SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16
of the Securities Exchange Act of 1934
For the
month of May 2025
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 REPORTS PAT OF €1.61BN DESPITE 7% LOWER
FARES
1ST EU
AIRLINE TO CARRY 200M GUESTS IN ONE YEAR
Ryanair
Holdings plc today (19 May) reported full-year profit after tax of
€1.61bn, compared to prior-year PAT of €1.92bn, as
traffic grew 9% to a record 200m passengers at 7% lower
fares.
|
|
Mar. 2024
|
Mar. 2025
|
Change
|
|
Passengers
|
183.7m
|
200.2m
|
+9%
|
|
Load
Factor
|
94%
|
94%
|
-
|
|
Revenue
|
€13.44bn
|
€13.95bn
|
+4%
|
|
Op.
Costs
|
€11.38bn
|
€12.39bn
|
+9%
|
|
PAT
|
€1.92bn
|
€1.61bn
|
-16%
|
FY25
highlights include:
●
Traffic grew 9% to
a record 200m, despite Boeing delivery delays.
●
Ave. fare down 7%
& ancil. revenue up 1%.
●
Cost per pax flat
as the cost gap widens over competitor EU airlines.
●
181 B737
“Gamechangers”
in 618 fleet at 30 Apr.
●
Over 160 new routes
for S.25.
●
7% of shares bought
back & cancelled.
●
Final div. of
€0.227 per share payable in Sept. (subject to AGM
approval).
FY25 BUSINESS REVIEW
Ryanair Group CEO Michael O’Leary, said:
Revenue & Costs:
“The key
feature of last years result was the 7% decline in fares which
drove strong traffic growth of 9% to just over 200m. Total revenue
rose 4% to €13.95bn. Scheduled revenue increased 1% to
€9.23bn as traffic (despite repeated Boeing delivery delays)
grew 9%. The absence of a full Easter in Q1, consumer spending
pressure (driven by higher-for-longer interest rates and inflation
in H1) and a big drop off in OTA bookings prior to S.24
necessitated repeated price stimulation last year. Ancillary
revenues were solid rising 10% to €4.72bn. Operating costs
(flat on a per passenger basis) were in line with expectations,
rising 9% to €12.39bn as fuel hedge savings offset higher
staff and other costs due (in part) to repeated Boeing delivery
delays.
Our
FY26 fuel is almost 85% hedged at $76bbl and FY27 is 36% hedged at
just under $66bbl which helps de-risk the Group from fuel price
volatility.
Balance Sheet & Liquidity:
Ryanair’s
balance sheet is one of the strongest in the industry with a BBB+
credit rating. At 31 Mar., gross cash was almost €4bn,
boosted by delayed aircraft capex into FY26. Year end net cash was
€1.3bn even after €1.6bn capex and €1.5bn of
share buybacks. In Mar., the Group enhanced its financial
flexibility by increasing its low-cost revolving credit facility to
€1.1bn (was €0.75bn) and extending the term to Mar.
2030 (from 2028). Our owned B737 fleet (over 590 aircraft) is fully
unencumbered, widening Ryanair’s cost advantage over all
competitors. While Ryanair prepares to repay almost €2.1bn
maturing bonds over the next 12-months from internal cash
resources, our competitors remain exposed to expensive (long-term)
finance, and rising aircraft lease costs.
Shareholder returns:
During
FY25, Ryanair purchased and cancelled 7% of its issued share
capital (over 77m shares) and has now retired almost 36% of its
issued share capital since 2008. In line with our capital
allocation policy, €0.40 cum. dividends per share were paid
during FY25 and a final dividend of €0.227 per share is due
in Sept. (subject to AGM approval). Over the next year, we intend
to pay down maturing bond debt (incl. an €850m bond in Sept.
2025 & €1.2bn in May 2026) while still funding our
aircraft and engine capex from internal resources. The Board
remains committed to shareholder returns and has now approved a
follow-on €750m share buyback, which will likely run over the
next 6 to 12 months.
FLEET & GROWTH
Ryanair
now has 181 B737-8200 “Gamechangers” in its 618
aircraft fleet (up 5 from year-end). This will restrict our FY26
growth to just 3% (206m passengers). We are working closely with
Boeing to accelerate deliveries and are increasingly confident that
the remaining 29 Gamechangers in our 210 orderbook will deliver
well ahead of S.26, enabling us to catch up delayed traffic growth
into FY27. Boeing expects the MAX-10 to be certified in late 2025
and so we continue to plan for the timely delivery of our first 15
MAX-10s in spring 2027 (with 300 due by Mar. 2034).
We are
seeing robust S.25 travel demand across our network. This year our
constrained capacity growth is being allocated to those regions and
airports who are abolishing aviation taxes and incentivising
traffic growth. Ryanair has over 160 new S.25 routes (total 2,600
routes) on-sale and we recommend all passengers book early on
www.ryanair.com
to secure the lowest airfares before they sell out.
We
expect European short-haul capacity to remain constrained for the
next few years as many of Europe’s Airbus operators are still
working through Pratt & Whitney engine repairs, the big 2 OEMs
are well behind on aircraft deliveries, and EU airline
consolidation continues (incl. the upcoming sale of TAP). These
capacity constraints, combined with our substantial cost advantage,
strong balance sheet, low-cost aircraft orders and industry leading
operational resilience will, we believe, facilitate Ryanair’s
controlled profitable growth to 300m passengers p.a. by
FY34.
ESG
During
FY25 we took delivery of 30 Gamechangers (4% more seats, 16% less
fuel & CO2) and we accelerated the retrofit of winglets to our
B737NG fleet (target of 409 by 2026), which reduce fuel burn by
1.5% and noise by 6%. This investment in new technology, and our
ambitious SAF commitments positions Ryanair as one of
Europe’s most environmentally efficient airlines. This year
we retained our industry leading ESG ratings from MSCI (A), CDP
(A-) and Sustainalytics (No.1 global large cap airline). We also
became the first major airline to have its environmental targets
(to reduce CO2 per pax/km by 27% to c.50grams by 2031) validated to
the latest SBTi guidelines. As we head into S.25, we continue to
call on ATC CEOs across Europe to ensure adequate staffing,
particularly for the morning/first wave departures. This, coupled
with the protection of overflights (during national strikes), would
deliver significant environmental and punctuality benefits for EU
air travel.
