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4-03-310001038683ryaay:ProvisionForAircraftMaintenanceOnLeasedAircraftMember2025-04-012026-03-310001038683ryaay:ProvisionForAircraftMaintenanceOnLeasedAircraftMember2024-04-012025-03-310001038683ryaay:ProvisionForAircraftMaintenanceOnLeasedAircraftMember2023-04-012024-03-310001038683ifrs-full:AirportLandingRightsMember2025-04-012026-03-310001038683ifrs-full:AirportLandingRightsMember2024-04-012025-03-310001038683ifrs-full:AirportLandingRightsMember2023-04-012024-03-3100010386832025-03-3100010386832024-03-310001038683ifrs-full:OrdinarySharesMember2025-04-012026-03-310001038683dei:AdrMember2025-04-012026-03-3100010386832026-03-310001038683dei:BusinessContactMember2025-04-012026-03-3100010386832025-04-012026-03-31iso4217:GBPiso4217:EURryaay:Optionsiso4217:GBPiso4217:USDryaay:aircraftryaay:directorryaay:individualryaay:customerxbrli:sharesiso4217:EURxbrli:pureryaay:employeeiso4217:USDutr:tiso4217:EURryaay:Rightiso4217:GBPryaay:Rightiso4217:USDiso4217:EURiso4217:EURxbrli:shares\n\n[Table of Contents](#TOC)\n\n​\n\n​\n\n​\n\n**UNITED STATES**\n\n**SECURITIES AND EXCHANGE COMMISSION**\n\n**WASHINGTON, D.C. 20549**\n\n​\n\n**FORM****20-F**\n\n​\n\n☐\n\nREGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934\n\n​\n\n​\n\nOR\n\n​\n\n​\n\n☒\n\nANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\n​\n\n​\n\n**For the Fiscal Year Ended:****March 31****,****2026**\n\n​\n\n​\n\nOR\n\n​\n\n​\n\n☐\n\nTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\n​\n\n​\n\nOR\n\n​\n\n​\n\n☐\n\nSHELL COMPANY REPORT PURSUANT/ TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\n​\n\n​\n\n​\n\nDate of event requiring this shell company report:                     \n\n​\n\n​\n\n​\n\nFor the transition period from           to           \n\n​\n\nCommission file number: **000-29304**\n\n​\n\n**Ryanair Holdings plc**\n\n(Exact name of registrant as specified in its charter)\n\n​\n\n**Ryanair Holdings plc**\n\n(Translation of registrant’s name into English)\n\n​\n\n**Republic of****Ireland**\n\n(Jurisdiction of incorporation or organization)\n\n​\n\n**c/o Ryanair DAC**\n\n**Dublin Office**\n\n**Airside Business Park****,****Swords**\n\n**County Dublin,****K67 NY94****,****Ireland**\n\n(Address of principal executive offices)\n\n**Please see “Item 4. Information on the Company” herein.**\n\n(Name, telephone, e-mail and/or facsimile number and address of company contact person)\n\nSecurities registered or to be registered pursuant to Section 12(b) of the Act.\n\nTitle of each class\n\n  ​ ​\n\nTrading Symbol(s)\n\n  ​ ​\n\nName of each exchange on which registered\n\n**American Depositary Shares, each representing two Ordinary Shares**\n\n**RYAAY**\n\n**The****Nasdaq****Stock Market LLC**\n\n**Ordinary Shares, par value 0.6 euro cent per share**\n\n**RYAAY**\n\n**The****Nasdaq****Stock Market LLC (not for trading but only in connection with the registration of the American Depositary Shares)**\n\n​\n\nSecurities registered or to be registered pursuant to Section 12(g) of the Act:\n\n**None**\n\n​\n\nSecurities for which there is a reporting obligation pursuant to Section 15(d) of the Act:\n\n**None**\n\n​\n\nIndicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by the Annual Report.\n\n**1,043,931,708****Ordinary Shares**\n\n​\n\nIndicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.