REG - Ryanair Holdings PLC Ryanair Holdings-RYA - Full Year FY26 Ryanair Holdings plc Earnings
Mon 07:00
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RNS Number : 5988E Ryanair Holdings PLC 18 May 2026
RYANAIR 2025-26 PAT RISES 40% TO €2.26BN (PRE-EXCEPT.) TRAFFIC GROWS 4% TO
208M DESPITE BOEING DELAYS
Ryanair Holdings plc today (18 May) reported record full-year (FY26) PAT of
€2.26bn (pre-exceptional) up 40% over its prior-year PAT of €1.61bn.
Year-ended: Mar. 2025 Mar. 2026 +/-
Passengers 200.2m 208.4m +4%
Load Factor 94% 94% -
Revenue (€) 13.95bn 15.54bn +11%
Op. Costs (pre-except.) (€) 12.39bn 13.09bn +6%
PAT (pre-except.) (€)* 1.61bn 2.26bn +40%
*Pre-except. €85m Italian (AGCM) fine provision in FY26.
FY26 highlights include:
· Traffic grew 4% to 208.4m, despite delivery delays on 29 B-8200
aircraft.
· Rev. per pax up 7%.
· Unit costs rose 1% (pre-except. charge).
· FY27 jet-fuel 80% hedged @ $668 met. tn.
· All 210 B737 "Gamechangers" in 647 fleet at 31 Mar.
· 30 spare LEAP-1Bs purchased.
· Final div. of €0.195 per share payable in Sept. (subject to AGM
approval).
Ryanair Group CEO Michael O'Leary, said:
Revenue & Costs:
"Group revenue rose 11% to €15.54bn. Scheduled revenue increased 14% to
€10.56bn as traffic grew 4% with 10% higher fares (recovering last year's 7%
fare decline). Ancillary revenue rose 6% to €4.99bn (€24 per pax).
Operating costs (pre-exceptional) rose 6% to €13.09bn (+1% per pax). With
all 210 B-8200 "Gamechangers" now delivered, other income fell reflecting
significantly lower delivery delay compensation in FY26. While our lawyers
are confident that the baseless Italian AGCM fine levied in Dec. 2025 will be
overturned on appeal, an exceptional €85m provision (approx. 33% of the
€256m fine) is included as an exceptional charge in the FY26 results.
Jet-Fuel Hedging:
The conflict in the Middle East has created economic uncertainty and we still
don't know when the Strait of Hormuz will reopen. Despite this, Europe
remains relatively well supplied with jet-fuel, with significant volumes
sourced from West Africa, the Americas and Norway. Global jet-fuel spot
prices have, however, spiked to over $150bbl and are expected to remain
elevated versus pre-conflict levels for some months. Ryanair's conservative
jet-fuel hedging strategy (80% of FY27 jet-fuel is hedged at approx. $67bbl -
to April 2027) will insulate Group earnings in the current very volatile oil
markets and widen the cost advantage over EU competitors for the remainder of
FY27.
Balance Sheet, Liquidity & Returns:
Our balance sheet is strong with a BBB+ credit rating (both Fitch and S&P)
and an unencumbered B737 fleet of 620 aircraft. At 31 Mar. (year-end) gross
cash was €3.6bn after €1.9bn capex spend, €1.2bn debt repayments and
over €900m shareholder distributions. Liquidity is further boosted by the
Group's RCF which has c.€1bn undrawn. Net cash was €2.1bn, which enables
the Group to repay its last €1.2bn bond next week leaving our group
effectively debt free. This financial strength further widens the cost gap
between Ryanair and our competitors, many of whom are exposed to expensive
(long-term) finance, rising aircraft lease costs and unhedged jet-fuel.
During FY26, we purchased (and cancelled) some 2% of issued share capital
(over 20m shares) and have now retired c.38% of Ryanair's issued share capital
since 2008. In line with our capital allocation policy, a final dividend of
€0.195 per share is payable in Sept. (subject to AGM approval). Over the
coming year, our priorities include the May repayment of our last €1.2bn
bond, funding our MAX-10 aircraft capex, our dividends and the balance of our
(€750m) buyback programme from internal cashflows while rebuilding the
Group's gross cash back to €4bn.
FLEET & GROWTH
The Group's year-end fleet of 647 aircraft (incl. all 210 Gamechangers) should
facilitate 4% traffic growth to approx. 216m this year (FY27). Boeing expect
MAX-10 certification in late summer 2026 and have confirmed they expect to
deliver Ryanair's first 15 MAX-10s in Spring 2027 (in line with contract
dates), with 300 of these fuel-efficient aircraft (20% less fuel & 20%
more seats) due to deliver by Mar. 2034.
Building on last year's deal to buy 30 new CFM LEAP-1B engines, in Q4 Ryanair
agreed a multi-year engine material services agreement to purchase CFM parts
(both CFM56-7B and LEAP-1B) to support the Group's 2 engine shop (MRO) project
which will bring all of Ryanair's engine maintenance in-house. The first of
these MROs are expected to be operational in early 2029 and we expect to
identify the first location shortly. Our second MRO should be operational in
early 2030s. When built, these 2 MROs will further widen the maintenance
cost advantage that Ryanair has over competitor airlines.
Demand (despite the current Middle East conflict) remains robust, although the
booking window is closer-in than last year. Ryanair has 130 new S.26 routes
on sale (incl. new bases in Rabat, Tirana and Trapani). Our scarce FY27
capacity growth is allocated to those regions and airports who have cut
aviation taxes and are incentivising traffic growth (such as Albania, Italy,
Morocco, Slovakia and Sweden) as we switch flights and routes away from
uncompetitive high tax markets like Austria, Belgium, Germany and Regional
Spain. With near term fuel prices likely to remain high, we urge all
passengers book early on www.ryanair.com (http://www.ryanair.com) to secure
the lowest airfares for S.2026 travel.
