RYAOF 6-K
Ryanair Holdings PLC (RYAAY)
6-K
2026-07-20
For: 2026-07-20
View Original
Added on
July 20, 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 July, 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 Q1 PAT FALLS 34% TO €538M AS UNHEDGED
OIL PRICES
SPIKE. TRAFFIC GROWS 6% AT LOWER FARES
Ryanair
Holdings plc today (20 July) reported Q1 PAT of €538m, down
34% on PY Q1 PAT of €820m as the price of its 20% unhedged
jet-fuel spiked and fares fell 6%, primarily due to the impact of
the Middle East conflict and the first part of Easter holiday
falling into PY Q4.
|
Q1
Ended:
|
Jun.
2025
|
Jun.
2026
|
+/-
|
|
Passengers
|
57.9m
|
61.3m
|
+6%
|
|
Load
Factor
|
94%
|
94%
|
-
|
|
Revenue
(€)
|
4.34bn
|
4.38bn
|
+1%
|
|
Op.
Costs (€)
|
3.42bn
|
3.81bn
|
+11%
|
|
PAT
|
€820m
|
€538m
|
-34%
|
Q1
highlights include:
●
Traffic
grew 6% to 61.3m.
●
Rev.
per pax fell 5% (ave. fare down 6% & ancil rev.
flat).
●
Unit
costs rose 5% as unhedged Q1 jet-fuel prices doubled to
$150bbl.
●
FY27
jet-fuel is 80% hedged @ $67bbl. FY28 now 15% hedged at
$85bbl.
●
3
new bases (Rabat, Tirana & Trapani) and 130 new S.26
routes.
●
Final
€1.2bn bond repaid in May, leaving the Group now debt
free.
Ryanair CEO Michael O'Leary, said:
Revenue & Costs:
"In
Q1 Revenue rose 1% to €4.38bn. Scheduled revenue dipped
1% to €2.91bn as traffic grew 6% but at 6% lower fares. Q1
fares (which benefitted from a full Easter during April 2025)
required stimulation as the Middle East conflict led to consumer
hesitancy, concerns about EU jet-fuel shortages, economic
uncertainty and later bookings. Ancillary revenue grew in line with
traffic to €1.47bn. Operating costs rose 11% to
€3.81bn as the price of our 20% unhedged jet-fuel more than
doubled in Q1, while supplier compensation ceased following
delivery of our final B-8200 "Gamechanger" in February
2026.
Ryanair's
conservative hedging policy (FY27 fuel is 80% hedged at c.$67bbl)
insulates Group earnings during volatile oil markets and widens our
cost advantage over all other EU competitors. We recently extended
our fuel hedges (on price dips) into FY28 which is now 15% hedged
at c.$85bbl.
Balance Sheet & Liquidity:
Our
industry leading balance sheet is underpinned by an unencumbered
B737 fleet of 620 aircraft, BBB+ credit ratings and very strong
liquidity. At 30 June gross cash was over €2.8bn, after
€1.3bn debt repayments and €0.5bn capex.
Liquidity is further boosted by the Group's €1.1bn RCF which
is mostly undrawn. This financial strength widens the cost
gap between Ryanair and competitor airlines, many of whom are
exposed to rising (long-term) finance costs, expensive aircraft
leases and unhedged jet-fuel.
We
are now c.90% through our €750m buyback programme (over 25m
shares purchased and cancelled at an ave. price of €26.35 per
share). Over the coming year (following the May repayment of
our last €1.2bn bond) our funding priorities include MAX-10
aircraft capex, shareholder dividends and the completion of the
current buyback programme from internal cashflows while rebuilding
the Group's gross cash back to €4bn.
FLEET & GROWTH
The
Group's fleet of 647 aircraft (incl. all 210 B-8200
"Gamechangers"), facilitates 4% FY27 traffic growth to 216m
passengers. Boeing continues to expect MAX-10 certification
in late summer 2026 and plans to deliver Ryanair's first 15 MAX-10s
on time in Spring 2027, with 300 of these super fuel-efficient
aircraft (20% less fuel & 20% more seats) due to deliver by
Mar. 2034.
For
S.26, Ryanair has opened 3 new bases (Rabat, Tirana and Trapani)
and 130 new routes, now on sale. With only 4% FY27 traffic
growth, our scarce capacity is being switched to those States,
Regions and Airports cutting aviation taxes and lowering fees to
incentivise growth (such as Albania, Italy, Morocco, Slovakia and
Sweden) as we withdraw flights and traffic away from high tax/high
cost markets like Austria, Dublin, Germany and Regional
Spain.
