REG - Ryanair Holdings PLC Ryanair Holdings-RYA - Q3 FY26 Ryanair Holdings plc
26/01/2026 07:00
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RNS Number : 2495Q Ryanair Holdings PLC 26 January 2026
RYANAIR REPORTS Q3 PAT OF €115M (PRE-EXCEPTIONAL)
TRAFFIC GROWS 6% AS FARES RISE 4%
Ryanair Holdings plc today (26 Jan.) reported a Q3 PAT of €115m
(pre-exceptionals) compared to a strong prior-year Q3 PAT of €149m. An
€85m exceptional charge is a provision for approx. 33% of the baseless
Italian AGCM fine which our lawyers are confident will be overturned on
appeal.
Q3 FY25 Q3 FY26 +/-
Passengers 44.9m 47.5m +6%
Load Factor 92% 92% -
Ave. fare (€) 43 44 +4%
Revenue (€) 2.96bn 3.21bn +9%
Op. Costs (pre-except.) (€) 2.93bn 3.11bn +6%
PAT (pre-except.) (€) 149m 115m -22%
PAT (post. except.) (€) 149m 30m -80%
Q3 highlights include:
· Traffic grew 6% to 47.5m.
· Rev. per pax up 3% (ave. fare +4% & ancil. rev. +1%).
· Strong cost control with unit costs flat (pre-except. charge).
· 206 B737 "Gamechangers" in 643 fleet at 31 Dec.
· 3 new bases & 106 new routes on sale for S.26.
· Fuel 80% hedged for FY27 @ $67bbl
· Italian AGCM levies baseless €256m fine which is under appeal.
Q3 FY26 REVIEW
Ryanair Group CEO Michael O'Leary, said:
Revenue & Costs:
"Q3 revenue rose 9% to €3.21bn. Scheduled revenue increased 10% to
€2.10bn as traffic grew 6% with 4% higher fares, thanks to strong Oct.
school mid-term and close-in Christmas/New Year bookings. Ancillary revenue
was solid, rising 7% to €1.11bn. Operating costs (pre-except. charge) rose
6% to €3.11bn (flat per pax). With almost all of our B-8200 "Gamechangers"
delivered, other income in Q3 dipped due to the absence of delivery delay
compensation in the quarter (which was incl. in PY Q3 comp.).
Q4 FY26 fuel is 84% hedged at $77bbl and we've now locked-in FY27 savings with
80% of our jet-fuel requirements hedged at c.$67bbl.
Balance Sheet, Liquidity & Returns:
Our balance sheet is strong with a BBB+ credit rating (both Fitch and S&P)
and an unencumbered B737 fleet. At 31 Dec., gross cash was €2.4bn after
€1.2bn debt repayments, €1.4bn capex and €0.6bn shareholder
distributions. Liquidity is further boosted by the Group's RCF which has
c.€1bn undrawn. Net cash was €1bn, leaving the Group well positioned to
fund capex and repay our last remaining €1.2bn bond 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 31 Dec. we had purchased
(and cancelled) over 13.1m shares (c.46% of programme) at a cost of over
€340m. An interim div. of €0.193 per share will be paid in late Feb.
Over the last 3-years we have generated a TSR (total shareholder return) in
excess of 150%, placing Ryanair comfortably in the top quartile of the Stoxx
Europe 600 index TSR performers. The Group will continue to deliver
disciplined and consistent capital allocation (underpinned by a strong balance
sheet) as traffic grows to 300m p.a. by FY34.
FLEET & GROWTH
The Group had 206 B737-8200 "Gamechangers" in its 643 fleet at 31 Dec. We
expect to receive the final 4 Gamechangers (210 total) by the end of Feb.,
facilitating 4% traffic growth to 216m next year (FY27). Boeing expects
MAX-10 certification during summer 2026 and are increasingly confident that
they will meet their contract delivery dates for Ryanair's first 15 MAX-10s in
Spring 2027, with 300 of these fuel-efficient aircraft due to deliver by Mar.
2034.
