Slides
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H1 Results – Nov. 25
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Eur ope’s Lowest Cost Air line 2 2 Lowest fare/cost EU airline – gap widens No. 1, Traffic: 207m (+3%) No. 1, OTP & reliability – high CSAT (H1: 89%) No. 1 Eur. & Large Cap. ESG airline – Sustainalytics 300 MAX-10 order – Decade of Growth Fin. strength + lowest cost = L.T. winner
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95 bases 224 apts. 36 countries 640 aircraft 207m pax FY26 >300 new B737s on order 300m pax FY34 Eur ope’s No. 1 Cover & Choice 3 3
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Eur ope’s Lowest Costs – Gap W idens € per pax RYA WIZ EZJ LUV IAG LUF AFKLM Staff/Effic. 9 9 14 81 52 46 97 Airport & Hand. 8 15 26 13 48 30 41 Route Charges 6 6 6 - 6 6 6 Own’ship & Maint. 9 20 15 20 42 57 61 S/M & Other 4 9 24 27 18 31 45 Unit Cost Ex Fuel 36 59 85 141 166 170 250 Net Fin. (Inc.) / Exp. (1) 3 - (2) 4 1 3 Gap Widens: 35 62 85 139 170 171 253 +77% +143% +297% +386% +389% +623% 4 4 (i) Source: latest FY Results (i) Net interest (income) / expense (ii) Excl. one-off receipts (ii)
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H1 FY26 Results 5 5 H1 FY25 H1 FY26 Guests 115.3m 119.0m +3% Load Factor 95% 95% - Ave. Fare €52 €58 +13% Total Rev. €8.69bn €9.82bn +13% Total Costs €6.68bn €6.96bn +4% PAT €1.79bn €2.54bn +42%
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For tr ess Balance Sheet €’bn Mar. 25 Sep. 25 Assets 13.5 13.4 Cash 4.0 3.0 Total 17.5 16.4 Accruals 7.8 5.9 Debt 2.7 1.5 S/H Funds 7.0 9.0 Total 17.5 16.4 6 6 BBB+ (Fitch and S&P) Unencumbered B737 fleet (610 a/c) Final bond (€1.2bn) repay May’26
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Cur r ent Developments 7 7 FY26 traffic up 3%+ at 207m (prev. target: 206m) Strong H1 fares & cost perf. – tougher H2 PY comps. Constrained cap. allocated to apts. / regions cut taxes to grow RYA added to MSCI Global & FTSE Russell indices Fuel hedges extended lock in FY27 savings 35% firm (150) MAX-10 capex hedged @ €/$ 1.24 (locks in savings) €850m bond paid & final €1.2bn bond due May ‘26 Int. div. (€0.193 p/share) Feb. ‘26 / 25% of €750m buyback done @ 30 Sept. Decade of low-fare profitable growth to 300m pax p.a. by FY34
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Boeing Deliveries Impr ove 8 8 640 fleet (204 G’Changers) @ 31 Oct. Quality & timing improves Final 6 G’Changers well ahead of S.26 Boeing incr. to “Rate 42” prod. (Oct. 25) Boeing expect MAX-10 cert. 2026 First 15 MAX-10s due Spring 2027 300 MAX-10s by Mar. 2034 (+20% seats / -20% fuel)
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Outlook FY26 traffic grows 3%+ to 207m pax due earlier Boeing delivs. Modest FY26 unit cost inflation – fuel hedges help offset higher ATC & enviro. costs H2 fare growth challenging (tougher PY comps) Almost zero Q4 vis. (no Easter benefit) Hope to recover all of PY 7% fare decline Too early for FY26 PAT guidance Fuel & $ hedges lock in cost savings for FY27 Boeing early delivs. secure 215m traffic (+4%) in FY27 99 (i) Final FY26 outcome remains exposed to adverse external devs., incl. conflict escalation in Ukraine & the Mid. East, macro-economic shocks and European ATC strikes & mismanagement. (i)
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A ppendices 10 Appendices
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A ppendix: Ind. Leading Fuel Hedging Position 11 11 Jet Swap / (bbl) Opex €/$ Carbon H2 FY26 85% ($76) 90% ($1.12) 100% (€64) H1 FY27 80% ($67) 80% ($1.14) H2 FY27 80% ($67) 78% ($1.16) FY27 80% ($67) 80% ($1.15) 11% (€67) (ii) (iii)(i) (i) Brent crude spot $66 bbl on 24 Oct. Conv. rate of 10 simplistically used above to convert jet met. tn. to bbl. (ii) €/$ spot $1.16 on 24 Oct. (iii) Blended EU / UK ETS hedge position. Blended spot €77 on 24 Oct.
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A ppendix: MAX -10 Or der = Decade Of Gr owth 12 613 Fleet Pax p.a. (m) Pax Grth Cum. Grth (i) (i) Pax growth vs FY24 (183.7m). 300 MAX-10 Order FY26 647 207 +3% +12% FY27 655 215 +4% +17% FY28 670 230 +7% +25% FY29 681 240 +4% +30% FY30 700 250 +4% +36% FY31 730 265 +6% +44% FY32 760 280 +6% +52% FY33 790 290 +4% +58% FY34 800 300 +3% +63% FY25 200 +9% +9% FY24 584 184 - -
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A ppendix: EU’s Most Envir o. Ef ficient Lar ge Air line Emissions (m tn.) Traffic (m) CO2 per pax/km 1 LUFT 29.2 131 88 2 IAG 27.2 122 78 3 AFKLM 25.7 98 75 4 RYA 16.5 200 64 5 EZJ 8.1 90 67 6 WIZ 5.8 63 52 13 Source: latest FY Results.
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Disclaimer 14 14 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.