Slides
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H1 Results – Nov. 26
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Eur ope’s Lowest Cost Air line 2 2 Lowest fare/cost EU airline – gap widens World No. 2 Traffic: 214m (+3%) No. 1 OTP – Record H1 CSAT: 90% No. 1 Global Large Cap. ESG airline – (S’alytics) 300 MAX-10s – Decade of Growth from 2027 Fin. strength + lowest cost = L.T. winner
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95 bases 218 apts. 34 countries 647 aircraft 214m pax FY27 300 new B737s on order 300m pax FY34 Eur ope’s No. 1 Cover & Choice 3 3
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Wor ld’s No. 2 Air line (Tr af fic M’s) 4 4
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Lowest Costs – Ga p W idens € per pax RYA WIZ EZJ LUV IAG LUF AFKLM Staff/Effic. 9 9 15 86 54 48 96 Airport & Hand. 8 16 27 14 50 32 42 Route Charges 6 6 7 - 6 6 6 Own’ship & Maint. 9 24 15 18 45 59 64 S/M & Other 4 7 26 29 18 31 41 Net Fin. (Inc.) / Exp. - 3 - - 5 2 4 Unit cost ex-fuel 36 65 90 147 178 178 253 +81% +150% +308% +394% +394% +603% 2019 (pre-Covid) 31 39 53 101 143 142 219 +26% +71% +226% +361% +358% +606% 5 5 Source: latest FY Results (i) Excl. one-off receipts (i)
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H1 FY27 Results 6 6 H1 FY26 H1 FY27 Guests 119.0m 125.8m +6% Load Factor 95% 95% - Ave. Fare €58.00 €55.70 -4% Total Rev. €9.82bn €10.08bn +3% Total Costs €6.96bn €7.69bn +10% PAT €2.54bn €2.15bn -15%
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For tr ess Balance Sheet €’bn Mar. 26 Sep. 26 Assets 16.1 16.0 Cash 3.6 2.6 Total 19.7 18.6 Accruals 8.1 6.4 Debt 1.5 0.6 S/H Funds 10.1 11.6 Total 19.7 18.6 7 7 BBB+ (Fitch and S&P) Debt free 620x B737 fleet Final €1.2bn bond repaid May
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Cur r ent Devs: 8 8 FY traffic +3% to 214m (flat W.26 cap.) Scarce cap. switch to States / Apts. who cut taxes / fees to grow Fuel hedges extended – FY28: 25% @ $95bbl FY28 fuel price challenge all airlines – higher fares / more failures New €800m share b/back & Int. div. late Feb. ’27 B737 MAX-10 cert. – 16 delivs. for S.27 (+20% seats & 20% less fuel) Decade of low-fare profitable growth to 300m pax p.a. by FY34
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High Oil Drives Ca p. Cuts, Failur es and M&A 9 9 Chap. 11/ Bankrupt: AirBaltic (Latvia) Animawings (Rom.) Volotea (Spain) Lufthansa CityLine (Ger.) M&A: TAP (Port.) Air Europa (Spain) easyJet (UK) Smartwings (Cz. Rep.) SAS (Scandi) ITA (Italy) Cuts: NAS: fleet 54 → 36 Corendon: fleet 30 → 21 easyJet: -1.4m W.26 seats (-2%) Luft: -2m W.26 seats (-3%) RYA: -2m W.26 seats (flat) Wizz: -2.4m W.26 seats (-5%)
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Boeing MAX -10 Update 10 10 FAA cert. in Oct. ‘26 EASA cert. by year end 16 MAX-10s deliver Jan-Apr ‘27 20% more seats & 20% less fuel 1st deliv. Jan 27’ – poss. lead operator 300 fuel-efficient MAX-10s by Mar. 2034
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Outlook FY27 traffic +3% to 214m pax (flat W.26 cap.) Final unit cost depends on unhedged H2 fuel Strong close-in Q3 bookings; fares trend modestly ahead of PY Q3 fare outcome depends on close-in Oct. – Nov. school mid-terms & C’mas Too early for FY27 PAT guidance – zero Q4 visibility FY28 fuel price challenge all airlines – higher fares / more failures Debt free b/sheet unique as int. rates rising Lowest cost / lowest fares & strong b/sheet = L.T. winner 1111 (i) (i) Final FY27 outcome remains highly sensitive to adv. external devs., incl. conflict escalation in the Mid. East & Ukraine, price of unhedged jet-fuel, macro-economic shocks & continuing European ATC strikes & mismanagement.
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A ppendices 12 Appendices
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A ppendix: Fuel Hedging 13 13 Jet-fuel Swap (per mt. tn.) Opex (€/$) Carbon (€) H2 FY27 81% ($666) 80% ($1.16) 100% (€72) FY28 25% ($954) 21% ($1.19) 17% (€77) MAX-10 Capex: 60% (150x firms) hedged @ > €/$1.23 (avg.) (ii) (iii)(i) (i) Jet fuel spot $1,595 per metric tonne on 30 Oct. (ii) €/$ spot $1.1150 on 30 Oct. (iii) Blended EU / UK ETS hedge position. Blended spot €88 on 30 Oct.
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A p p e n d i x : T h e L o n g- Te r m W i n n e r Europe’s No.1 Airline – World’s largest airline FY34 (300m pax p.a.) Wider cost adv. (low-cost MAX-10 / +20% seats & -20% fuel) Consistent double-digit margins Financial strength (Debt free fleet / BBB+ rating / Strong cash flow) Strong s/holder rets. (25% PAT div. pol. / buybacks & spec. divs.) >€10bn returned to s/holders since 2008 (40% ISC retired) 1414 (i) *FY16-FY26 (excl. Covid).
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A ppendix: MAX -10 Or der = Decade Of Gr owth 15 613 Fleet Pax p.a. (m) Pax Grth Cum. Grth (i) (i) Pax growth vs FY24 (184m).300 MAX-10 Order FY26 647 208 +4% +13% FY27 655 214 +3% +16% FY28 673 220 +3% +19% FY29 690 230 +4% +23% FY30 700 245 +6% +30% FY31 730 260 +6% +41% FY32 760 275 +6% +49% FY33 790 290 +5% +58% FY34 800 300 +3% +63% FY25 200 +9% +9%
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411 411 393 367 351 332 312 290 210 210 210 210 210 210 210 210 26 24 19 1 8 28 68 122 169 218 268 300 655 673 690 700 730 760 790 800 200 400 600 800 F Y 2 7 E F Y 2 8 E F Y 2 9 E F Y 3 0 E F Y 3 1 E F Y 3 2 E F Y 3 3 E F Y 3 4 E B737 NG B737-8200 A320 MAX-10 Yr. end Fleet 300 x MAX-10s MORE SEATS LESS FUEL LOWER COSTS ADDIT . CAPAC. FOR AIRPORTS TO GROW LOWER APT . & HAND.COSTS LOWER FARES TRAFFIC & PROFIT GROWTH A ppendix: F leet FY27 – FY34 (300 MAX -10 or der) 16
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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 29.4 135 85 2 IAG 27.5 122 78 3 AFKLM 26.1 103 67 4 RYA 17.0 208 63 5 EZJ 8.7 93 65 17 Source: latest FY Results.
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Disclaimer 18 18 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.