{"url_path":"/sec/ryaay/10-k/2026/item-19","section_key":"item-19","section_title":"Item 19 **Exhibits","topic":"sec","document":{"doc_type":"20-F","doc_date":"2026-06-22","source_url":"https://www.sec.gov/Archives/edgar/data/1038683/0001104659-26-076131-index.html","accession_number":"0001104659-26-076131","cik":"0001038683","ticker":"RYAAY","issuer_name":"RYANAIR HOLDINGS PLC","edgar_url":"https://www.sec.gov/Archives/edgar/data/1038683/0001104659-26-076131-index.html","primary_entity_key":"0001038683","primary_entity_name":"RYANAIR HOLDINGS PLC"},"word_count":32523,"has_tables":true,"body_markdown":"**Item 19.**Exhibits\n\n​\n\n1.1\n\n  ​ ​ ​\n\n[Memorandum and Articles of Association of Ryanair Holdings in effect as of the date of this Annual Report (incorporated herein by reference to Exhibit 1.1 of Ryanair Holdings’ Annual Report on Form 20-F filed on July 24, 2023 (Commission file No. 000-29304)).](https://www.sec.gov/Archives/edgar/data/1038683/000155837023012101/tmb-20230331xex1d1.htm)\n\n​\n\n​\n\n​\n\n2.1\n\n​\n\n[Issue and Paying Agency Agreement, dated July 1, 2024, between Ryanair DAC, Ryanair Holdings as guarantor, Citibank N.A., London Branch as fiscal agent, Citibank Europe plc as registrar, the paying agents named therein and the transfer agents named therein (incorporated herein by reference to Exhibit 2.1 of Ryanair Holdings’ Annual Report on Form 20-F filed on May 19, 2025 (Commission file No. 000-29304)).](https://www.sec.gov/Archives/edgar/data/1038683/000155837025007966/tmb-20250331xex2d1.htm)\n\n​\n\n​\n\n​\n\n2.2\n\n​\n\n[Deed of Covenant, dated July 1, 2024, entered into by Ryanair DAC (incorporated herein by reference to Exhibit 2.2 of Ryanair Holdings’ Annual Report on Form 20-F filed on May 19, 2025 (Commission file No. 000-29304)).](https://www.sec.gov/Archives/edgar/data/1038683/000155837025007966/tmb-20250331xex2d2.htm)\n\n​\n\n​\n\n​\n\n2.3\n\n​\n\n[Deed of Guarantee, dated July 1, 2024, entered into by Ryanair Holdings as guarantor (incorporated herein by reference to Exhibit 2.3 of Ryanair Holdings’ Annual Report on Form 20-F filed on May 19, 2025 (Commission file No. 000-29304)).](https://www.sec.gov/Archives/edgar/data/1038683/000155837025007966/tmb-20250331xex2d3.htm)\n\n​\n\n​\n\n​\n\n2.d\n\n​\n\n[Description of the registrant’s securities registered pursuant to Section 12 of the Securities Exchange Act of 1934.](tmb-20260331xex2dd.htm)\n\n​\n\n​\n\n​\n\n4.1\n\n​\n\n[Purchase Agreement No. 5317 between The Boeing Company and Aviation Finance and Leasing Limited relating to Boeing Model 737-MAX-10 aircraft, together with ancillary documents (incorporated herein by reference to Exhibit 4.6 of Ryanair Holdings’ Annual Report on Form 20-F filed on July 24, 2023 (Commission file No. 000-29304)). Certain confidential information contained in this exhibit has been excluded from this exhibit because it is both not material and is the type that the registrant treats as private or confidential.](https://www.sec.gov/Archives/edgar/data/1038683/000155837023012101/tmb-20230331xex4d6.htm)\n\n​\n\n​\n\n​\n\n8.1\n\n​\n\n[List of principal subsidiaries of the registrant.](tmb-20260331xex8d1.htm)\n\n​\n\n​\n\n​\n\n11.1\n\n​\n\n[Code of Dealing in securities of Ryanair Holdings plc.](tmb-20260331xex11d1.htm)\n\n​\n\n​\n\n​\n\n12.1\n\n​\n\n[Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](tmb-20260331xex12d1.htm)\n\n​\n\n​\n\n​\n\n13.1\n\n​\n\n[Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.](tmb-20260331xex13d1.htm)\n\n​\n\n​\n\n​\n\n97.1\n\n​\n\n[Compensation recovery policy of Ryanair Holdings plc (incorporated herein by reference to Exhibit 97.1 of Ryanair Holdings’ Annual Report on Form 20-F filed on June 27, 2024 (Commission file No. 