Half Year 2025 Ryanair Holdings PLC Earnings Call (Q&A Session) Transcript
Key Points
- Ryanair Holdings PLC (RYAAY) reported H1 after-tax profits of EUR1.8 billion, despite being 18% lower than the prior year.
- The company experienced strong traffic growth of 9%, reaching a record of 115 million passengers.
- Ryanair Holdings PLC (RYAAY) has a strong balance sheet with over EUR3.3 billion in gross cash and a net cash position of EUR600 million.
- The company completed a EUR700 million share buyback in August and is progressing with an EUR800 million follow-on buyback.
- Ryanair Holdings PLC (RYAAY) is 85% hedged for the second half of FY25 at $79 a barrel, providing cost stability amid volatile oil markets.
- H1 after-tax profits were 18% lower than the previous year, impacted by Boeing delivery delays.
- Average fares fell by 10% in the half year, with a significant decline of 15% in Q1.
- The company is facing delays in Boeing aircraft deliveries, affecting its growth targets for FY25 and FY26.
- Ryanair Holdings PLC (RYAAY) had to adjust its passenger growth targets due to aircraft delivery delays, reducing expectations for FY25 and FY26.
- The company is experiencing pressure on consumer spending, contributing to price softness and impacting revenue.
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Good morning, ladies and gentlemen. Welcome to the Ryanair H1 results conference call. We're joined by all the members of the team from different parts of the globe. And we'll -- I'm going to run through quick highlights. As Neil Sorahan, our group CFO, as usual, to give you a comment on the financial highlights, and then we will maximize the time for Q&A.
So you'll see this morning, we reported H1 after-tax profits of EUR1.8 billion, 18% lower than the prior year H1 profit of EUR2.18 billion. Highlights at the half year were traffic, strong growth, 9%, to a record of EUR115 million. It would have been higher, but for the repeated Boeing delays. At the key theme, with average fares fell in the half year by 10%, but the trend is improving. We were down 15% in Q1, down 7% in Q2. We'll turn to Q3 on -- when we look at forward guidance.
We have 170, 737 Gamechangers in a 608 aircraft fleet at the end of the half, and that had risen to 172 by the end of October. We have five new
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