‌RYANAIR REPORTS PAT OF €1.61BN DESPITE 7% LOWER FARES 1STEU AIRLINE TO CARRY 200M GUESTS IN ONE YEAR

Ryanair Holdings plc today (19 May) reported full-year profit after tax of €1.61bn, compared to prior-year PAT of €1.92bn, as traffic grew 9% to a record 200m passengers at 7% lower fares.

FY25 highlights include:

FY25 BUSINESS REVIEW

Ryanair Group CEO Michael O'Leary, said:

Revenue & Costs:

"The key feature of last years result was the 7% decline in fares which drove strong traffic growth of 9% to just over 200m. Total revenue rose 4% to €13.95bn. Scheduled revenue increased 1% to €9.23bn as traffic (despite repeated Boeing delivery delays) grew 9%. The absence of a full Easter in Q1, consumer spending pressure (driven by higher-for-longer interest rates and inflation in H1) and a big drop off in OTA bookings prior to S.24 necessitated repeated price stimulation last year. Ancillary revenues were solid rising 10% to

€4.72bn. Operating costs (flat on a per passenger basis) were in line with expectations, rising 9% to €12.39bn as fuel hedge savings offset higher staff and other costs due (in part) to repeated Boeing delivery delays.

Our FY26 fuel is almost 85% hedged at $76bbl and FY27 is 36% hedged at just under $66bbl which helps de-risk the Group from fuel price volatility.

Balance Sheet & Liquidity:

Ryanair's balance sheet is one of the strongest in the industry with a BBB+ credit rating. At 31 Mar., gross cash was almost €4bn, boosted by delayed aircraft capex into FY26. Year end net cash was €1.3bn even after

€1.6bn capex and €1.5bn of share buybacks. In Mar., the Group enhanced its financial flexibility by increasing its low-cost revolving credit facility to €1.1bn (was €0.75bn) and extending the term to Mar. 2030 (from 2028). Our owned B737 fleet (over 590 aircraft) is fully unencumbered, widening Ryanair's cost advantage over all competitors. While Ryanair prepares to repay almost €2.1bn maturing bonds over the next 12-months from internal cash resources, our competitors remain exposed to expensive (long-term) finance, and rising aircraft lease costs.

Shareholder returns:

During FY25, Ryanair purchased and cancelled 7% of its issued share capital (over 77m shares) and has now retired almost 36% of its issued share capital since 2008. In line with our capital allocation policy, €0.40 cum. dividends per share were paid during FY25 and a final dividend of €0.227 per share is due in Sept. (subject to AGM approval). Over the next year, we intend to pay down maturing bond debt (incl. an €850m bond in Sept. 2025 & €1.2bn in May 2026) while still funding our aircraft and engine capex from internal resources. The Board remains committed to shareholder returns and has now approved a follow-on €750m share buyback, which will likely run over the next 6 to 12 months.

FLEET & GROWTH

Ryanair now has 181 B737-8200 "Gamechangers" in its 618 aircraft fleet (up 5 from year-end). This will restrict our FY26 growth to just 3% (206m passengers). We are working closely with Boeing to accelerate deliveries and are increasingly confident that the remaining 29 Gamechangers in our 210 orderbook will deliver well ahead of S.26, enabling us to catch up delayed traffic growth into FY27. Boeing expects the MAX-10 to be certified in late 2025 and so we continue to plan for the timely delivery of our first 15 MAX-10s in spring 2027 (with 300 due by Mar. 2034).

We are seeing robust S.25 travel demand across our network. This year our constrained capacity growth is being allocated to those regions and airports who are abolishing aviation taxes and incentivising traffic growth. Ryanair has over 160 new S.25 routes (total 2,600 routes) on-sale and we recommend all passengers book early on https://www.ryanair.com to secure the lowest airfares before they sell out.

We expect European short-haul capacity to remain constrained for the next few years as many of Europe's Airbus operators are still working through Pratt & Whitney engine repairs, the big 2 OEMs are well behind on aircraft deliveries, and EU airline consolidation continues (incl. the upcoming sale of TAP). These capacity constraints, combined with our substantial cost advantage, strong balance sheet, low-cost aircraft orders and industry leading operational resilience will, we believe, facilitate Ryanair's controlled profitable growth to 300m passengers p.a. by FY34.

