Ryanair Holdings PLC 6-K, filed Nov 2, 2026
Ryanair Holdings PLC (RYAAY)
6-K
2026-11-02
For: 2026-11-02
View Original
Added on
November 02, 2026
About this 6-K
Ryanair Holdings PLC filed this 6-K on November 2, 2026.
Ryanair Holdings reported H1 PAT of €2.15bn, down 15% from €2.54bn, as traffic grew 6% to 125.8m, revenue rose 3% to €10.08bn and operating costs increased 10% to €7.69bn. It declared a €0.273 interim dividend and announced another €800m buyback. AI summary
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16
of the Securities Exchange Act of 1934
For the
month of November 2026
RYANAIR HOLDINGS PLC
(Translation
of registrant's name into English)
c/o Ryanair Ltd Corporate Head Office
Dublin Airport
County Dublin Ireland
(Address
of principal executive offices)
Indicate
by check mark whether the registrant files or will file
annual
reports
under cover Form 20-F or Form 40-F.
Form
20-F..X.. Form 40-F
Indicate
by check mark whether the registrant by furnishing the
information
contained
in this Form is also thereby furnishing the information to
the
Commission
pursuant to Rule 12g3-2(b) under the Securities
Exchange
Act of
1934.
Yes
No ..X..
If
"Yes" is marked, indicate below the file number assigned to the
registrant
in
connection with Rule 12g3-2(b): 82- ________
RYANAIR H1 PAT FALLS 15% TO €2.15BN AS UNHEDGED OIL DOUBLES
& TRAFFIC GROWS 6% AT LOWER FARES.
Ryanair
Holdings plc today (2 Nov.) reported H1 PAT of €2.15bn, a
fall of 15% from PY H1 PAT of €2.54bn, as the price of
unhedged jet-fuel doubled and fares (which include peak summer)
fell 4%, while traffic grew 6% to 125.8m pax.
|
|
Q2
26
|
Q2
27
|
+/-
|
H1
26
|
H1
27
|
+/-
|
|
Passengers
|
61.2m
|
64.5m
|
+5%
|
119.0m
|
125.8m
|
+6%
|
|
Load
Factor
|
96%
|
96%
|
-
|
95%
|
95%
|
-
|
|
Ave.
fare (€)
|
64.80
|
63.40
|
-2%
|
58.00
|
55.70
|
-4%
|
|
Revenue
(€)
|
5.48bn
|
5.70bn
|
+4%
|
9.82bn
|
10.08bn
|
+3%
|
|
Op.
Costs (€)
|
3.53bn
|
3.88bn
|
+10%
|
6.96bn
|
7.69bn
|
+10%
|
|
PAT
(€)
|
1.72bn
|
1.61bn
|
-6%
|
2.54bn
|
2.15bn
|
-15%
|
H1
highlights include:
● Traffic grew 6% to
125.8m.
● Rev. per pax fell
3% (ave. fare down 4% & ancil. rev. flat).
● Unit costs rose 5%
as unhedged 20% jet-fuel prices doubled to c.$130bbl.
● 126 new routes
& 1 new base (Rimini) on sale.
● FY27 jet-fuel 80%
hedged at $67bbl. FY28 is 25% covered at $95bbl.
● Final €1.2bn
bond repaid in May.
● €0.273
interim div. declared (payable in Feb. 2027).
Ryanair CEO Michael O’Leary, said:
Revenue & Costs:
“H1 Revenue
rose 3% to €10.08bn. Scheduled revenue rose 1% to
€7.0bn as traffic grew 6% but at 4% lower fares. H1 fares
fell (April didn’t have a full Easter) as the Middle East
conflict led to consumer hesitancy and later bookings. Ancillary
revenue grew 6% to €3.08bn. Operating costs rose 10% to
€7.69bn as the price of our 20% unhedged jet-fuel doubled and
supplier compensation ceased following delivery of our final B-8200
“Gamechanger” in Spring 2026.
Ryanair’s
FY27 jet-fuel prices (80% hedged at c.$67bbl) has widened our cost
advantage over other EU competitors and helped insulate current
year earnings. While oil prices remain volatile, the Group has
extended FY28 hedge cover on recent price dips to 25% at
c.$95bbl.
Balance Sheet, Liquidity & Returns:
Ryanair’s
industry leading balance sheet and strong BBB+ credit ratings is
supported by an unencumbered fleet of 620 B737 aircraft and strong
liquidity. At 30 Sept. gross cash was €2.6bn even after
€1.3bn debt repayments, €0.8bn capex and €0.4bn
shareholder distributions. Liquidity is further boosted by the
Group’s €1.1bn RCF which has c.€0.7bn undrawn.
This financial strength widens the cost gap between Ryanair and our
competitors, many of whom are heavily exposed to expensive
(long-term) finance and aircraft lease costs.
In
Sept. we completed our latest €750m buyback programme
(cancelling c.28.6m shares). We have now retired over 40% of
Ryanair’s issued share capital since 2008. The Board remains
committed to shareholder returns and today (in line with our
policy) declared an interim dividend of €0.273 per share
(payable in late Feb. 2027) and another €800m share buyback
(starting in Feb., when cashflows are typically strongly positive
ahead of summer travel). This latest buyback is expected to run for
approx. 10-months (from late Feb.), subject to market
conditions.
FLEET & GROWTH
We
welcome the FAAs recent certification of the MAX-10, which we
expect EASA will also certify before year end. This will enable
Ryanair to take delivery of our first 16 MAX-10s in Spring 2027, in
time for S.27.
This
winter (as we announced in Sept.) we have reduced the Group’s
exposure to unhedged fuel by cutting our FY27 traffic target from
216m to 214m passengers. This schedule cut means winter traffic
(Nov. to Mar.) will be broadly flat year-on-year. Next year, with
16 new MAX-10s in our S.27 fleet, we plan to grow traffic to over
220m passengers (+3%). We continue to allocate this scarce capacity
to those States, Regions and Airports cutting aviation taxes and
lowering fees to incentivise growth (such as Albania, Italy,
Morocco, Slovakia and Sweden) while switching flights and traffic
away from high tax/rising cost markets like Austria, Germany and
Regional Spain. We have 126 additional routes and 1 new base
(Rimini) on sale for S.27.
We
expect European short-haul capacity will remain constrained into
the early 2030s as the big 2 OEMs remain well behind on their
production targets, Pratt & Whitney delays continue, airline
M&A accelerates and unprofitable airlines (hit by higher
jet-fuel prices and strong US dollar) face a difficult winter, with
some EU carriers already in Chapter 11. These capacity constraints,
combined with our widening cost advantage, strong balance sheet,
low-cost (fuel-efficient) aircraft orderbook and industry leading
ops resilience will, we believe, facilitate Ryanair’s
sustainable, profitable growth to over 300m passengers p.a. by
FY34.
ESG
During
H1 the Group operated 210 Gamechanger aircraft (4% more seats, 16%
less fuel) and we expect to add the first 16 new Boeing MAX-10s
into our fleet for S.27 (20% more seats & 20% less fuel). This
winter we’ll complete the winglet retrofit programme on our
B737NG fleet (1.5% lower fuel burn & 6% less noise). Our
continuing investment in new technology and operating resilience,
coupled with ambitious SAF targets, makes Ryanair one of
Europe’s most environmentally efficient airlines. Customer
satisfaction (CSAT) scores improved to 90% this summer (PY: 89%)
and the Ryanair Customer Panel recently met to provide valuable
feedback on key customer touchpoints, incl. the future role of AI
in travel.