000-29304)).](https://www.sec.gov/Archives/edgar/data/1038683/000155837024009521/tmb-20240331xex97d1.htm)\n\n​\n\n101.INS*\n\n​\n\nXBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL Document\n\n​\n\n​\n\n101.SCH*\n\n​\n\nXBRL Taxonomy Extension Schema Document\n\n​\n\n​\n\n​\n\n101.CAL*\n\n​\n\nXBRL Taxonomy Extension Calculation Linkbase Document\n\n​\n\n​\n\n​\n\n101.DEF*\n\n​\n\nXBRL Taxonomy Extension Definition Linkbase Document\n\n​\n\n​\n\n​\n\n101.LAB*\n\n​\n\nXBRL Taxonomy Extension Label Linkbase Document\n\n​\n\n​\n\n​\n\n101.PRE*\n\n​\n\nXBRL Taxonomy Extension Presentation Linkbase Document\n\n​\n\n​\n\n​\n\n104\n\n​\n\nCover Page Interactive Data File - The cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document\n\n* In accordance with Rule 402 of Regulation S-T, the information in these exhibits shall not be deemed to be “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.\n\n​\n\n98\n\n[Table of Contents](#TOC)\n\n**SIGNATURES**\n\n​\n\nThe registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized the undersigned to sign this Annual Report on its behalf.\n\n​\n\n​\n\nRYANAIR HOLDINGS PLC\n\n​\n\n​\n\n​\n\n/s/Michael O’Leary\n\n​\n\nName:\n\nMichael O’Leary\n\n​\n\nTitle:\n\nGroup CEO and Executive Director\n\n​\n\n​\n\n​\n\n​\n\nDate: June 22, 2026\n\n​\n\n​\n\n​\n\n​\n\n99\n\n[Table of Contents](#TOC)\n\n​\n\n**Report of Independent Registered Public Accounting Firm**\n\n​\n\nTo the****Board of Directors and Shareholders of Ryanair Holdings plc\n\n​\n\nOpinions on the Financial Statements and Internal Control over Financial Reporting\n\n​\n\nWe have audited the accompanying Consolidated Balance Sheet of Ryanair Holdings plc and its subsidiaries (the “Group”) as of March 31, 2026, 2025 and 2024, and the related Consolidated Income Statement, Consolidated Statement of Comprehensive Income, Consolidated Statement of Changes in Shareholders’ Equity and Consolidated Statement of Cash Flows for each of the three years in the period ended March 31, 2026, including the related notes (collectively referred to as the “consolidated financial statements”). We also have audited the Group’s internal control over financial reporting as of March 31, 2026, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).\n\n​\n\nIn our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Group as of March 31, 2026, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended March 31, 2026 in conformity with IFRS Accounting Standards as issued by the International Accounting Standards Board and International Financial Reporting Standards as adopted by the European Union. Also in our opinion, the Group maintained, in all material respects, effective internal control over financial reporting as of March 31, 2026, based on criteria established in Internal Control - Integrated Framework (2013) issued by the COSO.  \n\n​\n\nBasis for Opinions\n\n​\n\nThe Group's management is responsible for these consolidated financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in Management's Annual Report on Internal Control over Financial Reporting appearing under Item 15. Our responsibility is to express opinions on the Group’s consolidated financial statements and on the Group's internal control over financial reporting based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Group in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.\n\n​\n\nWe conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material respects.\n\n​\n\nOur audits of the consolidated financial statements included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.\n\nF-1\n\n[Table of Contents](#TOC)\n\nDefinition and Limitations of Internal Control over Financial Reporting\n\n​\n\nA company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.