We
expect European short-haul capacity to remain constrained until at
least 2030 as the 2 main OEMs remain well behind on aircraft
deliveries, Pratt & Whitney engine repair delays continue, EU
airline consolidation accelerates and unprofitable airlines (hit by
higher jet-fuel prices and strong US dollar) face a difficult
winter. 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 sustainable,
profitable growth to over 300m passengers p.a. by
FY34.
ESG
During
Q1 the Group recorded a record 91% customer satisfaction (CSAT)
score (up 2% pts on PY). Our ongoing investment in new
technology and operational resilience, coupled with ambitious SAF
targets, makes Ryanair one of Europe's most environmentally
efficient airlines. This summer the Group is operating 210
Gamechanger aircraft (4% more seats, 16% less fuel) and
preparations are well underway for the first MAX-10s in Q4 (20%
more seats & 20% less fuel). We'll also complete the
winglet retrofit programme on all our B737NG fleet (1.5% lower fuel
burn and 6% less noise) this winter.
OUTLOOK
FY27
traffic remains on track to grow 4% to 216m passengers (H1 +6%
& H2 +2%). Our unit cost leadership continues to widen.
Our jet fuel is 80% hedged to March 2027 at c.$67bbl, insulating
earnings from oil price volatility and helping offset a €300m
increase in EU enviro. taxes, significant crew pay increases under
new multi-year CLAs and higher maintenance. Final FY27 unit
costs will depend on the price of our 20% unhedged jet fuel over
the remaining 3 quarters. While S.26 volumes are strong, the
booking window remains closer-in than last year which further
reduces visibility. Despite a recent, slight, uptick in
volumes, and less price stimulation, Q2 pricing is trending
modestly down (y-o-y) and the final H1 fare outcome is heavily
dependent on the strength of close-in bookings in Aug. and Sept. As
is normal this early in the year, we have zero H2 visibility so it
remains far too early to provide any 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 unhedged jet-fuel, macro-economic shocks and
continuing European ATC strikes & mismanagement."
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 35 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 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 June 30,
2026 (unaudited)
|
|
|
|
At Jun 30,
|
At
Mar 31,
|
|
|
|
|
2026
|
2026
|
|
|
|
Note
|
€M
|
€M
|
|
|
Non-current
assets
|
|
|
|
|
|
Property, plant and
equipment
|
|
11,355.4
|
11,373.1
|
|
|
Right-of-use
asset
|
|
144.1
|
148.1
|
|
|
Intangible
assets
|
|
146.4
|
146.4
|
|
|
Derivative
financial instruments
|
10
|
81.5
|
92.4
|
|
|
Deferred
tax
|
|
2.3
|
2.3
|
|
|
Other
assets
|
|
234.5
|
240.5
|
|
|
Total
non-current assets
|
|
11,964.2
|
12,002.8
|
|
|
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
Inventories
|
|
4.6
|
4.8
|
|
|
Other
assets
|
|
2,362.5
|
1,985.0
|
|
|
Trade
receivables
|
10
|
95.8
|
44.2
|
|
|
Derivative
financial instruments
|
10
|
901.5
|
2,133.9
|
|
|
Restricted
cash
|
10
|
31.2
|
31.2
|
|
|
Financial assets:
cash > 3 months
|
10
|
319.7
|
812.4
|
|
|
Cash