At 30
Sept., 30% of Ryanair’s issued share capital was held by EU
nationals (in line with the level registered at 31 Mar. 2026). EU
nationals are entitled to exercise 100% of the voting rights in
Ryanair Holdings plc, which ensures compliance with EU ownership
and control requirement applicable to its EU airline
subsidiaries.
OUTLOOK
FY27
traffic is expected to grow 3% to 214m while our unit cost
leadership continues to widen. With 80% of jet-fuel hedged at
c.$67bbl to Mar. 2027, this year’s earnings are well
insulated from current oil price volatility, which also helped us
to offset a further €300m EU enviro. tax increase,
significant crew pay increases under new multi-year CLAs and higher
maintenance. Final FY27 unit costs (now spread over the lower 214m
traffic target) will depend on the price of H2 unhedged jet-fuel.
While Q3 demand is strong, with fares trending modestly ahead of
the same quarter last year, the booking window remains closer-in
which reduces visibility. Q3s fare outcome will heavily depend on
the strength of close-in Oct./Nov. school mid-term and Christmas
bookings. As is normal at this time of year, we have zero Q4
visibility. It therefore remains too early to provide meaningful
FY27 PAT guidance.
The
final FY27 PAT remains highly sensitive to adverse external
developments, incl. conflict escalation in the Middle East and
Ukraine, the price of our 20% unhedged jet-fuel, macro-economic
shocks and the impact of European ATC disruptions (strikes &
mismanagement).
Addressing FY28 Fuel Costs
Unless
there is a swift resolution of the Middle East conflict, we expect
jet-fuel prices to remain elevated well into 2027. As low cost oil
hedges roll off ahead of S.27, all EU airlines face a significantly
higher fuel bill next year. While we believe European short haul
airfares will increase materially to reflect these much higher
jet-fuel prices and competitor capacity reductions, this is still
unlikely to provide a full offset for an estimated c.€2bn
increase (based on current forward prices) in our FY28 fuel bill.
To help address this, we’re reviewing all costs across Group
airlines with a particular focus on airport churn negotiations (as
the fuel efficient MAX-10s deliver from Spring 2027), maturing
labour agreements (which may require temporary pay freezes), lower
crewing ratios and increased use of AI to drive further operational
and back-office/support functions productivity.”
ENDS
|
For
further information
please
contact:
www.ryanair.com
|
Neil
Sorahan
Ryanair
Holdings plc
Tel: +353-1-9451212
|
Cian
Doherty
Drury
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.214m guests p.a. on approx. 3,800 daily flights from 95
bases, the Group connects almost 220 airports in 34 countries on a
fleet of almost 650 aircraft, and 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 almost 35,000 aviation professionals
delivering Europe’s No.1 operational performance, and an
industry leading 41-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 September 30,
2026 (unaudited)
|
|
|
|
At Sep 30,
|
At
Mar 31,
|
|
|
|
|
2026
|
2026
|
|
|
|
Note
|
€M
|
€M
|
|
|
Non-current
assets
|
|
|
|
|
|
Property, plant and
equipment
|
|
11,275.0
|
11,373.1
|
|
|
Right-of-use
asset
|
|
140.9
|
148.1
|
|
|
Intangible
assets
|
|
146.4
|
146.4
|
|
|
Derivative
financial instruments
|
10
|
185.2
|
92.4
|
|
|
Deferred
tax
|
|
1.3
|
2.3
|
|
|
Other
assets
|
|
218.9
|
240.5
|
|
|
Total
non-current assets
|
|
11,967.7
|
12,002.8
|
|
|
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
Inventories
|
|
4.6
|
4.8
|
|
|
Other
assets
|
|
2,334.2
|
1,985.0
|
|
|
Trade
receivables
|
10
|
68.8
|
44.2
|
|
|
Derivative
financial instruments
|
10
|
1,663.3
|
2,133.9
|
|
|
Restricted
cash
|
10
|
31.2
|
31.2
|
|
|
Financial assets:
cash > 3 months
|
10
|
40.2
|
812.4
|
|
|
Cash
and cash equivalents
|
10
|
2,518.1
|
2,733.4
|
|
|
Total
current assets
|
|
6,660.4
|
7,744.9
|
|
|
|
|
|
|
|
|
Total
assets
|
|
18,628.1
|
19,747.7
|
|
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
Provisions
|
|
69.4
|
60.3
|
|
|
Trade
payables
|
10
|
752.6
|
609.8
|
|
|
Accrued
expenses and other liabilities
|
|
4,547.6
|
6,442.0
|
|
|
Current
lease liability
|
|
40.8
|
39.8
|
|
|
Current
maturities of debt
|
10
|
-
|
1,198.8
|
|
|
Derivative
financial instruments
|
10
|
5.9
|
142.3
|
|
|
Current
tax
|
|
280.6
|
79.8
|
|
|
Total
current liabilities
|
|
5,696.9
|
8,572.8
|
|
|
|
|
|
|
|
|
Non-current
liabilities
|
|
|
|
|
|
Provisions
|
|
118.9
|
141.3
|
|
|
Derivative
financial instruments
|
10
|
3.1
|
7.8
|
|
|
Deferred
tax
|
|
653.6
|
671.5
|
|
|
Non-current lease
liability
|
|
101.2
|
105.1
|
|
|
Non-current
maturities of debt
|
10
|
438.4
|
147.8
|
|
|
Total
non-current liabilities
|
|
1,315.2
|
1,073.5
|
|
|
|
|
|
|
|
|
Shareholders'
equity
|
|
|
|
|
|
Issued
share capital
|
|
6.2
|
6.3
|
|
|
Share
premium account
|
|
1,466.3
|
1,434.8
|
|
|
Other
undenominated capital
|
|
4.2
|
4.1
|
|
|
Retained
earnings
|
|
8,477.2
|
6,777.5
|
|
|
Other
reserves
|
|
1,662.1
|
1,878.7
|
|
|
Total
shareholders' equity
|
|
11,616.0
|
10,101.4
|
|
|
|
|
|
|
|
|
Total
liabilities and shareholders' equity
|
|
18,628.1
|
19,747.7
|
Ryanair
Holdings plc and Subsidiaries
Condensed
Consolidated Interim Income Statement
for the Half-Year Ended September 30, 2026
(unaudited)
|
|
|
|
Change
|
IFRS
Half-Year
Ended
|
IFRS
Half-Year
Ended
|
|
Sep 30, 2026
|
Sep 30, 2025
|
||||
|
|
|
Note
|
%*
|
€M
|
€M
|
|
Operating revenues
|
|
|
|
|
|
|
|
Scheduled revenues
|
|
+1%
|
7,003.3
|
6,908.6
|
|
|
Ancillary revenues
|
|
+6%
|
3,078.7
|
2,908.9
|
|
Total operating revenues
|
7
|
+3%
|
10,082.0
|
9,817.5
|
|
|
|
|
|
|
|
|
|
Operating expenses
|
|
|
|
|
|
|
|
Fuel and oil
|
|
-15%
|
3,402.8
|
2,969.7
|
|
|
Airport and handling charges
|
|
-4%
|
1,047.2
|
1,006.0
|
|
|
Staff costs
|
|
-5%
|
972.8
|
925.6
|
|
|
Depreciation
|
|
-19%
|
817.0
|
687.5
|
|
|
Route charges
|
|
-9%
|
789.3
|
724.7
|
|
|
Marketing, distribution and other
|
|
+1%
|
435.3
|
438.6
|
|
|
Maintenance, materials and repairs
|
|
-8%
|
222.3
|
204.9
|
|
Total operating expenses
|
|
-10%
|
7,686.7
|
6,957.0
|
|
|
|
|
|
|
|
|
|
Operating profit
|
|
-16%
|
2,395.3
|
2,860.5
|
|
|
|
|
|
|
|
|
|
Other income/(expense)
|
|
|
|
|
|
|
|
Net finance and other income
|
|
-51%
|
29.8
|
60.8
|
|
|
Foreign exchange gain/(loss)
|
|
|
0.3
|
(29.7)
|
|
Total other income
|
|
-3%
|
30.1
|
31.1
|
|
|
|
|
|
|
|
|
|
Profit before tax
|
|
-16%
|
2,425.4
|
2,891.6
|
|
|
|
|
|
|
|
|
|
|
Tax (expense)
|
4
|
|
(277.8)
|
(352.8)
|
|
|
|
|
|
|
|
|
Profit for the half-year – all attributable to equity holders
of parent
|
-15%
|
2,147.6
|
2,538.8
|
||
|
|
|
|
|
||
|
|
IFRS earnings per ordinary share (€)
|
|
|
|
|
|
|
Basic
|
|
-14%
|
2.0664
|
2.3926
|
|
|
Diluted
|
|
-14%
|
2.0494
|
2.3738
|
|
|
Weighted avg. no. of ord. shares (in Ms)
|
|
|
|
|
|
|
Basic
|
|
|
1,039.3
|
1,061.1
|
|
|
Diluted
|
|
|
1,047.9
|
1,069.5
|
*’+’ is favourable and ‘-‘ is adverse
period-on-period.