Between
Sept. 2024 and Mar. 2025, in anticipation of reaching the 50%
threshold of EU ownership, Ryanair carried out a review of a
potential variation of its ownership and control restrictions in a
manner that continues to ensure compliance with EU Reg. 1008/2008
(“O&C Review”). Once the 50% threshold was reached,
the Board, taking into account positive feedback from regulators
and investors resolved in March that it was in the best interest of
Ryanair and our shareholders as a whole to discontinue the
prohibition on non-EU nationals acquiring Ordinary Shares with
immediate effect. We continue to apply voting restrictions on
non-EU nationals. Consequently, both EU and non-EU nationals can
now invest in Ryanair Holdings plc via Ordinary Shares listed on
Euronext Dublin and/or Depository Shares listed on Nasdaq. In
acknowledgement of these changes, MSCI recently confirmed
Ryanair’s inclusion in the MSCI World Index at the end of
May.
Board:
Howard
Millar has chosen not to seek re-election at the upcoming AGM and
will step down from the Board in Sept. We thank him sincerely for
his leadership and his enormous contribution to Ryanair’s
success, firstly as our CFO from 1992 to 2014, and as a NED over
the last 9 years.
OUTLOOK
We
expect FY26 traffic to grow by just 3% to 206m passengers due to
constrained/delayed Boeing deliveries. Following a year of flat
unit-costs, we expect modest unit cost inflation in FY26 as the
delivery of more Gamechangers, strong jet fuel hedging and cost
control across our Group airlines helps offset increased route
& ATC charges, and higher enviro. costs (following the unwind
of free ETS allowances and the introduction of a SAF blend mandate
from Jan. 2025). To date, S.25 demand is strong, with peak fares
trending (modestly) ahead of prior year. Q1 fares will benefit from
having a full Easter holiday in April, and weak prior-year comps.,
and Q1 fares are on track to finish a mid-high teen percent ahead
of Q1 FY25. With limited visibility, we currently expect Q2 pricing
to recover some of the 7% decline we experienced in PY Q2. The
final H1 outcome is, however, heavily dependent on close-in
bookings and peak summer yields. As is normal at this time of year,
we have zero H2 visibility.
While
we cautiously expect to recover most, but not all of last years 7%
fare decline, which should lead to reasonable net profit growth in
FY26, it is far too early to provide any meaningful guidance. The
final FY26 outcome remains heavily exposed to adverse external
developments, incl. the risk of tariff wars, macro-economic shocks,
conflict escalation in Ukraine and the Middle East and European ATC
mismanagement/ short staffing.”
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.206m guests p.a. on approx. 3,600 daily flights from 93
bases, the Group connects 233 airports in 37 countries on a fleet
of almost 620 aircraft, and almost 330 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 Preliminary Balance Sheet as at March 31,
2025 (unaudited)
|
|
|
|
At Mar 31,
|
At
Mar 31,
|
|
|
|
|
2025
|
2024
|
|
|
|
Note
|
€M
|
€M
|
|
|
Non-current
assets
|
|
|
|
|
|
Property, plant and
equipment
|
|
10,923.7
|
10,847.0
|
|
|
Right-of-use
asset
|
|
148.5
|
166.5
|
|
|
Intangible
assets
|
|
146.4
|
146.4
|
|
|
Derivative
financial instruments
|
11
|
15.4
|
3.3
|
|
|
Deferred
tax
|
|
1.6
|
2.1
|
|
|
Other
assets
|
|
261.7
|
183.2
|
|
|
Total
non-current assets
|
|
11,497.3
|
11,348.5
|
|
|
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
Inventories
|
|
4.6
|
6.2
|
|
|
Other
assets
|
|
1,850.7
|
1,275.4
|
|
|
Trade
receivables
|
11
|
73.5
|
76.4
|
|
|
Derivative
financial instruments
|
11
|
94.4
|
349.5
|
|
|
Restricted
cash
|
11
|
23.1
|
6.4
|
|
|
Financial assets:
cash > 3 months
|
11
|
100.1
|
237.8
|
|
|
Cash
and cash equivalents
|
11
|
3,863.3
|
3,875.4
|
|
|
Total
current assets
|
|
6,009.7
|
5,827.1
|
|
|
|
|
|
|
|
|
Total
assets
|
|
17,507.0
|
17,175.6
|
|
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
Provisions
|
|
53.5
|
46.0
|
|
|
Trade
payables
|
11
|
702.0
|
792.2
|
|
|
Accrued
expenses and other liabilities
|
|
6,179.4
|
5,227.6
|
|
|
Current
lease liability
|
|
37.7
|
39.4
|
|
|
Current
maturities of debt
|
11
|
848.4
|
50.0
|
|
|
Derivative
financial instruments
|
11
|
224.7
|
178.8
|
|
|
Current
tax
|
|
107.1