and cash equivalents
|
10
|
2,483.8
|
2,733.4
|
|
|
Total
current assets
|
|
6,199.1
|
7,744.9
|
|
|
|
|
|
|
|
|
Total
assets
|
|
18,163.3
|
19,747.7
|
|
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
Provisions
|
|
73.5
|
60.3
|
|
|
Trade
payables
|
10
|
713.0
|
609.8
|
|
|
Accrued
expenses and other liabilities
|
|
6,871.9
|
6,442.0
|
|
|
Current
lease liability
|
|
39.8
|
39.8
|
|
|
Current
maturities of debt
|
10
|
-
|
1,198.8
|
|
|
Derivative
financial instruments
|
10
|
34.5
|
142.3
|
|
|
Current
tax
|
|
117.7
|
79.8
|
|
|
Total
current liabilities
|
|
7,850.4
|
8,572.8
|
|
|
|
|
|
|
|
|
Non-current
liabilities
|
|
|
|
|
|
Provisions
|
|
130.5
|
141.3
|
|
|
Derivative
financial instruments
|
10
|
23.2
|
7.8
|
|
|
Deferred
tax
|
|
536.6
|
671.5
|
|
|
Non-current lease
liability
|
|
103.8
|
105.1
|
|
|
Non-current
maturities of debt
|
10
|
38.3
|
147.8
|
|
|
Total
non-current liabilities
|
|
832.4
|
1,073.5
|
|
|
|
|
|
|
|
|
Shareholders'
equity
|
|
|
|
|
|
Issued
share capital
|
|
6.3
|
6.3
|
|
|
Share
premium account
|
|
1,466.3
|
1,434.8
|
|
|
Other
undenominated capital
|
|
4.1
|
4.1
|
|
|
Retained
earnings
|
|
7,147.7
|
6,777.5
|
|
|
Other
reserves
|
|
856.1
|
1,878.7
|
|
|
Total
shareholders' equity
|
|
9,480.5
|
10,101.4
|
|
|
|
|
|
|
|
|
Total
liabilities and shareholders' equity
|
|
18,163.3
|
19,747.7
|
Ryanair Holdings plc and Subsidiaries
Condensed Consolidated Interim
Income Statement for the Quarter Ended June 30, 2026
(unaudited)
|
|
|
|
Change
|
IFRS Quarter Ended
|
IFRS Quarter Ended
|
|
Jun 30, 2026
|
Jun 30, 2025
|
||||
|
|
|
Note
|
%*
|
€M
|
€M
|
|
Operating revenues
|
|
|
|
|
|
|
|
Scheduled revenues
|
|
-1%
|
2,914.5
|
2,943.8
|
|
|
Ancillary revenues
|
|
+5%
|
1,469.6
|
1,393.8
|
|
Total operating revenues
|
7
|
+1%
|
4,384.1
|
4,337.6
|
|
|
|
|
|
|
|
|
|
Operating expenses
|
|
|
|
|
|
|
|
Fuel and oil
|
|
-16%
|
1,689.3
|
1,456.8
|
|
|
Airport and handling charges
|
|
-5%
|
519.9
|
495.1
|
|
|
Staff costs
|
|
-3%
|
476.3
|
461.7
|
|
|
Depreciation
|
|
-21%
|
417.1
|
343.3
|
|
|
Route charges
|
|
-8%
|
386.1
|
356.3
|
|
|
Marketing, distribution and other
|
|
+8%
|
203.0
|
221.2
|
|
|
Maintenance, materials and repairs
|
|
-30%
|
117.0
|
89.9
|
|
Total operating expenses
|
|
-11%
|
3,808.7
|
3,424.3
|
|
|
|
|
|
|
|
|
|
Operating profit
|
|
-37%
|
575.4
|
913.3
|
|
|
|
|
|
|
|
|
|
Other income/(expense)
|
|
|
|
|
|
|
|
Net finance and other income
|
|
|
14.9
|
48.7
|
|
|
Foreign exchange gain/(loss)
|
|
|
2.6
|
(31.8)
|
|
Total other income
|
|
+4%
|
17.5
|
16.9
|
|
|
|
|
|
|
|
|
|
Profit before tax
|
|
|
592.9
|
930.2
|
|
|
|
|
|
|
|
|
|
|
Tax expense
|
4
|
|
(55.2)
|
(110.3)
|
|
|
|
|
|
|
|
|
Profit for the quarter - all attributable to equity
holders of parent
|
-34%
|
537.7
|
819.9
|
||
|
|
|
|
|
||
|
|
IFRS earnings per ordinary share (€)
|
|
|
|
|
|
|
Basic
|
|
|
0.5164
|
0.7717
|
|
|
Diluted
|
|
|
0.5121
|
0.7659
|
|
|
Weighted avg. no. of ord. shares (in Ms)
|
|
|
|
|
|
|
Basic
|
|
|
1,041.3
|
1,062.5
|
|
|
Diluted
|
|
|
1,050.0
|
1,070.5
|
*'+' is favourable and '-' is adverse
period-on-period.
