Ryanair: Issues for debate post FY26 results

研报英文原文证据摘录

Ryanair: Issues for debate post FY26 results

Equity Research

European Transportation

19 May 2026

Ryanair

Issues for debate post FY26 results

Key issues include revenue trends, cost control, the Max-10s,

CEO contract terms and regulatory threats and opportunities.

RYA.I/RYA ID OVERWEIGHT

European Transportation NEUTRALWhat's the debate? This report provides a set of issues for investors to discuss with Ryanair

Price Target EUR 29.00management after its FY26 results on 18 May 2026.

Price (18-May-26) EUR 23.09

Top of the agenda: revenue trends, Max deliveries and regulatory threats and Potential Upside/Downside +25.6%

opportunities: Ryanair at its FY26 result did not provide a clear FY27 guide but indicated lower Source: Bloomberg, Barclays Research

profits YoY on unit revenue uncertainty and rising costs from fuel, ETS, maintenance and crew.

The outlook for Boeing deliveries has become more constructive with Ryanair sounding European Transportation

confident for Max-10 deliveries from January 2027. Political lobbying against environmental Andrew Lobbenberg

regulation and taxation remains high on Ryanair's agenda. Terms of the CEO contract extension +44 (0)20 3555 0639

are unknown. andrew.lobbenberg@barclays.com

Barclays, UK

View and valuation: We rate the stock Overweight with a three-stage DCF-defined price target

Rahul Singh

of €29.0. Ryanair continues to have a strong balance sheet, be profitable, and be cash- +91 (0)22 6175 2529

generative. We see Ryanair benefiting from strong fuel hedging and slower capacity growth in rahul.xb.singh@barclays.com

the current environment. If the crisis resolves, it would benefit with the sector. If the straits Barclays, UK

remain shut, it would gain strategically as weaker peers shrink or fail.

Marco Limite

+39 (0)2 6372 2582