RYAOF 6-K
Ryanair Holdings PLC (RYAAY)
6-K
2026-05-18
For: 2026-05-18
View Original
Added on
May 18, 2026
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 May 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 2025-26 PAT RISES 40% TO €2.26BN (PRE-EXCEPT.)
TRAFFIC GROWS 4% TO 208M DESPITE BOEING DELAYS
Ryanair
Holdings plc today (18 May) reported record full-year (FY26) PAT of
€2.26bn (pre-exceptional) up 40% over its prior-year PAT of
€1.61bn.
|
Year-ended:
|
Mar. 2025
|
Mar. 2026
|
+/-
|
|
Passengers
|
200.2m
|
208.4m
|
+4%
|
|
Load
Factor
|
94%
|
94%
|
-
|
|
Revenue
(€)
|
13.95bn
|
15.54bn
|
+11%
|
|
Op.
Costs (pre-except.) (€)
|
12.39bn
|
13.09bn
|
+6%
|
|
PAT
(pre-except.) (€)*
|
1.61bn
|
2.26bn
|
+40%
|
*Pre-except. €85m Italian (AGCM) fine provision in
FY26.
FY26
highlights include:
●
Traffic
grew 4% to 208.4m, despite delivery delays on 29 B-8200
aircraft.
●
Rev.
per pax up 7%.
●
Unit
costs rose 1% (pre-except. charge).
●
FY27
jet-fuel 80% hedged @ $668 met. tn.
●
All
210 B737 "Gamechangers"
in 647 fleet at 31 Mar.
●
30
spare LEAP-1Bs purchased.
●
Final
div. of €0.195 per share payable in Sept. (subject to AGM
approval).
Ryanair Group CEO Michael O'Leary, said:
Revenue & Costs:
"Group
revenue rose 11% to €15.54bn. Scheduled revenue
increased 14% to €10.56bn as traffic grew 4% with 10% higher
fares (recovering last year's 7% fare decline). Ancillary revenue
rose 6% to €4.99bn (€24 per pax). Operating costs
(pre-exceptional) rose 6% to €13.09bn (+1% per pax).
With all 210 B-8200 "Gamechangers" now delivered, other income fell
reflecting significantly lower delivery delay compensation in
FY26. While our lawyers are confident that the baseless
Italian AGCM fine levied in Dec. 2025 will be overturned on appeal,
an exceptional €85m provision (approx. 33% of the €256m
fine) is included as an exceptional charge in the FY26
results.
Jet-Fuel Hedging:
The
conflict in the Middle East has created economic uncertainty and we
still don't know when the Strait of Hormuz will reopen.
Despite this, Europe remains relatively well supplied with
jet-fuel, with significant volumes sourced from West Africa, the
Americas and Norway. Global jet-fuel spot prices have,
however, spiked to over $150bbl and are expected to remain elevated
versus pre-conflict levels for some months. Ryanair's
conservative jet-fuel hedging strategy (80% of FY27 jet-fuel is
hedged at approx. $67bbl - to April 2027) will insulate Group
earnings in the current very volatile oil markets and widen the
cost advantage over EU competitors for the remainder of
FY27.
Balance Sheet, Liquidity & Returns:
Our
balance sheet is strong with a BBB+ credit rating (both Fitch and
S&P) and an unencumbered B737 fleet of 620 aircraft. At 31 Mar.
(year-end) gross cash was €3.6bn after €1.9bn capex
spend, €1.2bn debt repayments and over €900m
shareholder distributions. Liquidity is further boosted by
the Group's RCF which has c.€1bn undrawn. Net cash was
€2.1bn, which enables the Group to repay its last
€1.2bn bond next week leaving our group effectively debt
free. This financial strength further widens the cost gap
between Ryanair and our competitors, many of whom are exposed to
expensive (long-term) finance, rising aircraft lease costs and
unhedged jet-fuel.
During
FY26, we purchased (and cancelled) some 2% of issued share capital
(over 20m shares) and have now retired c.38% of Ryanair's issued
share capital since 2008. In line with our capital allocation
policy, a final dividend of €0.195 per share is payable in
Sept. (subject to AGM approval). Over the coming year, our
priorities include the May repayment of our last €1.2bn bond,
funding our MAX-10 aircraft capex, our dividends and the balance of
our (€750m) buyback programme from internal cashflows while
rebuilding the Group's gross cash back to €4bn.
FLEET & GROWTH
The
Group's year-end fleet of 647 aircraft (incl. all 210 Gamechangers)
should facilitate 4% traffic growth to approx. 216m this year
(FY27). Boeing expect MAX-10 certification in late summer
2026 and have confirmed they expect to deliver Ryanair's first 15
MAX-10s in Spring 2027 (in line with contract dates), with 300 of
these fuel-efficient aircraft (20% less fuel & 20% more seats)
due to deliver by Mar. 2034.
Building
on last year's deal to buy 30 new CFM LEAP-1B engines, in Q4
Ryanair agreed a multi-year engine material services agreement to
purchase CFM parts (both CFM56-7B and LEAP-1B) to support the
Group's 2 engine shop (MRO) project which will bring all of
Ryanair's engine maintenance in-house. The first of these
MROs are expected to be operational in early 2029 and we expect to
identify the first location shortly. Our second MRO should be
operational in early 2030s. When built, these 2 MROs will
further widen the maintenance cost advantage that Ryanair has over
competitor airlines.