\n\n​\n\nBecause of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.\n\n​\n\nCritical Audit Matters\n\n​\n\nThe critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that (i) relates to accounts or disclosures that are material to the consolidated financial statements and (ii) involved our especially challenging, subjective, or complex judgements. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.\n\n​\n\n*Aircraft component of property, plant and equipment - estimated useful lives and expected residual values*\n\n​\n\nAs described in Note 1 and 2 to the consolidated financial statements, at March 31, 2026, the Group had €11.4 billion of property, plant and equipment long-lived assets, of which €11.1 billion were aircraft related. Aircraft related depreciation amounted to €1.3 billion. The Group evaluates its estimates and assumptions in each reporting period, and, when warranted, adjusts these assumptions. In estimating the useful lives and expected residual values of the aircraft component, the Group considered a number of factors, including its own historic experience and past practices of aircraft disposals, renewal programmes, forecasted growth plans, external valuations from independent appraisers, recommendations from the aircraft supplier and manufacturer and other industry-available information. The Group's estimate of each aircraft’s residual value is 15% of the market value on delivery, based on independent valuations and actual aircraft disposals during prior periods. Each aircraft’s useful life is determined to be 23 years.\n\n​\n\nThe principal considerations for our determination that performing procedures relating to estimated useful lives and expected residual values related to the aircraft component of property, plant and equipment is a critical audit matter are (i) the significant judgement by management when determining the estimated useful lives and residual values assumptions; and (ii) a high degree of auditor judgement, subjectivity and effort in performing procedures and evaluating management’s significant assumptions related to the estimated useful lives and expected residual values.\n\n​\n\nF-2\n\n[Table of Contents](#TOC)\n\nAddressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included testing the effectiveness of controls relating to the assessment of the estimated useful lives and residual values. These procedures also included, among others, (i) testing management’s process for determining the estimated useful lives and residual value; (ii) testing the completeness and accuracy of underlying data used by management in their assessment and (iii) evaluating the reasonableness of the estimated useful lives and expected residual values assumptions. Evaluating management’s assumptions related to estimated useful lives and residual values involved evaluating whether the assumptions used were reasonable considering a) recommendation provided by the aircraft manufacturer, b) the age profile of the aircraft and the Group’s aircraft renewal programme, c) third party valuations obtained from an independent appraiser, d) the Group’s historical experience with aircraft disposals and e) other external useful lives and residual values applied by other airlines.\n\n​\n\n​\n\n/s/ PricewaterhouseCoopers\n\nDublin, Ireland\n\nJune 22, 2026\n\n​\n\nWe have served as the Group’s auditor since 2022.