Ryanair H1 FY2027 earnings review

H1 profit after tax fell 15.4% as fuel and oil costs rose 14.6%.

Ryanair · H1 FY2027 (Apr–Sep 2026) · Published Nov 2, 2026 · By DeepCell AI · Sources

Ryanair H1 FY2027 earnings review

Six months ended September 30, 2026 (fiscal year ends March 31)

For information only, not investment advice. No rating or price target.

Built with DeepCell / deepcell.net

1 · Cover

H1 profit after tax fell 15.4% as fuel and oil costs rose 14.6%

  1. 1.Profit after tax fell to €2.15B from €2.54B
  2. 2.Passengers rose 5.7% to 125.8m, but the average fare fell 4.0%
  3. 3.Fuel and oil reached 44.3% of operating expenses, from 42.7%
  4. 4.The FY27 traffic target fell to 214m passengers, with no FY27 profit guidance
  5. 5.Net cash was €2,009.1M at Sep 30, 2026 after €1,310.0M of debt repayments

Note: Ryanair’s fiscal year ends March 31, so H1 FY27 is April to September 2026. Figures are IFRS, in euros.Source: Ryanair Form 6-K, Nov 2, 2026; analysis of company data

2

2 · Key takeaways

Q2 profit after tax fell 6.3% while Q2 total operating revenues rose 4.0%

Q2 FY27 (quarter ended Sep 30, 2026) vs Q2 FY26

MetricQ2 FY26Q2 FY27YoYDirection
Passengers (millions)61.264.5+5.4%Higher
Average fare€64.80€63.40-2.2%Lower
Total operating revenues€5,479.9M€5,697.9M+4.0%Higher
Total operating expenses€3,532.7M€3,878.0M+9.8%Higher
Profit after tax€1,718.9M€1,609.9M-6.3%Lower
Diluted EPS€1.61€1.54-4.3%Lower

Share price reaction

Not shown: a Nov 2 closing price was not available from two sources when this deck was built.

Note: No euro consensus for H1 or Q2 could be verified from a named vendor, so no consensus comparison is shown.Source: Ryanair Form 6-K, Nov 2, 2026; analysis of company data

3

3 · Q2 versus prior year

The FY27 traffic target fell to 214m from 216m, and Ryanair gave no FY27 profit guidance

Traffic outlook

MetricBefore SeptNov 2 outlookChange
FY27 traffic (millions)216214-2
FY27 traffic growthn.a.3%n.a.
FY28 traffic plan (millions)n.a.Over 220n.a.
FY27 profit after taxNoneNonen.a.

Fuel hedging and cost outlook

MetricFY27FY28
Jet fuel hedged80%25%
Hedge price, about ($ per barrel)6795
Fuel bill increase, aboutn.a.€2,000.0M

Note: The FY27 traffic cut was first announced in September. The FY28 fuel estimate is based on forward prices at Nov 2.Source: Ryanair Form 6-K, Nov 2, 2026; analysis of company data

4

4 · Outlook

H1 total operating revenues rose 2.7% while profit after tax fell 15.4%

  1. Traffic grew, fares fellPassengers rose 5.7%; the average fare fell to €55.70.
  2. Fuel drove cost growthFuel and oil rose 14.6% to €3,402.8M.
  3. Ancillary revenue grew with trafficAncillary revenues rose 5.8% to €3,078.7M.

Key figures in €M and YoY % for H1 FY27 vs H1 FY26

€M unless notedH1 FY26H1 FY27YoY
Total operating revenues€9,817.5M€10,082.0M2.7%
Total operating expenses€6,957.0M€7,686.7M10.5%
Operating profit€2,860.5M€2,395.3M(16.3%)
Profit after tax€2,538.8M€2,147.6M(15.4%)
Diluted EPS (€)€2.37€2.05(13.7%)

Source: Ryanair Form 6-K, Nov 2, 2026; analysis of company data

5

5 · H1 at a glance

Ryanair DAC profit after tax fell 16.3% while Other Airlines profit after tax rose 26.3%

Segment revenues and profit after tax

€M unless noted, H1 FY27 (YoY vs H1 FY26)

SegmentRevenuesRevenues YoYProfit after taxProfit YoY
Ryanair DAC€10,398.4M2.9%€2,082.2M(16.3%)
Other Airlines€940.5M3.8%€65.4M26.3%
Eliminations(€1,256.9M)n.a.—n.a.
Group€10,082.0M2.7%€2,147.6M(15.4%)
Ryanair DAC earned €2,082.2M of the €2,147.6M group profit after tax

