Ryanair will trim its winter schedule for the 2026/27 season as elevated jet-fuel prices make it prudent to limit exposure to unhedged fuel during the loss-making November-to-March period. The move comes alongside a cut to the carrier’s FY2027 traffic target, which now stands at 214 million passengers rather than 216 million, while management warned that persistently high fuel costs could force materially higher European short-haul fares next summer.
About 80% of Ryanair’s fuel needs for the financial year are hedged at roughly $67 a barrel, leaving the unprotected portion far more exposed to current market levels, which reports place at about $140 a barrel. The reduced winter programme is expected to cut seasonal losses by around €70 million, bringing them into a range of €70 million to €100 million. The airline did not give route-level details or specify how many flights would be removed from the schedule.
The adjustment underscores the pressure on Europe’s largest airline by passenger numbers as it navigates a weaker winter trading period and a more expensive fuel environment. Ryanair’s comments indicate that if oil prices stay elevated into summer 2027, fare increases across the short-haul market may become difficult to avoid.