Ryanair (RYA) Q2 2027 earnings summary

Executive summary

• H1 FY27 traffic rose 6% to 125.8m and revenue increased 3% to €10.08bn, while PAT fell 15% to €2.15bn as fares declined and unhedged fuel costs doubled.

• Q2 traffic grew 5% to 64.5m and revenue rose 4% to €5.70bn; PAT declined 6% to €1.61bn.

• FY27 traffic guidance was cut from 216m to 214m; Q3 fares were trending modestly above last year, while FY28 earnings remain exposed to fuel and fare uncertainty.

Financial highlights

• H1 total costs rose 10% to €7.69bn, exceeding 3% revenue growth; operating profit fell 16% to €2.40bn and profit before tax declined 16% to €2.43bn.

• H1 scheduled revenue rose 1% to €7.00bn and ancillary revenue increased 6% to €3.08bn.

• H1 operating cash inflow was €1.21bn, versus €1.78bn in H1 FY26.

• Ex-fuel unit costs are expected to rise 2%–3% for FY27; unit cost excluding fuel was presented at €36 per passenger.

• Management cited FY27 profit market expectations of €1.7bn–€1.8bn and said FY28 profit could reasonably remain at that level, conditional on fares and oil prices.

Outlook and guidance

• FY27 traffic guidance is +3% to 214m passengers, down from 216m; winter traffic from November to March is expected to be broadly flat YoY.

• FY28 traffic is expected to exceed 220m, with 16 MAX 10s supporting growth; long-term ambition is over 300m passengers annually by FY34.

• Q3 demand and close-in bookings were strong, with fares trending modestly ahead YoY; outcomes depend on school holidays and Christmas bookings. Q4 booking visibility was described as zero.

• FY28 fuel costs could rise by ~€2bn; management said a ~20% fare increase, or ~€10 per passenger, would cover the increase, but full recovery is uncertain.

• FY27 CapEx is expected near €2bn; FY28 CapEx is estimated at €2.7bn–€3bn.