\n\n​\n\nF-3\n\n[Table of Contents](#TOC)\n\n​\n\nConsolidated Balance Sheet\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**At March 31,**\n\n​\n\n​\n\n​\n\n​\n\n**2026**\n\n​\n\n**2025**\n\n​\n\n**2024**\n\n​\n\n​\n\n**Note**\n\n​\n\n**€M**\n\n​\n\n**€M**\n\n​\n\n**€M**\n\n**Non-current assets**\n\n​\n\n**  ​**\n\n​\n\n  ​\n\n​\n\n  ​\n\n​\n\n  ​\n\nProperty, plant and equipment\n\n​\n\n2\n\n​\n\n11,373.1\n\n​\n\n10,923.7\n\n​\n\n10,847.0\n\nRight of use assets\n\n​\n\n3\n\n​\n\n148.1\n\n​\n\n148.5\n\n​\n\n166.5\n\nIntangible assets\n\n​\n\n4\n\n​\n\n146.4\n\n​\n\n146.4\n\n​\n\n146.4\n\nDerivative financial instruments\n\n​\n\n11\n\n​\n\n92.4\n\n​\n\n15.4\n\n​\n\n3.3\n\nOther assets\n\n​\n\n6\n\n​\n\n240.5\n\n​\n\n261.7\n\n​\n\n183.2\n\nDeferred tax\n\n​\n\n12\n\n​\n\n2.3\n\n​\n\n1.6\n\n​\n\n2.1\n\n**Total non-current assets**\n\n​\n\n  ​\n\n​\n\n12,002.8\n\n​\n\n11,497.3\n\n​\n\n11,348.5\n\n**Current assets**\n\n​\n\n  ​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nInventories\n\n​\n\n5\n\n​\n\n4.8\n\n​\n\n4.6\n\n​\n\n6.2\n\nOther assets\n\n​\n\n6\n\n​\n\n1,985.0\n\n​\n\n1,850.7\n\n​\n\n1,275.4\n\nTrade receivables\n\n​\n\n7 & 11\n\n​\n\n44.2\n\n​\n\n73.5\n\n​\n\n76.4\n\nDerivative financial instruments\n\n​\n\n11\n\n​\n\n2,133.9\n\n​\n\n94.4\n\n​\n\n349.5\n\nRestricted cash\n\n​\n\n8 & 11\n\n​\n\n31.2\n\n​\n\n23.1\n\n​\n\n6.4\n\nFinancial assets: cash > 3 months\n\n​\n\n11\n\n​\n\n812.4\n\n​\n\n100.1\n\n​\n\n237.8\n\nCash and cash equivalents\n\n​\n\n11\n\n​\n\n2,733.4\n\n​\n\n3,863.3\n\n​\n\n3,875.4\n\n**Total current assets**\n\n​\n\n  ​\n\n​\n\n7,744.9\n\n​\n\n6,009.7\n\n​\n\n5,827.1\n\n**Total assets**\n\n​\n\n**  ​**\n\n​\n\n19,747.7\n\n​\n\n17,507.0\n\n​\n\n17,175.6\n\n**Current liabilities**\n\n​\n\n  ​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nProvisions\n\n​\n\n13\n\n​\n\n60.3\n\n​\n\n53.5\n\n​\n\n46.0\n\nTrade payables\n\n​\n\n9 & 11\n\n​\n\n609.8\n\n​\n\n702.0\n\n​\n\n792.2\n\nAccrued expenses and other liabilities\n\n​\n\n10\n\n​\n\n6,442.0\n\n​\n\n6,179.4\n\n​\n\n5,227.6\n\nCurrent lease liability\n\n​\n\n3\n\n​\n\n39.8\n\n​\n\n37.7\n\n​\n\n39.4\n\nCurrent maturities of debt\n\n​\n\n11\n\n​\n\n1,198.8\n\n​\n\n848.4\n\n​\n\n50.0\n\nCurrent tax\n\n​\n\n12\n\n​\n\n79.8\n\n​\n\n107.1\n\n​\n\n66.6\n\nDerivative financial instruments\n\n​\n\n11\n\n​\n\n142.3\n\n​\n\n224.7\n\n​\n\n178.8\n\n**Total current liabilities**\n\n​\n\n  ​\n\n​\n\n8,572.8\n\n​\n\n8,152.8\n\n​\n\n6,400.6\n\n**Non-current liabilities**\n\n​\n\n  ​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nProvisions\n\n​\n\n13\n\n​\n\n141.3\n\n​\n\n141.1\n\n​\n\n138.1\n\nDerivative financial instruments\n\n​\n\n11\n\n​\n\n7.8\n\n​\n\n2.5\n\n​\n\n3.3\n\nDeferred tax\n\n​\n\n12\n\n​\n\n671.5\n\n​\n\n377.1\n\n​\n\n362.0\n\nNon-current lease liability\n\n​\n\n3\n\n​\n\n105.1\n\n​\n\n111.4\n\n​\n\n125.2\n\nNon-current maturities of debt\n\n​\n\n11\n\n​\n\n147.8\n\n​\n\n1,685.2\n\n​\n\n2,532.2\n\n**Total non-current liabilities**\n\n​\n\n  ​\n\n​\n\n1,073.5\n\n​\n\n2,317.3\n\n​\n\n3,160.8\n\n**Shareholders’ equity**\n\n​\n\n  ​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nIssued share capital\n\n​\n\n14\n\n​\n\n6.3\n\n​\n\n6.4\n\n​\n\n6.9\n\nShare premium account\n\n​\n\n14\n\n​\n\n1,434.8\n\n​\n\n1,421.6\n\n​\n\n1,404.3\n\nOther undenominated capital\n\n​\n\n  ​\n\n​\n\n4.1\n\n​\n\n4.0\n\n​\n\n3.5\n\nRetained earnings\n\n​\n\n  ​\n\n​\n\n6,777.5\n\n​\n\n5,588.6\n\n​\n\n5,899.8\n\nOther reserves\n\n​\n\n15\n\n​\n\n1,878.7\n\n​\n\n16.3\n\n​\n\n299.7\n\n**Shareholders’ equity**\n\n​\n\n  ​\n\n​\n\n10,101.4\n\n​\n\n7,036.9\n\n​\n\n7,614.2\n\n**Total liabilities and shareholders’ equity**\n\n​\n\n  ​\n\n​\n\n19,747.7\n\n​\n\n17,507.0\n\n​\n\n17,175.6\n\nThe accompanying notes are an integral part of the consolidated financial statements.