|
66.6
|
|
|
Total
current liabilities
|
|
8,152.8
|
6,400.6
|
|
|
|
|
|
|
|
|
Non-current
liabilities
|
|
|
|
|
|
Provisions
|
|
141.1
|
138.1
|
|
|
Derivative
financial instruments
|
11
|
2.5
|
3.3
|
|
|
Deferred
tax
|
|
377.1
|
362.0
|
|
|
Non-current lease
liability
|
|
111.4
|
125.2
|
|
|
Non-current
maturities of debt
|
11
|
1,685.2
|
2,532.2
|
|
|
Total
non-current liabilities
|
|
2,317.3
|
3,160.8
|
|
|
|
|
|
|
|
|
Shareholders'
equity
|
|
|
|
|
|
Issued
share capital
|
|
6.4
|
6.9
|
|
|
Share
premium account
|
|
1,421.6
|
1,404.3
|
|
|
Other
undenominated capital
|
|
4.0
|
3.5
|
|
|
Retained
earnings
|
|
5,588.6
|
5,899.8
|
|
|
Other
reserves
|
|
16.3
|
299.7
|
|
|
Total
shareholders' equity
|
|
7,036.9
|
7,614.2
|
|
|
|
|
|
|
|
|
Total
liabilities and shareholders' equity
|
|
17,507.0
|
17,175.6
|
Ryanair Holdings plc and Subsidiaries
Condensed Consolidated Preliminary Income Statement for the Year
Ended March 31, 2025 (unaudited)
|
|
|
|
Change
|
IFRS Year Ended
|
IFRS Year Ended
|
|
Mar 31, 2025
|
Mar 31, 2024
|
||||
|
|
|
Note
|
%*
|
€M
|
€M
|
|
Operating revenues
|
|
|
|
|
|
|
|
Scheduled revenues
|
|
+1%
|
9,229.8
|
9,145.1
|
|
|
Ancillary revenues
|
|
+10%
|
4,718.7
|
4,298.7
|
|
Total operating revenues
|
8
|
+4%
|
13,948.5
|
13,443.8
|
|
|
|
|
|
|
|
|
|
Operating expenses
|
|
|
|
|
|
|
|
Fuel and oil
|
|
-2%
|
5,220.2
|
5,142.6
|
|
|
Staff costs
|
|
-17%
|
1,751.1
|
1,500.0
|
|
|
Airport and handling charges
|
|
-13%
|
1,683.5
|
1,484.5
|
|
|
Depreciation
|
|
-15%
|
1,214.4
|
1,059.5
|
|
|
Route charges
|
|
-14%
|
1,166.7
|
1,024.4
|
|
|
Marketing, distribution and other
|
|
-16%
|
878.4
|
757.2
|
|
|
Maintenance, materials and repairs
|
|
-15%
|
476.2
|
414.9
|
|
Total operating expenses
|
|
-9%
|
12,390.5
|
11,383.1
|
|
|
|
|
|
|
|
|
|
Operating profit
|
|
-24%
|
1,558.0
|
2,060.7
|
|
|
Other income
|
|
|
|
|
|
|
|
Net finance and other income
|
|
+262%
|
224.0
|
61.8
|
|
|
Foreign exchange gain
|
|
|
2.4
|
5.5
|
|
Total other income
|
|
|
226.4
|
67.3
|
|
|
|
|
|
|
|
|
|
Profit before tax
|
|
-16%
|
1,784.4
|
2,128.0
|
|
|
|
|
|
|
|
|
|
|
Tax (expense)
|
5
|
|
(172.8)
|
(210.9)
|
|
|
|
|
|
|
|
|
Profit for the year – all attributable to equity holders of
parent
|
-16%
|
1,611.6
|
1,917.1
|
||
|
|
|
|
|
||
|
|
Earnings per ordinary share (€)
|
|
|
|
|
|
|
Basic
|
|
-13%
|
1.4631
|
1.6828
|
|
|
Diluted
|
|
-13%
|
1.4549
|
1.6743
|
|
|
Weighted avg. no. of ord. shares (in Ms)
|
|
|
|
|
|
|
Basic
|
|
|
1,101.5
|
1,139.2
|
|
|
Diluted
|
|
|
1,107.7
|
1,145.0
|
*’+’ is favourable and ‘-‘ is adverse
year-on-year.
Ryanair Holdings plc and
Subsidiaries
Condensed Consolidated Preliminary Statement of Comprehensive
Income for the Year Ended March 31, 2025 (unaudited)
|
|
Year
|
Year
|
|
|
Ended
|
Ended
|
|
|
Mar 31,
|
Mar 31,
|
|
2025
|
2024
|
|
|
|
€M
|
€M
|
|
|
|
|
|
Profit for the year
|
1,611.6
|
1,917.1
|
|
|
|
|
|
Other comprehensive (loss)/income:
|
|
|
|
Items that will not be reclassified subsequently to profit or
loss:
|
|
|
|
Net actuarial gain
|
-
|
6.6
|
|
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
|
(287.2)
|
234.5
|
|
Other comprehensive (loss)/income for the year, net of income
tax
|
(287.2)
|
241.1
|
|
Total comprehensive income for the year – attributable to
equity holders of parent
|
|
|
|
1,324.4
|
2,158.2
|
Ryanair Holdings plc and Subsidiaries
Condensed Consolidated Preliminary Statement of Cash Flows for the
Year Ended March 31, 2025 (unaudited)
|
|
|
|
Year
|
Year
|
|
|
|
|
Ended
|
Ended
|
|
|
|
|
Mar 31,
|
Mar 31,
|
|
|
2025
|
2024
|
||
|
|
|
|
€M
|
€M
|
|
Operating activities
|
|
|
|
|
|
|
Profit after tax
|
|
1,611.6
|
1,917.1
|
|
|
|
|
|
|
|
Adjustments to reconcile profit after tax to net cash from
operating activities
|
|
|
|
|
|
|
Depreciation
|
|
1,214.4
|
1,059.5
|
|
|
Decrease/(Increase) in inventories
|
|
1.6
|
(0.2)
|
|
|
Tax expense
|
|
172.8
|
210.9
|
|
|
Share based payments
|
|
12.8
|
(3.9)
|
|
|
Decrease/(Increase) in trade receivables
|
|
2.9
|
(16.7)
|
|
|
(Increase) in other assets
|
|
(585.6)
|
(359.0)
|
|
|
Increase/(Decrease) in trade payables
|
|
124.8
|
(46.4)
|
|
|
Increase in accrued expenses and other liabilities
|
|
948.8
|
449.6
|
|
|
(Decrease) in provisions
|
|
(12.2)
|
(8.3)
|
|
|
Increase in finance income
|
|
1.9
|
3.6
|
|
|
(Decrease)/Increase in finance expense