Demand (despite the current
Middle East conflict) remains robust, although the booking window
is closer-in than last year. Ryanair has 130 new S.26 routes
on sale (incl. new bases in Rabat, Tirana and Trapani). Our
scarce FY27 capacity growth is allocated to those regions and
airports who have cut aviation taxes and are incentivising traffic
growth (such as Albania, Italy, Morocco, Slovakia and Sweden) as we
switch flights and routes away from uncompetitive high tax markets
like Austria, Belgium, Germany and Regional Spain. With near
term fuel prices likely to remain high, we urge all passengers book
early on www.ryanair.com to
secure the lowest airfares for S.2026 travel.
We
expect European short-haul capacity to remain constrained until at
least 2030 as the 2 big OEMs remain well behind on aircraft
deliveries, Pratt & Whitney engine repair delays continue, EU
airline consolidation accelerates and unprofitable airlines
(further hit by high jet-fuel prices) have recently withdrawn
capacity due to unhedged fuel costs which leaves them less able to
compete with Ryanair's much lower costs. Industry 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 profitable growth to over 300m passengers p.a. by
FY34.
CEO CONTRACT & BOARD UPDATE
This
Spring the Board commenced discussions with Michael O'Leary ("MOL")
on an extension of his employment contract with the Group
(currently ends 2028) until April 2032. These discussions
have almost concluded and engagement with the Group's largest
institutional shareholders will commence in the coming days.
Under the proposed new contract, MOL will have a purchase option
over 10m shares struck at market price (before the recent Iran war
related decline), but (similar to his 2019 grant) these options
will only be exercisable if very ambitious PAT or share price
growth targets are achieved, which will create substantial value
for all shareholders. A further update will be provided in due
course.
Following
a period of significant Board refreshment, Stan McCarty (Chairman)
and Róisín Brennan (SID) have agreed to remain on the
Board until Sept. 2029 & 2030 respectively to facilitate
experienced management of the Group, orderly succession and
onboarding of new NEDs.
ESG
Our significant investment in new
technology and operational resilience, coupled with ambitious SAF
commitments, positions Ryanair as one of Europe's most
environmentally efficient airlines. During FY26 we took
delivery of 34 new Gamechangers (4% more seats, 16% less fuel &
CO2)
and 30 new spare LEAP-1B engines, while accelerating the retrofit
of winglets to 75% of our B737NG fleet (1.5% lower fuel burn and 6%
less noise). The Group also recorded a record 89% CSAT score
(PY: 86%). In recognition of the above, CDP (Carbon Disclosure
Project) recently upgraded Ryanair's climate rating to A
(previously A-), MSCI reconfirmed the Group's 'A' rating and
Sustainalytics graded the Group as "low-risk".
OUTLOOK
We
expect FY27 traffic to grow 4% to 216m passengers. While 80%
of our FY27 jet-fuel requirements are hedged at c.$67bbl (lower
than prior year), the price of our unhedged 20% has spiked due to
the Middle East conflict. Our EU enviro. taxes are expected
to rise by a further €300m this year to c.€1.4bn which
makes EU air travel even less competitive. With maintenance
costs rising (ageing NG fleet and mid-life "hospital visits" on
B-8200 LEAP engines) and some significant crew pay increases agreed
under newly negotiated multi-year CLAs, if unhedged fuel prices
remain at current elevated levels then FY27 unit costs could rise
by a mid-single digit percentage. To date, S.26 travel demand
remains robust although bookings are closer-in than last year
reducing visibility. Pricing in recent weeks has eased somewhat in
response to economic uncertainty caused by higher oil prices, the
fear of fuel shortages and the risk of inflation adversely
impacting consumer spending. As always, Ryanair will pursue
its "load-active/yield passive" strategy to drive traffic growth,
ancillary revenue and lower unit costs. With the first week
of Easter falling into Mar. (benefitting Q4 FY26), we now expect Q1
fares to be behind (mid-single digit percentage) Q1 FY26 (which
enjoyed a full-Easter). With constrained EU short-haul
capacity, we had originally expected S.26 fares to rise modestly
(low single digits) ahead of last year. Q2 pricing (with
limited visibility) is now trending broadly flat and the final
outcome will be totally dependent on close-in peak S.26 bookings
and fares. With zero H2 visibility and significant fuel
price/potential supply volatility it is far too early to provide
any meaningful FY27 profit guidance at this
time.
The
final FY27 outcome remains heavily exposed to adverse external
developments, incl. conflict escalation in the Middle East and
Ukraine, risks to fuel supply shortages, higher for longer fuel
prices on our unhedged 20%, macro-economic shocks and European ATC
strikes & mismanagement. We hope to be able to give
shareholders a clearer picture on H1 pricing and fuel costs during
our Q1 results release in late
July."
