- **Profit Surge**: Q2 profits up 20% to €1.72 billion, driven by 7% fare growth and 3.5% traffic expansion.
- **Fuel Savings Windfall**: €650 million saved in FY26 via $76/barrel hedge; 80% of FY27 fuel hedged at $67/barrel.
- **Long-Term Growth Ambition**: Targeting 300 million passengers by 2034 with MAX 10 aircraft, aiming for €14 profit per passenger (vs. €10 today).
- **Competitive Edge**: 0% debt, 650 unencumbered aircraft, and 1% unit cost growth vs. 7-10% for competitors.

**【CEO Summary Section】**
- **Revenue and Profit Growth**: Q2 profits rose 20% to €1.72 billion, driven by 2% traffic growth and 7% fare increases. Full-year traffic expected to grow 3.5% to 207 million passengers.
- **Boeing Deliveries**: 23 of 29 delayed MAX 10 aircraft delivered in Q2, with remaining 4 due by January 2026. Full fleet of 640 aircraft expected by end-2026.
- **Fuel Cost Savings**: 80% of FY27 fuel hedged at $67/barrel, saving €650 million vs. FY26. €600 million saved in FY26 due to $76/barrel hedge.
- **Environmental Taxes**: Campaigning for ETS alignment with CORSIA, with FY27 ETS costs rising to €1.4-1.5 billion from €1.1 billion in FY26.
- **Long-Term Growth**: Targeting 300 million passengers by 2034 with MAX 10 aircraft (20% more seats, 20% less fuel). Profit per passenger to rise from €10 to €14 by 2030.

**【CFO Financial Commentary】**
- **Profit Margins**: Non-GAAP EPS of €1.08 in Q2, up 7% vs. prior year. Unit cost increase limited to 1% due to fuel hedging and cost control.
- **Debt Repayment**: €850 million bond repaid in Q2, with final €1.2 billion bond due in May 2026. Targeting debt-free balance sheet by end-2026.
- **CapEx Management**: 35% of MAX 10 CapEx hedged at €1.24/USD, with potential to extend hedges. Peak CapEx of €3 billion expected in FY30/FY31.
- **Dividend Policy**: Interim dividend of €0.193 declared, similar to FY25. Buybacks to resume post-debt repayment.

**【Q&A Highlights】**
- **Fare Trends**: Q3 fares up 7% vs. prior year, but tougher comps in H2. Full-year fare growth expected to match prior year's 7%.
- **Capacity Constraints**: Europe-wide capacity growth of 3-4% in FY26, driven by Ryanair's 4% growth. Competitors (Wizz, Lufthansa) facing unit cost inflation of 7-10%.
- **Labor Costs**: Record-low pilot/cabin crew attrition (0.5%). €25 million annual spend on cadet training for MAX 10 pilots.
- **Regulatory Risks**: Criticism of EU's ETS and ATC inefficiency. Campaigning for overflight protection during strikes and ETS reform.

Ryanair Holdings plc (RYAAY) Q2 2026 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

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Loss on Disposal of Assets

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RYAAY

RYAAY fundamentals

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