REG - Ryanair Holdings PLC Ryanair Holdings-RYA - H1 FY26 Ryanair Holdings plc Earnings
03/11/2025 07:00
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RNS Number : 7683F Ryanair Holdings PLC 03 November 2025
RYANAIR REPORTS Q2 PROFIT UP 20% TO €1.72BN
H1 UP 42% TO €2.54BN DUE TO STRONG EASTER,
Q2 FARE RECOVERY & SLOWER GROWTH
Ryanair Holdings plc today (3 Nov.) reported Q2 PAT of €1.72bn, up 20% on PY
Q2 PAT of €1.43bn. H1 PAT rose 42% to €2.54bn, as traffic grew 3% to 119m
passengers while fares rose 13% due to a strong Easter, weak prior-year comps
and Q2 fare recovery.
Q2 FY25 Q2 FY26 +/- H1 FY25 H1 FY26 +/-
Passengers 59.8m 61.2m +2% 115.3m 119.0m +3%
Load Factor 95% 96% +1pt 95% 95% -
Ave. fare (€) 61 65 +7% 52 58 +13%
Revenue (€) 5.07bn 5.48bn +8% 8.69bn 9.82bn +13%
Op. Costs (€) 3.42bn 3.53bn +3% 6.68bn 6.96bn +4%
PAT (€) 1.43bn 1.72bn +20% 1.79bn 2.54bn +42%
H1 highlights include:
· Traffic grew 3% to a record 119m.
· Rev. per pax up 9% (ave. fare +13% & ancil. rev. +3%).
· Strong cost control as unit costs rise just 1%.
· 199 B737 "Gamechangers" in 636 fleet at 30 Sept.
· 2 new bases & 91 new routes (over 2,500) on sale for S.26.
· Jet fuel hedges extended: 80% of FY27 at just under $67bbl.
· Ryanair added to MSCI Global & FTSE Russell indices.
· €0.193 interim div. per share declared (payable in Feb. 2026).
H1 REVIEW
Ryanair Group CEO Michael O'Leary, said:
Revenue & Costs:
"H1 revenues rose 13% to €9.82bn. Scheduled revenue increased 16% to
€6.91bn as traffic grew 3% but fares rose 13%. Fares benefitted from
having the full Easter holiday in Q1 (with weak prior-year comps) and we
achieved a full recovery of the 7% fare decline we suffered in last years
Q2. Ancillary revenue was solid, rising 6% to €2.91bn. Operating costs
rose 4% (+1% per pax) to €6.96bn as our fuel hedges helped offset higher ATC
fees (up 14%) and enviro. costs (ETS allowance unwind and SAF blend mandates
from last Jan.).
H2 FY26 fuel is c.85% hedged at $76bbl (de-risking the Group for the remainder
of this year) and we've taken advantage of recent price dips to extend our
FY27 hedge cover to 80% at just under $67bbl, locking in price savings of over
10% in our fuel costs next year.
Balance Sheet, Liquidity & Returns:
Ryanair's balance sheet is strong with a BBB+ credit rating (both Fitch and
S&P) and unencumbered B737 fleet (610 aircraft). At 30 Sept., gross cash
was €3bn after €1.2bn debt repayments (incl. our €850m bond in Sept.),
€1.1bn capex and €0.4bn shareholder distributions. Liquidity is further
boosted by the Group's RCF which has c.€1bn undrawn. Net cash rose to over
€1.5bn from €1.3bn at 31 Mar., leaving the Group well positioned to fund
capex and repay our last remaining bond (€1.2bn) in May 2026 from internal
cash resources. This financial strength widens the cost gap between Ryanair
and our competitors, many of whom remain exposed to expensive (long-term)
finance and rising aircraft lease costs.
In May, we launched a €750m share buyback. At 30 Sept. we had purchased
(and cancelled) over 7m shares (approx. 25% of programme) at a cost of
€188m. Today, the Board (in line with Ryanair's dividend policy) declared
an interim dividend of €0.193 per share (payable in late Feb. 2026).
FLEET & GROWTH
Boeing's improved deliveries continued through S.25 and into Oct., enabling
our Group to carry extra passengers in H1 and selectively add capacity over
the peak Oct. mid-term school holidays and into the Christmas/New-Year peak
travel period. Ryanair had 204 B737-8200 "Gamechangers" in its 641 fleet at
the end of Oct. and we're confident that the last 6 remaining Gamechangers
(210 orderbook) will deliver well ahead of S.26, facilitating 4% traffic
growth to 215m next year (FY27). Boeing expects MAX-10 certification in mid
2026 and they expect to meet our contract delivery dates for our first 15
MAX-10s in Spring 2027, with 300 of these fuel-efficient aircraft due to
deliver by Mar. 2034. As part of our preparations for the MAX-10s, we need
to accelerate cadet and first officer ("FO") recruitment for the next 3
years. While this investment in training and growth (approx. €25m p.a.)
will increase FO crewing ratios for up to 3 years, it will provide a strong
pool of home-grown FOs ready for promotion to Captains when MAX-10 deliveries
ramp-up in FY29/FY30. We've also taken advantage of recent US$ weakness and
hedged approx. 35% of our MAX-10 firm order (150 aircraft) capex at an average
€/$ rate of 1.24, locking-in further capex savings on these low-cost
aircraft.
This winter, we've allocated Ryanair's scarce capacity to those regions and
airports cutting aviation taxes and incentivising traffic growth such as
Sweden, Slovakia, Italy, Albania and Morocco by switching flights and routes
away from high cost, uncompetitive markets like Germany, Austria and regional
Spain. This trend will continue into S.26, with over 2,500 routes now on
sale (incl. new bases in Tirana and Trapani and 91 additional routes).
We expect European short-haul capacity to remain constrained to at least 2030
as the big 2 OEMs remain behind on aircraft production, Pratt & Whitney
engine repairs continue to be an issue for many Airbus operators, EU airline
consolidation accelerates (incl. Air Europa, SAS & TAP) and unprofitable
airlines withdraw capacity from markets where they are unable to compete with
Ryanair's lower costs. Industry capacity constraints, combined with our
widening cost advantage, strong balance sheet, low-cost aircraft orderbook and
industry leading ops resilience will, we believe, facilitate Ryanair's
controlled profitable growth to 300m passengers p.a. by FY34.
