Ryanair profits fall amid Boeing delays and reduction in fares

Ryanair Holdings plc has reported an 18% drop in its after-tax profit, which came in at  €1.79bn for the first six months of the financial year, ending on 30 September. 

The low-cost carrier recorded 115m customers, a 9% growth in traffic compared with the same period in 2023. However, its effect was offset by lower air fares, which declined on average by 10% in the six months to 30 September.

The rise in passenger numbers was significant as it happened “despite repeated Boeing delays,” read the press statement of Ryanair, which announced lower expected traffic for the next financial year, starting 1 April, 2025. 

“While we continue to work with Boeing leadership to accelerate aircraft deliveries ahead of peak S.25  [spring, 2025], the risk of further delivery delays remains high,” said Ryanair Group CEO Michael O’Leary in a press statement. 

“We believe it is therefore sensible to moderate Ryanair’s FY26 traffic growth target to 210m passengers (previously 215m) to reflect these delivery delays, as we wish to avoid being over-scheduled, over-crewed and over costed as we were in S.24.” 

Ryanair Holdings plc restarted share buybacks in May and completed  €700m in August, with an additional  €800m expected to be completed by mid 2025.  “When complete, Ryanair will have returned almost €9bn (incl. dividends) to shareholders since 2008,” reads the report. 

The dividend per share has been increased, a final dividend of €0.178 per share was paid in September and the company has decided about an interim dividend of €0.223 per share, to be paid in February 2025.

For the next six months until 31 March 2025, Ryanair expects the current decline in pricing to moderate and to meet its current target, between 198m and 200m passengers (+8% year-on-year), unless current Boeing delivery delays worsen.