SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16
of the Securities Exchange Act of 1934
For the
month of July 2025
RYANAIR HOLDINGS PLC
(Translation
of registrant's name into English)
c/o Ryanair Ltd Corporate Head Office
Dublin Airport
County Dublin Ireland
(Address
of principal executive offices)
Indicate
by check mark whether the registrant files or will file
annual
reports
under cover Form 20-F or Form 40-F.
Form
20-F..X.. Form 40-F
Indicate
by check mark whether the registrant by furnishing the
information
contained
in this Form is also thereby furnishing the information to
the
Commission
pursuant to Rule 12g3-2(b) under the Securities
Exchange
Act of
1934.
Yes
No ..X..
If
"Yes" is marked, indicate below the file number assigned to the
registrant
in
connection with Rule 12g3-2(b): 82- ________
RYANAIR
REPORTS Q1 PAT OF €820M AS
Q1 FARES RECOVER ON STRONG EASTER & MODEST GROWTH
Ryanair Holdings plc today (21 July) reported Q1 profit after tax
of €820m, compared to prior-year Q1 PAT of €360m, as
traffic grew 4% to 58m passengers at 21% higher fares.
|
Q1 End:
|
June 2024
|
June 2025
|
Change
|
|
Passengers
|
55.5m
|
57.9m
|
+4%
|
|
Load Factor
|
94%
|
94%
|
-
|
|
Revenue
|
€3.63bn
|
€4.34bn
|
+20%
|
|
Op. Costs
|
€3.26bn
|
€3.42bn
|
+5%
|
|
PAT
|
€360m
|
€820m
|
+128%
|
Q1 highlights include:
●
Traffic
grew 4% to 57.9m.
●
Rev.
per pax rose 15% (ave. fare up 21% to €51 & ancil. rev.
up 3%).
●
Unit
cost inflation just 1% - cost gap advantage
widens.
●
Competitive
fuel hedges de-risk Group: c.85% FY26 at
$76bbl.
●
181
B737 "Gamechangers"
in 618 fleet (incl. 5 deliveries in Q1).
●
Over
160 new S.25 routes (total: 2,600 routes).
●
30
spare CFM LEAP engines bought to improve
resilience.
●
Ryanair
added to the MSCI World Index.
Q1 REVIEW
Ryanair Group CEO Michael O'Leary, said:
Revenue & Costs:
"Total revenue rose 20% to €4.34bn. Scheduled revenue
increased 26% to €2.94bn as traffic grew 4% with 21% higher
fares. Q1 fares substantially benefitted from having a full
Easter holiday in April, weak prior-year comps and marginally
stronger than expected close-in pricing. Ancillary revenues
delivered another solid performance rising 7% to
€1.39bn. Operating costs rose 5% (+1% per pax) to
€3.42bn as our jet fuel hedging largely offset ATC fees (up
16%) and higher enviro. costs (as ETS allowances unwind and SAF
blend mandates impact costs from Jan. 2025).
Ryanair's competitive fuel hedging provides a key advantage in
current volatile oil markets, with FY26 almost 85% hedged at $76bbl
and FY27 36% hedged at just under $66bbl.
Balance Sheet, Liquidity & Returns:
Ryanair's balance sheet is one of the strongest in the industry
with a BBB+ credit rating (both Fitch and S&P) and unencumbered
B737 fleet (over 590 aircraft). At 30 June, gross cash was
€4.4bn after €0.6bn capex and almost €0.4bn debt
repayments. Net cash was €2.0bn (up from €1.3bn
at 31 Mar.), leaving the Group well positioned to repay approx.
€2.1bn maturing bonds over the next 10-months (incl. an
€850m bond in Sept.) from internal cash resources. This
financial flexibility further widens the cost gap between Ryanair
and competitors who are exposed to expensive (long-term) finance
and rising aircraft lease costs.
We welcome Ryanair's full addition to the MSCI World Index and
expect to join the FTSE Russell Index, following their semi-annual
index review, in Sept. (albeit this inclusion will be phased over
approx. 2-years). In May, we launched our latest share
buyback and have purchased (and cancelled) c.1.6m shares under the
programme, at a cost of €39m, at 30 June.
FLEET & GROWTH
Ryanair has 181 B737-8200 "Gamechangers" (up
25 from June 2024) in its 618 aircraft fleet, facilitating 3% FY26
traffic growth (to 206m passengers). We remain confident that
the 29 remaining Gamechangers in our 210 orderbook will deliver
well ahead of S.26, when we hope to recover this years delayed
traffic growth into FY27. Boeing continues to expect MAX-10
certification in late 2025 and we're planning for the timely
delivery of our first 15 MAX-10 deliveries in Spring 2027, with 300
of these very fuel efficient aircraft due to deliver by Mar.
2034.
This summer we will operate over 2,600 routes (incl. 160 new
routes) and we're seeing strong S.25 travel demand across our
network. Our Group airlines capacity constrained growth is
being allocated to those regions and airports who are cutting
aviation taxes and incentivising traffic growth, and we expect this
trend to continue.
We believe European short-haul capacity will remain constrained for
the next 5 years to 2030 as the big 2 OEMs remain well behind on
aircraft deliveries, many of Europe's Airbus operators work through
Pratt & Whitney engine repairs and EU airline consolidation
continues (SAS, TAP, Air Europa & others). These industry
capacity constraints, combined with our widening unit cost (and
fuel hedge) advantage, strong balance sheet, low-cost aircraft
orders and industry leading ops resilience will, we believe,
facilitate Ryanair's controlled profitable growth to 300m
passengers p.a. by FY34.
ESG
During Q1 we took delivery of 5 new B737 Gamechangers (4% more
seats, 16% less fuel & CO2)
and saw the benefit (1.5% lower fuel burn and 6% less noise) from
the retrofit of winglets to our B737NG fleet (target of 409 by
2026). Our recent deal to buy 30 CFM LEAP-IB engines is a
significant $500m commitment to improve our operational
resilience. These latest technology engines reduce fuel
consumption and CO2 emissions
per seat by up to 20%. The Groups ambitious SAF commitments
and our ongoing investment in new technology positions Ryanair as
one of Europe's most environmentally efficient airlines. It is
notable that, despite being Europe's largest passenger airline, we
are only No.4 in the recent Cirium list of EU airline
CO2 emissions.
OUTLOOK
FY26 traffic remains on track to grow just 3% to 206m passengers,
due to heavily delayed Boeing deliveries. As previously
guided, we expect modest unit cost inflation in FY26 as the
delivery of more B737 Gamechangers, advantageous fuel hedging and
effective cost control across our Group airlines helps offset
increased ATC charges and higher enviro. costs. While S.25
travel demand is strong, Q2 fare increases will be lower than in Q1
(which benefitted from a full Easter holiday in April and weak
prior-year comps) and we now expect to recover almost all of the 7%
fare decline we suffered in PY Q2. The final H1 outcome is,
however, heavily dependent on the strength of close-in Aug. and
Sept. bookings. As is normal at this time of year, we have
zero H2 visibility (where PY fare comps normalise and last years
modest delivery delay compensation rolls off).
