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Business Philosophy7 Mar 2024
Michael O'Leary: Ryanair's Maverick CEO
Explore Michael O'Leary's remarkable transformation with Ryanair, revolutionizing budget air travel in Europe with unique and ingenious strategies.
Ryanair (RYA) investor relations material
Ryanair Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary3 Nov, 2025
Executive summary
H1 profit after tax surged 42% to €2.54bn, with Q2 profit up 20% to €1.72bn, driven by strong demand, fare recovery, and cost control.
H1 traffic reached 119m passengers (+3%), maintaining a 95% load factor, and full-year traffic target increased to 207m.
Average fares rose 13% in H1 and 7% in Q2, with full-year fares expected to be up 7-8% if Christmas bookings are strong.
Balance sheet strengthened with €3.0bn cash, €1.5bn net cash, and final €1.2bn bond due May 2026, targeting zero debt.
Maintains position as Europe's lowest-cost and largest airline by traffic, with 640 aircraft and 207m passengers.
Financial highlights
H1 revenue rose 13% to €9.82bn, with Q2 revenue up 8% to €5.48bn.
H1 operating profit up 42% to €2.86bn; Q2 operating profit up 18% to €1.95bn.
Unit costs rose just 1% in Q2 and H1, despite higher ATC and environmental costs.
Interim dividend of €0.193 per share declared, payable in February 2026; share buyback program ongoing.
Fortress balance sheet with €3.0bn cash and €1.5bn net cash as of September 2025.
Outlook and guidance
FY26 traffic expected to grow over 3% to 207m, with plans for 215-216m in FY27 and over 300m by FY34.
Modest unit cost inflation anticipated for FY26, with fuel hedges offsetting higher ATC and environmental costs.
H2 fare growth expected to be challenging due to tougher prior-year comparisons and almost zero Q4 visibility.
Fuel hedged 84% for FY26 and 58% for FY27, with significant cost savings locked in.
Management expects reasonable net profit growth but remains cautious due to external risks.
FY27 fuel hedge savings impact on costs?
MAX-10 pilot training impact on crewing ratios?
EU regulatory inaction impact on competitiveness?
How will MAX 10 deliveries shape growth to 2034?
Outlook for EU ETS reform and cost impact?
How will FY27 fuel savings impact fare strategy?
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Frequently asked questions
European Low-Cost Carrier
Ryanair is an Irish low-cost airline and one of the largest companies in European commercial aviation. The company operates flights both under the Ryanair brand, as well as through several subsidiaries. It flies to and from a majority of European countries, all while employing a number of strategies to keep flights as cheap as possible. This is done through things such as add-on charges, tight seating, serving major cities' secondary airports, and general cost-cutting. The company is headquartered in Dublin, Ireland, and its shares are listed on the Euronext Dublin as well as the Nasdaq.
Founding, Growth, and Michael O’Leary
Ryanair was founded in 1984 by the Ryan family, with Tony Ryan at the helm. Initially, it started with a modest operation, running a daily flight from Waterford in the southeast of Ireland to London Gatwick. The airline's early years were challenging, marked by stiff competition, especially from the state-owned airlines, and regulatory hurdles that limited its ability to expand and compete.
Michael O'Leary joined Ryanair in 1988, initially as a financial advisor before becoming the CEO in 1994. O'Leary, influenced by the low-cost model of Southwest Airlines in the United States, set out to overhaul Ryanair into Europe's most successful low-cost carrier. O’Leary’s influence on the company, and the airline industry as a whole, is impossible to overstate and his leadership has been instrumental in propelling Ryanair to the top of European air travel.
Further reading: Michael O'Leary: Ryanair's Maverick CEO
Ancillary Revenue Streams
Ryanair has historically been exceptionally successful in generating ancillary revenue, which refers to the income gained from non-ticket sources. The primary fees the company generates are by selling various add-ons such as charging extra for checked luggage, priority boarding, seat selection, and similar. The company also capitalizes on onboard sales of food and drinks, offers advertising space to other companies onboard, and incurs administrative fees.
The company’s business model has influenced many other low-cost carriers and has forced traditional airlines to rethink their strategies to compete effectively.
European Focus
Ryanair's route network is focused on Europe, connecting a vast array of destinations across both Western and Eastern Europe. The airline serves major cities, regional hubs, and holiday destinations, ensuring coverage that appeals to a broad spectrum of travelers. The airline network includes capitals, major economic centers, smaller cities, and popular vacation spots.
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