Ryanair has repaid its last €1.2 billion bond, leaving the airline group effectively debt free for the first time since its 1997 stock market listing.
The repayment clears the company’s only remaining bond and marks a notable shift for Europe’s largest carrier by passenger numbers. Ryanair said the move leaves it with an unencumbered fleet of 620 Boeing 737 aircraft, alongside BBB+ credit ratings from Fitch and S&P and strong liquidity.
The airline has framed the milestone as part of a “fortress balance sheet” that supports its low-cost model. Chief financial officer Neil Sorahan said the debt repayment further widens Ryanair’s cost gap with competitors.
The transaction follows a period of strong performance, with Ryanair reporting record annual profit growth and traffic of 208.4 million passengers in FY26. The company also reiterated its goal of carrying 300 million passengers annually by FY34 and taking up to 50 Boeing 737 MAX-10 deliveries a year from 2029.