\n\n​\n\nOn behalf of the Board\n\n​\n\n​\n\n​\n\n​\n\n**Stan McCarthy**\n\n**Michael O’Leary**\n\nChairman\n\nGroup CEO\n\nJune 19, 2026\n\n​\n\n​\n\n​\n\nF-4\n\n[Table of Contents](#TOC)\n\n​\n\nConsolidated Income Statement\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Year ended March 31,**\n\n​\n\n​\n\n​\n\n​\n\n**2026**\n\n​\n\n**2025**\n\n​\n\n**2024**\n\n​\n\n​\n\n**Note**\n\n​\n\n**€M**\n\n​\n\n**€M**\n\n​\n\n**€M**\n\n**Operating revenues**\n\n​\n\n  ​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n  ​\n\nScheduled revenues\n\n​\n\n16\n\n​\n\n10,556.0\n\n​\n\n9,229.8\n\n​\n\n9,145.1\n\nAncillary revenues\n\n​\n\n16\n\n​\n\n4,988.3\n\n​\n\n4,718.7\n\n​\n\n4,298.7\n\n**Total operating revenues**\n\n​\n\n16\n\n​\n\n15,544.3\n\n​\n\n13,948.5\n\n​\n\n13,443.8\n\n**Operating expenses**\n\n​\n\n  ​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nFuel and oil\n\n​\n\n  ​\n\n​\n\n(5,418.6)\n\n​\n\n(5,220.2)\n\n​\n\n(5,142.6)\n\nStaff costs\n\n​\n\n17\n\n​\n\n(1,856.5)\n\n​\n\n(1,751.1)\n\n​\n\n(1,500.0)\n\nAirport and handling charges\n\n​\n\n​\n\n​\n\n(1,762.3)\n\n​\n\n(1,683.5)\n\n​\n\n(1,484.5)\n\nDepreciation\n\n​\n\n2 & 3\n\n​\n\n(1,373.4)\n\n​\n\n(1,214.4)\n\n​\n\n(1,059.5)\n\nRoute charges\n\n​\n\n  ​\n\n​\n\n(1,318.2)\n\n​\n\n(1,166.7)\n\n​\n\n(1,024.4)\n\nMarketing, distribution and other\n\n​\n\n  ​\n\n​\n\n(888.5)\n\n​\n\n(878.4)\n\n​\n\n(757.2)\n\nMaintenance, materials and repairs\n\n​\n\n​\n\n​\n\n(552.6)\n\n​\n\n(476.2)\n\n​\n\n(414.9)\n\n**Total operating expenses**\n\n​\n\n  ​\n\n​\n\n(13,170.1)\n\n​\n\n(12,390.5)\n\n​\n\n(11,383.1)\n\n**Operating profit**\n\n​\n\n  ​\n\n​\n\n2,374.2\n\n​\n\n1,558.0\n\n​\n\n2,060.7\n\n**Other income**\n\n​\n\n  ​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nFinance expense\n\n​\n\n19\n\n​\n\n(37.8)\n\n​\n\n(66.5)\n\n​\n\n(83.0)\n\nFinance and other income\n\n​\n\n19\n\n​\n\n117.8\n\n​\n\n290.5\n\n​\n\n144.8\n\nForeign exchange (loss)/gain\n\n​\n\n  ​\n\n​\n\n(30.9)\n\n​\n\n2.4\n\n​\n\n5.5\n\n**Total other income**\n\n​\n\n  ​\n\n​\n\n49.1\n\n​\n\n226.4\n\n​\n\n67.3\n\n**Profit before tax**\n\n​\n\n  ​\n\n​\n\n2,423.3\n\n​\n\n1,784.4\n\n​\n\n2,128.0\n\nTax expense\n\n​\n\n12\n\n​\n\n(249.6)\n\n​\n\n(172.8)\n\n​\n\n(210.9)\n\n**Profit for the year – all attributable to equity holders of parent**\n\n​\n\n  ​\n\n​\n\n2,173.7\n\n​\n\n1,611.6\n\n​\n\n1,917.1\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nBasic earnings per ordinary share (€)\n\n​\n\n21\n\n​\n\n2.0594\n\n​\n\n1.4631\n\n​\n\n1.6828\n\nDiluted earnings per ordinary share (€)\n\n​\n\n21\n\n​\n\n2.0422\n\n​\n\n1.4549\n\n​\n\n1.6743\n\nNumber of weighted average ordinary shares (in Ms)\n\n​\n\n21\n\n​\n\n1,055.5\n\n​\n\n1,101.5\n\n​\n\n1,139.2\n\nNumber of weighted average diluted shares (in Ms)\n\n​\n\n21\n\n​\n\n1,064.4\n\n​\n\n1,107.7\n\n​\n\n1,145.0\n\n​\n\nThe accompanying notes are an integral part of the consolidated financial statements.\n\n​\n\nOn behalf of the Board\n\n​\n\n​\n\n**Stan McCarthy**\n\n**Michael O’Leary**\n\nChairman\n\nGroup CEO\n\nJune 19, 2026\n\n​\n\n​\n\n​\n\n​\n\nF-5\n\n[Table of Contents](#TOC)\n\nConsolidated Statement of Comprehensive Income\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Year ended March 31,**\n\n​\n\n​\n\n**2026**\n\n​\n\n**2025**\n\n​\n\n**2024**\n\n​\n\n​\n\n**€M**\n\n​\n\n**€M**\n\n​\n\n**€M**\n\n**Profit for the year**\n\n \n\n2,173.7\n\n \n\n1,611.6\n\n \n\n1,917.1\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Other comprehensive income/(loss):**\n\n \n\n​\n\n \n\n​\n\n \n\n​\n\n​\n\n \n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Items that will not be reclassified subsequently to profit or loss:**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nNet actuarial gain\n\n​\n\n—\n\n​\n\n—\n\n​\n\n6.6\n\n**Items that are or may be reclassified subsequently to profit or loss:**\n\n \n\n​\n\n \n\n​\n\n \n\n​\n\n**Movements in hedging reserve, net of tax:**\n\n \n\n​\n\n \n\n​\n\n \n\n​\n\nEffective portion of changes in fair value of cash-flow hedges\n\n \n\n1,657.1\n\n \n\n(156.5)\n\n \n\n466.2\n\nNet change in fair