Ryanair (RYA) Q2 2027 Pre Recorded earnings summary

Executive summary

• H1 FY27 PAT fell 15% to €2.148bn from €2.539bn; traffic rose 6% to 125.8m, while average fares fell 4% and unhedged fuel prices doubled.

• Revenue rose 3% to €10.08bn, while operating expenses increased 10% to €7.69bn and operating profit fell 16% to €2.40bn.

Financial highlights

• H1 scheduled revenue rose 1% to €7.00bn; ancillary revenue increased 6% to €3.08bn, lifting total revenue to €10.08bn.

• H1 fuel and oil expense rose 15% to €3.40bn as unhedged fuel prices doubled, environmental taxes rose and flight hours increased.

• H1 diluted EPS fell 14% to €2.0494; Q2 revenue rose 4% to €5.70bn, while operating profit fell 7% to €1.82bn and PAT declined 6% to €1.61bn.

Outlook and guidance

• FY27 traffic target is 214m passengers, up 3%; the reduced target implies broadly flat November–March traffic YoY. FY28 traffic is planned to exceed 220m.

• Q3 bookings are strong and fares are trending modestly ahead YoY; the fare outcome depends on close-in school-break and Christmas bookings, with Q4 visibility close to zero.

• FY27 PAT guidance was deferred amid fuel volatility and limited Q4 visibility; FY27 CapEx guidance remains close to €2bn.

• Forward prices imply a potential ~€2bn increase in the FY28 fuel bill; cost reviews cover airport charges, labour agreements, crewing ratios and AI-enabled productivity.