Company Announcements

Ryanair Holdings plc and Subsidiaries

Condensed Consolidated Preliminary Balance Sheet as at March 31, 2026 (unaudited)

Ryanair Holdings plc and Subsidiaries

Condensed Consolidated Preliminary Income Statement for the Year Ended March 31, 2026 (unaudited)

*'+' is favourable and '-' is adverse period-on-period.

** Includes an €85M provision (approx. 33%) for Italian AGCM fine.

Ryanair Holdings plc and Subsidiaries

Condensed Consolidated Preliminary Statement of Comprehensive Income for the Year Ended March 31,

2026 (unaudited)

Ryanair Holdings plc and Subsidiaries

Condensed Consolidated Preliminary Statement of Cash Flows for the Year Ended March 31, 2026 (unaudited)

Ryanair Holdings plc and Subsidiaries

Condensed Consolidated Preliminary Statement of Changes in Shareholders' Equity for the Year Ended

March 31, 2026 (unaudited)

Ryanair Holdings plc and Subsidiaries

MD&A Year Ended March 31, 2026 ("FY26")

Introduction          

For the purposes of the Management Discussion and Analysis ("MD&A") (with the exception of the balance sheet commentary) all figures and comments are by reference to the FY26 results.

Income Statement

Scheduled revenues:

Scheduled revenues increased 14% to €10.56BN as traffic grew 4% (to 208.4M passengers) with 10% higher fares (to c.€51).

Ancillary revenues:

Ancillary revenue was solid, rising 6% to €4.99BN (€24 per passenger) as traffic grew 4% and spend per passenger rose 2%.

Total revenue:

As a result of the above, total revenue rose 11% to €15.54BN.

Operating Expenses:

Fuel and oil:

Fuel and oil increased 4% to €5.42BN as the Group's jet fuel hedging and lower fuel burn (more B737-8200 "Gamechanger" aircraft and retrofit scimitar winglets on our B737-800NG fleet) helped offset a 4% increase in flight hours and higher environmental taxes (ETS allowance unwind and SAF blend mandates from Jan. 2025), which rose to €1.1BN in FY26.

Staff costs:

Staff costs increased 6% to €1.86BN, as agreed pay increases and higher sectors were somewhat offset by 34 additional B737-8200 "Gamechanger" aircraft in the fleet (driving better efficiency).

Airport and handling charges:

Airport and handling charges rose 5% to €1.76BN, due to 4% traffic growth, ground ATC rate hikes and higher handling labour inflation.

Depreciation:

Depreciation increased 13% to €1.37BN, primarily due to 34 additional B737-8200 "Gamechanger" aircraft in the fleet, the purchase of 30 spare LEAP-1B engines, higher aircraft utilisation (sectors up 4%), increased maintenance on the B737NG fleet and provision for mid-life "hospital visits" on B-8200 LEAP engines.

Route charges:

Route charges rose 13% to €1.32BN, due to significantly higher Eurocontrol/ATC rates and a 4% increase in flight hours.

Marketing, distribution and other:

Marketing, distribution and other fell 9% to €0.80BN primarily due to lower EU261 compensation and legal costs (FY25 included a Spanish baggage fine provision (€54M), which is under appeal). This is offset by input costs for higher onboard sales.

Maintenance, materials and repairs:

Maintenance, materials and repairs rose 16% to €0.55BN due to higher utilisation, increased engine and airframe maintenance as the fleet grows, labour inflation and lower delivery delay credits than last year.

Exceptional charge:

In Q3, AGCM (Italy) unjustly levied a €256M fine on Ryanair. While the Group's lawyers are confident this fine will be overturned on appeal, approx. 33% of the fine (€85M) has been provided in the Income Statement.

Other income:

With all 210 B737-8200 "Gamechanger" aircraft now delivered, other income fell reflecting significantly reduced delivery delay compensation in FY26 (incl. in the prior-year comparative) and lower deposit interest rates, partially offset by debt repayments. Foreign exchange translation reflects the impact of primarily €/US$ exchange rate movements on year end balance sheet revaluations.

Balance sheet:

Gross cash was €3.6BN at March 31, 2026 (March 31, 2025: €4.0BN) despite €1.9BN capex, €1.2BN debt repayments, and over €0.9BN shareholder distributions. Net cash was €2.1BN at March 31, 2026 (March 31, 2025: €1.3BN).

Shareholders' equity:

Shareholders' equity increased by €3.1BN to €10.1BN in the year due to a net profit of c. €2.2BN and an IFRS hedge accounting increase in derivatives of €1.9BN, offset by a €0.5BN repurchase of shares and €0.4BN dividends paid.