ESG
During H1 we took delivery of 23 new Gamechangers (4% more seats, 16% less
fuel & CO2) and benefitted from the retrofit of winglets to approx. 60% of
our B737NG fleet (1.5% lower fuel burn and 6% less noise). Our 409 NGs will
be retrofitted by the end of 2026 and we expect to have all 210 Gamechangers
in our fleet well ahead of S.26. We recently agreed to purchase 30 CFM
LEAP-1B spare engines (a $500m commitment) to improve our operational
resilience. Over 50% of these engines were delivered at 30 Sept., with the
balance expected in coming months. These latest technology engines reduce fuel
consumption and CO2 emissions per seat by up to 20%. The Groups significant
investment in new technology, coupled with ambitious SAF commitments,
positions Ryanair as one of Europe's most environmentally efficient airlines.
As expected, following the lifting of the prohibition on non-EU nationals
purchasing Ryanair's ord. shares in Mar. (while continuing to apply voting
restrictions) and Ryanair's inclusion in the MSCI Global and FTSE Russell
indices, we've seen increased global investor interest. At 30 Sept. the
proportion of Ryanair's issued share capital held by EU nationals was 33%
(significantly above the 20% threshold for potential re-introduction of
purchase restrictions), while 100% of voting rights remained in the hands of
EU investors.
EUROPE IS FAILING ON COMPETITIVENESS
We remain concerned that Ursula von der Leyen (and her new Commission) have
done nothing, over the past 14 months, to improve European competitiveness by
implementing the Sept. 2024 Draghi Report recommendations. Europe's airlines
have called for a level playing field on enviro. taxes, by bringing ETS rates
into line with CORSIA, and urgent ATC reform by protecting overflights during
national strikes, and ensuring that Europe's major ATC providers in France,
Germany, and Spain are fully staffed for the first wave of daily departures.
These reforms are urgent and it's about time President von der Leyen stopped
talking about reform and started to deliver it.
While the Commission stands idly by, the EU Parliament is proposing even more
stupid rules (such as further increasing free carry-on luggage limits - even
though there is no room in the aircraft cabin for these extra bags) which will
only lead to more airport security and flight delays as well as higher costs,
and higher fares for Europe's consumers.
OUTLOOK
FY26 traffic is now expected to grow by more than 3% to 207m passengers
(previously 206m), due to earlier than expected Boeing deliveries and strong
H1 demand. Unit costs performed well in H1 and, as previously guided, we
expect only modest FY26 unit cost inflation as our B-8200 deliveries, fuel
hedging and effective cost control across the Group helps offset increased ATC
charges, higher enviro. costs and the roll-off of last years modest delivery
delay compensation. While Q3 forward bookings are slightly ahead of PY,
particularly across the Oct. mid-term and Christmas peaks, we would caution
that we face more challenging PY fare comps in H2 making fare growth more
challenging. Q3s fare outcome will be determined by close-in Christmas and
New Year bookings. As is normal at this time of year, we have zero Q4
visibility and there is no Easter benefit in this year's Q4.
It remains too early to provide meaningful FY26 PAT guidance. We do,
however, cautiously expect to recover all of last years 7% full-year fare
decline, which should lead to reasonable net profit growth in FY26. The
final FY26 outcome remains exposed to adverse external developments, incl.
conflict escalation in Ukraine and the Mid. East, macro-economic shocks and
any further impact of repeated European ATC strikes &
mismanagement."
ENDS
Ryanair Holdings plc, Europe's largest airline group, is the parent company of
Buzz, Lauda, Malta Air, Ryanair & Ryanair UK. Carrying c.207m guests p.a.
on approx. 3,600 daily flights from 95 bases, the Group connects 224 airports
in 36 countries on a fleet of over 640 aircraft, and over 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 over 26,000 highly skilled 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).
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
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 Interim Balance Sheet as at September 30, 2025
(unaudited)
At Sep 30, At Mar 31,
2025 2025
Note €M €M
Non-current assets
Property, plant and equipment 11,104.0 10,923.7
Right-of-use asset 128.7 148.5
Intangible assets 146.4 146.4
Derivative financial instruments 10 23.2 15.4
Deferred tax 14.9 1.6
Other assets 259.8 261.7
Total non-current assets 11,677.0 11,497.3
Current assets
Inventories 5.3 4.6
Other assets 1,566.8 1,850.7
Trade receivables 10 77.7 73.5
Derivative financial instruments 10 70.2 94.4
Restricted cash 10 28.6 23.1
Financial assets: cash > 3 months 10 - 100.1
Cash and cash equivalents 10 2,963.5 3,863.3
Total current assets 4,712.1 6,009.7
Total assets 16,389.1 17,507.0
Current liabilities
Provisions 50.2 53.5
Trade payables 10 582.4 702.0
Accrued expenses and other liabilities 4,047.4 6,179.4
Current lease liability 35.1 37.7
Current maturities of debt 10 1,198.8 848.4
Derivative financial instruments 10 282.2 224.7
Current tax 405.5 107.1
Total current liabilities 6,601.6 8,152.8
Non-current liabilities
Provisions 136.0 141.1
Derivative financial instruments 10 74.9 2.5
Deferred tax 373.7 377.1
Non-current lease liability 85.7 111.4
Non-current maturities of debt 10 147.4 1,685.2
Total non-current liabilities 817.7 2,317.3
Shareholders' equity
Issued share capital 6.4 6.4
Share premium account 1,431.8 1,421.6
Other undenominated capital 4.0 4.0
Retained earnings 7,684.3 5,588.6
Other reserves (156.7) 16.3
Total shareholders' equity 8,969.8 7,036.9
Total liabilities and shareholders' equity 16,389.1 17,507.0
Ryanair Holdings plc and Subsidiaries
Condensed Consolidated Interim Income Statement for the Half-Year Ended
September 30, 2025 (unaudited)
IFRS IFRS
Half-Year Ended Half-Year Ended
Change
Sep 30, 2025 Sep 30, 2024
Note %* €M €M
Operating revenues
Scheduled revenues +16% 6,908.6 5,949.9
Ancillary revenues +6% 2,908.9 2,742.1
Total operating revenues 7 +13% 9,817.5 8,692.0
Operating expenses
Fuel and oil -2% 2,969.7 2,904.3
Airport and handling charges -4% 1,006.0 964.9
Staff costs -3% 925.6 897.0
Route charges -14% 724.7 633.2
Depreciation -10% 687.5 627.4
Marketing, distribution and other +6% 438.6 466.7
Maintenance, materials and repairs -11% 204.9 184.0
Total operating expenses -4% 6,957.0 6,677.5
Operating profit +42% 2,860.5 2,014.5
Other income
Net finance and other income +22% 60.8 50.0
Foreign exchange (loss)/gain (29.7) 2.4
Total other income -41% 31.1 52.4
Profit before tax +40% 2,891.6 2,066.9
Tax (expense) 4 -28% (352.8) (275.7)
Profit for the half-year - all attributable to equity holders of parent +42% 2,538.8 1,791.2
Earnings per ordinary share (€)
Basic +50% 2.3926 1.5943
Diluted +50% 2.3738 1.5861
Weighted avg. no. of ord. shares (in Ms)
Basic 1,061.1 1,123.5
Diluted 1,069.5 1,129.3
*'+' is favourable and '-' is adverse period-on-period.