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.216m guests p.a. on approx. 3,800 daily flights from 95
bases, the Group connects over 220 airports in 36 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 30,000 aviation professionals
delivering Europe's No.1 operational performance, and an industry
leading 40-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 Preliminary Balance Sheet as at March 31,
2026 (unaudited)
|
|
|
At Mar 31,
|
At
Mar 31,
|
|
|
|
2026
|
2025
|
|
|
Note
|
€M
|
€M
|
|
Non-current
assets
|
|
|
|
|
Property, plant and
equipment
|
|
11,373.1
|
10,923.7
|
|
Right-of-use
asset
|
|
148.1
|
148.5
|
|
Intangible
assets
|
|
146.4
|
146.4
|
|
Derivative
financial instruments
|
11
|
92.4
|
15.4
|
|
Deferred
tax
|
|
2.3
|
1.6
|
|
Other
assets
|
|
240.5
|
261.7
|
|
Total
non-current assets
|
|
12,002.8
|
11,497.3
|
|
|
|
|
|
|
Current
assets
|
|
|
|
|
Inventories
|
|
4.8
|
4.6
|
|
Other
assets
|
|
1,985.0
|
1,850.7
|
|
Trade
receivables
|
11
|
44.2
|
73.5
|
|
Derivative
financial instruments
|
11
|
2,133.9
|
94.4
|
|
Restricted
cash
|
11
|
31.2
|
23.1
|
|
Financial assets:
cash > 3 months
|
11
|
812.4
|
100.1
|
|
Cash
and cash equivalents
|
11
|
2,733.4
|
3,863.3
|
|
Total
current assets
|
|
7,744.9
|
6,009.7
|
|
|
|
|
|
|
Total
assets
|
|
19,747.7
|
17,507.0
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
Provisions
|
|
60.3
|
53.5
|
|
Trade
payables
|
11
|
609.8
|
702.0
|
|
Accrued
expenses and other liabilities
|
|
6,442.0
|
6,179.4
|
|
Current
lease liability
|
|
39.8
|
37.7
|
|
Current
maturities of debt
|
11
|
1,198.8
|
848.4
|
|
Derivative
financial instruments
|
11
|
142.3
|
224.7
|
|
Current
tax
|
|
79.8
|
107.1
|
|
Total
current liabilities
|
|
8,572.8
|
8,152.8
|
|
|
|
|
|
|
Non-current
liabilities
|
|
|
|
|
Provisions
|
|
141.3
|
141.1
|
|
Derivative
financial instruments
|
11
|
7.8
|
2.5
|
|
Deferred
tax
|
|
671.5
|
377.1
|
|
Non-current lease
liability
|
|
105.1
|
111.4
|
|
Non-current
maturities of debt
|
11
|
147.8
|
1,685.2
|
|
Total
non-current liabilities
|
|
1,073.5
|
2,317.3
|
|
|
|
|
|
|
Shareholders'
equity
|
|
|
|
|
Issued
share capital
|
|
6.3
|
6.4
|
|
Share
premium account
|
|
1,434.8
|
1,421.6
|
|
Other
undenominated capital
|
|
4.1
|
4.0
|
|
Retained
earnings
|
|
6,777.5
|
5,588.6
|
|
Other
reserves
|
|
1,878.7
|
16.3
|
|
Total
shareholders' equity
|
|
10,101.4
|
7,036.9
|
|
|
|
|
|
|
Total
liabilities and shareholders' equity
|
|
19,747.7
|
17,507.0
|
Ryanair Holdings plc and Subsidiaries
Condensed Consolidated Preliminary
Income Statement for the Year Ended March 31, 2026
(unaudited)
|
|
|
|
Change
|
IFRS
Year
Ended
|
IFRS
Year Ended
|
|
|
Mar 31, 2026
|
Mar 31, 2025
|
|||||
|
|
|
Note
|
%*
|
€M
|
€M
|
|
|
Operating revenues
|
|
|
|
|
||
|
|
Scheduled revenues
|
|
+14%
|
10,556.0
|
9,229.8
|
|
|
|
Ancillary revenues
|
|
+6%
|
4,988.3
|
4,718.7
|
|
|
Total operating revenues
|
8
|
+11%
|
15,544.3
|
13,948.5
|
||
|
|
|
|
|
|
||
|
Operating expenses
|
|
|
|
|
||
|
|
Fuel and oil
|
|
-4%
|
5,418.6
|
5,220.2
|
|
|
|
Staff costs
|
|
-6%
|
1,856.5
|
1,751.1
|
|
|
|
Airport and handling charges
|
|
-5%
|
1,762.3
|
1,683.5
|
|
|
|
Depreciation
|
|
-13%
|
1,373.4
|
1,214.4
|
|
|
|
Route charges
|
|
-13%
|
1,318.2
|
1,166.7
|
|
|
|
Marketing, distribution and other
|
|
+9%
|
803.5
|
878.4
|
|
|
|
Maintenance, materials and repairs
|
|
-16%
|
552.6
|
476.2
|
|
|
Operating expenses before exceptional charge
|
|
-6%
|
13,085.1
|
12,390.5
|
||
|
|
|
|
|
|
|
|
|
|
Exceptional charge**
|
|
|
85.0
|
-
|
|
|
Total operating expenses
|
|
-6%
|
13,170.1
|
12,390.5
|
||
|
|
|
|
|
|
|
|
|
Operating profit
|
|
+52%
|
2,374.2
|
1,558.0
|
||
|
|
|
|
|
|
||
|
Other income/(expense)
|
|
|
|
|
||
|
|
Net finance and other income
|
|
|
80.0
|
224.0
|
|
|
|
Foreign exchange (loss)/gain
|
|
|
(30.9)
|
2.4
|
|
|
Total other income
|
|
-78%
|
49.1
|
226.4
|
||
|
|
|
|
|
|
|
|
|
Profit before tax
|
|
|
2,423.3
|
1,784.4
|
||
|
|
|
|
|
|
|
|
|
|
Tax expense
|
5
|
|
(249.6)
|
(172.8)
|
|
|
|
|
|
|
|
|
|
|
Profit for the year - all attributable to equity
holders of parent
|
+35%
|
2,173.7
|
1,611.6
|
|||
|
|
|
|
|
|||
|
Profit - before exceptional charge
|
+40%
|
2,258.7
|
1,611.6
|
|||
|
|
|
|
|
|||
|
|
IFRS earnings per ordinary share (€)
|
|
|
|
|
|
|
|
Basic
|
|
+41%
|
2.0594
|
1.4631
|
|
|
|
Diluted
|
|
+40%
|
2.0422
|
1.4549
|
|
|
|
Weighted avg. no. of ord. shares (in Ms)
|
|
|
|
|
|
|
|
Basic
|
|
|
1,055.5
|
1,101.5
|
|
|
|
Diluted
|
|
|
1,064.4
|
1,107.7
|
|
*'+' is favourable and '-' is adverse
period-on-period.
