Ryanair (RYA) Q3 2025 Pre Recorded earnings summary

Executive summary

• Q3 profit after tax surged to EUR 149 million from EUR 15 million year-over-year, driven by 9% traffic growth and slightly higher fares, despite Boeing delivery delays and the prior year's OTA dispute.

• Total Q3 revenue rose 10% to EUR 2.96 billion, with load factor steady at 92% and strong close-in bookings during the holiday period.

• OTA partnerships are now almost fully integrated, supporting stronger Q3 results and protecting customers from overcharging.

• Over 50% of the EUR 800 million share buyback completed; a 22.3 cent interim dividend per share was paid.

• Maintained position as Europe's lowest cost and largest airline by traffic, with industry-leading cost efficiency.

Financial highlights

• Operating costs increased 8% to EUR 2.93 billion, with fuel hedge savings offsetting labor and delivery delay costs.

• Net cash at quarter-end was EUR 75 million, after EUR 1.1 billion in CapEx, EUR 1.1 billion in buybacks, and a EUR 200 million dividend.

• Shareholder funds rose to EUR 8.2 billion, while debt slightly decreased to EUR 2.7 billion.

• Ancillary revenue and average fares per passenger both increased by 1%.

• Q3 EPS rose 952% year-over-year to EUR 0.1368.

Outlook and guidance

• FY 2025 traffic expected to be just under 200 million, up 9% year-over-year, but below target due to Boeing delivery delays.

• Full-year 2025 profit after tax guided at EUR 1.55–1.61 billion, with Q4 comparables challenging due to the absence of Easter.

• FY 2026 traffic target revised down to 206 million (3% growth) due to ongoing aircraft delays, with recovery expected in summer 2026.

• Unit costs expected to remain broadly flat for the full year.

• Long-term growth plan targets 300 million passengers annually by FY34, supported by MAX-10 order.