ESG

During FY25 we took delivery of 30 Gamechangers (4% more seats, 16% less fuel & CO2) and we accelerated the retrofit of winglets to our B737NG fleet (target of 409 by 2026), which reduce fuel burn by 1.5% and noise by 6%. This investment in new technology, and our ambitious SAF commitments positions Ryanair as one of Europe's most environmentally efficient airlines. This year we retained our industry leading ESG ratings from MSCI (A), CDP (A-) and Sustainalytics (No.1 global large cap airline). We also became the first major airline to have its environmental targets (to reduce CO2 per pax/km by 27% to c.50grams by 2031) validated to the latest SBTi guidelines. As we head into S.25, we continue to call on ATC CEOs across Europe to ensure adequate staffing, particularly for the morning/first wave departures. This, coupled with the protection of overflights (during national strikes), would deliver significant environmental and punctuality benefits for EU air travel.

Ownership & Control:

Between Sept. 2024 and Mar. 2025, in anticipation of reaching the 50% threshold of EU ownership, Ryanair carried out a review of a potential variation of its ownership and control restrictions in a manner that continues to ensure compliance with EU Reg. 1008/2008 ("O&C Review"). Once the 50% threshold was reached, the Board, taking into account positive feedback from regulators and investors resolved in March that it was in the best interest of Ryanair and our shareholders as a whole to discontinue the prohibition on non-EU nationals acquiring Ordinary Shares with immediate effect. We continue to apply voting restrictions on non-EU nationals. Consequently, both EU and non-EU nationals can now invest in Ryanair Holdings plc via Ordinary Shares listed on Euronext Dublin and/or Depository Shares listed on Nasdaq. In acknowledgement of these changes, MSCI recently confirmed Ryanair's inclusion in the MSCI World Index at the end of May.

Board:

Howard Millar has chosen not to seek re-election at the upcoming AGM and will step down from the Board in Sept. We thank him sincerely for his leadership and his enormous contribution to Ryanair's success, firstly as our CFO from 1992 to 2014, and as a NED over the last 9 years.

OUTLOOK

We expect FY26 traffic to grow by just 3% to 206m passengers due to constrained/delayed Boeing deliveries. Following a year of flat unit-costs, we expect modest unit cost inflation in FY26 as the delivery of more Gamechangers, strong jet fuel hedging and cost control across our Group airlines helps offset increased route & ATC charges, and higher enviro. costs (following the unwind of free ETS allowances and the introduction of a SAF blend mandate from Jan. 2025). To date, S.25 demand is strong, with peak fares trending (modestly) ahead of prior year. Q1 fares will benefit from having a full Easter holiday in April, and weak prior-year comps., and Q1 fares are on track to finish a mid-high teen percent ahead of Q1 FY25. With limited visibility, we currently expect Q2 pricing to recover some of the 7% decline we experienced in PY Q2. The final H1

outcome is, however, heavily dependent on close-in bookings and peak summer yields. As is normal at this time of year, we have zero H2 visibility.

While we cautiously expect to recover most, but not all of last years 7% fare decline, which should lead to reasonable net profit growth in FY26, it is far too early to provide any meaningful guidance. The final FY26 outcome remains heavily exposed to adverse external developments, incl. the risk of tariff wars, macroeconomic shocks, conflict escalation in Ukraine and the Middle East and European ATC mismanagement/ short staffing."

ENDS

For further information please contact: https://www.ryanair.com

Neil Sorahan Ryanair Holdings plc

Tel: +353-1-9451212

Cian Doherty Drury

Tel: +353-1-260-5000

Ryanair Holdings plc, Europe's largest airline group, is the parent company of Buzz, Lauda, Malta Air, Ryanair & Ryanair UK. Carrying c.206m guests p.a. on approx. 3,600 daily flights from 93 bases, the Group connects 233 airports in 37 countries on a fleet of almost 620 aircraft, and almost 330 new Boeing 737s on order, which will enable the Ryanair Group to grow traffic to 300m p.a. by FY34. Ryanair has a team of over 26,000 highly skilled aviation professionals delivering Europe's No.1 operational performance, and an industry leading 40-year safety record. Ryanair is one of the most efficient major EU airlines. With a young fleet and high load factors, Ryanair targets 50grams of CO₂ per pax/km by 2031 (a 27% reduction).