value of cash-flow hedges transferred to property, plant and equipment\n\n \n\n(65.3)\n\n​\n\n(97.2)\n\n​\n\n(293.9)\n\nNet other changes in fair value of cash-flow hedges transferred to profit or loss\n\n \n\n260.2\n\n \n\n(33.5)\n\n \n\n62.2\n\nNet movements in cash-flow hedge reserve\n\n \n\n1,852.0\n\n \n\n(287.2)\n\n \n\n234.5\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Total other comprehensive income/(loss) for the year, net of income tax**\n\n \n\n1,852.0\n\n \n\n(287.2)\n\n \n\n241.1\n\n**Total comprehensive income for the year – all attributable to equity holders of parent**\n\n \n\n4,025.7\n\n \n\n1,324.4\n\n \n\n2,158.2\n\n​\n\nThe accompanying notes are an integral part of the consolidated financial statements.\n\n​\n\nOn behalf of the Board\n\n​\n\n​\n\n**Stan McCarthy**\n\n**Michael O’Leary**\n\nChairman\n\nGroup CEO\n\nJune 19, 2026\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nF-6\n\n[Table of Contents](#TOC)\n\n**Consolidated Statement of Changes in Shareholders’ Equity**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**  ​**\n\n**Issued**\n\n​\n\n**Share**\n\n​\n\n​\n\n​\n\n**Other**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Ordinary**\n\n​\n\n​\n\n**Share**\n\n​\n\n**Premium**\n\n​\n\n**Retained**\n\n​\n\n**Undenominated**\n\n​\n\n​\n\n**Other Reserves**\n\n​\n\n**Other**\n\n​\n\n​\n\n​\n\n​\n\n**  ​**\n\n**  ​**\n\n**Shares**\n\n**  ​**\n\n**  ​**\n\n**Capital**\n\n**  ​ ​ ​**\n\n**Account**\n\n**  ​ ​ ​**\n\n**Earnings**\n\n**  ​ ​ ​**\n\n**Capital**\n\n**  ​**\n\n**  ​**\n\n**Hedging**\n\n**  ​ ​ ​**\n\n**Reserves**\n\n**  ​**\n\n**  ​**\n\n**Total**\n\n​\n\n​\n\n​\n\n**M**\n\n​\n\n​\n\n**€M**\n\n​\n\n**€M**\n\n​\n\n**€M**\n\n​\n\n**€M**\n\n​\n\n​\n\n**€M**\n\n​\n\n**€M**\n\n​\n\n​\n\n**€M**\n\n**Balance at March 31, 2023**\n\n​\n\n​\n\n**1,138.7**\n\n​\n\n​\n\n**6.9**\n\n​\n\n**1,379.9**\n\n​\n\n**4,180.0**\n\n​\n\n**3.5**\n\n​\n\n​\n\n**31.4**\n\n​\n\n**41.3**\n\n​\n\n​\n\n**5,643.0**\n\nProfit for the year\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n \n\n—\n\n \n\n1,917.1\n\n \n\n—\n\n​\n\n \n\n—\n\n \n\n—\n\n​\n\n \n\n1,917.1\n\n*Other comprehensive income*\n\n​\n\n \n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nNet actuarial gains from retirement benefits plan\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n \n\n—\n\n \n\n6.6\n\n \n\n—\n\n​\n\n \n\n—\n\n \n\n—\n\n​\n\n \n\n6.6\n\nNet movements in cash-flow reserve\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n \n\n—\n\n \n\n—\n\n \n\n—\n\n​\n\n \n\n234.5\n\n \n\n—\n\n​\n\n \n\n234.5\n\nTotal other comprehensive income\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n \n\n—\n\n \n\n6.6\n\n \n\n—\n\n​\n\n \n\n234.5\n\n \n\n—\n\n​\n\n \n\n241.1\n\nTotal comprehensive income\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n \n\n—\n\n \n\n1,923.7\n\n \n\n—\n\n​\n\n \n\n234.5\n\n \n\n—\n\n​\n\n \n\n2,158.2\n\n*Transactions with owners of the Company, recognized directly in equity*\n\n​\n\n \n\n​\n\n​\n\n​\n\n​\n\n \n\n​\n\n \n\n​\n\n \n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nIssue of ordinary equity shares\n\n​\n\n \n\n1.4\n\n​\n\n \n\n—\n\n \n\n24.4\n\n \n\n(8.0)\n\n \n\n—\n\n​\n\n \n\n—\n\n \n\n—\n\n​\n\n​\n\n16.4\n\nDividends paid\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n—\n\n​\n\n(199.5)\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n—\n\n​\n\n​\n\n(199.5)\n\nShare-based payments\n\n​\n\n** **\n\n—\n\n​\n\n** **\n\n—\n\n** **\n\n—\n\n** **\n\n—\n\n** **\n\n—\n\n​\n\n** **\n\n—\n\n** **\n\n(3.9)\n\n​\n\n** **\n\n(3.9)\n\nTransfer of exercised and expired share based awards\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n \n\n—\n\n \n\n3.6\n\n \n\n—\n\n​\n\n \n\n—\n\n \n\n(3.6)\n\n​\n\n​\n\n—\n\n**Balance at March 