We expect European short-haul capacity to remain constrained until at least
2030 as the 2 big OEMs remain well behind on aircraft deliveries, Pratt &
Whitney engine repair delays continue, EU airline consolidation accelerates
and unprofitable airlines (further hit by high jet-fuel prices) have recently
withdrawn capacity due to unhedged fuel costs which leaves them less able to
compete with Ryanair's much lower costs. Industry capacity constraints,
combined with our widening cost advantage, strong balance sheet, low-cost
(fuel-efficient) aircraft orderbook and industry leading ops resilience will,
we believe, facilitate Ryanair's profitable growth to over 300m passengers
p.a. by FY34.
CEO CONTRACT & BOARD UPDATE
This Spring the Board commenced discussions with Michael O'Leary ("MOL") on an
extension of his employment contract with the Group (currently ends 2028)
until April 2032. These discussions have almost concluded and engagement
with the Group's largest institutional shareholders will commence in the
coming days. Under the proposed new contract, MOL will have a purchase
option over 10m shares struck at market price (before the recent Iran war
related decline), but (similar to his 2019 grant) these options will only be
exercisable if very ambitious PAT or share price growth targets are achieved,
which will create substantial value for all shareholders. A further update
will be provided in due course.
Following a period of significant Board refreshment, Stan McCarty (Chairman)
and Róisín Brennan (SID) have agreed to remain on the Board until Sept. 2029
& 2030 respectively to facilitate experienced management of the Group,
orderly succession and onboarding of new NEDs.
ESG
Our significant investment in new technology and operational resilience,
coupled with ambitious SAF commitments, positions Ryanair as one of Europe's
most environmentally efficient airlines. During FY26 we took delivery of 34
new Gamechangers (4% more seats, 16% less fuel & CO(2)) and 30 new spare
LEAP-1B engines, while accelerating the retrofit of winglets to 75% of our
B737NG fleet (1.5% lower fuel burn and 6% less noise). The Group also
recorded a record 89% CSAT score (PY: 86%). In recognition of the above, CDP
(Carbon Disclosure Project) recently upgraded Ryanair's climate rating to A
(previously A-), MSCI reconfirmed the Group's 'A' rating and Sustainalytics
graded the Group as "low-risk".
OUTLOOK
We expect FY27 traffic to grow 4% to 216m passengers. While 80% of our FY27
jet-fuel requirements are hedged at c.$67bbl (lower than prior year), the
price of our unhedged 20% has spiked due to the Middle East conflict. Our EU
enviro. taxes are expected to rise by a further €300m this year to
c.€1.4bn which makes EU air travel even less competitive. With maintenance
costs rising (ageing NG fleet and mid-life "hospital visits" on B-8200 LEAP
engines) and some significant crew pay increases agreed under newly negotiated
multi-year CLAs, if unhedged fuel prices remain at current elevated levels
then FY27 unit costs could rise by a mid-single digit percentage. To date,
S.26 travel demand remains robust although bookings are closer-in than last
year reducing visibility. Pricing in recent weeks has eased somewhat in
response to economic uncertainty caused by higher oil prices, the fear of fuel
shortages and the risk of inflation adversely impacting consumer spending.
As always, Ryanair will pursue its "load-active/yield passive" strategy to
drive traffic growth, ancillary revenue and lower unit costs. With the first
week of Easter falling into Mar. (benefitting Q4 FY26), we now expect Q1 fares
to be behind (mid-single digit percentage) Q1 FY26 (which enjoyed a
full-Easter). With constrained EU short-haul capacity, we had originally
expected S.26 fares to rise modestly (low single digits) ahead of last year.
Q2 pricing (with limited visibility) is now trending broadly flat and the
final outcome will be totally dependent on close-in peak S.26 bookings and
fares. With zero H2 visibility and significant fuel price/potential supply
volatility it is far too early to provide any meaningful FY27 profit guidance
at this time.
The final FY27 outcome remains heavily exposed to adverse external
developments, incl. conflict escalation in the Middle East and Ukraine, risks
to fuel supply shortages, higher for longer fuel prices on our unhedged 20%,
macro-economic shocks and European ATC strikes & mismanagement. We hope to
be able to give shareholders a clearer picture on H1 pricing and fuel costs
during our Q1 results release in late July."
ENDS
For further information Neil Sorahan Cian Doherty
please contact: Ryanair Holdings plc Drury
www.ryanair.com (http://www.ryanair.com) Tel: +353-1-9451212 Tel: +353-1-260-5000
Ryanair Holdings plc, Europe's largest airline group, is the parent company of
Buzz, Lauda, Malta Air, Ryanair & Ryanair UK. Carrying c.216m guests p.a.
on approx. 3,800 daily flights from 95 bases, the Group connects over 220
airports in 36 countries on a fleet of almost 650 aircraft, and 300 new Boeing
737s on order, which will enable the Ryanair Group to grow traffic to 300m
p.a. by FY34. Ryanair has a team of 30,000 aviation professionals delivering
Europe's No.1 operational performance, and an industry leading 40-year safety
record. Ryanair is one of the most efficient major EU airlines. With a young
fleet and high load factors, Ryanair targets 50grams of CO₂ per pax/km by
2031 (a 27% reduction).
