Ryanair (RYA) investor relations material

Executive summary

• Q3 FY26 profit after tax (pre-exceptional) was €115m, down 22% year-over-year, mainly due to the absence of supplier compensation and an €85m provision for an Italian AGCM fine; post-exceptional PAT was €30m.

• Traffic increased 6% to 47.5m passengers, with average fares up 4% to €44 and revenue per passenger up 3%.

• Q3 revenue rose 9% to €3.21bn, driven by higher traffic and fares.

• Strong cost control kept unit costs flat pre-exceptional, with operating costs up 6% to €3.11bn.

• Expanded network to 95 bases and 223 airports across 36 countries, with a fleet of 643 aircraft and over 300 new Boeing 737s on order.

Financial highlights

• Q3 profit after tax (pre-exceptional): €115m, down 22% year-over-year; post-exceptional PAT: €30m.

• Q3 revenue: €3.21bn, up 9% year-over-year.

• Operating costs (pre-exceptional): €3.11bn, up 6% year-over-year, flat per passenger.

• Average fare: €44, up 4% year-over-year.

• Q3 load factor steady at 92%.

Outlook and guidance

• FY26 traffic expected to grow 4% to 208m, with fares now expected to exceed previous +7% growth guidance by 1–2%.

• FY26 profit after tax (pre-exceptional) guided at €2.13bn–€2.23bn, up from €1.6bn last year.

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

• Fuel hedging secures over €500m in FY27 fuel cost savings, with 80% hedged at $67/bbl.

• Decade-long growth plan targets 300m passengers annually by FY34.