This winter, we've allocated Ryanair's scarce capacity to regions and airports
cutting aviation taxes and incentivising traffic growth (such as Albania,
Italy, Morocco, Slovakia and Sweden) by switching flights and routes away from
high cost, uncompetitive markets like Austria, Belgium, Germany and regional
Spain. This trend continues into S.26, with over 106 new routes on sale
(incl. 3 new bases in Rabat, Tirana and Trapani). With seats likely to sell
out, we encourage all passengers to book early on www.ryanair.com
(http://www.ryanair.com) to grab our lowest fares.
We expect European short-haul capacity to remain constrained to at least 2030
as the big 2 OEMs remain well behind on aircraft deliveries, Pratt &
Whitney engine repair delays continue for many Airbus operators, EU airline
consolidation accelerates 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 Q3 CDP (Carbon Disclosure Project) upgraded Ryanair's rating to A (was
A-) and MSCI reconfirmed the Group's 'A' rating. We took delivery of 7 new
Gamechangers (4% more seats, 16% less fuel & CO(2)) and benefitted from
retrofitting winglets to c.65% of our B737NG fleet (1.5% lower fuel burn and
6% less noise). All of our (409) NGs will be retrofitted by late 2026 and we
expect to have all 210 Gamechangers in our fleet before the end of Feb.,
driving S.26 efficiencies. The Groups significant investment in new
technology, coupled with ambitious SAF commitments, positions Ryanair as one
of Europe's most environmentally efficient airlines.
BASELESS AGCM FINE
In late December the Italian AGCM levied a baseless €256m fine against
Ryanair for our direct distribution to consumers policy in Italy. This fine,
will we believe, be overturned on appeal as it ignores and contradicts the
Milan Court of Appeal ruling in Jan. 2024 which ruled that Ryanair's direct
distribution model
- "undoubtedly benefit s consumers" by leading to lower fares
- is "economically justified in terms of containing operating costs, and
eliminating the costs associated with intermediation in ticket sales"
- "contribute s to…..a direct channel of communication…for any
possible need for information and updates on flights".
Both we and our Italian legal advisors are confident that the Courts will
overturn this AGCM ruling on appeal.
OUTLOOK
We now expect FY26 traffic to grow 4% to almost 208m passengers (previously
207m), due to strong demand and earlier than expected Boeing deliveries.
Unit costs have performed well, and we continue to expect only modest FY26
unit cost inflation as our B-8200 deliveries, fuel hedging and effective cost
control helps offset increased ATC charges, higher enviro. costs and the
roll-off of last years delivery delay compensation. While Q4 doesn't benefit
from Easter, fares are trending ahead of prior year and we now believe
full-year fares will exceed the +7% growth previously guided by 1% or 2%. At
this stage, we are cautiously guiding FY26 PAT (pre-exceptional) in a range of
€2.13bn to €2.23bn. The final FY26 outcome remains exposed to adverse
external developments in Q4, incl. conflict escalation in Ukraine and the Mid.
East, macro-economic shocks and any further impact of repeated European ATC
strikes & mismanagement."
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.208m 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 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).
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 December 31, 2025
(unaudited)
At Dec 31, At Mar 31,
2025 2025
Note €M €M
Non-current assets
Property, plant and equipment 11,193.0 10,923.7
Right-of-use asset 118.7 148.5
Intangible assets 146.4 146.4
Derivative financial instruments 10 6.7 15.4
Deferred tax 27.2 1.6
Other assets 248.1 261.7
Total non-current assets 11,740.1 11,497.3
Current assets
Inventories 5.3 4.6
Other assets 1,738.7 1,850.7
Trade receivables 10 110.4 73.5