It remains too early to provide meaningful FY26 PAT guidance.
We do, however, cautiously expect to recover almost all of last
years 7% full-year fare decline, which should lead to reasonable
net profit growth in FY26. The final FY26 outcome remains
heavily exposed to adverse external developments, incl. the risk of
tariff wars, macro-economic shocks, conflict escalation in the
Middle East and Ukraine and European ATC strikes, mismanagement
& short staffing."
ENDS
|
For further information
please contact:
www.ryanair.com
|
Neil Sorahan
Ryanair Holdings plc
Tel: +353-1-9451212
|
Cian Doherty
Drury
Tel: +353-1-260-5000
|
|
|
|
|
|
Ryanair Holdings plc, Europe's largest airline group, is the parent
company of Buzz, Lauda, Malta Air, Ryanair & Ryanair UK.
Carrying c.206m guests p.a. on approx. 3,600 daily flights from 93
bases, the Group connects 233 airports in 37 countries on a fleet
of almost 620 aircraft, and c.330 new Boeing 737s on order, which
will enable the Ryanair Group to grow traffic to 300m p.a. by FY34.
Ryanair has a team of over 26,000 highly skilled aviation
professionals delivering Europe's No.1 operational performance, and
an industry leading 40-year safety record. Ryanair is one of the
most efficient major EU airlines. With a young fleet and high load
factors, Ryanair targets 50grams of CO₂ per pax/km by 2031 (a
27% reduction).
|
Certain of the information included in this release is forward
looking and is subject to important risks and uncertainties that
could cause actual results to differ materially and that could
impact the price of Ryanair's securities. Forward looking
statements are based on management's beliefs and assumptions and on
information currently available to management. Ryanair has no
obligation to update any forward looking statements contained in
this release, whether as a result of new information, future
events, or otherwise. It is not reasonably possible to itemise all
of the many factors and specific events that could affect the
outlook and results of an airline operating in the European economy
and the price of its securities. Among the factors that are
subject to change and could significantly impact Ryanair's expected
results and the price of its securities are the airline pricing
environment, fuel costs, competition from new and existing
carriers, market prices for the maintenance and replacement of
aircraft, costs associated with environmental, safety and security
measures, actions of the Irish, U.K., European Union ("EU") and
other governments and their respective regulatory agencies,
litigation, post-Brexit uncertainties, changes in the structure of
the European Union, any further change in the restrictions on the
ownership of Ryanair's ordinary shares and the voting rights of its
shareholders and ADR holders, including as a result of regulatory
changes or the actions of Ryanair itself, weather related
disruptions, ATC strikes and staffing related disruptions, aircraft
availability and delays in the delivery of contracted aircraft,
dependence on external service providers and key personnel, supply
chain disruptions, tariffs, fluctuations in corporate tax rates,
currency exchange rates and interest rates, airport access and
charges, labour relations, the economic environment of the airline
industry, the general economic environment in Ireland, the U.K. and
Continental Europe, continued acceptance of low fares airlines, the
general willingness of passengers to travel, war, geopolitical
uncertainty and other economic, social and political factors,
significant outbreaks of airborne disease and global pandemics such
as Covid-19 and unforeseen security events, terrorist attacks and
cyber-attacks. There may be other risks and uncertainties that
Ryanair is unable to predict at this time or that Ryanair currently
does not expect to have a material adverse effect on its
business.
Ryanair Holdings plc and Subsidiaries
Condensed Consolidated Interim Balance Sheet as at June 30, 2025
(unaudited)
|
|
|
At Jun 30,
|
At
Mar 31,
|
|
|
|
2025
|
2025
|
|
|
Note
|
€M
|
€M
|
|
Non-current assets
|
|
|
|
|
Property,
plant and equipment
|
|
11,001.3
|
10,923.7
|
|
Right-of-use
asset
|
|
138.6
|
148.5
|
|
Intangible
assets
|
|
146.4
|
146.4
|
|
Derivative
financial instruments
|
10
|
16.6
|
15.4
|
|
Deferred
tax
|
|
35.1
|
1.6
|
|
Other
assets
|
|
266.5
|
261.7
|
|
Total non-current assets
|
|
11,604.5
|
11,497.3
|
|
|
|
|
|
|
Current assets
|
|
|
|
|
Inventories
|
|
5.0
|
4.6
|
|
Other
assets
|
|
1,969.3
|
1,850.7
|
|
Trade
receivables
|
10
|
96.9
|
73.5
|
|
Derivative
financial instruments
|
10
|
30.0
|
94.4
|
|
Restricted
cash
|
10
|
23.1
|
23.1
|
|
Financial
assets: cash > 3 months
|
10
|
734.9
|
100.1
|
|
Cash
and cash equivalents
|
10
|
3,613.3
|
3,863.3
|
|
Total current assets
|
|
6,472.5
|
6,009.7
|
|
|
|
|
|
|
Total assets
|
|
18,077.0
|
17,507.0
|
|
|
|
|
|
|
Current liabilities
|
|
|
|
|
Provisions
|
|
50.1
|
53.5
|
|
Trade
payables
|
10
|
575.2
|
702.0
|
|
Accrued
expenses and other liabilities
|
|
6,434.0
|
6,179.4
|
|
Current
lease liability
|
|
34.4
|
37.7
|
|
Current
maturities of debt
|
10
|
2,047.8
|
848.4
|
|
Derivative
financial instruments
|
10
|
460.5
|
224.7
|
|
Current
tax
|
|
202.0
|
107.1
|
|
Total current liabilities
|
|
9,804.0
|
8,152.8
|
|
|
|
|
|
|
Non-current liabilities
|
|
|
|
|
Provisions
|
|
129.3
|
141.1
|
|
Derivative
financial instruments
|
10
|
139.5
|
2.5
|
|
Deferred
tax
|
|
361.1
|
377.1
|
|
Non-current
lease liability
|
|
94.0
|
