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 January 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- ________
TRAFFIC
GROWS 6% AS FARES RISE 4%
Ryanair
Holdings plc today (26 Jan.) reported a Q3 PAT of €115m
(pre-exceptionals) compared to a strong prior-year Q3 PAT of
€149m. An €85m exceptional charge is a provision for
approx. 33% of the baseless Italian AGCM fine which our lawyers are
confident will be overturned on appeal.
|
|
Q3 FY25
|
Q3 FY26
|
+/-
|
|
Passengers
|
44.9m
|
47.5m
|
+6%
|
|
Load
Factor
|
92%
|
92%
|
-
|
|
Ave.
fare (€)
|
43
|
44
|
+4%
|
|
Revenue
(€)
|
2.96bn
|
3.21bn
|
+9%
|
|
Op.
Costs (pre-except.) (€)
|
2.93bn
|
3.11bn
|
+6%
|
|
PAT
(pre-except.) (€)
|
149m
|
115m
|
-22%
|
|
PAT
(post. except.) (€)
|
149m
|
30m
|
-80%
|
Q3
highlights include:
●
Traffic grew 6% to
47.5m.
●
Rev. per pax up 3%
(ave. fare +4% & ancil. rev. +1%).
●
Strong cost control
with unit costs flat (pre-except. charge).
●
206 B737
“Gamechangers”
in 643 fleet at 31 Dec.
●
3 new bases &
106 new routes on sale for S.26.
●
Fuel 80% hedged for
FY27 @ $67bbl
●
Italian AGCM levies
baseless €256m fine which is under appeal.
Q3 FY26 REVIEW
Ryanair Group CEO Michael O’Leary, said:
Revenue & Costs:
“Q3 revenue
rose 9% to €3.21bn. Scheduled revenue increased 10% to
€2.10bn as traffic grew 6% with 4% higher fares, thanks to
strong Oct. school mid-term and close-in Christmas/New Year
bookings. Ancillary revenue was solid, rising 7% to €1.11bn.
Operating costs (pre-except. charge) rose 6% to €3.11bn (flat
per pax). With almost all of our B-8200 “Gamechangers”
delivered, other income in Q3 dipped due to the absence of delivery
delay compensation in the quarter (which was incl. in PY Q3
comp.).
Q4 FY26
fuel is 84% hedged at $77bbl and we’ve now locked-in FY27
savings with 80% of our jet-fuel requirements hedged at
c.$67bbl.
Balance Sheet, Liquidity & Returns:
Our
balance sheet is strong with a BBB+ credit rating (both Fitch and
S&P) and an unencumbered B737 fleet. At 31 Dec., gross cash was
€2.4bn after €1.2bn debt repayments, €1.4bn capex
and €0.6bn shareholder distributions. Liquidity is further
boosted by the Group’s RCF which has c.€1bn undrawn.
Net cash was €1bn, leaving the Group well positioned to fund
capex and repay our last remaining €1.2bn bond in May 2026
from internal cash resources. This financial strength widens the
cost gap between Ryanair and our competitors, many of whom remain
exposed to expensive (long-term) finance and rising aircraft lease
costs.
In May,
we launched a €750m share buyback. At 31 Dec. we had
purchased (and cancelled) over 13.1m shares (c.46% of programme) at
a cost of over €340m. An interim div. of €0.193 per
share will be paid in late Feb.
Over
the last 3-years we have generated a TSR (total shareholder return)
in excess of 150%, placing Ryanair comfortably in the top quartile
of the Stoxx Europe 600 index TSR performers. The Group will
continue to deliver disciplined and consistent capital allocation
(underpinned by a strong balance sheet) as traffic grows to 300m
p.a. by FY34.
FLEET & GROWTH
The
Group had 206 B737-8200 “Gamechangers” in its 643
fleet at 31 Dec. We expect to receive the final 4 Gamechangers (210
total) by the end of Feb., facilitating 4% traffic growth to 216m
next year (FY27). Boeing expects MAX-10 certification during summer
2026 and are increasingly confident that they will meet their
contract delivery dates for Ryanair’s first 15 MAX-10s in
Spring 2027, with 300 of these fuel-efficient aircraft due to
deliver by Mar. 2034.
This
winter, we’ve allocated Ryanair’s scarce capacity to
regions and airports cutting aviation taxes and incentivising
traffic growth (such as Albania, Italy, Morocco, Slovakia and
Sweden) by switching flights and routes away from high cost,
uncompetitive markets like Austria, Belgium, Germany and regional
Spain. This trend continues into S.26, with over 106 new routes on
sale (incl. 3 new bases in Rabat, Tirana and Trapani). With seats
likely to sell out, we encourage all passengers to book early on
www.ryanair.com
to grab our lowest fares.
We
expect European short-haul capacity to remain constrained to at
least 2030 as the big 2 OEMs remain well behind on aircraft
deliveries, Pratt & Whitney engine repair delays continue for
many Airbus operators, EU airline consolidation accelerates and
unprofitable airlines withdraw capacity from markets where they are
unable to compete with Ryanair’s lower costs. Industry
capacity constraints, combined with our widening cost advantage,
strong balance sheet, low-cost aircraft orderbook and industry
leading ops resilience will, we believe, facilitate Ryanair’s
controlled profitable growth to 300m passengers p.a. by
FY34.
ESG
During
Q3 CDP (Carbon Disclosure Project) upgraded Ryanair’s rating
to A (was A-) and MSCI reconfirmed the Group’s
‘A’ rating. We took delivery of 7 new Gamechangers (4%
more seats, 16% less fuel & CO2) and benefitted
from retrofitting winglets to c.65% of our B737NG fleet (1.5% lower
fuel burn and 6% less noise). All of our (409) NGs will be
retrofitted by late 2026 and we expect to have all 210 Gamechangers
in our fleet before the end of Feb., driving S.26 efficiencies. The
Groups significant investment in new technology, coupled with
ambitious SAF commitments, positions Ryanair as one of
Europe’s most environmentally efficient
airlines.
BASELESS AGCM FINE
In late
December the Italian AGCM levied a baseless €256m fine
against Ryanair for our direct distribution to consumers policy in
Italy. This fine, will we believe, be overturned on appeal as it
ignores and contradicts the Milan Court of Appeal ruling in Jan.
2024 which ruled that Ryanair’s direct distribution
model
-
“undoubtedly benefit[s]
consumers” by
leading to lower fares
-
is “economically justified in
terms of containing operating costs, and eliminating the costs
associated with intermediation in ticket sales”
-
“contribute[s]
to…..a direct channel of communication…for any possible
need for information and updates on
flights”.
Both we
and our Italian legal advisors are confident that the Courts will
overturn this AGCM ruling on appeal.
