Ryanair (RYA) AGM 2025 presentation summary

Financial performance and shareholder returns

• FY26 traffic projected to grow 3% to 206 million passengers, with a decade-long growth plan targeting 300 million by FY34 driven by the MAX-10 order.

• Regular dividend policy set at 25% of prior year PAT, with €480m in dividends for 2025 and a €750m buyback extended to December 2026.

• Over €10bn returned to shareholders since 2008, with strong liquidity supporting €2.1bn in bond repayments.

• Fortress balance sheet with €4.4bn cash and net cash position, maintaining BBB+ credit ratings.

Operational scale and growth strategy

• Operates 93 bases, 233 airports, and serves 37 countries with a fleet of 630 aircraft, expanding to 800 by FY34.

• 320 B737s on order, including 300 MAX-10s, supporting capacity and efficiency improvements.

• MAX-10s to provide 20% more seats and 20% lower fuel consumption, with first deliveries in Spring 2027.

• Traffic growth supported by robust demand, despite slower FY26 growth due to Boeing delivery delays.

Cost leadership and efficiency

• Maintains the lowest unit costs among European airlines, with a widening cost gap versus competitors.

• Staff, airport, and maintenance costs significantly lower than peers, supporting low fare strategy.

• Fuel hedges in place: FY26 at 84% hedged at $76/bbl, FY27 at 36% hedged at $66/bbl.