AS JULY “DELAYS LEAGUE” SHOWS EUROPE’S BEST & WORST ATCS WHICH SHOW ATC DELAYS ARE AVOIDABLE WITH BETTER MANAGEMENT/STAFFING

Ryanair, Europe’s No.1 airline, today (Fri, 1 Aug) called on the EU Commission and Govts to take urgent action to reform their broken ATC services. This comes as Ryanair released its July “Delays League”, showing that France, Spain, Germany, the UK, and Greece are the worst ATCs for delays as a result of their failure to be properly staffed and efficiently managed.

These worst ATC delays are exposed by the vastly better ATC service delivered by better run ATCs (without mismanagement or staff shortages), in Ireland, Slovakia, Denmark, the Netherlands, and Belgium, all of whom have caused the fewest ATC delays in Europe this year. If these States can properly manage/staff their ATC services and minimise delays, then why can’t passengers expect a similar service from the very well-funded, but mismanaged ATCs in France, Spain, Germany, the UK, and Greece.

Ryanair has long campaigned for EU reform to ensure ATC providers are fully staffed but big State ATC delays are getting worse. Ryanair calls on all passengers to visit the ‘Air Traffic Control Ruined Your Flight’ webpage and demand that national Transport Ministers and the EU Commission take urgent action to properly staff their national ATC services to eliminate 90% of ATC delays.  

Ryanair’s Michael O’Leary said:

“Another month has passed, and Europe’s worst-performing ATCs in France, Spain, Germany, the UK, and Greece continue to inflict avoidable delays to thousands of Ryanair flights and millions of Ryanair passengers due to mismanagement and inexcusable under staffing. Yet, neither the EU Commission nor national Transport Ministers responsible for these failing ATC services have taken any action to fix Europe’s broken ATC services.

In stark contrast, Countries like Ireland, Slovakia, Denmark, the Netherlands, and Belgium are delivering Europe’s most efficient ATC services, which proves that well-managed, properly staffed ATC is not just possible but is already being delivered by many EU States. So why can’t France, Spain, Germany, the UK, and Greece do the same? The answer is simple: they can, but as complacent, protected State monopolies, they have no incentive to care about delays or passengers.

It is unacceptable that hard-working passengers and airlines continue to pay sky-high fees for substandard ATC services. Ryanair calls on the EU Commission and EU Transport Ministers of France, Spain, Germany, the UK, and Greece to take immediate action. Recruit more air traffic controllers, eliminate these delays, and provide the efficient ATC service their citizens expect. Ryanair calls on passengers to join Ryanair’s campaign by visiting the ‘Air Traffic Control Ruined Your Flight’ webpage and demand real reform of these failing ATC providers in France, Germany, Spain, the UK and Greece.”

Ryanair Holdings plc today (21 July) reported Q1 profit after tax of €820m, compared to prior-year Q1 PAT of €360m, as traffic grew 4% to 58m passengers at 21% higher fares.

Q1 highlights include:

• Traffic grew 4% to 57.9m.
• Rev. per pax rose 15% (ave. fare up 21% to €51 & ancil. rev. up 3%).
• Unit cost inflation just 1% – cost gap advantage widens.
• Competitive fuel hedges de-risk Group:  c.85% FY26 at $76bbl.
• 181 B737 “Gamechangers” in 618 fleet (incl. 5 deliveries in Q1).
• Over 160 new S.25 routes (total: 2,600 routes).
• 30 spare CFM LEAP engines bought to improve resilience.
• Ryanair added to the MSCI World Index.

Q1 REVIEW

Ryanair Group CEO Michael O’Leary, said:

Revenue & Costs:

“Total revenue rose 20% to €4.34bn.  Scheduled revenue increased 26% to €2.94bn as traffic grew 4% with 21% higher fares.  Q1 fares substantially benefitted from having a full Easter holiday in April, weak prior-year comps and marginally stronger than expected close-in pricing.  Ancillary revenues delivered another solid performance rising 7% to €1.39bn.  Operating costs rose 5% (+1% per pax) to €3.42bn as our jet fuel hedging largely offset ATC fees (up 16%) and higher enviro. costs (as ETS allowances unwind and SAF blend mandates impact costs from Jan. 2025).