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 beliefs and assumptions
and on information currently available to management. Ryanair has no
obligation to update any forward looking statements contained in this release,
whether as a result of new information, future events, or otherwise. It is not
reasonably possible to itemise all of the many factors and specific events
that could affect the outlook and results of an airline operating in the
European economy and the price of its securities. Among the factors that are
subject to change and could significantly impact Ryanair's expected results
and the price of its securities are the airline pricing environment, fuel
costs, competition from new and existing carriers, market prices for the
maintenance and replacement of aircraft, costs associated with environmental,
safety and security measures, actions of the Irish, U.K., European Union
("EU") and other governments and their respective regulatory agencies,
litigation, post-Brexit uncertainties, changes in the structure of the
European Union, any further change in the restrictions on the ownership of
Ryanair's ordinary shares and the voting rights of its shareholders and ADR
holders, including as a result of regulatory changes or the actions of Ryanair
itself, weather related disruptions, ATC strikes and staffing related
disruptions, aircraft availability and delays in the delivery of contracted
aircraft, dependence on external service providers and key personnel, supply
chain disruptions, tariffs, fluctuations in corporate tax rates, currency
exchange rates and interest rates, airport access and charges, labour
relations, the economic environment of the airline industry, the general
economic environment in Ireland, the U.K. and Continental Europe, continued
acceptance of low fares airlines, the general willingness of passengers to
travel, war, geopolitical uncertainty and other economic, social and political
factors, significant outbreaks of airborne disease and global pandemics such
as Covid-19 and unforeseen security events, terrorist attacks and
cyber-attacks. There may be other risks and uncertainties that Ryanair is
unable to predict at this time or that Ryanair currently does not expect to
have a material adverse effect on its business.
Ryanair Holdings plc and Subsidiaries
Condensed Consolidated Preliminary Balance Sheet as at March 31, 2026
(unaudited)
At Mar 31, At Mar 31,
2026 2025
Note €M €M
Non-current assets
Property, plant and equipment 11,373.1 10,923.7
Right-of-use asset 148.1 148.5
Intangible assets 146.4 146.4
Derivative financial instruments 11 92.4 15.4
Deferred tax 2.3 1.6
Other assets 240.5 261.7
Total non-current assets 12,002.8 11,497.3
Current assets
Inventories 4.8 4.6
Other assets 1,985.0 1,850.7
Trade receivables 11 44.2 73.5
Derivative financial instruments 11 2,133.9 94.4
Restricted cash 11 31.2 23.1
Financial assets: cash > 3 months 11 812.4 100.1
Cash and cash equivalents 11 2,733.4 3,863.3
Total current assets 7,744.9 6,009.7
Total assets 19,747.7 17,507.0
Current liabilities
Provisions 60.3 53.5
Trade payables 11 609.8 702.0
Accrued expenses and other liabilities 6,442.0 6,179.4
Current lease liability 39.8 37.7
Current maturities of debt 11 1,198.8 848.4
Derivative financial instruments 11 142.3 224.7
Current tax 79.8 107.1
Total current liabilities 8,572.8 8,152.8
Non-current liabilities
Provisions 141.3 141.1
Derivative financial instruments 11 7.8 2.5
Deferred tax 671.5 377.1
Non-current lease liability 105.1 111.4
Non-current maturities of debt 11 147.8 1,685.2
Total non-current liabilities 1,073.5 2,317.3
Shareholders' equity
Issued share capital 6.3 6.4
Share premium account 1,434.8 1,421.6
Other undenominated capital 4.1 4.0
Retained earnings 6,777.5 5,588.6
Other reserves 1,878.7 16.3
Total shareholders' equity 10,101.4 7,036.9
Total liabilities and shareholders' equity 19,747.7 17,507.0
Ryanair Holdings plc and Subsidiaries
Condensed Consolidated Preliminary Income Statement for the Year Ended March
31, 2026 (unaudited)
Change IFRS IFRS
Year Year Ended
Ended
Mar 31, 2026 Mar 31, 2025
Note %* €M €M
Operating revenues
Scheduled revenues +14% 10,556.0 9,229.8
Ancillary revenues +6% 4,988.3 4,718.7
Total operating revenues 8 +11% 15,544.3 13,948.5
Operating expenses
Fuel and oil -4% 5,418.6 5,220.2
Staff costs -6% 1,856.5 1,751.1
Airport and handling charges -5% 1,762.3 1,683.5
Depreciation -13% 1,373.4 1,214.4
Route charges -13% 1,318.2 1,166.7
Marketing, distribution and other +9% 803.5 878.4
Maintenance, materials and repairs -16% 552.6 476.2
Operating expenses before exceptional charge -6% 13,085.1 12,390.5
Exceptional charge** 85.0 -
Total operating expenses -6% 13,170.1 12,390.5
Operating profit +52% 2,374.2 1,558.0
Other income/(expense)
Net finance and other income 80.0 224.0
Foreign exchange (loss)/gain (30.9) 2.4
Total other income -78% 49.1 226.4
Profit before tax 2,423.3 1,784.4
Tax expense 5 (249.6) (172.8)
Profit for the year - all attributable to equity +35% 2,173.7 1,611.6
holders of parent
Profit - before exceptional charge +40% 2,258.7 1,611.6
IFRS earnings per ordinary share (€)
Basic +41% 2.0594 1.4631
Diluted +40% 2.0422 1.4549
Weighted avg. no. of ord. shares (in Ms)
Basic 1,055.5 1,101.5
Diluted 1,064.4 1,107.7
*'+' is favourable and '-' is adverse period-on-period.
