Company Reports

Ryanair is Europe’s largest low-cost airline, operating over 3,600 daily flights to more than 240 airports across 40 countries. Founded in 1984, the airline maintains a disciplined low-cost model focused on point-to-point service, high aircraft utilization, and tight cost control. Ancillary revenue from services like seat selection, priority boarding, and onboard sales accounted for approximately one-third of total revenue in fiscal 2026.

Ryanair’s fiscal first-quarter profit fell 34% to EUR 538 million, 7% below company-compiled consensus, despite 6% traffic growth, as fares fell 6% and unit costs rose 5%. Operating profit declined 37%. Management cut its second-quarter fare outlook from flat to a low- to mid-single-digit decline.

Ryanair is Europe’s largest low-cost airline, operating over 3,600 daily flights to more than 240 airports across 40 countries. Founded in 1984, the airline maintains a disciplined low-cost model focused on point-to-point service, high aircraft utilization, and tight cost control. Ancillary revenue from services like seat selection, priority boarding, and onboard sales accounted for approximately one-third of total revenue in fiscal 2026.

Ryanair is Europe’s largest low-cost airline, operating over 3,600 daily flights to more than 240 airports across 40 countries. Founded in 1984, the airline maintains a disciplined low-cost model focused on point-to-point service, high aircraft utilization, and tight cost control. Ancillary revenue from services like seat selection, priority boarding, and onboard sales accounted for approximately one-third of total revenue in fiscal 2026.

Ryanair Holdings reported record full-year 2026 profit of EUR 2.26 billion (up 40%), on 4% traffic growth to 208 million passengers, despite 29 delayed Boeing deliveries.

Ryanair reported third-quarter revenue growth of 9%, driven by 6% traffic growth and a 4% rise in average fares, with unit costs per passenger flat excluding exceptional items; profit fell by 23% mainly due to the absence of prior-year Boeing compensation and a provision for the Italian AGCM fine.

Ryanair is Europe’s largest low-cost airline, operating over 3,600 daily flights to more than 240 airports across 40 countries. Founded in 1984, the airline maintains a disciplined low-cost model focused on point-to-point service, high aircraft utilization, and tight cost control. Ancillary revenue from services like seat selection, priority boarding, and onboard sales accounted for 34% of total revenue in fiscal 2025.

Ryanair posted strong results for first-half 2026, with second-quarter profits up 20% to EUR 1.72 billion, driven by robust fare recovery (second-quarter fares rose 7% after a decline the previous year) and tight cost control with unit costs up just 1% despite material air traffic inflation costs.

Ryanair is Europe’s largest low-cost airline, operating over 3,600 daily flights to more than 240 airports across 40 countries. Founded in 1984, the airline maintains a disciplined low-cost model focused on point-to-point service, high aircraft utilization, and tight cost control. Ancillary revenue from services like seat selection, priority boarding, and onboard sales accounted for 34% of total revenue in fiscal 2025.

No-moat Ryanair’s profit for the first quarter of fiscal 2026 rose 128% to EUR 820 million, with a more normalized 24% gain over two years, driven by 21% fare growth, strong close-in bookings, a full Easter, and just 1% unit cost inflation.

We have raised our fair value estimate for no-moat Ryanair to EUR 25.30 per share from EUR 20 to reflect the roll-forward of our model, incorporation of fiscal 2025 results, and cost structure resilience amid delivery delays.

Ryanair is Europe’s largest low-cost airline, operating over 3,600 daily flights to more than 240 airports across 40 countries. Founded in 1984, the airline maintains a disciplined low-cost model focused on point-to-point service, high aircraft utilization, and tight cost control. Ancillary revenue from services like seat selection, priority boarding, and onboard sales accounted for 34% of total revenue in fiscal 2025.

Ryanair reported a 16% year-on-year decline in profit after tax to EUR 1.61 billion for the year ending March 2025, despite a 4% rise in revenue to EUR 13.95 billion and a 9% increase in passenger traffic to a record 200 million. The drop in profitability was driven by a 7% fall in average fares (EUR 46), reflecting weaker consumer sentiment, soft close-in bookings during the summer peak, and temporary removal from online travel agencies. Ancillary revenue grew 10%, offsetting some of the fare pressure, while cost per passenger was held flat despite inflationary headwinds from staff, airport fees, and Boeing delivery disruptions.

No-moat Ryanair reported EUR 1.8 billion after-tax profit during the first half of the fiscal year, marking an 18% decrease from the previous year's EUR 2.18 billion. This decline in profit primarily reflects a reduction in average fares by 10% over the half-year, despite an increase in traffic volumes. Due to the ongoing Boeing delivery delays, Ryanair has revised its passenger forecast, decreasing from an expected 205 million to about 200 million for fiscal 2025. We maintain our fair value estimate as we had already accounted for further delays. Traffic increased by 9% to a record 150 million passengers—growth could have been higher if not for Boeing's delivery delays.

We initiate coverage on Ryanair with a no-moat rating and a fair value estimate of EUR 20, with valuation driven by controlled growth coupled with sectorwide capacity constraints.

Ryanair is Europe’s largest low-cost airline, offering budget-friendly fares and an extensive route network. Founded in 1984, it operates over 2,500 flights daily, serving 230-plus destinations across 40 countries. Its business model focuses on high aircraft utilization, low operating expenses, and generating ancillary revenue from services such as seat selection and onboard purchases.

We are dropping coverage of Ryanair. We provide broad coverage of more than 1,500 companies globally and periodically adjust our coverage according to investor interest and staffing.

Ryanair has exceeded precoronvirus numbers for the first time since the start of the pandemic. The airline carried 45.5 million passengers in the first financial quarter of fiscal 2023, while load factors exceeded 90%. EBIT was EUR 170 million and strong cash flows from advanced ticket sales for the summer period reduced net debt down to EUR 400 million from EUR 1.45 billion a quarter ago. We maintain our EUR 18.20 fair value estimate and believe shares are very attractive at current levels. Ryanair is poised to emerge as a definite winner among European airlines; it has the fleet, balance sheet, route network and cost structure to take market share from operationally and financially inefficient peers. It is the top pick in our European airline coverage.

Ryanair is the largest European carrier based on passenger numbers. Since 2008, the company has grown at an annual rate of 9% from 51 million passengers in 2008 to 149 million passengers in 2020. This growth was achieved by deploying a rigid and focused low-cost strategy and passing on the savings by lowering fares to attract an underserved leisure passenger at the low end of the market. Market share growth coupled with a firm grasp on cost containment should drive double-digit profit growth over the medium term.

Ryanair remains optimistic about the return of passengers to its route network but strikes a tone of caution as it projects a modest return to profitability for financial 2023. The airline failed to provide specific guidance given the fragile recovery outlook characterized by rising inflation, threat of a recession, the war in Ukraine and potential coronavirus flare-ups. The group also cautioned that yields remain below prepandemic levels despite a strong booking outlook for the European summer season ahead. Ryanair is taking a load factor active/yield passive approach as it lures customers back with lower fares. Capacity over summer is expected to be 15% higher than in 2019 with load factors reaching 90%, while guiding for 165 million passengers for the full year, compared with 150 million travelers prepandemic. These targets require airports to fix existing staff shortages before the summer period. We believe shares are trading at an attractive discount to our EUR 18.20 fair value estimate. The group has a proven low-cost model and a strong balance sheet to take advantage of potential weaknesses among peers and gain market share.