Note: Other Airlines is Buzz, Lauda and Malta Air. Segment revenues include inter-segment revenues, removed in eliminations.Source: Ryanair Form 6-K, Nov 2, 2026; analysis of company data

6

6 · Segment overview

Ancillary revenues supplied 64.2% of the €264.5M total operating revenue increase

Total operating revenue change by type

€M, H1 FY27 vs H1 FY26

€M · Scheduled revenues: €95M€M · Ancillary revenues: €170M€M · Total change: €265MScheduled revenuesAncillary revenuesTotal change€0.0M€100.0M€200.0M€300.0M€95M€170M€265M
Scheduled revenues rose only 1.4% as the average fare fell

Note: Bars are each revenue line’s YoY change and sum to the total change.Source: Ryanair Form 6-K, Nov 2, 2026; analysis of company data

7

7 · Where revenue growth came from

UK departing revenue rose 6.0%, while Spain departing revenue fell 2.5%

Revenue growth by country of departure

% change YoY, H1 FY27

Revenue growth · United Kingdom: 6.0%Revenue growth · Italy: 4.2%Revenue growth · Other countries: 3.5%Revenue growth · Ireland: -0.7%Revenue growth · Spain: -2.5%United KingdomItalyOthercountriesIrelandSpain-4.0%-2.5%0.0%2.5%5.0%7.0%6.0%4.2%3.5%-0.7%
Spain departing revenue fell 2.5%, the largest decline of the five markets

Note: Revenue is by country of departure, shown where above 10% of total revenue; Ireland is the country of domicile.Source: Ryanair Form 6-K, Nov 2, 2026; analysis of company data

8

8 · Revenue by country

Profit after tax fell €391.2M as fuel and oil costs rose €433.1M

Profit after tax

€M, H1 FY26 to H1 FY27

€M · H1 FY26: €2,539M€M · Revenues: €265M€M · Fuel and oil: -€433M€M · Other costs: -€297M€M · Other income: -€1M€M · Tax: €75M€M · H1 FY27: €2,148MH1 FY26RevenuesFuel andoilOthercostsOtherincomeTaxH1 FY27€0.0M€1,000.0M€2,000.0M€3,000.0M€2,539M€265M-€433M-€297M-€1M€75M€2,148M
Fuel and oil rose 14.6%, ahead of 2.7% revenue growth

Note: Steps are YoY changes; higher costs are shown as reductions and lower tax expense as an addition.Source: Ryanair Form 6-K, Nov 2, 2026; analysis of company data

9

9 · Profit after tax bridge

Operating margin fell 538 bps to 23.8%

Operating margin and profit after tax margin

% of total operating revenues, H1 FY26 vs H1 FY27

Operating margin · H1 FY26: 29.1%Operating margin · H1 FY27: 23.8%Profit after tax margin · H1 FY26: 25.9%Profit after tax margin · H1 FY27: 21.3%H1 FY26H1 FY270.0%10.0%20.0%30.0%40.0%29.1%23.8%25.9%21.3%

Operating marginProfit after tax margin

Cost per passenger rose 4.5% while revenue per passenger fell 2.9%

Note: Operating margin is operating profit divided by total operating revenues.Source: Ryanair Form 6-K, Nov 2, 2026; analysis of company data

10

10 · Margins

Free cash flow of €366.4M covered dividends and buybacks of €426.8M only partly

Cash flow and uses

€M, six months ended Sep 30, 2026

€M · Operating cash flow: €1,207M€M · Capital expenditure: €841M€M · Free cash flow: €366M€M · Dividends: €192M€M · Share buybacks: €235M€M · Debt repaid: €1,310MOperatingcash flowCapitalexpenditureFree cashflowDividendsSharebuybacksDebt repaid€0.0M€500.0M€1,000.0M€1,500.0M€1,207M€841M€366M€192M€235M
Debt repayments of €1,310.0M included the final €1.2bn bond

Note: Free cash flow is operating cash flow less capital expenditure on property, plant and equipment.Source: Ryanair Form 6-K, Nov 2, 2026; analysis of company data

11

11 · Cash flow and uses

Fuel and oil rose 14.6% and reached 44.3% of total operating expenses

Fuel and oil as a share of total operating expenses

% of total operating expenses, H1 FY26 vs H1 FY27

Fuel and oil, % of operating expenses · H1 FY26: 42.7%Fuel and oil, % of operating expenses · H1 FY27: 44.3%H1 FY26H1 FY270.0%20.0%40.0%60.0%42.7%44.3%
About 80% of FY27 fuel is hedged at about $67 a barrel