Ryanair’s competitive fuel hedging provides a key advantage in current volatile oil markets, with FY26 almost 85% hedged at $76bbl and FY27 36% hedged at just under $66bbl. 

Balance Sheet, Liquidity & Returns:

Ryanair’s balance sheet is one of the strongest in the industry with a BBB+ credit rating (both Fitch and S&P) and unencumbered B737 fleet (over 590 aircraft).  At 30 June, gross cash was €4.4bn after €0.6bn capex and almost €0.4bn debt repayments.  Net cash was €2.0bn (up from €1.3bn at 31 Mar.), leaving the Group well positioned to repay approx. €2.1bn maturing bonds over the next 10-months (incl. an €850m bond in Sept.) from internal cash resources.  This financial flexibility further widens the cost gap between Ryanair and competitors who are exposed to expensive (long-term) finance and rising aircraft lease costs.

We welcome Ryanair’s full addition to the MSCI World Index and expect to join the FTSE Russell Index, following their semi-annual index review, in Sept. (albeit this inclusion will be phased over approx. 2-years).  In May, we launched our latest share buyback and have purchased (and cancelled) c.1.6m shares under the programme, at a cost of €39m, at 30 June.

FLEET & GROWTH

Ryanair has 181 B737-8200 “Gamechangers” (up 25 from June 2024) in its 618 aircraft fleet, facilitating 3% FY26 traffic growth (to 206m passengers).  We remain confident that the 29 remaining Gamechangers in our 210 orderbook will deliver well ahead of S.26, when we hope to recover this years delayed traffic growth into FY27.  Boeing continues to expect MAX-10 certification in late 2025 and we’re planning for the timely delivery of our first 15 MAX-10 deliveries in Spring 2027, with 300 of these very fuel efficient aircraft due to deliver by Mar. 2034. 

This summer we will operate over 2,600 routes (incl. 160 new routes) and we’re seeing strong S.25 travel demand across our network.  Our Group airlines capacity constrained growth is being allocated to those regions and airports who are cutting aviation taxes and incentivising traffic growth, and we expect this trend to continue.

We believe European short-haul capacity will remain constrained for the next 5 years to 2030 as the big 2 OEMs remain well behind on aircraft deliveries, many of Europe’s Airbus operators work through Pratt & Whitney engine repairs and EU airline consolidation continues (SAS, TAP, Air Europa & others).  These industry capacity constraints, combined with our widening unit cost (and fuel hedge) advantage, strong balance sheet, low-cost aircraft orders and industry leading ops resilience will, we believe, facilitate Ryanair’s controlled profitable growth to 300m passengers p.a. by FY34. 

ESG

During Q1 we took delivery of 5 new B737 Gamechangers (4% more seats, 16% less fuel & CO₂) and saw the benefit (1.5% lower fuel burn and 6% less noise) from the retrofit of winglets to our B737NG fleet (target of 409 by 2026).  Our recent deal to buy 30 CFM LEAP-IB engines is a significant $500m commitment to improve our operational resilience.  These latest technology engines reduce fuel consumption and CO₂ emissions per seat by up to 20%.  The Groups ambitious SAF commitments and our ongoing investment in new technology positions Ryanair as one of Europe’s most environmentally efficient airlines. It is notable that, despite being Europe’s largest passenger airline, we are only No.4 in the recent Cirium list of EU airline CO₂ emissions.

OUTLOOK

FY26 traffic remains on track to grow just 3% to 206m passengers, due to heavily delayed Boeing deliveries.  As previously guided, we expect modest unit cost inflation in FY26 as the delivery of more B737 Gamechangers, advantageous fuel hedging and effective cost control across our Group airlines helps offset increased ATC charges and higher enviro. costs.  While S.25 travel demand is strong, Q2 fare increases will be lower than in Q1 (which benefitted from a full Easter holiday in April and weak prior-year comps) and we now expect to recover almost all of the 7% fare decline we suffered in PY Q2.  The final H1 outcome is, however, heavily dependent on the strength of close-in Aug. and Sept. bookings.  As is normal at this time of year, we have zero H2 visibility (where PY fare comps normalise and last years modest delivery delay compensation rolls off). 