** Includes
an €85M
provision (approx. 33%) for Italian AGCM fine.
Ryanair Holdings plc and Subsidiaries
Condensed Consolidated Preliminary Statement of Comprehensive
Income for the Year Ended March 31, 2026 (unaudited)
|
|
Year
|
Year
|
|
|
Ended
|
Ended
|
|
|
March 31,
|
March 31,
|
|
2026
|
2025
|
|
|
|
€M
|
€M
|
|
|
|
|
|
Profit for the year
|
2,173.7
|
1,611.6
|
|
|
|
|
|
Other comprehensive income/(loss):
|
|
|
|
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
|
1,852.0
|
(287.2)
|
|
Total other comprehensive income/(loss)
for the year, net of income tax
|
1,852.0
|
(287.2)
|
|
Total comprehensive income for the year - attributable to equity
holders of parent
|
|
|
|
4,025.7
|
1,324.4
|
Ryanair Holdings plc and Subsidiaries
Condensed Consolidated Preliminary Statement of Cash Flows for the
Year Ended March 31, 2026 (unaudited)
|
|
|
|
Year
|
Year
|
|
|
|
|
Ended
|
Ended
|
|
|
|
|
Mar 31,
|
Mar 31,
|
|
|
2026
|
2025
|
||
|
|
|
|
€M
|
€M
|
|
Operating activities
|
|
|
|
|
|
|
Profit after tax
|
|
2,173.7
|
1,611.6
|
|
|
|
|
|
|
|
Adjustments to reconcile profit after tax to net cash from
operating activities
|
|
|
|
|
|
|
Depreciation
|
|
1,373.4
|
1,214.4
|
|
|
(Increase)/decrease in inventories
|
|
(0.2)
|
1.6
|
|
|
Tax expense
|
|
249.6
|
172.8
|
|
|
Share based payments
|
|
15.0
|
12.8
|
|
|
Decrease in trade receivables
|
|
29.3
|
2.9
|
|
|
(Increase) in other assets
|
|
(141.3)
|
(585.6)
|
|
|
(Decrease)/increase in trade payables
|
|
(9.2)
|
124.8
|
|
|
Increase in accrued expenses and other liabilities
|
|
276.6
|
948.8
|
|
|
(Decrease) in provisions
|
|
(15.2)
|
(12.2)
|
|
|
Increase in finance income
|
|
0.3
|
1.9
|
|
|
(Decrease) in finance expense
|
|
(10.3)
|
(0.4)
|
|
|
Foreign exchange
|
|
4.7
|
7.2
|
|
|
Income tax (paid)
|
|
(251.5)
|
(84.9)
|
|
Net cash inflow
from operating activities
|
|
3,694.9
|
3,415.7
|
|
|
|
|
|
|
|
|
Investing activities
|
|
|
|
|
|
|
Capital expenditure - purchase of property, plant and
equipment
|
|
(1,892.4)
|
(1,552.5)
|
|
|
(Increase)/decrease in financial assets: cash > 3
months
|
|
(712.3)
|
137.7
|
|
|
(Increase) in restricted cash
|
|
(8.1)
|
(16.7)
|
|
Net cash (used
in) investing activities
|
|
(2,612.8)
|
(1,431.5)
|
|
|
|
|
|
|
|
|
Financing activities
|
|
|
|
|
|
|
Proceeds from shares issued
|
|
3.2
|
4.9
|
|
|
Share buyback
|
|
(536.5)
|
(1,477.8)
|
|
|
Dividends paid
|
|
(443.3)
|
(437.7)
|
|
|
Repayment of borrowings
|
|
(1,190.0)
|
(50.0)
|
|
|
Lease liabilities paid
|
|
(34.1)
|
(36.4)
|
|
Net cash (used
in) financing activities
|
|
(2,200.7)
|
(1,997.0)
|
|
|
|
|
|
|
|
|
(Decrease) in cash and cash equivalents
|
|
(1,118.6)
|
(12.8)
|
|
|
|
Net foreign exchange (loss)/gain
|
|
(11.3)
|
0.7
|
|
|
Cash and cash equivalents at beginning of the year
|
|
3,863.3
|
3,875.4
|
|
Cash and cash equivalents at end of the year
|
|
2,733.4
|
3,863.3
|
|
|
|
|
|
|
|
|
Included in the cash flows from operating activities for the year
are the following amounts:
|
|
|
|
|
|
Interest
income received
|
|
81.0
|
135.9
|
|
|
Interest
expense paid
|
|
(51.0)
|
(69.7)
|
|
Ryanair Holdings plc and Subsidiaries