Ryanair Holdings plc and Subsidiaries
Condensed Consolidated Interim Income Statement for the Quarter Ended
September 30, 2025 (unaudited)
IFRS Quarter Ended IFRS Quarter Ended
Change
Sep 30, 2025 Sep 30, 2024
Note %* €M €M
Operating revenues
Scheduled revenues +9% 3,964.8 3,621.0
Ancillary revenues +5% 1,515.1 1,444.9
Total operating revenues 7 +8% 5,479.9 5,065.9
Operating expenses
Fuel and oil -2% 1,512.9 1,482.4
Airport and handling charges -3% 510.9 497.7
Staff costs -3% 463.9 448.7
Route charges -13% 368.4 325.7
Depreciation -10% 344.2 314.2
Marketing, distribution and other +12% 217.4 247.4
Maintenance, materials and repairs -14% 115.0 101.0
Total operating expenses -3% 3,532.7 3,417.1
Operating profit +18% 1,947.2 1,648.8
Other income
Net finance and other income -45% 12.1 21.9
Foreign exchange gain/(loss) 2.1 (4.6)
Total other income -18% 14.2 17.3
Profit before tax +18% 1,961.4 1,666.1
Tax (expense) 4 -3% (242.5) (234.9)
Profit for the quarter - all attributable to equity holders of parent +20% 1,718.9 1,431.2
Earnings per ordinary share (€)
Basic +26% 1.6219 1.2901
Diluted +25% 1.6086 1.2845
Weighted avg. no. of ord. shares (in Ms)
Basic 1,059.8 1,109.4
Diluted 1,068.6 1,114.2
*'+' is favourable and '-' is adverse period-on-period.
Ryanair Holdings plc and Subsidiaries
Condensed Consolidated Interim Statement of Comprehensive Income for the
Half-Year Ended September 30, 2025 (unaudited)
Half-Year Half-Year
Ended Ended
Sep 30, Sep 30,
2025 2024
€M €M
Profit for the half-year 2,538.8 1,791.2
Other comprehensive (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 (181.9) (605.4)
Other comprehensive (loss) for the half-year, net of income tax (181.9) (605.4)
Total comprehensive income for the half-year - attributable to equity holders
of parent
2,356.9 1,185.8
Ryanair Holdings plc and Subsidiaries
Condensed Consolidated Interim Statement of Comprehensive Income for the
Quarter Ended September 30, 2025 (unaudited)
Quarter Quarter
Ended Ended
Sep 30, Sep 30,
2025 2024
€M €M
Profit for the quarter 1,718.9 1,431.2
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 221.1 (704.0)
Other comprehensive income/(loss) for the quarter, net of income tax 221.1 (704.0)
Total comprehensive income for the quarter - attributable to equity holders of
parent
1,940.0 727.2
Ryanair Holdings plc and Subsidiaries
Condensed Consolidated Interim Statement of Cash Flows for the Half-Year Ended
September 30, 2025 (unaudited)
Half-Year Half-Year
Ended Ended
Sep 30, Sep 30,
2025 2024
€M €M
Operating activities
Profit after tax 2,538.8 1,791.2
Adjustments to reconcile profit after tax to net cash from operating
activities
Depreciation 687.5 627.4
(Increase)/Decrease in inventories (0.7) 1.5
Tax charge on profit 352.8 275.7
Share based payments 9.0 7.7
(Increase) in trade receivables (4.2) (18.6)
Decrease/(Increase) in other assets 305.3 (78.3)
Increase in trade payables 72.5 161.3
(Decrease) in accrued expenses and other liabilities (2,120.1) (1,543.4)
(Decrease)/Increase in provisions (15.4) 16.5
Decrease/(Increase) in finance income 1.8 (6.7)
(Decrease) in finance expense (16.5) (29.3)
Foreign exchange 21.8 15.8
Income tax (paid) (53.5) (39.0)
Net cash inflow from operating activities 1,779.1 1,181.8
Investing activities
Capital expenditure - purchase of property, plant and equipment (1,113.3) (889.7)
Decrease/(Increase) in financial assets: cash > 3 months 94.6 (163.5)
Net cash (used in) investing activities (1,018.7) (1,053.2)
Financing activities
Proceeds from shares issued 1.8 1.9
Share buyback (202.6) (854.6)
Dividends paid (229.0) (185.9)
Repayment of borrowings (1,190.0) (5.0)
Lease liabilities paid (17.3) (18.0)
Net cash (used in) financing activities (1,637.1) (1,061.6)
(Decrease) in cash and cash equivalents (876.7) (933.0)
Net foreign exchange (loss) (23.1) (16.2)
Cash and cash equivalents at beginning of the period 3,863.3 3,875.4
Cash and cash equivalents at end of the period 2,963.5 2,926.2
Included in the cash flows from operating activities for the half-year are the
following amounts:
Interest income received 52.5 78.1
Interest expense paid (46.0) (53.1)
Ryanair Holdings plc and Subsidiaries
Condensed Consolidated Interim Statement of Changes in Shareholders' Equity
for the Half-Year Ended
September 30, 2025 (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 March 31, 2024 1,140.1 6.9 1,404.3 3.5 5,899.8 265.9 33.8 7,614.2
Profit for the half-year - - - - 1,791.2 - - 1,791.2
Other comprehensive loss
Net movements in cash flow reserve - - - - - (605.4) - (605.4)
Total other comprehensive loss - - - - - (605.4) - (605.4)
