Ryanair first-quarter profits soar but full-year growth limited by Boeing delays

Ryanair’s growth in passenger carryings will be limited to just 3% this financial year due to “heavily delayed” Boeing aircraft deliveries.

 

The projected annual traffic figure of 206 million passengers came as group chief executive Michael O’Leary warned that the final outcome “remains heavily exposed to adverse external developments, including the risk of tariff wars, macro-economic shocks, conflict escalation in the Middle East and Ukraine and European ATC [air traffic control] strikes, mismanagement and short staffing”.

 

The use of new generation Boeing 737s, advantageous fuel hedging and effective cost control across the budget group’s airlines had helped offset increased ATC charges and higher environmental costs in the three months to June.

 

Ryanair net profit in its first quarter more than doubled year-on-year to €820 million as carryings rose by 4% to almost 60 million with a 20% rise in revenue to €4.34 billion.

 

O’Leary noted that the first half result covering the summer peak quarter was “heavily dependent” on the strength of close-in August and September bookings.

 

It remains too early to provide “meaningful guidance” for the full year financial performance. 

 

“We do, however, cautiously expect to recover almost all of last year’s 7% full-year fare decline, which should lead to reasonable net profit growth in FY26,” O’Leary said.

 

Ryanair “remained confident” that 29 Boeing 737 Max aircraft still outstanding from an order of 210 will be delivered “well ahead” of summer 2026 “when we hope to recover this years delayed traffic growth into full year ’27,” he added. 

 

“Boeing continues to expect Max-10 certification in late 2025 and we’re planning for the timely delivery of our first 15 Max-10 deliveries in spring 2027, with 300 of these very fuel efficient aircraft due to deliver by March 2034,” O’Leary said.

 

Ryanair will operate more than 2,600 routes this summer with strong travel demand across the network. 

 

“Our group airlines’ capacity constrained growth is being allocated to those regions and airports who are cutting aviation taxes and incentivising traffic growth, and we expect this trend to continue,” O’Leary said.

 

“We believe European short-haul capacity will remain constrained for the next five years to 2030. 

 

“These industry capacity constraints, combined with our widening unit cost and fuel hedge advantage, strong balance sheet, low-cost aircraft orders and industry leading operations resilience will, we believe, facilitate Ryanair’s controlled profitable growth to 300 million passengers per annum by FY ’34,” he forecast.