It remains too early to provide meaningful FY26 PAT guidance.  We do, however, cautiously expect to recover almost all of last years 7% full-year fare decline, which should lead to reasonable net profit growth in FY26.  The final FY26 outcome remains heavily exposed to adverse external developments, incl. the risk of tariff wars, macro-economic shocks, conflict escalation in the Middle East and Ukraine and European ATC strikes, mismanagement & short staffing.”    

RYANAIR CARRIES SPORTS EQUIPMENT AT LOWER PRICES THAN OTHER AIRLINES

Ryanair today (Fri, 4 July) called on all intending passengers this summer to fly Ryanair to take advantage of its lower fares but also its lower prices for sports equipment too. Whether travelling for golf, cycling, or skiing, flying Ryanair saves money with lower airfares and lower sports gear fees as well.

For example, golf bags can travel on Ryanair at 12% lower prices than on competitor airlines, while bicycles are priced at between 10% to 70% lower prices than competitor airlines. So, whether it’s skiing in Austria, cycling in Spain, or golfing in Portugal, Italy or Scotland, passengers flying Ryanair save money with lower airfares and lower sports gear fees every time they fly.

Ryanair CMO, Dara Brady said:

“Ryanair is known across Europe for our lower fares on every route every time you fly. We also carry sports equipment at lower prices than competitor airlines as well. Whether it’s golf bags, bicycles or ski equipment, Ryanair carries this gear at lower prices than any other airline. All sporting passengers can save money on their flights and also on their sports equipment every time they fly with Ryanair.”

LOAD FACTOR UNCHANGED AT 95%

Ryanair today (Wed, 2 July) released June 2025 traffic stats as follows:

LOAD FACTOR UNCHANGED AT 95%

Ryanair Holdings plc today (Wed, 4 June) released May 2025 traffic stats as follows:

Ryanair, Europe’s No.1 airline, today (2 June) repeated its call for Ursula von der Leyen and the EU Gov. to urgently intervene and fix European ATC after passengers endured 5,000 hours of delays on Sun, Jun 1^st due to staff shortages at ATC centres across Europe.

2024 was the worst year on record for ATC disruptions, despite the volume of flights in Europe being 5% lower than pre-Covid levels.

The EU Commission and Govts failed to take action to fix this last year, and now ATC disruptions are expected to be even worse in 2025, as evidenced by yesterday’s shambolic ATC performance.

A Ryanair Spokesperson said:

“As we enter peak Summer it is unacceptable that passengers continue to face ATC delays as a result of staff shortages and poor planning by ATC service providers. Ursula von der Leyen and her EU Govt have sat on their hands for long enough while passengers flying throughout Europe are constantly having their travel plans disrupted by ATC delays. Yesterday’s shambolic performance by ATC centres across Europe caused hours of delays. This is unacceptable for passengers and airlines. Ursula must take urgent action to ensure ATC centres are fully resourced to ensure passengers travelling this summer don’t face unnecessary delays.

Ryanair’s “ATC League of Delays” will spotlight which ATC service providers are causing the most disruption in Europe due to a medley of mismanagement and staff shortages, and will hold national transport ministers to account for allowing such unnecessary and avoidable ATC disruptions to repeatedly occur. 

It is unacceptable that despite record ATC disruptions in 2024, the EU Commission and Govt’s have failed to take action to prevent the same mess occurring again in this summer. As a result, passengers are suffering 20% worse delays due to repeated ATC mismanagement and staff shortages. It’s not good enough. 

ATC service providers are aware of airlines’ schedules almost a full year in advance, so there is no reason why ATCs are not adequately staffed to manage this traffic. This is of particular importance for the first wave of morning departures as any morning delays endured knock on to flights throughout the rest of the day. Fixing ATC staff shortages as well as protecting overflights during national ATC strikes would fix 90% of EU’s ATC delays.

