.a. by FY34. Ryanair has a team of over 27,000 highly skilled aviation professionals delivering Europe’s No.1 operational performance, and an industry leading 39-year safety record. Ryanair is one of the most efficient major EU airlines. With a young fleet and high load factors, Ryanair targets 50grams of CO₂ per pax/km by 2031 (a 27% reduction).}

^{_{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.  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 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, post-Brexit uncertainties, any 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, delays in the delivery of contracted aircraft, fluctuations in 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, the general willingness of passengers to travel and other economics, social and political factors, global pandemics such as Covid-19 and unforeseen security events.}}

Ryanair, Europe’s No.1 passenger airline, today (Mon 13 Jan) provided set of details of the cost and fees it incurred as a direct result of a disruptive passenger on board its flight from Dublin to Lanzarote on 9^th April 2024. Because of this disruptive passenger’s behaviour, the aircraft was forced to divert to Porto, where it landed and the passenger was offloaded and arrested. Due to crew hours restrictions the aircraft, crew and over 160 passengers were forced to overnight in Porto Airport, with the cost of accommodation, meals, etc being funded entirely by Ryanair. The airline also had to provide an additional aircraft and crew to operate the delayed return flight from Lanzarote to Dublin, which took place on 10^th April 2024.

As a direct result of this disruptive passenger behaviour, over 160 passengers and 6 crew were forced to divert to, and overnight in Porto Airport, and then flew onwards to Lanzarote on the following day 10^th Apr 2024. There has been some commentary about the €15,000 cost of this diversion, which Ryanair has broken down as follows:

A spokesperson for Ryanair said:

“None of these costs would have been incurred if this disruptive passenger had not forced a diversion to Porto in order to protect the safety of the aircraft, 160 passengers and 6 crew members on board. European Govts repeatedly fail to take action when disruptive passengers threaten aircraft safety and force them to divert. In this case, the Portuguese Prosecution ruled that because the aircraft and the passenger are Irish, this case should be transferred to Ireland. Ryanair is therefore taking a civil proceeding against this passenger in the Irish Courts to recover these costs, which were incurred wholly and exclusively as a result of the disruptive passenger’s behaviour, which caused not just a diversion, but an overnight in Porto of over 160 passengers and 6 crew member and the operating aircraft.

It is time that EU authorities take action to limit the sale of alcohol at airports. Airlines, like Ryanair, already restrict and limit the sale of alcohol on board our aircraft, particularly in disruptive passenger cases. However, during flight delays, passengers are consuming excess alcohol at airports without any limit on purchase or consumption. We fail to understand why passengers at airports are not limited to 2 alcoholic drinks (using their boarding pass in exactly the same way they limit duty free sales), as this would result in safer and better passenger behaviour on board aircraft, and a safer travel experience for passengers and crews all over Europe.”

RYANAIR NOW PROSECUTING DISRUPTIVE PASSENGERS PERSONALLY IN MAJOR MISCONDUCT CLAMP DOWN

Ryanair, Europe’s No.1 airline, today (Wed, 8 Jan) confirmed that is has filed legal proceedings in the Irish Circuit Court claiming over €15,000 in damages against a passenger who disrupted flight FR7124 from Dublin to Lanzarote on 9 Apr last. This passenger’s inexcusable behaviour forced this flight to divert to Porto where it was delayed overnight, causing 160 passengers to face unnecessary disruption as well as losing a full day of their holiday. It is completely unacceptable that passengers who work hard to enjoy a trip away with family/friends are robbed of the pleasure due to one passenger’s failure to behave.

Ryanair is committed to ensuring that all passengers and crew travel in a safe and respectful environment, without 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 decisive action to combat unruly passenger behaviour on aircraft for the benefit of the vast majority of passengers who do not disrupt flights.

A Ryanair spokesperson said:

“It is unacceptable that passengers – many of whom are heading away with family or friends to enjoy a relaxing Summer holiday – are suffering unnecessary disruption and reduced holiday time as a result of one unruly passenger’s behaviour. Yet this was regrettably the case for passengers on this flight from Dublin to Lanzarote last April, which was forced to divert to Porto as a result of an individual passenger’s disruptive behaviour, causing €15,000 in overnight accommodation, passenger expenses, and landing costs. We have now filed civil proceedings to recover these costs from this passenger.