111.4
|
|
Non-current
maturities of debt
|
10
|
147.3
|
1,685.2
|
|
Total non-current liabilities
|
|
871.2
|
2,317.3
|
|
|
|
|
|
|
Shareholders' equity
|
|
|
|
|
Issued
share capital
|
|
6.4
|
6.4
|
|
Share
premium account
|
|
1,430.2
|
1,421.6
|
|
Other
undenominated capital
|
|
4.0
|
4.0
|
|
Retained
earnings
|
|
6,343.5
|
5,588.6
|
|
Other
reserves
|
|
(382.3)
|
16.3
|
|
Total shareholders' equity
|
|
7,401.8
|
7,036.9
|
|
|
|
|
|
|
Total liabilities and shareholders' equity
|
|
18,077.0
|
17,507.0
|
Ryanair Holdings plc and Subsidiaries
Condensed
Consolidated Interim
Income Statement for the Quarter Ended June 30, 2025
(unaudited)
|
|
|
|
Change
|
IFRS
Quarter
Ended
|
IFRS
Quarter
Ended
|
|
Jun 30,
2025
|
Jun 30,
2024
|
|
|
|
Note
|
%*
|
€M
|
€M
|
|
Operating revenues
|
|
|
|
|
|
|
Scheduled revenues
|
|
+26%
|
2,943.8
|
2,328.9
|
|
|
Ancillary revenues
|
|
+7%
|
1,393.8
|
1,297.2
|
|
Total operating revenues
|
7
|
+20%
|
4,337.6
|
3,626.1
|
|
|
|
|
|
|
|
Operating expenses
|
|
|
|
|
|
|
Fuel and oil
|
|
-2%
|
1,456.8
|
1,421.9
|
|
|
Airport and handling charges
|
|
-6%
|
495.1
|
467.2
|
|
|
Staff costs
|
|
-3%
|
461.7
|
448.3
|
|
|
Route charges
|
|
-16%
|
356.3
|
307.5
|
|
|
Depreciation
|
|
-10%
|
343.3
|
313.2
|
|
|
Marketing, distribution and other
|
|
-1%
|
221.2
|
219.3
|
|
|
Maintenance, materials and repairs
|
|
-8%
|
89.9
|
83.0
|
|
Total operating expenses
|
|
-5%
|
3,424.3
|
3,260.4
|
|
|
|
|
|
|
|
|
Operating profit
|
|
+150%
|
913.3
|
365.7
|
|
Other income
|
|
|
|
|
|
|
Net finance and other income
|
|
|
48.7
|
28.1
|
|
|
Foreign exchange (loss)/gain
|
|
|
(31.8)
|
7.0
|
|
Total other income
|
|
|
16.9
|
35.1
|
|
|
|
|
|
|
|
|
Profit before tax
|
|
+132%
|
930.2
|
400.8
|
|
|
|
|
|
|
|
|
|
Tax (expense)
|
4
|
|
(110.3)
|
(40.8)
|
|
|
|
|
|
|
|
|
Profit for the quarter - all attributable to equity holders of
parent
|
+128%
|
819.9
|
360.0
|
|
|
|
|
|
|
|
Earnings per ordinary share (€)
|
|
|
|
|
|
|
Basic
|
|
+144%
|
0.7717
|
0.3164
|
|
|
Diluted
|
|
+144%
|
0.7659
|
0.3145
|
|
|
Weighted avg. no. of ord. shares (in Ms)
|
|
|
|
|
|
|
Basic
|
|
|
1,062.5
|
1,137.9
|
|
|
Diluted
|
|
|
1,070.5
|
1,144.6
|
*'+' is favourable and '-' is adverse
period-on-period.
Ryanair
Holdings plc and Subsidiaries
Condensed Consolidated Interim Statement of Comprehensive Income
for the Quarter Ended June 30, 2025 (unaudited)
|
|
Quarter
|
Quarter
|
|
|
Ended
|
Ended
|
|
|
Jun 30,
|
Jun 30,
|
|
2025
|
2024
|
|
|
€M
|
€M
|
|
|
|
|
|
Profit for the quarter
|
819.9
|
360.0
|
|
|
|
|
|
Other comprehensive (loss)/income:
|
|
|
|
Items that are or may be reclassified subsequently to profit or
loss:
|
|
|
|
Movements in hedging reserve, net of tax:
|
|
|
|
Net movement in cash-flow hedge reserve
|
(403.0)
|
98.6
|
|
Other comprehensive (loss)/income for the quarter, net of income
tax
|
(403.0)
|
98.6
|
|
Total comprehensive income for the quarter - attributable to equity
holders of parent
|
|
|
|
416.9
|
458.6
|
Ryanair Holdings plc and Subsidiaries
Condensed Consolidated Interim Statement of Cash Flows for the
Quarter Ended June 30, 2025 (unaudited)
|
|
|
|
Quarter
|
Quarter
|
|
|
|
|
Ended
|
Ended
|
|
|
|
|
Jun 30,
|
Jun 30,
|
|
|
2025
|
2024
|
|
|
|
|
€M
|
€M
|
|
Operating activities
|
|
|
|
|
|
Profit after tax
|
|
819.9
|
360.0
|
|
|
|
|
|
|
|
Adjustments to reconcile profit after tax to net cash from
operating activities
|
|
|
|
|
|
Depreciation
|
|
343.3
|
313.2
|
|
|
(Increase)/Decrease in inventories
|
|
(0.4)
|
0.4
|
|
|
Tax expense
|
|
110.3
|
40.8
|
|
|
Share based payments
|
|
4.5
|
2.5
|
|
|
(Increase) in trade receivables
|
|
(23.4)
|
(24.1)
|
|
|
(Increase) in other assets
|
|
(127.0)
|
(303.4)
|
|
|
Increase in trade payables
|
|
62.3
|
147.8
|
|
|
Increase in accrued expenses and other liabilities
|
|
258.2
|
633.2
|
|
|
(Decrease) in provisions
|
|
(15.6)
|
(3.2)
|
|
|
(Decrease) in finance income
|
|
(4.2)
|
(8.6)
|
|
|
(Increase) in finance expense
|
|
(1.4)
|
(1.5)
|
|
|
Foreign exchange
|
|
42.4
|
(5.2)
|
|
|
Income tax (paid)
|
|
(10.7)
|
(25.2)
|
|
Net cash inflow from operating activities
|
|
1,458.2
|
1,126.7
|
|
|
|
|
|
|
|
Investing activities
|
|
|
|
|
|
Capital expenditure - purchase of property, plant and
equipment
|
|
(622.8)
|
(501.5)
|
|
|
(Increase) in financial assets: cash > 3 months
|
|
(634.8)
|
(288.3)
|
|
Net cash (used in) investing activities
|
|
(1,257.6)
|
(789.8)
|
|
|
|
|
|
|
|
Financing activities
|
|
|
|
|
|
Proceeds from shares issued
|
|
1.0
|
-
|
|
|
Share buyback
|
|
(59.1)
|
(248.8)
|
|
|
Dividends paid
|
|
-
|
-
|
|
|
Repayment of borrowings
|
|
(340.0)
|
(5.0)
|
|
|
Lease liabilities paid
|
|
(8.9)
|
(8.6)
|
|
Net cash (used in) financing activities
|
|
(407.0)
|
(262.4)
|
|
|
|
|
|
|
|
(Decrease)/Increase in cash and cash equivalents
|
|
(206.4)
|
74.5
|
|
|
Net foreign exchange differences
|
|
(43.6)
|
5.2
|
|
|
Cash and cash equivalents at beginning of the quarter
|
|
3,863.3
|
3,875.4
|
|
Cash and cash equivalents at end of the quarter
|
|
3,613.3
|
3,955.1
|
|
|
|
|
|
|
Included in the cash flows from operating activities for the
quarter are the following amounts:
|
|
|
|
|
Interest
income received
|
|
22.2
|
36.5
|
|
Interest
expense paid
|
|
(17.6)
|
(19.8)
|
Ryanair Holdings plc and Subsidiaries
Condensed Consolidated Interim Statement of Changes in
Shareholders' Equity for the Quarter Ended June 30, 2025
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Issued
|
Share
|
Other
|
|
Other
|
|
|
|
|
Ordinary
|
Share
|
Premium
|
Undenom.