Derivative financial instruments 10 26.6 94.4
Restricted cash 10 31.2 23.1
Financial assets: cash > 3 months 10 - 100.1
Cash and cash equivalents 10 2,391.7 3,863.3
Total current assets 4,303.9 6,009.7
Total assets 16,044.0 17,507.0
Current liabilities
Provisions 58.1 53.5
Trade payables 10 477.6 702.0
Accrued expenses and other liabilities 4,018.3 6,179.4
Current lease liability 35.3 37.7
Current maturities of debt 10 1,198.8 848.4
Derivative financial instruments 10 295.3 224.7
Current tax 376.0 107.1
Total current liabilities 6,459.4 8,152.8
Non-current liabilities
Provisions 127.2 141.1
Derivative financial instruments 10 55.1 2.5
Deferred tax 397.5 377.1
Non-current lease liability 75.9 111.4
Non-current maturities of debt 10 147.6 1,685.2
Total non-current liabilities 803.3 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 7,548.0 5,588.6
Other reserves (211.9) 16.3
Total shareholders' equity 8,781.3 7,036.9
Total liabilities and shareholders' equity 16,044.0 17,507.0
Ryanair Holdings plc and Subsidiaries
Condensed Consolidated Interim Income Statement for the Quarter Ended December
31, 2025 (unaudited)
Change IFRS Quarter Ended IFRS Quarter Ended
Dec 31, 2025 Dec 31, 2024
Note %* €M €M
Operating revenues
Scheduled revenues +10% 2,099.9 1,915.6
Ancillary revenues +7% 1,114.3 1,043.6
Total operating revenues 7 +9% 3,214.2 2,959.2
Operating expenses
Fuel and oil -7% 1,257.5 1,171.7
Staff costs -6% 451.1 426.7
Airport and handling charges -8% 403.3 374.3
Depreciation -12% 326.4 291.9
Route Charges -18% 311.0 262.9
Marketing, distribution and other +26% 174.0 235.8
Maintenance, materials and repairs -15% 187.7 163.3
Operating expenses before exceptional charge -6% 3,111.0 2,926.6
Exceptional charge** 85.0 -
Total operating expenses -9% 3,196.0 2,926.6
Operating profit -44% 18.2 32.6
Other income
Net finance and other income 9.0 90.2
Foreign exchange (loss)/gain (2.8) 20.9
Total other income -94% 6.2 111.1
Profit before tax 24.4 143.7
Tax credit 6.0 4.9
Profit for the quarter - all attributable to equity -80% 30.4 148.6
holders of parent
Profit - before exceptional charge -22% 115.4 148.6
IFRS earnings per ordinary share (€)
Basic -79% 0.0289 0.1368
Diluted -79% 0.0286 0.1360
Weighted avg. no. of ord. shares (in Ms)
Basic 1,052.2 1,086.6
Diluted 1,061.5 1,093.0
*'+' is favourable and '-' is adverse period-on-period.
** Includes an €85M (approx. 33%) Italian AGCM fine.
Ryanair Holdings plc and Subsidiaries
Condensed Consolidated Interim Income Statement for the Nine Months Ended
December 31, 2025 (unaudited)
IFRS IFRS
Nine Months Ended Nine Months Ended
Change
Dec 31, 2025 Dec 31, 2024
Note %* €M €M
Operating revenues
Scheduled revenues +15% 9,008.5 7,865.5
Ancillary revenues +6% 4,023.2 3,785.7
Total operating revenues 7 +12% 13,031.7 11,651.2
Operating expenses
Fuel and oil -4% 4,227.2 4,076.0
Airport and handling charges -5% 1,409.3 1,339.2
Staff costs -4% 1,376.7 1,323.7
Route charges -16% 1,035.7 896.1
Depreciation -10% 1,013.9 919.3
Marketing, distribution and other +13% 612.6 702.5
Maintenance, materials and repairs -13% 392.6 347.3
Operating expenses before exceptional charge -5% 10,068.0 9,604.1
Exceptional charge** 85.0 -
Total operating expenses -6% 10,153.0 9,604.1
Operating profit +41% 2,878.7 2,047.1
Other income
Net finance and other income 69.8 140.2
Foreign exchange (loss)/gain (32.5) 23.3
Total other income -77% 37.3 163.5
Profit before tax 2,916.0 2,210.6
Tax (expense) 4 (346.8) (270.8)
Profit for the nine months - all attributable to equity +32% 2,569.2 1,939.8
holders of parent
Profit - before exceptional charge +37% 2,654.2 1,939.8
IFRS Earnings per ordinary share (€)
Basic +39% 2.4281 1.7457
Diluted +39% 2.4083 1.7365
Weighted avg. no. of ord. shares (in Ms)
Basic 1,058.1 1,111.2
Diluted 1,066.8 1,117.1
*'+' is favourable and '-' is adverse period-on-period.