|
|
(0.4)
|
7.9
|
|
|
Foreign exchange
|
|
7.2
|
(7.1)
|
|
|
Income tax (paid)
|
|
(84.9)
|
(49.1)
|
|
Net cash inflow from operating activities
|
|
3,415.7
|
3,157.9
|
|
|
|
|
|
|
|
|
Investing activities
|
|
|
|
|
|
|
Capital expenditure - purchase of property, plant and
equipment
|
|
(1,552.5)
|
(2,391.9)
|
|
|
(Increase)/Decrease in restricted cash
|
|
(16.7)
|
13.1
|
|
|
Decrease in financial assets: cash > 3 months
|
|
137.7
|
818.4
|
|
Net cash (used in) investing activities
|
|
(1,431.5)
|
(1,560.4)
|
|
|
|
|
|
|
|
|
Financing activities
|
|
|
|
|
|
|
Proceeds from shares issued
|
|
4.9
|
16.4
|
|
|
Share buyback
|
|
(1,477.8)
|
-
|
|
|
Dividends paid
|
|
(437.7)
|
(199.5)
|
|
|
Repayment of borrowings
|
|
(50.0)
|
(1,100.5)
|
|
|
Lease liabilities paid
|
|
(36.4)
|
(42.7)
|
|
Net cash (used in) financing activities
|
|
(1,997.0)
|
(1,326.3)
|
|
|
|
|
|
|
|
|
Increase in cash and cash equivalents
|
|
(12.8)
|
271.2
|
|
|
|
Net foreign exchange differences
|
|
0.7
|
4.9
|
|
|
Cash and cash equivalents at beginning of the year
|
|
3,875.4
|
3,599.3
|
|
Cash and cash equivalents at end of the year
|
|
3,863.3
|
3,875.4
|
|
|
|
|
|
|
|
|
Included in the cash flows from operating activities for the year
are the following amounts:
|
|
|
|
|
|
Interest
income received
|
|
135.9
|
148.4
|
|
|
Interest
expense paid
|
|
(69.7)
|
(88.7)
|
|
Ryanair Holdings plc and Subsidiaries
Condensed Consolidated Preliminary Statement of Changes in
Shareholders’ Equity for the Year Ended March 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 April 01, 2023
|
1,138.7
|
6.9
|
1,379.9
|
3.5
|
4,180.0
|
31.4
|
41.3
|
5,643.0
|
|
Profit
for the year
|
-
|
-
|
-
|
-
|
1,917.1
|
-
|
-
|
1,917.1
|
|
Other comprehensive income
|
|
|
|
|
|
|
|
|
|
Net
actuarial gains from retirement benefit plans
|
-
|
-
|
-
|
-
|
6.6
|
-
|
-
|
6.6
|
|
Net
movements in cash-flow reserve
|
-
|
-
|
-
|
-
|
-
|
234.5
|
-
|
234.5
|
|
Total
other comprehensive income
|
-
|
-
|
-
|
-
|
6.6
|
234.5
|
-
|
241.1
|
|
Total
comprehensive income
|
-
|
-
|
-
|
-
|
1,923.7
|
234.5
|
-
|
2,158.2
|
|
Transactions with owners of the
|
|
|
|
|
|
|
|
|
|
Company recognised directly in equity
|
|
|
|
|
|
|
|
|
|
Issue
of ordinary equity shares
|
1.4
|
-
|
24.4
|
-
|
(8.0)
|
-
|
-
|
16.4
|
|
Dividends
paid
|
-
|
-
|
-
|
-
|
(199.5)
|
-
|
-
|
(199.5)
|
|
Share-based
payments
|
-
|
-
|
-
|
-
|
-
|
-
|
(3.9)
|
(3.9)
|
|
Transfer
of exercised and expired share-based awards
|
-
|
-
|
-
|
-
|
3.6
|
-
|
(3.6)
|
-
|
|
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 year
|
-
|
-
|
-
|
-
|
1,611.6
|
-
|
-
|
1,611.6
|
|
Other comprehensive (loss)
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|
Net
movements in cash flow reserve
|
-
|
-
|
-
|
-
|
-
|
(287.2)
|
-
|
(287.2)
|
|
Total
other comprehensive loss
|
-
|
-
|
-
|
-
|
-
|
(287.2)
|
-
|
(287.2)
|
|
Total
comprehensive income/(loss)
|
-
|
-
|
-
|
-
|
1,611.6
|
(287.2)
|
-
|
1,324.4
|
|
Transactions with owners of the Company recognised directly in
equity
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|
Issue
of ordinary equity shares
|
1.0
|
-
|
17.3
|
-
|
(12.4)
|
-
|
-
|
4.9
|
|
Repurchase of
ordinary equity shares
|
-
|
-
|
-
|
-
|
(1,481.7)
|
-
|
-
|
(1,481.7)
|
|
Cancellation of
repurchased shares
|
(77.2)
|
(0.5)
|
-
|
0.5
|
-
|
-
|
-
|
-
|
|
Dividends
paid
|
-
|
-
|
-
|
-
|
(437.7)
|
-
|
-
|
(437.7)
|
|
Share-based
payments
|
-
|
-
|
-
|
-
|
-
|
-
|
12.8
|
12.8
|
|
Transfer of
exercised and expired share-based awards
|
-
|
-
|
-
|
-
|
9.0
|
-
|
(9.0)
|
-
|
|
Balance
at March 31, 2025
|
1,063.9
|
6.4
|
1,421.6
|
4.0
|
5,588.6
|
(21.3)
|
37.6
|
7,036.9
|
Ryanair
Holdings plc and Subsidiaries
MD&A
Year Ended March 31, 2025 (“FY25”)
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 FY25
results.
Income Statement
Scheduled
revenues:
Scheduled revenues
rose 1% to €9.23BN as
a 7% decline in fares drove strong traffic growth of 9% to just
over 200M passengers. The
absence of a full Easter in Q1, consumer spending pressure (driven
by higher-for-longer interest rates and inflation in H1) and a drop
off in OTA bookings prior to summer 2024 necessitated repeated
price stimulation.
Ancillary
revenues:
Ancillary revenues
delivered a solid performance, rising 10% to
€4.72BN due to 9% traffic growth and 1% higher spend
per passenger.