Ryanair Holdings plc and Subsidiaries

Notes forming Part of the Condensed Consolidated

Preliminary Financial Statements

1.            Basis of preparation and material accounting policies

Ryanair Holdings plc (the "Company") is a company domiciled in Ireland. The unaudited condensed consolidated preliminary financial statements ("preliminary financial statements") for the year ended March 31, 2026 ("FY26"), comprise the results of the Company and its subsidiaries (together referred to as the "Group").

The FY26 figures and the March 31, 2025 ("FY25") comparative figures do not include all of the information required for full annual financial statements and therefore do not constitute statutory financial statements of the Group within the meaning of the Companies Act, 2014. The consolidated financial statements of the Group for FY25, together with the independent auditor's report thereon, are available on the Company's website and were filed with the Irish Registrar of Companies following the Company's Annual General Meeting. The auditor's report on those financial statements was unqualified. The financial information presented in these preliminary financial statements does not represent full statutory accounts as defined by the Companies Act 2014. The statutory accounts of Ryanair Holdings plc for FY26 are expected to be filed with the Companies Registration Office by the end of October 2026. The accounting policies, presentation and methods of computation followed in the preliminary financial statements are consistent with those applied in the Company's latest Annual Report.

The Audit Committee, upon delegation of authority by the Board of Directors, approved the FY26 financial statements on May 15, 2026.

Except as stated otherwise below, the preliminary financial statements for FY26 have been prepared in accordance with the accounting policies set out in the Group's most recent published consolidated financial statements, which were prepared in accordance with International Financial Reporting Standards (IFRSs) as adopted by the European Union and IFRS Accounting standards as issued by the International Accounting Standards Board (IASB).

New IFRS standards adopted during the year 

The following new and amended standards, have been issued by the IASB, and have also been endorsed by the EU. These standards are effective for the first time for the financial year beginning on April 1, 2025, and therefore were applied by the Group for the first time to the FY26 consolidated financial statements: 

·    Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability (effective on or after January 1, 2025).

The adoption of these new or amended standards did not have a material impact on the Group's financial position or results for FY26, and are not expected to have a material impact on financial periods thereafter. 

Prospective IFRS accounting changes, new standards and interpretations not yet effective 

The following new or revised IFRS standards and IFRIC interpretations will be adopted for the purposes of the preparation of future financial statements, where applicable. Those that are not, as of yet, EU endorsed are flagged. While under review, we do not anticipate that the adoption of the other new or revised standards and interpretations will have a material impact on our financial position or results from operations:

·    IFRS 19 Subsidiaries without Public Accountability: Disclosures (effective on or after January 1, 2027).*

·    Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Translation to a Hyperinflationary Presentation Currency (effective on or after January 1, 2027).*

·    Amendments to IFRS 19 Subsidiaries without Public Accountability: Disclosures (effective on or after January 1, 2027).*

·    IFRS 18 Presentation and Disclosure in Financial Statements (effective on or after January 1, 2027).

·    Annual Improvements Volume 11 (effective on or after January 1, 2026).

·    Contracts Referencing Nature-dependent Electricity - Amendments to IFRS 9 and IFRS 7 (effective on or after January 1, 2026).

·    Amendments to the Classification and Measurement of Financial Instruments (Amendments to IFRS 9 and IFRS 7) (effective on or after January 1, 2026).

*These standards or amendments to standards are not as of yet EU endorsed.

2.            Board of Directors

Details of the members of the Company's Board of Directors are set forth on pages 218 and 219 of the Group's FY25 Annual Report. Captain Ray Conway joined the Board in October 2025 and both Howard Millar and Captain Mike O'Brien retired from the Board in September 2025.

3.            Judgements and estimates

The preparation of financial statements in conformity with IFRS Accounting Standards requires management to make estimates, judgements and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. These estimates and associated assumptions are based on historical experience and various other factors believed to be reasonable under the circumstances, and the results of such estimates form the basis of carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ materially from these estimates. These underlying assumptions are reviewed on an ongoing basis. A revision to an accounting estimate is recognised in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if these are also affected. Principal sources of estimation uncertainty have been set forth below. Actual results may differ from estimates.

Critical estimates

Long-lived assets

At March 31, 2026, the Group had €11.4BN of property, plant and equipment long-lived assets, of which €11.1BN were aircraft related. In accounting for long-lived assets, the Group must make estimates about the expected useful lives of the assets and the expected residual values of the assets.

In estimating the useful lives and expected residual values of the aircraft component, the Group considered a number of factors, including its own historic experience and past practices of aircraft disposals, renewal programmes, forecasted growth plans, external valuations from independent appraisers, recommendations from the aircraft supplier and manufacturer and other industry-available information.

The Group's estimate of each aircraft's residual value is 15% of market value on delivery, based on independent valuations and actual aircraft disposals during prior periods, and each aircraft's useful life is determined to be 23 years.

