Ryanair Holdings Plc · EURONEXT:RYA
Ryanair — Q1 FY26 Earnings Presentation
15 slides from Ryanair's earnings presentation, July 2025
Slide 1: Q1 Results – Jul. 25
7RYANAIR Q1 Results — Jul. 25 |
Slide 2: Europe's Lowest Cost Airline
Eur ope’s Lowest Cost Air line Lowest fare/cost EU airline – gap widens No. 1, Traffic: 206m (+3%) No. 1, OTP & reliability – high CSAT (86%) No. 1 Eur. & 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 Cover & Choice
E u r o p e ’s No. 1 Cove r & Ch o ic e 93 bases 233 apts. 37 countries 618 aircraft S.25 206m pax FY26 330 new B737s on order 300m pax FY34 3 3
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 9 14 81 52 46 97 Airport & Hand. 8 15 26 13 48 30 41 Route Charges 6 6 6 - 6 6 6 Own’ship & Maint. 9 20 15 20 42 57 61 S/M & Other 4 9 24 27 18 31 45 Unit Cost Ex Fuel 36 59 85 141 166 170 250 Net Fin. (
Slide 5: Q1 FY26 Results
Q1 FY26 Results Q1 FY25 Q1 FY26 Guests 55.5m 57.9m +4% Load Factor 94% 94% - Ave. Fare €42 €51 +21% Total Rev. €3.63bn €4.34bn +20% Total Costs €3.26bn €3.42bn +5% PAT €360m €820m +128% 5 5
Slide 6: Fortress Balance Sheet
For tr ess Balance Sheet €’bn Mar. 25 Jun. 25 BBB+ (Fitch and S&P) Assets 13.5 13.7 Unencumbered B737 fleet Cash 4.0 4.4 Strong liq. facil. debt repayments Total 17.5 18.1 Accruals 7.8 8.4 Debt 2.7 2.3 Net Cash: €2.0bn – Jun’ 25 S/H Funds 7.0 7.4 Total 17.5 18.1 6 6
Slide 7: Current Developments
Cu r r e n t Deve lo p m e n t s Robust S.25 demand – fares recover from last year’s decline Slower (+3%) FY26 growth to 206m pax due to Boeing delays Constrained cap. allocated to apts. / regions cutting taxes / stim. growth Fuel hedges de-risk Group & lock in savings: − FY26 84% @ $76 bbl
Slide 8: Boeing Delivery Update
Bo e in g De live r y Up d at e 618 fleet S.25 (181 G’Changers) Quality & delivs. improved Boeing hit B737 “Rate 38” in May Final 29 G’Changers ahead S.26 Boeing expect MAX-10 cert. late 2025 First 15 MAX-10s due Spring 2027 300 MAX-10s by Mar. 2034 (+20% seats / -20% fuel) 8 8
Slide 9: MAX-10 Order = Decade Of Growth
MAX-10 Or der = Decade Of Gr owth Fleet Pax p.a. (m) Pax Grth Cum. Grth (i) FY24 584 184 - - FY25 613 200 +9% +9% FY26 647 206 +3% +12% FY27 655 215 +4% +17% FY28 670 230 +7% +25% 300 MAX-10 Order FY29 681 240 +4% +30% FY30 700 250 +4% +36% FY31 730 265 +6% +44% FY32 760 280 +6% +52% FY33 790 290 +4
Slide 10: Outlook
Outlook FY26 traffic to grow 3% to 206m pax Q2 demand robust / fares should recover most of PY Q2 decline H1 outcome depends on close-in Aug. & Sept. bookings Cautiously expect to recover almost all PY 7% FY fare decline Econ. downturn due to tariffs could hit demand & fares Modest unit
Slide 11: Appendices
Appendices Appendices 11
Slide 12: Appendix: Industry Leading Hedging Position
A ppendix: Ind. Leading Hedging Position (i) (ii) (iii) Jet Swap / (bbl) Opex €/$ 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 $69 bbl on 16 Jul. Conv. rate of 10 s
Slide 13: Appendix: EU's Most Environmentally Efficient Large Airline
A ppendix: EU’s Most Envir o. Ef f icient Lar ge Air line Emissions CO2 per Traffic (m) (m tn.) pax/km 1 LUFT 29.2 131 88 2 IAG 27.2 122 78 3 AFKLM 25.7 98 75 4 RYA 16.5 200 64 5 EZJ 8.1 90 67 6 WIZ 5.8 63 52 Source: latest FY Results 13
Slide 14: Appendix: Best In Class ESG
Appendix: Best In Class ESG Ratings: Record CSAT rating: - Commitments: Member of: 14 14
Slide 15: 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