Ryanair Holdings Plc · EURONEXT:RYA
Ryanair — FY2023 Earnings Presentation
22 slides from Ryanair's earnings presentation, May 2023
Slide 1: FY23 Results — May 2023
FY23 Results — May 2023
Slide 2: Europe's Lowest Cost Airline Group
Eur ope’s Lowest Cost Air line Gr oup Lowest fare/lowest cost EU airline group No. 1, Traffic: 185m (+10%) No. 1, Cust. service & reliability No. 1 EU ESG airline – Sustainalytics Strong (BBB+) bal. sheet (S&P) Fin. strength + lowest cost = L.T. winner 2 2
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 91 bases 230 apts, 36 countries 540 aircraft 3,000+ daily flights 225m pax FY26 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 EZJ LUV LUF IAG Staff/efficiency 7 7 13 70 45 49 Airport & Hand. 7 14 28 11 34 46 Route Charges 5 5 5 - 5 5 Own’ship & maint. 8 16 14 18 52 44 S & M other 4 4 16 28 31 21 (i) The gap widens: 31 46 (+47%) 76 (+140%) 127 (+304)% 167 (+430%) 166 (+
Slide 5: FY23 Results
FY23 Results FY22 FY23 Guests (m) 97.1 168.6 +74% Load Factor 82% 93% +11pts Revs. (€bn) 4.80 10.78 +124% (i) (i) Op. costs (€bn) 5.27 9.20 +75% (i) (i) PAT / (loss) (€m) (355) 1,428 n/m EPS (€) (0.21) 1.16 n/m (i) Excl. €114m except. unrealised mark-to-market loss (timing unwind) on jet fuel caps (
Slide 6: Industry Leading Balance Sheet
Ind. leading Balance Sheet €’bn Mar. 22 Mar. 23 Assets 11.6 11.7 99% B737 fleet debt free Cash 3.6 4.7 Strong liq. recovery Total 15.2 16.4 Accruals 4.6 6.6 Debt 5.1 4.2 Net Cash: €0.56bn @ Mar. 23 S/H Funds 5.5 5.6 f (€1.45bn) @ Mar. 22 Total 15.2 16.4 6 6
Slide 7: Balance Sheet Strengthens
Balance Sheet Strengthens S&P BBB+ (stable) Strong liq. - €4.7bn @ 31 Mar. post €850m bond repay (Mar.) Net cash €0.56bn (PY: (€1.45bn)) - €450m Boeing delay capex in FY24 Strong cashflow to repay bonds & fund capex: − Aug. 23 - €750m bond (@1.125%) − Capex FY24 - €2.6bn (peak capex B-8200 o
Slide 8: Current Developments
Cur r ent Developments Strong Easter & peak S.23 fares trending ahead of PY EU S.haul cap. constrained: 90% - 95% of pre Covid Robust S.23 demand – 185m pax (FY24) subj. to Boeing delays Strong mkt. share gains across most EU mkts. 300x B-MAX-10 order (2027/2033) – sustainable growth MAX
Slide 9: S.23 – Booking Strongly
S.23 – Booking Strongly Strong Easter (weak PY Q1 comps.) Intra. EU cap. < pre C-19 levels (90% - 95%) Robust demand & pricing for S.23 Strong mkt share gains across Europe Record S.23 sched. – 3,000+ daily flights Boeing delay 10 B-8200s in Jun. & Jul. 99
Slide 10: Strong Market Share Gains Across Europe
Strong Mkt Share Gains Across Europe * No. 1 No. 2 No. 3 Share gain Italy (40%) easyJet ITA +13pts Hungary (31%) Wizz LUF +12pts Austria AUA (19%) Wizz +10pts Poland (36%) LOT Wizz +10pts Ireland (58%) A. Lingus BA +9pts Spain (22%) Vueling Iberia +3pts UK easyJet (21%) BA +2pts Source: Ryanair mark
Slide 11: Growth to 225m pax by FY26 (210 Gamechangers)
Growth to 225m pax by FY26 (210 G’changer s) M 225 Subject to COVID 210 x B737 220 Guests “Gamechanger” 205 order Total 185* More seats 180 Less fuel 169 Lower costs 149 Addit. capac. for 140 airports to restore traffic 97 Lower apt. & 100 hand. costs Lower fares 60 Traffic + profit 27.5 growth 20 F
Slide 12: Record 300 Boeing MAX-10 Order
Recor d 300 Boeing MAX -10 or der 300 Boeing MAX-10s (subj. to AGM app. 14 Sept.) ─ 150 firm & 150 options. Delivs. 2027 - 2033 $40bn+ list price – competitive discounts 21%+ seats (228 vs 189 NGs) & LEAP engines deliver: ─ up to 20% lower fuel, CO2 & 50% less noise ─ est. 10% ex-fuel unit cos
Slide 13: 300 MAX-10 Order Drives Traffic Growth to 300m p.a.