Ryanair Holdings plc and Subsidiaries
Condensed Consolidated Interim Statement of Comprehensive Income
for the Quarter Ended June 30,
2026 (unaudited)
|
|
Quarter
|
Quarter
|
|
|
Ended
|
Ended
|
|
|
Jun 30,
|
Jun 30,
|
|
2026
|
2025
|
|
|
|
€M
|
€M
|
|
|
|
|
|
Profit for the quarter
|
537.7
|
819.9
|
|
|
|
|
|
Other comprehensive (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
|
(1,008.6)
|
(403.0)
|
|
Total other comprehensive (loss)
for the quarter, net of income tax
|
(1,008.6)
|
(403.0)
|
|
Total comprehensive (loss)/income for the quarter - attributable to
equity holders of parent
|
|
|
|
(470.9)
|
416.9
|
Ryanair Holdings plc and Subsidiaries
Condensed Consolidated Interim Statement of Cash Flows for the
Quarter Ended June 30, 2026 (unaudited)
|
|
|
|
Quarter
|
Quarter
|
|
|
|
|
Ended
|
Ended
|
|
|
|
|
Jun 30,
|
Jun 30,
|
|
|
2026
|
2025
|
||
|
|
|
|
€M
|
€M
|
|
Operating activities
|
|
|
|
|
|
|
Profit after tax
|
|
537.7
|
819.9
|
|
|
|
|
|
|
|
Adjustments to reconcile profit after tax to net cash from
operating activities
|
|
|
|
|
|
|
Depreciation
|
|
417.1
|
343.3
|
|
|
Decrease/(increase) in inventories
|
|
0.2
|
(0.4)
|
|
|
Tax expense
|
|
55.2
|
110.3
|
|
|
Share based payments
|
|
2.3
|
4.5
|
|
|
(Increase) in trade receivables
|
|
(51.6)
|
(23.4)
|
|
|
(Increase) in other assets
|
|
(360.7)
|
(127.0)
|
|
|
Increase in trade payables
|
|
187.4
|
62.3
|
|
|
Increase in accrued expenses and other liabilities
|
|
439.6
|
258.2
|
|
|
(Decrease) in provisions
|
|
(4.9)
|
(15.6)
|
|
|
Decrease/(increase) in finance income
|
|
0.2
|
(4.2)
|
|
|
(Decrease) in finance expense
|
|
(8.6)
|
(1.4)
|
|
|
Foreign exchange
|
|
(2.4)
|
42.4
|
|
|
Income tax paid
|
|
(8.1)
|
(10.7)
|
|
Net cash inflow
from operating activities
|
|
1,203.4
|
1,458.2
|
|
|
|
|
|
|
|
|
Investing activities
|
|
|
|
|
|
|
Capital expenditure - purchase of property, plant and
equipment
|
|
(474.7)
|
(622.8)
|
|
|
Decrease/(increase) in financial assets: cash > 3
months
|
|
492.7
|
(634.8)
|
|
Net cash generated from/(used in) investing activities
|
|
18.0
|
(1,257.6)
|
|
|
|
|
|
|
|
|
Financing activities
|
|
|
|
|
|
|
Proceeds from shares issued
|
|
-
|
1.0
|
|
|
Share buyback
|
|
(153.4)
|
(59.1)
|
|
|
Repayment of borrowings
|
|
(1,310.0)
|
(340.0)
|
|
|
Lease liabilities paid
|
|
(10.1)
|
(8.9)
|
|
Net cash used
in financing activities
|
|
(1,473.5)
|
(407.0)
|
|
|
|
|
|
|
|
|
Decrease in cash and cash equivalents
|
|
(252.1)
|
(206.4)
|
|
|
|
Net foreign exchange gain/(loss)
|
|
2.5
|
(43.6)
|
|
|
Cash and cash equivalents at beginning of the quarter
|
|
2,733.4
|
3,863.3
|
|
Cash and cash equivalents at end of the quarter
|
|
2,483.8
|
3,613.3
|
|
|
|
|
|
|
|
|
Included in the cash flows from operating activities for the
quarter are the following amounts:
|
|
|
|
|
|
Interest
income received
|
|
20.0
|
22.2
|
|
|
Interest
expense paid
|
|
(14.9)
|
(17.6)
|
|
Ryanair Holdings plc and Subsidiaries
Condensed Consolidated Interim Statement of Changes in
Shareholders' Equity for the Quarter Ended June 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 April 01, 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
|
|
Profit
for the quarter
|
-
|
-
|
-
|
-
|
537.7
|
-
|
-
|
537.7
|
|
Other comprehensive
(loss)
|
|
|
|
|
|
|
|
|
|
Net
movements in cash flow reserve
|
-
|
-
|
-
|
-
|
-
|
(1,008.6)
|
-
|
(1,008.6)
|
|
Total other comprehensive
(loss)
|
-
|
-
|
-
|
-
|
-
|
(1,008.6)
|
-
|
(1,008.6)
|
|
Total comprehensive
income/(loss)
|
-
|
-
|
-
|
-
|
537.7
|
(1,008.6)
|
-
|
(470.9)
|
|
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
|
-
|
-
|
-
|
-
|
(152.3)
|
-
|
-
|
(152.3)
|
|
Cancellation
of repurchased shares
|
(6.1)
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|
Share-based
payments
|
-
|
-
|
-
|
-
|
-
|
-
|
2.3
|
2.3
|
|
Transfer
of exercised and expired share-based awards
|
-
|
-
|
-
|
-
|
16.3
|
-
|
(16.3)
|
-
|
|
Balance at June 30, 2026
|
1,039.2
|
6.3
|
1,466.3
|
4.1
|
7,147.7
|
822.1
|
34.0
|
9,480.5
|
Ryanair Holdings plc and Subsidiaries
MD&A Quarter Ended June 30, 2026 ("Q1 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 quarter ended June 30, 2026
results.