Total comprehensive income/(loss) - - - - 1,791.2 (605.4) - 1,185.8
Transactions with owners of the Company recognised directly in equity
Issue of ordinary equity shares 0.7 - 12.3 - (10.4) - - 1.9
Repurchase of ordinary equity shares - - - - (866.5) - - (866.5)
Cancellation of repurchased shares (46.6) (0.3) - 0.3 - - - -
Dividends paid - - - - (185.9) - - (185.9)
Share-based payments - - - - - - 7.7 7.7
Transfer of exercised and expired share-based awards - - - - 8.7 - (8.7) -
Balance at September 30, 2024 1,094.2 6.6 1,416.6 3.8 6,636.9 (339.5) 32.8 7,757.2
Loss for the half-year - - - - (179.6) - - (179.6)
Other comprehensive income
Net movements in cash-flow reserve - - - - - 318.2 - 318.2
Total other comprehensive income - - - - - 318.2 - 318.2
Total comprehensive (loss)/income - - - - (179.6) 318.2 - 138.6
Transactions with owners of the Company recognised directly in equity
Issue of ordinary equity shares 0.3 - 5.0 - (2.0) - - 3.0
Repurchase of ordinary equity shares - - - - (615.2) - - (615.2)
Cancellation of repurchased shares (30.6) (0.2) - 0.2 - - - -
Dividends paid - - - - (251.8) - - (251.8)
Share-based payments - - - - - - 5.1 5.1
Transfer of exercised and expired share-based awards - - - - 0.3 - (0.3) -
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 half-year - - - - 2,538.8 - - 2,538.8
Other comprehensive loss
Net movements in cash flow reserve - - - - - (181.9) - (181.9)
Total other comprehensive loss - - - - - (181.9) - (181.9)
Total comprehensive income/(loss) - - - - 2,538.8 (181.9) - 2,356.9
Transactions with owners of the Company recognised directly in equity
Issue of ordinary equity shares 0.4 - 10.2 - (8.4) - - 1.8
Repurchase of ordinary equity shares - - - - (205.8) - - (205.8)
Cancellation of repurchased shares (8.2) - - - - - - -
Dividends paid - - - - (229.0) - - (229.0)
Share-based payments - - - - - - 9.0 9.0
Transfer of exercised and expired share-based awards - - - - 0.1 - (0.1) -
Balance at September 30, 2025 1,056.1 6.4 1,431.8 4.0 7,684.3 (203.2) 46.5 8,969.8
Ryanair Holdings plc and Subsidiaries
MD&A Half-Year Ended September 30, 2025 ("H1 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 half-year ended September 30, 2025 results.
Income Statement
Scheduled revenues:
Scheduled revenues increased 16% to €6.91BN as traffic grew 3% (to 119.0M
passengers) at 13% higher fares (to c.€58). H1 fares benefitted from having
the full Easter holiday in Q1 (with weak prior-year comps) and full recovery
of the 7% fare decline suffered in last year's Q2.
Ancillary revenues:
Ancillary revenue was solid, rising 6% to €2.91BN as both traffic and spend
per passenger rose 3%.
Total revenue:
As a result of the above, total revenue rose 13% to €9.82BN.
Operating Expenses:
Fuel and oil:
Fuel and oil increased 2% to €2.97BN 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 3% increase in flight hours
and higher environmental costs (ETS allowance unwind and SAF blend mandates
from Jan. 2025).
Airport and handling charges:
Airport and handling charges rose 4% to €1.01BN, due to 3% traffic growth,
ground ATC rate hikes and higher handling labour costs.
Staff costs:
Staff costs increased 3% to €926M, as 3% higher sectors and agreed pay
increases (under CLAs) were somewhat offset by 29 additional B737-8200
"Gamechanger" aircraft in the fleet (driving better efficiency).
Route charges:
Route charges rose 14% to €725M, primarily due to significantly higher
Eurocontrol/ATC rates and a 3% increase in flight hours.
Depreciation:
Depreciation increased 10% to €688M, primarily due to 29 additional
B737-8200 "Gamechanger" aircraft in the fleet, higher aircraft utilisation
(sectors up 3%) and increased maintenance on the B737NG fleet.
Marketing, distribution and other:
Marketing, distribution and other decreased 6% to €439M due to lower EU261
compensation and marketing spend offset by other costs driven by growth.
Maintenance, materials and repairs:
Maintenance, materials and repairs rose 11% to €205M due to 3% higher
sectors, increased line maintenance as the fleet grows and reducing supplier
delay credits.
Other income:
Net finance and other income increased thanks to a strong net cash balance,
debt repayments and modest delay compensation received. Foreign exchange
translation reflects the impact of primarily €/US$ exchange rate movements
on balance sheet revaluations.
Balance sheet:
Gross cash was €3.0BN at September 30, 2025 despite €1.2BN debt
repayments, €1.1BN capex and €0.4BN shareholder distributions. Gross debt
was €1.5BN (March 31, 2025: €2.7BN) and net cash was over €1.5BN at
September 30, 2025 (March 31, 2025: €1.3BN).