Total
revenues:
As a
result of the above, total revenues increased 4% to €13.95BN.
Operating
Expenses:
Fuel
and oil:
Fuel
and oil increased 2% to
€5.22BN (well below 9% higher sectors) due to
favourable jet fuel hedging and lower fuel burn on the new
B737-8200 “Gamechanger” aircraft.
Staff
costs:
Staff
costs increased 17% to
€1.75BN due to the larger fleet, 9% higher sectors,
Boeing delivery delays leading to higher crewing ratios, and the
annualisation of crew productivity pay increases implemented in H2
FY24.
Airport
and handling charges:
Airport
and handling charges rose 13% to
€1.68BN, due to 9% traffic growth and higher landing,
ground ATC & handling rates.
Depreciation:
Depreciation
increased 15% to
€1.21BN, primarily due to 30 more
“Gamechanger” aircraft in the fleet, higher
amortisation arising from 9% sector growth and increased B737-800
utilisation due to Boeing delivery delays.
Route
charges:
Route
charges rose 14% to
€1.17BN, primarily due to the 9% increase in flight
hours and 11% higher Eurocontrol rates from January
2025.
Marketing,
distribution and other:
Marketing,
distribution and other rose 16% to
€0.88BN, primarily due to 9% traffic growth, a legal
charge booked in H2 and higher input costs for rising onboard
sales.
Maintenance,
materials and repairs:
Maintenance,
materials and repairs increased 15%
to €0.48BN as higher utilisation, labour inflation and
delayed Boeing aircraft deliveries were partially offset by modest
delay compensation credits received.
Other
income:
Net
finance and other income increased to €224M due to a strong cash
balance, the Group’s low-cost finance and delay compensation
received. Foreign exchange translation reflects the impact of
primarily €/US$ exchange rate movements on balance sheet
revaluations.
Balance
sheet:
Gross
cash was just under €4BN at March 31, 2025 despite
€1.6BN capex and over
€1.9BN shareholder
returns (including €1.5BN share buybacks). Gross debt
was €2.7BN and net
cash was €1.3BN at
March 31, 2025 (PY: €1.4BN).
Shareholders’
equity:
Shareholders’
equity decreased by €0.58BN
to €7.04BN in the year primarily due to a €1.5BN repurchase (and
cancellation) of ordinary shares, dividends paid of €0.44BN and an IFRS hedge
accounting decrease in derivatives of €0.29BN partly offset by a
€1.61BN net
profit.
Ryanair
Holdings plc and Subsidiaries
Notes
forming Part of the Condensed Consolidated
Preliminary
Financial Statements
1. Basis
of preparation and material accounting policies
Ryanair
Holdings plc (the “Company”) is a company domiciled in
Ireland. The unaudited condensed consolidated preliminary financial
statements (“preliminary financial statements”) for the
year ended March 31, 2025 (“FY25”) comprise the results
of the Company and its subsidiaries (together referred to as the
“Group”).
The
FY25 figures and the March 31, 2024 (“FY24”)
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 FY24, together with the independent
auditor’s report thereon, are available on the
Company’s website and were filed with the Irish Registrar of
Companies following the Company’s Annual General Meeting. The
auditor’s report on those financial statements was
unqualified. The financial information presented in these
preliminary financial statements does not represent full statutory
accounts as defined by the Companies Act 2014. The statutory
accounts of Ryanair Holdings plc for FY25, are expected to be filed
with the Companies Registration Office by the end of October 2025.
The accounting policies, presentation and methods of computation
followed in the preliminary financial statements are consistent
with those applied in the Company’s latest Annual
Report.
The
Audit Committee, upon delegation of authority by the Board of
Directors, approved the FY25 financial statements on May 16,
2025.
Except
as stated otherwise below, the preliminary financial statements for
FY25 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 IFRS
Accounting Standards as adopted by the EU and also in compliance
with IFRS Accounting Standards as issued by the International
Accounting Standards Board (IASB).
New IFRS standards adopted during the year
The
following new and amended standards, have been issued by the IASB,
and have also been endorsed by the EU. These standards are
effective for the first time for the financial year beginning on
April 1, 2024 and therefore were applied by the Group for the first
time to the FY25 consolidated financial statements:
●
Amendments to IAS 7
Statement of Cash Flows and IFRS 7 Financial Instruments:
Disclosures: Supplier Finance Arrangements (effective on or after
January 1, 2024).
●
Amendments to IAS 1
Presentation of Financial Statements: Classification of Liabilities
as Current or Non-current, Classification of Liabilities as Current
or Non-current – Deferral of Effective Date, and Non-current
Liabilities with Covenants (effective on or after January 1,
2024).
●
Amendments to IFRS
16 Leases: Lease Liability in a Sale & Leaseback (effective on
or after January 1, 2024).
The
adoption of these new or amended standards did not have a material
impact on the Group’s financial position or results for FY25,
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:
Amendments to IAS
21 The Effects of Changes in Foreign Exchange Rates: Lack of
Exchangeability (effective on or after January 1,
2025).
●
IFRS 18
Presentation and Disclosure in Financial Statements (effective on
or after January 1, 2027).*
●
IFRS 19
Subsidiaries without Public Accountability: Disclosures (effective
on or after January 1, 2027).*
●
Amendments to the
Classification and Measurement of Financial Instruments (Amendments
to IFRS 9 and IFRS 7) (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).*
●
Annual Improvements
Volume 11 (effective on or after January 1, 2026).*
*These standards or amendments to standards are not as of yet EU
endorsed.
2. Board
of Directors
Details
of the members of the Company’s Board of Directors are set
forth on pages 123 and 124 of the Group’s FY24 Annual Report.
Amber Rudd and Jinane Laghrari Laabi were appointed to the Board
with effect from July 1, 2024. Louise Phelan and Michael Cawley
retired from the Board in June 2024 and Roberta Neri retired from
the Board in September 2024.
