Ryanair, Europe’s No.1 airline, today (29 July) announced its first ever “Approved OTA Aggregator” partnership with Paxport, who will now be authorised to offer Ryanair’s low fare flights to their network of OTA partners on the condition that they provide full price transparency of Ryanair products. This deal will also ensure that customers who book Ryanair flights through Paxport’s OTA partners, have access to their myRyanair account without needing to complete Ryanair’s customer verification (which unauthorised OTA customers must continue to do) and will receive essential flight updates directly.

This is great news for Paxport’s OTA partners whose customers wish to book Ryanair’s low fares, unbeatable choice of 240+ destinations, and impeccable service. Paxport is Ryanair’s first “Approved OTA aggregator” partner, joining the airlines growing list of “Approved OTA” partners, including Expedia, Etraveli, loveholidays, lastminute.com, Kiwi, TUI, On the Beach, eSky, El Corte Inglés and Braganza, as the airline continues to demonstrate how OTAs and OTA aggregators can work transparently with airlines without scamming or duping customers with hidden mark-ups.

Ryanair’s CMO, Dara Brady said: 

“We are pleased to announce our first “Approved OTA Aggregator” partnership with Paxport. Through this exciting new agreement, Paxport will be authorised to offer Ryanair’s low fare flights to their network of OTA partners on the condition that they provide full price transparency. This agreement also guarantees that customers who book a Ryanair flight through one of Paxport’s OTA partners will have access to their myRyanair account without needing to complete Ryanair’s customer verification and will receive all essential flight updates directly.

We look forward to working with Paxport over the coming months and years.”

Simon Taylor, Head of Commercial at Paxport said:

“The entire Paxport business is excited to partner with Ryanair, Europe’s No.1 airline. By providing leading airline distribution technology, Paxport will support Ryanair’s travel trade partnership strategy by facilitating controlled distribution to approved Paxport subscribers. This is a significant milestone for both parties, with Paxport becoming the first flight aggregation business to enter such an agreement. We look forward to building on this partnership and supporting both Ryanair and the wider travel industry.”

EUROPE’S NO.1 AIRLINE CALLS ON HCAA & GREEK GOVT. TO ENSURE €9 AIRPORT DEVELOPMENT FEE SAVING IS PASSED ONTO PASSENGERS

Ryanair, Europe’s No.1 airline, today (26 July) confirms it has lodged a formal appeal with the Hellenic Civil Aviation Authority (HCAA) against Athens Airport’s attempt to circumvent the Greek State’s wise decision to reduce aviation taxes by 75% (from €12 to €3 per passenger) from November 2024. This decision to reduce access costs would directly contribute to the expansion of off-peak connectivity and the growth of year-round tourism in Greece.

Concerningly for Greece and its citizens however, both German monopolies, Athens Airport and Fraport Greece, have no plans to pass on these lower access costs to passengers travelling to / from Greece. Instead, they plan to hike airport charges to cancel out the progressive decision by the Greek State and keep the taxes for themselves, at the expense of Greek citizens / visitors. Ryanair has extended the tourism season in, and brought much-needed off-peak capacity to Croatia, Cyprus, Italy, Malta, and Spain – supporting jobs, tourism and economic growth in cities and regions alike. But this off-peak capacity has bypassed Greece due to excessive airport costs. Athens Airport and Fraport Greece’s shameless attempt to pocket the tax savings of Greek citizens will only ensure tourism and connectivity to / from Greece remains extremely seasonal and expensive.  

Ryanair calls on the Greek government and the HCAA to protect passengers, by ensuring Athens Airport and Fraport Greece respect the decision made by the Greek State to reduce the Airport Development Fee tax from November 2024. This is a brazen attempt to ignore the intended economic benefits the government were trying to deliver for Greek citizens by increasing the competitiveness of Greece through a reduction in access costs.  

Ryanair Chief Commercial Officer Jason McGuinness said: 

“Athens Airport and Fraport Greece’s shameless attempt to pocket the aviation tax cut by the Greek State from November 2024, is outrageous, and runs counter to government policy to support growth and tourism. The Greek State took the sensible decision to reduce access costs across all Greek airports from November 2024, positioning Greece to move away from chronic seasonality and position itself for year-round connectivity. Governments across Europe (e.g., Hungary, Sweden, and Italy) are scrapping or reducing their aviation taxes as they realise they need to reduce costs given the constraints within European short-haul capacity.

