Ryanair (RYA) Q2 2025 Pre Recorded earnings summary

Executive summary

• H1 after-tax profit fell 18% to €1.79bn, with traffic up 9% to 115.3m and average fares down 10% to €52 year-over-year.

• Total revenue rose 1% to €8.69bn, with ancillary revenues up 10% to €2.74bn and scheduled revenues down 2%.

• Operating costs increased 8% to €6.68bn, lagging traffic growth, aided by fuel hedge savings.

• Strong balance sheet with €3.33bn gross cash and €0.6bn net cash at September 2024, despite significant CapEx and shareholder returns.

• OTA agreements now cover over 90% of bookings, protecting consumers from overcharging.

Financial highlights

• H1 net profit: €1.79bn (down 18% year-over-year); H1 revenue: €8.69bn (up 1%).

• Operating costs rose 8% to €6.68bn, below traffic growth.

• Ancillary revenues up 10% to €2.74bn.

• H1 EPS: €1.59 (down 17%); H1 operating margin: 23% (down from 28%).

• Net cash position at €0.6bn as of September 2024.

Outlook and guidance

• FY25 traffic targeted at 198–200m passengers, 8% growth, subject to no further Boeing delays.

• Traffic growth for FY26 revised down to 5% (210m passengers) due to Boeing delivery delays.

• Full-year unit costs expected to be broadly flat, with fuel hedge savings offsetting inflation.

• Q3 fares expected to be modestly lower year-over-year; Q4 visibility low with challenging comps due to Easter timing.

• Too early to provide meaningful FY25 profit after-tax guidance.