\n\n**Yes********☑********No****☐**\n\n​\n\nIf this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.\n\n**Yes****☐********No********☑**\n\n​\n\nNote - Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 from their obligations under those Sections.\n\n​\n\nIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.\n\n**Yes********☑****No****☐**\n\n​\n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).\n\n**Yes********☑****No****☐**\n\n​\n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):\n\n​\n\n**Large accelerated filer********☑**\n\n**Accelerated filer****☐**\n\n**Non-accelerated filer****☐**\n\n**Emerging growth company****☐**\n\n​\n\nIf an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act.**☐**\n\n​\n\n† The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.\n\n​\n\nIndicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. **☑**\n\n​\n\nIf securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. **☐**.\n\n​\n\nIndicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). **☐**\n\n​\n\nIndicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:\n\n​\n\n**U.S. GAAP****☐**\n\n**International Financial Reporting Standards****as issued by the International Accounting Standards Board****☑**\n\n**Other****☐**\n\n​\n\nIf “Other” has been checked in response to the previous question, indicate by check mark which financial statement Item the registrant has elected to follow **☐****Item 17****☐**** Item 18**\n\n​\n\nIf this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes ☑ No\n\n​\n\n​\n\n​\n\n[Table of Contents](#TOC)\n\n******TABLE OF CONTENTS**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n[**PART I**](#PARTI_159428)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n[Item 1.](#Item1IdentityofDirectorsSeniorManagement)\n\n[Identity of Directors, Senior Management and Advisers](#Item1IdentityofDirectorsSeniorManagement)\n\n1\n\n​\n\n​\n\n​\n\n​\n\n​\n\n[Item 2.](#Item2OfferStatisticsandExpectedTimetable)\n\n[Offer Statistics and Expected Timetable](#Item2OfferStatisticsandExpectedTimetable)\n\n1\n\n​\n\n​\n\n​\n\n​\n\n​\n\n[Item 3.](#Item3KeyInformation_656164)\n\n[Key Information](#Item3KeyInformation_656164)\n\n1\n\n​\n\n​\n\n[The Company](#THECOMPANY_194239)\n\n1\n\n​\n\n​\n\n[Selected Financial Data](#SELECTEDFINANCIALDATA_483807)\n\n2\n\n​\n\n​\n\n[Selected Operating and Other Data](#SELECTEDOPERATINGANDOTHERDATA_380119)\n\n3\n\n​\n\n​\n\n[Risk Factors](#RISKFACTORS_856243)\n\n4\n\n​\n\n​\n\n​\n\n​\n\n​\n\n[Item 4.](#Item4InformationontheCompany_373718)\n\n[Information on the Company](#Item4InformationontheCompany_373718)\n\n25\n\n​\n\n​\n\n[Introduction](#INTRODUCTION_410608)\n\n25\n\n​\n\n​\n\n[Strategy](#STRATEGY_274214)\n\n26\n\n​\n\n​\n\n[Route System, Scheduling and Fares](#ROUTESYSTEM)\n\n29\n\n​\n\n​\n\n[Marketing and Advertising](#MARKETINGANDADVERTISING_181542)\n\n30\n\n​\n\n​\n\n[Reservations on Ryanair.com](#RESERVATIONSONRYANAIRCOM_439713)\n\n30\n\n​\n\n​\n\n[Aircraft](#AIRCRAFT_802513)\n\n31\n\n​\n\n​\n\n[Ancillary Services](#ANCILLARYSERVICES_585283)\n\n33\n\n​\n\n​\n\n[Maintenance and Repairs](#MAINTENANCEANDREPAIRS_984074)\n\n33\n\n​\n\n​\n\n[Safety Record](#SAFETYRECORD_953426)\n\n34\n\n​\n\n​\n\n[Airport Operations](#AIRPORTOPERATIONS_284979)\n\n35\n\n​\n\n​\n\n[Fuel](#FUEL_270774)\n\n36\n\n​\n\n​\n\n[Insurance](#INSURANCE_964397)\n\n37\n\n​\n\n​\n\n[Facilities](#FACILITIES_537044)\n\n38\n\n​\n\n​\n\n[Trademarks](#TRADEMARKS_609688)\n\n38\n\n​\n\n​\n\n[The