Condensed Consolidated Preliminary Statement of Changes in
Shareholders' Equity for the Year Ended
March 31, 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 April 01, 2024
|
1,140.1
|
6.9
|
1,404.3
|
3.5
|
5,899.8
|
265.9
|
33.8
|
7,614.2
|
|
Profit
for the year
|
-
|
-
|
-
|
-
|
1,611.6
|
-
|
-
|
1,611.6
|
|
Other comprehensive (loss)
|
|
|
|
|
|
|
|
|
|
Net
movements in cash flow reserve
|
-
|
-
|
-
|
-
|
-
|
(287.2)
|
-
|
(287.2)
|
|
Total
other comprehensive (loss)
|
-
|
-
|
-
|
-
|
-
|
(287.2)
|
-
|
(287.2)
|
|
Total
comprehensive income/(loss)
|
-
|
-
|
-
|
-
|
1,611.6
|
(287.2)
|
-
|
1,324.4
|
|
Transactions with owners of the Company recognised directly in
equity
|
|
|
|
|
|
|
|
|
|
Issue
of ordinary equity shares
|
1.0
|
-
|
17.3
|
-
|
(12.4)
|
-
|
-
|
4.9
|
|
Repurchase
of ordinary equity shares
|
-
|
-
|
-
|
-
|
(1,481.7)
|
-
|
-
|
(1,481.7)
|
|
Cancellation
of repurchased shares
|
(77.2)
|
(0.5)
|
-
|
0.5
|
-
|
-
|
-
|
-
|
|
Dividends
paid
|
-
|
-
|
-
|
-
|
(437.7)
|
-
|
-
|
(437.7)
|
|
Share-based
payments
|
-
|
-
|
-
|
-
|
-
|
-
|
12.8
|
12.8
|
|
Transfer
of exercised and expired share-based awards
|
-
|
-
|
-
|
-
|
9.0
|
-
|
(9.0)
|
-
|
|
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 year
|
-
|
-
|
-
|
-
|
2,173.7
|
-
|
-
|
2,173.7
|
|
Other comprehensive
gain
|
|
|
|
|
|
|
|
|
|
Net
movements in cash flow reserve
|
-
|
-
|
-
|
-
|
-
|
1,852.0
|
-
|
1,852.0
|
|
Total other comprehensive
gain
|
-
|
-
|
-
|
-
|
-
|
1,852.0
|
-
|
1,852.0
|
|
Total comprehensive
income
|
-
|
-
|
-
|
-
|
2,173.7
|
1,852.0
|
-
|
4,025.7
|
|
Transactions with owners of the Company recognised directly in
equity
|
|
|
|
|
|
|
|
|
|
Issue
of ordinary equity shares
|
0.5
|
-
|
13.2
|
-
|
(10.0)
|
-
|
-
|
3.2
|
|
Repurchase
of ordinary equity shares
|
-
|
-
|
-
|
-
|
(536.1)
|
-
|
-
|
(536.1)
|
|
Cancellation
of repurchased shares
|
(20.5)
|
(0.1)
|
-
|
0.1
|
-
|
-
|
-
|
-
|
|
Dividends
paid
|
-
|
-
|
-
|
-
|
(443.3)
|
-
|
-
|
(443.3)
|
|
Share-based
payments
|
-
|
-
|
-
|
-
|
-
|
-
|
15.0
|
15.0
|
|
Transfer
of exercised and expired share-based awards
|
-
|
-
|
-
|
-
|
4.6
|
-
|
(4.6)
|
-
|
|
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
|
Ryanair Holdings plc and Subsidiaries
MD&A Year Ended March 31, 2026 ("FY26")
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 FY26 results.
Income Statement
Scheduled revenues:
Scheduled revenues
increased 14% to
€10.56BN as traffic
grew 4% (to 208.4M passengers) with 10% higher fares (to
c.€51).
Ancillary revenues:
Ancillary revenue was solid,
rising 6% to
€4.99BN (€24
per passenger) as traffic grew 4% and spend per passenger rose
2%.
Total revenue:
As a result of the above, total revenue
rose 11% to
€15.54BN.
Operating Expenses:
Fuel and oil:
Fuel and oil increased 4% to
€5.42BN as the
Group's jet fuel hedging and lower fuel burn (more B737-8200
"Gamechanger" aircraft and retrofit scimitar winglets on our
B737-800NG fleet) helped offset a 4% increase in flight hours and
higher environmental taxes (ETS allowance unwind and SAF blend
mandates from Jan. 2025), which rose to €1.1BN in
FY26.
