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.
Earnings reviews · 21 slides
Not investment advice; no rating or price target.
1 · Cover · Open this slide in DeepCell
H1 profit after tax fell 15.4% as fuel and oil costs rose 14.6%
- 1.Profit after tax fell to €2.15B from €2.54B
- 2.Passengers rose 5.7% to 125.8m, but the average fare fell 4.0%
- 3.Fuel and oil reached 44.3% of operating expenses, from 42.7%
- 4.The FY27 traffic target fell to 214m passengers, with no FY27 profit guidance
- 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 · Key takeaways · Open this slide in DeepCell
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
| Metric | Q2 FY26 | Q2 FY27 | YoY | Direction |
|---|---|---|---|---|
| Passengers (millions) | 61.2 | 64.5 | +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 · Q2 versus prior year · Open this slide in DeepCell
The FY27 traffic target fell to 214m from 216m, and Ryanair gave no FY27 profit guidance
Traffic outlook
| Metric | Before Sept | Nov 2 outlook | Change |
|---|---|---|---|
| FY27 traffic (millions) | 216 | 214 | -2 |
| FY27 traffic growth | n.a. | 3% | n.a. |
| FY28 traffic plan (millions) | n.a. | Over 220 | n.a. |
| FY27 profit after tax | None | None | n.a. |
Fuel hedging and cost outlook
| Metric | FY27 | FY28 |
|---|---|---|
| Jet fuel hedged | 80% | 25% |
| Hedge price, about ($ per barrel) | 67 | 95 |
| Fuel bill increase, about | n.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 · Outlook · Open this slide in DeepCell
H1 total operating revenues rose 2.7% while profit after tax fell 15.4%
- Traffic grew, fares fellPassengers rose 5.7%; the average fare fell to €55.70.
- Fuel drove cost growthFuel and oil rose 14.6% to €3,402.8M.
- 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 noted | H1 FY26 | H1 FY27 | YoY |
|---|---|---|---|
| Total operating revenues | €9,817.5M | €10,082.0M | 2.7% |
| Total operating expenses | €6,957.0M | €7,686.7M | 10.5% |
| 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 · H1 at a glance · Open this slide in DeepCell
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)
| Segment | Revenues | Revenues YoY | Profit after tax | Profit YoY |
|---|---|---|---|---|
| Ryanair DAC | €10,398.4M | 2.9% | €2,082.2M | (16.3%) |
| Other Airlines | €940.5M | 3.8% | €65.4M | 26.3% |
| Eliminations | (€1,256.9M) | n.a. | — | n.a. |
| Group | €10,082.0M | 2.7% | €2,147.6M | (15.4%) |
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 · Segment overview · Open this slide in DeepCell
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
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 · Where revenue growth came from · Open this slide in DeepCell
UK departing revenue rose 6.0%, while Spain departing revenue fell 2.5%
Revenue growth by country of departure
% change YoY, H1 FY27
Spain had the largest revenue 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 · Revenue by country · Open this slide in DeepCell
Profit after tax fell €391.2M as fuel and oil costs rose €433.1M
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 · Profit after tax bridge · Open this slide in DeepCell
Operating margin fell 538 bps to 23.8%
Note: Operating margin is operating profit divided by total operating revenues.Source: Ryanair Form 6-K, Nov 2, 2026; analysis of company data
10 · Margins · Open this slide in DeepCell
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
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 · Cash flow and uses · Open this slide in DeepCell
Fuel and oil rose 14.6% and reached 44.3% of total operating expenses
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 · Fuel cost share · Open this slide in DeepCell
Net cash fell to €2,009.1M from €2,085.5M as gross cash funded debt repayments
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 · Balance sheet · Open this slide in DeepCell
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
Note: These are analytical watch points, not company targets.Source: Ryanair Form 6-K, Nov 2, 2026; analysis of company data
14 · Risks to estimates · Open this slide in DeepCell
Appendix: supporting analysis for revenue
| Claim | Evidence | Calculation |
|---|---|---|
| Revenue per passenger fell | €82.50 in H1 FY26 to €80.14 in H1 FY27 | Total 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 market | Italy 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 · Supporting analysis (1/4) · Open this slide in DeepCell
Appendix: supporting analysis for costs and profit
| Claim | Evidence | Calculation |
|---|---|---|
| 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 lines | Depreciation rose 18.8% to €817.0M | As reported |
| Tax rate fell | Effective 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 · Supporting analysis (2/4) · Open this slide in DeepCell
Appendix: cash flow, balance sheet and returns support
| Claim | Evidence | Calculation |
|---|---|---|
| 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 drawdown | Repayments less proceeds from borrowings |
| New returns announced after Sep 30 | Interim dividend €0.273 per share; new €800.0M buyback from Feb 2027 | Post balance sheet events, note 12 |
RCF is revolving credit facility. Source: Ryanair Form 6-K, Nov 2, 2026; analysis of company data
17 · Supporting analysis (3/4) · Open this slide in DeepCell
Appendix: watch items behind outlook and risks
| Claim | Evidence | Calculation |
|---|---|---|
| FY28 hedge cover is lower and costlier | 25% at about $95 a barrel, vs 80% at $67 for FY27 | As stated in the release |
| EU environmental tax rose in FY27 | A further €300.0M increase | As stated in the outlook |
| Load factor was unchanged | H1 load factor 95%; Q2 load factor 96% | As stated in the release |
| FY28 traffic plan | Over 220m passengers with the first 16 MAX-10 aircraft | As stated in the release |
Source: Ryanair Form 6-K, Nov 2, 2026; analysis of company data
18 · Supporting analysis (4/4) · Open this slide in DeepCell
Appendix: operating expense and unit detail
Operating expenses, €M and YoY %
| €M unless noted | H1 FY26 | H1 FY27 | YoY |
|---|---|---|---|
| Fuel and oil | €2,969.7M | €3,402.8M | 14.6% |
| Airport and handling charges | €1,006.0M | €1,047.2M | 4.1% |
| Staff costs | €925.6M | €972.8M | 5.1% |
| Route charges | €724.7M | €789.3M | 8.9% |
| Marketing, distribution and other | €438.6M | €435.3M | (0.8%) |
Per passenger, € and YoY %
| € per passenger | H1 FY26 | H1 FY27 | YoY |
|---|---|---|---|
| Average fare | €58.00 | €55.70 | (4.0%) |
| Cost per passenger | €58.46 | €61.10 | 4.5% |
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 · Appendix: financial detail · Open this slide in DeepCell
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.
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20 · Sources · Open this slide in DeepCell
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.
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21 · Important disclosures · Open this slide in DeepCell