Ryanair calls on the EU Commission and Govts to urgently implement these two simple reforms and protect EU passengers from suffering unnecessary and avoidable disruptions this summer. Passengers affected by these increasing ATC disruptions can now go online to our ‘Air Traffic Control Ruined Your Flight’ and use the provided template email to contact their national transport minister to demand that ATC services be properly staffed to prevent further ATC disruptions this summer.”

Ryanair Holdings plc today (19 May) reported full-year profit after tax of €1.61bn, compared to prior-year PAT of €1.92bn, as traffic grew 9% to a record 200m passengers at 7% lower fares.

FY25 highlights include:

• Traffic grew 9% to a record 200m, despite Boeing delivery delays.
• Ave. fare down 7% & ancil. revenue up 1%.
• Cost per pax flat as the cost gap widens over competitor EU airlines.
• 181 B737 “Gamechangers” in 618 fleet at 30 Apr.
• Over 160 new routes for S.25.
• 7% of shares bought back & cancelled.
• Final div. of €0.227 per share payable in Sept. (subject to AGM approval).

FY25 BUSINESS REVIEW

Ryanair Group CEO Michael O’Leary, said:

Revenue & Costs:

“The key feature of last years result was the 7% decline in fares which drove strong traffic growth of 9% to just over 200m.  Total revenue rose 4% to €13.95bn.  Scheduled revenue increased 1% to €9.23bn as traffic (despite repeated Boeing delivery delays) grew 9%.  The absence of a full Easter in Q1, consumer spending pressure (driven by higher-for-longer interest rates and inflation in H1) and a big drop off in OTA bookings prior to S.24 necessitated repeated price stimulation last year. Ancillary revenues were solid rising 10% to €4.72bn.  Operating costs (flat on a per passenger basis) were in line with expectations, rising 9% to €12.39bn as fuel hedge savings offset higher staff and other costs due (in part) to repeated Boeing delivery delays.

Our FY26 fuel is almost 85% hedged at $76bbl and FY27 is 36% hedged at just under $66bbl which helps de-risk the Group from fuel price volatility.

Balance Sheet & Liquidity:

Ryanair’s balance sheet is one of the strongest in the industry with a BBB+ credit rating. At 31 Mar., gross cash was almost €4bn, boosted by delayed aircraft capex into FY26.  Year end net cash was €1.3bn even after €1.6bn capex and €1.5bn of share buybacks.  In Mar., the Group enhanced its financial flexibility by increasing its low-cost revolving credit facility to €1.1bn (was €0.75bn) and extending the term to Mar. 2030 (from 2028).  Our owned B737 fleet (over 590 aircraft) is fully unencumbered, widening Ryanair’s cost advantage over all competitors.  While Ryanair prepares to repay almost €2.1bn maturing bonds over the next 12-months from internal cash resources, our competitors remain exposed to expensive (long-term) finance, and rising aircraft lease costs.

Shareholder returns:

During FY25, Ryanair purchased and cancelled 7% of its issued share capital (over 77m shares) and has now retired almost 36% of its issued share capital since 2008.  In line with our capital allocation policy, €0.40 cum. dividends per share were paid during FY25 and a final dividend of €0.227 per share is due in Sept. (subject to AGM approval).  Over the next year, we intend to pay down maturing bond debt (incl. an €850m bond in Sept. 2025 & €1.2bn in May 2026) while still funding our aircraft and engine capex from internal resources.  The Board remains committed to shareholder returns and has now approved a follow-on €750m share buyback, which will likely run over the next 6 to 12 months.

FLEET & GROWTH

Ryanair now has 181 B737-8200 “Gamechangers” in its 618 aircraft fleet (up 5 from year-end).  This will restrict our FY26 growth to just 3% (206m passengers).  We are working closely with Boeing to accelerate deliveries and are increasingly confident that the remaining 29 Gamechangers in our 210 orderbook will deliver well ahead of S.26, enabling us to catch up delayed traffic growth into FY27.  Boeing expects the MAX-10 to be certified in late 2025 and so we continue to plan for the timely delivery of our first 15 MAX-10s in spring 2027 (with 300 due by Mar. 2034). 