Environment](#THEENVIRONMENT_215705)\n\n39\n\n​\n\n​\n\n[Government Regulation](#GOVERNMENTREGULATION_961487)\n\n41\n\n​\n\n​\n\n[Description of Property](#DESCRIPTIONOFPROPERTY_416299)\n\n51\n\n​\n\n​\n\n​\n\n​\n\n​\n\n[Item 4A.](#Item4AUnresolvedStaffComments_401656)\n\n[Unresolved Staff Comments](#Item4AUnresolvedStaffComments_401656)\n\n51\n\n​\n\n​\n\n​\n\n​\n\n​\n\n[Item 5.](#Item5OperatingandFinancialReviewandProsp)\n\n[Operating and Financial Review and Prospects](#Item5OperatingandFinancialReviewandProsp)\n\n51\n\n​\n\n​\n\n[History](#HISTORY_702711)\n\n51\n\n​\n\n​\n\n[Business Overview](#BUSINESSOVERVIEW_77470)\n\n52\n\n​\n\n​\n\n[Results of Operations](#RESULTSOFOPERATIONS_266997)\n\n53\n\n​\n\n​\n\n[FY26 Compared with FY25](#FISCAL_YEAR_2021)\n\n53\n\n​\n\n​\n\n[FY25 Compared with FY24](#FISCAL_YEAR_2020)\n\n55\n\n​\n\n​\n\n[Seasonal Fluctuations](#SEASONALFLUCTUATIONS_610984)\n\n55\n\n​\n\n​\n\n[Recently Issued Accounting Standards](#RECENTLYISSUEDACCOUNTINGSTANDARDS_117268)\n\n55\n\n​\n\n​\n\n[Liquidity and Capital Resources](#LIQUIDITYANDCAPITALRESOURCES_23710)\n\n55\n\n​\n\n​\n\n[Contractual Obligations](#CONTRACTUALOBLIGATIONS_34832)\n\n57\n\n​\n\n​\n\n[Trend Information](#TRENDINFORMATION_406198)\n\n58\n\n​\n\n​\n\n[Off-Balance Sheet Transactions](#OFFBALANCESHEETTRANSACTIONS)\n\n58\n\n​\n\n​\n\n​\n\n​\n\n​\n\ni\n\n​\n\n[Table of Contents](#TOC)\n\n[Item 6.](#Item6DirectorsSeniorManagementandEmploye)\n\n[Directors, Senior Management and Employees](#Item6DirectorsSeniorManagementandEmploye)\n\n59\n\n​\n\n[Directors](#DIRECTORS_707715)\n\n59\n\n​\n\n[Senior Management](#EXECUTIVEOFFICERS_841799)\n\n63\n\n​\n\n[Compensation of Directors and Senior Management](#COMPENSATIONOFDIRECTORSANDEXECUTIVEOFFIC)\n\n64\n\n​\n\n[Staff and Labor Relations](#STAFFANDLABORRELATIONS_900345)\n\n67\n\n​\n\n[Compensation Recovery](#Compensation_Recovery)\n\n68\n\n​\n\n​\n\n​\n\n[Item 7.](#Item7MajorShareholdersandRelatedPartyTra)\n\n[Major Shareholders and Related Party Transactions](#Item7MajorShareholdersandRelatedPartyTra)\n\n68\n\n​\n\n[Major Shareholders](#MAJORSHAREHOLDERS_919886)\n\n68\n\n​\n\n[Related Party Transactions](#RELATEDPARTYTRANSACTIONS_520016)\n\n68\n\n​\n\n​\n\n​\n\n[Item 8.](#Item8FinancialInformation_226081)\n\n[Financial Information](#Item8FinancialInformation_226081)\n\n69\n\n​\n\n[Consolidated Financial Statements](#CONSOLIDATEDFINANCIALSTATEMENTS_844534)\n\n69\n\n​\n\n[Other Financial Information](#OTHERFINANCIALINFORMATION_410424)\n\n69\n\n​\n\n[Significant Changes](#SIGNIFICANTCHANGES_687181)\n\n71\n\n​\n\n​\n\n​\n\n[Item 9.](#Item9TheOfferandListing_49018)\n\n[The Offer and Listing](#Item9TheOfferandListing_49018)\n\n71\n\n​\n\n[Trading Markets](#TRADINGMARKETSANDSHAREPRICES_949407)\n\n71\n\n​\n\n​\n\n​\n\n[Item 10.](#Item10AdditionalInformation_579291)\n\n[Additional Information](#Item10AdditionalInformation_579291)\n\n72\n\n​\n\n[Description of Capital Stock](#DESCRIPTIONOFCAPITALSTOCK_277211)\n\n72\n\n​\n\n[Options to Purchase Securities from Registrant or Subsidiaries](#OPTIONSTOPURCHASESECURITIESFROMREGISTRAN)\n\n72\n\n​\n\n[Articles of Association](#ARTICLESOFASSOCIATION_897623)\n\n74\n\n​\n\n[Material Contracts](#MATERIAL_CONTRACTS)\n\n75\n\n​\n\n[Exchange