Q1 2026 Ryanair Holdings PLC Earnings Call Transcript
Key Points
- Ryanair Holdings PLC (RYAAY) reported a strong Q1 profit after tax of EUR820 million, a significant increase from EUR360 million in the prior year.
- Traffic grew by 4% to 58 million passengers, with a 21% increase in average fares.
- Revenue per passenger rose by 15%, and ancillary revenues increased by 3% on top of the 4% traffic growth.
- The company maintained excellent unit cost control, with unit cost inflation rising by just 1%.
- Ryanair Holdings PLC (RYAAY) is well-hedged for fuel costs, with FY26 almost 85% hedged at $76 a barrel, providing a 13% saving for FY27.
- Traffic growth is being constrained by Boeing's delivery delays, impacting the company's ability to expand further.
- Operating costs rose by 1% per passenger due to increased ATC fees and higher environmental costs.
- The company faces external risks such as terrorism, tariff wars, and macroeconomic shocks, which could impact future performance.
- Ryanair Holdings PLC (RYAAY) has limited visibility for the second half of the year, with only 6% of seats sold.
- The company is exposed to potential adverse developments, including European ATC strikes and mismanagement, which could affect operations.
Hello, everyone, and welcome to the Ryanair Holdings PLC Q1 FY26 earnings release. My name is Nadia, and I will be coordinating the call today. (Operator Instructions)
I will now hand over to your host, Michael O'Leary, Group CEO of Ryanair Holdings, to begin. Michael, please go ahead whenever you're ready.
' -
Okay. Good morning, ladies and gentlemen, and welcome to the Ryanair Q1 results conference call. I'm joined by all of our usual crew. Neil, the CFO, is in London; as is Eddie Wilson, dialing in from London. The rest of us are here in the office in Dublin.
As you've seen this morning, we reported a strong Q1 profit after tax rising to EUR820 million compared to a prior year Q1 PAT at EUR360 million. Traffic grew 4% to 58 million passengers at 21% higher fares. Q1, as we have repeatedly told you is artificially strong, mainly due to weak prior year comparison. Last year, we only had one half of Easter in April, and we were in the teeth
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