This demonstrates just one of the many consequences that passengers who disrupt flights will face as part of Ryanair’s zero tolerance policy, and we hope this action will deter further disruptive behaviour on flights so that passengers and crew can travel in a comfortable and respectful environment.”

Ryanair Holdings plc today (Fri, 3 Jan) released Dec 2024 traffic stats as follows:

Ryanair, Europe’s No.1 airline, last week (26 Dec) launched its biggest ever Summer 2025 sale with over 10m seats on offer at fares from just €29.99 one-way.

What better way to spend Stephen’s Day than planning your Summer 2025 holiday. With Ryanair’s industry leading network of over 235 destinations, there’s so many to choose from, including top sunshine Mediterranean hotspots, sunshine islands, vibrant city breaks, and many many more.

Ryanair’s biggest ever (10 million seat) Summer 2025 sale will sell out fast, so make sure to book your Summer 2025 getaway at www.Ryanair.com today to snap up these bargain €29.99 fares, before prices rise in the new year.

Ryanair’s Head of Comms, Jade Kirwan said:

“Run, don’t walk – Ryanair has just released 10 million seats from just €29.99 in our biggest ever Summer 2025 sale, including flights to top sunshine hotspots, like Croatia, Lanzarote, Ibiza, Malaga, Sicily, and Tenerife, as well as exciting city break destinations, like Amsterdam, Venice, Rome, Madrid, Milan, and Stockholm. These bargain buster fares are sure to sell out quickly, so make sure you book your Summer 2025 getaway today at www.Ryanair.com and avoid paying higher prices in the new year.”

As the old year draws to a close, Ryanair, Europe’s no.1 airline, last week (30 Dec) unveiled its top destinations to ring in the New Year.

London: known for its iconic New Years Eve fireworks display along the Thames, set against the dazzling backdrop of the London Eye and Big Ben. The city offers a mix of glamorous parties, world-class dining, and festive events, from river cruises to rooftop bars. With its vibrant atmosphere and rich cultural scene, London is the perfect place to celebrate the New Year in style.

Malta: has become an increasingly popular place to mark the New Year, with unmissable firework displays at both St.  George’s Square and the Valletta Waterfront, bustling street parties, and plenty of Imbuljuta tal-Qastan to enjoy – a traditional Maltese chestnut drink known as a classic New Year’s Eve staple.

Prague: is one of the best places to ring in the New Year, offering a magical blend of history, celebration and stunning scenery – not to mention some of Europe’s most popular New Year’s Eve river cruises. Make sure to visit The Old Town Square for the spectacular fireworks display that lights up the city.

So, don’t miss the party, book your New Year’s getaway at Ryanair.com now.

Ryanair’s Head of Comms, Jade Kirwan, said:

“As 2024 comes to a close, people are locking down their New Year’s plans, and what better way to celebrate than with an exciting trip to one of Europe’s top destinations. With Ryanair’s industry leading network of over 235 destinations, there are plenty of places to choose from, whether you’re looking to end the year with a party, watch the fireworks or simply swap the dreary winter weather for some winter sun.

Book your New Year’s getaway at Ryanair.com now.”

Ryanair, Europe’s No.1 airline, last week (28 Dec) confirmed that it will take delivery of up to 29 new Boeing 737 aircraft in 2025 – a $3 billion investment in new aircraft technology that will create over 2,000 new jobs for highly paid aviation professionals in Europe.

Ryanair’s new B737 aircraft, which cut CO2 emissions by 16% and noise by 40% (while carrying 4% more passengers), will be allocated to efficient, low-cost airports in EU countries where Govts are stimulating aviation growth, like Sweden, Italy, Spain, and Poland. There will be no growth in countries raising taxes, like the UK, France, and Germany.

Today’s announcement proves yet again that Ryanair is the only major airline in Europe delivering traffic, tourism, and jobs growth across Europe in 2025.

Ryanair’s Head of Comms, Jade Kirwan said:

“While most of Europe’s airlines remain capacity constrained, Ryanair is on track to take delivery of 29 new Boeing 737 aircraft in 2025. This additional capacity will enable Ryanair to grow our passengers from 200m in 2024 to 210m in 2025 and create 2,000 new jobs for highly paid aviation professionals at many of Europe’s most efficient, low-cost airports, where Govts are stimulating sustainable aviation growth by abolishing aviation taxes and lowering airport fees.”