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; total revenue rose 1% to €8.69bn.

• Boeing delivery delays constrained growth, resulting in overstaffing and 5 million fewer passengers than planned.

• Ancillary revenues rose 10% to €2.74bn, slightly ahead of traffic growth.

• Operating costs rose 8% to €6.68bn, below the 9% traffic growth, aided by fuel hedging savings.

• Strong balance sheet with over €3.3bn gross cash and €0.6bn net cash at period end.

Financial highlights

• H1 FY25 revenue: €8.69bn (+1% year-over-year); operating costs: €6.68bn (+8%).

• Profit after tax: €1.79bn, down 18% from H1 FY24.

• Share buybacks totaled €700m in August, with €800m follow-on buyback underway and 30% completed.

• Interim dividend of €0.223 per share declared for payment in February 2025.

• CapEx for the year guided at €2.3bn, with €1bn spent in H1; some CapEx may slip into next year due to aircraft delivery timing.

Outlook and guidance

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

• Full-year unit costs expected to be broadly flat as fuel hedge savings and interest income offset ex-fuel inflation.

• Forward bookings into Q3 are strong; pricing declines are moderating, with Q3 fares expected to be down single digits.

• No meaningful FY25 PAT guidance provided due to low Q4 visibility and challenging comps.