** Includes an €85M (approx. 33%) Italian AGCM fine.
Ryanair Holdings plc and Subsidiaries
Condensed Consolidated Interim Statement of Comprehensive Income for the
Quarter Ended December 31, 2025 (unaudited)
Quarter Quarter
Ended Ended
Dec 31, Dec 31,
2025 2024
€M €M
Profit for the quarter 30.4 148.6
Other comprehensive (loss)/income:
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 (58.1) 516.9
Other comprehensive (loss)/income for the quarter, net of income tax (58.1) 516.9
Total comprehensive (loss)/income for the quarter - attributable to equity
holders of parent
(27.7) 665.5
Ryanair Holdings plc and Subsidiaries
Condensed Consolidated Interim Statement of Comprehensive Income for the Nine
Months Ended December 31, 2025 (unaudited)
Nine Months Nine Months
Ended Ended
Dec 31, Dec 31,
2025 2024
€M €M
Profit for the nine months 2,569.2 1,939.8
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 (240.0) (88.5)
Other comprehensive (loss) for the nine months, net of income tax (240.0) (88.5)
Total comprehensive income for the nine months - attributable to equity
holders of parent
2,329.2 1,851.3
Ryanair Holdings plc and Subsidiaries
Condensed Consolidated Interim Statement of Cash Flows for the Nine Months
Ended December 31, 2025 (unaudited)
Nine Months Nine Months
Ended Ended
Dec 31, Dec 31,
2025 2024
€M €M
Operating activities
Profit after tax 2,569.2 1,939.8
Adjustments to reconcile profit after tax to net cash from operating
activities
Depreciation 1,013.9 919.3
(Increase)/decrease in inventories (0.7) 1.4
Tax charge on profit 346.8 270.8
Share based payments 12.0 10.2
(Increase)/decrease in trade receivables (36.9) 19.8
Decrease/(increase) in other assets 125.5 (408.8)
(Decrease) in trade payables (96.8) (79.6)
(Decrease) in accrued expenses and other liabilities (2,148.5) (1,506.0)
(Decrease)/increase in provisions (22.0) 4.1
Decrease in finance income 1.8 1.4
(Decrease) in finance expense (13.4) (6.7)
Foreign exchange 13.3 (28.3)
Income tax (paid) (57.9) (42.2)
Net cash inflow from operating activities 1,706.3 1,095.2
Investing activities
Capital expenditure - purchase of property, plant and equipment (1,437.2) (1,092.8)
Decrease in financial assets: cash > 3 months 100.1 237.8
Net increase in restricted cash (8.1) (16.7)
Net cash (used in) investing activities (1,345.2) (871.7)
Financing activities
Proceeds from shares issued 3.2 4.2
Share buyback (363.1) (1,112.4)
Dividends paid (240.7) (197.3)
Repayment of borrowings (1,190.0) (50.0)
Lease liabilities paid (26.6) (27.6)
Net cash (used in) financing activities (1,817.2) (1,383.1)
(Decrease) in cash and cash equivalents (1,456.1) (1,159.6)
Net foreign exchange (loss)/gain (15.5) 35.4
Cash and cash equivalents at beginning of the period 3,863.3 3,875.4
Cash and cash equivalents at end of the period 2,391.7 2,751.2
Included in the cash flows from operating activities for the nine months are
the following amounts:
Interest income received 67.3 113.4
Interest expense paid (48.9) (60.6)
Ryanair Holdings plc and Subsidiaries
Condensed Consolidated Interim Statement of Changes in Shareholders' Equity
for the Nine Months Ended
December 31, 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 nine months - - - - 1,939.8 - - 1,939.8
Other comprehensive loss
Net movements in cash flow reserve - - - - - (88.5) - (88.5)
Total other comprehensive loss - - - - - (88.5) - (88.5)
Total comprehensive income/(loss) - - - - 1,939.8 (88.5) - 1,851.3
Transactions with owners of the Company recognised directly in equity
Issue of ordinary equity shares 0.9 - 16.0 - (11.8) - - 4.2
Repurchase of ordinary equity shares - - - - (1,112.4) - - (1,112.4)
Cancellation of repurchased shares (60.0) (0.4) - 0.4 - - - -
Dividends paid - - - - (197.3) - - (197.3)
Share-based payments - - - - - - 10.2 10.2
