Ryanair (RYA) Q1 2025 earnings summary

Executive summary

• Q1 profit fell 46% year-over-year to €360m, driven by a 15% drop in average fares despite 10% traffic growth to 55.5m passengers; revenue declined 1% to €3.63bn and load factor slipped to 94%.

• Operating costs rose 11% to €3.26bn, mainly due to higher staff, airport, and handling charges, and Boeing delivery delays.

• Ryanair maintains Europe's lowest-cost position and a strong balance sheet, with €4.49bn gross cash and €1.74bn net cash at quarter end.

• Record summer bookings achieved, but at lower prices, requiring ongoing fare discounts to stimulate demand.

• Significant operational disruptions from European ATC delays and Boeing aircraft delivery shortfalls.

Financial highlights

• Net income: €360m, down 46% year-over-year; revenue: €3.63bn, down 1%; operating profit: €366m, down 49%.

• Traffic up 10% to 55.5m customers; load factor at 94%, down 1pt year-over-year.

• Net cash improved to €1.74bn after €0.5bn capex and €0.25bn buyback spend.

• Over 50% of €700m share buyback completed; total shareholder returns since 2008 exceed €7.8bn.

• Ancillary revenue per passenger flat year-over-year; onboard spend and seat selection up, priority boarding softer.

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, possibly declining by double digits.

• No meaningful full-year profit guidance due to low visibility on H2 pricing and close-in bookings; H1 update expected in November.

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

• Decade-long growth plan targets 300m passengers annually by FY34, driven by MAX-10 order.