Ryanair (RYA) investor relations material

Executive summary

• Q1 profit after tax fell 34% year-over-year to €538 million, mainly due to higher unhedged jet fuel costs and a 6% drop in average fares, despite 6% traffic growth to 61.3 million passengers.

• Revenue rose 1% to €4.38 billion, with ancillary revenue up 5% and scheduled revenue down 1% as fares required stimulation amid geopolitical and economic uncertainty.

• Unit costs rose 5% as unhedged jet fuel prices doubled; 80% of FY27 fuel is hedged at $67/bbl.

• The group is now debt-free after repaying its final €1.2 billion bond and maintains strong liquidity with €2.8 billion gross cash and €2.7 billion net cash.

• Three new bases and over 130 new routes launched for summer; capacity shifted to lower-tax, lower-fee markets.

Financial highlights

• Q1 FY27 revenue rose 1% year-over-year to €4.38 billion, while total costs increased 11% to €3.81 billion.

• Operating profit dropped 37% year-over-year to €575 million; EPS fell to €0.52 from €0.77.

• Gross cash at quarter end was just over €2.8 billion after €1.3 billion in debt repayments and €500 million CapEx.

• 90% of the €750 million share buyback program completed at an average price of €26.35 per share.

• Shareholders' equity decreased by €0.6 billion to €9.5 billion, mainly due to a €1.0 billion IFRS hedge accounting loss, partially offset by net profit.

Outlook and guidance

• FY27 traffic expected to grow 4% to 216 million passengers, with H1 up 6% and H2 up 2%.

• 80% of FY27 jet fuel hedged at $67/bbl; FY28 hedged at 15% at $85/bbl.

• Q2 pricing is trending modestly down year-over-year; H2 visibility remains low, and no meaningful FY27 PAT guidance is provided.

• Pricing expected to remain soft, with more discounting needed in H2; potential upside if competitors cut capacity.

• Final FY27 PAT remains highly sensitive to external risks, including geopolitical conflicts, fuel prices, and macroeconomic shocks.