Transfer of exercised and expired share-based awards - - - - 8.9 - (8.9) -
Balance at December 31, 2024 1,081.0 6.5 1,420.3 3.9 6,527.0 177.4 35.1 8,170.2
Loss for the quarter - - - - (328.2) - - (328.2)
Other comprehensive loss
Net movements in cash flow reserve - - - - - (198.7) - (198.7)
Total other comprehensive loss - - - - - (198.7) - (198.7)
Total comprehensive loss - - - - (328.2) (198.7) - (526.9)
Transactions with owners of the Company recognised directly in equity
Issue of ordinary equity shares 0.1 - 1.3 - (0.6) - - 0.7
Repurchase of ordinary equity shares - - - - (369.3) - - (369.3)
Cancellation of repurchased shares (17.2) (0.1) - 0.1 - - - -
Dividends paid - - - - (240.4) - - (240.4)
Share-based payments - - - - - - 2.6 2.6
Transfer of exercised and expired share-based awards - - - - 0.1 - (0.1) -
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 nine months - - - - 2,569.2 - - 2,569.2
Other comprehensive loss
Net movements in cash flow reserve - - - - - (240.0) - (240.0)
Total other comprehensive loss - - - - - (240.0) - (240.0)
Total comprehensive income/(loss) - - - - 2,569.2 (240.0) - 2,329.2
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 - - - - (359.3) - - (359.3)
Cancellation of repurchased shares (14.4) (0.1) - 0.1 - - - -
Dividends paid - - - - (240.7) - - (240.7)
Share-based payments - - - - - - 12.0 12.0
Transfer of exercised and expired share-based awards - - - - 0.2 - (0.2) -
Balance at December 31, 2025 1,050.0 6.3 1,434.8 4.1 7,548.0 (261.3) 49.4 8,781.3
Ryanair Holdings plc and Subsidiaries
MD&A Quarter Ended December 31, 2025 ("Q3 FY26")
Introduction
For the purposes of the Management Discussion and Analysis ("MD&A") all
figures and comments are by reference to the quarter ended December 31, 2025
results.
Income Statement
Scheduled revenues:
Scheduled revenues increased 10% to €2.10BN as traffic grew 6% (to 47.5M
passengers) at 4% higher fares (to c.€44), thanks to strong October school
mid-term and close-in Christmas/New Year bookings.
Ancillary revenues:
Ancillary revenue was solid, rising 7% to €1.11BN as traffic grew 6% and
spend per passenger rose 1%.
Total revenue:
As a result of the above, total revenue rose 9% to €3.21BN.
Operating Expenses:
Fuel and oil:
Fuel and oil increased 7% to €1.26BN 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 6% 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 8% to €403M, due to 6% traffic growth,
ground ATC rate hikes and higher handling labour costs.
Staff costs:
Staff costs increased 6% to €451M, as agreed pay increases (under CLAs) and
higher sectors were somewhat offset by 34 additional B737-8200 "Gamechanger"
aircraft in the fleet (driving better efficiency).
Route charges:
Route charges rose 18% to €311M, due to significantly higher Eurocontrol/ATC
rates and a 6% increase in flight hours.
Depreciation:
Depreciation increased 12% to €326M, primarily due to 34 additional
B737-8200 "Gamechanger" aircraft in the fleet, higher aircraft utilisation
(sectors up 6%) and increased maintenance on the B737NG fleet.
Marketing, distribution and other:
Marketing, distribution and other decreased 26% to €174M primarily due to
lower EU261 compensation and lower legal costs (the prior-year Q3 included a
charge for a Spanish baggage fine). This is offset by input costs for
increased onboard sales.
Maintenance, materials and repairs:
Maintenance, materials and repairs rose 15% to €188M due to higher
utilisation, increased line and engine maintenance as the fleet grows and
labour inflation.
Exceptional charge:
In late December 2025, AGCM (Italy) unjustly levied a €256M fine on Ryanair.
While the Group's lawyers are confident the fine will be overturned on appeal,
approx. 33% of the fine (€85M) has been provided in the Income Statement.
