Ryanair Holdings Plc · EURONEXT:RYA

Ryanair — Q2 2027 Earnings Presentation

18 slides from Ryanair's earnings presentation, Nov 2, 2026

  1. Slide 1: H1 Results – Nov. 26

    H1 Results — Nov. 26 .. 3 tee oe; / ~~ ee » P 2

  2. Slide 2: Europe's Lowest Cost Airline

    Eur ope’s Lowest Cost Air line  Lowest fare/cost EU airline – gap widens  World No. 2 Traffic: 214m (+3%)  No. 1 OTP – Record H1 CSAT: 90%  No. 1 Global Large Cap. ESG airline – (S’alytics)  300 MAX-10s – Decade of Growth from 2027  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  95 bases  218 apts.  34 countries  647 aircraft  214m pax FY27  300 new B737s on order  300m pax FY34 3 3

  4. Slide 4: World's No. 2 Airline (Traffic)

    Wo r l d ’s N o. 2 A i r l i n e ( Tr a f f i c M ’s ) 4 4

  5. Slide 5: Lowest Costs – Gap Widens

    Lowest Costs – Gap W idens € per pax RYA WIZ (i) EZJ LUV IAG LUF AFKLM Staff/Effic. 9 9 15 86 54 48 96 Airport & Hand. 8 16 27 14 50 32 42 Route Charges 6 6 7 - 6 6 6 Own’ship & Maint. 9 24 15 18 45 59 64 S/M & Other 4 7 26 29 18 31 41 Net Fin. (Inc.) / Exp. - 3 - - 5 2 4 Unit cost ex-fuel 36 65 90

  6. Slide 6: H1 FY27 Results

    H1 FY27 Results H1 FY26 H1 FY27 Guests 119.0m 125.8m +6% Load Factor 95% 95% - Ave. Fare €58.00 €55.70 -4% Total Rev. €9.82bn €10.08bn +3% Total Costs €6.96bn €7.69bn +10% PAT €2.54bn €2.15bn -15% 6 6

  7. Slide 7: Fortress Balance Sheet

    Fo r t r e s s B a l a n c e S h e e t €’bn Mar. 26 Sep. 26 BBB+ (Fitch and S&P) Assets 16.1 16.0 Debt free 620x B737 fleet Cash 3.6 2.6 Total 19.7 18.6 Accruals 8.1 6.4 Debt 1.5 0.6 Final €1.2bn bond repaid May S/H Funds 10.1 11.6 Total 19.7 18.6 7 7

  8. Slide 8: Current Developments

    Cur r ent Devs:  FY traffic +3% to 214m (flat W.26 cap.)  Scarce cap. switch to States / Apts. who cut taxes / fees to grow  Fuel hedges extended – FY28: 25% @ $95bbl  FY28 fuel price challenge all airlines – higher fares / more failures  New €800m share b/back & Int. div. late Feb. ’27  B737

  9. Slide 9: High Oil Drives Cap. Cuts, Failures and M&A

    High Oil Drives Cap. Cuts, Failur es and M&A Chap. 11/ AirBaltic (Latvia) Animawings (Rom.) Bankrupt: Volotea (Spain) Lufthansa CityLine (Ger.) M&A: TAP (Port.) Air Europa (Spain) easyJet (UK) Smartwings (Cz. Rep.) SAS (Scandi) ITA (Italy) Cuts: NAS: fleet 54 → 36 Corendon: fleet 30 → 21 easyJet: -1

  10. Slide 10: Boeing MAX-10 Update

    Boeing MAX-10 Update  FAA cert. in Oct. ‘26  EASA cert. by year end  16 MAX-10s deliver Jan-Apr ‘27  20% more seats & 20% less fuel  1st deliv. Jan 27’ – poss. lead operator  300 fuel-efficient MAX-10s by Mar. 2034 10 10

  11. Slide 11: Outlook

    Outlook  FY27 traffic +3% to 214m pax (flat W.26 cap.)  Final unit cost depends on unhedged H2 fuel  Strong close-in Q3 bookings; fares trend modestly ahead of PY  Q3 fare outcome depends on close-in Oct. – Nov. school mid-terms & C’mas (i)  Too early for FY27 PAT guidance – zero Q4 visibility

  12. Slide 12: Appendices

    Appendices Appendices 12

  13. Slide 13: Appendix: Fuel Hedging

    Appendix: Fuel Hedging Jet-fuel Swap Opex Carbon (i) (ii) (iii) (per mt. tn.) (€/$) (€) H2 FY27 81% ($666) 80% ($1.16) 100% (€72) FY28 25% ($954) 21% ($1.19) 17% (€77) MAX-10 Capex: 60% (150x firms) hedged @ > €/$1.23 (avg.) (i) Jet fuel spot $1,595 per metric tonne on 30 Oct. (ii) €/$ spot $1.1150

  14. Slide 14: Appendix: The Long-Term Winner

    A p p e n d i x : T h e L o n g - Te r m W i n n e r  Europe’s No.1 Airline – World’s largest airline FY34 (300m pax p.a.)  Wider cost adv. (low-cost MAX-10 / +20% seats & -20% fuel) (i)  Consistent double-digit margins  Financial strength (Debt free fleet / BBB+ rating / Strong cash flow)  Str

  15. Slide 15: 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) FY25 613 200 +9% +9% FY26 647 208 +4% +13% FY27 655 214 +3% +16% FY28 673 220 +3% +19% 300 MAX-10 Order FY29 690 230 +4% +23% FY30 700 245 +6% +30% FY31 730 260 +6% +41% FY32 760 275 +6% +49% FY33 790 290 +5% +58% F

  16. Slide 16: Appendix: Fleet FY27 – FY34 (300 MAX-10 order)

    Appendix: Fleet FY27 – FY34 (300 MAX-10 order) 790 800 800 Yr. end Fleet 760 300 x MAX-10s 730 700 690 MORE SEATS 673 655 LESS FUEL 8 28 68 122 169 218 268 300 LOWER COSTS 26 24 19 600 1 ADDIT. CAPAC. FOR AIRPORTS 210 210 210 TO GROW 210 210 210 210 LOWER APT. & 400 210 HAND.COSTS 411 411 393 LOWER

  17. Slide 17: Appendix: EU's Most Environmentally Efficient Large Airline

    A ppendix: EU’s Most Envir o. Ef ficient Lar ge Air line Emissions CO2 per Traffic (m) (m tn.) pax/km 1 LUFT 29.4 135 85 2 IAG 27.5 122 78 3 AFKLM 26.1 103 67 4 RYA 17.0 208 63 5 EZJ 8.7 93 65 Source: latest FY Results. 17

  18. Slide 18: 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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