RYANAIR HOLDINGS PLC Earnings Summary — Q3 FY2026

• Adjusted net profit soared to €136.5M due primarily to a 42% reduction in fuel costs.
• Traffic grew 11% to 16.6M passengers despite a deep recession as average fares fell 13%.
• Unit costs fell 26% overall, with non-fuel unit costs decreasing 5% through staff and handling savings.
• Net profit margin rose to 18%, significantly outpacing legacy competitors like Lufthansa and British Airways.
• The airline strengthened its balance sheet with gross cash increasing to €2.5bn at quarter end.
• Ancillary revenues rose by 13% to €165.3M, now representing 21% of total operating revenue.
• Management criticized Irish and British governments for tourist taxes (APD), predicting traffic collapses in those markets.

Management expects full-year yields to decline by 20% or more, positioning full-year net profit toward the lower end of the previously guided €200M to €300M range. Traffic growth is targeted at 15% to reach 67M passengers for the year.

Improving

The transition from a net loss position last year to significant profitability is driven by opportunistic fuel prices and cost leadership during a global downturn.

The outlook remains cautious due to limited visibility beyond two months and severe price sensitivity among consumers, though Ryanair continues to expand while competitors consolidate or fail.