Shareholders' equity:
Shareholders' equity increased by €1.9BN to €9.0BN in the period due to a
net profit of over €2.5BN partly offset by a €0.2BN repurchase of shares,
€0.2BN dividends paid and an IFRS hedge accounting decrease in derivatives
of €0.2BN.
MD&A Quarter Ended September 30, 2025 ("Q2 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 quarter ended September 30, 2025 results.
Income Statement
Scheduled revenues:
Scheduled revenues increased 9% to €3.96BN as traffic grew 2% (to 61.2M
passengers) at 7% higher fares (to c.€65).
Ancillary revenues:
Ancillary revenue was solid, rising 5% to €1.52BN as traffic grew 2% and
spend per passenger rose 3%.
Total revenue:
As a result of the above, total revenue rose 8% to €5.48BN.
Operating Expenses:
Fuel and oil:
Fuel and oil increased 2% to €1.51BN 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 3% increase in flight hours
and higher environmental costs (ETS allowance unwind and SAF blend mandates
from Jan. 2025).
Airport and handling charges:
Airport and handling charges rose 3% to €511M, due to 2% traffic growth,
ground ATC rate hikes and higher handling labour costs.
Staff costs:
Staff costs increased 3% to €464M, as 2% higher sectors and agreed pay
increases (under CLAs) were somewhat offset by 29 additional B737-8200
"Gamechanger" aircraft in the fleet (driving better efficiency).
Route charges:
Route charges rose 13% to €368M, primarily due to significantly higher
Eurocontrol/ATC rates and a 3% increase in flight hours.
Depreciation:
Depreciation increased 10% to €344M, primarily due to 29 additional
B737-8200 "Gamechanger" aircraft in the fleet, higher aircraft utilisation
(sectors up 2%) and increased maintenance on the B737NG fleet.
Marketing, distribution and other:
Marketing, distribution and other decreased 12% to €217M due to lower EU261
compensation and marketing spend offset by other costs driven by growth.
Maintenance, materials and repairs:
Maintenance, materials and repairs rose 14% to €115M due to 2% higher
sectors, increased line maintenance as the fleet grows and reducing supplier
delay credits.
Other income:
Net finance and other income declined as lower deposit interest rates were
partially offset by debt repayments. Foreign exchange translation reflects the
impact of primarily €/US$ exchange rate movements on quarter end balance
sheet revaluations.
Ryanair Holdings plc and Subsidiaries
Interim Management Report
Introduction
This financial report for the half-year ended September 30, 2025 meets the
reporting requirements pursuant to the Transparency (Directive 2004/109/EC)
Regulations 2007 and Transparency Rules of the Central Bank (Investment Market
Conduct) Rules 2019.
This interim management report includes the following:
· Principal risks and uncertainties relating to the remaining six months of
the year;
· Related party transactions; and
· Post balance sheet events.
Results of operations for the six-month period ended September 30, 2025
compared to the six-month period ended September 30, 2024, including important
events that occurred during the quarter, are set forth above in the MD&A.
Principal risks and uncertainties for the remainder of the year
Jet fuel is subject to wide price fluctuations as a result of many economic
and political factors and events occurring throughout the world that Ryanair
can neither control nor accurately predict, including increases in demand,
sudden disruptions in supply and other concerns about global supply, as well
as market speculation. Oil prices increased significantly following Russia's
invasion of Ukraine in February 2022 and remain volatile.
Among other factors that are subject to change and could significantly impact
Ryanair's expected results for the remainder of the year and the price of
Ryanair securities are the airline pricing environment, fuel costs,
competition from new and existing carriers, market prices for the replacement
of aircraft, costs associated with environmental, safety and security
measures, actions of the Irish, UK, European Union ("EU") and other
governments and their respective regulatory agencies, post-Brexit
uncertainties, any 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,
delays in the delivery of contracted aircraft, fluctuations in 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 UK and Continental Europe, the general
willingness of passengers to travel and other economic, social and political
factors, global pandemics such as Covid-19, capacity growth in Europe, the
availability of appropriate insurance coverage, supply chain
disruptions/delays, increasing fares to cover rising business costs,
cybersecurity risks and increased costs to minimise those risks, increasingly
complex data protection laws and regulations, dependence on key personnel, the
expectation that corporation tax rates will rise, the risk of a recession or
significant economic slowdown, tariff wars and unforeseen security events.
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 2025 Annual Report. Captain Ray Conway was
appointed to the Board with effect from October 1, 2025 and both Howard Millar
and Captain Mike O'Brien retired from the Board in September 2025.
Related party transactions - Please see note 9.
Post balance sheet events - Please see note 12.
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 interim financial statements. The continued preparation
of the Group's condensed consolidated interim 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 over €2.5BN in the half-year ended
September 30, 2025;
· The Group's liquidity, with €3.0BN gross cash and €1.5BN net cash
at September 30, 2025 and almost €1BN undrawn funds under the Group's
€1.1BN revolving credit facility;
· 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 with its owned B737 fleet
unencumbered;
· The Group's access to the debt capital markets, unsecured/secured
bank debt and sale and leaseback transactions;
· The Group's fuel hedging position (approx. 84% of FY26 and 58% of
FY27 jet fuel requirements were hedged at September 30, 2025); and
· The Group's ability, as evidenced throughout downturns (such as the
Covid-19 pandemic), to preserve cash and reduce operational and capital
expenditure.
Ryanair Holdings plc and Subsidiaries
Notes forming Part of the Condensed Consolidated
Interim 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 interim financial statements for the
half-year ended September 30, 2025 ("H1 FY26") comprise the results of the
Company and its subsidiaries (together referred to as the "Group").
These unaudited condensed consolidated interim financial statements ("the
interim financial statements"), which should be read in conjunction with our
2025 Annual Report for the year ended March 31, 2025, have been prepared in
accordance with IAS 34 Interim Financial Reporting as adopted by the EU ("IAS
34"). They do not include all of the information required for full annual
financial statements and should be read in conjunction with the most recent
published consolidated financial statements of the Group. The consolidated
financial statements of the Group as at and for the year ended March 31, 2025,
are available at http://investor.ryanair.com/.