Ryanair
Holdings plc and Subsidiaries
Condensed
Consolidated Interim Income Statement
for the Quarter Ended September 30, 2026
(unaudited)
|
|
|
|
Change
|
IFRS
Quarter Ended
|
IFRS
Quarter Ended
|
|
Sep 30, 2026
|
Sep 30, 2025
|
||||
|
|
|
Note
|
%*
|
€M
|
€M
|
|
Operating revenues
|
|
|
|
|
|
|
|
Scheduled revenues
|
|
+3%
|
4,088.8
|
3,964.8
|
|
|
Ancillary revenues
|
|
+6%
|
1,609.1
|
1,515.1
|
|
Total operating revenues
|
7
|
+4%
|
5,697.9
|
5,479.9
|
|
|
|
|
|
|
|
|
|
Operating expenses
|
|
|
|
|
|
|
|
Fuel and oil
|
|
-13%
|
1,713.5
|
1,512.9
|
|
|
Airport and handling charges
|
|
-3%
|
527.3
|
510.9
|
|
|
Staff costs
|
|
-7%
|
496.5
|
463.9
|
|
|
Route charges
|
|
-9%
|
403.2
|
368.4
|
|
|
Depreciation
|
|
-16%
|
399.9
|
344.2
|
|
|
Marketing, distribution and other
|
|
-7%
|
232.3
|
217.4
|
|
|
Maintenance, materials and repairs
|
|
+8%
|
105.3
|
115.0
|
|
Total operating expenses
|
|
-10%
|
3,878.0
|
3,532.7
|
|
|
|
|
|
|
|
|
|
Operating profit
|
|
-7%
|
1,819.9
|
1,947.2
|
|
|
Other income/(expense)
|
|
|
|
|
|
|
|
Net finance and other income
|
|
+23%
|
14.9
|
12.1
|
|
|
Foreign exchange (loss)/gain
|
|
|
(2.3)
|
2.1
|
|
Total other income
|
|
-11%
|
12.6
|
14.2
|
|
|
|
|
|
|
|
|
|
Profit before tax
|
|
-7%
|
1,832.5
|
1,961.4
|
|
|
|
|
|
|
|
|
|
|
Tax (expense)
|
|
|
(222.6)
|
(242.5)
|
|
|
|
|
|
|
|
|
Profit for the quarter – all attributable to equity holders
of parent
|
-6%
|
1,609.9
|
1,718.9
|
||
|
|
|
|
|
||
|
|
Earnings per ordinary share (€)
|
|
|
|
|
|
|
Basic
|
|
-4%
|
1.5519
|
1.6219
|
|
|
Diluted
|
|
-4%
|
1.5392
|
1.6086
|
|
|
Weighted avg. no. of ord. shares (in Ms)
|
|
|
|
|
|
|
Basic
|
|
|
1,037.4
|
1,059.8
|
|
|
Diluted
|
|
|
1,045.9
|
1,068.6
|
*’+’ is favourable and ‘-‘ is adverse
period-on-period.
Ryanair
Holdings plc and Subsidiaries
Condensed Consolidated Interim Statement of Comprehensive Income
for the Half-Year Ended September 30, 2026 (unaudited)
|
|
Half-Year
|
Half-Year
|
|
|
Ended
|
Ended
|
|
|
Sep 30,
|
Sep 30,
|
|
2026
|
2025
|
|
|
|
€M
|
€M
|
|
|
|
|
|
Profit for the half-year
|
2,147.6
|
2,538.8
|
|
|
|
|
|
Other comprehensive (loss):
|
|
|
|
Items that will not be reclassified subsequently to profit or
loss:
|
0.9
|
-
|
|
|
|
|
|
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
|
(207.5)
|
(181.9)
|
|
Total other comprehensive (loss) for the half-year, net of income
tax
|
(206.6)
|
(181.9)
|
|
Total comprehensive income for the half-year – attributable
to equity holders of parent
|
|
|
|
1,941.0
|
2,356.9
|
Ryanair Holdings plc and Subsidiaries
Condensed Consolidated Interim Statement of Comprehensive Income
for the Quarter Ended September 30, 2026 (unaudited)
|
|
Quarter
|
Quarter
|
|
|
Ended
|
Ended
|
|
|
Sep 30,
|
Sep 30,
|
|
2026
|
2025
|
|
|
|
€M
|
€M
|
|
|
|
|
|
Profit for the quarter
|
1,609.9
|
1,718.9
|
|
|
|
|
|
Other comprehensive income:
|
|
|
|
Items that will not be reclassified subsequently to profit or
loss:
|
0.9
|
-
|
|
|
|
|
|
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
|
801.1
|
221.1
|
|
Total other comprehensive income for the quarter, net of income
tax
|
802.0
|
221.1
|
|
Total comprehensive income for the quarter – attributable to
equity holders of parent
|
|
|
|
2,411.9
|
1,940.0
|
Ryanair Holdings plc and Subsidiaries
Condensed Consolidated Interim Statement of Cash Flows for the
Half-Year Ended September 30, 2026 (unaudited)
|
|
|
|
Half-Year
|
Half-Year
|
|
|
|
|
Ended
|
Ended
|
|
|
|
|
Sep 30,
|
Sep 30,
|
|
|
2026
|
2025
|
||
|
|
|
|
€M
|
€M
|
|
Operating activities
|
|
|
|
|
|
|
Profit after tax
|
|
2,147.6
|
2,538.8
|
|
|
|
|
|
|
|
Adjustments to reconcile profit after tax to net cash from
operating activities
|
|
|
|
|
|
|
Depreciation
|
|
817.0
|
687.5
|
|
|
Decrease/(increase) in inventories
|
|
0.2
|
(0.7)
|
|
|
Tax expense
|
|
277.8
|
352.8
|
|
|
Share based payments
|
|
7.2
|
9.0
|
|
|
(Increase) in trade receivables
|
|
(24.6)
|
(4.2)
|
|
|
(Increase)/decrease in other assets*
|
|
(257.6)
|
305.3
|
|
|
Increase in trade payables
|
|
234.8
|
72.5
|
|
|
(Decrease) in accrued expenses and other liabilities
|
|
(1,897.8)
|
(2,120.1)
|
|
|
(Decrease) in provisions
|
|
(27.6)
|
(15.4)
|
|
|
Decrease in finance income
|
|
1.8
|
1.8
|
|
|
(Decrease) in finance expense
|
|
(8.9)
|
(16.5)
|
|
|
Foreign exchange
|
|
(1.8)
|
21.8
|
|
|
Income tax (paid)
|
|
(60.9)
|
(53.5)
|
|
Net cash inflow from operating activities
|
|
1,207.2
|
1,779.1
|
|
|
|
|
|
|
|
|
Investing activities
|
|
|
|
|
|
|
Capital expenditure - purchase of property, plant and
equipment
|
|
(840.8)
|
(1,113.3)
|
|
|
Decrease in financial assets: cash > 3 months
|
|
772.2
|
94.6
|
|
Net cash used in investing activities
