Ryanair Holdings Plc · EURONEXT:RYA

Ryanair — FY2024 Earnings Presentation

22 slides from Ryanair's earnings presentation, May 20, 2024

  1. Slide 1: FY24 Results – May 24

    VTRYANAIR., FY24 Results — May 24 p B ’ “a,

  2. 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 (+8%)  No. 1, OTP & reliability  No. 1 EU ESG airline – Sustainalytics  300 MAX-10 order – Decade of Growth  Fin. strength + lowest cost = L.T. winner 2 2

  3. Slide 3: Europe's No. 1 Coverage & Choice

    E u r o p e ’s N o. 1 C ove r a g e & C h o i c e  95 bases  233 apts., 37 countries  600 aircraft S.24 – 350 on order  3,600 daily flights  300m pax p.a. FY34 3 3

  4. Slide 4: Europe's Lowest Costs – Gap Widens

    Eur ope’s Lowest Costs – Gap W idens € per pax RYA WIZ EZJ LUV AAL UAL DAL Staff/Efficiency 8 8 13 75 64 83 79 Airport & Hand. 8 14 25 12 13 17 45 Route Charges 6 5 6 - - - - Own’ship & Maint. 8 16 14 18 30 31 27 S, M & Other 4 4 21 27 57 75 60 Unit Cost Ex Fuel 34 47 79 132 164 206 211 (i) Net Fin.

  5. Slide 5: FY24 Results

    FY24 Results FY23 FY24 Guests 168.6m 183.7m +9% Load Factor 93% 94% +1pt Revs. €10.78bn €13.44bn +25% Op. costs €9.20bn €11.38bn +24% PAT €1.43bn €1.92bn +34% EPS €1.16 €1.68 +46% 5 5

  6. Slide 6: Ind. Leading Balance Sheet (BBB+)

    Ind. Leading Balance Sheet (BBB+) €’bn Mar. 23 Mar. 24 Assets 11.7 13.1 B737 fleet debt free Cash 4.7 4.1 Strong liq. post capex & bond Total 16.4 17.2 Accruals 6.6 6.8 Debt 4.2 2.8 Net Cash: €1.37bn – Mar. 24 Net Cash: €0.56bn – Mar. 23 S/H Funds 5.6 7.6 Total 16.4 17.2 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  Pay down low cost debt: − Sep. 25 – €0.85bn bond (@ 2.875%) − May 26 – €1.20bn bond (@ 0.875%)  B737 fleet debt free  Cost gap widens; comps. face debt / fleet costs  Restore pay / pay down debt / fund capex  Return surplus cash to s/holders 7 7

  8. Slide 8: Current Developments

    Cur r ent Developments  S.24 demand positive – largest ever S.24 schedule  EU capac. constrained (P&W, OEM delays, consol.)  Work with Boeing to improve quality & accel. B737 delivs.  FY25 fuel over 70% hedged @ $79bbl – €450m savings locked in  “Approved OTA” deals – protect c’mers from OTA Pi

  9. Slide 9: Capacity Constrained: S.24

    Capacity Constrained: S.24  Comp. strug. to recov. S.19 (pre C-19) cap. Top 10 aircraft operators Week 06 – 12 May 2024 (avg. daily flights) − EZJ @ 97% − Wizz – P&W zero S.24 growth − IAG @ 97% − LUF @ 82% − AF @ 93%  RYA record S.24 sched. (+35% pre C-19) Source: Eurocontrol − Subj. to Boeing de

  10. Slide 10: Boeing Delivery Update

    Boeing Deliver y Update  146x B737 G’Changers @ 31 Mar. (fleet 584 acft.)  181 due by end Jun. – likely c.20 short (161) by end Jul.  Take delivs Aug. – Oct. Expect 181 by end Nov.  Due 29x B737s Jan. – Apr. 2025 – curr. on track  Welcome m’gmt. changes in Seattle  Work with S. Pope & B. West

  11. Slide 11: "Approved OTA" Deals Protect C'mers

    “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  Approved OTAs work with RYA to benefit c’mers − No overcharging − No mark-ups on ancil. products − No digital piracy − Real c’mer email & payments − More choice & lower fares for c’mers  eDreams won’t sign, they prefer to overcharge & sca