In adopting the going concern basis in preparing the interim financial
statements, the Directors have considered Ryanair's available sources of
finance including access to the capital markets, sale and leaseback
transactions, secured and unsecured debt structures, undrawn funds under the
Group's revolving credit facility, the Group's cash on-hand and cash
generation and preservation projections, together with factors likely to
affect its future performance, as well as the Group's principal risks and
uncertainties.
The September 30, 2025 figures and the September 30, 2024 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 the year ended March 31, 2025, together
with the independent auditor's report thereon, are available on the Company's
Website and will be filed with the Irish Registrar of Companies. The
accounting policies, presentation and methods of computation followed in the
interim 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 interim financial statements for the half-year ended September
30, 2025 on October 31, 2025.
Except as stated otherwise below, the interim financial statements for the
half-year ended September 30, 2025 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.
New IFRS standards and amendments adopted during the period
The following new and amended IFRS standards, amendments and IFRIC
interpretations, have been issued by the IASB, and have also been endorsed by
the EU unless stated otherwise. These standards are effective for the first
time for the Group's financial year beginning on April 1, 2025 and therefore
have been applied by the Group in these condensed consolidated interim
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 in the half-year ended September
30, 2025, 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).*
· IFRS 18 Presentation and Disclosure in Financial Statements
(effective on or after January 1, 2027).*
· Amendments to IFRS 19 Subsidiaries without Public Accountability:
Disclosures (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. 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 September 30, 2025, the Group had €11.1BN of property, plant and
equipment long-lived assets, of which €10.8BN 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.
3. 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.
4. Income tax expense
The Group's consolidated tax expense for the half-year ended September 30,
2025 of €353M (September 30, 2024: €276M) comprises a current tax charge
of €352M and a €1M deferred tax charge relating to the temporary
differences for property, plant and equipment. No significant or unusual tax
charges or credits arose during the period. The effective tax rate of just
over 12% for the half-year ended September 30, 2025 (September 30, 2024:
approx. 13%) is the result of the mix of profits and losses incurred by
Ryanair's operating subsidiaries primarily in Ireland, Malta, Poland and the
UK.
5. Contingencies
The Group is engaged in litigation arising in the ordinary course of its
business. The Group does not believe that any such 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.
6. Capital commitments
At September 30, 2025 the Group had an operating fleet of 610 (2024: 581)
Boeing 737 and 26 (2024: 27) Airbus A320 aircraft. In September 2014, the
Group agreed to purchase up to 200 (100 firm and 100 options) Boeing 737-8200
aircraft which was subsequently increased to 210 firm orders in December 2020.
At September 30, 2025, the Group had taken delivery of 199 of these aircraft.
The remaining aircraft are expected to deliver before Summer 2026. 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.
7. 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:
Half-Year Ended Ryanair DAC Other Airlines Elimination Total
Sep 30, Sep 30, Sep 30, Sep 30,
2025 2025 2025 2025
€M €M €M €M
Scheduled revenues 6,796.0 112.6 - 6,908.6
Ancillary revenues 2,908.9 - - 2,908.9
Inter-segment revenues 404.8 793.1 (1,197.9) -
Segment revenues 10,109.7 905.7 (1,197.9) 9,817.5
Reportable segment profit after income tax 2,487.0 51.8 - 2,538.8
Other segment information:
Depreciation (668.3) (19.2) - (687.5)
Net finance and other income 64.0 (3.2) - 60.8
Capital expenditure (840.6) (22.5) - (863.1)
Staff costs (581.7) (343.9) - (925.6)
Segment assets 16,018.8 370.3 - 16,389.1
Segment liabilities (6,954.2) (465.1) - (7,419.3)
Half-Year Ended Ryanair DAC Other Airlines Elimination Total
Sep 30, Sep 30, Sep 30, Sep 30,
2024 2024 2024 2024
€M €M €M €M
Scheduled revenues 5,850.4 99.5 - 5,949.9
Ancillary revenues 2,742.1 - - 2,742.1
Inter-segment revenues 385.8 766.4 (1,152.2) -
Segment revenues 8,978.3 865.9 (1,152.2) 8,692.0
Reportable segment profit after income tax 1,727.2 64.0 - 1,791.2
Other segment information:
Depreciation (607.3) (20.1) - (627.4)
Net finance and other income 54.0 (4.0) - 50.0
Capital expenditure (710.2) (50.3) - (760.5)
Staff costs (560.2) (336.8) - (897.0)
Segment assets 16,017.6 358.2 - 16,375.8
Segment liabilities (8,025.1) (593.5) - (8,618.6)
Quarter Ended Ryanair DAC Other Airlines Elimination Total
Sep 30, Sep 30, Sep 30, Sep 30,
2025 2025 2025 2025
€M €M €M €M
Scheduled revenues 3,892.1 72.7 - 3,964.8
Ancillary revenues 1,515.1 - - 1,515.1
Inter-segment revenues 205.8 398.8 (604.6) -
Segment revenues 5,613.0 471.5 (604.6) 5,479.9
Reportable segment profit after income tax 1,698.6 20.3 - 1,718.9
Other segment information:
Depreciation (334.6) (9.6) - (344.2)
Net finance and other income 13.6 (1.5) - 12.1
Capital expenditure (437.4) (9.9) - (447.3)
Staff costs (287.7) (176.2) - (463.9)
Segment assets 16,018.8 370.3 - 16,389.1
Segment liabilities (6,954.2) (465.1) - (7,419.3)
Quarter Ended Ryanair DAC Other Airlines Elimination Total
Sep 30, Sep 30, Sep 30, Sep 30,
2024 2024 2024 2024
€M €M €M €M
Scheduled revenue 3,554.5 66.5 - 3,621.0
Ancillary revenue 1,444.9 - - 1,444.9
Inter-segment revenues 197.3 385.9 (583.2) -
Segment revenues 5,196.7 452.4 (583.2) 5,065.9
Reportable segment profit after income tax 1,394.8 36.4 - 1,431.2
Other segment information:
Depreciation (304.1) (10.1) - (314.2)
Net finance and other income 23.9 (2.0) - 21.9
Capital expenditure (330.1) (30.3) - (360.4)
Staff costs (278.5) (170.2) - (448.7)
Segment assets 16,017.6 358.2 - 16,375.8
Segment liabilities (8,025.1) (593.5) - (8,618.6)
The expense line items not presented in the tables above are incurred by
Ryanair DAC and as such have not been presented across the segments. Prior
period comparatives have been updated to align with current period
presentation.