Certain of the information included in this release is forward looking and is subject to important risks and uncertainties that could cause actual results to differ materially and that could impact the price of Ryanair's securities. Forward looking statements are based on management's beliefs and assumptions and on information currently available to management. Ryanair has no obligation to update any forward looking statements contained in this release, whether as a result of new information, future events, or otherwise. It is not reasonably possible to itemise all of the many factors and specific events that could affect the outlook and results of an airline operating in the European economy and the price of its securities. Among the factors that are subject to change and could significantly impact Ryanair's expected results and the price of its securities are the airline pricing environment, fuel costs, competition from new and existing carriers, market prices for the maintenance and replacement of aircraft, costs associated with environmental, safety and security measures, actions of the Irish, U.K., European Union ("EU") and other governments and their respective regulatory agencies, litigation, post-Brexit uncertainties, changes in the structure of the European Union, any further change in the restrictions on the ownership of Ryanair's ordinary shares and the voting rights of its shareholders and ADR holders, including as a result of regulatory changes or the actions of Ryanair itself, weather related disruptions, ATC strikes and staffing related disruptions, aircraft availability and delays in the delivery of contracted aircraft, dependence on external service providers and key personnel, supply chain disruptions, tariffs, fluctuations in corporate tax rates, currency exchange rates and interest rates, airport access and charges, labour relations, the economic environment of the airline industry, the general economic environment in Ireland, the U.K. and Continental Europe, continued acceptance of low fares airlines, the general willingness of passengers to travel, war, geopolitical uncertainty and other economic, social and political factors, significant outbreaks of airborne disease and global pandemics such as Covid-19 and unforeseen security events, terrorist attacks and cyber-attacks. There may be other risks and uncertainties that Ryanair is unable to predict at this time or that Ryanair currently does not expect to have a material adverse effect on its business.

‌Ryanair Holdings plc and Subsidiaries

Condensed Consolidated Preliminary Balance Sheet as at March 31, 2025 (unaudited)

Ryanair Holdings plc and Subsidiaries

Condensed Consolidated Preliminary Income Statement for the Year Ended March 31, 2025 (unaudited)

Note

Operating revenues Scheduled revenues Ancillary revenues Total operating revenues 8 Operating expenses Fuel and oil Staff costs

Airport and handling charges Depreciation

Route charges

Marketing, distribution and other Maintenance, materials and repairs

Total operating expenses Operating profit Other income

Net finance and other income Foreign exchange gain

Total other income Profit before tax

Tax (expense)

Profit for the year - all attributable to equity holders of parent

Earnings per ordinary share (€) Basic

Diluted

Weighted avg. no. of ord. shares (in Ms) Basic

Diluted

*'+' is favourable and '-' is adverse year-on-year.

Ryanair Holdings plc and Subsidiaries

Condensed Consolidated Preliminary Statement of Comprehensive Income for the Year Ended March 31, 2025 (unaudited) Profit for the year Other comprehensive (loss)/income:

Items that will not be reclassified subsequently to profit or loss:

Net actuarial gain

Items that are or may be reclassified subsequently to profit or loss:

Movements in hedging reserve, net of tax:

Net movement in cash-flow hedge reserve

Other comprehensive (loss)/income for the year, net of income tax Total comprehensive income for the year - attributable to equity holders of parent

Ryanair Holdings plc and Subsidiaries

Condensed Consolidated Preliminary Statement of Cash Flows for the Year Ended March 31, 2025 (unaudited) Operating activities

Profit after tax

Adjustments to reconcile profit after tax to net cash from operating activities

Depreciation

Decrease/(Increase) in inventories Tax expense

Share based payments Decrease/(Increase) in trade receivables (Increase) in other assets Increase/(Decrease) in trade payables

Increase in accrued expenses and other liabilities (Decrease) in provisions

Increase in finance income (Decrease)/Increase in finance expense Foreign exchange

Income tax (paid)

Net cash inflow from operating activities Investing activities

Capital expenditure - purchase of property, plant and equipment (Increase)/Decrease in restricted cash