|
|
(68.6)
|
(1,018.7)
|
|
|
|
|
|
|
|
|
Financing activities
|
|
|
|
|
|
|
Proceeds from shares issued
|
|
-
|
1.8
|
|
|
Share buyback
|
|
(234.8)
|
(202.6)
|
|
|
Dividends paid
|
|
(192.0)
|
(229.0)
|
|
|
Repayment of borrowings
|
|
(1,310.0)
|
(1,190.0)
|
|
|
Proceeds from borrowings
|
|
400.0
|
-
|
|
|
Lease liabilities paid
|
|
(19.6)
|
(17.3)
|
|
Net cash used in financing activities
|
|
(1,356.4)
|
(1,637.1)
|
|
|
|
|
|
|
|
|
Decrease in cash and cash equivalents
|
|
(217.8)
|
(876.7)
|
|
|
|
Net foreign exchange gain/(loss)
|
|
2.5
|
(23.1)
|
|
|
Cash and cash equivalents at beginning of the period
|
|
2,733.4
|
3,863.3
|
|
Cash and cash equivalents at end of the period
|
|
2,518.1
|
2,963.5
|
|
|
|
|
|
|
|
|
Included in the cash flows from operating activities for the
half-year are the following amounts:
|
|
|
|
|
|
Interest income received
|
|
38.9
|
52.5
|
|
|
Interest expense paid
|
|
(17.2)
|
(46.0)
|
|
*Includes Italian AGCM fine, paid in Sept. 2026 and recoverable
upon successful appeal.
Ryanair Holdings plc and Subsidiaries
Condensed Consolidated Interim Statement of Changes in
Shareholders’ Equity for the Half-Year Ended September 30,
2026 (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, 2025
|
1,063.9
|
6.4
|
1,421.6
|
4.0
|
5,588.6
|
(21.3)
|
37.6
|
7,036.9
|
|
Profit
for the half-year
|
-
|
-
|
-
|
-
|
2,538.8
|
-
|
-
|
2,538.8
|
|
Other comprehensive loss
|
|
|
|
|
|
|
|
|
|
Net
movements in cash flow reserve
|
-
|
-
|
-
|
-
|
-
|
(181.9)
|
-
|
(181.9)
|
|
Total
other comprehensive loss
|
-
|
-
|
-
|
-
|
-
|
(181.9)
|
-
|
(181.9)
|
|
Total
comprehensive income/(loss)
|
-
|
-
|
-
|
-
|
2,538.8
|
(181.9)
|
-
|
2,356.9
|
|
Transactions with owners of the Company recognised directly in
equity
|
|
|
|
|
|
|
|
|
|
Issue
of ordinary equity shares
|
0.4
|
-
|
10.2
|
-
|
(8.4)
|
-
|
-
|
1.8
|
|
Repurchase
of ordinary equity shares
|
-
|
-
|
-
|
-
|
(205.8)
|
-
|
-
|
(205.8)
|
|
Cancellation
of repurchased shares
|
(8.2)
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|
Dividends
|
-
|
-
|
-
|
-
|
(229.0)
|
-
|
-
|
(229.0)
|
|
Share-based
payments
|
-
|
-
|
-
|
-
|
-
|
-
|
9.0
|
9.0
|
|
Transfer
of exercised and expired share-based awards
|
-
|
-
|
-
|
-
|
0.1
|
-
|
(0.1)
|
-
|
|
Balance at September 30, 2025
|
1,056.1
|
6.4
|
1,431.8
|
4.0
|
7,684.3
|
(203.2)
|
46.5
|
8,969.8
|
|
Loss
for the half-year
|
-
|
-
|
-
|
-
|
(365.1)
|
-
|
-
|
(365.1)
|
|
Other comprehensive income
|
|
|
|
|
|
|
|
|
|
Net
movements in cash-flow reserve
|
-
|
-
|
-
|
-
|
-
|
2,033.9
|
-
|
2,033.9
|
|
Total
other comprehensive income
|
-
|
-
|
-
|
-
|
-
|
2,033.9
|
-
|
2,033.9
|
|
Total
comprehensive (loss)/income
|
-
|
-
|
-
|
-
|
(365.1)
|
2,033.9
|
-
|
1,668.8
|
|
Transactions with owners of the Company recognised directly in
equity
|
|
|
|
|
|
|
|
|
|
Issue
of ordinary equity shares
|
0.1
|
-
|
3.0
|
-
|
(1.6)
|
-
|
-
|
1.4
|
|
Repurchase
of ordinary equity shares
|
-
|
-
|
-
|
-
|
(330.3)
|
-
|
-
|
(330.3)
|
|
Cancellation
of repurchased shares
|
(12.3)
|
(0.1)
|
-
|
0.1
|
-
|
-
|
-
|
-
|
|
Dividends
|
-
|
-
|
-
|
-
|
(214.3)
|
-
|
-
|
(214.3)
|
|
Share-based
payments
|
-
|
-
|
-
|
-
|
-
|
-
|
6.0
|
6.0
|
|
Transfer
of exercised and expired share-based awards
|
-
|
-
|
-
|
-
|
4.5
|
-
|
(4.5)
|
-
|
|
Balance at March 31, 2026
|
1,043.9
|
6.3
|
1,434.8
|
4.1
|
6,777.5
|
1,830.7
|
48.0
|
10,101.4
|
|
Profit
for the half-year
|
-
|
-
|
-
|
-
|
2,147.6
|
-
|
-
|
2,147.6
|
|
Other comprehensive income/(loss)
|
|
|
|
|
|
|
|
|
|
Net
actuarial gains from retirement benefit plans
|
-
|
-
|
-
|
-
|
0.9
|
-
|
-
|
0.9
|
|
Net
movements in cash flow reserve
|
-
|
-
|
-
|
-
|
-
|
(207.5)
|
-
|
(207.5)
|
|
Total
other comprehensive income / (loss)
|
-
|
-
|
-
|
-
|
0.9
|
(207.5)
|
-
|
(206.6)
|
|
Total
comprehensive income/(loss)
|
-
|
-
|
-
|
-
|
2,148.5
|
(207.5)
|
-
|
1,941.0
|
|
Transactions with owners of the Company recognised directly in
equity
|
|
|
|
|
|
|
|
|
|
Issue
of ordinary equity shares
|
1.4
|
-
|
31.5
|
-
|
(31.5)
|
-
|
-
|
-
|
|
Repurchase
of ordinary equity shares
|
-
|
-
|
-
|
-
|
(231.2)
|
-
|
-
|
(231.2)
|
|
Cancellation
of repurchased shares
|
(9.5)
|
(0.1)
|
-
|
0.1
|
-
|
-
|
-
|
-
|
|
Dividends
|
-
|
-
|
-
|
-
|
(202.4)
|
-
|
-
|
(202.4)
|
|
Share-based
payments
|
-
|
-
|
-
|
-
|
-
|
-
|
7.2
|
7.2
|
|
Transfer
of exercised and expired share-based awards
|
-
|
-
|
-
|
-
|
16.3
|
-
|
(16.3)
|
-
|
|
Balance at September 30, 2026
|
1,035.8
|
6.2
|
1,466.3
|
4.2
|
8,477.2
|
1,623.2
|
38.9
|
11,616.0
|
Ryanair Holdings plc and Subsidiaries
MD&A Half-Year Ended September 30, 2026 (“H1
FY27”)
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 H1
FY27 results.
