Ryanair Holdings Plc · EURONEXT:RYA

Ryanair — FY2025 Earnings Presentation

16 slides from Ryanair's earnings presentation, May 19, 2025

  1. Slide 1: FY25 Results – May 25

    — — 7RYANAIR low fares, great care

  2. Slide 2: Europe's Lowest Cost Airline

    Eur ope’s Lowest Cost Air line  Lowest fare/cost EU airline – gap widens  No. 1, Traffic: FY26 206m (+3%)  No. 1, OTP & reliability – record CSAT 86%  No. 1 Large Cap. ESG airline – Sustainalytics  300 MAX-10 order – Decade of Growth  Fin. strength + lowest cost = L.T. winner 2 2

  3. Slide 3: Europe's No. 1 Cover & Choice

    E u r o p e ’s N o. 1 C ove r & C h o i c e  93 bases  233 apts.  37 countries  618 aircraft S.25  206m pax FY26  330 new B737s on order  300m pax FY34 3 3

  4. Slide 4: Europe's Lowest Costs – Gap Widens

    Eur ope’s Lowest Costs – Gap W idens € per pax RYA WIZ (ii) EZJ LUV IAG LUF AFKLM Staff/Effic. 9 8 14 81 52 46 97 Airport & Hand. 8 14 26 13 48 30 41 Route Charges 6 6 6 - 6 6 6 Own’ship & Maint. 9 17 15 20 42 57 61 S/M & Other 4 7 24 27 18 31 45 Unit Cost Ex Fuel 36 52 85 141 166 170 250 Net Fin. (

  5. Slide 5: FY25 Results

    FY25 Results FY24 FY25 Guests 183.7m 200.2m +9% Load Factor 94% 94% - Ave. Fare €50 €46 -7% Total Rev. €13.44bn €13.95bn +4% Total Costs €11.38bn €12.39bn +9% PAT €1.92bn €1.61bn -16% 5 5

  6. Slide 6: Fortress Balance Sheet

    Fo r t r e s s B a l a n c e S h e e t €’bn Mar. 24 Mar. 25 Assets 13.1 13.5 B737 fleet debt free Cash 4.1 4.0 Strong liq. post €1.6bn capex & €1.9bn S/h rets. Total 17.2 17.5 Accruals 6.8 7.8 Debt 2.8 2.7 Net Cash: €1.3bn – Mar’ 25 S/H Funds 7.6 7.0 Total 17.2 17.5 6 6

  7. Slide 7: Current Developments

    Cur r ent Developments  1st EU airline to carry 200m guests in 1 year  Slower FY26 growth (+3%) to 206m due Boeing delays  Robust S.25 demand across network (2,600 routes)  Constrained cap. growth alloc. to region/apts. cutting taxes  Fuel hedges extend. at significant savings: − FY25 78% @ $79

  8. Slide 8: Boeing Delays – Getting Better

    Boeing Delays – Getting Better  618 B737 fleet for S.25 – 181 G’Changers  Work with Boeing to accel. 29 G’Changers for S.26  Quality and delivs. improving  Boeing expect MAX-10 cert. late 2025  First 15 MAX-10s due Spring 2027  300 MAX-10s by Mar. 2034 (+20% seats / -20% fuel) 8 8

  9. Slide 9: 300 MAX-10 Order = Decade of Growth

    MAX-10 Or der = Decade Of Growth Fleet Pax p.a. (m) Pax Grth Cum. Grth (i) FY24 584 184 - - FY25 613 200 +9% +9% FY26 647 206 +3% +12% FY27 655 215 +4% +17% FY28 670 230 +7% +25% 300 MAX-10 Order FY29 681 240 +4% +30% FY30 700 250 +4% +36% FY31 730 265 +6% +44% FY32 760 280 +6% +52% FY33 790 290 +4%

  10. Slide 10: Strong S/holder Returns

    Str ong S/holder Retur ns  77m shares b/back & canx in FY25 @ €19.10  36% ISC b/back & canx. since 2008  Follow on €750m b/back starts May 2025  €400m div. paid in 2024  €480m div. in 2025 (subj. to AGM)  Deliv. delays boost S/holder returns 10 10

  11. Slide 11: FY26 Outlook

    FY26 Outlook  Traffic growth slows to 3% (206m) due Boeing delays  S.25 demand strong across network; Q1 strong due Easter & weak PY  Cautiously expect to recover most (but not all) PY 7% fare decline  Econ. downturn due to tariffs could impact demand & fares  Modest unit cost inflation – highe

  12. Slide 12: Appendices

    Appendices Appendices 12

  13. Slide 13: Appendix: Ind. Leading Hedging Position

    A ppendix: Ind. Leading Hedging Position (i) (ii) (ii) Jet Swap / (bbl) Opex €/$ Carbon FY25 78% ($79) 95% ($1.11) FY26 84% ($76) 88% ($1.11) 89% (€63) H1 FY27 41% ($66) 60% ($1.12) H2 FY27 30% ($65) 57% ($1.14) FY27 36% ($66) 59% ($1.13) - (i) Brent crude spot $66 bbl on 14 May. Conv. rate of 10 si

  14. Slide 14: Appendix: Best In Class ESG

    Appendix: Best In Class ESG Ratings: Record CSAT rating: - Commitments: Member of: 14 14

  15. Slide 15: Appendix: Enviro. Update

    A ppendix: Envir o. Update  MSCI: A; CDP: A-; & Sustainalytics: No. 1 Large Cap. airline for ESG  c.50g CO2 per pax/km (27% redn.) by 2031 (SBTi validated)  NG winglets (1.5% fuel & 6% noise red.) – 409 acft. by 2026  Contd. inv. in fuel effic. acft. (“G’changers” & MAX-10)  2% SAF mandate effe

  16. Slide 16: Disclaimer

    Disclaimer Certain of the information included in this release is forward looking and is subject to important risks and uncertainties that could cause actual results to differ materially and that could impact the price of Ryanair's securities. Forward looking statements are based on management's bel

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