OUTLOOK
We now
expect FY26 traffic to grow 4% to almost 208m passengers
(previously 207m), due to strong demand and earlier than expected
Boeing deliveries. Unit costs have performed well, and we continue
to expect only modest FY26 unit cost inflation as our B-8200
deliveries, fuel hedging and effective cost control helps offset
increased ATC charges, higher enviro. costs and the roll-off of
last years delivery delay compensation. While Q4 doesn’t
benefit from Easter, fares are trending ahead of prior year and we
now believe full-year fares will exceed the +7% growth previously
guided by 1% or 2%. At this stage, we are cautiously guiding FY26
PAT (pre-exceptional) in a range of €2.13bn to €2.23bn.
The final FY26 outcome remains exposed to adverse external
developments in Q4, incl. conflict escalation in Ukraine and the
Mid. East, macro-economic shocks and any further impact of repeated
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.208m 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 over 640 aircraft, and over 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 over 26,000 highly skilled 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 Interim Balance Sheet as at December 31,
2025 (unaudited)
|
|
|
|
At Dec 31,
|
At
Mar 31,
|
|
|
|
|
2025
|
2025
|
|
|
|
Note
|
€M
|
€M
|
|
|
Non-current
assets
|
|
|
|
|
|
Property, plant and
equipment
|
|
11,193.0
|
10,923.7
|
|
|
Right-of-use
asset
|
|
118.7
|
148.5
|
|
|
Intangible
assets
|
|
146.4
|
146.4
|
|
|
Derivative
financial instruments
|
10
|
6.7
|
15.4
|
|
|
Deferred
tax
|
|
27.2
|
1.6
|
|
|
Other
assets
|
|
248.1
|
261.7
|
|
|
Total
non-current assets
|
|
11,740.1
|
11,497.3
|
|
|
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
Inventories
|
|
5.3
|
4.6
|
|
|
Other
assets
|
|
1,738.7
|
1,850.7
|
|
|
Trade
receivables
|
10
|
110.4
|
73.5
|
|
|
Derivative
financial instruments
|
10
|
26.6
|
94.4
|
|
|
Restricted
cash
|
10
|
31.2
|
23.1
|
|
|
Financial assets:
cash > 3 months
|
10
|
-
|
100.1
|
|
|
Cash
and cash equivalents
|
10
|
2,391.7
|
3,863.3
|
|
|
Total
current assets
|
|
4,303.9
|
6,009.7
|
|
|
|
|
|
|
|
|
Total
assets
|
|
16,044.0
|
17,507.0
|
|
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
Provisions
|
|
58.1
|
53.5
|
|
|
Trade
payables
|
10
|
477.6
|
702.0
|
|
|
Accrued
expenses and other liabilities
|
|
4,018.3
|
6,179.4
|
|
|
Current
lease liability
|
|
35.3
|
37.7
|
|
|
Current
maturities of debt
|
10
|
1,198.8
|
848.4
|
|
|
Derivative
financial instruments
|
10
|
295.3
|
224.7
|
|
|
Current
tax
|
|
376.0
|
107.1
|
|
|
Total
current liabilities
|
|
6,459.4
|
8,152.8
|
|
|
|
|
|
|
|
|
Non-current
liabilities
|
|
|
|
|
|
Provisions
|
|
127.2
|
141.1
|
|
|
Derivative
financial instruments
|
10
|
55.1
|
2.5
|
|
|
Deferred
tax
|
|
397.5
|
377.1
|
|
|
Non-current lease
liability
|
|
75.9
|
111.4
|
|
|
Non-current
maturities of debt
|
10
|
147.6
|
1,685.2
|
|
|
Total
non-current liabilities
|
|
803.3
|
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
|
|
7,548.0
|
5,588.6
|
|
|
Other
reserves
|
|
(211.9)
|
16.3
|
|
|
Total
shareholders' equity
|
|
8,781.3
|
7,036.9
|
|
|
|
|
|
|
|
|
Total
liabilities and shareholders' equity
|
|
16,044.0
|
17,507.0
|
Ryanair Holdings plc and Subsidiaries
Condensed
Consolidated Interim
Income Statement for the Quarter Ended December 31, 2025
(unaudited)
|
|
|
|
Change
|
IFRS Quarter Ended
|
IFRS Quarter Ended
|
|
|
Dec 31, 2025
|
Dec 31, 2024
|
|||||
|
|
|
Note
|
%*
|
€M
|
€M
|
|
|
Operating revenues
|
|
|
|
|
||
|
|
Scheduled revenues
|
|
+10%
|
2,099.9
|
1,915.6
|
|
|
|
Ancillary revenues
|
|
+7%
|
1,114.3
|
1,043.6
|
|
|
Total operating revenues
|
7
|
+9%
|
3,214.2
|
2,959.2
|
||
|
|
|
|
|
|
||
|
Operating expenses
|
|
|
|
|
||
|
|
Fuel and oil
|
|
-7%
|
1,257.5
|
1,171.7
|
|
|
|
Staff costs
|
|
-6%
|
451.1
|
426.7
|
|
|
|
Airport and handling charges
|
|
-8%
|
403.3
|
374.3
|
|
|
|
Depreciation
|
|
-12%
|
326.4
|
291.9
|
|
|
|
Route Charges
|
|
-18%
|
311.0
|
262.9
|
|
|
|
Marketing, distribution and other
|
|
+26%
|
174.0
|
235.8
|
|
|
|
Maintenance, materials and repairs
|
|
-15%
|
187.7
|
163.3
|
|
|
Operating expenses before exceptional charge
|
|
-6%
|
3,111.0
|
2,926.6
|
||
|
|
|
|
|
|
|
|
|
|
Exceptional charge**
|
|
|
85.0
|
-
|
|
|
Total operating expenses
|
|
-9%
|
3,196.0
|
2,926.6
|
||
|
|
|
|
|
|
|
|
|
Operating profit
|
|
-44%
|
18.2
|
32.6
|
||
|
|
|
|
|
|
||
|
Other income
|
|
|
|
|
||
|
|
Net finance and other income
|
|
|
9.0
|
90.2
|
|
|
|
Foreign exchange (loss)/gain
|
|
|
(2.8)
|
20.9
|
|
|
Total other income
|
|
-94%
|
6.2
|
111.1
|
||
|
|
|
|
|
|
|
|
|
Profit before tax
|
|
|
24.4
|
143.7
|
||
|
|
|
|
|
|
|
|
|
|
Tax credit
|
|
|
6.0
|
4.9
|
|
|
|
|
|
|
|
|
|
|
Profit for the quarter – all attributable to
equity
holders of parent
|
-80%
|
30.4
|
148.6
|
|
||
|
|
|
|
|
|
||
|
Profit – before exceptional charge
|
-22%
|
115.4
|
148.6
|
|
||
|
|
|
|
|
|
||
|
|
IFRS earnings per ordinary share (€)
|
|
|
|
|
|
|
|
Basic
|
|
-79%
|
0.0289
|
0.1368
|
|
|
|
Diluted
|
|
-79%
|
0.0286
|
0.1360
|
|
|
|
Weighted avg. no. of ord. shares (in Ms)
|
|
|
|
|
|
|
|
Basic
|
|
|
1,052.2
|
1,086.6
|
|
|
|
Diluted
|
|
|
1,061.5
|
1,093.0
|
|
*’+’ is favourable and ‘-‘ is adverse
period-on-period.