|
Retained
|
Reserves
|
Other
|
|
|
|
Shares
|
Capital
|
Account
|
Capital
|
Earnings
|
Hedging
|
Reserves
|
Total
|
|
|
M
|
€M
|
€M
|
€M
|
€M
|
€M
|
€M
|
€M
|
|
|
|
|
|
|
|
|
|
|
|
Balance at April 01, 2024
|
1,140.1
|
6.9
|
1,404.3
|
3.5
|
5,899.8
|
265.9
|
33.8
|
7,614.2
|
|
Profit
for the year
|
-
|
-
|
-
|
-
|
1,611.6
|
-
|
-
|
1,611.6
|
|
Other comprehensive (loss)
|
|
|
|
|
|
|
|
|
|
Net
movements in cash flow reserve
|
-
|
-
|
-
|
-
|
-
|
(287.2)
|
-
|
(287.2)
|
|
Total
other comprehensive loss
|
-
|
-
|
-
|
-
|
-
|
(287.2)
|
-
|
(287.2)
|
|
Total
comprehensive income/(loss)
|
-
|
-
|
-
|
-
|
1,611.6
|
(287.2)
|
-
|
1,324.4
|
|
Transactions with owners of the Company recognised directly in
equity
|
|
|
|
|
|
|
|
|
|
Issue
of ordinary equity shares
|
1.0
|
-
|
17.3
|
-
|
(12.4)
|
-
|
-
|
4.9
|
|
Repurchase
of ordinary equity shares
|
-
|
-
|
-
|
-
|
(1,481.7)
|
-
|
-
|
(1,481.7)
|
|
Cancellation
of repurchased shares
|
(77.2)
|
(0.5)
|
-
|
0.5
|
-
|
-
|
-
|
-
|
|
Dividends
paid
|
-
|
-
|
-
|
-
|
(437.7)
|
-
|
-
|
(437.7)
|
|
Share-based
payments
|
-
|
-
|
-
|
-
|
-
|
-
|
12.8
|
12.8
|
|
Transfer
of exercised and expired share-based awards
|
-
|
-
|
-
|
-
|
9.0
|
-
|
(9.0)
|
-
|
|
Balance at March 31, 2025
|
1,063.9
|
6.4
|
1,421.6
|
4.0
|
5,588.6
|
(21.3)
|
37.6
|
7,036.9
|
|
Profit
for the quarter
|
-
|
-
|
-
|
-
|
819.9
|
-
|
-
|
819.9
|
|
Other comprehensive (loss)
|
|
|
|
|
|
|
|
|
|
Net
movements in cash flow reserve
|
-
|
-
|
-
|
-
|
-
|
(403.0)
|
-
|
(403.0)
|
|
Total
other comprehensive loss
|
-
|
-
|
-
|
-
|
-
|
(403.0)
|
-
|
(403.0)
|
|
Total
comprehensive income/(loss)
|
-
|
-
|
-
|
-
|
819.9
|
(403.0)
|
-
|
416.9
|
|
Transactions with owners of the Company recognised directly in
equity
|
|
|
|
|
|
|
|
|
|
Issue
of ordinary equity shares
|
0.4
|
-
|
8.6
|
-
|
(7.6)
|
-
|
-
|
1.0
|
|
Repurchase
of ordinary equity shares
|
-
|
-
|
-
|
-
|
(57.5)
|
-
|
-
|
(57.5)
|
|
Cancellation
of repurchased shares
|
(2.8)
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|
Share-based
payments
|
-
|
-
|
-
|
-
|
-
|
-
|
4.5
|
4.5
|
|
Transfer
of exercised and expired share-based awards
|
-
|
-
|
-
|
-
|
0.1
|
-
|
(0.1)
|
-
|
|
Balance at June 30, 2025
|
1,061.5
|
6.4
|
1,430.2
|
4.0
|
6,343.5
|
(424.3)
|
42.0
|
7,401.8
|
Ryanair Holdings plc and Subsidiaries
MD&A Quarter Ended June 30, 2025 ("Q1 FY26")
Introduction
For
the purposes of the Management Discussion and Analysis ("MD&A")
(with the exception of the balance sheet commentary) all figures
and comments are by reference to the quarter ended June 30, 2025
results.
Income Statement
Scheduled revenues:
Scheduled revenues
increased 26% to
€2.94BN as traffic
grew 4% (to 57.9M passengers) with 21% higher fares (approx.
€51). Q1 fares benefitted from having a full Easter holiday
in April 2025 and weak prior year comps.
Ancillary revenues:
Ancillary revenues delivered a solid performance
rising 7% to
€1.39BN as traffic
grew 4% and spend on discretionary services rose 3% to over
€24 per passenger.
Total revenue:
As a result of the above, total revenue
rose 20% to
€4.34BN.
Operating Expenses:
Fuel and oil:
Fuel and oil increased 2% to
€1.46BN as
favourable jet fuel hedging and lower fuel burn (new B737-8200
"Gamechanger" aircraft and retrofit scimitar winglets on our
B737-800NG fleet) helped offset a 4% increase in sectors and higher
environmental costs (as ETS allowances unwind and SAF blend
mandates impact costs from Jan. 2025).
Airport and handling charges:
Airport and handling charges
rose 6%
to €495M, due to 4%
traffic growth, ground ATC rate hikes and higher handling labour
costs.
Staff costs:
Staff costs increased 3% to
€462M, as a 4%
increase in sectors and agreed pay increases (under CLAs) were
somewhat offset by 25 additional gamechanger aircraft in the fleet
(driving lower crewing ratios) and slower recruitment ahead of
Summer 2025.
Route charges:
Route charges rose 16% to
€356M, primarily due to
significantly higher Eurocontrol/ATC rates and a 4% increase in
flight hours.
Depreciation:
Depreciation increased 10% to
€343M, primarily due to
25 more "Gamechanger" aircraft in the fleet, higher aircraft
utilisation (sectors up 4%) and increased maintenance on the older
B737NG fleet.