Income Statement
Scheduled revenue:
Scheduled revenue dipped 1% to
€2.91BN as traffic
grew 6% (to 61.3M passengers), but at 6% lower fares. Q1 fares
(which benefitted from a full Easter in April 2025) required
stimulation as the Middle East conflict led to consumer hesitancy,
initial concerns about jet fuel shortages, economic uncertainty and
later bookings.
Ancillary revenues:
Ancillary revenue was solid,
rising 5% to
€1.47BN (€24
per passenger, broadly flat).
Total revenue:
As a result of the above, total Q1 FY27 revenue
rose 1%
to €4.38BN.
Operating Expenses:
Fuel and oil:
Fuel and oil
increased 16% to
€1.69BN as the Group's 80% jet fuel
hedging and lower fuel burn (more B737-8200 "Gamechanger"
aircraft) helped
offset the spike in the price of our 20% unhedged jet fuel, higher
environmental taxes and a 6% increase in flight
hours.
Airport and handling charges:
Airport and handling charges
rose 5%
to €0.52BN, slightly
below the 6% traffic growth.
Staff costs:
Staff costs rose 3% to
€0.48BN, reflecting
pre-agreed pay increases and new multi-year CLAs in various
jurisdictions, and higher sectors offset by 29 additional B737-8200
"Gamechanger" aircraft in the fleet (driving better
efficiency).
Depreciation:
Depreciation increased 21% to
€0.42BN, primarily due to
29 additional B737-8200 "Gamechanger" aircraft in the fleet, higher
aircraft utilisation (sectors up 6%), increased maintenance on the
older B737NG fleet and provision for mid-life "hospital visits" on
B-8200 LEAP engines.
Route charges:
Route charges rose 8% to
€0.39BN, due to 6% more
flight hours and higher Eurocontrol/ATC rates.
Marketing, distribution and other:
Marketing, distribution and other
fell 8%
to €0.20BN primarily
due to lower EU261 compensation and marketing
spend.
Maintenance, materials and repairs:
Maintenance, materials and repairs
rose 30% to
€0.12BN due to
higher utilisation, fleet growth (incl. additional line
maintenance) and labour inflation. There are no further supplier
compensation credits following delivery of our final B-8200
"Gamechanger" in Feb.
Other income:
Other
income fell as supplier compensation ceased following delivery of
our final B-8200 "Gamechanger" in Feb. (incl. in the prior-year
comparative). This was offset by debt repayments and higher deposit
interest rates. Foreign exchange translation primarily reflects the
impact of €/US$ exchange rate movements on quarter end
balance sheet revaluations.
Balance sheet:
Gross
cash was €2.8BN at June 30, 2026 (March 31, 2026:
€3.6BN) after €1.3BN debt repayments and €0.5BN
capex. Net cash was €2.7BN (March 31, 2026:
€2.1BN).
Shareholders' equity:
Shareholders'
equity decreased by €0.6BN to €9.5BN in the quarter
primarily due to an IFRS hedge accounting decrease in derivatives
of €1.0BN offset by a net profit of c.
€0.5BN.
Ryanair Holdings plc and Subsidiaries
Interim Management Report
Introduction
This
financial report for the quarter ended June 30, 2026 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 nine months of
the year;
● Related
party transactions; and
● Post
balance sheet events.