** Includes an €85M provision (approx. 33%) for Italian AGCM fine.
Ryanair Holdings plc and Subsidiaries
Condensed Consolidated Preliminary Statement of Comprehensive Income for the
Year Ended March 31,
2026 (unaudited)
Year Year
Ended Ended
March 31, March 31,
2026 2025
€M €M
Profit for the year 2,173.7 1,611.6
Other comprehensive income/(loss):
Items that are or may be reclassified subsequently to profit or loss:
Movements in hedging reserve, net of tax:
Net movement in cash-flow hedge reserve 1,852.0 (287.2)
Total other comprehensive income/(loss) for the year, net of income tax 1,852.0 (287.2)
Total comprehensive income for the year - attributable to equity holders of
parent
4,025.7 1,324.4
Ryanair Holdings plc and Subsidiaries
Condensed Consolidated Preliminary Statement of Cash Flows for the Year Ended
March 31, 2026 (unaudited)
Year Year
Ended Ended
Mar 31, Mar 31,
2026 2025
€M €M
Operating activities
Profit after tax 2,173.7 1,611.6
Adjustments to reconcile profit after tax to net cash from operating
activities
Depreciation 1,373.4 1,214.4
(Increase)/decrease in inventories (0.2) 1.6
Tax expense 249.6 172.8
Share based payments 15.0 12.8
Decrease in trade receivables 29.3 2.9
(Increase) in other assets (141.3) (585.6)
(Decrease)/increase in trade payables (9.2) 124.8
Increase in accrued expenses and other liabilities 276.6 948.8
(Decrease) in provisions (15.2) (12.2)
Increase in finance income 0.3 1.9
(Decrease) in finance expense (10.3) (0.4)
Foreign exchange 4.7 7.2
Income tax (paid) (251.5) (84.9)
Net cash inflow from operating activities 3,694.9 3,415.7
Investing activities
Capital expenditure - purchase of property, plant and equipment (1,892.4) (1,552.5)
(Increase)/decrease in financial assets: cash > 3 months (712.3) 137.7
(Increase) in restricted cash (8.1) (16.7)
Net cash (used in) investing activities (2,612.8) (1,431.5)
Financing activities
Proceeds from shares issued 3.2 4.9
Share buyback (536.5) (1,477.8)
Dividends paid (443.3) (437.7)
Repayment of borrowings (1,190.0) (50.0)
Lease liabilities paid (34.1) (36.4)
Net cash (used in) financing activities (2,200.7) (1,997.0)
(Decrease) in cash and cash equivalents (1,118.6) (12.8)
Net foreign exchange (loss)/gain (11.3) 0.7
Cash and cash equivalents at beginning of the year 3,863.3 3,875.4
Cash and cash equivalents at end of the year 2,733.4 3,863.3
Included in the cash flows from operating activities for the year are the
following amounts:
Interest income received 81.0 135.9
Interest expense paid (51.0) (69.7)
Ryanair Holdings plc and Subsidiaries
Condensed Consolidated Preliminary Statement of Changes in Shareholders'
Equity for the Year Ended
March 31, 2026 (unaudited)
Issued Share Other Other
Ordinary Share Premium Undenom. Retained Reserves Other
Shares Capital Account Capital Earnings Hedging Reserves Total
M €M €M €M €M €M €M €M
Balance at April 01, 2024 1,140.1 6.9 1,404.3 3.5 5,899.8 265.9 33.8 7,614.2
Profit for the year - - - - 1,611.6 - - 1,611.6
Other comprehensive (loss)
Net movements in cash flow reserve - - - - - (287.2) - (287.2)
Total other comprehensive (loss) - - - - - (287.2) - (287.2)
Total comprehensive income/(loss) - - - - 1,611.6 (287.2) - 1,324.4
Transactions with owners of the Company recognised directly in equity
Issue of ordinary equity shares 1.0 - 17.3 - (12.4) - - 4.9
Repurchase of ordinary equity shares - - - - (1,481.7) - - (1,481.7)
Cancellation of repurchased shares (77.2) (0.5) - 0.5 - - - -
Dividends paid - - - - (437.7) - - (437.7)
Share-based payments - - - - - - 12.8 12.8
Transfer of exercised and expired share-based awards - - - - 9.0 - (9.0) -
Balance at March 31, 2025 1,063.9 6.4 1,421.6 4.0 5,588.6 (21.3) 37.6 7,036.9
Profit for the year - - - - 2,173.7 - - 2,173.7
Other comprehensive gain
Net movements in cash flow reserve - - - - - 1,852.0 - 1,852.0
Total other comprehensive gain - - - - - 1,852.0 - 1,852.0
Total comprehensive income - - - - 2,173.7 1,852.0 - 4,025.7
Transactions with owners of the Company recognised directly in equity
Issue of ordinary equity shares 0.5 - 13.2 - (10.0) - - 3.2
Repurchase of ordinary equity shares - - - - (536.1) - - (536.1)
Cancellation of repurchased shares (20.5) (0.1) - 0.1 - - - -
Dividends paid - - - - (443.3) - - (443.3)
Share-based payments - - - - - - 15.0 15.0
Transfer of exercised and expired share-based awards - - - - 4.6 - (4.6) -
Balance at March 31, 2026 1,043.9 6.3 1,434.8 4.1 6,777.5 1,830.7 48.0 10,101.4
Ryanair Holdings plc and Subsidiaries
MD&A Year Ended March 31, 2026 ("FY26")
Introduction
For the purposes of the Management Discussion and Analysis ("MD&A") (with
the exception of the balance sheet commentary) all figures and comments are by
reference to the FY26 results.
Income Statement
Scheduled revenues:
Scheduled revenues increased 14% to €10.56BN as traffic grew 4% (to 208.4M
passengers) with 10% higher fares (to c.€51).
Ancillary revenues:
Ancillary revenue was solid, rising 6% to €4.99BN (€24 per passenger) as
traffic grew 4% and spend per passenger rose 2%.
Total revenue:
As a result of the above, total revenue rose 11% to €15.54BN.