Marketing, distribution and other:
Marketing, distribution and other rose
just 1%
to €221M (well below
4% traffic growth) as lower EU261 compensation and marketing spend
offset other costs driven by growth.
Maintenance, materials and repairs:
Maintenance, materials and repairs
increased 8% to
€90M due to 4%
higher sectors and reduced supplier credits as aircraft deliveries
catch-up.
Other income:
Net finance and other income increased
to €49M due to a strong cash balance, the Group's
low-cost finance and modest delay compensation received. Foreign
exchange translation reflects the impact of primarily €/US$
exchange rate movements on quarter end balance sheet
revaluations.
Balance sheet:
Gross cash was €4.4BN at June 30, 2025
despite €0.6BN capex, almost €0.4BN debt repayments and €0.1BN share buybacks. Gross debt
was €2.3BN (March 31, 2025: €2.7BN) and net cash
was €2.1BN at June 30, 2025 (March 31, 2025:
€1.3BN).
Shareholders' equity:
Shareholders' equity increased
by €0.4BN to
€7.4BN in the
quarter due to a net profit of €0.8BN partly offset by an IFRS hedge accounting
decrease in derivatives of €0.4BN.
Ryanair Holdings plc and Subsidiaries
Interim Management Report
Introduction
This
financial report for the quarter ended June 30, 2025 meets the
reporting requirements pursuant to the Transparency (Directive
2004/109/EC) Regulations 2007 and Transparency Rules of the Central
Bank (Investment Market Conduct) Rules 2019.
This interim management report includes the following:
● Principal
risks and uncertainties relating to the remaining nine months of
the year;
● Related
party transactions; and
● Post
balance sheet events.
Results
of operations for the quarter ended June 30, 2025 compared to the
quarter ended June 30, 2024, including important events that
occurred during the quarter, are set forth above in the
MD&A.
Principal risks and uncertainties for the remainder of the
year
Jet
fuel is subject to wide price fluctuations as a result of many
economic and political factors and events occurring throughout the
world that Ryanair can neither control nor accurately predict,
including increases in demand, sudden disruptions in supply and
other concerns about global supply, as well as market speculation.
Oil prices increased significantly following Russia's invasion of
Ukraine in February 2022 and remain volatile in light of the
conflicts in the Middle East.
Among
other factors that are subject to change and could significantly
impact Ryanair's expected results for the remainder of the year and
the price of Ryanair securities are the airline pricing
environment, fuel costs, competition from new and existing
carriers, market prices for the replacement of aircraft, costs
associated with environmental, safety and security measures,
actions of the Irish, UK, European Union ("EU") and other
governments and their respective regulatory agencies, post-Brexit
uncertainties, any change in the restrictions on the ownership of
Ryanair's ordinary shares and the voting rights of its shareholders
and ADR holders, including as a result of regulatory changes or the
actions of Ryanair itself, weather related disruptions, ATC strikes
and staffing related disruptions, delays in the delivery of
contracted aircraft, fluctuations in currency exchange rates and
interest rates, airport access and charges, labour relations, the
economic environment of the airline industry, the general economic
environment in Ireland, the UK and Continental Europe, the general
willingness of passengers to travel and other economic, social and
political factors, global pandemics such as Covid-19, capacity
growth in Europe, the availability of appropriate insurance
coverage, supply chain disruptions/delays, increasing fares to
cover rising business costs, cybersecurity risks and increased
costs to minimise those risks, increasingly complex data protection
laws and regulations, dependence on key personnel, the expectation
that corporation tax rates will rise, the risk of a recession or
significant economic slowdown, tariff wars and unforeseen security
events.
Board of Directors
Details
of the members of the Company's Board of Directors are set forth on
pages 218 and 219 of the Group's 2025 Annual Report.
Related party transactions -
Please see note 9.
Going concern
The
Directors, having made inquiries, believe that the Group has
adequate resources to continue in operational existence for at
least the next 12 months and that it is appropriate to adopt the
going concern basis in preparing these condensed consolidated
interim financial statements. The continued preparation of the
Group's condensed consolidated interim financial statements on the
going concern basis is supported by the financial projections
prepared by the Group.
In
arriving at this decision to adopt the going concern basis of
accounting, the Board has considered, among other
things:
●
The
Group's net profit of €0.82BN in the quarter ended June 30,
2025;
●
The
Group's liquidity, with €4.37BN gross cash and €2.05BN
net cash at June 30, 2025, €0.95BN undrawn funds under the
Group's €1.1BN revolving credit facility;
●
The
Group's focus on cost reduction and cash
management;
●
The
Group's solid BBB+ (stable) credit ratings from both S&P and
Fitch Ratings;
●
The
Group's strong balance sheet position with its owned B737 fleet
(over 590 aircraft) unencumbered;
●
The
Group's access to the debt capital markets, unsecured/secured bank
debt and sale and leaseback transactions;
●
The
Group's fuel hedging position (approx. 84% of FY26 and 36% of FY27
jet fuel requirements were hedged at June 30, 2025);
and
●
The
Group's ability, as evidenced throughout downturns (such as the
Covid-19 crisis), to preserve cash and reduce operational and
capital expenditure.
Ryanair Holdings plc and Subsidiaries
Notes forming Part of the Condensed Consolidated
Interim Financial Statements
1. Basis of preparation and material accounting
policies
Ryanair
Holdings plc (the "Company") is a company domiciled in Ireland. The
unaudited condensed consolidated interim financial statements for
the quarter ended June 30, 2025 ("Q1 FY26") comprise the results of
the Company and its subsidiaries (together referred to as the
"Group").
These
unaudited condensed consolidated interim financial statements ("the
interim financial statements"), which should be read in conjunction
with our 2025 Annual Report for the year ended March 31, 2025, have
been prepared in accordance with IAS 34 Interim Financial Reporting
as adopted by the EU ("IAS 34"). They do not include all of the
information required for full annual financial statements and
should be read in conjunction with the most recent published
consolidated financial statements of the Group. The consolidated
financial statements of the Group as at and for the year ended
March 31, 2025, are available at
http://investor.ryanair.com/.
In
adopting the going concern basis in preparing the interim financial
statements, the Directors have considered Ryanair's available
sources of finance including access to the capital markets, sale
and leaseback transactions, secured and unsecured debt structures,
undrawn funds under the Group's revolving credit facility, the
Group's cash on-hand and cash generation and preservation
projections, together with factors likely to affect its future
performance, as well as the Group's principal risks and
uncertainties.
