Ryanair (RYA) Q2 2025 earnings summary

Executive summary

• H1 after-tax profit fell 18% year-over-year to €1.79bn, driven by a 10% drop in average fares despite 9% traffic growth to 115m guests and a stable 95% load factor.

• Revenue rose 1% to €8.69bn, with ancillary revenues up 10% to €2.74bn, slightly ahead of traffic growth.

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

• Ryanair maintains the lowest cost base in Europe, with a widening cost gap versus competitors.

• Strong balance sheet with over €3.3bn gross cash and €0.6bn net cash at September 30, after significant CapEx, buybacks, and dividends.

Financial highlights

• H1 after-tax profit: €1.79bn (down 18% YoY from €2.18bn); H1 revenue: €8.69bn (+1% YoY); operating costs: €6.68bn (+8%).

• Traffic: 115m passengers (up 9% YoY); load factor steady at 95%.

• Ancillary revenue: €2.74bn (up 10% YoY).

• Net cash position at €0.6bn as of September 2024; gross cash: €3.3bn.

• Shareholder funds increased to €7.8bn.

Outlook and guidance

• FY25 passenger target set at 198–200m (+8%), revised down due to Boeing delays; FY26 target now 210m.

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

• Q3 bookings strong, fare declines moderating; Q4 visibility low due to challenging comps.

• No meaningful FY25 PAT guidance due to uncertainties including Boeing delays and geopolitical risks.