Ryanair Holdings Plc · EURONEXT:RYA

Ryanair — Q3 FY26 Earnings Presentation

16 slides from Ryanair's earnings presentation, Jan 25, 2026

  1. Slide 1: Q3 Results – Jan. 26

    RYANAIR. low fares, great care. he Po > 7 . 7 Sn : ; ~~ Sb =

  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: 208m (+4%)  No. 1, OTP & reliability – high CSAT (YTD: 89%)  No. 1 EU Large Cap. ESG airline – (S’alytics)  300 MAX-10 order – 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  643 aircraft  208m pax FY26  >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 81 52 46 97 Airport & Hand. 8 15 27 13 48 30 41 Route Charges 6 6 7 - 6 6 6 Own’ship & Maint. 9 20 15 20 42 57 61 S/M & Other 4 9 26 27 18 31 45 (i) Net Fin. (Inc.) / Exp. (1) 3 - (2) 4 1 3 Unit cos

  5. Slide 5: Q3 FY26 Results

    Q3 FY26 Results Q3 FY25 Q3 FY26 Guests 44.9m 47.5m +6% Load Factor 92% 92% - Ave. Fare €43 €44 +4% Total Rev. €2.96bn €3.21bn +9% Total Costs (pre-except.)* €2.93bn €3.11bn +6% PAT (pre-except.)* €149m €115m -22% PAT (post-except.)* €149m €30m -80% *€85m (approx. 33%) AGCM (Italy) fine provision (FY

  6. Slide 6: Strong Balance Sheet

    Strong Balance Sheet €’bn Mar. 25 Dec. 25 BBB+ (Fitch and S&P) Assets 13.5 13.6 Unencum. B737 fleet Cash 4.0 2.4 Total 17.5 16.0 Accruals 7.8 5.8 Debt 2.7 1.5 Final €1.2bn bond due May’26 S/H Funds 7.0 8.7 Total 17.5 16.0 6 6

  7. Slide 7: 3-Yr TSR over 150%

    To p T S R P e r f o r m e r Cap. Alloc. Priorities Top TSR performer Mkt. leading 200% STOXX 600 3-YR TSR • Strong bal. sheet 180% of STOXX 600 Co’s Top quartile 160% 153% • Invest. grade rating 140% (1) 120% only 152 >15% PAT growth • Invest in growth 100% 80% 60% • S/holder returns (2) 40 % Media

  8. Slide 8: Current Developments

    Cur r ent Developments  FY26 traffic +4% to 208m (prev. 207m)  Constrained cap. switch. to apts. / regs. who cut taxes / fees to grow  S.26 on sale - 3 new bases & 106 new routes  Fuel 80% hedged for FY27 @ $67 p/bbl (10% saving)  Int. div. (€0.193 p/share) late Feb. / 46% of €750m buyback done

  9. Slide 9: Boeing Deliveries

    Boeing Deliveries  643 fleet (206 G’Changers) @ 31 Dec.  Quality & timing improves  Final 4 G’Changers by end Feb.  Boeing expect MAX-10 cert. S.26  First 15 MAX-10s due Spring 2027  300 MAX-10s by Mar. 2034 (+20% seats / -20% fuel) 9 9

  10. Slide 10: Outlook

    Outlook  FY26 traffic grows 4% to 208m due to earlier Boeing delivs. & strong demand  FY fares likely to exceed +7% fare growth by 1% to 2% (PY: -7%)  Mod. FY26 unit cost infl. – fuel hedges help offset high ATC, enviro. costs & comp. roll off (i)  FY26 PAT (pre-except.) cautiously guided in a r

  11. Slide 11: Appendices

    Appendices Appendices 11

  12. Slide 12: Appendix: Hedging Locks in Savings

    A ppendix: Hedging Locks in Savings (i) (ii) (iii) Jet Swap / (bbl) Opex €/$ Carbon Q4 FY26 84% ($77) 89% ($1.12) 100% (€64) H1 FY27 80% ($67) 80% ($1.14) H2 FY27 80% ($67) 80% ($1.16) FY27 80% ($67) 80% ($1.15) 35% (€77) MAX-10 Capex: 40% (150x firm orders) hedged @ avg. €/$1.24 (i) Brent crude spo

  13. Slide 13: 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 613 200 +9% +9% FY26 647 208 +4% +13% FY27 655 216 +4% +17% FY28 670 230 +6% +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

  14. Slide 14: Appendix: EU's Most Enviro. 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 29.2 131 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. 14

  15. Slide 15: Appendix: Best In Class ESG

    Appendix: Best In Class ESG Ratings: CSAT rating YTD: - Commitments: Member of: 15 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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