Ryanair Holdings Plc · EURONEXT:RYA
Ryanair — H1 FY2025 Earnings Presentation
21 slides from Ryanair's earnings presentation, November 2024
Slide 1: H1 Results – Nov. 2024
H1 Results – Nov. 2024
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
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 234 apts. 37 countries >600 aircraft – 340 on order 200m pax FY25 300m pax p.a. 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 AAL UAL DAL Staff/Efficiency 8 8 13 75 64 83 79 Airport & Hand. 8 14 25 12 13 17 45 Route Charges 6 6 6 - - - - Own’ship & Maint. 8 17 14 18 30 31 27 S, M & Other 4 7 21 27 57 75 60 Unit Cost Ex Fuel 34 52 79 132 164 206 211 (i) Net
Slide 5: H1 FY25 Results
H1 FY25 Results H1 FY24 H1 FY25 Guests 105.4m 115.3m +9% Load Factor 95% 95% - Ave. Fare €58 €52 -10% Total Rev. €8.58bn €8.69bn +1% Op. costs €6.16bn €6.68bn +8% PAT €2.18bn €1.79bn -18% 5 5
Slide 6: Ind. Leading Balance Sheet
Ind. Leading Balance Sheet €’bn Mar. 24 Sep. 24 Assets 13.1 13.1 B737 fleet debt free Cash 4.1 3.3 Strong liq. post capex & b/back Total 17.2 16.4 Accruals 6.8 5.9 Debt 2.8 2.7 Net Cash: €0.6bn – Sep. 24 Net Cash S/H Funds 7.6 7.8 Total 17.2 16.4 6 6
Slide 7: Current Developments
Cur r ent Developments Q3 bookings strong – fare decline moderating – still lower than PY “Approved” OTA deals – protect >90% of OTA customers Risk of Boeing delays pre S.25 – now expect 210m FY26 pax (+5%) S/holder returns accelerate − €700m b/back done Aug., €800m follow-on (finish S.25) −
Slide 8: "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 14 OTAs sign “Approved” deals Covers >90% of OTAs (excl. Book.com & eDreams) Approved OTAs protect c’mers − No overcharging − No mark-ups on ancil. products − No digital piracy (screen scraping) − Real c’mer email & payment details 8 8
Slide 9: Boeing Delays Continue
Boeing Delays Continue 172x B737 G’Changers @ 31 Oct. (> 600 acft.) Most Q3. delivs. slip to Q4 – Boeing strikes Work with Boeing to accel. delivs. pre peak S.25 Rising delays risk – lower FY26 pax to 210m (+5%) No delivs. post G’changer order until H1 2027 Expect MAX-10 cert. H2 2025 (1
Slide 10: Boeing Delivs. – Current v Expected Nov 24
B o e i n g D e l i v s . – C u r r e n t v E x p e c t e d N ov 2 4 Current RYA Schedule 2024 2025 Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct 7 7 7 5 4 4 3 3 3 14 acft. 25 acft. 4 acft. Expected Delivs. 2024 2025 Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct 5 5 5 5 5 4 4 3 3
Slide 11: Launch Fully Paperless Boarding Via App
Launch Full y Paper less Boar ding V ia A pp 1st fully paperless boarding by S.25 (70%+ today) Signif. enviro. benefits – 300 tonnes less paper p.a. Cust. benefits of app (ideal travel companion) incl.: – Live flight info. & updates (Day of Travel) – Direct updates from RYA’s OCC during disrup
Slide 12: S/holder Returns Rise As Capex Falls
S/holder Retur ns Rise As Capex Falls €700m b/back done Aug. 24 30%+ of follow-on. (€800m) done – finish by S.25 Over 36% shares b/back by S.25 Int. div. (€0.223 p/s) in Feb. 25 Return surplus cash to s/holders (divs. & b/backs) Subj. to capex & debt repay (€850m Sept. 25 & €1,200m May 2
Slide 13: Review Of EU O&C Restrictions
Review Of EU O&C Restrictions EU airline licences protected − Since 2002 non-EU nats. not allow buy RYA Ords. − Since 2021 (Brexit) now incl. UK nats. − Voting rights non-EU (incl. UK) holders restricted − EU shareholding 32% (Mar. 21) → 49% (Aug. 24) * − Review restrictions & poss. change when EU
Slide 14: Outlook
Outlook FY25 Traffic: +8% (198m – 200m) subj. to Boeing deliv. delays Q3 bookings strong, ave. fare decline moderates Expect modestly lower Q3 prices than PY (subj. to close-in Xmas & NY bookings) (i) Zero Q4 vis. & no Easter => too early for FY25 guidance Boeing delays damage earnings (re
Slide 15: Appendices
Appendices Appendices 15
Slide 16: Ind. Leading Hedging Position
A ppendix: Ind. Leading Hedging Position Jet Swap / (bbl) (i) Opex €/$ (ii) Carbon (ii) H1 FY25 71% ($79) 94% ($1.10) H2 FY25 85% ($79) 88% ($1.12) FY25 H2 77% ($79) 92% ($1.11) 100% (€76) H1 FY26 75% ($78) 83% ($1.11) H2 FY26 75% ($77) 84% ($1.12) FY26 H2 75% ($77) 84% ($1.11) 65% (€62) (i) Brent c
Slide 17: 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 - - FY25 647 200 +9% +9% FY26 647 210 +5% +14% FY27 655 230 +10% +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
Slide 18: Best In Class ESG
Appendix: Best In Class ESG Ratings: - Member of: Committed to: 18 18
Slide 19: Enviro. Update
A ppendix: Envir o. Update Near-term (2031) carbon intensity target validated by SBTi − 50grams CO2 per pax/km (down 27%) Sig. inv. in fuel effic. acft. (“G’changers” & MAX-10) NG winglets (1.5% fuel & 6% noise red.) – 409 acft. by 2026 SAF MOUs: Neste, OMV, Repsol, Shell, ENI (12.5% 2030) −
Slide 20: Europe's Lowest Costs – Gap Widens
A ppendix: Eur ope’s Lowest Costs – Gap W idens (ii) € per pax RYA WIZ EZJ LUV IAG LUF AFKLM Staff/Efficiency 8 8 13 75 47 44 92 Airport & Hand. 8 14 25 12 47 28 40 Route Charges 6 6 6 - 6 6 6 Own’ship & Maint. 8 17 14 18 40 54 54 S, M & Other 4 7 21 27 19 32 30 Unit Cost Ex Fuel 34 52 79 132 159 16
Slide 21: Disclaimer
Disclaimer Certain of the information included in this presentation 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'