Ryanair is reviewing possible cost measures, including temporary pay freezes, lower crew ratios and increased use of AI, as it prepares for an estimated €2 billion increase in its fuel bill in financial 2028. The review follows a 15% fall in first-half FY2027 profit after tax to €2.15 billion, despite a 6% rise in passenger numbers to 125.8 million. No measures have yet been confirmed.
Revenue for the six months to 30 September 2026 rose 3% to €10.08 billion, while operating costs increased 10% to €7.69 billion. Average fares fell 4%, and the price of the 20% of jet fuel not covered by hedging doubled, adding pressure to earnings.
The cost review also covers airport negotiations, with Boeing 737 MAX 10 deliveries expected to begin in spring 2027, and labour agreements approaching renewal. Ryanair expects European short-haul fares to rise materially, but considers that unlikely to fully offset the projected fuel increase. It expects fuel prices to remain elevated into 2027 unless the Middle East conflict is resolved swiftly.
The airline has hedged 80% of its FY2027 fuel at about $67 per barrel and 25% of FY2028 requirements at about $95. It forecasts FY2027 traffic growth of 3%, to 214 million passengers, but said it was too early to provide meaningful full-year profit guidance.