The
June 30, 2025 figures and the June 30, 2024 comparative figures do
not include all of the information required for full annual
financial statements and therefore do not constitute statutory
financial statements of the Group within the meaning of the
Companies Act, 2014. The consolidated financial statements of the
Group for the year ended March 31, 2025, together with the
independent auditor's report thereon, are available on the
Company's Website and will be filed with the Irish Registrar of
Companies following the Company's Annual General Meeting. The
accounting policies, presentation and methods of computation
followed in the unaudited condensed consolidated interim financial
statements are consistent with those applied in the Company's
latest Annual Report.
The
Audit Committee, upon delegation of authority by the Board of
Directors, approved the unaudited condensed consolidated interim
financial statements for the quarter ended June 30, 2025 on July
18, 2025.
Except
as stated otherwise below, the condensed consolidated interim
financial statements for the quarter ended June 30, 2025 have been
prepared in accordance with the accounting policies set out in the
Group's most recent published consolidated financial statements,
which were prepared in accordance with IFRS as adopted by the EU
and also in compliance with IFRS as issued by the International
Accounting Standards Board (IASB).
New IFRS standards and amendments adopted during the
period
The
following new and amended IFRS standards, amendments and IFRIC
interpretations, have been issued by the IASB, and have also been
endorsed by the EU unless stated otherwise. These standards are
effective for the first time for the Group's financial year
beginning on April 1, 2025 and therefore have been applied by the
Group in these condensed consolidated interim financial
statements:
●
Amendments
to IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of
Exchangeability (effective on or after January 1,
2025).
The
adoption of these new or amended standards did not have a material
impact on the Group's financial position or results in the quarter
ended June 30, 2025, and are not expected to have a material impact
on financial periods thereafter.
Prospective IFRS accounting changes, new standards and
interpretations not yet effective
The
following new or revised IFRS standards and IFRIC interpretations
will be adopted for the purposes of the preparation of future
financial statements, where applicable. Those that are not, as of
yet, EU endorsed are flagged. While under review, we do not
anticipate that the adoption of the other new or revised standards
and interpretations will have a material impact on our financial
position or results from operations:
●
IFRS
19 Subsidiaries without Public Accountability: Disclosures
(effective on or after January 1, 2027).*
●
IFRS
18 Presentation and Disclosure in Financial Statements (effective
on or after January 1, 2027).*
●
Annual
Improvements Volume 11 (effective on or after January 1,
2026).*
●
Contracts
Referencing Nature-dependent Electricity - Amendments to IFRS 9 and
IFRS 7 (effective on or after January 1, 2026).
●
Amendments
to the Classification and Measurement of Financial Instruments
(Amendments to IFRS 9 and IFRS 7) (effective on or after January 1,
2026).
*These standards or amendments to
standards are not as of yet EU endorsed.
2. Judgements and estimates
The
preparation of financial statements in conformity with IFRS
Accounting Standards requires management to make estimates,
judgements and assumptions that affect the application of policies
and reported amounts of assets and liabilities, income and
expenses. These estimates and associated assumptions are based on
historical experience and various other factors believed to be
reasonable under the circumstances, and the results of such
estimates form the basis of carrying values of assets and
liabilities that are not readily apparent from other sources.
Actual results could differ materially from these estimates. These
underlying assumptions are reviewed on an ongoing basis. A revision
to an accounting estimate is recognised in the period in which the
estimate is revised if the revision affects only that period or in
the period of the revision and future periods if these are also
affected. Principal sources of estimation uncertainty have been set
forth below. Actual results may differ from estimates.
Critical estimates
Long-lived assets
At
June 30, 2025, the Group had €11.0BN of property, plant and
equipment long-lived assets, of which €10.7BN were aircraft
related. In accounting for long-lived assets, the Group must make
estimates about the expected useful lives of the assets and the
expected residual values of the assets.
In
estimating the useful lives and expected residual values of the
aircraft component, the Group considered a number of factors,
including its own historic experience and past practices of
aircraft disposals, renewal programmes, forecasted growth plans,
external valuations from independent appraisers, recommendations
from the aircraft supplier and manufacturer and other
industry-available information.
The
Group's estimate of each aircraft's residual value is 15% of market
value on delivery, based on independent valuations and actual
aircraft disposals during prior periods, and each aircraft's useful
life is determined to be 23 years.
Revisions
to these estimates could be caused by changes to maintenance
programmes, changes in utilisation of the aircraft, governmental
regulations on ageing aircraft, changes in new aircraft technology,
changes in governmental and environmental taxes, geopolitical
uncertainties, changes in new aircraft fuel efficiency, changing
market prices for new and used aircraft of the same or similar
types, tariffs and macro economic shocks. The Group therefore
evaluates its estimates and assumptions in each reporting period,
and, when warranted, adjusts these assumptions. Any adjustments are
accounted for on a prospective basis through depreciation
expense.
Critical judgements
In
the opinion of the Directors, the following significant judgements
were exercised in the preparation of the financial
statements:
Long-lived assets
On
acquisition a judgement is made to allocate an element of the cost
of an acquired aircraft to the cost of major airframe and engine
overhauls, reflecting its service potential and the maintenance
condition of its engines and airframe. This cost, which can equate
to a substantial element of the total aircraft cost, is amortised
over the shorter of the period to the next maintenance check
(usually between 8 and 12 years) or the remaining useful life of
the aircraft.
3. Seasonality of operations
The
Group's results of operations have varied significantly from
quarter to quarter, and management expects these variations to
continue. Among the factors causing these variations are the
airline industry's sensitivity to general economic conditions and
the seasonal nature of air travel. Accordingly, the first half-year
typically results in higher revenues and results.
4. Income tax expense
The
Group's consolidated tax expense for quarter ended June 30, 2025 of
€110M (June 30, 2024: €41M) comprises a current tax
charge of €105M and a deferred tax charge of €5M
primarily relating to the temporary differences for property, plant
and equipment and net operating losses. No significant or
unusual tax charges or credits arose during the quarter. The
effective tax rate of just under 12% for the quarter ended June 30,
2025 (June 30, 2024: approx. 10%) is the result of the mix of
profits and losses incurred by Ryanair's operating subsidiaries
primarily in Ireland, Malta, Poland and the UK.
5. Contingencies
The
Group is engaged in litigation arising in the ordinary course of
its business. The Group does not believe that any such litigation
will individually, or in aggregate, have a material adverse effect
on the financial condition of the Group. Should the Group be
unsuccessful in these litigation actions, management believes the
possible liabilities then arising cannot be determined but are not
expected to materially adversely affect the Group's results of
operations or financial position.
6. Capital commitments
At
June 30, 2025 the Group had an operating fleet of 592 (2024: 567)
Boeing 737 and 26 (2024: 27) Airbus A320 aircraft. In September
2014, the Group agreed to purchase up to 200 (100 firm and 100
options) Boeing 737-8200 aircraft which was subsequently increased
to 210 firm orders in December 2020. At June 30, 2025, the Group
had taken delivery of 181 of these aircraft. The remaining aircraft
are expected to deliver before Summer 2026. In May 2023, the Group
ordered up to 300 (150 firm and 150 options) new Boeing 737-MAX-10
aircraft for delivery between 2027 to 2033. This transaction was
approved at the Company's AGM in September 2023.