It is unjust for the German monopolies, Athens Airport and Fraport Greece, to be allowed to divert the benefit of Greek tax cuts away from Greek passengers. back to their German head offices. Ryanair calls on the Greek Government and the Greek Regulator (HCAA) to protect passengers and local economies by ensuring Athens Airport and Fraport Greece respect the decision of the Greek Government to reduce access costs and pass through the full tax cut to Greek citizens / visitors from November 2024.” 

REGIONAL AIRPORTS PROGRAMME BLOCKS GROWTH BEYOND 1M PASSENGERS P.A.

Ryanair, Ireland’s No.1 airline, today (26 July) called on Transport Minister E. Ryan to immediately raise the artificial funding cap for Ireland’s regional airports from 1m to 2m passengers p.a., ensuring their eligibility for exchequer funding under the Dept. of Transport’s Regional Airports Programme. At present, the Programme only allows funding for regional airports with fewer than 1m passengers p.a., which blocks increased passengers to drive tourism, jobs, and economic growth at Ireland’s regional airports.

Last week (16 July), the Dept. of Transport announced that its mid-term review found that “the Programme is delivering on its objectives and is in line with Ireland’s National Aviation Policy” – a policy that commits to enhancing Ireland’s connectivity and maximising the contribution of aviation to Ireland’s sustainable economic growth and development – when in fact, the Programme contradicts Ireland’s National Aviation Policy by blocking growth at regional airports beyond 1m passengers p.a. Ryanair calls on Transport Minister E. Ryan to explain why, when there is already an artificial passenger cap at Dublin Airport stifling Ireland’s tourism, jobs, and economic growth, he would preside over another artificial passenger cap for regional airports that blocks growth. It makes no sense that regional airports are being penalised with the removal of exchequer funding for growing tourism and delivering economic benefit to the regions.  

On 7 Mar last, Ryanair presented Transport Minister E. Ryan with plans to grow Irish traffic/tourism by 50% to 30m passengers p.a. over the next 6 years, under which Ryanair would invest over $1.6bn in new aircraft for Irish airports, create over 800 Irish jobs, double traffic at Cork, Shannon, and Kerry, and open a new 2 aircraft base at Knock Airport. Not only has Transport Minister E. Ryan failed to respond to Ryanair’s ambitious growth proposal, but he is blocking this much-needed regional airport growth by restricting airports to less than 1m passengers p.a. as well as failing to take any action to scrap the 32m passenger cap at Dublin Airport.

Ryanair’s Eddie Wilson said:

“It is astounding that Ireland’s Minister for Transport not only continues to preside over the 32m passenger cap fiasco at Dublin Airport, but is now effectively allowing Ireland’s regional airports to be capped at 1m passengers p.a. by his own Department’s Regional Airport Programme. It makes no sense that regional airports are being penalised for growing tourism and delivering economic benefit to the regions. There is no incentive for regional airports, such as Knock, to grow beyond 1m passengers p.a. when their regions are trying to grow tourism and jobs.

Ryanair wants to grow Irish traffic and tourism, and on 7 Mar last, we presented a growth proposal to Transport Minister Ryan, under which Ryanair would invest over $1.6bn in new aircraft for Irish airports, create over 800 Irish jobs, double traffic at Cork, Shannon, and Kerry, and open a base at Knock Airport. However, this much-needed tourism, and economic growth is being restricted by the 1m passenger cap, which if exceeded, would mean regional airports, like Knock, would lose exchequer funding for future expansion.

Minister Ryan is not content presiding over the 32m passenger cap fiasco at Dublin Airport but is now capping passengers and blocking growth at regional airports too. Ryanair calls on Transport Minister Ryan to immediately raise the 1m passenger cap on funding for Ireland’s regional airports to at least 2m passengers p.a., as allowed under EU regulation, which would deliver more traffic, tourism, jobs, and economic growth to key regional airports and the surrounding communities.”

Ryanair, the UK’s No.1 airline, today (24th July) celebrated over 35 million passengers through London Luton Airport. Ryanair was the first low-cost airline to operate at London Luton Airport, starting with its first flight from Dublin Airport back in 1986. Ryanair now operates 29 routes to/from London Luton Airport, connecting 10 countries across Europe with its 7 Luton based aircraft – an investment of $700m and supporting over 1,900 local jobs.