** Includes an €85M (approx. 33%) Italian AGCM
fine.
Ryanair Holdings plc and Subsidiaries
Condensed
Consolidated Interim
Income Statement for the Nine Months Ended December 31, 2025
(unaudited)
|
|
|
|
|
IFRS
|
IFRS
|
|
|
|
|
Change
|
Nine Months Ended
|
Nine Months Ended
|
|
Dec 31, 2025
|
Dec 31, 2024
|
||||
|
|
|
Note
|
%*
|
€M
|
€M
|
|
Operating revenues
|
|
|
|
|
|
|
|
Scheduled revenues
|
|
+15%
|
9,008.5
|
7,865.5
|
|
|
Ancillary revenues
|
|
+6%
|
4,023.2
|
3,785.7
|
|
Total operating revenues
|
7
|
+12%
|
13,031.7
|
11,651.2
|
|
|
|
|
|
|
|
|
|
Operating expenses
|
|
|
|
|
|
|
|
Fuel and oil
|
|
-4%
|
4,227.2
|
4,076.0
|
|
|
Airport and handling charges
|
|
-5%
|
1,409.3
|
1,339.2
|
|
|
Staff costs
|
|
-4%
|
1,376.7
|
1,323.7
|
|
|
Route charges
|
|
-16%
|
1,035.7
|
896.1
|
|
|
Depreciation
|
|
-10%
|
1,013.9
|
919.3
|
|
|
Marketing, distribution and other
|
|
+13%
|
612.6
|
702.5
|
|
|
Maintenance, materials and repairs
|
|
-13%
|
392.6
|
347.3
|
|
Operating expenses before exceptional charge
|
|
-5%
|
10,068.0
|
9,604.1
|
|
|
|
|
|
|
|
|
|
|
Exceptional charge**
|
|
|
85.0
|
-
|
|
Total operating expenses
|
|
-6%
|
10,153.0
|
9,604.1
|
|
|
|
|
|
|
|
|
|
Operating profit
|
|
+41%
|
2,878.7
|
2,047.1
|
|
|
Other income
|
|
|
|
|
|
|
|
Net finance and other income
|
|
|
69.8
|
140.2
|
|
|
Foreign exchange (loss)/gain
|
|
|
(32.5)
|
23.3
|
|
Total other income
|
|
-77%
|
37.3
|
163.5
|
|
|
|
|
|
|
|
|
|
Profit before tax
|
|
|
2,916.0
|
2,210.6
|
|
|
|
|
|
|
|
|
|
|
Tax (expense)
|
4
|
|
(346.8)
|
(270.8)
|
|
|
|
|
|
|
|
|
Profit for the nine months – all attributable to
equity
holders of parent
|
+32%
|
2,569.2
|
1,939.8
|
||
|
|
|
|
|
||
|
Profit – before exceptional charge
|
+37%
|
2,654.2
|
1,939.8
|
||
|
|
|
|
|
||
|
|
IFRS Earnings per ordinary share (€)
|
|
|
|
|
|
|
Basic
|
|
+39%
|
2.4281
|
1.7457
|
|
|
Diluted
|
|
+39%
|
2.4083
|
1.7365
|
|
|
Weighted avg. no. of ord. shares (in Ms)
|
|
|
|
|
|
|
Basic
|
|
|
1,058.1
|
1,111.2
|
|
|
Diluted
|
|
|
1,066.8
|
1,117.1
|
*’+’ is favourable and ‘-‘ is adverse
period-on-period.
** Includes an €85M (approx. 33%) Italian AGCM
fine.
Ryanair Holdings plc and Subsidiaries
Condensed Consolidated Interim Statement of Comprehensive Income
for the Quarter Ended December 31, 2025 (unaudited)
|
|
Quarter
|
Quarter
|
|
|
Ended
|
Ended
|
|
|
Dec 31,
|
Dec 31,
|
|
2025
|
2024
|
|
|
|
€M
|
€M
|
|
|
|
|
|
Profit for the quarter
|
30.4
|
148.6
|
|
|
|
|
|
Other comprehensive (loss)/income:
|
|
|
|
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
|
(58.1)
|
516.9
|
|
Other comprehensive (loss)/income for the quarter, net of income
tax
|
(58.1)
|
516.9
|
|
Total comprehensive (loss)/income for the quarter –
attributable to equity holders of parent
|
|
|
|
(27.7)
|
665.5
|
Ryanair
Holdings plc and Subsidiaries
Condensed Consolidated Interim Statement of Comprehensive Income
for the Nine Months Ended December 31, 2025
(unaudited)
|
|
Nine Months
|
Nine Months
|
|
|
Ended
|
Ended
|
|
|
Dec 31,
|
Dec 31,
|
|
2025
|
2024
|
|
|
|
€M
|
€M
|
|
|
|
|
|
Profit for the nine months
|
2,569.2
|
1,939.8
|
|
|
|
|
|
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
|
(240.0)
|
(88.5)
|
|
Other comprehensive (loss) for the nine months, net of income
tax
|
(240.0)
|
(88.5)
|
|
Total comprehensive income for the nine months – attributable
to equity holders of parent
|
|
|
|
2,329.2
|
1,851.3
|
Ryanair Holdings plc and Subsidiaries
Condensed Consolidated Interim Statement of Cash Flows for the Nine
Months Ended December 31, 2025 (unaudited)
|
|
|
|
Nine Months
|
Nine Months
|
|
|
|
|
Ended
|
Ended
|
|
|
|
|
Dec 31,
|
Dec 31,
|
|
|
2025
|
2024
|
||
|
|
|
|
€M
|
€M
|
|
Operating activities
|
|
|
|
|
|
|
Profit after tax
|
|
2,569.2
|
1,939.8
|
|
|
|
|
|
|
|
Adjustments to reconcile profit after tax to net cash from
operating activities
|
|
|
|
|
|
|
Depreciation
|
|
1,013.9
|
919.3
|
|
|
(Increase)/decrease in inventories
|
|
(0.7)
|
1.4
|
|
|
Tax charge on profit
|
|
346.8
|
270.8
|
|
|
Share based payments
|
|
12.0
|
10.2
|
|
|
(Increase)/decrease in trade receivables
|
|
(36.9)
|
19.8
|
|
|
Decrease/(increase) in other assets
|
|
125.5
|
(408.8)
|
|
|
(Decrease) in trade payables
|
|
(96.8)
|
(79.6)
|
|
|
(Decrease) in accrued expenses and other liabilities
|
|
(2,148.5)
|
(1,506.0)
|
|
|
(Decrease)/increase in provisions
|
|
(22.0)
|
4.1
|
|
|
Decrease in finance income
|
|
1.8
|
1.4
|
|
|
(Decrease) in finance expense
|
|
(13.4)
|
(6.7)
|
|
|
Foreign exchange
|
|
13.3
|
(28.3)
|
|
|
Income tax (paid)
|
|
(57.9)
|
(42.2)
|
|
Net cash inflow from operating activities
