Ryanair (RYA) investor relations material

Executive summary

• Q3 profit after tax (pre-exceptional) was €115 million, down 22% year-over-year, mainly due to the absence of supplier compensation and an €85m provision for an Italian AGCM fine; underlying business remains strong.

• Passenger traffic grew 6% to 47.5 million in Q3 and 4% year-over-year to 208 million, maintaining the largest European airline position.

• Q3 revenue rose 9% to €3.21 billion, driven by higher traffic and fares, with average fares up 4% to €44.

• Strong cost control kept unit costs flat, and almost all Gamechanger aircraft deliveries are complete.

• Expanded network to 95 bases and 223 airports, with a fleet of 643 aircraft and over 300 new Boeing 737s on order.

Financial highlights

• Q3 revenue up 9% year-over-year to €3.21 billion; operating costs (pre-exceptional) up 6% to €3.11 billion.

• Q3 profit after tax (pre-exceptional) at €115 million, down 22% year-over-year; post-exceptional PAT was €30 million due to an €85m AGCM fine provision.

• For the nine months ended Dec 31, 2025, net profit rose 32% to €2.57 billion, with revenue up 12% to €13.03 billion.

• Unit costs remained flat per passenger, outperforming competitors.

• Net cash from operating activities for the nine months was €1.71 billion.

Outlook and guidance

• Full year traffic guidance raised to 208 million, with FY26 fares expected to grow 8–9%, exceeding previous +7% guidance.

• Full year profit after tax (pre-exceptional) guided to €2.13–2.23 billion.

• FY27 traffic projected at 216 million, supported by Boeing deliveries and strong demand.

• Fuel hedging secures over €500 million in FY27 fuel cost savings.

• Risks to outlook include geopolitical conflicts, macroeconomic shocks, and ATC disruptions.