We are seeing robust S.25 travel demand across our network.  This year our constrained capacity growth is being allocated to those regions and airports who are abolishing aviation taxes and incentivising traffic growth.  Ryanair has over 160 new S.25 routes (total 2,600 routes) on-sale and we recommend all passengers book early on www.ryanair.com to secure the lowest airfares before they sell out.

We expect European short-haul capacity to remain constrained for the next few years as many of Europe’s Airbus operators are still working through Pratt & Whitney engine repairs, the big 2 OEMs are well behind on aircraft deliveries, and EU airline consolidation continues (incl. the upcoming sale of TAP).  These capacity constraints, combined with our substantial cost advantage, strong balance sheet, low-cost aircraft orders and industry leading operational resilience will, we believe, facilitate Ryanair’s controlled profitable growth to 300m passengers p.a. by FY34. 

ESG

During FY25 we took delivery of 30 Gamechangers (4% more seats, 16% less fuel & CO2) and we accelerated the retrofit of winglets to our B737NG fleet (target of 409 by 2026), which reduce fuel burn by 1.5% and noise by 6%.  This investment in new technology, and our ambitious SAF commitments positions Ryanair as one of Europe’s most environmentally efficient airlines.  This year we retained our industry leading ESG ratings from MSCI (A), CDP (A-) and Sustainalytics (No.1 global large cap airline).  We also became the first major airline to have its environmental targets (to reduce CO2 per pax/km by 27% to c.50grams by 2031) validated to the latest SBTi guidelines.  As we head into S.25, we continue to call on ATC CEOs across Europe to ensure adequate staffing, particularly for the morning/first wave departures.  This, coupled with the protection of overflights (during national strikes), would deliver significant environmental and punctuality benefits for EU air travel.

Ownership & Control:

Between Sept. 2024 and Mar. 2025, in anticipation of reaching the 50% threshold of EU ownership, Ryanair carried out a review of a potential variation of its ownership and control restrictions in a manner that continues to ensure compliance with EU Reg. 1008/2008 (“O&C Review”).  Once the 50% threshold was reached, the Board, taking into account positive feedback from regulators and investors resolved in March that it was in the best interest of Ryanair and our shareholders as a whole to discontinue the prohibition on non-EU nationals acquiring Ordinary Shares with immediate effect.  We continue to apply voting restrictions on non-EU nationals. Consequently, both EU and non-EU nationals can now invest in Ryanair Holdings plc via Ordinary Shares listed on Euronext Dublin and/or Depository Shares listed on Nasdaq. In acknowledgement of these changes, MSCI recently confirmed Ryanair’s inclusion in the MSCI World Index at the end of May.

Board:

Howard Millar has chosen not to seek re-election at the upcoming AGM and will step down from the Board in Sept.  We thank him sincerely for his leadership and his enormous contribution to Ryanair’s success, firstly as our CFO from 1992 to 2014, and as a NED over the last 9 years.

OUTLOOK

We expect FY26 traffic to grow by just 3% to 206m passengers due to constrained/delayed Boeing deliveries.  Following a year of flat unit-costs, we expect modest unit cost inflation in FY26 as the delivery of more Gamechangers, strong jet fuel hedging and cost control across our Group airlines helps offset increased route & ATC charges, and higher enviro. costs (following the unwind of free ETS allowances and the introduction of a SAF blend mandate from Jan. 2025).  To date, S.25 demand is strong, with peak fares trending (modestly) ahead of prior year.  Q1 fares will benefit from having a full Easter holiday in April, and weak prior-year comps., and Q1 fares are on track to finish a mid-high teen percent ahead of Q1 FY25.  With limited visibility, we currently expect Q2 pricing to recover some of the 7% decline we experienced in PY Q2.  The final H1 outcome is, however, heavily dependent on close-in bookings and peak summer yields.  As is normal at this time of year, we have zero H2 visibility. 

While we cautiously expect to recover most, but not all of last years 7% fare decline, which should lead to reasonable net profit growth in FY26, it is far too early to provide any meaningful guidance.  The final FY26 outcome remains heavily exposed to adverse external developments, incl. the risk of tariff wars, macro-economic shocks, conflict escalation in Ukraine and the Middle East and European ATC mismanagement/ short staffing.”