|
|
1,706.3
|
1,095.2
|
|
|
|
|
|
|
|
|
Investing activities
|
|
|
|
|
|
|
Capital expenditure - purchase of property, plant and
equipment
|
|
(1,437.2)
|
(1,092.8)
|
|
|
Decrease in financial assets: cash > 3 months
|
|
100.1
|
237.8
|
|
|
Net increase in restricted cash
|
|
(8.1)
|
(16.7)
|
|
Net cash (used in) investing activities
|
|
(1,345.2)
|
(871.7)
|
|
|
|
|
|
|
|
|
Financing activities
|
|
|
|
|
|
|
Proceeds from shares issued
|
|
3.2
|
4.2
|
|
|
Share buyback
|
|
(363.1)
|
(1,112.4)
|
|
|
Dividends paid
|
|
(240.7)
|
(197.3)
|
|
|
Repayment of borrowings
|
|
(1,190.0)
|
(50.0)
|
|
|
Lease liabilities paid
|
|
(26.6)
|
(27.6)
|
|
Net cash (used in) financing activities
|
|
(1,817.2)
|
(1,383.1)
|
|
|
|
|
|
|
|
|
(Decrease) in cash and cash equivalents
|
|
(1,456.1)
|
(1,159.6)
|
|
|
|
Net foreign exchange (loss)/gain
|
|
(15.5)
|
35.4
|
|
|
Cash and cash equivalents at beginning of the period
|
|
3,863.3
|
3,875.4
|
|
Cash and cash equivalents at end of the period
|
|
2,391.7
|
2,751.2
|
|
|
|
|
|
|
|
|
Included in the cash flows from operating activities for the nine
months are the following amounts:
|
|
|
|
|
|
Interest
income received
|
|
67.3
|
113.4
|
|
|
Interest
expense paid
|
|
(48.9)
|
(60.6)
|
|
Ryanair
Holdings plc and Subsidiaries
Condensed Consolidated Interim Statement of Changes in
Shareholders’ Equity for the Nine Months Ended
December 31, 2025 (unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Issued
|
Share
|
Other
|
|
Other
|
|
|
|
|
Ordinary
|
Share
|
Premium
|
Undenom.
|
Retained
|
Reserves
|
Other
|
|
|
|
Shares
|
Capital
|
Account
|
Capital
|
Earnings
|
Hedging
|
Reserves
|
Total
|
|
|
M
|
€M
|
€M
|
€M
|
€M
|
€M
|
€M
|
€M
|
|
|
|
|
|
|
|
|
|
|
|
Balance at March 31, 2024
|
1,140.1
|
6.9
|
1,404.3
|
3.5
|
5,899.8
|
265.9
|
33.8
|
7,614.2
|
|
Profit
for the nine months
|
-
|
-
|
-
|
-
|
1,939.8
|
-
|
-
|
1,939.8
|
|
Other comprehensive loss
|
|
|
|
|
|
|
|
|
|
Net
movements in cash flow reserve
|
-
|
-
|
-
|
-
|
-
|
(88.5)
|
-
|
(88.5)
|
|
Total
other comprehensive loss
|
-
|
-
|
-
|
-
|
-
|
(88.5)
|
-
|
(88.5)
|
|
Total
comprehensive income/(loss)
|
-
|
-
|
-
|
-
|
1,939.8
|
(88.5)
|
-
|
1,851.3
|
|
Transactions with owners of the Company recognised directly in
equity
|
|
|
|
|
|
|
|
|
|
Issue
of ordinary equity shares
|
0.9
|
-
|
16.0
|
-
|
(11.8)
|
-
|
-
|
4.2
|
|
Repurchase
of ordinary equity shares
|
-
|
-
|
-
|
-
|
(1,112.4)
|
-
|
-
|
(1,112.4)
|
|
Cancellation
of repurchased shares
|
(60.0)
|
(0.4)
|
-
|
0.4
|
-
|
-
|
-
|
-
|
|
Dividends
paid
|
-
|
-
|
-
|
-
|
(197.3)
|
-
|
-
|
(197.3)
|
|
Share-based
payments
|
-
|
-
|
-
|
-
|
-
|
-
|
10.2
|
10.2
|
|
Transfer
of exercised and expired share-based awards
|
-
|
-
|
-
|
-
|
8.9
|
-
|
(8.9)
|
-
|
|
Balance at December 31, 2024
|
1,081.0
|
6.5
|
1,420.3
|
3.9
|
6,527.0
|
177.4
|
35.1
|
8,170.2
|
|
Loss
for the quarter
|
-
|
-
|
-
|
-
|
(328.2)
|
-
|
-
|
(328.2)
|
|
Other comprehensive loss
|
|
|
|
|
|
|
|
|
|
Net
movements in cash flow reserve
|
-
|
-
|
-
|
-
|
-
|
(198.7)
|
-
|
(198.7)
|
|
Total
other comprehensive loss
|
-
|
-
|
-
|
-
|
-
|
(198.7)
|
-
|
(198.7)
|
|
Total
comprehensive loss
|
-
|
-
|
-
|
-
|
(328.2)
|
(198.7)
|
-
|
(526.9)
|
|
Transactions with owners of the Company recognised directly in
equity
|
|
|
|
|
|
|
|
|
|
Issue
of ordinary equity shares
|
0.1
|
-
|
1.3
|
-
|
(0.6)
|
-
|
-
|
0.7
|
|
Repurchase
of ordinary equity shares
|
-
|
-
|
-
|
-
|
(369.3)
|
-
|
-
|
(369.3)
|
|
Cancellation
of repurchased shares
|
(17.2)
|
(0.1)
|
-
|
0.1
|
-
|
-
|
-
|
-
|
|
Dividends
paid
|
-
|
-
|
-
|
-
|
(240.4)
|
-
|
-
|
(240.4)
|
|
Share-based
payments
|
-
|
-
|
-
|
-
|
-
|
-
|
2.6
|
2.6
|
|
Transfer
of exercised and expired share-based awards
|
-
|
-
|
-
|
-
|
0.1
|
-
|
(0.1)
|
-
|
|
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 nine months
|
-
|
-
|
-
|
-
|
2,569.2
|
-
|
-
|
2,569.2
|
|
Other comprehensive loss
|
|
|
|
|
|
|
|
|
|
Net
movements in cash flow reserve
|
-
|
-
|
-
|
-
|
-
|
(240.0)
|
-
|
(240.0)
|
|
Total
other comprehensive loss
|
-
|
-
|
-
|
-
|
-
|
(240.0)
|
-
|
(240.0)
|
|
Total
comprehensive income/(loss)
|
-
|
-
|
-
|
-
|
2,569.2
|
(240.0)
|
-
|
2,329.2
|
|
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
|
-
|
-
|
-
|
-
|
(359.3)
|
-
|
-
|
(359.3)
|
|
Cancellation
of repurchased shares
|
(14.4)
|
(0.1)
|
-
|
0.1
|
-
|
-
|
-
|
-
|
|
Dividends
paid
|
-
|
-
|
-
|
-
|
(240.7)
|
-
|
-
|
(240.7)
|
|
Share-based
payments
|
-
|
-
|
-
|
-
|
-
|
-
|
12.0
|
12.0
|
|
Transfer
of exercised and expired share-based awards
|
-
|
-
|
-
|
-
|
0.2
|
-
|
(0.2)
|
-
|
|