7. Analysis of operating revenues and segmental
analysis
The
Group determines and presents operating segments based on the
information that internally is provided to the Group CEO, who is
the Company's Chief Operating Decision Maker (CODM).
The
Group comprises five separate airlines, Buzz, Lauda Europe
("Lauda"), Malta Air, Ryanair DAC and Ryanair UK. Buzz, Malta Air
and Lauda do not individually exceed the quantitative thresholds
and accordingly are presented on an aggregate basis as they exhibit
similar economic characteristics and their services, activities and
operations are sufficiently similar in nature. The results of these
operations are included as 'Other Airlines.' The Ryanair DAC
segment incorporates all of the Group's operations, except for
those included within 'Other Airlines', and is reported as a
separate segment as it exceeds the applicable quantitative
thresholds for reporting purposes.
The CODM assesses the performance of the business based on the
profit or loss after tax of each airline for the reporting period.
Resource allocation decisions for all airlines are based on airline
performance for the relevant period, with the objective in making
these resource allocation decisions being to optimise consolidated
financial results. Reportable segment information is presented as
follows:
|
Quarter Ended
|
Ryanair DAC
Jun 30,
2025
€M
|
Other Airlines
Jun 30,
2025
€M
|
Elimination
Jun 30,
2025
€M
|
Total
Jun 30,
2025
€M
|
|
Scheduled
revenues
|
2,903.9
|
39.9
|
-
|
2,943.8
|
|
Ancillary
revenues
|
1,393.8
|
-
|
-
|
1,393.8
|
|
Inter-segment
revenues
|
199.0
|
394.3
|
(593.3)
|
-
|
|
Segment revenues
|
4,496.7
|
434.2
|
(593.3)
|
4,337.6
|
|
|
|
|
|
|
|
Reportable segment profit after income tax
|
788.4
|
31.5
|
-
|
819.9
|
|
|
|
|
|
|
|
Other segment information:
|
|
|
|
|
|
Depreciation
|
(333.7)
|
(9.6)
|
-
|
(343.3)
|
|
Net
finance and other income
|
50.4
|
(1.7)
|
-
|
48.7
|
|
Capital
expenditure
|
(403.2)
|
(12.6)
|
-
|
(415.8)
|
|
Staff
costs
|
(294.0)
|
(167.7)
|
-
|
(461.7)
|
|
|
|
|
|
|
|
Segment
assets
|
17,709.4
|
367.6
|
-
|
18,077.0
|
|
Segment
liabilities
|
(10,120.9)
|
(554.3)
|
-
|
(10,675.2)
|
The
expense line items not presented in the table above are incurred by
Ryanair DAC and as such have not been presented across the
segments.
|
Quarter Ended
|
Ryanair DAC
Jun 30,
2024
€M
|
Other Airlines
Jun 30,
2024
€M
|
Elimination
Jun 30,
2024
€M
|
Total
Jun 30,
2024
€M
|
|
Scheduled
revenue
|
2,295.9
|
33.0
|
-
|
2,328.9
|
|
Ancillary
revenue
|
1,297.2
|
-
|
-
|
1,297.2
|
|
Inter-segment
revenues
|
188.5
|
380.5
|
(569.0)
|
-
|
|
Segment revenues
|
3,781.6
|
413.5
|
(569.0)
|
3,626.1
|
|
|
|
|
|
|
|
Reportable segment profit after income tax
|
332.4
|
27.6
|
-
|
360.0
|
|
|
|
|
|
|
|
Other segment information:
|
|
|
|
|
|
Depreciation
|
(303.2)
|
(10.0)
|
-
|
(313.2)
|
|
Net
finance and other income
|
30.1
|
(2.0)
|
-
|
28.1
|
|
Capital
expenditure
|
(380.1)
|
(20.0)
|
-
|
(400.1)
|
|
Staff
costs
|
(281.7)
|
(166.6)
|
-
|
(448.3)
|
|
|
|
|
|
|
|
Segment
assets
|
17,639.0
|
374.3
|
-
|
18,013.3
|
|
Segment
liabilities
|
(9,534.6)
|
(652.2)
|
-
|
(10,186.8)
|
The
expense line items not presented in the table above are incurred by
Ryanair DAC and as such have not been presented across the
segments. Prior period comparatives have been updated to align with
current period presentation.
The
following table disaggregates revenue by primary geographical
market. In accordance with IFRS 8, revenue by country of departure
has been provided where revenue for that country is in excess of
10% of total revenue. Ireland is presented as it represents the
country of domicile. "Other" includes all other countries in which
the Group has operations.
|
|
|
Quarter Ended
Jun 30,
2025
|
Quarter Ended
Jun 30,
2024
|
|
|
|
€M
|
€M
|
|
|
|
|
|
|
Italy
|
|
937.8
|
781.7
|
|
Spain
|
|
772.3
|
640.1
|
|
United
Kingdom
|
|
631.7
|
526.6
|
|
Ireland
|
|
244.6
|
196.0
|
|
Other
|
|
1,751.2
|
1,481.7
|
|
Total
revenue
|
|
4,337.6
|
3,626.1
|
Ancillary
revenues comprise revenues from non-flight scheduled operations,
inflight sales and internet-related services. Non-flight scheduled
revenue arises from the sale of discretionary products such as
priority boarding, allocated seats, car hire, travel insurance,
airport transfers, room reservations and other sources, including
excess baggage charges and other fees, all directly attributable to
the low-fares business.
The
vast majority of ancillary revenue is recognised at a point in
time, which is typically the flight date. The economic factors that
would impact the nature, amount, timing and uncertainty of revenue
and cashflows associated with the provision of passenger
travel-related ancillary services are homogeneous across the
various component categories within ancillary revenue. Accordingly,
there is no further disaggregation of ancillary revenue required in
accordance with IFRS 15.
8.
Property, plant and equipment
Acquisitions and disposals
During
the quarter ended June 30, 2025, net capital additions amounted to
€0.41BN principally reflecting aircraft deliveries in the
period and capitalised maintenance offset by
depreciation.
9.
Related party transactions
The
Company's related parties include its subsidiaries, Directors and
Key Management Personnel. All transactions with subsidiaries
eliminate on consolidation and are not disclosed.
There
were no related party transactions in the quarter ended June 30,
2025 that materially affected the financial position or the
performance of the Group during that period and there were no
changes in the related party transactions described in the 2025
Annual Report that could have a material effect on the financial
position or performance of the Group in the same
period.