Decrease in financial assets: cash > 3 months

Net cash (used in) investing activities Financing activities

Proceeds from shares issued Share buyback

Dividends paid Repayment of borrowings Lease liabilities paid

Net cash (used in) financing activities Increase in cash and cash equivalents

Net foreign exchange differences

Cash and cash equivalents at beginning of the year

Cash and cash equivalents at end of the year Included in the cash flows from operating activities for the year are the following amounts:

Interest income received Interest expense paid

Ryanair Holdings plc and Subsidiaries

Condensed Consolidated Preliminary Statement of Changes in Shareholders' Equity for the Year Ended March 31, 2025 (unaudited) Balance at April 01, 2023

Profit for the year

Other comprehensive income

Net actuarial gains from retirement benefit plans

Net movements in cash-flow reserve Total other comprehensive income Total comprehensive income Transactions with owners of the Company recognised directly in equity Issue of ordinary equity shares Dividends paid

Share-based payments

Transfer of exercised and expired share-based awards

Balance at March 31, 2024

Profit for the year

Other comprehensive (loss)

Net movements in cash flow reserve Total other comprehensive loss Total comprehensive income/(loss) Transactions with owners of the

Company recognised directly in equity

Issue of ordinary equity shares Repurchase of ordinary equity shares Cancellation of repurchased shares Dividends paid

Share-based payments

Transfer of exercised and expired share-based awards

Balance at March 31, 2025

Ryanair Holdings plc and Subsidiaries MD&A Year Ended March 31, 2025 ("FY25")

Introduction

For the purposes of the Management Discussion and Analysis ("MD&A") (with the exception of the balance sheet commentary) all figures and comments are by reference to the FY25 results.

Income Statement

Scheduled revenues:

Scheduled revenues rose as a 7% decline in fares drove strong traffic growth of 9% to just over passengers. The absence of a full Easter in Q1, consumer spending pressure (driven by higher-for-longer interest rates and inflation in H1) and a drop off in OTA bookings prior to summer 2024 necessitated repeated price stimulation.

Ancillary revenues:

Ancillary revenues delivered a solid performance, rising due to 9% traffic growth and 1% higher spend per passenger.

Total revenues:

As a result of the above, total revenues increased

Fuel and oil:

Fuel and oil increased (well below 9% higher sectors) due to favourable jet fuel hedging and lower fuel burn on the new B737-8200 "Gamechanger" aircraft.

Staff costs:

Staff costs increased due to the larger fleet, 9% higher sectors, Boeing delivery delays leading to higher crewing ratios, and the annualisation of crew productivity pay increases implemented in H2 FY24.

Airport and handling charges:

Airport and handling charges rose , due to 9% traffic growth and higher landing, ground ATC & handling rates.

Depreciation:

Depreciation increased , primarily due to 30 more "Gamechanger" aircraft in the fleet, higher amortisation arising from 9% sector growth and increased B737-800 utilisation due to Boeing delivery delays.

Route charges:

Route charges rose , primarily due to the 9% increase in flight hours and 11% higher Eurocontrol rates from January 2025.

Marketing, distribution and other:

Marketing, distribution and other rose primarily due to 9% traffic growth, a legal charge booked in H2 and higher input costs for rising onboard sales.

Maintenance, materials and repairs:

Maintenance, materials and repairs increased as higher utilisation, labour inflation and delayed Boeing aircraft deliveries were partially offset by modest delay compensation credits received.

Other income:

Net finance and other income increased to due to a strong cash balance, the Group's low-cost finance and delay compensation received. Foreign exchange translation reflects the impact of primarily €/US$ exchange rate movements on balance sheet revaluations.

Balance sheet:

Gross cash was just under at March 31, 2025 despite capex and over shareholder returns (including share buybacks). Gross debt was and net cash was at March 31, 2025 (PY: €1.4BN).

Shareholders' equity:

Shareholders' equity decreased by in the year primarily due to a repurchase (and cancellation) of ordinary shares, dividends paid of and an IFRS hedge accounting decrease in derivatives of

€0.29BN partly offset by a €1.61BN net profit.

Ryanair Holdings plc and Subsidiaries

Notes forming Part of the Condensed Consolidated Preliminary Financial Statements

In April 2025 the Company bought back approximately 1m ordinary shares, completing the €800m share buyback program. In May 2025, the Board approved a follow-on €750m share buyback program (including Ordinary Shares underlying ADRs), which will likely run for the next 6 - 12 months.