The following table disaggregates revenue by primary geographical market. 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.
Half-Year Ended Half-Year Ended Quarter Ended Quarter
Sep 30, Sep 30, Sep 30, Ended
2025 2024 2025 Sep 30, 2024
€M €M €M €M
Italy 2,098.0 1,846.3 1,158.0 1,061.2
Spain 1,755.1 1,546.2 983.4 907.6
United Kingdom 1,405.3 1,239.5 771.5 710.0
Ireland 543.9 463.9 298.5 267.1
Other 4,015.2 3,596.1 2,268.5 2,120.0
Total revenue 9,817.5 8,692.0 5,479.9 5,065.9
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,
allocated 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.
8. Property, plant and equipment
Acquisitions and disposals
During the period ended September 30, 2025, net capital additions amounted to
€0.84BN principally reflecting aircraft deliveries in the period and
capitalised maintenance offset by depreciation.
9. 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 the period ended September 30,
2025 that materially affected the financial position or the performance of the
Group during that period and there were no changes in the related party
transactions described in the 2025 Annual Report that could have a material
effect on the financial position or performance of the Group in the same
period.
10. 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 interim 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 September 30, 2025 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 the half-year ended September 30, 2025 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 September 30, 2025.
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 Sep 30, At Sep 30, At Mar 31, At Mar 31,
2025 2025 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 1.6 1.6 5.8 5.8
- Jet fuel & carbon derivatives contracts 21.6 21.6 9.6 9.6
23.2 23.2 15.4 15.4
Current financial assets
Derivative financial instruments:
- U.S. dollar currency forward contracts 1.4 1.4 84.4 84.4
- Jet fuel & carbon derivative contracts 68.8 68.8 10.0 10.0
70.2 70.2 94.4 94.4
Trade receivables* 77.7 73.5
Cash and cash equivalents* 2,963.5 3,863.3
Financial asset: cash > 3 months* - 100.1
Restricted cash* 28.6 23.1
3,140.0 70.2 4,154.4 94.4
Total financial assets 3,163.2 93.4 4,169.8 109.8
At Sep 30, At Sep 30, At Mar 31, At Mar 31,
2025 2025 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 74.9 74.9 2.5 2.5
74.9 74.9 2.5 2.5
Non-current maturities of debt:
- Long-term debt 147.4 147.4 488.9 488.9
- Bonds** - - 1,196.3 1,172.5
147.4 147.4 1,685.2 1,661.4
222.3 222.3 1,687.7 1,663.9
Current financial liabilities
Derivative financial instruments:
- Jet fuel & carbon derivative contracts 89.0 89.0 224.5 224.5
- U.S. dollar currency forward contracts 193.2 193.2 0.2 0.2
282.2 282.2 224.7 224.7
Current maturities of debt:
- Bonds** 1,198.8 1,189.0 848.4 850.3
1,198.8 1,189.0 848.4 850.3
Trade payables* 582.4 702.0
Accrued expenses* 1,790.1 1,953.5
3,853.5 1,471.2 3,728.6 1,075.0
Total financial liabilities 4,075.8 1,693.5 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.
11. Shareholders' equity and shareholders' returns
In line with the Group's Dividend Policy, a FY25 final dividend of €0.227
per share was paid in September 2025.
In the half-year ended September 30, 2025 the Company bought back, and
cancelled, approx. 8M ordinary shares at a total cost of just over €200M
(including over 7M shares purchased under the €750M share buyback programme
launched in May 2025). As a result of these share buybacks, share capital
decreased by approx. 8M ordinary shares (equivalent to approx. 0.1% of the
Company's issued share capital at March 31, 2025).
12. Post balance sheet events
Between October 1, 2025 and October 30, 2025 the Company bought back approx.
3M ordinary shares at a total cost of approx. €82M under its ongoing share
buyback programme. This brought total spend in FY26 to just under €290M.
The Company has declared a €0.193 interim dividend per share payable in late
February 2026.
Ryanair Holdings plc and Subsidiaries
Responsibility Statement
Statement of the Directors in respect of the interim financial report
The Directors are responsible for preparing the half-yearly financial report
in accordance with the Transparency (Directive 2004/109/EC) Regulations 2007
("Transparency Directive"), and the Central Bank (Investment Market Conduct)
Rules 2019.
In preparing the condensed set of consolidated interim financial statements
included within the half-yearly financial report, the Directors are required
to:
· prepare and present the condensed set of financial statements in
accordance with IAS 34 Interim Financial Reporting as adopted by the EU, the
Transparency Directive and the Central Bank (Investment Market Conduct) Rules
2019;
· ensure the condensed set of financial statements has adequate
disclosures;
· select and apply appropriate accounting policies; and
· make accounting estimates that are reasonable in the circumstances.
The Directors are responsible for designing, implementing and maintaining such
internal controls as they determine is necessary to enable the preparation of
the condensed set of financial statements that is free from material
misstatement whether due to fraud or error.
We confirm that to the best of our knowledge:
(1) the condensed set of consolidated interim financial statements included
within the half-yearly financial report of Ryanair Holdings plc for the six
months ended September 30, 2025 ("the interim financial information") which
comprises the condensed consolidated interim balance sheet, the condensed
consolidated interim income statement, the condensed consolidated interim
statement of comprehensive income, the condensed consolidated interim
statement of cash flows and the condensed consolidated interim statement of
changes in shareholders' equity and the related explanatory notes, have been
presented and prepared in accordance with IAS 34 Interim Financial Reporting,
as adopted by the EU, the Transparency Directive and the Central Bank
(Investment Market Conduct) Rules 2019.