10. Financial
instruments and financial risk management
The Group is exposed to various
financial risks arising in the normal course of business. The
Group's financial risk exposures are predominantly related
to commodity
price, foreign exchange and interest rate risks. The Group uses
financial instruments to manage exposures arising from these
risks.
These condensed consolidated
interim financial statements do not include all financial risk
management information and disclosures required in the annual
financial statements and should be read in conjunction with the
FY25 Annual Report. There
have been no changes in our risk management policies in the
period.
Fair value hierarchy
Financial
instruments measured at fair value in the balance sheet are
categorised by the type of valuation method used. The different
valuation levels are defined as follows:
●
Level
1: quoted prices (unadjusted) in active markets for identical
assets or liabilities that the Group can access at the measurement
date.
●
Level
2: inputs other than quoted prices included within Level 1 that are
observable for that asset or liability, either directly or
indirectly.
●
Level
3: significant unobservable inputs for the asset or
liability.
Fair value estimation
Fair
value is the price that would be received to sell an asset, or paid
to transfer a liability, in an orderly transaction between market
participants at the measurement date. The following methods and
assumptions were used to estimate the fair value of each material
class of the Group's financial instruments:
Financial instruments measured at fair value
●
Derivatives
- currency forwards, jet fuel forward swap contracts and carbon
contracts: A
comparison of the contracted rate to the market rate for contracts
providing a similar risk profile at June 30, 2025 has been used to
establish fair value. The Group's credit risk and counterparty's
credit risk is taken into account when establishing fair value
(Level 2).
The
Group policy is to recognise any transfers between levels of the
fair value hierarchy as of the end of the reporting period during
which the transfer occurred. During the quarter ended June 30, 2025
there were no reclassifications of financial instruments and no
transfers between levels of the fair value hierarchy used in
measuring the fair value of financial instruments.
Financial instruments not measured at fair value
●
Long-term
debt: The
fair value disclosed for the Group's long-term debt has been
measured using the relevant market rates of interest at June 30,
2025. This represents the amount which would be payable to a third
party to assume the obligations.
The fair value of financial assets and financial liabilities,
together with the carrying amounts in the condensed consolidated
balance sheet, are as follows:
|
|
At Jun 30,
|
At Jun 30,
|
At Mar 31,
|
At Mar 31,
|
|
|
2025
|
2025
|
2025
|
2025
|
|
|
Carrying
|
Fair
|
Carrying
|
Fair
|
|
|
Amount
|
Value
|
Amount
|
Value
|
|
Non-current financial assets
|
€M
|
€M
|
€M
|
€M
|
|
Derivative
financial instruments:
|
|
|
|
|
|
-
U.S. dollar currency forward contracts
|
-
|
-
|
5.8
|
5.8
|
|
-
Jet fuel & carbon derivatives contracts
|
16.6
|
16.6
|
9.6
|
9.6
|
|
|
16.6
|
16.6
|
15.4
|
15.4
|
|
Current financial assets
|
|
|
|
|
|
Derivative
financial instruments:
|
|
|
|
|
|
-
U.S. dollar currency forward contracts
|
-
|
-
|
84.4
|
84.4
|
|
-
Jet fuel & carbon derivative contracts
|
30.0
|
30.0
|
10.0
|
10.0
|
|
|
30.0
|
30.0
|
94.4
|
94.4
|
|
Trade
receivables*
|
96.9
|
|
73.5
|
|
|
Cash
and cash equivalents*
|
3,613.3
|
|
3,863.3
|
|
|
Financial
asset: cash > 3 months*
|
734.9
|
|
100.1
|
|
|
Restricted
cash*
|
23.1
|
|
23.1
|
|
|
|
4,498.2
|
30.0
|
4,154.4
|
94.4
|
|
Total
financial assets
|
4,514.8
|
46.6
|
4,169.8
|
109.8
|
|
|
|
|
|
|
|
|
At Jun 30,
|
At Jun 30,
|
At Mar 31,
|
At Mar 31,
|
|
|
2025
|
2025
|
2025
|
2025
|
|
|
Carrying
|
Fair
|
Carrying
|
Fair
|
|
|
Amount
|
Value
|
Amount
|
Value
|
|
Non-current financial liabilities
|
€M
|
€M
|
€M
|
€M
|
|
Derivative
financial instruments:
|
|
|
|
|
|
-
U.S. dollar currency forward contracts
|
134.7
|
134.7
|
2.5
|
2.5
|
|
- Jet fuel & carbon derivative
contracts
|
4.8
|
4.8
|
|
|
|
|
139.5
|
139.5
|
2.5
|
2.5
|
|
Non-current
maturities of debt:
|
|
|
|
|
|
-
Long-term debt
|
147.3
|
147.3
|
488.9
|
488.9
|
|
-
Bonds
|
-
|
-
|
1,196.3
|
1,172.5
|
|
|
147.3
|
147.3
|
1,685.2
|
1,661.4
|
|
|
286.8
|
286.8
|
1,687.7
|
1,663.9
|
|
|
|
|
|
|
|
Current financial liabilities
|
|
|
|
|
|
Derivative
financial instruments:
|
|
|
|
|
|
-
Jet fuel & carbon derivative contracts
|
203.3
|
203.3
|
224.5
|
224.5
|
|
-
U.S. dollar currency forward contracts
|
257.2
|
257.2
|
0.2
|
0.2
|
|
|
460.5
|
460.5
|
224.7
|
224.7
|
|
|
|
|
|
|
|
Current
maturities of debt:
|
|
|
|
|
|
-
Bonds
|
2,047.8
|
2,033.6
|
848.4
|
850.3
|
|
|
2,047.8
|
2,033.6
|
848.4
|
850.3
|
|
Trade
payables*
|
575.2
|
|
702.0
|
|
|
Accrued
expenses*
|
2,259.2
|
|
1,953.5
|
|
|
|
5,342.7
|
2,494.1
|
3,728.6
|
1,075.0
|
|
Total
financial liabilities
|
5,629.5
|
2,780.9
|
5,416.3
|
2,738.9
|
*The fair value of each of these financial instruments approximate
their carrying values due to the short-term nature of the
instruments.
11. Shareholders'
equity and shareholders' returns
In
May 2025, the Board approved a €750m share buyback programme
(including Ordinary Shares underlying ADRs). In the quarter ended
June 30, 2025 the Company bought back, and cancelled, approx. 2.8M
ordinary shares (as it completed an €800M share buyback
programme launched in August 2024 and commenced a follow on
€750M share buyback) at a total cost of €58M. As a
result of these share buybacks, share capital decreased by approx.
2.8M ordinary shares (equivalent to approx. 0.3% of the Company's
issued share capital at March 31, 2025).
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf
by the undersigned, hereunto duly authorized.
Date: 21
July, 2025
|
|
By:___/s/
Juliusz Komorek____
|
|
|
|
|
|
Juliusz
Komorek
|
|
|
Company
Secretary
|