Results
of operations for the quarter ended June 30, 2026 compared to the
quarter ended June 30, 2025, 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 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.
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 net profit of €0.5BN in the quarter ended June 30,
2026;
●
The
Group's liquidity, with €2.8BN gross cash and €2.7BN
net cash at June 30, 2026, and almost €1.1BN undrawn funds
under the Group's €1.1BN revolving credit
facility;
●
The
Group's fuel hedging position (approx. 80% of FY27 and 15% of FY28
jet fuel requirements were hedged at June 30, 2026 at $668 and $848
per metric tonne respectively);
●
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.
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 quarter ended June 30, 2026 ("Q1 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
June 30, 2026 figures and the June 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 following the Company's Annual General Meeting. 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 the
quarter ended June 30, 2026 on July 17, 2026.
Except
as stated otherwise below, the interim financial statements for the
quarter ended June 30, 2026 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 the quarter
ended June 30, 2026, 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).*
*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. Actual results may differ from estimates.
Critical estimates
Long-lived assets
At
June 30, 2026, the Group had €11.4BN of property, plant and
equipment long-lived assets, of which €11.0BN 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 quarter ended June 30, 2026 of
€55M (June 30, 2025: €110M) comprises a current tax
charge of €46M and a €9M 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 quarter. The effective tax rate of approx. 9%
for the quarter ended June 30, 2026 (June 30, 2025: 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
June 30, 2026 the Group had an operating fleet of 621 (2025: 592)
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:
|
Quarter Ended
|
Ryanair DAC
Jun 30,
2026
€M
|
Other Airlines
Jun 30,
2026
€M
|
Elimination
Jun 30,
2026
€M
|
Total
Jun 30,
2026
€M
|
|
Scheduled
revenues
|
2,876.3
|
38.2
|
-
|
2,914.5
|
|
Ancillary
revenues
|
1,469.6
|
-
|
-
|
1,469.6
|
|
Inter-segment
revenues
|
209.1
|
412.8
|
(621.9)
|
-
|
|
Segment revenues
|
4,555.0
|
451.0
|
(621.9)
|
4,384.1
|
|
|
|
|
|
|
|
Reportable segment profit after income tax
|
509.1
|
28.6
|
-
|
537.7
|
|
|
|
|
|
|
|
Other segment information:
|
|
|
|
|
|
Depreciation
|
(407.5)
|
(9.6)
|
-
|
(417.1)
|
|
Net
finance and other income/(expense)
|
16.1
|
(1.2)
|
-
|
14.9
|
|
Capital
expenditure
|
(369.5)
|
(20.2)
|
-
|
(389.7)
|
|
Staff
costs
|
(300.6)
|
(175.7)
|
-
|
(476.3)
|
|
|
|
|
|
|
|
Segment
assets
|
17,760.8
|
402.5
|
-
|
18,163.3
|
|
Segment
liabilities
|
(8,139.9)
|
(542.9)
|
-
|
(8,682.8)
|
|
Quarter Ended
|
Ryanair DAC
Jun 30,
2025
€M
|
Other Airlines
Jun 30,
2025
€M
|
Elimination
Jun 30,
2025
€M
|
Total
Jun 30,
2025
€M
|
|
Scheduled
revenues
|
2,903.9
|
39.9
|
-
|
2,943.8
|
|
Ancillary
revenues
|
1,393.8
|
-
|
-
|
1,393.8
|
|
Inter-segment
revenues
|
199.0
|
394.3
|
(593.3)
|
-
|
|
Segment revenues
|
4,496.7
|
434.2
|
(593.3)
|
4,337.6
|
|
|
|
|
|
|
|
Reportable segment profit after income tax
|
788.4
|
31.5
|
-
|
819.9
|
|
|
|
|
|
|
|
Other segment information:
|
|
|
|
|
|
Depreciation
|
(333.7)
|
(9.6)
|
-
|
(343.3)
|
|
Net
finance and other income/(expense)
|
50.4
|
(1.7)
|
-
|
48.7
|
|
Capital
expenditure
|
(403.2)
|
(12.6)
|
-
|
(415.8)
|
|
Staff
costs
|
(294.0)
|
(167.7)
|
-
|
(461.7)
|
|
|
|
|
|
|
|
Segment
assets
|
17,709.4
|
367.6
|
-
|
18,077.0
|
|
Segment
liabilities
|
(10,120.9)
|
(554.3)
|
-
|
(10,675.2)
|
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.