3. Judgements
and estimates
The
preparation of financial statements in conformity with IFRS
Accounting Standards requires management to make estimates,
judgements and assumptions that affect the application of policies
and reported amounts of assets and liabilities, income and
expenses. These estimates and associated assumptions are based on
historical experience and various other factors believed to be
reasonable under the circumstances, and the results of such
estimates form the basis of carrying values of assets and
liabilities that are not readily apparent from other sources.
Actual results could differ materially from these estimates. These
underlying assumptions are reviewed on an ongoing basis. A revision
to an accounting estimate is recognised in the period in which the
estimate is revised if the revision affects only that period or in
the period of the revision and future periods if these are also
affected. Principal sources of estimation uncertainty have been set
forth below. Actual results may differ from estimates.
Critical
estimates
Long-lived
assets
At
March 31, 2025, the Group had €10.92BN of property, plant and
equipment long-lived assets, of which €10.67BN were aircraft
related. In accounting for long-lived assets, the Group must make
estimates about the expected useful lives of the assets and the
expected residual values of the assets.
In
estimating the useful lives and expected residual values of the
aircraft component, the Group considered a number of factors,
including its own historic experience and past practices of
aircraft disposals, renewal programmes, forecasted growth plans,
external valuations from independent appraisers, recommendations
from the aircraft supplier and manufacturer and other
industry-available information.
The
Group's estimate of each aircraft’s residual value is 15% of
market value on delivery, based on independent valuations and
actual aircraft disposals during prior periods, and each
aircraft’s useful life is determined to be 23
years.
Revisions to these
estimates could be caused by changes to maintenance programmes,
changes in utilisation of the aircraft, governmental regulations on
ageing aircraft, changes in new aircraft technology, changes in
governmental and environmental taxes, geopolitical uncertainties,
changes in new aircraft fuel efficiency, changing market prices for
new and used aircraft of the same or similar types, tariffs and
macro economic shocks. The Group therefore evaluates its estimates
and assumptions in each reporting period, and, when warranted,
adjusts these assumptions. Any adjustments are accounted for on a
prospective basis through depreciation expense.
Critical
judgements
In the
opinion of the Directors, the following significant judgements were
exercised in the preparation of the financial
statements:
Long-lived
assets
On
acquisition a judgement is made to allocate an element of the cost
of an acquired aircraft to the cost of major airframe and engine
overhauls, reflecting its service potential and the maintenance
condition of its engines and airframe. This cost, which can equate
to a substantial element of the total aircraft cost, is amortised
over the shorter of the period to the next maintenance check
(usually between 8 and 12 years) or the remaining useful life of
the aircraft.
4. Seasonality
of operations
The
Group’s results of operations have varied significantly from
quarter to quarter, and management expects these variations to
continue. Among the factors causing these variations are the
airline industry’s sensitivity to general economic conditions
and the seasonal nature of air travel. Accordingly, the first
half-year typically results in higher revenues and
results.
5. Income
tax expense
The
Group’s consolidated tax expense for FY25 of €173M
(FY24: €211M) comprises a current tax charge of €125M
and a deferred tax charge of €48M primarily relating to the
temporary differences for property, plant and equipment and net
operating losses. No significant or unusual tax charges or
credits arose during the year. The effective tax rate of
approximately 10% for the year (FY24: 10%) is the result of the mix
of profits and losses incurred by Ryanair’s operating
subsidiaries primarily in Ireland, Malta, Poland and the
UK.
6. Contingencies
The
Group is engaged in litigation arising in the ordinary course of
its business. The Group does not believe that any such litigation
will individually, or in aggregate, have a material adverse effect
on the financial condition of the Group. Should the Group be
unsuccessful in these litigation actions, management believes the
possible liabilities then arising cannot be determined but are not
expected to materially adversely affect the Group’s results
of operations or financial position.
7. Capital
commitments
At
March 31, 2025 the Group had an operating fleet of 587 (2024: 557)
Boeing 737 and 26 (2024: 27) 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 March 31, 2025, the Group
had taken delivery of 176 of these aircraft. The remaining aircraft
are expected to deliver before March 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 2033. This transaction was
approved at the Company’s AGM in September 2023.
8. Analysis
of operating revenues and segmental analysis
The
Group determines and presents operating segments based on the
information that internally is provided to the Group CEO, who is
the Company’s Chief Operating Decision Maker
(CODM).
The
Group comprises five separate airlines, Buzz, Lauda Europe
(“Lauda”), Malta Air, Ryanair DAC and Ryanair UK. Buzz,
Malta Air and Lauda do not individually exceed the quantitative
thresholds and accordingly are presented on an aggregate basis as
they exhibit similar economic characteristics and their services,
activities and operations are sufficiently similar in nature. The
results of these operations are included as ‘Other
Airlines.’ The Ryanair DAC segment incorporates all of the
Group's operations, except for those included within ‘Other
Airlines’, and is reported as a separate segment as it
exceeds the applicable quantitative thresholds for reporting
purposes.
The
CODM assesses the performance of the business based on the profit
or loss after tax of each airline for the reporting period.
Resource allocation decisions for all airlines are based on airline
performance for the relevant period, with the objective in making
these resource allocation decisions being to optimise consolidated
financial results. Reportable segment information is presented as
follows:
|
Year Ended
|
Ryanair DAC
Mar 31,
2025
€M
|
Other Airlines
Mar 31,
2025
€M
|
Elimination
Mar 31,
2025
€M
|
Total
Mar 31,
2025
€M
|
|
Scheduled
revenues
|
9,120.6
|
109.2
|
-
|
9,229.8
|
|
Ancillary
revenues
|
4,718.7
|
-
|
-
|
4,718.7
|
|
Inter-segment
revenues
|
758.5
|
1,472.0
|
(2,230.5)
|
-
|
|
Segment revenues
|
14,597.8
|
1,581.2
|
(2,230.5)
|
13,948.5
|
|
|
|
|
|
|
|
Reportable segment profit after income tax
|
1,541.0
|
70.6
|
-
|
1,611.6
|
|
|
|
|
|
|
|
Other segment information:
|
|
|
|
|
|
Depreciation
|
(1,175.1)
|
(39.3)
|
-
|
(1,214.4)
|
|
Net
finance and other income
|
231.9
|
(7.9)
|
-
|
224.0
|
|
Capital
expenditure
|
(1,278.1)
|
(73.8)
|
-
|
(1,351.9)
|
|
Staff
costs
|
(1,113.5)
|
(637.6)
|
-
|
(1,751.1)
|
|
|
|
|
|
|
|
Segment
assets
|
17,199.2
|
307.8
|
-
|
17,507.0
|
|
Segment
liabilities
|
(9,936.7)
|
(533.4)
|
-
|
(10,470.1)
|
The
expense line items not presented in the table above are incurred by
Ryanair DAC and as such have not been presented across the
segments.