31, 2024**\n\n​\n\n \n\n**1,140.1**\n\n​\n\n** **\n\n**6.9**\n\n** **\n\n**1,404.3**\n\n** **\n\n**5,899.8**\n\n** **\n\n**3.5**\n\n​\n\n** **\n\n**265.9**\n\n** **\n\n**33.8**\n\n​\n\n** **\n\n**7,614.2**\n\nProfit for the year\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n \n\n—\n\n \n\n1,611.6\n\n \n\n—\n\n​\n\n \n\n—\n\n \n\n—\n\n​\n\n \n\n1,611.6\n\n*Other comprehensive loss*\n\n​\n\n \n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nNet movements in cash-flow reserve\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n—\n\n​\n\n—\n\n​\n\n—\n\n​\n\n​\n\n(287.2)\n\n​\n\n—\n\n​\n\n​\n\n(287.2)\n\nTotal other comprehensive loss\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n \n\n—\n\n \n\n—\n\n \n\n—\n\n​\n\n \n\n(287.2)\n\n \n\n—\n\n​\n\n \n\n(287.2)\n\nTotal comprehensive income/(loss)\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n \n\n—\n\n \n\n1,611.6\n\n \n\n—\n\n​\n\n \n\n(287.2)\n\n \n\n—\n\n​\n\n \n\n1,324.4\n\n*Transactions with owners of the Company, recognized directly in equity*\n\n​\n\n \n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nIssue of ordinary equity shares\n\n​\n\n​\n\n1.0\n\n​\n\n \n\n—\n\n \n\n17.3\n\n \n\n(12.4)\n\n \n\n—\n\n​\n\n \n\n—\n\n \n\n—\n\n​\n\n \n\n4.9\n\nRepurchase of ordinary equity shares\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n—\n\n​\n\n(1,481.7)\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n—\n\n​\n\n​\n\n(1,481.7)\n\nCancellation of repurchased shares\n\n​\n\n​\n\n(77.2)\n\n​\n\n​\n\n(0.5)\n\n​\n\n—\n\n​\n\n—\n\n​\n\n0.5\n\n​\n\n​\n\n—\n\n​\n\n—\n\n​\n\n​\n\n—\n\nDividends paid\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n—\n\n​\n\n(437.7)\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n—\n\n​\n\n​\n\n(437.7)\n\nShare-based payments\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n \n\n—\n\n \n\n—\n\n \n\n—\n\n​\n\n \n\n—\n\n \n\n12.8\n\n​\n\n \n\n12.8\n\nTransfer of exercised and expired share based awards\n\n​\n\n​\n\n—\n\n​\n\n \n\n—\n\n \n\n—\n\n \n\n9.0\n\n \n\n—\n\n​\n\n \n\n—\n\n \n\n(9.0)\n\n​\n\n \n\n—\n\n**Balance at March 31, 2025**\n\n​\n\n \n\n**1,063.9**\n\n​\n\n** **\n\n**6.4**\n\n** **\n\n**1,421.6**\n\n** **\n\n**5,588.6**\n\n** **\n\n**4.0**\n\n​\n\n** **\n\n**(21.3)**\n\n** **\n\n**37.6**\n\n​\n\n** **\n\n**7,036.9**\n\nProfit for the year\n\n​\n\n​\n\n—\n\n​\n\n \n\n—\n\n \n\n—\n\n \n\n2,173.7\n\n \n\n—\n\n​\n\n \n\n—\n\n \n\n—\n\n​\n\n \n\n2,173.7\n\n*Other comprehensive loss*\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nNet movements in cash-flow reserve\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n—\n\n​\n\n—\n\n​\n\n—\n\n​\n\n​\n\n1,852.0\n\n​\n\n—\n\n​\n\n​\n\n1,852.0\n\nTotal other comprehensive income\n\n​\n\n​\n\n—\n\n​\n\n \n\n—\n\n \n\n—\n\n \n\n—\n\n \n\n—\n\n​\n\n \n\n1,852.0\n\n \n\n—\n\n​\n\n \n\n1,852.0\n\nTotal comprehensive income\n\n​\n\n​\n\n—\n\n​\n\n \n\n—\n\n \n\n—\n\n \n\n2,173.7\n\n \n\n—\n\n​\n\n \n\n1,852.0\n\n \n\n—\n\n​\n\n \n\n4,025.7\n\n*Transactions with owners of the Company, recognized directly in equity*\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nIssue of ordinary equity shares\n\n​\n\n​\n\n0.5\n\n​\n\n \n\n—\n\n \n\n13.2\n\n \n\n(10.0)\n\n \n\n—\n\n​\n\n \n\n—\n\n \n\n—\n\n​\n\n \n\n3.2\n\nRepurchase of ordinary equity shares\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n—\n\n​\n\n(536.1)\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n—\n\n​\n\n​\n\n(536.1)\n\nCancellation of repurchased shares\n\n​\n\n​\n\n(20.5)\n\n​\n\n​\n\n(0.1)\n\n​\n\n—\n\n​\n\n—\n\n​\n\n0.1\n\n​\n\n​\n\n—\n\n​\n\n—\n\n​\n\n​\n\n—\n\nDividends paid\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n—\n\n​\n\n(443.3)\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n—\n\n​\n\n​\n\n(443.3)\n\nShare-based