|
|
|
Quarter Ended
Jun 30,
2026
|
Quarter Ended
Jun 30,
2025
|
|
|
|
€M
|
€M
|
|
|
|
|
|
|
Italy
|
|
962.3
|
937.8
|
|
Spain
|
|
743.8
|
772.3
|
|
United
Kingdom
|
|
654.2
|
631.7
|
|
Ireland
|
|
240.8
|
244.6
|
|
Other
|
|
1,783.0
|
1,751.2
|
|
Total
revenue
|
|
4,384.1
|
4,337.6
|
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
the quarter ended June 30, 2026, net capital additions amounted to
€0.38BN 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 the quarter ended June 30,
2026 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 June 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 the quarter ended June 30, 2026
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 Jun 30,
|
At Jun 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
|
81.5
|
81.5
|
92.4
|
92.4
|
|
|
81.5
|
81.5
|
92.4
|
92.4
|
|
Current financial assets
|
|
|
|
|
|
Derivative
financial instruments:
|
|
|
|
|
|
-
U.S. dollar currency forward contracts
|
84.3
|
84.3
|
35.8
|
35.8
|
|
-
Jet fuel & carbon derivative contracts
|
817.2
|
817.2
|
2,098.1
|
2,098.1
|
|
|
901.5
|
901.5
|
2,133.9
|
2,133.9
|
|
Trade
receivables*
|
95.8
|
|
44.2
|
|
|
Cash
and cash equivalents*
|
2,483.8
|
|
2,733.4
|
|
|
Financial
asset: cash > 3 months*
|
319.7
|
|
812.4
|
|
|
Restricted
cash*
|
31.2
|
|
31.2
|
|
|
|
3,832.0
|
901.5
|
5,755.1
|
2,133.9
|
|
Total
financial assets
|
3,913.5
|
983.0
|
5,847.5
|
2,226.3
|
|
|
|
|
|
|
|
|
At Jun 30,
|
At Jun 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
|
17.9
|
17.9
|
-
|
-
|
|
-
U.S. dollar currency forward contracts
|
5.3
|
5.3
|
7.8
|
7.8
|
|
|
23.2
|
23.2
|
7.8
|
7.8
|
|
Non-current
maturities of debt:
|
|
|
|
|
|
-
Long-term debt
|
38.3
|
38.3
|
147.8
|
147.8
|
|
|
38.3
|
38.3
|
147.8
|
147.8
|
|
|
61.5
|
61.5
|
155.6
|
155.6
|
|
|
|
|
|
|
|
Current financial liabilities
|
|
|
|
|
|
Derivative
financial instruments:
|
|
|
|
|
|
-
Jet fuel & carbon derivative contracts
|
6.6
|
6.6
|
70.5
|
70.5
|
|
-
U.S. dollar currency forward contracts
|
27.9
|
27.9
|
71.8
|
71.8
|
|
|
34.5
|
34.5
|
142.3
|
142.3
|
|
|
|
|
|
|
|
Current
maturities of debt:
|
|
|
|
|
|
-
Bonds**
|
-
|
-
|
1,198.8
|
1,196.4
|
|
|
-
|
-
|
1,198.8
|
1,196.4
|
|
Trade
payables*
|
713.0
|
|
609.8
|
|
|
Accrued
expenses*
|
2,654.8
|
|
2,221.6
|
|
|
|
3,402.3
|
34.5
|
4,172.5
|
1,338.7
|
|
Total
financial liabilities
|
3,463.8
|
96.0
|
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 the quarter ended June 30,
2026 the Company bought back, and cancelled, approx. 6.1M ordinary
shares under its €750M share buyback programme at a total
cost of €0.2BN. This
is equivalent to approx.
0.5% of the Company's issued share capital at March 31,
2026. As
a result of these share buybacks, share capital decreased by
approx. 6.1M ordinary shares.
12. Post
balance sheet events
Between
July 1, 2026 and July 16, 2026 the Company bought back approx. 0.6M
ordinary shares at a total cost of approx. €16.6M under its
ongoing share buyback programme. This brought total spend to almost
€0.7BN.
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: 20
July, 2026
|
|
By:___/s/
Juliusz Komorek____
|
|
|
|
|
|
Juliusz
Komorek
|
|
|
Company
Secretary
|