Note: The unhedged 20% of jet fuel cost about $130 a barrel in H1, about double the hedged price.Source: Ryanair Form 6-K, Nov 2, 2026; analysis of company data

12

12 · Fuel cost share

Net cash fell to €2,009.1M from €2,085.5M as gross cash funded debt repayments

Gross cash, debt and net cash

€M, Mar 31, 2026 vs Sep 30, 2026

€MMar 31, 2026Sep 30, 2026
Gross cash€3,577.0M€2,589.5M
Total debt€1,346.6M€438.4M
Lease liabilities€144.9M€142.0M
Net cash€2,085.5M€2,009.1M
About €700.0M of the €1,100.0M RCF was undrawn

Note: RCF is revolving credit facility. Gross cash is cash, deposits over 3 months and restricted cash. Net cash is gross cash less debt and lease liabilities.Source: Ryanair Form 6-K, Nov 2, 2026; analysis of company data

13

13 · Balance sheet

H2 estimates depend on the unhedged fuel price, about $130 a barrel in H1, and fares, down 4.0%

Indicator
What to watch
Implication
H1 reading
Unhedged jet fuel
Prices stay high in H2
FY27 unit costs could rise
About 1.9x the hedged price
Average fare
Close-in fares stay weak
Revenue estimates could fall
Fare fell 4.0% YoY
FY28 hedge cover
Cover stays low
FY28 cost estimates could rise
25% hedged
Winter capacity
Traffic stays flat
Unit costs could rise
Target cut by 2m passengers

Note: These are analytical watch points, not company targets.Source: Ryanair Form 6-K, Nov 2, 2026; analysis of company data

14

14 · Risks to estimates

Appendix: supporting analysis for revenue

ClaimEvidenceCalculation
Revenue per passenger fell€82.50 in H1 FY26 to €80.14 in H1 FY27Total operating revenues divided by passengers
Ancillary revenue per passenger was about flat€24.44 to €24.47 (+0.1%)Ancillary revenues divided by passengers
Italy was the largest departure marketItaly departing revenue €2,186.6M, up 4.2%As reported in note 7

Source: Ryanair Form 6-K, Nov 2, 2026; analysis of company data

15

15 · Supporting analysis (1/4)

Appendix: supporting analysis for costs and profit

ClaimEvidenceCalculation
Fuel cost per passenger rose€24.96 to €27.05 (+8.4%)Fuel and oil divided by passengers
Non-fuel cost per passenger rose€33.51 to €34.05 (+1.6%)Operating expenses less fuel, divided by passengers
Depreciation rose fastest of the cost linesDepreciation rose 18.8% to €817.0MAs reported
Tax rate fellEffective tax rate 12.2% to 11.5%Tax expense divided by profit before tax

Source: Ryanair Form 6-K, Nov 2, 2026; analysis of company data

16

16 · Supporting analysis (2/4)

Appendix: cash flow, balance sheet and returns support

ClaimEvidenceCalculation
Operating cash flow fell€1,779.1M to €1,207.2M (-32.1%)As reported
Capital expenditure fell€1,113.3M to €840.8M (-24.5%)Purchase of property, plant and equipment
Net debt repaid in H1€910.0M after a €400.0M RCF drawdownRepayments less proceeds from borrowings
New returns announced after Sep 30Interim dividend €0.273 per share; new €800.0M buyback from Feb 2027Post balance sheet events, note 12

RCF is revolving credit facility. Source: Ryanair Form 6-K, Nov 2, 2026; analysis of company data

17

17 · Supporting analysis (3/4)

Appendix: watch items behind outlook and risks

ClaimEvidenceCalculation
FY28 hedge cover is lower and costlier25% at about $95 a barrel, vs 80% at $67 for FY27As stated in the release
EU environmental tax rose in FY27A further €300.0M increaseAs stated in the outlook
Load factor was unchangedH1 load factor 95%; Q2 load factor 96%As stated in the release
FY28 traffic planOver 220m passengers with the first 16 MAX-10 aircraftAs stated in the release

Source: Ryanair Form 6-K, Nov 2, 2026; analysis of company data

18

18 · Supporting analysis (4/4)

Appendix: operating expense and unit detail

Operating expenses, €M and YoY %

€M unless notedH1 FY26H1 FY27YoY
Fuel and oil€2,969.7M€3,402.8M14.6%
Airport and handling charges€1,006.0M€1,047.2M4.1%
Staff costs€925.6M€972.8M5.1%
Route charges€724.7M€789.3M8.9%
Marketing, distribution and other€438.6M€435.3M(0.8%)