Balance at December 31, 2025
|
1,050.0
|
6.3
|
1,434.8
|
4.1
|
7,548.0
|
(261.3)
|
49.4
|
8,781.3
|
Ryanair Holdings plc and Subsidiaries
MD&A Quarter Ended December 31, 2025 (“Q3
FY26”)
Introduction
For the
purposes of the Management Discussion and Analysis
(“MD&A”) all figures and comments are by reference
to the quarter ended December 31, 2025 results.
Income Statement
Scheduled
revenues:
Scheduled revenues
increased 10% to
€2.10BN as traffic grew 6% (to 47.5M passengers) at 4%
higher fares (to c.€44), thanks to strong October school
mid-term and close-in Christmas/New Year bookings.
Ancillary
revenues:
Ancillary revenue
was solid, rising 7%
to €1.11BN as traffic
grew 6% and spend per passenger rose 1%.
Total
revenue:
As a
result of the above, total revenue rose 9% to €3.21BN.
Operating
Expenses:
Fuel
and oil:
Fuel
and oil increased 7% to
€1.26BN 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 6% increase in flight hours and higher environmental costs
(ETS allowance unwind and SAF blend mandates from Jan.
2025).
Airport
and handling charges:
Airport
and handling charges rose 8% to
€403M, due to 6% traffic growth, ground ATC rate hikes
and higher handling labour costs.
Staff
costs:
Staff
costs increased 6% to
€451M, as agreed pay increases (under CLAs) and higher
sectors were somewhat offset by 34 additional B737-8200
“Gamechanger” aircraft in the fleet (driving better
efficiency).
Route
charges:
Route
charges rose 18% to
€311M, due to significantly higher Eurocontrol/ATC
rates and a 6% increase in flight hours.
Depreciation:
Depreciation
increased 12% to
€326M, primarily due to 34 additional B737-8200
“Gamechanger” aircraft in the fleet, higher aircraft
utilisation (sectors up 6%) and increased maintenance on the B737NG
fleet.
Marketing,
distribution and other:
Marketing,
distribution and other decreased 26% to €174M primarily due to
lower EU261 compensation and lower legal costs (the prior-year Q3
included a charge for a Spanish baggage fine). This is offset by
input costs for increased onboard sales.
Maintenance,
materials and repairs:
Maintenance,
materials and repairs rose 15% to
€188M due to higher utilisation, increased line and
engine maintenance as the fleet grows and labour
inflation.
Exceptional
charge:
In late
December 2025, AGCM (Italy) unjustly levied a €256M fine on
Ryanair. While the Group’s lawyers are confident the fine
will be overturned on appeal, approx. 33% of the fine (€85M)
has been provided in the Income Statement.
Other
income:
With
almost all of the Group’s B737-8200 “Gamechanger”
aircraft delivered, other income dipped due to the absence of
delivery delay compensation in the quarter (incl. in the prior-year
comparative) and lower deposit interest rates which were partially
offset by debt repayments. Foreign exchange translation reflects
the impact of primarily €/US$ exchange rate movements on
quarter end balance sheet revaluations.
Ryanair Holdings plc and Subsidiaries
MD&A Nine Months Ended December 31, 2025 (“FY26
YTD”)
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 nine
months ended December 31, 2025 results.
Income Statement
Scheduled
revenues:
Scheduled revenues
increased 15% to
€9.01BN as traffic grew 4% (to 166.5M passengers) at
10% higher fares (to c.€54). Fares benefitted from having the
full Easter holiday in Q1 (with weak prior-year comps), full
recovery of the 7% fare decline suffered in last year’s Q2,
and a 4% fare increase in Q3.
Ancillary
revenues:
Ancillary revenue
was solid, rising 6%
to €4.02BN as traffic
rose 4% and spend per passenger rose 2%.
Total
revenue:
As a
result of the above, total revenue rose 12% to €13.03BN.
Operating
Expenses:
Fuel
and oil:
Fuel
and oil increased 4% to
€4.23BN 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 costs
(ETS allowance unwind and SAF blend mandates from Jan.
2025).
Airport
and handling charges:
Airport
and handling charges rose 5% to
€1.41BN, due to 4% traffic growth, ground ATC rate
hikes and higher handling labour costs.
Staff
costs:
Staff
costs increased 4% to
€1.38BN, as agreed pay increases (under CLAs) and
higher sectors were somewhat offset by 34 additional B737-8200
“Gamechanger” aircraft in the fleet (driving better
efficiency).
Route
charges:
Route
charges rose 16% to
€1.04BN, due to significantly higher Eurocontrol/ATC
rates and a 4% increase in flight hours.
Depreciation:
Depreciation
increased 10% to
€1.01BN, primarily due to 34 additional B737-8200
“Gamechanger” aircraft in the fleet, higher aircraft
utilisation (sectors up 4%) and increased maintenance on the B737NG
fleet.
