Ryanair (AO) | Buy | Q4 results first take: strong quarter, cautious outlook

研报英文原文证据摘录

Ryanair (AO) | Buy | Q4 results first take: strong quarter, cautious outlook

News comment

Release date: 18 May 2026

Marc Zeck, CFA

Equity Research Analyst

Buy + 49 69 7569 6323Ryanair mzeck@keplercheuvreux.com

Ireland | Airlines & airports Beta Profile: MCap: EUR22.9bn

Target Price: EUR33.00 Bloomberg: RYA ID Reuters: RYA.I

Current Price: EUR22.02 Free float 96%

Up/downside: 49.9% Avg. daily volume (EURm) 114.7

YTD abs performance -25.5% Market data: 15 May 2026

52-week high/low (EUR) 29.97/22.00

Q4 results first take: strong quarter, cautious outlook

Key points:

Ryanair reported Q4 results ahead of expectations.

Revenues of EUR2,512m beat Visible Alpha consensus estimates (VAe) of EUR2,418m by 4%, lifting net profit to -EUR311m, 29%

ahead of VAe of -EUR436m.

While Ryanair maintains its traffic outlook of 4% growth to 216m passengers in FY27, the company expects growth in FY28-FY34 to

be more back-end loaded.

Also, Ryanair is more cautious on the yield outlook as higher energy costs are expected to affect consumer spending negatively.

Group results

Ryanair reported group revenues of EUR2,512m (9% YOY), 4% ahead of VAe of EUR2,418m, with scheduled revenues of EUR1,548m (13%

YOY) and ancillary revenues of EUR965m (3% YOY).

On the cost side, fuel costs of EUR1,191m are in line with expectations of EUR1,163m, which is also true for non-fuel costs of EUR1,467m,

which came in line with VAe of EUR1,477m.

Net profit of -EUR311m (5% YOY) was 29% ahead of expectations of -EUR436m.

Ryanair transported c. 41.8m (5% YOY) passengers in Q4, slightly ahead of consensus estimates.

Outlook for FY 2027 - cautious

Ryanair still expects FY 2027 traffic to grow by 4% to 216m. At the same time, the company downgrades FY28/FY29 growth expectations

to +3%/+3% YOY vs +6%/+4% YOY previously.