Controls](#EXCHANGE_CONTROLS)\n\n75\n\n​\n\n[Limitations on Share Ownership by Non-EU Nationals](#LIMITATIONSONSHARE_155202)\n\n76\n\n​\n\n[Taxation](#TAXATION_917274)\n\n80\n\n​\n\n[Documents on Display](#DOCUMENTSONDISPLAY_612506)\n\n85\n\n​\n\n​\n\n​\n\n[Item 11.](#Item11qualitative)\n\n[Quantitative and Qualitative Disclosures About Market Risk](#Item11qualitative)\n\n85\n\n​\n\n[General](#GENERAL_596568)\n\n85\n\n​\n\n[Fuel Price Exposure and Hedging](#FUELPRICEEXPOSUREANDHEDGING_711968)\n\n86\n\n​\n\n[Carbon Exposure and Hedging](#Carbon_Exposure_Hedging)\n\n87\n\n​\n\n[Foreign Currency Exposure and Hedging](#foreigncurrencyexposureandhedging)\n\n87\n\n​\n\n[Interest Rate Exposure](#interestrateexposureandhedging)\n\n88\n\n​\n\n​\n\n​\n\n[Item 12.](#Item12DescriptionofSecuritiesOtherthanEq)\n\n[Description of Securities Other than Equity Securities](#Item12DescriptionofSecuritiesOtherthanEq)\n\n89\n\n​\n\n​\n\n​\n\n​\n\n[**PART II**](#PARTII_114588)\n\n​\n\n​\n\n​\n\n​\n\n[Item 13.](#Item13DefaultsDividendArrearagesandDelin)\n\n[Defaults, Dividend Arrearages and Delinquencies](#Item13DefaultsDividendArrearagesandDelin)\n\n90\n\n​\n\n​\n\n​\n\n[Item 14.](#Item14MaterialModificationstotheRightsof)\n\n[Material Modifications to the Rights of Security Holders and Use of Proceeds](#Item14MaterialModificationstotheRightsof)\n\n90\n\n​\n\n​\n\n​\n\n[Item 15.](#Item15ControlsandProcedures_713520)\n\n[Controls and Procedures](#Item15ControlsandProcedures_713520)\n\n90\n\n​\n\n[Disclosure Controls and Procedures](#DISCLOSURECONTROLSANDPROCEDURES_212675)\n\n90\n\n​\n\n[Management’s Annual Report on Internal Control Over Financial Reporting](#MANAGEMENTSANNUALREPORTONINTERNALCONTROL)\n\n90\n\n​\n\n[Changes in Internal Control Over Financial Reporting](#CHANGESININTERNALCONTROLOVERFINANCIALREP)\n\n91\n\n​\n\n​\n\n​\n\n[Item 16.](#Item16Reserved_654118)\n\n[Reserved](#Item16Reserved_654118)\n\n91\n\nii\n\n​\n\n[Table of Contents](#TOC)\n\n​\n\n​\n\n​\n\n[Item 16A.](#Item16AAuditCommitteeFinancialExpert_933)\n\n[Audit Committee Financial Expert](#Item16AAuditCommitteeFinancialExpert_933)\n\n91\n\n​\n\n​\n\n​\n\n[Item 16B.](#Item16BCodeofEthics_72393)\n\n[Code of Ethics](#Item16BCodeofEthics_72393)\n\n91\n\n​\n\n​\n\n​\n\n[Item 16C.](#Item16CPrincipalAccountantFeesandService)\n\n[Principal Accountant Fees and Services](#Item16CPrincipalAccountantFeesandService)\n\n91\n\n​\n\n​\n\n​\n\n[Item 16D.](#Item16DExemptionsfromtheListingStandards)\n\n[Exemptions from the Listing Standards for Audit Committees](#Item16DExemptionsfromtheListingStandards)\n\n92\n\n​\n\n​\n\n​\n\n[Item 16E.](#Item16EPurchasesofEquitySecuritiesbytheI)\n\n[Purchases of Equity Securities by the Issuer and Affiliated Purchasers](#Item16EPurchasesofEquitySecuritiesbytheI)\n\n93\n\n​\n\n​\n\n[Item 16F.](#Item16FChangeinRegistrantsCertifiedAccou)\n\n[Change in Registrant’s Certified Accountant](#Item16FChangeinRegistrantsCertifiedAccou)\n\n93\n\n​\n\n​\n\n​\n\n[Item 16G.](#Item16GCorporateGovernance_796227)\n\n[Corporate Governance](#Item16GCorporateGovernance_796227)\n\n93\n\n​\n\n​\n\n​\n\n[Item 16H.](#Item16HMineSafetyDisclosure_2776)\n\n[Mine Safety Disclosure](#Item16HMineSafetyDisclosure_2776)\n\n93\n\n​\n\n​\n\n​\n\n[Item 16I.](#Foreign_Jurisdiction)\n\n[Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](#Foreign_Jurisdiction)\n\n93\n\n​\n\n​\n\n​\n\n[Item 