Ryanair (RYA) Q3 2026 Pre Recorded earnings summary

Executive summary

• Q3 profit after tax (pre-exceptional) was €115 million, down 22% year-over-year, with post-exceptional profit at €30 million due to an €85 million Italian AGCM fine provision; traffic grew 6% to 47.5 million and fares rose 4%.

• FY 2026 traffic guidance raised to 208 million (+4% year-over-year), with FY 2027 targeted at 216 million (+4%) and a long-term goal of 300 million by FY 2034.

• Network expanded to 95 bases and 223 airports across 36 countries, with a fleet of 643 aircraft and over 300 new Boeing 737s on order.

• Maintained high customer satisfaction (CSAT 89%) and top ESG ratings among EU large-cap airlines.

• An €85 million exceptional charge was provisioned for the Italian AGCM fine, representing 33% of the total, with high confidence it will be overturned on appeal.

Financial highlights

• Q3 revenue rose 9% to €3.21 billion, with average fare up 4% to €44 and ancillary revenue up 7%.

• Unit costs remained flat; total costs increased 6% to €3.11 billion, excluding the AGCM provision.

• Q3 operating profit fell 44% to €18.2 million, mainly due to the exceptional charge.

• Liquidity at quarter-end: €2.4 billion gross cash, €1 billion net cash, and €1.5 billion debt as of Dec 2025.

• Nine-month net profit rose 32% to €2.57 billion, with EPS up 39% to €2.43.

Outlook and guidance

• FY 2026 traffic expected at 208 million (+4%), with fares projected to grow 8–9% year-over-year, and PAT (pre-exceptional) guided at €2.13–2.23 billion.

• FY 2027 traffic targeted at 216 million, supported by Boeing deliveries and over €500 million in fuel cost savings from hedging.

• Decade-long growth plan targets 300 million passengers annually by FY 2034.

• Risks include conflict escalation in Ukraine/Middle East, macroeconomic shocks, ATC strikes, regulatory changes, and fuel price volatility.

• Final FY26 outcome remains exposed to external risks including operational disruptions and currency fluctuations.