Ryanair Holdings Plc · EURONEXT:RYA
Ryanair — Q3 FY25 Earnings Presentation
17 slides from Ryanair's earnings presentation, Jan 27, 2025
Slide 1: Q3 Results – Jan 2025
CRYANAIF Q3 Results — Jan 2025
Slide 2: Europe's Lowest Cost Airline
Eur ope’s Lowest Cost Air line Lowest fare/lowest cost EU airline No. 1, Traffic: c.200m (+9%) No. 1, OTP & reliability No. 1 Large Cap. ESG airline – Sustainalytics 300 MAX-10 order – Decade of Growth Fin. strength + lowest cost = L.T. winner 2 2
Slide 3: Europe's No. 1 Coverage & Choice
Eur op e’s No. 1 Cover a ge & Choice 94 bases 237 apts. 37 countries 610 aircraft – c.340 on order 200m pax FY25 300m pax p.a. FY34 3 3
Slide 4: Europe's Lowest Costs – Gap Widens
Eur ope’s Lowest Costs – Gap W idens (ii) € per pax RYA WIZ EZJ LUV IAG LUF AFKLM Staff/Efficiency 8 8 14 75 47 44 92 Airport & Hand. 8 14 26 12 47 28 40 Route Charges 6 6 6 - 6 6 6 Own’ship & Maint. 8 17 15 18 40 54 54 S, M & Other 4 7 24 27 19 32 30 Unit Cost Ex Fuel 34 52 85 132 159 164 222 (i) N
Slide 5: Q3 FY25 Results
Q3 FY25 Results Q3 FY24 Q3 FY25 Guests 41.4m 44.9m +9% Load Factor 92% 92% - Total Rev. €2.70bn €2.96bn +10% Op. costs €2.72bn €2.93bn +8% PAT €15m €149m +€134m 5 5
Slide 6: Industry Leading Balance Sheet
Ind. Leading Balance Sheet €’bn Mar. 24 Dec. 24 Assets 13.1 13.6 B737 fleet debt free Cash 4.1 2.8 Strong liq. post capex & SH returns Total 17.2 16.4 Accruals 6.8 5.5 Debt 2.8 2.7 Net Cash: €75m – Dec. 24 Net Cash S/H Funds 7.6 8.2 Total 17.2 16.4 6 6
Slide 7: Current Developments
Cur r ent Developments “Approved” OTA deals almost fully integrated Ongoing Boeing delays – FY26 pax revised down to 206m (+3%) from 210m Realloc. cap. to apts / regions who cut taxes / stim. growth (POL, SWE & IT) All S.25 cap. on sale, incl. 164 new routes (total 2,600 routes) S/holder r
Slide 8: Approved OTA Deals Protect Customers
“A p p r o v e d O TA” D e a l s P r o t e c t C ’ m e r s 14 OTAs sign “Approved” deals Approved OTAs protect c’mers − No overcharging − No mark-ups on ancil. products − No digital piracy (screen scraping) − Real c’mer email & payment details 8 8
Slide 9: Boeing Delays Constrain FY26 Growth
Boeing Delays Constrain FY26 Growth 172 B737 G’Changers @ 31 Dec. (609 acft.) Work with Boeing (Seattle mid-Jan.) to accel. delivs. Prod. recovers post 2024 strike but too slow for S.25 Only 9 of 38 a/craft deliv. before S.25 Revising down FY26 pax to 206m (+3%) from 210m Expect last 29
Slide 10: Shareholder Returns Continue
S/holder Retur ns Continue €700m b/back done Aug. 2024 50%+ of €800m b/back done by Dec. – finish mid-2025 Over 36% shares b/back & canx. since 2008 Int. div. (€0.223 p/s) payable end Feb. Return surplus cash to s/holders (divs. & b/backs) Subj. to capex & debt repay (€850m Sept 25 & €1.
Slide 11: Outlook
Outlook FY25 Traffic: +9% (c.200m pax) despite ongoing Boeing deliv. delays FY25 unit costs flat (incr. lab. & a/craft delays offset by fuel savings & mod. comp.) Q4 PY comp. v. challenging with no Easter benefit (i) FY25 PAT cautiously guided in range of €1.55bn to €1.61bn More Boeing del
Slide 12: Appendices
Appendices Appendices 12
Slide 13: Appendix: Industry Leading Hedging Position
A ppendix: Ind. Leading Hedging Position (i) (ii) (ii) Jet Swap / (bbl) Opex €/$ Carbon Q4 FY25 84% ($80) 86% ($1.12) FY25 H2 78% ($79) 93% ($1.11) 100% (€76) H1 FY26 76% ($78) 84% ($1.11) H2 FY26 76% ($77) 85% ($1.12) FY26 H2 76% ($77) 85% ($1.11) 69% (€61) (i) Brent crude spot $80 bbl on 22 Jan. C
Slide 14: Appendix: MAX-10 Order = Decade Of Growth
Appendix: MAX-10 Or der = Decade Of Growth Fleet Pax p.a. (m) Pax Grth Cum. Grth (i) FY24 584 184 - - FY25 612 200 +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 7
Slide 15: Appendix: Best In Class ESG
Appendix: Best In Class ESG Ratings: - Commitments: Member of: 15 15
Slide 16: Appendix: Environmental Update
A ppendix: Envir o. Update Retained MSCI ‘A’ & Sustainalytics No. 1 Large Cap. airline ESG rating 50g CO2 per pax/km (27% red.) 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) SAF MOUs: Neste, OMV
Slide 17: Disclaimer
Disclaimer Certain of the information included in this presentation 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'