Other income:
With almost all of the Group's B737-8200 "Gamechanger" aircraft delivered,
other income dipped due to the absence of delivery delay compensation in the
quarter (incl. in the prior-year comparative) and lower deposit interest rates
which 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
MD&A Nine Months Ended December 31, 2025 ("FY26 YTD")
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 nine months ended December 31, 2025 results.
Income Statement
Scheduled revenues:
Scheduled revenues increased 15% to €9.01BN as traffic grew 4% (to 166.5M
passengers) at 10% higher fares (to c.€54). Fares benefitted from having the
full Easter holiday in Q1 (with weak prior-year comps), full recovery of the
7% fare decline suffered in last year's Q2, and a 4% fare increase in Q3.
Ancillary revenues:
Ancillary revenue was solid, rising 6% to €4.02BN as traffic rose 4% and
spend per passenger rose 2%.
Total revenue:
As a result of the above, total revenue rose 12% to €13.03BN.
Operating Expenses:
Fuel and oil:
Fuel and oil increased 4% to €4.23BN 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 costs (ETS allowance unwind and SAF blend mandates
from Jan. 2025).
Airport and handling charges:
Airport and handling charges rose 5% to €1.41BN, due to 4% traffic growth,
ground ATC rate hikes and higher handling labour costs.
Staff costs:
Staff costs increased 4% to €1.38BN, as agreed pay increases (under CLAs)
and higher sectors were somewhat offset by 34 additional B737-8200
"Gamechanger" aircraft in the fleet (driving better efficiency).
Route charges:
Route charges rose 16% to €1.04BN, due to significantly higher
Eurocontrol/ATC rates and a 4% increase in flight hours.
Depreciation:
Depreciation increased 10% to €1.01BN, primarily due to 34 additional
B737-8200 "Gamechanger" aircraft in the fleet, higher aircraft utilisation
(sectors up 4%) and increased maintenance on the B737NG fleet.
Marketing, distribution and other:
Marketing, distribution and other decreased 13% to €613M primarily due to
lower EU261 compensation and lower legal costs (the prior-year comparative
included a Q3 charge for a Spanish baggage fine). This is offset by input
costs for increased onboard sales.
Maintenance, materials and repairs:
Maintenance, materials and repairs rose 13% to €393M due to 4% higher
sectors, increased line and engine maintenance as the fleet grows and labour
inflation.
Exceptional charge:
In Q3, AGCM (Italy) unjustly levied a €256M fine on Ryanair. While the
Group's lawyers are confident the fine will be overturned on appeal, approx.
33% of the fine (€85M) has been provided in the Income Statement.
Other income:
With almost all of the Group's B737-8200 "Gamechanger" aircraft delivered,
other income declined due to lower delivery delay compensation received (with
none in Q3 FY26) and lower deposit interest rates which were partially offset
by debt repayments. Foreign exchange translation reflects the impact of
primarily €/US$ exchange rate movements on balance sheet revaluations.
Balance sheet:
Gross cash was €2.4BN at December 31, 2025 despite €1.2BN debt repayments,
€1.4BN capex and €0.6BN shareholder distributions. Gross debt was €1.5BN
(March 31, 2025: €2.7BN) and net cash was approximately €1.0BN at December
31, 2025 (March 31, 2025: €1.3BN).
Shareholders' equity:
Shareholders' equity increased by €1.7BN to €8.8BN in the nine month
period due to a net profit of €2.57BN offset by a €0.4BN repurchase of
shares, €0.2BN dividends paid and an IFRS hedge accounting decrease in
derivatives of €0.2BN.
Ryanair Holdings plc and Subsidiaries
Interim Management Report
Introduction
This financial report for the nine months ended December 31, 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 three months of
the year;
· Related party transactions; and
· Post balance sheet events.
Results of operations for the nine-month period ended December 31, 2025
compared to the nine-month period ended December 31, 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 geopolitical 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.
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 (including
sustainable aviation fuel and carbon credits), 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 €2.57BN in the nine months ended December
31, 2025;
· The Group's liquidity, with €2.4BN gross cash and approximately
€1.0BN net cash at December 31, 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 80% of
FY27 jet fuel requirements were hedged at December 31, 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 nine
months ended December 31, 2025 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 December 31, 2025 figures and the December 31, 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 have been 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 nine months ended December
31, 2025 on January 23, 2026.