Income Statement
Scheduled
revenue:
Scheduled revenue
increased 1% to €7.0BN
as traffic grew 6% (to 125.8M passengers) at 4% lower fares. Fares
fell (April didn’t have a full Easter) as the Middle East
conflict led to consumer hesitancy and later bookings.
Ancillary
revenues:
Ancillary revenue
grew 6% (in line with
traffic) to €3.08BN
(c.€24.50 per passenger).
Total
revenue:
As a
result of the above, total revenue rose 3% to €10.08BN.
Operating
Expenses:
Fuel
and oil:
Fuel
and oil increased 15% to
€3.40BN as the price of the Group’s 20% unhedged
jet fuel doubled, environmental taxes rose and flight hours
increased 5%. Ryanair’s 80% jet fuel hedging (at approx. $670
per met. tonne) and lower fuel burn on the B737-8200
(“Gamechanger”) aircraft helped insulate current year
earnings.
Airport
and handling charges:
Airport
and handling charges rose 4% to
€1.05BN, below 6% traffic growth.
Staff
costs:
Staff
costs rose 5% to
€0.97BN, reflecting pre-agreed pay increases, incl.
new multi-year CLAs in various jurisdictions, and 6% higher
sectors, partially offset by (an average) 25 new Gamechangers in
the fleet in the period (driving efficiency).
Depreciation:
Depreciation
increased 19% to
€0.82BN, primarily due to (an average) 25 new
Gamechangers in the fleet, higher aircraft utilisation (sectors up
6%), increased maintenance on the B737NG fleet and provision for
mid-life “hospital visits” on B-8200 LEAP
engines.
Route
charges:
Route
charges rose 9% to
€0.79BN, due to a 6% increase in sectors and higher
Eurocontrol/ATC rates.
Marketing,
distribution and other:
Marketing,
distribution and other fell 1% to €0.44BN due to lower marketing
& other expenses offset by higher EU261 costs.
Maintenance,
materials and repairs:
Maintenance,
materials and repairs rose 8% to
€0.22BN due to higher aircraft utilisation, fleet
growth (incl. additional line maintenance) and labour inflation.
There are no further supplier compensation credits following
delivery of our final Gamechanger in Feb. 2026.
Other income:
Other
income dipped as supplier compensation ceased following delivery of
our final B-8200 in Feb. 2026 (incl. in the PY comparative). This
was offset by debt repayments and marginally higher deposit
interest rates. Foreign exchange translation primarily reflects the
impact of €/US$ exchange rate movements on balance sheet
revaluations.
Balance
sheet:
Gross
cash was €2.6BN at September 30, 2026 (March 31, 2026:
€3.6BN) after €1.3BN debt repayments, €0.8BN
capex and €0.4BN shareholder distributions, offset by a
€0.4BN drawdown under the Group’s RCF in Sept. Net cash
was €2.0BN (March 31, 2026: €2.1BN).
Shareholders’
equity:
Shareholders’
equity increased by €1.51BN to €11.62BN in the half
year primarily due to €2.15BN PAT offset by €0.43BN
shareholder distributions and an IFRS hedge accounting decrease in
derivatives of €0.21BN.
MD&A Quarter Ended September 30, 2026 (“Q2
FY27”)
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 Q2
FY27 results.
Income Statement
Scheduled
revenues:
Scheduled revenues
increased 3% to
€4.09BN as traffic grew 5% (to 64.5M passengers) at 2%
lower fares.
Ancillary
revenues:
Ancillary revenue
rose 6% (ahead of 5% traffic
growth) to €1.61BN
(c.€25 per passenger).
Total
revenue:
As a
result of the above, total revenue rose 4% to €5.70BN.
Operating
Expenses:
Fuel
and oil:
Fuel
and oil increased 13% to
€1.71BN as the price of the Group’s 20% unhedged
jet fuel doubled, environmental taxes rose and flight hours
increased 5%. Ryanair’s 80% jet fuel hedging (at approx. $670
per met. tonne) and lower fuel burn on the Gamechanger aircraft
helped insulate earnings.
Airport
and handling charges:
Airport
and handling charges rose 3% to
€0.53BN, below 5% traffic growth.
Staff
costs:
Staff
costs increased 7% to
€0.50BN, reflecting pre-agreed pay increases, incl.
new multi-year CLAs in various jurisdictions, and 5% higher
sectors, partially offset by (an average) 20 new Gamechangers in
the fleet (driving efficiency).
Route
charges:
Route
charges rose 9% to
€0.40BN, primarily due to a 5% increase in sectors and
higher Eurocontrol/ATC rates.
Depreciation:
Depreciation
increased 16% to
€0.40BN, primarily due to (an average) 20 new
Gamechangers in the fleet, higher aircraft utilisation (sectors up
5%), increased maintenance on the B737NG fleet and provision for
mid-life “hospital visits” on B-8200 LEAP
engines.
Marketing,
distribution and other:
Marketing,
distribution and other rose 7% to
€0.23BN, primarily due to higher EU261 costs, with
significant disruptions arising from NATS system failures, Belgian
ATC strikes and Mount Etna eruptions.
Maintenance,
materials and repairs:
Maintenance,
materials and repairs declined 8%
to €0.11BN primarily due to the timing of aircraft
checks, offset by higher aircraft utilisation, fleet growth (incl.
additional line maintenance) and labour inflation. There are no
further supplier compensation credits following delivery of our
final Gamechanger in Feb.
Other
income:
Other
income fell as debt repayments were offset by lower gross cash
balances following repayment of our final €1.2BN bond in May.
Foreign exchange translation reflects the impact of primarily
€/US$ exchange rate movements on balance sheet
revaluations.
Ryanair
Holdings plc and Subsidiaries
Interim
Management Report
Introduction
This
financial report for the half-year ended September 30, 2026 (H1
FY27) 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 six months of the
year;
●
Related party
transactions; and
●
Post balance sheet
events.
Results
of operations for H1 FY27 compared to the half-year ended September
30, 2025 (H1 FY26), 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 political 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.
Oil prices increased significantly following Russia’s
invasion of Ukraine in February 2022 and remain volatile in light
of the ongoing Middle East conflict.
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, 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 226 to 227 of the Group’s 2026 Annual
Report.