This Summer Ryanair is operating its biggest ever schedule to/from London Luton Airport with over 300 weekly flights across 29 routes, including 2 new routes to Palma de Mallorca and Treviso, providing customers with unbeatable choice at the lowest fares when booking their Summer ’24 getaways.

Ryanair’s Head of Communications, Jade Kirwan said:

“We are delighted to celebrate over 35 million Ryanair passengers through London Luton Airport. This significant milestone resounds Ryanair’s continued growth and investment at Luton. This Summer Ryanair is operating our biggest ever schedule to/from London Luton Airport with over 300 weekly flights across 29 routes, including Ryanair’s 2 new Summer sunshine routes to Palma De Mallorca and Treviso. This record schedule will operate on our 7 Luton-based aircraft – an investment of $700 and supporting over 1900 local jobs. We look forward to carrying millions more passengers on Ryanair’s low-fare flights to/from London Luton over the years to come.”

Ryanair, Europe’s No.1 airline, today (24 July) announced its latest “Approved OTA” partnership with Braganza – the parent company of well-known Nordic online travel agent, Ticket and tour operator, Escapeaway – who will now be authorised to provide Ryanair’s low-fare flights to their customers as part of their package holiday offerings.

This is great news for consumers throughout the Nordics and beyond who want to access Ryanair’s low fares, unbeatable choice of 240+ destinations, and impeccable service as part of their Ticket or Escapeaway package holiday booking. Similar to Ryanair’s existing “Approved OTA” agreements, this latest deal guarantees Braganza customers who book Ryanair flights via Ticket or Escapeaway, 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 CMO, Dara Brady, said:

“We are pleased to announce our latest “Approved OTA” partnership with Braganza and its OTA subsidiaries, Ticket and Escapeaway, which will enable their customers to book Ryanair’s low-fare flights as part of their package holiday booking with the guarantee of full price transparency and full access to their booking. We look forward to working with Braganza, particularly its OTA subsidiaries, Ticket and Escapeaway, over the years to come and carrying their customers onboard our market-leading network of Ryanair flights.”

Braganza’s CEO, Per G Braathen, said:

“I am very pleased to be able to include Europe’s biggest airline Ryanair in our offering through Ticket, Solfaktor & Escapeaway.”

ANA’S 17% FEE INCREASE HAS DAMAGED PORTUGUESE GROWTH, JOBS, AND TOURISM

Ryanair, Europe’s No.1 airline, today (23rd Jul) called on the Portuguese airport monopoly ANA to cut its excessive fees at Portuguese airports, and deliver competitive costs to restore growth to Portugal’s economy, jobs, and tourism industry.

ANA’s monopoly decision to increase airport fees by up to +17% from Jan 2024 has damaged Portuguese growth as Ryanair was forced to close its Ponta Delgada base and reduce its Madeira base by 50% in S24, with a risk of permanent base closure. These ANA monopoly fee increases are imposed at a time when most European airports are lowering fees to recover their pre-Covid traffic and incentivise growth. These airport fee increases damage Portugal’s growth while they only line the pockets of ANA’s monopoly French-owner-VINCI.

Additionally, Ryanair called on the Portuguese Govt to immediately expand Portela airport capacity, before the construction at Lisbon’s Alcochete airport, which won’t be ready until 2031, at the earliest. The artificial passenger cap at Portela impedes growth at Lisbon and limits low fare competition and choice for Lisbon’s citizens and visitors.

Ryanair’s CEO, Michael O’Leary said:

“We call on the ANA airport monopoly to take action and reduce its excessive airport fees. ANA’s monopoly decision to increase fees by up to +17% is ludicrous, when most other EU states are lowering fees to attract airline investment and incentivise growth.

Ryanair is the only airline growing strongly (up to 35%) in Europe post-Covid, and we could double Portugal’s air traffic to 26m, creating hundreds of highly paid Portuguese jobs over the next 6 years. But regrettably, without ANA action and/or Govt intervention, Portugal will lose this growth to other lower cost EU airports due to ANA’s excessive fees, which are forcing airlines like Ryanair to cut flights to/from Portugal. Portugal’s regional islands are already losing out as Ryanair was forced to close its Ponta Delgada base and reduce one of our two Madeira based aircraft, a loss of $100m investment, with the base currently under risk of closure thanks to ANA’s high fees.”

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).