16J.](#Insider_Trading)\n\n[Insider trading policies](#Insider_Trading)\n\n94\n\n​\n\n​\n\n​\n\n[Item 16k.](#ITEM16KCYBER)\n\n[Cybersecurity](#ITEM16KCYBER)\n\n94\n\n​\n\n​\n\n​\n\n​\n\n[**PART III**](#PARTIII_794247)\n\n​\n\n​\n\n​\n\n​\n\n[Item 17.](#Item17FinancialStatements_586048)\n\n[Financial Statements](#Item17FinancialStatements_586048)\n\n96\n\n​\n\n​\n\n​\n\n[Item 18.](#Item18FinancialStatements_320035)\n\n[Financial Statements](#Item18FinancialStatements_320035)\n\n97\n\n​\n\n​\n\n​\n\n​\n\niii\n\n​\n\n[Table of Contents](#TOC)\n\n**Presentation of Financial and Certain Other Information**\n\n​\n\nAs used herein, the term “Ryanair Holdings” refers to Ryanair Holdings plc. The term the “Company” refers to Ryanair Holdings or Ryanair Holdings together with its consolidated subsidiaries, as the context requires. The term “Ryanair” refers to Ryanair DAC, a wholly owned subsidiary of Ryanair Holdings, together with its consolidated subsidiaries, unless the context requires otherwise. The term “Ryanair Group” refers to the wholly owned subsidiary airlines of Ryanair Holdings, including Ryanair Sun S.A. (“Buzz”), Lauda Europe Limited (“Lauda”), Malta Air Limited, Ryanair DAC, and Ryanair UK Limited. The term “Fiscal year” or “FY” refers to the 12-month period ended on March 31 of the quoted year. The term “Ordinary Shares” refers to the outstanding par value 0.600 euro cent per share common stock of the Company. All references to “Ireland” herein are references to the Republic of Ireland. All references to the “UK” herein are references to the United Kingdom and all references to the “United States” or “U.S.” herein are references to the United States of America. References to “U.S. dollars,” “dollars,” “$” or “U.S. cents” are to the currency of the United States, references to “UK pound sterling,” “UK £” and “£” are to the currency of the UK and references to “€,” “euro,” “euros” and “euro cent” are to the euro, the common currency of twenty member states of the European Union (the “EU”), including Ireland. Various amounts and percentages set out in this Annual Report on Form 20-F have been rounded and accordingly may not total.\n\n​\n\nThe Company owns or otherwise has rights to the trademark Ryanair® in certain jurisdictions. See “Item 4. Information on the Company—Trademarks.” This report also makes reference to trade names and trademarks of companies other than the Company.\n\n​\n\nThe Company publishes its annual and interim consolidated financial statements in accordance with International Financial Reporting Standards Accounting Standards as issued by the International Accounting Standards Board (“IASB”).\n\n​\n\nAdditionally, in accordance with its legal obligation to comply with the International Accounting Standards Regulation (EC 1606 (2002)), which applies throughout the EU, the consolidated financial statements of the Company must comply with International Financial Reporting Standards Accounting Standards as adopted by the EU. Accordingly, the Company’s consolidated financial statements and the selected financial data included herein comply with International Financial Reporting Standards Accounting Standards as issued by the IASB and also International Financial Reporting Standards Accounting Standards as adopted by the EU, in each case as in effect for the year ended and as of March 31, 2026 (collectively referred to as “IFRS” throughout).