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
€2.15BN PAT in H1 FY27;
●
The Group’s
liquidity, with €2.6BN gross cash at September 30, 2026, and
c.€0.7BN undrawn funds under the Group’s €1.1BN
revolving credit facility (“RCF”);
●
The Group’s
fuel hedging position (approx. 80% of FY27 and approx. 25% of FY28
jet fuel requirements were hedged at September 30, 2026 at $668 and
$954 per metric tonne respectively);
●
The Group’s
focus on cost reduction and cash management;
●
The Group’s
strong BBB+ credit ratings from both S&P and Fitch
Ratings;
●
The Group’s
industry leading balance sheet position with its unencumbered fleet
of 620 B737 aircraft;
●
The Group’s
access to the debt capital markets, unsecured/secured bank debt and
sale and leaseback transactions; and
●
The Group’s
ability, as evidenced throughout downturns (such as the Covid
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 H1 FY27, 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 2026 Annual Report for the year ended
March 31, 2026, 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, 2026, 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
September 30, 2026 figures and the September 30, 2025 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, 2026, together with the
independent auditor’s report thereon, are available on the
Company’s website and will be filed with the Irish Registrar
of Companies. The auditor’s report on those financial
statements was unqualified. 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 H1 FY27 on
October 29, 2026 (with Board approval on October 30,
2026).
Except
as stated otherwise below, the interim financial statements for H1
FY27 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 (IASB).
New IFRS standards adopted during the period
The
following new and amended standards, have been issued by the IASB,
and have also been endorsed by the EU. These standards are
effective for the first time for the financial year beginning on
April 1, 2026, and therefore were applied by the Group for the
first time in these interim financial
statements:
●
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).
The
adoption of these new or amended standards did not have a material
impact on the Group’s financial position or results in H1
FY27, 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 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 20 Regulatory
Assets and Regulatory Liabilities (effective on or after January 1,
2029).*
●
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).*
●
Amendments to IFRS
19 Subsidiaries without Public Accountability: Disclosures
(effective on or after January 1, 2027).*
●
Amendments to the
Fair Value Option in IAS 28 Investments in Associates and Joint
Ventures (effective on or after January 1, 2027).*
*These standards or amendments to
standards are not as of yet EU endorsed.
The
Group is currently evaluating the impact of IFRS 18 Presentation
and Disclosure in Financial Statements (effective on or after
January 1, 2027). IFRS 18 is the new standard on presentation and
disclosure in financial statements (replacing IAS 1), with a focus
on updates to the income statement. Even though IFRS 18 will not
impact the recognition or measurement of items in the financial
statements, its impacts on presentation and disclosure are expected
to be considerable, in particular those related to the
classification of income and expenses into operating, investing and
financing categories on the face of the income
statement.
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.
Critical
estimates
Long-lived assets
At
September 30, 2026, the Group had €11.3BN 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 H1 FY27 of €278M
(H1 FY26: €353M) comprises a current tax charge of
€263M and a €15M deferred tax charge primarily 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.
11.5% for H1 FY27 (H1 FY26: 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
September 30, 2026 the Group had an operating fleet of 621 (2025:
610) Boeing 737 and 26 (2025: 26) Airbus A320 aircraft. 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:
|
Half-Year Ended
|
Ryanair DAC
Sep 30,
2026
€M
|
Other Airlines
Sep 30,
2026
€M
|
Elimination
Sep 30,
2026
€M
|
Total
Sep 30,
2026
€M
|
|
Scheduled
revenues
|
6,895.5
|
107.8
|
-
|
7,003.3
|
|
Ancillary
revenues
|
3,078.7
|
-
|
-
|
3,078.7
|
|
Inter-segment
revenues
|
424.2
|
832.7
|
(1,256.9)
|
-
|
|
Segment revenues
|
10,398.4
|
940.5
|
(1,256.9)
|
10,082.0
|
|
|
|
|
|
|
|
Reportable segment profit after income tax
|
2,082.2
|
65.4
|
-
|
2,147.6
|
|
|
|
|
|
|
|
Other segment information:
|
|
|
|
|
|
Depreciation
|
(798.2)
|
(18.8)
|
-
|
(817.0)
|
|
Net
finance and other income/(expense)
|
32.2
|
(2.4)
|
-
|
29.8
|
|
Capital
expenditure
|
(653.7)
|
(35.9)
|
-
|
(689.6)
|
|
Staff
costs
|
(607.7)
|
(365.1)
|
-
|
(972.8)
|
|
|
|
|
|
|
|
Segment
assets
|
18,240.9
|
387.2
|
-
|
18,628.1
|
|
Segment
liabilities
|
(6,502.6)
|
(509.5)
|
-
|
(7,012.1)
|
|
Half-Year Ended
|
Ryanair DAC
Sep 30,
2025
€M
|
Other Airlines
Sep 30,
2025
€M
|
Elimination
Sep 30,
2025
€M
|
Total
Sep 30,
2025
€M
|
|
Scheduled
revenues
|
6,796.0
|
112.6
|
-
|
6,908.6
|
|
Ancillary
revenues
|
2,908.9
|
-
|
-
|
2,908.9
|
|
Inter-segment
revenues
|
404.8
|
793.1
|
(1,197.9)
|
-
|
|
Segment revenues
|
10,109.7
|
905.7
|
(1,197.9)
|
9,817.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reportable segment profit after income tax
|
2,487.0
|
51.8
|
-
|
2,538.8
|
|
|
|
|
|
|
|
Other segment information:
|
|
|
|
|
|
Depreciation
|
(668.3)
|
(19.2)
|
-
|
(687.5)
|
|
Net
finance and other income/(expense)
|
64.0
|
(3.2)
|
-
|
60.8
|
|
Capital
expenditure
|
(840.6)
|
(22.5)
|
-
|
(863.1)
|
|
Staff
costs
|
(581.7)
|
(343.9)
|
-
|
(925.6)
|
|
|
|
|
|
|
|
Segment assets
|
16,018.8
|
370.3
|
-
|
16,389.1
|
|
Segment liabilities
|
(6,954.2)
|
(465.1)
|
-
|
(7,419.3)
|
|
|
|
|
|
|
|
Quarter Ended
|
Ryanair DAC
Sep 30,
2026
€M
|
Other Airlines
Sep 30,
2026
€M
|
Elimination
Sep 30,
2026
€M
|
Total
Sep 30,
2026
€M
|
|
Scheduled
revenues
|
4,019.2
|
69.6
|
-
|
4,088.8
|
|
Ancillary
revenues
|
1,609.1
|
-
|
-
|
1,609.1
|
|
Inter-segment
revenues
|
215.1
|
419.9
|
(635.0)
|
-
|
|
Segment revenues
|
5,843.4
|
489.5
|
(635.0)
|
5,697.9
|
|
|
|
|
|
|
|
Reportable segment profit after income tax
|
1,573.1
|
36.8
|
-
|
1,609.9
|
|
|
|
|
|
|
|
Other segment information:
|
|
|
|
|
|
Depreciation
|
(390.7)
|
(9.2)
|
-
|
(399.9)
|
|
Net
finance and other income/(expense)
|
16.1
|
(1.2)
|
-
|
14.9
|
|
Capital
expenditure
|
(284.2)
|
(15.7)
|
-
|
(299.9)
|
|
Staff
costs
|
(307.1)
|
(189.4)
|
-
|
(496.5)
|
|
|
|
|
|
|
|
Segment
assets
|
18,240.9
|
387.2
|
-
|
18,628.1
|
|
Segment
liabilities
|
(6,502.6)
|
(509.5)
|
-
|
(7,012.1)
|
|
Quarter Ended
|
Ryanair DAC
Sep 30,
2025
€M
|
Other Airlines
Sep 30,
2025
€M
|
Elimination
Sep 30,
2025
€M
|
Total
Sep 30,
2025
€M
|
|
Scheduled
revenue
|
3,892.1
|
72.7
|
-
|
3,964.8
|
|
Ancillary
revenue
|
1,515.1
|
-
|
-
|
1,515.1
|
|
Inter-segment
revenues
|
205.8
|
398.8
|
(604.6)
|
-
|
|
Segment revenues
|
5,613.0
|
471.5
|
(604.6)
|
5,479.9
|
|
|
|
|
|
|
|
Reportable segment profit after income tax
|
1,698.6
|
20.3
|
-
|
1,718.9
|
|
|
|
|
|
|
|
Other segment information:
|
|
|
|
|
|
Depreciation
|
(334.6)
|
(9.6)
|
-
|
(344.2)
|
|
Net
finance and other income/(expense)
|
13.6
|
(1.5)
|
-
|
12.1
|
|
Capital
expenditure
|
(437.4)
|
(9.9)
|
-
|
(447.3)
|
|
Staff
costs
|
(287.7)
|
(176.2)
|
-
|
(463.9)
|
|
|
|
|
|
|
|
Segment
assets
|
16,018.8
|
370.3
|
-
|
16,389.1
|
|
Segment
liabilities
|
(6,954.2)
|
(465.1)
|
-
|
(7,419.3)
|
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.
