Ryanair: Cost gap widens; revenue still needs stimulation

研报英文原文证据摘录

Ryanair: Cost gap widens; revenue still needs stimulation

Equity Research

European Transportation

19 May 2026

Ryanair

Cost gap widens; revenue still

needs stimulation

We hosted Ryanair for a sales teach-in. Cost gap remains the RYA.I/RYA ID OVERWEIGHT

anchor, but near-term revenue needs late bookings and price European Transportation NEUTRAL

stimulation. Fuel supply looks manageable, capex supports Price Target EUR 29.00

Price (18-May-26) EUR 23.09

in-house cost control, growth remains airport-cost led, and Potential Upside/Downside +25.6%

buybacks look more likely in 2027. Source: Bloomberg, Barclays Research

European TransportationCost gap widening; Max-10 the next leg. Ryanair framed FY26 as a record year, with aircraft

Andrew Lobbenberg

deliveries now broadly back on track and the Max-10 the next step in the growth story from

+44 (0)20 3555 0639

2027. Management reiterated that new aircraft bring extra seats, lower unit costs and fuel andrew.lobbenberg@barclays.com

savings, while cost discipline, hedging and balance sheet strength have widened the gap versus Barclays, UK

competitors.

Rahul Singh

Near-term revenue needs stimulation. Management sounded cautious rather than negative +91 (0)22 6175 2529

rahul.xb.singh@barclays.comon demand. Booking curves have lengthened, with customers booking closer to departure amid

Barclays, UK

fuel and geopolitical uncertainty. The flat 2Q revenue guide reflects Ryanair being slightly

behind the curve and needing price stimulation, but with too little evidence yet to call revenues Emilie Fung

up or down. This also explains the lack of FY profit guidance: fuel prices, customer willingness to +44 (0)20 3555 2335

emilie.fung@barclays.compay, fleet retirements and cost/productivity moving parts all remain hard to predict.