Marketing,
distribution and other:
Marketing,
distribution and other decreased 13% to €613M primarily due to
lower EU261 compensation and lower legal costs (the prior-year
comparative included a Q3 charge for a Spanish baggage fine). This
is offset by input costs for increased onboard sales.
Maintenance,
materials and repairs:
Maintenance,
materials and repairs rose 13% to
€393M due to 4% higher sectors, increased line and
engine maintenance as the fleet grows and labour
inflation.
Exceptional
charge:
In Q3,
AGCM (Italy) unjustly levied a €256M fine on Ryanair. While
the Group’s lawyers are confident the fine will be overturned
on appeal, approx. 33% of the fine (€85M) has been provided
in the Income Statement.
Other
income:
With
almost all of the Group’s B737-8200 “Gamechanger”
aircraft delivered, other income declined due to lower delivery
delay compensation received (with none in Q3 FY26) and lower
deposit interest rates which were partially offset by debt
repayments. Foreign exchange translation reflects the impact of
primarily €/US$ exchange rate movements on balance sheet
revaluations.
Balance
sheet:
Gross
cash was €2.4BN at
December 31, 2025 despite €1.2BN debt repayments,
€1.4BN capex and
€0.6BN shareholder
distributions. Gross debt was €1.5BN (March 31, 2025:
€2.7BN) and net
cash was approximately €1.0BN at December 31, 2025 (March
31, 2025: €1.3BN).
Shareholders’
equity:
Shareholders’
equity increased by €1.7BN to
€8.8BN in the nine month period due to a net profit of
€2.57BN offset by a
€0.4BN repurchase of
shares, €0.2BN
dividends paid and an IFRS hedge accounting decrease in derivatives
of €0.2BN.
Ryanair
Holdings plc and Subsidiaries
Interim
Management Report
Introduction
This
financial report for the nine months ended December 31, 2025 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 three months of the
year;
●
Related party
transactions; and
●
Post balance sheet
events.
Results
of operations for the nine-month period ended December 31, 2025
compared to the nine-month period ended December 31, 2024,
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 geopolitical 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.
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 (including sustainable aviation fuel and
carbon credits), 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 218 and 219 of the Group’s 2025 Annual Report.
Captain Ray Conway was appointed to the Board with effect from
October 1, 2025 and both Howard Millar and Captain Mike
O’Brien retired from the Board in September
2025.
Related party transactions – Please see note 9.
Post balance sheet events – Please see note
12.
Going concern
The
Directors, having made inquiries, believe that the Group has
adequate resources to continue in operational existence for at
least the next 12 months and that it is appropriate to adopt the
going concern basis in preparing these condensed consolidated
interim financial statements. The continued preparation of the
Group’s condensed consolidated interim financial statements
on the going concern basis is supported by the financial
projections prepared by the Group.
In
arriving at this decision to adopt the going concern basis of
accounting, the Board has considered, among other
things:
●
The Group’s
net profit of €2.57BN in the nine months ended December 31,
2025;
●
The Group’s
liquidity, with €2.4BN gross cash and approximately
€1.0BN net cash at December 31, 2025 and almost €1BN
undrawn funds under the Group’s €1.1BN revolving credit
facility;
●
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 with its owned B737 fleet
unencumbered;
●
The Group’s
access to the debt capital markets, unsecured/secured bank debt and
sale and leaseback transactions;
●
The Group’s
fuel hedging position (approx. 84% of FY26 and 80% of FY27 jet fuel
requirements were hedged at December 31, 2025); and
●
The Group’s
ability, as evidenced throughout downturns (such as the Covid-19
pandemic), to preserve cash and reduce operational and capital
expenditure.
Ryanair
Holdings plc and Subsidiaries
Notes
forming Part of the Condensed Consolidated
Interim
Financial Statements
1. Basis
of preparation and material accounting policies
Ryanair
Holdings plc (the “Company”) is a company domiciled in
Ireland. The unaudited condensed consolidated interim financial
statements for the nine months ended December 31, 2025 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 2025 Annual Report for the year ended
March 31, 2025, 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, 2025, 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
December 31, 2025 figures and the December 31, 2024 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, 2025, together with the
independent auditor’s report thereon, are available on the
Company’s website and have been filed with the Irish
Registrar of Companies. 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 nine
months ended December 31, 2025 on January 23, 2026.
Except
as stated otherwise below, the interim financial statements for the
nine months ended December 31, 2025 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.
New IFRS Accounting standards and amendments adopted during the
period
The
following new and amended IFRS Accounting standards, amendments and
IFRIC interpretations, have been issued by the IASB, and have also
been endorsed by the EU unless stated otherwise. These standards
are effective for the first time for the Group’s financial
year beginning on April 1, 2025 and therefore have been applied by
the Group in these interim 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 in the
nine months ended December 31, 2025, 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 Accounting 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).*
●
IFRS 18
Presentation and Disclosure in Financial Statements (effective on
or after January 1, 2027).*
●
Amendments to IFRS
19 Subsidiaries without Public Accountability: Disclosures
(effective on or after January 1, 2027).*
●
Amendments to IAS
21 The Effects of Changes in Foreign Exchange Rates: Translation to
a Hyperinflationary Presentation Currency (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. 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
December 31, 2025, the Group had €11.2BN of property, plant
and equipment long-lived assets, of which €10.9BN were
aircraft related. In accounting for long-lived assets, the Group
must make estimates about the expected useful lives of the assets
and the expected residual values of the assets.
In
estimating the useful lives and expected residual values of the
aircraft component, the Group considered a number of factors,
including its own historic experience and past practices of
aircraft disposals, renewal programmes, forecasted growth plans,
external valuations from independent appraisers, recommendations
from the aircraft supplier and manufacturer and other
industry-available information.
The
Group's estimate of each aircraft’s residual value is 15% of
market value on delivery, based on independent valuations and
actual aircraft disposals during prior periods, and each
aircraft’s useful life is determined to be 23
years.
Revisions to these
estimates could be caused by changes to maintenance programmes,
changes in utilisation of the aircraft, governmental regulations on
ageing aircraft, changes in new aircraft technology, changes in
governmental and environmental taxes, geopolitical uncertainties,
changes in new aircraft fuel efficiency, changing market prices for
new and used aircraft of the same or similar types, tariffs and
macro economic shocks. The Group therefore evaluates its estimates
and assumptions in each reporting period, and, when warranted,
adjusts these assumptions. Any adjustments are accounted for on a
prospective basis through depreciation expense.
