Ryanair profit falls 15% as it cuts traffic target to 214 million

Ryanair's profit after tax fell 15% to €2.15 billion in the first half of its financial year ended 30 September 2026, from €2.54 billion a year earlier, even as passenger traffic rose 6% to 125.8 million.

Average fares fell 4% to €55.70 while the load factor held at 95%, and revenue rose 3% to €10.08 billion. Operating costs climbed 10% to €7.69 billion and unit costs rose 5%, after the unhedged 20% of jet fuel doubled to about $130 a barrel.

The airline cut its FY2027 traffic target to 214 million from 216 million, expecting broadly flat winter traffic between November and March before growing above 220 million in FY2028. It plans 126 additional routes for summer 2027 and a new base in Rimini, Italy, with its first 16 Boeing 737 MAX 10 aircraft due in spring 2027, subject to certification and deliveries.

Chief executive Michael O'Leary warned that the FY2028 fuel bill could rise by about €2 billion at current forward prices, and that European short-haul fares are expected to rise materially next year but may not fully offset the fuel increase. He said third-quarter demand was strong and fares were modestly ahead, but shorter booking windows and uncertainty made a full-year profit forecast premature.

What do these terms mean?

Hedging: A pre-arranged contract that fixes the price of a commodity or fuel for a set period, protecting a company from market price swings.

Unhedged fuel: The share of fuel consumption whose price has not been fixed in advance, leaving the carrier fully exposed to market movements.

Load factor: The share of seats sold out of total seats available on flights, used to measure airline operating efficiency.