|
Year Ended
|
Ryanair DAC
Mar 31,
2024
€M
|
Other Airlines
Mar 31,
2024
€M
|
Elimination
Mar 31,
2024
€M
|
Total
Mar 31,
2024
€M
|
|
Scheduled
revenue
|
9,037.7
|
107.4
|
-
|
9,145.1
|
|
Ancillary
revenue
|
4,298.7
|
-
|
-
|
4,298.7
|
|
Inter-segment
revenues
|
744.6
|
1,366.1
|
(2,110.7)
|
-
|
|
Segment revenues
|
14,081.0
|
1,473.5
|
(2,110.7)
|
13,443.8
|
|
|
|
|
|
|
|
Reportable segment profit after income tax
|
1,860.0
|
57.1
|
-
|
1,917.1
|
|
|
|
|
|
|
|
Other segment information:
|
|
|
|
|
|
Depreciation
|
(1,018.0)
|
(41.5)
|
-
|
(1,059.5)
|
|
Net
finance and other income
|
70.1
|
(8.3)
|
-
|
61.8
|
|
Capital
expenditure
|
(1,926.6)
|
(42.7)
|
-
|
(1,969.3)
|
|
Staff
costs
|
(931.2)
|
(568.8)
|
-
|
(1,500.0)
|
|
|
|
|
|
|
|
Segment
assets
|
16,867.5
|
308.1
|
-
|
17,175.6
|
|
Segment
liabilities
|
(8,948.7)
|
(612.7)
|
-
|
(9,561.4)
|
The
expense line items not presented in the table above are incurred by
Ryanair DAC and as such have not been presented across the
segments. Prior year comparatives have been updated to align with
current year presentation.
The
following table disaggregates revenue by primary geographical
market. In accordance with IFRS 8, revenue by country of departure
has been provided where revenue for that country is in excess of
10% of total revenue. Ireland is presented as it represents the
country of domicile. “Other” includes all other
countries in which the Group has operations.
|
|
|
Year Ended
Mar 31,
2025
|
Year Ended
Mar 31,
2024
|
|
|
|
€M
|
€M
|
|
|
|
|
|
|
Italy
|
|
2,969.4
|
2,853.3
|
|
Spain
|
|
2,476.5
|
2,416.2
|
|
United
Kingdom
|
|
2,044.6
|
2,031.0
|
|
Ireland
|
|
757.4
|
791.0
|
|
Other
|
|
5,700.6
|
5,352.3
|
|
Total
revenue
|
|
13,948.5
|
13,443.8
|
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.
9.
Property,
plant and equipment
Acquisitions and disposals
During
FY25, net capital additions amounted to €1.22BN principally
reflecting aircraft purchase capex in the year and capitalised
maintenance offset by depreciation.
10.
Related
party transactions
The
Company’s related parties include its subsidiaries, Directors
and Key Management Personnel. All transactions with subsidiaries
eliminate on consolidation and are not disclosed.
There
were no related party transactions in FY25 that materially affected
the financial position or the performance of the Group during that
year and there were no changes in the related party transactions
described in the FY24 Annual Report that could have a material
effect on the financial position or performance of the Group in the
same period.
11.
Financial
instruments and financial risk management
The
Group is exposed to various financial risks arising in the normal
course of business. The Group’s financial risk exposures are
predominantly related to commodity price, foreign exchange and
interest rate risks. The Group uses financial instruments to manage
exposures arising from these risks.
These
condensed consolidated preliminary financial statements do not
include all financial risk management information and disclosures
required in the annual financial statements and should be read in
conjunction with the FY24 Annual Report. There have been no changes
in our risk management policies in the period.
Fair value hierarchy
Financial
instruments measured at fair value in the balance sheet are
categorised by the type of valuation method used. The different
valuation levels are defined as follows:
●
Level 1: quoted
prices (unadjusted) in active markets for identical assets or
liabilities that the Group can access at the measurement
date.
●
Level 2: inputs
other than quoted prices included within Level 1 that are
observable for that asset or liability, either directly or
indirectly.
●
Level 3:
significant unobservable inputs for the asset or
liability.
Fair value estimation
Fair
value is the price that would be received to sell an asset, or paid
to transfer a liability, in an orderly transaction between market
participants at the measurement date. The following methods and
assumptions were used to estimate the fair value of each material
class of the Group’s financial instruments:
Financial instruments measured at fair value
●
Derivatives – currency forwards, jet fuel
forward swap contracts and carbon contracts: A comparison of
the contracted rate to the market rate for contracts providing a
similar risk profile at March 31, 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 FY25 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 repayments which the
Group is committed to make have been discounted at the relevant
market rates of interest applicable at March 31, 2025 to arrive at
a fair value representing the amount payable to a third party to
assume the obligations.