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.
|
|
|
Half-Year
Ended
Sep 30,
2026
|
Half-Year Ended
Sep 30,
2025
|
Quarter Ended
Sep 30,
2026
|
Quarter
Ended
Sep 30, 2025
|
|
|
|
€M
|
€M
|
€M
|
€M
|
|
|
|
|
|
|
|
|
Italy
|
|
2,186.6
|
2,098.0
|
1,221.6
|
1,158.0
|
|
Spain
|
|
1,711.3
|
1,755.1
|
967.5
|
983.4
|
|
United
Kingdom
|
|
1,489.5
|
1,405.3
|
833.8
|
771.5
|
|
Ireland
|
|
540.3
|
543.9
|
298.1
|
298.5
|
|
Other
|
|
4,154.3
|
4,015.2
|
2,376.9
|
2,268.5
|
|
Total
revenue
|
|
10,082.0
|
9,817.5
|
5,697.9
|
5,479.9
|
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, reserved 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
During
H1 FY27, net capital additions amounted to €0.7BN principally
reflecting aircraft pre-delivery deposits 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 H1 FY27 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 2026 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
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
2026 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 September 30, 2026 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 H1 FY27 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.
The
fair value of financial assets and financial liabilities, together
with the carrying amounts in the condensed consolidated balance
sheet, are as follows:
|
|
At Sep 30,
|
At Sep 30,
|
At Mar 31,
|
At Mar 31,
|
|
|
2026
|
2026
|
2026
|
2026
|
|
|
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
|
105.4
|
105.4
|
92.4
|
92.4
|
|
-
Jet fuel & carbon derivative contracts
|
79.8
|
79.8
|
-
|
-
|
|
|
185.2
|
185.2
|
92.4
|
92.4
|
|
Current financial assets
|
|
|
|
|
|
Derivative
financial instruments:
|
|
|
|
|
|
-
U.S. dollar currency forward contracts
|
112.0
|
112.0
|
35.8
|
35.8
|
|
-
Jet fuel & carbon derivative contracts
|
1,551.3
|
1,551.3
|
2,098.1
|
2,098.1
|
|
|
1,663.3
|
1,663.3
|
2,133.9
|
2,133.9
|
|
Trade
receivables*
|
68.8
|
|
44.2
|
|
|
Cash
and cash equivalents*
|
2,518.1
|
|
2,733.4
|
|
|
Financial
asset: cash > 3 months*
|
40.2
|
|
812.4
|
|
|
Restricted
cash*
|
31.2
|
|
31.2
|
|
|
|
4,321.6
|
1,663.3
|
5,755.1
|
2,133.9
|
|
Total
financial assets
|
4,506.8
|
1,848.5
|
5,847.5
|
2,226.3
|
|
|
|
|
|
|
|
|
At Sep 30,
|
At Sep 30,
|
At Mar 31,
|
At Mar 31,
|
|
|
2026
|
2026
|
2026
|
2026
|
|
|
Carrying
|
Fair
|
Carrying
|
Fair
|
|
|
Amount
|
Value
|
Amount
|
Value
|
|
Non-current financial liabilities
|
€M
|
€M
|
€M
|
€M
|
|
Derivative
financial instruments:
|
|
|
|
|
|
-
Jet fuel & carbon derivative contracts
|
0.5
|
0.5
|
-
|
-
|
|
-
U.S. dollar currency forward contracts
|
2.6
|
2.6
|
7.8
|
7.8
|
|
|
3.1
|
3.1
|
7.8
|
7.8
|
|
Non-current
maturities of debt:
|
|
|
|
|
|
-
Long-term debt
|
438.4
|
438.4
|
147.8
|
147.8
|
|
|
438.4
|
438.4
|
147.8
|
147.8
|
|
|
441.5
|
441.5
|
155.6
|
155.6
|
|
|
|
|
|
|
|
Current financial liabilities
|
|
|
|
|
|
Derivative
financial instruments:
|
|
|
|
|
|
-
Jet fuel & carbon derivative contracts
|
0.6
|
0.6
|
70.5
|
70.5
|
|
-
U.S. dollar currency forward contracts
|
5.3
|
5.3
|
71.8
|
71.8
|
|
|
5.9
|
5.9
|
142.3
|
142.3
|
|
|
|
|
|
|
|
Current
maturities of debt:
|
|
|
|
|
|
-
Bonds**
|
-
|
-
|
1,198.8
|
1,196.4
|
|
|
-
|
-
|
1,198.8
|
1,196.4
|
|
Trade
payables*
|
752.6
|
|
609.8
|
|
|
Accrued
expenses*
|
2,212.2
|
|
2,221.6
|
|
|
|
2,970.7
|
5.9
|
4,172.5
|
1,338.7
|
|
Total
financial liabilities
|
3,412.2
|
447.4
|
4,328.1
|
1,494.3
|
*The fair value of each of these financial instruments approximate
their carrying values due to the short-term nature of the
instruments.
** In May 2026 the Group repaid its final €1.2BN
Eurobond.
11. Shareholders’
equity and shareholders’ returns
In line
with the Group’s Dividend Policy, a FY26 final dividend of
€0.195 per share was paid in September 2026.
In H1
FY27 the Company bought back, and cancelled, approx. 9.5M ordinary
shares under its €750M share buyback programme at a total
cost of €0.2BN. This is
equivalent to approx. 0.9% of the Company’s issued
share capital at March 31,
2026. As a result of these share buybacks, share capital
decreased by approx. 9.5M ordinary shares. The €750M share
buyback programme was completed in September 2026.
12. Post
balance sheet events
The
Company has declared a €0.273 interim dividend per share
payable in late February 2027 and announced another €800M
share buyback (starting in February 2027). This latest buyback is
expected to run for approx. 10 months (from late February 2027),
subject to market conditions.
Ryanair
Holdings plc and Subsidiaries
Responsibility
Statement
Statement
of the Directors in respect of the interim financial
report
The
Directors are responsible for preparing the half-yearly financial
report in accordance with the Transparency (Directive 2004/109/EC)
Regulations 2007 (“Transparency Directive”), and the
Central Bank (Investment Market Conduct) Rules 2019.