Critical judgements
In the
opinion of the Directors, the following significant judgements were
exercised in the preparation of the financial
statements:
Long-lived
assets
On
acquisition a judgement is made to allocate an element of the cost
of an acquired aircraft to the cost of major airframe and engine
overhauls, reflecting its service potential and the maintenance
condition of its engines and airframe. This cost, which can equate
to a substantial element of the total aircraft cost, is amortised
over the shorter of the period to the next maintenance check
(usually between 8 and 12 years) or the remaining useful life of
the aircraft.
3. Seasonality
of operations
The
Group’s results of operations have varied significantly from
quarter to quarter, and management expects these variations to
continue. Among the factors causing these variations are the
airline industry’s sensitivity to general economic conditions
and the seasonal nature of air travel. Accordingly, the first
half-year typically results in higher revenues and
results.
4. Income
tax expense
The
Group’s consolidated tax expense for the nine months ended
December 31, 2025 of €347M (December 31, 2024: €271M)
comprises a current tax charge of €327M and a €20M
deferred tax charge relating to the temporary differences for
property, plant and equipment. No significant or unusual tax
charges or credits arose during the period. The effective tax
rate of approx. 12% for the nine months ended December 31, 2025
(December 31, 2024: 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
December 31, 2025 the Group had an operating fleet of 617 (2024:
583) Boeing 737 and 26 (2024: 26) Airbus A320 aircraft. In
September 2014, the Group agreed to purchase up to 200 (100 firm
and 100 options) Boeing 737-8200 aircraft which was subsequently
increased to 210 firm orders in December 2020. At December 31,
2025, the Group had taken delivery of 206 of these aircraft. The
remaining aircraft are expected to deliver before March 31, 2026.
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:
|
Nine Months Ended
|
Ryanair DAC
Dec 31,
2025
€M
|
Other Airlines
Dec 31,
2025
€M
|
Elimination
Dec 31,
2025
€M
|
Total
Dec 31,
2025
€M
|
|
Scheduled
revenues
|
8,884.5
|
124.0
|
-
|
9,008.5
|
|
Ancillary
revenues
|
4,023.2
|
-
|
-
|
4,023.2
|
|
Inter-segment
revenues
|
602.2
|
1,182.9
|
(1,785.1)
|
-
|
|
Segment revenues
|
13,509.9
|
1,306.9
|
(1,785.1)
|
13,031.7
|
|
|
|
|
|
|
|
Reportable segment profit after income tax
|
2,488.8
|
80.4
|
-
|
2,569.2
|
|
|
|
|
|
|
|
Other segment information:
|
|
|
|
|
|
Depreciation
|
(985.1)
|
(28.8)
|
-
|
(1,013.9)
|
|
Net
finance and other income/(expense)
|
74.4
|
(4.6)
|
-
|
69.8
|
|
Capital
expenditure
|
(1,204.0)
|
(36.9)
|
-
|
(1,240.9)
|
|
Staff
costs
|
(868.3)
|
(508.4)
|
-
|
(1,376.7)
|
|
|
|
|
|
|
|
Segment
assets
|
15,331.8
|
712.2
|
-
|
16,044.0
|
|
Segment
liabilities
|
(6,426.5)
|
(836.2)
|
-
|
(7,262.7)
|
|
Nine Months Ended
|
Ryanair DAC
Dec 31,
2024
€M
|
Other Airlines
Dec 31,
2024
€M
|
Elimination
Dec 31,
2024
€M
|
Total
Dec 31,
2024
€M
|
|
Scheduled
revenues
|
7,757.0
|
108.5
|
-
|
7,865.5
|
|
Ancillary
revenues
|
3,785.7
|
-
|
-
|
3,785.7
|
|
Inter-segment
revenues
|
570.5
|
1,135.0
|
(1,705.5)
|
-
|
|
Segment revenues
|
12,113.2
|
1,243.5
|
(1,705.5)
|
11,651.2
|
|
|
|
|
|
|
|
Reportable segment profit after income tax
|
1,861.2
|
78.6
|
-
|
1,939.8
|
|
|
|
|
|
|
|
Other segment information:
|
|
|
|
|
|
Depreciation
|
(889.7)
|
(29.6)
|
-
|
(919.3)
|
|
Net
finance and other income/(expense)
|
146.3
|
(6.1)
|
-
|
140.2
|
|
Capital
expenditure
|
(963.0)
|
(63.6)
|
-
|
(1,026.6)
|
|
Staff
costs
|
(830.7)
|
(493.0)
|
-
|
(1,323.7)
|
|
|
|
|
|
|
|
Segment
assets
|
16,015.4
|
357.9
|
-
|
16,373.3
|
|
Segment
liabilities
|
(7,620.0)
|
(583.1)
|
-
|
(8,203.1)
|
|
Quarter Ended
|
Ryanair DAC
Dec 31,
2025
€M
|
Other Airlines
Dec 31,
2025
€M
|
Elimination
Dec 31,
2025
€M
|
Total
Dec 31,
2025
€M
|
|
Scheduled
revenues
|
2,088.5
|
11.4
|
-
|
2,099.9
|
|
Ancillary
revenues
|
1,114.3
|
-
|
-
|
1,114.3
|
|
Inter-segment
revenues
|
197.4
|
389.8
|
(587.2)
|
-
|
|
Segment revenues
|
3,400.2
|
401.2
|
(587.2)
|
3,214.2
|
|
|
|
|
|
|
|
Reportable segment profit after income tax
|
1.8
|
28.6
|
-
|
30.4
|
|
|
|
|
|
|
|
Other segment information:
|
|
|
|
|
|
Depreciation
|
(316.8)
|
(9.6)
|
-
|
(326.4)
|
|
Net
finance and other income/(expense)
|
10.4
|
(1.4)
|
-
|
9.0
|
|
Capital
expenditure
|
(363.4)
|
(14.4)
|
-
|
(377.8)
|
|
Staff
costs
|
(286.6)
|
(164.5)
|
-
|
(451.1)
|
|
|
|
|
|
|
|
Segment
assets
|
15,331.8
|
712.2
|
-
|
16,044.0
|
|
Segment
liabilities
|
(6,426.5)
|
(836.2)
|
-
|
(7,262.7)
|
|
Quarter Ended
|
Ryanair DAC
Dec 31,
2024
€M
|
Other Airlines
Dec 31,
2024
€M
|
Elimination
Dec 31,
2024
€M
|
Total
Dec 31,
2024
€M
|
|
Scheduled
revenue
|
1,906.6
|
9.0
|
-
|
1,915.6
|
|
Ancillary
revenue
|
1,043.6
|
-
|
-
|
1,043.6
|
|
Inter-segment
revenues
|
184.7
|
368.6
|
(553.3)
|
-
|
|
Segment revenues
|
3,134.9
|
377.6
|
(553.3)
|
2,959.2
|
|
|
|
|
|
|
|
Reportable segment profit after income tax
|
134.0
|
14.6
|
-
|
148.6
|
|
|
|
|
|
|
|
Other segment information:
|
|
|
|
|
|
Depreciation
|
(282.4)
|
(9.5)
|
-
|
(291.9)
|
|
Net
finance and other income/(expense)
|
92.3
|
(2.1)
|
-
|
90.2
|
|
Capital
expenditure
|
(252.8)
|
(13.3)
|
-
|
(266.1)
|
|
Staff
costs
|
(271.5)
|
(155.2)
|
-
|
(426.7)
|
|
|
|
|
|
|
|
Segment
assets
|
16,015.4
|
357.9
|
-
|
16,373.3
|
|
Segment
liabilities
|
(7,620.0)
|
(583.1)
|
-
|
(8,203.1)
|
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. Prior period comparatives have been updated to align with
current period presentation.