Except as stated otherwise below, the interim financial statements for the
nine months ended December 31, 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 Accounting standards and amendments adopted during the period
The following new and amended IFRS Accounting 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 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 nine months ended December
31, 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 Accounting 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).*
· 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).*
· 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 December 31, 2025, the Group had €11.2BN of property, plant and equipment
long-lived assets, of which €10.9BN 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 nine months ended December 31,
2025 of €347M (December 31, 2024: €271M) comprises a current tax charge of
€327M and a €20M 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 approx. 12% for
the nine months ended December 31, 2025 (December 31, 2024: approx. 12%) 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 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.
6. Capital commitments
At December 31, 2025 the Group had an operating fleet of 617 (2024: 583)
Boeing 737 and 26 (2024: 26) 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 December 31, 2025, the Group had taken delivery of 206 of these aircraft.
The remaining aircraft are expected to deliver before March 31, 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:
Nine Months Ended Ryanair DAC Other Airlines Elimination Total
Dec 31, Dec 31, Dec 31, Dec 31,
2025 2025 2025 2025
€M €M €M €M
Scheduled revenues 8,884.5 124.0 - 9,008.5
Ancillary revenues 4,023.2 - - 4,023.2
Inter-segment revenues 602.2 1,182.9 (1,785.1) -
Segment revenues 13,509.9 1,306.9 (1,785.1) 13,031.7
Reportable segment profit after income tax 2,488.8 80.4 - 2,569.2
Other segment information:
Depreciation (985.1) (28.8) - (1,013.9)
Net finance and other income/(expense) 74.4 (4.6) - 69.8
Capital expenditure (1,204.0) (36.9) - (1,240.9)
Staff costs (868.3) (508.4) - (1,376.7)
Segment assets 15,331.8 712.2 - 16,044.0
Segment liabilities (6,426.5) (836.2) - (7,262.7)
Nine Months Ended Ryanair DAC Other Airlines Elimination Total
Dec 31, Dec 31, Dec 31, Dec 31,
2024 2024 2024 2024
€M €M €M €M
Scheduled revenues 7,757.0 108.5 - 7,865.5
Ancillary revenues 3,785.7 - - 3,785.7
Inter-segment revenues 570.5 1,135.0 (1,705.5) -
Segment revenues 12,113.2 1,243.5 (1,705.5) 11,651.2
Reportable segment profit after income tax 1,861.2 78.6 - 1,939.8
Other segment information:
Depreciation (889.7) (29.6) - (919.3)
Net finance and other income/(expense) 146.3 (6.1) - 140.2
Capital expenditure (963.0) (63.6) - (1,026.6)
Staff costs (830.7) (493.0) - (1,323.7)
Segment assets 16,015.4 357.9 - 16,373.3
Segment liabilities (7,620.0) (583.1) - (8,203.1)
Quarter Ended Ryanair DAC Other Airlines Elimination Total
Dec 31, Dec 31, Dec 31, Dec 31,
2025 2025 2025 2025
€M €M €M €M
Scheduled revenues 2,088.5 11.4 - 2,099.9
Ancillary revenues 1,114.3 - - 1,114.3
Inter-segment revenues 197.4 389.8 (587.2) -
Segment revenues 3,400.2 401.2 (587.2) 3,214.2
Reportable segment profit after income tax 1.8 28.6 - 30.4
Other segment information:
Depreciation (316.8) (9.6) - (326.4)
Net finance and other income/(expense) 10.4 (1.4) - 9.0
Capital expenditure (363.4) (14.4) - (377.8)
Staff costs (286.6) (164.5) - (451.1)
Segment assets 15,331.8 712.2 - 16,044.0
Segment liabilities (6,426.5) (836.2) - (7,262.7)
Quarter Ended Ryanair DAC Other Airlines Elimination Total
Dec 31, Dec 31, Dec 31, Dec 31,
2024 2024 2024 2024
€M €M €M €M
Scheduled revenue 1,906.6 9.0 - 1,915.6
Ancillary revenue 1,043.6 - - 1,043.6
Inter-segment revenues 184.7 368.6 (553.3) -
Segment revenues 3,134.9 377.6 (553.3) 2,959.2
Reportable segment profit after income tax 134.0 14.6 - 148.6
Other segment information:
Depreciation (282.4) (9.5) - (291.9)
Net finance and other income/(expense) 92.3 (2.1) - 90.2
Capital expenditure (252.8) (13.3) - (266.1)
Staff costs (271.5) (155.2) - (426.7)
Segment assets 16,015.4 357.9 - 16,373.3
Segment liabilities (7,620.0) (583.1) - (8,203.1)
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 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.
