Ryanair Holdings Plc · EURONEXT:RYA
Ryanair — H1 FY2026 Earnings Presentation
14 slides from Ryanair's earnings presentation, November 2025
Slide 1: H1 Results – Nov. 25
(fxs 7RYANAIR H1 Results — Nov. 25
Slide 2: Europe's Lowest Cost Airline
Eur ope’s Lowest Cost Air line Lowest fare/cost EU airline – gap widens No. 1, Traffic: 207m (+3%) No. 1, OTP & reliability – high CSAT (H1: 89%) No. 1 Eur. & Large Cap. 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 Cover & Choice
E u r o p e ’s N o. 1 C ove r & C h o i c e 95 bases 224 apts. 36 countries 640 aircraft 207m pax FY26 >300 new B737s on order 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 (ii) EZJ LUV IAG LUF AFKLM Staff/Effic. 9 9 14 81 52 46 97 Airport & Hand. 8 15 26 13 48 30 41 Route Charges 6 6 6 - 6 6 6 Own’ship & Maint. 9 20 15 20 42 57 61 S/M & Other 4 9 24 27 18 31 45 Unit Cost Ex Fuel 36 59 85 141 166 170 250 Net Fin. (
Slide 5: H1 FY26 Results
H1 FY26 Results H1 FY25 H1 FY26 Guests 115.3m 119.0m +3% Load Factor 95% 95% - Ave. Fare €52 €58 +13% Total Rev. €8.69bn €9.82bn +13% Total Costs €6.68bn €6.96bn +4% PAT €1.79bn €2.54bn +42% 5 5
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 Sep. 25 BBB+ (Fitch and S&P) Assets 13.5 13.4 Unencumbered B737 fleet (610 a/c) Cash 4.0 3.0 Total 17.5 16.4 Accruals 7.8 5.9 Debt 2.7 1.5 Final bond (€1.2bn) repay May’26 S/H Funds 7.0 9.0 Total 17.5 16.4 6 6
Slide 7: Current Developments
Cur r ent Developments FY26 traffic up 3%+ at 207m (prev. target: 206m) Strong H1 fares & cost perf. – tougher H2 PY comps. Constrained cap. allocated to apts. / regions cut taxes to grow RYA added to MSCI Global & FTSE Russell indices Fuel hedges extended lock in FY27 savings 35% firm (
Slide 8: Boeing Deliveries Improve
B o e i n g D e l i ve r i e s I m p r ove 640 fleet (204 G’Changers) @ 31 Oct. Quality & timing improves Final 6 G’Changers well ahead of S.26 Boeing incr. to “Rate 42” prod. (Oct. 25) Boeing expect MAX-10 cert. 2026 First 15 MAX-10s due Spring 2027 300 MAX-10s by Mar. 2034 (+20% seat
Slide 9: Outlook
Outlook FY26 traffic grows 3%+ to 207m pax due earlier Boeing delivs. Modest FY26 unit cost inflation – fuel hedges help offset higher ATC & enviro. costs H2 fare growth challenging (tougher PY comps) Almost zero Q4 vis. (no Easter benefit) Hope to recover all of PY 7% fare decline (i) T
Slide 10: Appendices
Appendices Appendices 10
Slide 11: Appendix: Industry Leading Fuel Hedging Position
A ppendix: Ind. Leading Fuel Hedging Position (i) (ii) (iii) Jet Swap / (bbl) Opex €/$ Carbon H2 FY26 85% ($76) 90% ($1.12) 100% (€64) H1 FY27 80% ($67) 80% ($1.14) H2 FY27 80% ($67) 78% ($1.16) FY27 80% ($67) 80% ($1.15) 11% (€67) (i) Brent crude spot $66 bbl on 24 Oct. Conv. rate of 10 simplistica
Slide 12: 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 - - FY25 613 200 +9% +9% FY26 647 207 +3% +12% FY27 655 215 +4% +17% FY28 670 230 +7% +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
Slide 13: Appendix: EU's Most Environmentally 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. 13
Slide 14: 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