Per passenger, € and YoY %

€ per passengerH1 FY26H1 FY27YoY
Average fare€58.00€55.70(4.0%)
Cost per passenger€58.46€61.104.5%

Note: Per-passenger figures are this deck’s calculations from reported totals and passenger numbers.Source: Ryanair Form 6-K, Nov 2, 2026; analysis of company data

19

19 · Appendix: financial detail

Appendix: sources

  • Filing: Ryanair Form 6-K, Nov 2, 2026 — https://www.sec.gov/Archives/edgar/data/1038683/000165495426009322/a2754b-690131201.htm
  • Company release: Ryanair results release, Nov 2, 2026 — https://corporate.ryanair.com/news/ryanair-h1-pat-falls-15-to-e2-15bn-as-unhedged-oil-doubles-traffic-grows-6-at-lower-fares/
  • Consensus: none shown. No euro consensus for H1 or Q2 FY27 could be verified from a named vendor.
  • Share price reaction: not shown. A Nov 2 closing price was not available from two sources.

Built with DeepCell / deepcell.net

20

20 · Sources

Important disclosures and disclaimer

For information only. This presentation is provided for information only. It is not investment, legal, tax or accounting advice, and it is not an offer, or a solicitation of an offer, to buy or sell any security.

No recommendation. It carries no rating, price target or buy, sell or hold view, and it was prepared without regard to any reader's investment objectives, financial situation or needs.

Sources and accuracy. Company figures come from Ryanair Holdings plc's Form 6-K of November 2, 2026, containing its H1 FY27 results and condensed interim financial statements, and the same release on Ryanair's corporate website. We make no warranty that any information here is accurate, complete or timely.

Forward-looking statements. Company outlook statements and the watch items in this deck are forward-looking. They rest on assumptions that may prove wrong, and actual results may differ materially.

Past performance. Past results, including those for H1 FY27, are not a reliable indicator of future results.

Calculated measures. Per-passenger figures, gross cash, net cash and free cash flow are calculated in this deck from reported IFRS figures. They may differ from measures used by other companies.

Currency. Figures are in euros, Ryanair's reporting currency. Fuel prices are in US dollars as stated by the company. US-listed ADS figures are not used.

No liability. No liability is accepted for any direct or indirect loss arising from the use of this presentation or its contents.

No affiliation. This presentation is not affiliated with, reviewed or endorsed by Ryanair Holdings plc and does not represent Ryanair's views. Company and brand names belong to their owners.

How it was made. The deck was built with DeepCell, with figures linked to a model in the file. Readers should check the figures against the original filings and consult a qualified professional adviser.

Date of analysis. The analysis reflects information available as of November 2, 2026. It will not be updated for later events.

Built with DeepCell / deepcell.net

21

21 · Important disclosures

Sources

Not investment advice; no rating or price target.

Built in DeepCell Every figure on these slides opens its formula and its source. See how a review like this is made.

Share this review

Send the link: it opens with the picture below, and every number on the page still opens its formula and source. The picture is free to download and share.

Post on XShare on LinkedIn

More earnings reviews

All earnings reviews

  • Palantir · Q3 2026

    Palantir Q3 2026 earnings review

    Q3 revenue beat the LSEG consensus by 6.1%, and Palantir raised its 2026 revenue guidance midpoint by $378M.

    Nov 3, 202621 slides

  • Apple · Q4 FY2026

    Apple Q4 FY2026 earnings review

    Q4 net sales beat the LSEG consensus by 1.0%, but the December-quarter growth guide trailed it.

    Nov 3, 202621 slides

  • Estée Lauder · Q1 FY2027 (Jul-Sep 2026)

    Estée Lauder Q1 FY2027 earnings review

    Q1 adjusted EPS beat the LSEG consensus by 41%, and full-year guidance rose.

    Nov 2, 202621 slides

  • IDEXX Laboratories · Q3 2026 (Jul-Sep 2026)

    IDEXX Q3 2026 earnings review

    Q3 diluted EPS beat the FactSet consensus by 7.5%, and full-year guidance rose.

    Nov 2, 202621 slides

  • Tempus AI · Q3 2026 (Jul-Sep 2026)

    Tempus AI Q3 2026 earnings review

    Q3 revenue rose 23.1% to $411.5M, beating the LSEG consensus, and adjusted EBITDA turned clearly positive.

    Nov 2, 202621 slides