Ryanair (RYA) Q1 2027 Pre Recorded earnings summary

Executive summary

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

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

• The group is now essentially debt-free after repaying a EUR 1.2 billion bond in May, maintaining strong liquidity with EUR 2.8 billion gross cash and EUR 2.7 billion net cash.

• Record customer satisfaction (CSAT) reached 91%, up 2 points year-over-year, and the group maintains industry-leading ESG ratings.

• Operates 95 bases across 35 countries with a fleet of 647 aircraft, targeting 300 million passengers by FY34.

Financial highlights

• Q1 guests increased 6% to 61.3 million, with a stable load factor of 94%.

• Average fare declined 6% to EUR 48, total revenue rose 1% to EUR 4.38 billion, and total costs increased 11% to EUR 3.81 billion year-over-year, driven by higher fuel costs.

• Operating profit dropped 37% year-over-year to EUR 575 million.

• EPS decreased to EUR 0.52 (basic) from EUR 0.77 in the prior year.

• Gross cash at quarter-end was EUR 2.8 billion after significant debt repayments and CapEx.

Outlook and guidance

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

• 80% of FY27 jet fuel is hedged at $67/bbl, providing earnings insulation; FY28 hedging at 15% at $85/bbl.

• Q2 fares are trending modestly down year-on-year; H1 fare outcome depends on close-in bookings.

• No full-year profit after tax guidance due to zero H2 visibility and high external uncertainty.

• Long-term growth target is 300 million passengers by FY34, supported by MAX-10 deliveries.