Ryanair first-half fiscal profit falls 15% to €2.15 billion
Key Facts
Ryanair reported on November 2, 2026 that its after-tax profit fell 15% to €2.15 billion in the first half of its 2027 financial year, compared with €2.54 billion in the same period. The company said the price of unhedged jet fuel doubled, alongside a decline in average fares. Revenue rose 3% to €10.08 billion, but operating expenses increased 10% to €7.69 billion. The gap between revenue and expense growth highlights the pressure on profit during the period. Profit fell despite the airline carrying more passengers than in the previous first half.
The company carried 125.8 million passengers, up 6% year on year, while its load factor held at 95%. But average fares fell 4% to €55.70, and revenue per passenger declined 3%. Ryanair attributed the weaker fares to the Easter holiday not falling entirely in April, and to consumer hesitation and delayed bookings because of the conflict in the Middle East. Scheduled revenue rose 1% to €7.0 billion, while ancillary revenue increased 6% to €3.08 billion. The figures show ancillary revenue growth outpaced scheduled-flight revenue growth, as passenger traffic rose while revenue per passenger declined.
In the second quarter, passenger numbers rose 5% to 64.5 million, while average fares fell 2% to €63.40 from €64.80 a year earlier. The quarterly fare was higher than the first-half average of €55.70 because the two figures cover different periods. The company also said customer satisfaction reached 90% in summer 2026, compared with 89% the previous summer. Ryanair plans to expand its network for summer 2027 with 126 additional routes and a new operating base in Rimini. It is due to take delivery of its first 16 MAX-10 aircraft in spring 2027, ahead of the summer season.
Fuel and oil costs rose 15% to €3.40 billion in the first half. The company said 80% of its fuel needs for financial year 2027 are hedged at about $67 a barrel through March 2027, while coverage for financial year 2028 stands at about 25% at about $95 a barrel. Ryanair estimated that its financial-year 2028 fuel bill could rise by about €2 billion at current forward prices, and said higher short-haul fares would not fully offset the increase. On September 30, gross cash stood at €2.6 billion, alongside about €0.7 billion undrawn from a €1.1 billion revolving credit facility. The company is reviewing costs, with a focus on airport-fee negotiations and labor agreements due for renewal; potential options include a temporary wage freeze, lower crew ratios and greater use of artificial intelligence in back-office work.
Ryanair cut its financial-year 2027 passenger-traffic target in September to 214 million from 216 million, citing reduced exposure to unhedged fuel. It said winter traffic from November to March would remain broadly flat year on year. The company sees strong third-quarter demand, with fares trending slightly above the same period, but the proximity of booking dates limits visibility. It also said it has no visibility for the fourth quarter and is not providing a profit forecast for the financial year ending in March 2027. Ryanair declared an interim dividend of €0.273 per share, payable in late February 2027, and a €800 million share buyback programme starting in February.