Revisions to these estimates could be caused by changes to maintenance programmes, changes in utilisation of the aircraft, governmental regulations on ageing aircraft, changes in new aircraft technology, changes in governmental and environmental taxes, geopolitical uncertainties, changes in new aircraft fuel efficiency, changing market prices for new and used aircraft of the same or similar types, tariffs and macro economic shocks. The Group therefore evaluates its estimates and assumptions in each reporting period, and, when warranted, adjusts these assumptions. Any adjustments are accounted for on a prospective basis through depreciation expense.

Critical judgements

In the opinion of the Directors, the following significant judgements were exercised in the preparation of the financial statements:

Long-lived assets

On acquisition a judgement is made to allocate an element of the cost of an acquired aircraft to the cost of major airframe and engine overhauls, reflecting its service potential and the maintenance condition of its engines and airframe. This cost, which can equate to a substantial element of the total aircraft cost, is amortised over the shorter of the period to the next maintenance check (usually between 8 and 12 years) or the remaining useful life of the aircraft.

4.            Seasonality of operations

The Group's results of operations have varied significantly from quarter to quarter, and management expects these variations to continue. Among the factors causing these variations are the airline industry's sensitivity to general economic conditions and the seasonal nature of air travel. Accordingly, the first half-year typically results in higher revenues and results.

5.            Income tax expense

The Group's consolidated tax expense for FY26 of €250M (FY25: €173M) comprises a current tax charge of €224M and a €26M deferred tax charge primarily relating to the temporary differences for property, plant and equipment. No significant or unusual tax charges or credits arose during the year. The effective tax rate of approx. 10% for FY26 (FY25: approx. 10%) is the result of the mix of profits and losses incurred by Ryanair's operating subsidiaries primarily in Ireland, Malta, Poland and the UK.

6.            Contingencies

The Group is engaged in certain litigation arising in the ordinary course of its business. The Group does not believe that this litigation will individually, or in aggregate, have a material adverse effect on the financial condition of the Group. Should the Group be unsuccessful in these litigation actions, management believes the possible liabilities then arising cannot be determined but are not expected to materially adversely affect the Group's results of operations or financial position.

7.            Capital commitments

At March 31, 2026 the Group had an operating fleet of 621 (2025: 587) Boeing 737 and 26 (2025: 26) Airbus A320 aircraft. In May 2023, the Group ordered up to 300 (150 firm and 150 options) new Boeing 737-MAX-10 aircraft for delivery between 2027 to 2034. This transaction was approved at the Company's AGM in September 2023.

8.            Analysis of operating revenues and segmental analysis

The Group determines and presents operating segments based on the information that internally is provided to the Group CEO, who is the Company's Chief Operating Decision Maker (CODM).

The Group comprises five separate airlines, Buzz, Lauda Europe ("Lauda"), Malta Air, Ryanair DAC and Ryanair UK. Buzz, Malta Air and Lauda do not individually exceed the quantitative thresholds and accordingly are presented on an aggregate basis as they exhibit similar economic characteristics and their services, activities and operations are sufficiently similar in nature. The results of these operations are included as 'Other Airlines.' The Ryanair DAC segment incorporates all of the Group's operations, except for those included within 'Other Airlines', and is reported as a separate segment as it exceeds the applicable quantitative thresholds for reporting purposes.

The CODM assesses the performance of the business based on the profit or loss after tax of each airline for the reporting period. Resource allocation decisions for all airlines are based on airline performance for the relevant period, with the objective in making these resource allocation decisions being to optimise consolidated financial results. Reportable segment information is presented as follows:

The expense line items not presented in the table above are incurred by Ryanair DAC and as such have not been presented across the segments.

 

The following table disaggregates departing traffic revenue in primary geographical markets. In accordance with IFRS 8, revenue by country of departure has been provided where revenue for that country is in excess of 10% of total revenue. Ireland is presented as it represents the country of domicile. "Other" includes all other countries in which the Group has operations.

Ancillary revenues comprise revenues from non-flight scheduled operations, inflight sales and internet-related services. Non-flight scheduled revenue arises from the sale of discretionary products such as priority boarding, reserved seats, car hire, travel insurance, airport transfers, room reservations and other sources, including excess baggage charges and other fees, all directly attributable to the low-fares business.

The vast majority of ancillary revenue is recognised at a point in time, which is typically the flight date. The economic factors that would impact the nature, amount, timing and uncertainty of revenue and cashflows associated with the provision of passenger travel-related ancillary services are homogeneous across the various component categories within ancillary revenue. Accordingly, there is no further disaggregation of ancillary revenue required in accordance with IFRS 15.

9.            Property, plant and equipment

During FY26, net capital additions amounted to €1.76BN principally reflecting aircraft deliveries in the period, 30 spare LEAP-1B engines purchased and capitalised maintenance, offset by depreciation.