Staff costs:
Staff costs increased 6% to
€1.86BN, as agreed pay
increases and higher sectors were somewhat offset by 34 additional
B737-8200 "Gamechanger" aircraft in the fleet (driving better
efficiency).
Airport and handling charges:
Airport and handling charges
rose 5%
to €1.76BN, due to 4%
traffic growth, ground ATC rate hikes and higher handling labour
inflation.
Depreciation:
Depreciation increased 13% to
€1.37BN, primarily due to
34 additional B737-8200 "Gamechanger" aircraft in the fleet, the
purchase of 30 spare LEAP-1B engines, higher aircraft utilisation
(sectors up 4%), increased maintenance on the B737NG fleet and
provision for mid-life "hospital visits" on B-8200 LEAP
engines.
Route charges:
Route charges rose 13% to
€1.32BN, due to
significantly higher Eurocontrol/ATC rates and a 4% increase in
flight hours.
Marketing, distribution and other:
Marketing, distribution and other
fell 9%
to €0.80BN primarily
due to lower EU261 compensation and legal costs (FY25 included a
Spanish baggage fine provision (€54M), which is under
appeal). This is offset by input costs for higher onboard
sales.
Maintenance, materials and repairs:
Maintenance, materials and repairs
rose 16% to
€0.55BN due to
higher utilisation, increased engine and airframe maintenance as
the fleet grows, labour inflation and lower delivery delay credits
than last year.
Exceptional charge:
In
Q3, AGCM (Italy) unjustly levied a €256M fine on Ryanair.
While the Group's lawyers are confident this fine will be
overturned on appeal, approx. 33% of the fine (€85M) has been
provided in the Income Statement.
Other income:
With
all 210 B737-8200 "Gamechanger" aircraft now delivered, other
income fell reflecting significantly reduced delivery delay
compensation in FY26 (incl. in the prior-year comparative) and
lower deposit interest rates, partially offset by debt repayments.
Foreign exchange translation reflects the impact of primarily
€/US$ exchange rate movements on year end balance sheet
revaluations.
Balance sheet:
Gross
cash was €3.6BN at March 31, 2026 (March 31, 2025:
€4.0BN) despite €1.9BN capex, €1.2BN debt
repayments, and over €0.9BN shareholder distributions. Net
cash was €2.1BN at March 31, 2026 (March 31, 2025:
€1.3BN).
Shareholders' equity:
Shareholders'
equity increased by €3.1BN to €10.1BN in the year due
to a net profit of c. €2.2BN and an IFRS hedge accounting
increase in derivatives of €1.9BN, offset by a €0.5BN
repurchase of shares and €0.4BN dividends paid.
Ryanair Holdings plc and Subsidiaries
Notes forming Part of the Condensed Consolidated
Preliminary 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 preliminary financial statements
("preliminary financial statements") for the year ended March 31,
2026 ("FY26"), comprise the results of the Company and its
subsidiaries (together referred to as the "Group").
The
FY26 figures and the March 31, 2025 ("FY25") 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 FY25, together with the independent auditor's report
thereon, are available on the Company's website and were filed with
the Irish Registrar of Companies following the Company's Annual
General Meeting. The auditor's report on those financial statements
was unqualified. The financial information presented in these
preliminary financial statements does not represent full statutory
accounts as defined by the Companies Act 2014. The statutory
accounts of Ryanair Holdings plc for FY26 are expected to be filed
with the Companies Registration Office by the end of October 2026.
The accounting policies, presentation and methods of computation
followed in the preliminary 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 FY26 financial statements on May 15,
2026.
Except
as stated otherwise below, the preliminary financial statements for
FY26 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 year
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, 2025, and therefore were applied by the Group for the
first time to the FY26 consolidated financial
statements:
●
Amendments
to IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of
Exchangeability (effective on or after January 1,
2025).
The
adoption of these new or amended standards did not have a material
impact on the Group's financial position or results for FY26, 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
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).*
●
IFRS
18 Presentation and Disclosure in Financial Statements (effective
on or after January 1, 2027).
●
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).
*These
standards or amendments to standards are not as of yet EU
endorsed.
2.
Board of Directors
Details
of the members of the Company's Board of Directors are set forth on
pages 218 and 219 of the Group's FY25 Annual Report. Captain Ray
Conway joined the Board in October 2025 and both Howard Millar and
Captain Mike O'Brien retired from the Board in September
2025.
3.
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. Actual results may differ from estimates.
Critical estimates
Long-lived assets
At
March 31, 2026, the Group had €11.4BN of property, plant and
equipment long-lived assets, of which €11.1BN 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.
4.
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.
5.
Income tax expense
The
Group's consolidated tax expense for FY26 of €250M (FY25:
€173M) comprises a current tax charge of €224M and a
€26M 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 year. The
effective tax rate of approx. 10% for FY26 (FY25: approx. 10%) is
the result of the mix of profits and losses incurred by Ryanair's
operating subsidiaries primarily in Ireland, Malta, Poland and the
UK.
6.
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.
7.
