Ryanair (RYA) Q1 2025 Pre Recorded earnings summary

Executive summary

• Q1 profit after tax fell 46% to €360m, driven by a 15% drop in average fares despite 10% traffic growth to 55.5m passengers.

• Revenue declined 1% to €3.63bn as fare reductions offset higher ancillary sales; operating costs rose 11% to €3.26bn.

• Record summer schedule launched with five new bases and over 200 new routes, but Boeing delivery delays and ATC disruptions impacted operations.

• Over 50% of a €700m share buyback completed; final dividend of €0.178 per share to be paid in September.

• The company targets 300m passengers annually by FY34 as part of its decade-long growth plan.

Financial highlights

• Net profit: €360m, down 46% year-over-year; operating profit: €366m, down 49% year-over-year.

• Total revenue: €3.63bn, down 1% year-over-year; ancillary revenue up 10% to €1.3bn.

• Operating costs: €3.26bn, up 11% year-over-year.

• Net cash increased to €1.74bn; gross cash at €4.5bn at quarter end.

• Load factor: 94% in Q1; average fare: €41.93, down 15% year-over-year.

Outlook and guidance

• FY25 traffic expected to grow 8% to nearly 200m passengers, subject to Boeing delivery timing.

• Q2 fares expected to be materially lower than last summer; visibility on H2 remains low.

• FY25 costs to rise modestly, offset by fuel hedge savings and higher interest income.

• No meaningful FY25 profit guidance due to low visibility; update expected at H1 results.

• Long-term growth target: 300m passengers by FY34.