+0.0pt vLY
Millions of EUR, as reported · calendar-normalized quarters
Operating profit ÷ revenue, computed from reported figures
| Period | Revenue | Op. profit | Load factor | ASK | Net result | Load factor |
|---|---|---|---|---|---|---|
| Q2 2026 | ||||||
| Q1 2026 | ||||||
| Q4 2025 | ||||||
| Q3 2025 |
FY27 jet fuel 80% hedged at ~$67/bbl and FY28 extended to 15% hedged at ~$85/bbl, while unhedged Q1 fuel doubled to ~$150/bbl amid Middle East conflict.
“FY27 jet-fuel is 80% hedged @ $67bbl. FY28 now 15% hedged at $85bbl.”
FY27 traffic guided to grow 4% to 216m pax (H1 +6%, H2 +2%); management says it is too early for meaningful FY27 PAT guidance with Q2 pricing trending modestly down YoY.
Q1 fares fell 6% and revenue per pax fell 5% (ancillary flat), hit by Middle East conflict-driven consumer hesitancy and adverse Easter timing (April 2025 in PY).
Group is ~90% through its €750m buyback (25m+ shares at avg €26.35); now debt-free after May's €1.2bn bond repayment, aiming to rebuild gross cash to €4bn.
Fleet of 647 aircraft (incl. all 210 B-8200 Gamechangers, final one delivered Feb 2026); first 15 MAX-10s expected Spring 2027, 300 on order through 2034.
| Q2 2025 |
| Q1 2025 |
| Q4 2024 |
| Q3 2024 |
| Q2 2024 |
Opened 3 new bases (Rabat, Tirana, Trapani) and 130 new Summer 2026 routes, switching scarce capacity to low-tax states while withdrawing from Austria, Dublin, Germany and Regional Spain.
Management flags a €300m increase in EU environmental taxes in FY27, driving capacity away from high-tax/high-cost markets.
Operating costs rose 11% partly as Boeing supplier compensation ceased following delivery of the final B-8200 Gamechanger in February 2026.
Ryanair Holdings