3 0 0 B - M A X - 1 0 s D ri ve Tr a f f i c G r ow t h t o 3 0 0 m p. a . Pax p.a. Pax Growth Cum. (i) (m) (y-o-y) Growth FY23 169 - - FY27 230 +2% +36% FY28 235 +2% +39% 300 MAX-10 Order FY29 240 +2% +42% FY30 250 +4% +48% FY31 265 +6% +57% FY32 280 +6% +66% FY33 290 +4% +72% FY34 300 +3% +80% (i)
Slide 14: Fleet FY27 – FY34 (300 MAX-10 order)
Fleet FY27 – FY34 (300 MAX-10 order) Fleet (yr. end) 790 800 300 x MAX-10s 760 730 700 700 675 680 More seats 660 Less fuel Lower costs 17 45 75 174 224 274 300 23 124 18 9 537 1 Addit. capac. for airports to grow 28 210 500 210 210 98 210 210 210 Lower apt. & 210 hand. costs 210 300 Lower fares 411
Slide 15: Outlook
Outlook FY24 Traffic: 185m pax (subj. to Boeing delays) €1bn+ fuel headwind despite ind. leading hedging EU S.23 cap. only 90% - 95% of pre C-19 despite LH recovery Robust S.23 demand (fwd. books & fares ahead of S.22) (i) FY24 no guidance – expect modest PAT increase Order book sustains
Slide 16: Appendices
/ Appendices E\-60 LA Ceecevces ® RYANAIR RYANAIR =i low fares, great care
Slide 17: Appendix: FY24 Hedging
Appendix: FY24 Hedging (i) (ii) Hedge Jet Swap (bbl) Cap (bbl) Opex €/$ H1 FY24 80% 75% ($89) 5% ($86) 90% ($1.08) H2 FY24 90% 78% ($90) 12% ($86) 90% ($1.08) FY24 44 85% 76% ($89) 9% ($86) 90% ($1.08) H1 FY25 25% 25% ($77) 38% ($1.11) FY23 hedged @ $64bbl = c.€1.4bn fuel saving (i) Brent crude spot
Slide 18: Appendix: ESG update
A ppendix: ESG update Sig. invest. in fuel efficient aircraft (G’changers & MAX-10) SAF MOUs with Neste, OMV, Repsol, Shell (12.5% by 2030) NG retrofit with scim. winglet (-1.5% fuel) 66g CO2 pax/km (from 76g in PY) CLAs with 95% of crews to 2026/2027 Strong FY23 85% CSAT score Board r
Slide 19: Appendix: Best in class ESG
A ppendix: Best in class ESG Ratings: *as at 31 March 2023 Member of: Committed to: 19 19
Slide 20: Appendix: Board Committees refreshed
Appendix: Board Committees refreshed Board Committee Members Audit Co. Dick Milliken (Chair) (i) Róisín Brennan Emer Daly Geoff Doherty (i) Noms Co. Stan McCarthy (Chair) Louise Phelan Elisabeth Köstinger (Apr. 2023) Anne Nolan (Dec. 2022) Howard Millar Rem. Co. Róisín Brennan (Chair) Michael Cawley
Slide 21: Appendix: invest in op. resilience & reliability
A ppendix: invest in op. r esilience & r eliability Sig. invest in op. resilience for S.23: ─ higher crewing ratios ─ double size of Dub. & War. Ops. Cen. ─ improved Day of Travel app. ─ improved cust. comms Pax & crew enjoy ind. leading OTP Record French ATC strikes in S.23 > 50 days of FR
Slide 22: Disclaimer
Disclaimer Certain of the information included in this presentation is forward looking and is subject to known and unknown risks and uncertainties that could cause actual results and developments to differ materially from those expressed in or implied by such forward-looking statements. By their nat