Capital commitments
At
March 31, 2026 the Group had an operating fleet of 621 (2025: 587)
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.
8.
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:
|
Year Ended
|
Ryanair DAC
Mar 31,
2026
€M
|
Other Airlines
Mar 31,
2026
€M
|
Elimination
Mar 31,
2026
€M
|
Total
Mar 31,
2026
€M
|
|
Scheduled
revenues
|
10,430.6
|
125.4
|
-
|
10,556.0
|
|
Ancillary
revenues
|
4,987.9
|
0.4
|
-
|
4,988.3
|
|
Inter-segment
revenues
|
802.2
|
1,551.5
|
(2,353.7)
|
-
|
|
Segment revenues
|
16,220.7
|
1,677.3
|
(2,353.7)
|
15,544.3
|
|
|
|
|
|
|
|
Reportable segment profit after income tax
|
2,110.2
|
63.5
|
-
|
2,173.7
|
|
|
|
|
|
|
|
Other segment information:
|
|
|
|
|
|
Depreciation
|
(1,334.9)
|
(38.5)
|
-
|
(1,373.4)
|
|
Net
finance and other income/(expense)
|
85.9
|
(5.9)
|
-
|
80.0
|
|
Capital
expenditure
|
(1,725.9)
|
(75.3)
|
-
|
(1,801.2)
|
|
Staff
costs
|
(1,174.0)
|
(682.5)
|
-
|
(1,856.5)
|
|
|
|
|
|
|
|
Segment
assets
|
19,395.5
|
352.2
|
-
|
19,747.7
|
|
Segment
liabilities
|
(9,147.1)
|
(499.2)
|
-
|
(9,646.3)
|
|
Year Ended
|
Ryanair DAC
Mar 31,
2025
€M
|
Other Airlines
Mar 31,
2025
€M
|
Elimination
Mar 31,
2025
€M
|
Total
Mar 31,
2025
€M
|
|
Scheduled
revenues
|
9,120.6
|
109.2
|
-
|
9,229.8
|
|
Ancillary
revenues
|
4,718.7
|
-
|
-
|
4,718.7
|
|
Inter-segment
revenues
|
758.5
|
1,472.0
|
(2,230.5)
|
-
|
|
Segment revenues
|
14,597.8
|
1,581.2
|
(2,230.5)
|
13,948.5
|
|
|
|
|
|
|
|
Reportable segment profit after income tax
|
1,541.0
|
70.6
|
-
|
1,611.6
|
|
|
|
|
|
|
|
Other segment information:
|
|
|
|
|
|
Depreciation
|
(1,175.1)
|
(39.3)
|
-
|
(1,214.4)
|
|
Net
finance and other income/(expense)
|
231.9
|
(7.9)
|
-
|
224.0
|
|
Capital
expenditure
|
(1,278.1)
|
(73.8)
|
-
|
(1,351.9)
|
|
Staff
costs
|
(1,113.5)
|
(637.6)
|
-
|
(1,751.1)
|
|
|
|
|
|
|
|
Segment
assets
|
17,199.2
|
307.8
|
-
|
17,507.0
|
|
Segment
liabilities
|
(9,936.7)
|
(533.4)
|
-
|
(10,470.1)
|
The
expense line items not presented in the table 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.
|
|
|
Year Ended
Mar 31,
2026
|
Year Ended
Mar 31,
2025
|
|
|
|
€M
|
€M
|
|
|
|
|
|
|
Italy
|
|
3,360.7
|
2,969.4
|
|
Spain
|
|
2,698.8
|
2,476.5
|
|
United
Kingdom
|
|
2,272.9
|
2,044.6
|
|
Ireland
|
|
896.6
|
757.4
|
|
Other
|
|
6,315.3
|
5,700.6
|
|
Total
revenue
|
|
15,544.3
|
13,948.5
|
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.
9.
Property, plant and equipment
During
FY26, net capital additions amounted to €1.76BN principally
reflecting aircraft deliveries in the period, 30 spare LEAP-1B
engines purchased and capitalised maintenance, offset by
depreciation.
10. 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 FY26 that materially affected
the financial position or the performance of the Group during that
year and there were no changes in the related party transactions
described in the FY25 Annual Report that could have a material
effect on the financial position or performance of the Group in the
same period.
11. 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 condensed consolidated
preliminary 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
2025 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 March 31, 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 FY26 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.
Financial instruments not measured at fair value
●
Long-term
debt: The
fair value disclosed for the Group's long-term debt has been
measured using the relevant market rates at March 31, 2026. This
represents the amount which would be payable to a third party to
assume the obligations.