In
preparing the condensed set of consolidated interim financial
statements included within the half-yearly financial report, the
Directors are required to:
●
prepare and present
the condensed set of financial statements in accordance with IAS 34
Interim Financial Reporting
as adopted by the EU, the Transparency Directive and the Central
Bank (Investment Market Conduct) Rules 2019;
●
ensure the
condensed set of financial statements has adequate
disclosures;
●
select and apply
appropriate accounting policies; and
●
make accounting
estimates that are reasonable in the circumstances.
The
Directors are responsible for designing, implementing and
maintaining such internal controls as they determine is necessary
to enable the preparation of the condensed set of financial
statements that is free from material misstatement whether due to
fraud or error.
We
confirm that to the best of our knowledge:
(1)
the condensed set
of consolidated interim financial statements included within the
half-yearly financial report of Ryanair Holdings plc for the six
months ended September 30, 2026 (“the interim financial
information”) which comprises the condensed consolidated
interim balance sheet, the condensed consolidated interim income
statement, the condensed consolidated interim statement of
comprehensive income, the condensed consolidated interim statement
of cash flows and the condensed consolidated interim statement of
changes in shareholders’ equity and the related explanatory
notes, have been presented and prepared in accordance with IAS 34
Interim Financial
Reporting, as adopted by the EU, the Transparency Directive
and the Central Bank (Investment Market Conduct) Rules
2019.
(2)
The interim
financial information presented, as required by the Transparency
Directive, includes:
a.
an indication of
important events that have occurred during the first 6 months of
the financial year, and their impact on the condensed set of
consolidated interim financial statements;
b.
a description of
the principal risks and uncertainties for the remaining 6 months of
the financial year;
c.
related
parties’ transactions that have taken place in the first 6
months of the current financial year and that have materially
affected the financial position or the performance of the
enterprise during that period; and
d.
any changes in the
related parties’ transactions described in the last annual
report that could have a material effect on the financial position
or performance of the enterprise in the first 6 months of the
current financial year.
On
behalf of the Board
Stan
McCarthy
Michael
O’Leary
Chairman
Chief
Executive
October
30, 2026
Independent
review report to Ryanair Holdings plc
Report
on the condensed consolidated interim financial
statements
Our
conclusion
We have reviewed Ryanair Holdings
plc’s Condensed Consolidated
Interim Financial Statements (the “interim financial statements”)
in the Half-Yearly
Financial Report of Ryanair Holdings plc for the period ended
September 30, 2026 (the “period”).
Based
on our review, nothing has come to our attention that causes us to
believe that the interim financial statements are not prepared, in
all material respects, in accordance with International Accounting
Standard 34, ‘Interim Financial Reporting’, as adopted
by the European Union and the Transparency (Directive 2004/109/EC)
Regulations 2007 and the Central Bank (Investment Market Conduct)
Rules 2019.
The
interim financial statements comprise:
●
the Condensed
Consolidated Interim Balance Sheet as at September 30, 2026 on page
1;
●
the Condensed Consolidated Interim Income
Statement and Condensed Consolidated Interim Statement of
Comprehensive Income for the Half-Year then ended on pages 2 and
4;
●
the Condensed
Consolidated Interim Income Statement and Condensed Consolidated
Interim Statement of Comprehensive Income for the Quarter then
ended on pages 3 and 4;
●
the Condensed
Consolidated Interim Statement of Cash Flows for the Half-Year
ended September 30, 2026 on page 5;
●
the Condensed
Consolidated Interim Statement of Changes in Shareholders’
Equity for the Half-Year ended September 30, 2026 on page 6;
and
●
the
Notes forming part of the Condensed Consolidated Interim Financial
Statements on pages 12 to 20.
The MD&A Half-Year Ended September 30,
2026 on pages 7 to 8, the MD&A Quarter Ended September 30, 2026
on page 9 and the Interim Management Report on pages 10 to 11 do
not form part of the interim financial
statements.
The interim financial statements included in
the Half-Yearly Financial Report have been prepared in accordance with International
Accounting Standard 34, ‘Interim Financial Reporting’,
as adopted by the European Union and the Transparency (Directive
2004/109/EC) Regulations 2007 and the Central Bank (Investment
Market Conduct) Rules 2019.
As
disclosed in note 1 to the interim financial statements, the
financial reporting framework that has been applied in the
preparation of the full annual financial statements of the group is
applicable law, International Financial Reporting Standards (IFRSs)
as adopted by the European Union and IFRS Accounting Standards as
issued by the International Accounting Standards
Board.
Basis
for conclusion
We
conducted our review in accordance with International Standard on
Review Engagements (Ireland) 2410, ‘Review of Interim
Financial Information Performed by the Independent Auditor of the
Entity’ (“ISRE (Ireland) 2410”) issued for use in
Ireland. A review of interim financial information consists of
making enquiries, primarily of persons responsible for financial
and accounting matters, and applying analytical and other review
procedures.
A
review is substantially less in scope than an audit conducted in
accordance with International Standards on Auditing (Ireland)
and, consequently, does
not enable us to obtain
assurance that we would become aware of all significant matters
that might be identified in an audit. Accordingly, we do not
express an audit opinion.
We have
read the other information contained in the Half-Yearly Financial
Report and considered whether it contains any apparent
misstatements or material inconsistencies with the information in
the interim financial statements.
Conclusions
relating to going concern
Based
on our review procedures, which are less extensive than those
performed in an audit as described in the Basis for conclusion
section of this report, nothing has come to our attention to
suggest that the Directors have inappropriately adopted the going
concern basis of accounting or that the Directors have identified
material uncertainties relating to going concern that are not
appropriately disclosed.
This
conclusion is based on the review procedures performed in
accordance with ISRE (Ireland) 2410. However future events or
conditions may cause the group to cease to continue as a going
concern.
Responsibilities
for the interim financial statements and the review
Our
responsibilities and those of the directors
The
Half-Yearly Financial Report, including the interim financial
statements, is the responsibility of, and has been approved by, the
Directors. The Directors are responsible for preparing
the Half-Yearly Financial
Report in accordance with the Transparency (Directive 2004/109/EC) Regulations
2007 and the Central Bank (Investment Market Conduct) Rules
2019. In preparing the Half-Yearly Financial Report
including the interim financial statements, the Directors are
responsible for assessing the group’s ability to continue as a going concern,
disclosing, as applicable, matters related to going concern and
using the going concern basis of accounting unless the Directors
either intend to liquidate the group or to
cease operations, or have no realistic alternative but to do
so.
Our
responsibility is to express a conclusion on the interim financial
statements in the Half-Yearly Financial Report based on our review.
Our conclusion, including our Conclusions relating to going
concern, is based on procedures that are less extensive than audit
procedures, as described in the Basis for conclusion paragraph of
this report. This report, including the conclusion, has been
prepared for and only for the company for the purpose of complying
with the Transparency (Directive 2004/109/EC) Regulations 2007 and
the Central Bank (Investment Market Conduct) Rules 2019 and for no
other purpose. We do not, in giving this conclusion, accept or
assume responsibility for any other purpose or to any other person
to whom this report is shown or into whose hands it may come save
where expressly agreed by our prior consent in
writing.
PricewaterhouseCoopers
Chartered
Accountants
October
30, 2026
Dublin
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf
by the undersigned, hereunto duly authorized.
|
|
RYANAIR
HOLDINGS PLC
|
Date: 02
November, 2026
|
|
By:___/s/
Juliusz Komorek____
|
|
|
|
|
|
Juliusz
Komorek
|
|
|
Company
Secretary
|