Ryanair Holdings reported profit after tax of €2.15 billion for the six months to 30 September 2026, down 15% year on year, despite carrying 6% more passengers. Average fares fell 4% to €55.70, while the price of the 20% of jet fuel not hedged doubled to about $130 a barrel. Revenue rose 3% to €10.08 billion, but operating costs increased 10% to €7.69 billion.
The airline attributed the earnings decline to lower fares and higher fuel costs, alongside consumer caution and later bookings amid the conflict in the Middle East. Ryanair had hedged 80% of its fuel requirement for the financial year ending March 2027 at about $67 a barrel, and 25% of its FY2027/28 requirement at about $95. Management warned that current forward prices could add around €2 billion to the fuel bill in FY2027/28. The company is reviewing costs and may consider temporary pay freezes as labour agreements mature; it gave no meaningful profit guidance for the current year.
Ryanair lowered its FY2026/27 passenger target to 214 million from 216 million and expects winter traffic to be broadly flat year on year. For summer 2027, it plans to grow traffic to more than 220 million, with 16 Boeing 737 MAX 10 aircraft expected to join the fleet, subject to EASA certification. The carrier has put 126 additional routes and a new base at Rimini on sale for the season. It plans to shift capacity towards markets and airports reducing taxes and fees, while cutting exposure to higher-cost locations.