Ryanair first-half profits dip 15%

Ryanair has presented its H1 FY27 results, revealing a 15% decline in profit after tax to €2.15 billion, despite a 6% year-on-year increase in passenger numbers to 125.8 million. The decline was largely down to increased unhedged fuel costs. However, Ryanair was relatively insulated from rising fuel prices compared with other low-cost competitors, with 80% of its fuel requirements hedged at $67 per barrel.

Revenue increased by 3% to €10.08 billion, while the load factor remained unchanged at 95%. On growth and fleet plans, CEO Michael O’Leary said:

“We welcome the FAAs recent certification of the MAX-10, which we expect EASA will also certify before year end. This will enable Ryanair to take delivery of our first 16 MAX-10s in Spring 2027, in time for S.27. This winter (as we announced in Sept.) we have reduced the Group’s exposure to unhedged fuel by cutting our FY27 traffic target from 216m to 214m passengers. This schedule cut means winter traffic (Nov. to Mar.) will be broadly flat year-on-year. Next year, with 16 new MAX-10s in our S.27 fleet, we plan to grow traffic to over 220m passengers (+3%). We continue to allocate this scarce capacity to those States, Regions and Airports cutting aviation taxes and lowering fees to incentivise growth (such as Albania, Italy, Morocco, Slovakia and Sweden) while switching flights and traffic away from high tax/rising cost markets like Austria, Germany and Regional Spain. We have 126 additional routes and 1 new base (Rimini) on sale for S.27.”