The
fair value of financial assets and financial liabilities, together
with the carrying amounts in the condensed consolidated balance
sheet, are as follows:
|
|
At Mar 31,
|
At Mar 31,
|
At Mar 31,
|
At Mar 31,
|
|
|
2025
|
2025
|
2024
|
2024
|
|
|
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
|
5.8
|
5.8
|
3.2
|
3.2
|
|
-
Jet fuel & carbon derivatives contracts
|
9.6
|
9.6
|
0.1
|
0.1
|
|
|
15.4
|
15.4
|
3.3
|
3.3
|
|
Current financial assets
|
|
|
|
|
|
Derivative
financial instruments:
|
|
|
|
|
|
-
U.S. dollar currency forward contracts
|
84.4
|
84.4
|
144.0
|
144.0
|
|
-
Jet fuel & carbon derivative contracts
|
10.0
|
10.0
|
205.5
|
205.5
|
|
|
94.4
|
94.4
|
349.5
|
349.5
|
|
Trade
receivables*
|
73.5
|
|
76.4
|
|
|
Cash
and cash equivalents*
|
3,863.3
|
|
3,875.4
|
|
|
Financial
asset: cash > 3 months*
|
100.1
|
|
237.8
|
|
|
Restricted
cash*
|
23.1
|
|
6.4
|
|
|
|
4,154.4
|
94.4
|
4,545.5
|
349.5
|
|
Total
financial assets
|
4,169.8
|
109.8
|
4,548.8
|
352.8
|
|
|
|
|
|
|
|
|
At Mar 31,
|
At Mar 31,
|
At Mar 31,
|
At Mar 31,
|
|
|
2025
|
2025
|
2024
|
2024
|
|
|
Carrying
|
Fair
|
Carrying
|
Fair
|
|
|
Amount
|
Value
|
Amount
|
Value
|
|
Non-current financial liabilities
|
€M
|
€M
|
€M
|
€M
|
|
Derivative
financial instruments:
|
|
|
|
|
|
-
U.S. dollar currency forward contracts
|
2.5
|
2.5
|
3.3
|
3.3
|
|
|
2.5
|
2.5
|
3.3
|
3.3
|
|
Non-current
maturities of debt:
|
|
|
|
|
|
-
Long-term debt
|
488.9
|
488.9
|
488.7
|
488.7
|
|
-
Bonds
|
1,196.3
|
1,172.5
|
2,043.5
|
1,971.6
|
|
|
1,685.2
|
1,661.4
|
2,532.2
|
2,460.3
|
|
|
1,687.7
|
1,663.9
|
2,535.5
|
2,463.6
|
|
|
|
|
|
|
|
Current financial liabilities
|
|
|
|
|
|
Derivative
financial instruments:
|
|
|
|
|
|
-
Jet fuel & carbon derivative contracts
|
224.5
|
224.5
|
178.8
|
178.8
|
|
-
U.S. dollar currency forward contracts
|
0.2
|
0.2
|
-
|
-
|
|
|
224.7
|
224.7
|
178.8
|
178.8
|
|
|
|
|
|
|
|
Current
maturities of debt:
|
|
|
|
|
|
-
Short-term debt
|
-
|
-
|
50.0
|
50.0
|
|
-
Bonds
|
848.4
|
850.3
|
-
|
-
|
|
|
848.4
|
850.3
|
50.0
|
50.0
|
|
Trade
payables*
|
702.0
|
|
792.2
|
|
|
Accrued
expenses*
|
1,953.5
|
|
1,603.1
|
|
|
|
3,728.6
|
1,075.0
|
2,624.1
|
228.8
|
|
Total
financial liabilities
|
5,416.3
|
2,738.9
|
5,159.6
|
2,692.4
|
*The fair value of each of these financial instruments approximate
their carrying values due to the short-term nature of the
instruments.
12.
Shareholders’
equity and shareholders’ returns
In line
with the Group’s Dividend Policy, a final FY24 dividend of
€0.178 per share was paid in September 2024 and an interim
FY25 dividend of €0.223 per share was paid on February 26,
2025.
The Company announced and launched a €700M
share buyback programme in May 2024 (subsequently completed in
August 2024). A follow-on €800M share buyback programme was
announced and launched in late August 2024. During FY25 the Company
bought back over 77M ordinary shares at a total cost of
approximately €1.5BN. This is
equivalent to approximately 7% of the Company’s issued
share capital at March 31,
2024.
As a
result of the share buybacks in FY25, share capital decreased by
over 77M ordinary shares with a nominal value of €0.5M and
the other undenominated capital reserve increased by a
corresponding €0.5M. The other undenominated capital reserve
is required to be created under Irish law to preserve permanent
capital in the Parent Company.
13.
Going
concern
The
Directors, having made inquiries, believe that the Group has
adequate resources to continue in operational existence for at
least the next 12 months and that it is appropriate to adopt the
going concern basis in preparing these condensed consolidated
preliminary financial statements. The continued preparation of the
Group’s condensed consolidated preliminary financial
statements on the going concern basis is supported by the financial
projections prepared by the Group.
In
arriving at this decision to adopt the going concern basis of
accounting, the Board has considered, among other
things:
●
The Group’s
net profit of €1.61BN in FY25;
●
The Group’s
liquidity, with just under €4BN gross cash and €1.3BN
net cash at March 31, 2025;
●
In March 2025, the
Group enhanced its financial flexibility by increasing its low-cost
revolving credit facility (“RCF”) to €1.1BN (was
€0.75BN) and extending the term to March 2030 (from 2028). At
March 31, 2025, €0.61BN was undrawn under the
RCF;
●
The Group’s
relentless focus on cost reduction and cash
management;
●
The Group’s
solid BBB+ (stable) credit ratings from both S&P and Fitch
Ratings;
●
The Group’s
strong balance sheet position with 586 (unencumbered) owned B737s
at March 31, 2025;
●
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. 77% of FY26 and 13% of FY27 jet fuel
requirements were hedged at March 31, 2025); and
●
The Group’s
ability, as evidenced throughout downturns (such as the Covid-19
crisis), to preserve cash and reduce operational and capital
expenditure.
14.
Post
balance sheet events
In
April 2025 the Company bought back approximately 1m ordinary
shares, completing the €800m share buyback program. In May
2025, the Board approved a follow-on €750m share buyback
program (including Ordinary Shares underlying ADRs), which will
likely run for the next 6 – 12 months.
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: 19
May, 2025
|
|
By:___/s/
Juliusz Komorek____
|
|
|
|
|
|
Juliusz
Komorek
|
|
|
Company
Secretary
|