Nine Months Ended Nine Months Ended Quarter Ended Quarter
Dec 31, Dec 31, Dec 31, Ended
2025 2024 2025 Dec 31, 2024
€M €M €M €M
Italy 2,807.1 2,482.5 706.1 635.4
Spain 2,294.5 2,068.2 544.1 522.4
United Kingdom 1,888.6 1,690.6 480.1 448.3
Ireland 734.8 626.4 189.2 162.1
Other 5,306.7 4,783.5 1,294.7 1,191.0
Total revenue 13,031.7 11,651.2 3,214.2 2,959.2
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 December 31, 2025, net capital additions amounted to
€1.24BN 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 December 31, 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 December 31, 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 nine months ended December 31, 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 December 31, 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 Dec 31, At Dec 31, 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 6.7 6.7 5.8 5.8
- Jet fuel & carbon derivatives contracts - - 9.6 9.6
6.7 6.7 15.4 15.4
Current financial assets
Derivative financial instruments:
- U.S. dollar currency forward contracts 4.1 4.1 84.4 84.4
- Jet fuel & carbon derivative contracts 22.5 22.5 10.0 10.0
26.6 26.6 94.4 94.4
Trade receivables* 110.4 73.5
Cash and cash equivalents* 2,391.7 3,863.3
Financial asset: cash > 3 months* - 100.1
Restricted cash* 31.2 23.1
2,559.9 26.6 4,154.4 94.4
Total financial assets 2,566.6 33.3 4,169.8 109.8
At Dec 31, At Dec 31, 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:
- Jet fuel & carbon derivative contracts 21.1 21.1 - -
- U.S. dollar currency forward contracts 34.0 34.0 2.5 2.5
55.1 55.1 2.5 2.5
Non-current maturities of debt:
- Long-term debt 147.6 147.6 488.9 488.9
- Bonds** - - 1,196.3 1,172.5
147.6 147.6 1,685.2 1,661.4
202.7 202.7 1,687.7 1,663.9
Current financial liabilities
Derivative financial instruments:
- Jet fuel & carbon derivative contracts 141.8 141.8 224.5 224.5
- U.S. dollar currency forward contracts 153.5 153.5 0.2 0.2
295.3 295.3 224.7 224.7
Current maturities of debt:
- Bonds** 1,198.8 1,192.3 848.4 850.3
1,198.8 1,192.3 848.4 850.3
Trade payables* 477.6 702.0
Accrued expenses* 1,987.2 1,953.5
3,958.9 1,487.6 3,728.6 1,075.0
Total financial liabilities 4,161.6 1,690.3 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.
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 and an interim dividend of €0.193 per
share will be paid in late February, 2026.
In the nine months ended December 31, 2025 the Company bought back, and
cancelled, approx. 14M ordinary shares at a total cost of €0.4BN (including
over 13M shares purchased under the €750M share buyback programme launched
in May 2025). As a result of these share buybacks, share capital decreased by
approx. 14M ordinary shares (equivalent to approx. 1.4% of the Company's
issued share capital at March 31, 2025).
12. Post balance sheet events
Between January 1, 2026 and January 22, 2026 the Company bought back approx.
1M ordinary shares at a total cost of approx. €30M under its ongoing share
buyback programme. This brought total spend in FY26 to approx. €390M.
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AnnouncementREG - Ryanair Holdings PLC Ryanair Holdings-RYA - Holding(s) in Company
AnnouncementREG - Ryanair Holdings PLC Ryanair Holdings-RYA - Transaction in Own Shares
Announcement