Operating Expenses:
Fuel and oil:
Fuel and oil increased 4% to €5.42BN as the Group's jet fuel hedging and
lower fuel burn (more B737-8200 "Gamechanger" aircraft and retrofit scimitar
winglets on our B737-800NG fleet) helped offset a 4% increase in flight hours
and higher environmental taxes (ETS allowance unwind and SAF blend mandates
from Jan. 2025), which rose to €1.1BN in FY26.
Staff costs:
Staff costs increased 6% to €1.86BN, as agreed pay increases and higher
sectors were somewhat offset by 34 additional B737-8200 "Gamechanger" aircraft
in the fleet (driving better efficiency).
Airport and handling charges:
Airport and handling charges rose 5% to €1.76BN, due to 4% traffic growth,
ground ATC rate hikes and higher handling labour inflation.
Depreciation:
Depreciation increased 13% to €1.37BN, primarily due to 34 additional
B737-8200 "Gamechanger" aircraft in the fleet, the purchase of 30 spare
LEAP-1B engines, higher aircraft utilisation (sectors up 4%), increased
maintenance on the B737NG fleet and provision for mid-life "hospital visits"
on B-8200 LEAP engines.
Route charges:
Route charges rose 13% to €1.32BN, due to significantly higher
Eurocontrol/ATC rates and a 4% increase in flight hours.
Marketing, distribution and other:
Marketing, distribution and other fell 9% to €0.80BN primarily due to lower
EU261 compensation and legal costs (FY25 included a Spanish baggage fine
provision (€54M), which is under appeal). This is offset by input costs for
higher onboard sales.
Maintenance, materials and repairs:
Maintenance, materials and repairs rose 16% to €0.55BN due to higher
utilisation, increased engine and airframe maintenance as the fleet grows,
labour inflation and lower delivery delay credits than last year.
Exceptional charge:
In Q3, AGCM (Italy) unjustly levied a €256M fine on Ryanair. While the
Group's lawyers are confident this fine will be overturned on appeal, approx.
33% of the fine (€85M) has been provided in the Income Statement.
Other income:
With all 210 B737-8200 "Gamechanger" aircraft now delivered, other income fell
reflecting significantly reduced delivery delay compensation in FY26 (incl. in
the prior-year comparative) and lower deposit interest rates, partially offset
by debt repayments. Foreign exchange translation reflects the impact of
primarily €/US$ exchange rate movements on year end balance sheet
revaluations.
Balance sheet:
Gross cash was €3.6BN at March 31, 2026 (March 31, 2025: €4.0BN) despite
€1.9BN capex, €1.2BN debt repayments, and over €0.9BN shareholder
distributions. Net cash was €2.1BN at March 31, 2026 (March 31, 2025:
€1.3BN).
Shareholders' equity:
Shareholders' equity increased by €3.1BN to €10.1BN in the year due to a
net profit of c. €2.2BN and an IFRS hedge accounting increase in derivatives
of €1.9BN, offset by a €0.5BN repurchase of shares and €0.4BN dividends
paid.
Ryanair Holdings plc and Subsidiaries
Notes forming Part of the Condensed Consolidated
Preliminary Financial Statements
1. Basis of preparation and material accounting policies
Ryanair Holdings plc (the "Company") is a company domiciled in Ireland. The
unaudited condensed consolidated preliminary financial statements
("preliminary financial statements") for the year ended March 31, 2026
("FY26"), comprise the results of the Company and its subsidiaries (together
referred to as the "Group").
The FY26 figures and the March 31, 2025 ("FY25") comparative figures do not
include all of the information required for full annual financial statements
and therefore do not constitute statutory financial statements of the Group
within the meaning of the Companies Act, 2014. The consolidated financial
statements of the Group for FY25, together with the independent auditor's
report thereon, are available on the Company's website and were filed with the
Irish Registrar of Companies following the Company's Annual General Meeting.
The auditor's report on those financial statements was unqualified. The
financial information presented in these preliminary financial statements does
not represent full statutory accounts as defined by the Companies Act 2014.
The statutory accounts of Ryanair Holdings plc for FY26 are expected to be
filed with the Companies Registration Office by the end of October 2026. The
accounting policies, presentation and methods of computation followed in the
preliminary financial statements are consistent with those applied in the
Company's latest Annual Report.
The Audit Committee, upon delegation of authority by the Board of Directors,
approved the FY26 financial statements on May 15, 2026.
Except as stated otherwise below, the preliminary financial statements for
FY26 have been prepared in accordance with the accounting policies set out in
the Group's most recent published consolidated financial statements, which
were prepared in accordance with International Financial Reporting Standards
(IFRSs) as adopted by the European Union and IFRS Accounting standards as
issued by the International Accounting Standards Board (IASB).
New IFRS standards adopted during the year
The following new and amended standards, have been issued by the IASB, and
have also been endorsed by the EU. These standards are effective for the first
time for the financial year beginning on April 1, 2025, and therefore were
applied by the Group for the first time to the FY26 consolidated financial
statements:
· Amendments to IAS 21 The Effects of Changes in Foreign Exchange
Rates: Lack of Exchangeability (effective on or after January 1, 2025).
The adoption of these new or amended standards did not have a material impact
on the Group's financial position or results for FY26, and are not expected to
have a material impact on financial periods thereafter.
Prospective IFRS accounting changes, new standards and interpretations not yet
effective
The following new or revised IFRS standards and IFRIC interpretations will be
adopted for the purposes of the preparation of future financial statements,
where applicable. Those that are not, as of yet, EU endorsed are flagged.
