REG - Ryanair Holdings PLC Ryanair Holdings-RYA - RYANAIR ANNOUNCE FOLLOW ON SHARE BUYBACK OF €800M

Ryanair HoldingsAnnouncement

08/08/2024 16:00

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RNS Number : 7913Z  Ryanair Holdings PLC  08 August 2024

 

RYANAIR ANNOUNCES FOLLOW ON SHARE BUYBACK OF €800M

AS CASHFLOW IMPROVES DUE TO STRONG TRAFFIC GROWTH

& BOEING DELIVERY DELAYS

 

The Board of Ryanair Holdings plc today (8 Aug.) announced that while S24
airfares had softened more than expected, cashflows have improved due to
strong traffic growth and Boeing delivery delays which has considerably
delayed planned capex.

 

Ryanair now expects to complete its current €700m share buyback by the end
of Aug. Given the stronger than expected cash position, the Board has decided
to announce a follow-on buyback of up to €800m.  This will take total
buybacks announced in FY25 to c.€1.5bn.  Subject to market rules, Ryanair
expects this follow-on buyback will take between 6 and 9 months to complete.

 

The Board of Ryanair will also request Shareholders (at its Sept. AGM) to
approve an increase in the annual buyback authority from 10% of issued share
capital, to up to 15% during the 12-month period after each AGM. As Ryanair
faces into a 2-year period with no new aircraft deliveries from mid-2025 to
mid-2027, it expects cashflow to receive a short term boost due to this
temporary cut in aircraft capex.  This creates the capacity to extend
shareholder returns, which over the last 15 years amounts to c.€8bn (incl.
dividends) with over 30% of shares repurchased.

 

Ryanair's AGM Notice will be published on www.ryanair.com
(http://www.ryanair.com) this week and issued to shareholders in the coming
days.  The 2024 AGM is scheduled for Thurs. 12 Sept.

 

ENDS

 

This announcement contains inside information.

 

 For further information                    Peter Larkin                            Paul Clifford

 please contact:                            Ryanair Head of Investor Relations      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.200m guests p.a.
 on over 3,600 daily flights from 95 bases, the Group connects 235 airports in
 37 countries on a fleet of 600 aircraft, with a further 350 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 27,000 highly skilled aviation professionals
 delivering Europe's No.1 operational performance, and an industry leading
 39-year safety record. Ryanair is one of the most efficient major EU
 airlines.  With a young fleet and high load factors, Ryanair's CO₂ per
 pax/km is just 65 grams.

 

 

 

 

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.  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.  Among the factors that are
subject to change and could significantly impact Ryanair's expected results
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, U.K., European Union ("EU") and other governments and their respective
regulatory agencies, post-Brexit uncertainties, 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 U.K.
and Continental Europe, the general willingness of passengers to travel and
other economics, social and political factors, global pandemics such as
Covid-19 and unforeseen security events.

 

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