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.
|
|
|
Nine Months Ended
Dec 31,
2025
|
Nine Months Ended
Dec 31,
2024
|
Quarter Ended
Dec 31,
2025
|
Quarter
Ended
Dec 31, 2024
|
|
|
|
€M
|
€M
|
€M
|
€M
|
|
|
|
|
|
|
|
|
Italy
|
|
2,807.1
|
2,482.5
|
706.1
|
635.4
|
|
Spain
|
|
2,294.5
|
2,068.2
|
544.1
|
522.4
|
|
United
Kingdom
|
|
1,888.6
|
1,690.6
|
480.1
|
448.3
|
|
Ireland
|
|
734.8
|
626.4
|
189.2
|
162.1
|
|
Other
|
|
5,306.7
|
4,783.5
|
1,294.7
|
1,191.0
|
|
Total
revenue
|
|
13,031.7
|
11,651.2
|
3,214.2
|
2,959.2
|
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, allocated 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
Acquisitions and disposals
During
the period ended December 31, 2025, net capital additions amounted
to €1.24BN principally reflecting aircraft deliveries in the
period 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 period ended December 31,
2025 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 2025
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
condensed consolidated 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 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 December 31, 2025 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 nine months ended December
31, 2025 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 December 31, 2025. 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 Dec 31,
|
At Dec 31,
|
At Mar 31,
|
At Mar 31,
|
|
|
2025
|
2025
|
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
|
6.7
|
6.7
|
5.8
|
5.8
|
|
-
Jet fuel & carbon derivatives contracts
|
-
|
-
|
9.6
|
9.6
|
|
|
6.7
|
6.7
|
15.4
|
15.4
|
|
Current financial assets
|
|
|
|
|
|
Derivative
financial instruments:
|
|
|
|
|
|
-
U.S. dollar currency forward contracts
|
4.1
|
4.1
|
84.4
|
84.4
|
|
-
Jet fuel & carbon derivative contracts
|
22.5
|
22.5
|
10.0
|
10.0
|
|
|
26.6
|
26.6
|
94.4
|
94.4
|
|
Trade
receivables*
|
110.4
|
|
73.5
|
|
|
Cash
and cash equivalents*
|
2,391.7
|
|
3,863.3
|
|
|
Financial
asset: cash > 3 months*
|
-
|
|
100.1
|
|
|
Restricted
cash*
|
31.2
|
|
23.1
|
|
|
|
2,559.9
|
26.6
|
4,154.4
|
94.4
|
|
Total
financial assets
|
2,566.6
|
33.3
|
4,169.8
|
109.8
|
|
|
|
|
|
|
|
|
At Dec 31,
|
At Dec 31,
|
At Mar 31,
|
At Mar 31,
|
|
|
2025
|
2025
|
2025
|
2025
|
|
|
Carrying
|
Fair
|
Carrying
|
Fair
|
|
|
Amount
|
Value
|
Amount
|
Value
|
|
Non-current financial liabilities
|
€M
|
€M
|
€M
|
€M
|
|
Derivative
financial instruments:
|
|
|
|
|
|
-
Jet fuel & carbon derivative contracts
|
21.1
|
21.1
|
-
|
-
|
|
-
U.S. dollar currency forward contracts
|
34.0
|
34.0
|
2.5
|
2.5
|
|
|
55.1
|
55.1
|
2.5
|
2.5
|
|
Non-current
maturities of debt:
|
|
|
|
|
|
-
Long-term debt
|
147.6
|
147.6
|
488.9
|
488.9
|
|
-
Bonds**
|
-
|
-
|
1,196.3
|
1,172.5
|
|
|
147.6
|
147.6
|
1,685.2
|
1,661.4
|
|
|
202.7
|
202.7
|
1,687.7
|
1,663.9
|
|
|
|
|
|
|
|
Current financial liabilities
|
|
|
|
|
|
Derivative
financial instruments:
|
|
|
|
|
|
-
Jet fuel & carbon derivative contracts
|
141.8
|
141.8
|
224.5
|
224.5
|
|
-
U.S. dollar currency forward contracts
|
153.5
|
153.5
|
0.2
|
0.2
|
|
|
295.3
|
295.3
|
224.7
|
224.7
|
|
|
|
|
|
|
|
Current
maturities of debt:
|
|
|
|
|
|
-
Bonds**
|
1,198.8
|
1,192.3
|
848.4
|
850.3
|
|
|
1,198.8
|
1,192.3
|
848.4
|
850.3
|
|
Trade
payables*
|
477.6
|
|
702.0
|
|
|
Accrued
expenses*
|
1,987.2
|
|
1,953.5
|
|
|
|
3,958.9
|
1,487.6
|
3,728.6
|
1,075.0
|
|
Total
financial liabilities
|
4,161.6
|
1,690.3
|
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.
11. Shareholders’
equity and shareholders’ returns
In line
with the Group’s Dividend Policy, a FY25 final dividend of
€0.227 per share was paid in September 2025 and an interim dividend of €0.193 per share
will be paid in late February, 2026.
In the
nine months ended December 31, 2025 the Company bought back, and
cancelled, approx. 14M ordinary shares at a total cost of
€0.4BN (including over 13M shares purchased under the
€750M share buyback programme launched in May 2025). As a
result of these share buybacks, share capital decreased by approx.
14M ordinary shares (equivalent to approx. 1.4% of the
Company’s issued share capital at March 31,
2025).
12. Post
balance sheet events
Between
January 1, 2026 and January 22, 2026 the Company bought back
approx. 1M ordinary shares at a total cost of approx. €30M
under its ongoing share buyback programme. This brought total spend
in FY26 to approx. €390M.
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: 26
January, 2026
|
|
By:___/s/
Juliusz Komorek____
|
|
|
|
|
|
Juliusz
Komorek
|
|
|
Company
Secretary
|