10.          Related party transactions

The Company's related parties include its subsidiaries, Directors and Key Management Personnel. All transactions with subsidiaries eliminate on consolidation and are not disclosed.

There were no related party transactions in FY26 that materially affected the financial position or the performance of the Group during that year and there were no changes in the related party transactions described in the FY25 Annual Report that could have a material effect on the financial position or performance of the Group in the same period.

11.          Financial instruments and financial risk management

The Group is exposed to various financial risks arising in the normal course of business. The Group's financial risk exposures are predominantly related to commodity price, foreign exchange and interest rate risks. The Group uses financial instruments to manage exposures arising from these risks.

These condensed consolidated preliminary financial statements do not include all financial risk management information and disclosures required in the annual financial statements and should be read in conjunction with the 2025 Annual Report. There have been no changes in our risk management policies in the period.

Fair value hierarchy

Financial instruments measured at fair value in the balance sheet are categorised by the type of valuation method used. The different valuation levels are defined as follows:

·     Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities that the Group can access at the measurement date.

·     Level 2: inputs other than quoted prices included within Level 1 that are observable for that asset or liability, either directly or indirectly.

·     Level 3: significant unobservable inputs for the asset or liability.

Fair value estimation

Fair value is the price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date. The following methods and assumptions were used to estimate the fair value of each material class of the Group's financial instruments:

Financial instruments measured at fair value

·     Derivatives - currency forwards, jet fuel forward swap contracts and carbon contracts: A comparison of the contracted rate to the market rate for contracts providing a similar risk profile at March  31, 2026 has been used to establish fair value. The Group's credit risk and counterparty's credit risk is taken into account when establishing fair value (Level 2).

The Group policy is to recognise any transfers between levels of the fair value hierarchy as of the end of the reporting period during which the transfer occurred. During FY26 there were no reclassifications of financial instruments and no transfers between levels of the fair value hierarchy used in measuring the fair value of financial instruments.

Financial instruments not measured at fair value

·     Long-term debt: The fair value disclosed for the Group's long-term debt has been measured using the relevant market rates at March 31, 2026. This represents the amount which would be payable to a third party to assume the obligations.

The fair value of financial assets and financial liabilities, together with the carrying amounts in the condensed consolidated balance sheet, are as follows:

*The fair value of each of these financial instruments approximate their carrying values due to the short-term nature of the instruments.

** In September 2025 the Group repaid its €850M Eurobond.

12.          Shareholders' equity and shareholders' returns

In line with the Group's Dividend Policy, an FY25 final dividend of €0.227 per share was paid in September 2025 and an interim dividend of €0.193 per share was paid in February, 2026.

In the year ended March 31, 2026 the Company bought back, and cancelled, approx. 21M ordinary shares at a total cost of €0.5BN (including approx. 20M shares purchased under the current €750M share buyback programme launched in May 2025). This is equivalent to approx. 2% of the Company's issued share capital at March 31, 2025. As a result of the share buybacks in FY26, share capital decreased by approx. 21M ordinary shares with a nominal value of €0.1M and the other undenominated capital reserve increased by a corresponding €0.1M. The other undenominated capital reserve is required to be created under Irish law to preserve permanent capital in the parent company.

13.          Going concern

The Directors, having made inquiries, believe that the Group has adequate resources to continue in operational existence for at least the next 12 months and that it is appropriate to adopt the going concern basis in preparing these condensed consolidated preliminary financial statements. The continued preparation of the Group's condensed consolidated preliminary financial statements on the going concern basis is supported by the financial projections prepared by the Group.

In arriving at this decision to adopt the going concern basis of accounting, the Board has considered, among other things:

·    The Group's net profit of €2.26BN (pre-exceptional) in FY26;

·    The Group's liquidity, with €3.6BN gross cash and approximately €2.1BN net cash at March 31, 2026 and almost €1BN undrawn funds under the Group's €1.1BN revolving credit facility;

·    The Group's fuel hedging position (approx. 80% of FY27 jet fuel requirements were hedged at March 31, 2026 at $668 per metric tonne);

·    The Group's focus on cost reduction and cash management;

·    The Group's solid BBB+ credit ratings from both S&P and Fitch Ratings;

·    The Group's strong balance sheet position with its owned B737 fleet unencumbered;

·    The Group's access to the debt capital markets, unsecured/secured bank debt and sale and leaseback transactions; and

·    The Group's ability, as evidenced throughout downturns (such as the Covid-19 crisis), to preserve cash and reduce operational and capital expenditure.

14.          Post balance sheet events

Between April 1, 2026 and 14 May, 2026 the Company bought back approx. 4M ordinary shares at a total cost of approx. €88M under its ongoing share buyback programme. This brought total spend to approx. €0.6BN.