While under review, we do not anticipate that the adoption of the other new or
revised standards and interpretations will have a material impact on our
financial position or results from operations:
· IFRS 19 Subsidiaries without Public Accountability: Disclosures
(effective on or after January 1, 2027).*
· Amendments to IAS 21 The Effects of Changes in Foreign Exchange
Rates: Translation to a Hyperinflationary Presentation Currency (effective on
or after January 1, 2027).*
· Amendments to IFRS 19 Subsidiaries without Public Accountability:
Disclosures (effective on or after January 1, 2027).*
· IFRS 18 Presentation and Disclosure in Financial Statements
(effective on or after January 1, 2027).
· Annual Improvements Volume 11 (effective on or after January 1,
2026).
· Contracts Referencing Nature-dependent Electricity - Amendments to
IFRS 9 and IFRS 7 (effective on or after January 1, 2026).
· Amendments to the Classification and Measurement of Financial
Instruments (Amendments to IFRS 9 and IFRS 7) (effective on or after January
1, 2026).
*These standards or amendments to standards are not as of yet EU endorsed.
2. Board of Directors
Details of the members of the Company's Board of Directors are set forth on
pages 218 and 219 of the Group's FY25 Annual Report. Captain Ray Conway joined
the Board in October 2025 and both Howard Millar and Captain Mike O'Brien
retired from the Board in September 2025.
3. Judgements and estimates
The preparation of financial statements in conformity with IFRS Accounting
Standards requires management to make estimates, judgements and assumptions
that affect the application of policies and reported amounts of assets and
liabilities, income and expenses. These estimates and associated assumptions
are based on historical experience and various other factors believed to be
reasonable under the circumstances, and the results of such estimates form the
basis of carrying values of assets and liabilities that are not readily
apparent from other sources. Actual results could differ materially from these
estimates. These underlying assumptions are reviewed on an ongoing basis. A
revision to an accounting estimate is recognised in the period in which the
estimate is revised if the revision affects only that period or in the period
of the revision and future periods if these are also affected. Principal
sources of estimation uncertainty have been set forth below. Actual results
may differ from estimates.
Critical estimates
Long-lived assets
At March 31, 2026, the Group had €11.4BN of property, plant and equipment
long-lived assets, of which €11.1BN were aircraft related. In accounting for
long-lived assets, the Group must make estimates about the expected useful
lives of the assets and the expected residual values of the assets.
In estimating the useful lives and expected residual values of the aircraft
component, the Group considered a number of factors, including its own
historic experience and past practices of aircraft disposals, renewal
programmes, forecasted growth plans, external valuations from independent
appraisers, recommendations from the aircraft supplier and manufacturer and
other industry-available information.
The Group's estimate of each aircraft's residual value is 15% of market value
on delivery, based on independent valuations and actual aircraft disposals
during prior periods, and each aircraft's useful life is determined to be 23
years.
Revisions to these estimates could be caused by changes to maintenance
programmes, changes in utilisation of the aircraft, governmental regulations
on ageing aircraft, changes in new aircraft technology, changes in
governmental and environmental taxes, geopolitical uncertainties, changes in
new aircraft fuel efficiency, changing market prices for new and used aircraft
of the same or similar types, tariffs and macro economic shocks. The Group
therefore evaluates its estimates and assumptions in each reporting period,
and, when warranted, adjusts these assumptions. Any adjustments are accounted
for on a prospective basis through depreciation expense.
Critical judgements
In the opinion of the Directors, the following significant judgements were
exercised in the preparation of the financial statements:
Long-lived assets
On acquisition a judgement is made to allocate an element of the cost of an
acquired aircraft to the cost of major airframe and engine overhauls,
reflecting its service potential and the maintenance condition of its engines
and airframe. This cost, which can equate to a substantial element of the
total aircraft cost, is amortised over the shorter of the period to the next
maintenance check (usually between 8 and 12 years) or the remaining useful
life of the aircraft.
4. Seasonality of operations
The Group's results of operations have varied significantly from quarter to
quarter, and management expects these variations to continue. Among the
factors causing these variations are the airline industry's sensitivity to
general economic conditions and the seasonal nature of air travel.
Accordingly, the first half-year typically results in higher revenues and
results.
5. Income tax expense
The Group's consolidated tax expense for FY26 of €250M (FY25: €173M)
comprises a current tax charge of €224M and a €26M deferred tax charge
primarily relating to the temporary differences for property, plant and
equipment. No significant or unusual tax charges or credits arose during the
year. The effective tax rate of approx. 10% for FY26 (FY25: approx. 10%) is
the result of the mix of profits and losses incurred by Ryanair's operating
subsidiaries primarily in Ireland, Malta, Poland and the UK.
6. Contingencies
The Group is engaged in certain litigation arising in the ordinary course of
its business. The Group does not believe that this litigation will
individually, or in aggregate, have a material adverse effect on the financial
condition of the Group. Should the Group be unsuccessful in these litigation
actions, management believes the possible liabilities then arising cannot be
determined but are not expected to materially adversely affect the Group's
results of operations or financial position.
7. Capital commitments
At March 31, 2026 the Group had an operating fleet of 621 (2025: 587) Boeing
737 and 26 (2025: 26) Airbus A320 aircraft. In May 2023, the Group ordered up
to 300 (150 firm and 150 options) new Boeing 737-MAX-10 aircraft for delivery
between 2027 to 2034. This transaction was approved at the Company's AGM in
September 2023.
8. Analysis of operating revenues and segmental analysis
The Group determines and presents operating segments based on the information
that internally is provided to the Group CEO, who is the Company's Chief
Operating Decision Maker (CODM).
The Group comprises five separate airlines, Buzz, Lauda Europe ("Lauda"),
Malta Air, Ryanair DAC and Ryanair UK. Buzz, Malta Air and Lauda do not
individually exceed the quantitative thresholds and accordingly are presented
on an aggregate basis as they exhibit similar economic characteristics and
their services, activities and operations are sufficiently similar in nature.
