Ryanair (RYA) Q2 2026 Pre Recorded earnings summary

Executive summary

• Q2 profit after tax rose 20% year-over-year to €1.72bn; H1 profit after tax up 42% to €2.54bn, driven by strong demand, fare increases, and cost control.

• H1 traffic reached a record 119 million passengers (+3%), with a 95% load factor and average fares up 13%.

• Revenue per passenger up 9%, and ancillary revenue up 3% in H1.

• Maintains position as Europe's lowest-cost airline, widening the cost gap versus competitors.

• Fleet expanded to 636 aircraft, including 199 B737 Gamechangers; 2 new bases and 91 new routes launched.

Financial highlights

• H1 revenue increased 13% to €9.82bn, with operating costs up 4% to €6.96bn.

• Net cash position over €1.5bn; gross cash €3.0bn as of September.

• 610 unencumbered Boeing 737s at Q3 end.

• Interim dividend of €0.193 per share declared, payable in February 2026.

• 25% of €750m share buyback completed by September, rising to 35% by October.

Outlook and guidance

• FY26 traffic target raised to 207 million passengers, a 3% year-over-year increase, aided by earlier Boeing deliveries.

• Modest unit cost inflation expected for FY26, with fuel hedges and cost control offsetting higher ATC and environmental costs.

• H2 fare growth expected to be challenging due to tougher prior year comps; Q3 outcome depends on Christmas/New Year bookings, with zero Q4 visibility.

• Too early for full-year profit after tax guidance, but cautious optimism for recovering last year's 7% fare decline and achieving reasonable net profit growth.

• FY27 traffic expected to grow 4% to 215 million passengers; long-term goal of 300 million by FY34.