Ryanair Holdings plc filed a Form 6-K on 2 November 2026 reporting first-half fiscal year 2027 earnings, disclosing a 15% decline in profit after tax to €2.15bn as unhedged jet-fuel costs doubled and average fares fell 4%.

Key Highlights

  • H1 profit after tax: €2.15bn, down 15% from €2.54bn in the prior-year half, according to the filing.
  • Traffic growth: Passengers grew 6% to 125.8 million, with load factor steady at 95%.
  • Revenue: H1 revenue rose 3% to €10.08bn; ancillary revenue grew 6% to €3.08bn.
  • Operating costs: Rose 10% to €7.69bn, driven by the doubling of unhedged jet-fuel prices to approximately $130 per barrel.
  • Interim dividend: €0.273 per share declared, payable in late February 2027.
  • Share buyback: A new €800m buyback programme announced, expected to start in February and run approximately 10 months, subject to market conditions.
  • FY27 fuel hedging: 80% hedged at approximately $67 per barrel; FY28 is 25% covered at approximately $95 per barrel.

Ryanair H1 FY27: Fuel Costs and Fare Pressure Weigh on Earnings

Ryanair Holdings plc (NASDAQ:RYAAY) reported H1 FY27 profit after tax of €2.15bn, a fall of 15% from the prior-year H1 PAT of €2.54bn, according to the 6-K filing submitted for the month of November 2026. The company disclosed that average fares declined 4% to €55.70, partly attributed to the absence of a full Easter in April and what CEO Michael O'Leary described as "consumer hesitancy and later bookings" linked to the Middle East conflict. Scheduled revenue rose 1% to €7.0bn as traffic volume growth partially offset the lower per-passenger fare.

Operating costs climbed 10% to €7.69bn in H1. The filing attributed this primarily to the price of the group's 20% unhedged jet-fuel doubling, as well as the cessation of supplier compensation following delivery of the final Boeing 737-8200 "Gamechanger" aircraft in Spring 2026. The company reported gross cash of €2.6bn at 30 September, after €1.3bn in debt repayments, €0.8bn in capital expenditure, and €0.4bn in shareholder distributions. A final €1.2bn bond was repaid in May, and the group's €1.1bn revolving credit facility had approximately €0.7bn undrawn at the reporting date.

On fleet and growth, the filing stated that Ryanair expects EASA to certify the Boeing MAX-10 before year end, enabling delivery of the first 16 MAX-10 aircraft in Spring 2027. The company disclosed it has reduced its FY27 traffic target from 216 million to 214 million passengers to limit exposure to unhedged fuel costs, with winter traffic expected to be broadly flat year-on-year. For FY27, the filing noted that the company does not consider it possible to provide meaningful full-year PAT guidance at this time, citing limited Q4 visibility and sensitivity to unhedged fuel prices, Middle East and Ukraine conflict escalation, and European air traffic control disruptions.

What Was Disclosed

Ryanair filed H1 FY27 earnings showing PAT of €2.15bn (down 15%), revenue of €10.08bn (up 3%), and operating costs of €7.69bn (up 10%). An interim dividend of €0.273 per share and a new €800m buyback programme were also announced.