The results of these operations are included as 'Other Airlines.' The Ryanair
DAC segment incorporates all of the Group's operations, except for those
included within 'Other Airlines', and is reported as a separate segment as it
exceeds the applicable quantitative thresholds for reporting purposes.
The CODM assesses the performance of the business based on the profit or loss
after tax of each airline for the reporting period. Resource allocation
decisions for all airlines are based on airline performance for the relevant
period, with the objective in making these resource allocation decisions being
to optimise consolidated financial results. Reportable segment information is
presented as follows:
Year Ended Ryanair DAC Other Airlines Elimination Total
Mar 31, Mar 31, Mar 31, Mar 31,
2026 2026 2026 2026
€M €M €M €M
Scheduled revenues 10,430.6 125.4 - 10,556.0
Ancillary revenues 4,987.9 0.4 - 4,988.3
Inter-segment revenues 802.2 1,551.5 (2,353.7) -
Segment revenues 16,220.7 1,677.3 (2,353.7) 15,544.3
Reportable segment profit after income tax 2,110.2 63.5 - 2,173.7
Other segment information:
Depreciation (1,334.9) (38.5) - (1,373.4)
Net finance and other income/(expense) 85.9 (5.9) - 80.0
Capital expenditure (1,725.9) (75.3) - (1,801.2)
Staff costs (1,174.0) (682.5) - (1,856.5)
Segment assets 19,395.5 352.2 - 19,747.7
Segment liabilities (9,147.1) (499.2) - (9,646.3)
Year Ended Ryanair DAC Other Airlines Elimination Total
Mar 31, Mar 31, Mar 31, Mar 31,
2025 2025 2025 2025
€M €M €M €M
Scheduled revenues 9,120.6 109.2 - 9,229.8
Ancillary revenues 4,718.7 - - 4,718.7
Inter-segment revenues 758.5 1,472.0 (2,230.5) -
Segment revenues 14,597.8 1,581.2 (2,230.5) 13,948.5
Reportable segment profit after income tax 1,541.0 70.6 - 1,611.6
Other segment information:
Depreciation (1,175.1) (39.3) - (1,214.4)
Net finance and other income/(expense) 231.9 (7.9) - 224.0
Capital expenditure (1,278.1) (73.8) - (1,351.9)
Staff costs (1,113.5) (637.6) - (1,751.1)
Segment assets 17,199.2 307.8 - 17,507.0
Segment liabilities (9,936.7) (533.4) - (10,470.1)
The expense line items not presented in the table above are incurred by
Ryanair DAC and as such have not been presented across the segments.
The following table disaggregates departing traffic revenue in primary
geographical markets. In accordance with IFRS 8, revenue by country of
departure has been provided where revenue for that country is in excess of 10%
of total revenue. Ireland is presented as it represents the country of
domicile. "Other" includes all other countries in which the Group has
operations.
Year Ended Year Ended
Mar 31, Mar 31,
2026 2025
€M €M
Italy 3,360.7 2,969.4
Spain 2,698.8 2,476.5
United Kingdom 2,272.9 2,044.6
Ireland 896.6 757.4
Other 6,315.3 5,700.6
Total revenue 15,544.3 13,948.5
Ancillary revenues comprise revenues from non-flight scheduled operations,
inflight sales and internet-related services. Non-flight scheduled revenue
arises from the sale of discretionary products such as priority boarding,
reserved seats, car hire, travel insurance, airport transfers, room
reservations and other sources, including excess baggage charges and other
fees, all directly attributable to the low-fares business.
The vast majority of ancillary revenue is recognised at a point in time, which
is typically the flight date. The economic factors that would impact the
nature, amount, timing and uncertainty of revenue and cashflows associated
with the provision of passenger travel-related ancillary services are
homogeneous across the various component categories within ancillary revenue.
Accordingly, there is no further disaggregation of ancillary revenue required
in accordance with IFRS 15.
9. Property, plant and equipment
During FY26, net capital additions amounted to €1.76BN principally
reflecting aircraft deliveries in the period, 30 spare LEAP-1B engines
purchased and capitalised maintenance, offset by depreciation.
10. Related party transactions
The Company's related parties include its subsidiaries, Directors and Key
Management Personnel. All transactions with subsidiaries eliminate on
consolidation and are not disclosed.
There were no related party transactions in FY26 that materially affected the
financial position or the performance of the Group during that year and there
were no changes in the related party transactions described in the FY25 Annual
Report that could have a material effect on the financial position or
performance of the Group in the same period.
11. Financial instruments and financial risk management
The Group is exposed to various financial risks arising in the normal course
of business. The Group's financial risk exposures are predominantly related to
commodity price, foreign exchange and interest rate risks. The Group uses
financial instruments to manage exposures arising from these risks.
These condensed consolidated preliminary financial statements do not include
all financial risk management information and disclosures required in the
annual financial statements and should be read in conjunction with the 2025
Annual Report. There have been no changes in our risk management policies in
the period.
Fair value hierarchy
Financial instruments measured at fair value in the balance sheet are
categorised by the type of valuation method used. The different valuation
levels are defined as follows:
· Level 1: quoted prices (unadjusted) in active markets for identical
assets or liabilities that the Group can access at the measurement date.
· Level 2: inputs other than quoted prices included within Level 1
that are observable for that asset or liability, either directly or
indirectly.
· Level 3: significant unobservable inputs for the asset or
liability.