(2) The interim financial information presented, as required by the
Transparency Directive, includes:
a. an indication of important events that have occurred during the first
6 months of the financial year, and their impact on the condensed set of
consolidated interim financial statements;
b. a description of the principal risks and uncertainties for the
remaining 6 months of the financial year;
c. related parties' transactions that have taken place in the first 6
months of the current financial year and that have materially affected the
financial position or the performance of the enterprise during that period;
and
d. any changes in the related parties' transactions described in the
last annual report that could have a material effect on the financial position
or performance of the enterprise in the first 6 months of the current
financial year.
On behalf of the Board
Stan
McCarthy
Michael O'Leary
Chairman
Chief Executive
October 31, 2025
Independent review report to Ryanair Holdings plc
Report on the condensed consolidated interim financial statements
Our conclusion
We have reviewed Ryanair Holdings plc's Condensed Consolidated Interim
Financial Statements (the "interim financial statements") in the Half-Yearly
Financial Report of Ryanair Holdings plc for the period ended September 30,
2025 (the "period").
Based on our review, nothing has come to our attention that causes us to
believe that the interim financial statements are not prepared, in all
material respects, in accordance with International Accounting Standard 34,
'Interim Financial Reporting', as adopted by the European Union and the
Transparency (Directive 2004/109/EC) Regulations 2007 and the Central Bank
(Investment Market Conduct) Rules 2019.
The interim financial statements comprise:
· the Condensed Consolidated Interim Balance Sheet as at September 30,
2025 on page 1;
· the Condensed Consolidated Interim Income Statement and Condensed
Consolidated Interim Statement of Comprehensive Income for the Half-Year then
ended on pages 2 and 4;
· the Condensed Consolidated Interim Income Statement and Condensed
Consolidated Interim Statement of Comprehensive Income for the Quarter then
ended on pages 3 and 4;
· the Condensed Consolidated Interim Statement of Cash Flows for the
Half-Year ended September 30, 2025 on page 5;
· the Condensed Consolidated Interim Statement of Changes in
Shareholders' Equity for the Half-Year ended September 30, 2025 on page 6; and
· the Notes forming part of the Condensed Consolidated Interim
Financial Statements on pages 12 to 20.
The MD&A Half-Year Ended September 30, 2025 on pages 7 to 8, the MD&A
Quarter Ended September 30, 2025 on page 9 and the Interim Management Report
on pages 10 to 11 do not form part of the interim financial statements.
The interim financial statements included in the Half-Yearly Financial Report
have been prepared in accordance with International Accounting Standard 34,
'Interim Financial Reporting', as adopted by the European Union and the
Transparency (Directive 2004/109/EC) Regulations 2007 and the Central Bank
(Investment Market Conduct) Rules 2019.
As disclosed in note 1 to the interim financial statements, the financial
reporting framework that has been applied in the preparation of the full
annual financial statements of the Group is applicable law,
International Financial Reporting Standards (IFRSs) as adopted by the European
Union and IFRS Accounting standards as issued by the International Accounting
Standards Board.
Basis for conclusion
We conducted our review in accordance with International Standard on Review
Engagements (Ireland) 2410, 'Review of Interim Financial Information Performed
by the Independent Auditor of the Entity' ("ISRE (Ireland) 2410") issued for
use in Ireland. A review of interim financial information consists of making
enquiries, primarily of persons responsible for financial and accounting
matters, and applying analytical and other review procedures.
A review is substantially less in scope than an audit conducted in accordance
with International Standards on Auditing (Ireland) and, consequently, does not
enable us to obtain assurance that we would become aware of all significant
matters that might be identified in an audit. Accordingly, we do not express
an audit opinion.
We have read the other information contained in the Half-Yearly Financial
Report and considered whether it contains any apparent misstatements or
material inconsistencies with the information in the interim financial
statements.
Conclusions relating to going concern
Based on our review procedures, which are less extensive than those performed
in an audit as described in the Basis for conclusion section of this report,
nothing has come to our attention to suggest that the Directors have
inappropriately adopted the going concern basis of accounting or that the
Directors have identified material uncertainties relating to going concern
that are not appropriately disclosed.
This conclusion is based on the review procedures performed in accordance with
ISRE (Ireland) 2410. However future events or conditions may cause the Group
to cease to continue as a going concern.
Responsibilities for the interim financial statements and the review
Our responsibilities and those of the Directors
The Half-Yearly Financial Report, including the interim financial statements,
is the responsibility of, and has been approved by, the Directors. The
Directors are responsible for preparing the half-yearly financial report in
accordance with the Transparency (Directive 2004/109/EC) Regulations 2007 and
the Central Bank (Investment Market Conduct) Rules 2019. In preparing the
Half-Yearly Financial Report including the interim financial statements, the
Directors are responsible for assessing the Group's ability to continue as a
going concern, disclosing, as applicable, matters related to going concern and
using the going concern basis of accounting unless the Directors either intend
to liquidate the Group or to cease operations, or have no realistic
alternative but to do so.
Our responsibility is to express a conclusion on the interim financial
statements in the Half-Yearly Financial Report based on our review. Our
conclusion, including our Conclusions relating to going concern, is based on
procedures that are less extensive than audit procedures, as described in the
Basis for conclusion paragraph of this report. This report, including the
conclusion, has been prepared for and only for the company for the purpose of
complying with the Transparency (Directive 2004/109/EC) Regulations 2007 and
the Central Bank (Investment Market Conduct) Rules 2019 and for no other
purpose. We do not, in giving this conclusion, accept or assume responsibility
for any other purpose or to any other person to whom this report is shown or
into whose hands it may come save where expressly agreed by our prior consent
in writing.
PricewaterhouseCoopers
Chartered Accountants
October 31, 2025
Dublin
· The maintenance and integrity of the Ryanair Holdings plc website
is the responsibility of the Directors; the work carried out by the auditors
does not involve consideration of these matters and, accordingly, the auditors
accept no responsibility for any changes that may have occurred to the
financial statements since they were initially presented on the website.
· Legislation in the Republic of Ireland governing the preparation
and dissemination of financial statements may differ from legislation in other
jurisdictions.
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. END ISEGZMFGNMMGKZM
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