Ryanair Holdings PLC

F:RY4D

Profit: Q1 profit after tax was EUR 538 million, down 34% year-on-year, mainly because of higher unhedged fuel costs and Easter timing.

Traffic: Passenger traffic grew 6% to 61.3 million, but average fares fell 6%, pushing revenue per passenger down 5%.

Pricing: Q2 fares are now expected to decline by low to mid-single digits year-on-year, weaker than the previously expected broadly flat outcome.

Fuel: FY '27 fuel is 80% hedged at $67 per barrel, while FY '28 is 15% hedged at about $85 per barrel; management plans to hedge opportunistically.

Balance sheet: Ryanair repaid its final EUR 1.2 billion bond and is essentially debt-free, with gross cash of just over EUR 2.8 billion at quarter-end.

Growth: FY '27 traffic remains guided to 216 million passengers, up 4%, with growth front-loaded into the first half and only 2% expected in the second half.

Strategy: Ryanair is shifting capacity toward lower-cost markets and airports, while withdrawing from high-tax locations and preparing for MAX 10 deliveries from spring 2027.