The
fair value of financial assets and financial liabilities, together
with the carrying amounts in the condensed consolidated balance
sheet, are as follows:
|
|
At Mar 31,
|
At Mar 31,
|
At Mar 31,
|
At Mar 31,
|
|
|
2026
|
2026
|
2025
|
2025
|
|
|
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
|
92.4
|
92.4
|
5.8
|
5.8
|
|
-
Jet fuel & carbon derivatives contracts
|
-
|
-
|
9.6
|
9.6
|
|
|
92.4
|
92.4
|
15.4
|
15.4
|
|
Current financial assets
|
|
|
|
|
|
Derivative
financial instruments:
|
|
|
|
|
|
-
U.S. dollar currency forward contracts
|
35.8
|
35.8
|
84.4
|
84.4
|
|
-
Jet fuel & carbon derivative contracts
|
2,098.1
|
2,098.1
|
10.0
|
10.0
|
|
|
2,133.9
|
2,133.9
|
94.4
|
94.4
|
|
Trade
receivables*
|
44.2
|
|
73.5
|
|
|
Cash
and cash equivalents*
|
2,733.4
|
|
3,863.3
|
|
|
Financial
asset: cash > 3 months*
|
812.4
|
|
100.1
|
|
|
Restricted
cash*
|
31.2
|
|
23.1
|
|
|
|
5,755.1
|
2,133.9
|
4,154.4
|
94.4
|
|
Total
financial assets
|
5,847.5
|
2,226.3
|
4,169.8
|
109.8
|
|
|
|
|
|
|
|
|
At Mar 31,
|
At Mar 31,
|
At Mar 31,
|
At Mar 31,
|
|
|
2026
|
2026
|
2025
|
2025
|
|
|
Carrying
|
Fair
|
Carrying
|
Fair
|
|
|
Amount
|
Value
|
Amount
|
Value
|
|
Non-current financial liabilities
|
€M
|
€M
|
€M
|
€M
|
|
Derivative
financial instruments:
|
|
|
|
|
|
-
U.S. dollar currency forward contracts
|
7.8
|
7.8
|
2.5
|
2.5
|
|
|
7.8
|
7.8
|
2.5
|
2.5
|
|
Non-current
maturities of debt:
|
|
|
|
|
|
-
Long-term debt
|
147.8
|
147.8
|
488.9
|
488.9
|
|
-
Bonds**
|
-
|
-
|
1,196.3
|
1,172.5
|
|
|
147.8
|
147.8
|
1,685.2
|
1,661.4
|
|
|
155.6
|
155.6
|
1,687.7
|
1,663.9
|
|
|
|
|
|
|
|
Current financial liabilities
|
|
|
|
|
|
Derivative
financial instruments:
|
|
|
|
|
|
-
Jet fuel & carbon derivative contracts
|
70.5
|
70.5
|
224.5
|
224.5
|
|
-
U.S. dollar currency forward contracts
|
71.8
|
71.8
|
0.2
|
0.2
|
|
|
142.3
|
142.3
|
224.7
|
224.7
|
|
|
|
|
|
|
|
Current
maturities of debt:
|
|
|
|
|
|
-
Bonds**
|
1,198.8
|
1,196.4
|
848.4
|
850.3
|
|
|
1,198.8
|
1,196.4
|
848.4
|
850.3
|
|
Trade
payables*
|
609.8
|
|
702.0
|
|
|
Accrued
expenses*
|
2,221.6
|
|
1,953.5
|
|
|
|
4,172.5
|
1,338.7
|
3,728.6
|
1,075.0
|
|
Total
financial liabilities
|
4,328.1
|
1,494.3
|
5,416.3
|
2,738.9
|
*The fair value of each of these financial instruments approximate
their carrying values due to the short-term nature of the
instruments.
** In September 2025 the Group repaid its €850M
Eurobond.
12. Shareholders'
equity and shareholders' returns
In
line with the Group's Dividend Policy, an FY25 final dividend of
€0.227 per share was paid in September 2025 and an interim
dividend of €0.193 per share was paid in February,
2026.
In the year ended March 31, 2026
the Company bought back, and cancelled, approx. 21M ordinary shares
at a total cost of €0.5BN (including approx. 20M shares
purchased under the current €750M share buyback programme
launched in May 2025). This
is equivalent to approx.
2% of the Company's issued share capital at March 31,
2025. As
a result of the share buybacks in FY26, share capital decreased by
approx. 21M ordinary shares with a nominal value
of €0.1M
and the other undenominated capital reserve increased by a
corresponding €0.1M. The other undenominated capital reserve
is required to be created under Irish law to preserve permanent
capital in the parent company.
13.
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
preliminary financial statements. The continued preparation of the
Group's condensed consolidated preliminary 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 net profit of €2.26BN (pre-exceptional) in
FY26;
●
The
Group's liquidity, with €3.6BN gross cash and approximately
€2.1BN net cash at March 31, 2026 and
almost €1BN undrawn funds under the Group's €1.1BN
revolving credit facility;
●
The
Group's fuel hedging position (approx. 80% of FY27 jet fuel
requirements were hedged at March 31, 2026 at $668 per metric
tonne);
●
The
Group's focus on cost reduction and cash
management;
●
The
Group's solid BBB+ credit ratings from both S&P and Fitch
Ratings;
●
The
Group's strong balance sheet position with its owned B737 fleet
unencumbered;
●
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-19 crisis), to preserve cash and reduce operational and
capital expenditure.
14. Post
balance sheet events
Between
April 1, 2026 and 14 May, 2026 the Company bought back approx. 4M
ordinary shares at a total cost of approx. €88M under its
ongoing share buyback programme. This brought total spend to
approx. €0.6BN.
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: 18
May, 2026
|
|
By:___/s/
Juliusz Komorek____
|
|
|
|
|
|
Juliusz
Komorek
|
|
|
Company
Secretary
|