Fair value estimation
Fair value is the price that would be received to sell an asset, or paid to
transfer a liability, in an orderly transaction between market participants at
the measurement date. The following methods and assumptions were used to
estimate the fair value of each material class of the Group's financial
instruments:
Financial instruments measured at fair value
· Derivatives - currency forwards, jet fuel forward swap contracts
and carbon contracts: A comparison of the contracted rate to the market rate
for contracts providing a similar risk profile at March 31, 2026 has been
used to establish fair value. The Group's credit risk and counterparty's
credit risk is taken into account when establishing fair value (Level 2).
The Group policy is to recognise any transfers between levels of the fair
value hierarchy as of the end of the reporting period during which the
transfer occurred. During FY26 there were no reclassifications of financial
instruments and no transfers between levels of the fair value hierarchy used
in measuring the fair value of financial instruments.
Financial instruments not measured at fair value
· Long-term debt: The fair value disclosed for the Group's long-term
debt has been measured using the relevant market rates at March 31, 2026. This
represents the amount which would be payable to a third party to assume the
obligations.
The fair value of financial assets and financial liabilities, together with
the carrying amounts in the condensed consolidated balance sheet, are as
follows:
At Mar 31, At Mar 31, At Mar 31, At Mar 31,
2026 2026 2025 2025
Carrying Fair Carrying Fair
Amount Value Amount Value
Non-current financial assets €M €M €M €M
Derivative financial instruments:
- U.S. dollar currency forward contracts 92.4 92.4 5.8 5.8
- Jet fuel & carbon derivatives contracts - - 9.6 9.6
92.4 92.4 15.4 15.4
Current financial assets
Derivative financial instruments:
- U.S. dollar currency forward contracts 35.8 35.8 84.4 84.4
- Jet fuel & carbon derivative contracts 2,098.1 2,098.1 10.0 10.0
2,133.9 2,133.9 94.4 94.4
Trade receivables* 44.2 73.5
Cash and cash equivalents* 2,733.4 3,863.3
Financial asset: cash > 3 months* 812.4 100.1
Restricted cash* 31.2 23.1
5,755.1 2,133.9 4,154.4 94.4
Total financial assets 5,847.5 2,226.3 4,169.8 109.8
At Mar 31, At Mar 31, At Mar 31, At Mar 31,
2026 2026 2025 2025
Carrying Fair Carrying Fair
Amount Value Amount Value
Non-current financial liabilities €M €M €M €M
Derivative financial instruments:
- U.S. dollar currency forward contracts 7.8 7.8 2.5 2.5
7.8 7.8 2.5 2.5
Non-current maturities of debt:
- Long-term debt 147.8 147.8 488.9 488.9
- Bonds** - - 1,196.3 1,172.5
147.8 147.8 1,685.2 1,661.4
155.6 155.6 1,687.7 1,663.9
Current financial liabilities
Derivative financial instruments:
- Jet fuel & carbon derivative contracts 70.5 70.5 224.5 224.5
- U.S. dollar currency forward contracts 71.8 71.8 0.2 0.2
142.3 142.3 224.7 224.7
Current maturities of debt:
- Bonds** 1,198.8 1,196.4 848.4 850.3
1,198.8 1,196.4 848.4 850.3
Trade payables* 609.8 702.0
Accrued expenses* 2,221.6 1,953.5
4,172.5 1,338.7 3,728.6 1,075.0
Total financial liabilities 4,328.1 1,494.3 5,416.3 2,738.9
*The fair value of each of these financial instruments approximate their
carrying values due to the short-term nature of the instruments.
** In September 2025 the Group repaid its €850M Eurobond.
12. Shareholders' equity and shareholders' returns
In line with the Group's Dividend Policy, an FY25 final dividend of €0.227
per share was paid in September 2025 and an interim dividend of €0.193 per
share was paid in February, 2026.
In the year ended March 31, 2026 the Company bought back, and cancelled,
approx. 21M ordinary shares at a total cost of €0.5BN (including approx. 20M
shares purchased under the current €750M share buyback programme launched in
May 2025). This is equivalent to approx. 2% of the Company's issued share
capital at March 31, 2025. As a result of the share buybacks in FY26, share
capital decreased by approx. 21M ordinary shares with a nominal value of
€0.1M and the other undenominated capital reserve increased by a
corresponding €0.1M. The other undenominated capital reserve is required to
be created under Irish law to preserve permanent capital in the parent
company.
13. Going concern
The Directors, having made inquiries, believe that the Group has adequate
resources to continue in operational existence for at least the next 12 months
and that it is appropriate to adopt the going concern basis in preparing these
condensed consolidated preliminary financial statements. The continued
preparation of the Group's condensed consolidated preliminary financial
statements on the going concern basis is supported by the financial
projections prepared by the Group.
In arriving at this decision to adopt the going concern basis of accounting,
the Board has considered, among other things:
· The Group's net profit of €2.26BN (pre-exceptional) in FY26;
· The Group's liquidity, with €3.6BN gross cash and approximately
€2.1BN net cash at March 31, 2026 and almost €1BN undrawn funds under the
Group's €1.1BN revolving credit facility;
· The Group's fuel hedging position (approx. 80% of FY27 jet fuel
requirements were hedged at March 31, 2026 at $668 per metric tonne);
· The Group's focus on cost reduction and cash management;
· The Group's solid BBB+ credit ratings from both S&P and Fitch
Ratings;
· The Group's strong balance sheet position with its owned B737 fleet
unencumbered;
· The Group's access to the debt capital markets, unsecured/secured
bank debt and sale and leaseback transactions; and
· The Group's ability, as evidenced throughout downturns (such as the
Covid-19 crisis), to preserve cash and reduce operational and capital
expenditure.
14. Post balance sheet events
Between April 1, 2026 and 14 May, 2026 the Company bought back approx. 4M
ordinary shares at a total cost of approx. €88M under its ongoing share
buyback programme. This brought total spend to approx. €0.6BN.
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