Ryanair Holdings Plc · EURONEXT:RYA

Ryanair — FY2026 Earnings Presentation

16 slides from Ryanair's earnings presentation, May 18, 2026

  1. Slide 1: FY26 Results – May 26

    FY26 Results – May 26

  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: 216m (+4%)  No. 1, OTP & reliability – Record CSAT: 89%  No. 1 EU 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  223 apts.  36 countries  647 aircraft  216m pax FY27  300 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 9 15 86 54 48 96 Airport & Hand. 8 15 27 14 50 32 42 Route Charges 6 6 7 - 6 6 6 Own’ship & Maint. 9 20 15 18 45 59 64 S/M & Other 4 9 26 29 18 31 41 (i) Net Fin. (Inc.) / Exp. - 3 - - 5 2 4 Unit cost ex

  5. Slide 5: FY26 Results

    FY26 Results FY25 FY26 Guests 200m 208m +4% Load Factor 94% 94% - Ave. Fare €46 €51 +10% Total Rev. €13.95bn €15.54bn +11% Total Costs (pre-except.)* €12.39bn €13.09bn +6% PAT (pre-except.)* €1.61bn €2.26bn +40% *FY26: €85m (33%) AGCM (Italy) fine provision 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. 25 Mar.26 BBB+ (Fitch and S&P) Assets 13.5 16.1 Unencum. B737 fleet (620) Cash 4.0 3.6 Net Cash: €2.1bn (Y.E.) Mar. 2026 Total 17.5 19.7 Accruals 7.8 8.1 Debt 2.7 1.5 Final €1.2bn bond repay 25 May’26 S/H Funds 7.0 10.1 Total 17.5 19.7 6 6

  7. Slide 7: Current Developments

    Cur r ent Developments  FY27 traffic +4% to 216m  Constrained cap. switch. to apts. / regions who cut taxes / fees to grow  FY27 jet-fuel 80% hedged @ $67pbl – derisks volatile oil mkts. − Unhedged 20% double Apr. & May due to Mid. East conflict  Final €1.2bn bond repaid in May – then debt free

  8. Slide 8: Hedging Derisks Volatile Oil

    H e d g i n g D e r i s k s Vo l at i l e O i l (i) (ii) Jet-fuel Swap – per mt. tn. Opex €/$ Carbon (iii) H1 FY27 80% ($670) 80% ($1.14) H2 FY27 80% ($666) 80% ($1.16) FY27 80% ($668) 80% ($1.15) 100% (€72) H1 FY28 0% 29% ($1.20) 0% MAX-10 Capex: 60% (150x firms) hedged @ > €/$1.23 (avg.) (i) Jet f

  9. Slide 9: Boeing Deliveries

    Boeing Deliveries  647 fleet (210 G’Changers) @ 31 Mar.  Better quality & delivs. (+29 a/c in W.25/26)  Expect MAX-10 cert. late S.26  20% more seats & 20% less fuel  First 15 MAX-10 delivs. due Spring 2027  300 MAX-10s by Mar. 2034 = 300m pax p.a. 9 9

  10. Slide 10: 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 647 208 +4% +13% FY27 655 216 +4% +17% FY28 670 223 +3% +21% 300 MAX-10 Order FY29 681 230 +3% +25% FY30 700 245 +7% +33% FY31 730 260 +6% +41% FY32 760 275 +6% +49% FY33 790 290 +5%

  11. Slide 11: Multi-year CFM Eng. Deal

    Multi-year CFM Eng. Deal  Bring Eng. maint. in-house & replace ‘Pwr-by-hour’  2x MROs for 2,000 engines (CFM56-7B & LEAP-1B)  First MRO early 2029 – cost c.€400m  Second site opens early 2030  All in-house maint. – no 3rd party  Underpinned by strong bal. sheet  Eng. cost gap widens – key com

  12. Slide 12: Outlook

    Outlook  FY27 traffic grows 4% to 216m  Costs rise: unhedged fuel (20%), enviro. taxes (+€300m), maint. & crew pay  S.26 demand robust - bookings closer-in so visibility low  LF active / yield passive strategy - expect competitor failures  Expect Q1 fares down mid-single digit (Easter & hesitan

  13. Slide 13: Appendices

    Appendices Appendices 13

  14. Slide 14: Appendix: Best In Class ESG

    Appendix: Best In Class ESG Ratings: Record FY26 CSAT rating: - Commitments: Member of: 14 14

  15. Slide 15: Appendix: EU's Most 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. 15

  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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