  12. Slide 12: OTA Overcharge & Scam Pax – May Survey

    O TA O v e r c h a r g e & S c a m P a x – M a y S u r v e y OVERCHARGES MAY OTP PRODUCT OTP PRICE RYA PRICE O/CHARGE eDreams Flight Fare €28.04 €12.99 +116% Mytrip 10kg bag €23.99 €14.99 +60% eDreams Res. Seat €10.32 €8.00 +29% INVENTED CHARGES MAY Gotogate “Refund” Fee €65.00 €0 €65.00 Opodo “Canc

  13. Slide 13: S/holder Returns – €700m Share B/back

    S/holder Retur ns – €700m Shar e B/back  Board approve Div. Pol. – Nov. 23  Debt repay. & capex our priority  Int. div. (€0.175 p/s) paid Feb.  Final div. (€0.178 p/s) due Sep.  €700m share buyback announced  €7.8bn+ retd. since 2008 (when above complete)  25% PY PAT div. (c.€480m) in 2025 13

  14. Slide 14: Outlook

    Outlook  FY25 Traffic: +8% (198m – 200m pax) – subj. to Boeing delays  Cost adv. widens – FY25 unit costs modest rise (€450m fuel sav. + net int. inc.)  S.24 demand positive (bookings ahead) & EU cap. constrained  LF act. / yield pass.: Q1 needs price stim. (early Easter)  Peak S.24 fares – fla

  15. Slide 15: Appendices

    Appendices Appendices 15

  16. Slide 16: Appendix: Ind. Leading Hedging Position

    A ppendix: Ind. Leading Hedging Position (i) (ii) (ii) Jet Swap / (bbl) Opex €/$ Carbon H1 FY25 69% ($79) 85% ($1.11) H2 FY25 74% ($80) 81% ($1.12) FY25 H2 71% ($79) 83% ($1.11) 100% (€76) FY FY26 10% ($79) 9% ($1.11) 23% (€58) FY25 hedging = c.€450m saving already secured (i) Brent crude spot $82bb

  17. Slide 17: Appendix: Capital Allocation Policy

    A ppendix: Capital Allocation Policy * Strong BS Invest in growth S/holder returns • Strong liquidity • Fund pay incr. (done) • Board set Div. Pol. Nov. 23 • €4bn into C-19 • Fund B737 capex (done) • 2024 ord. div. • Invest grade rating • Invest in resil.: − Int. div. €0.175 (28 Feb) • Repay debt −

  18. Slide 18: 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 730 700 681 MORE SEATS 670 655 LESS FUEL 8 28 68 122 169 218 268 300 LOWER COSTS 23 21 600 584 10 1 27 ADDIT. CAPAC. FOR AIRPORTS 210 210 210 TO GROW 146 210 210 210 210 LOWER APT. & 400 210 HAND.COSTS 411 411

  19. Slide 19: Appendix: MAX-10 Order = Decade Of Growth

    A ppendix: MAX-10 Or der = Decade Of Growth Fleet Pax p.a. (m) Pax Grth Cum. Grth (i) FY24 584 184 - - FY27 655 230 - +25% +2% +28% 300 MAX-10 Order FY28 670 235 FY29 681 240 +2% +30% FY30 700 250 +4% +36% FY31 730 265 +6% +44% FY32 760 280 +6% +52% FY33 790 290 +4% +58% FY34 800 300 +3% +63% (i) Pa

  20. Slide 20: Appendix: Best in class ESG

    A ppendix: Best in class ESG Ratings: - Member of: Committed to: 20 20

  21. Slide 21: Appendix: ESG Update

    A ppendix: ESG Update  CDP upgrade to ind. leading ‘A-’ (from ‘B’)  MSCI upgrade to ind. leading ‘A’ (from ‘BBB’)  Sig. inv. in fuel effic. acft. (“G’changers” & MAX-10)  NG winglets (1.5% fuel saving) – 409 acft. by 2026  SAF MOUs: Neste, OMV, Repsol, Shell, ENI (12.5% 2030) − 10% already secu

  22. Slide 22: Appendix: C-State Aid Appr. By ECO/turned By EU Court On RYA Appeal

    A p p e n d i x : C - 1 9 S t a t e A i d A p p r . B y E C O / t u r n e d B y E U C o u r t O n R YA A p p e a l Date Airline Amount (€) May 2021 KLM 3.4bn May 2021 TAP 1.2bn Jun. 2021 Condor 0.6bn May 2023 Lufthansa 6.0bn May 2023 SAS 1.0bn May 2023 IT scheme (Neos, Blue Pan., Air Dolomiti) 0.1bn

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