\n\n​\n\nThe Company publishes its consolidated financial statements in euro. Solely for the convenience of the reader, this report contains translations of certain euro amounts into U.S. dollars at specified rates. These translations should not be construed as representations that the converted amounts actually represent such U.S. dollar amounts or could be converted into U.S. dollars at the rates indicated or at any other rate. Unless otherwise indicated, such U.S. dollar amounts have been translated from euro at a rate of €1.00 = $1.1518, or $1.00 = €0.8682, the official rate published by the U.S. Federal Reserve Board in its weekly “H.10” release (the “Federal Reserve Rate”) on March 31, 2026. See “Item 3. Key Information” for information regarding historical rates of exchange relevant to the Company, and “Item 5. Operating and Financial Review and Prospects” and “Item 11. Quantitative and Qualitative Disclosures About Market Risk” for a discussion of the effects of changes in exchange rates on the Company.\n\n​\n\niv\n\n​\n\n[Table of Contents](#TOC)\n\n**Cautionary Statement Regarding Forward-Looking Information**\n\n​\n\nExcept for the historical statements and discussions contained herein, statements contained in this report constitute “forward-looking statements” within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the U.S. Securities Exchange Act of 1934, as amended (the “Exchange Act”).\n\n​\n\nForward-looking statements may include words such as “expect,” “estimate,” “project,” “anticipate,” “should,” “intend,” and similar expressions or variations on such expressions. Any filing made by the Company with the U.S. Securities and Exchange Commission (the “SEC”) may include forward-looking statements. In addition, other written or oral statements which constitute forward-looking statements have been made and may in the future be made by or on behalf of the Company, including statements concerning its future operating and financial performance, the Company’s share of new and existing markets, general industry and economic trends and the Company’s performance relative thereto and the Company’s expectations as to requirements for capital expenditures and regulatory matters. The Company’s business is to provide a low fares airline service in Europe and North Africa, and its outlook is predominantly based on its interpretation of what it considers to be the key economic factors affecting that business and the European economy.\n\n​\n\nForward-looking statements with regard to the Company’s business rely on a number of assumptions concerning future events and are subject to a number of uncertainties and other factors, many of which are outside the Company’s control, that could cause actual results to differ materially from such statements.\n\n​\n\nIt is not reasonably possible to itemize all the many factors and specific events that could affect the outlook and results of an airline operating in the European economy.\n\n​\n\nAmong 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, UK, 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 UK 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.\n\n​\n\nThe Company disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.\n\n​\n\n​\n\nv\n\n​\n\n[Table of Contents](#TOC)\n\n**PART I**\n\n​"}