payments\n\n​\n\n​\n\n—\n\n​\n\n \n\n—\n\n \n\n—\n\n \n\n—\n\n \n\n—\n\n​\n\n \n\n—\n\n \n\n15.0\n\n​\n\n \n\n15.0\n\nTransfer of exercised and expired share based awards\n\n​\n\n​\n\n—\n\n​\n\n \n\n—\n\n \n\n—\n\n \n\n4.6\n\n \n\n—\n\n​\n\n \n\n—\n\n \n\n(4.6)\n\n​\n\n \n\n—\n\n**Balance at March 31, 2026**\n\n​\n\n​\n\n**1,043.9**\n\n​\n\n** **\n\n**6.3**\n\n** **\n\n**1,434.8**\n\n** **\n\n**6,777.5**\n\n** **\n\n**4.1**\n\n​\n\n** **\n\n**1,830.7**\n\n** **\n\n**48.0**\n\n​\n\n** **\n\n**10,101.4**\n\nThe accompanying notes are an integral part of the consolidated financial statements.\n\n​\n\nF-7\n\n[Table of Contents](#TOC)\n\nConsolidated Statement of Cash Flows\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Year ended March 31,**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**2026**\n\n​\n\n**2025**\n\n​\n\n**2024**\n\n** **\n\n​\n\n​\n\n**Note**\n\n​\n\n**€M**\n\n​\n\n**€M**\n\n​\n\n**€M**\n\n​\n\n**Operating activities**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n  ​\n\n​\n\nProfit after tax\n\n​\n\n​\n\n​\n\n2,173.7\n\n​\n\n1,611.6\n\n​\n\n1,917.1\n\n​\n\n**Adjustments to reconcile profit after tax to net cash from operating activities**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n  ​\n\n​\n\nDepreciation\n\n​\n\n2 & 3\n\n​\n\n1,373.4\n\n​\n\n1,214.4\n\n​\n\n1,059.5\n\n​\n\n(Increase)/decrease in inventories\n\n​\n\n5\n\n​\n\n(0.2)\n\n​\n\n1.6\n\n​\n\n(0.2)\n\n​\n\nTax expense\n\n​\n\n12\n\n​\n\n249.6\n\n​\n\n172.8\n\n​\n\n210.9\n\n​\n\nShare based payments\n\n​\n\n17\n\n​\n\n15.0\n\n​\n\n12.8\n\n​\n\n(3.9)\n\n​\n\nDecrease/(increase) in trade receivables\n\n​\n\n7\n\n​\n\n29.3\n\n​\n\n2.9\n\n​\n\n(16.7)\n\n​\n\n(Increase) in other assets\n\n​\n\n​\n\n​\n\n(141.3)\n\n​\n\n(585.6)\n\n​\n\n(359.0)\n\n​\n\n(Decrease)/increase in trade payables\n\n​\n\n​\n\n​\n\n(9.2)\n\n​\n\n124.8\n\n​\n\n(46.4)\n\n​\n\nIncrease in accrued expenses and other liabilities\n\n​\n\n​\n\n​\n\n276.6\n\n*\n\n948.8\n\n​\n\n449.6\n\n​\n\n(Decrease) in provisions\n\n​\n\n13\n\n​\n\n(15.2)\n\n​\n\n(12.2)\n\n​\n\n(8.3)\n\n​\n\nIncrease in finance income\n\n​\n\n​\n\n​\n\n0.3\n\n​\n\n1.9\n\n​\n\n3.6\n\n​\n\n(Decrease)/increase in finance expense\n\n​\n\n​\n\n​\n\n(10.3)\n\n​\n\n(0.4)\n\n​\n\n7.9\n\n​\n\nForeign exchange\n\n​\n\n​\n\n​\n\n4.7\n\n​\n\n7.2\n\n​\n\n(7.1)\n\n​\n\nIncome tax (paid)\n\n​\n\n12\n\n​\n\n(251.5)\n\n​\n\n(84.9)\n\n​\n\n(49.1)\n\n​\n\n**Net cash from operating activities**\n\n​\n\n​\n\n​\n\n3,694.9\n\n​\n\n3,415.7\n\n​\n\n3,157.9\n\n​\n\n**Investing activities**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nCapital expenditure - purchase of property, plant and equipment\n\n​\n\n​\n\n​\n\n(1,892.4)\n\n​\n\n(1,552.5)\n\n​\n\n(2,391.9)\n\n​\n\n(Increase)/decrease in financial assets: cash > 3 months\n\n​\n\n​\n\n​\n\n(712.3)\n\n​\n\n137.7\n\n​\n\n818.4\n\n​\n\n(Increase)/decrease in restricted cash\n\n​\n\n8\n\n​\n\n(8.1)\n\n​\n\n(16.7)\n\n​\n\n13.1\n\n​\n\n**Net cash (used in) investing activities**\n\n​\n\n​\n\n​\n\n(2,612.8)\n\n​\n\n(1,431.5)\n\n​\n\n(1,560.4)\n\n​\n\n**Financing activities**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nProceeds from shares issued\n\n​\n\n​\n\n​\n\n3.2\n\n​\n\n4.9\n\n​\n\n16.4\n\n​\n\nShare buyback\n\n​\n\n​\n\n​\n\n(536.5)\n\n​\n\n(1,477.8)\n\n​\n\n—\n\n​\n\nDividends paid\n\n​\n\n24\n\n​\n\n(443.3)\n\n​\n\n(437.7)\n\n​\n\n(199.5)\n\n​\n\nRepayments of borrowings\n\n​\n\n​\n\n​\n\n(1,190.0)\n\n​\n\n(50.0)\n\n​\n\n(1,100.5)\n\n​\n\nLease liabilities paid\n\n​\n\n​\n\n​\n\n(34.1)\n\n​\n\n(36.4)\n\n​\n\n(42.7)\n\n​\n\n**Net cash (used in) financing activities**\n\n​\n\n​\n\n​\n\n(2,200.7)\n\n​\n\n(1,997.0)\n\n​\n\n(1,326.3)\n\n​\n\n**(Decrease)/increase in cash and cash equivalents**\n\n​\n\n​\n\n​\n\n(1,118.6)\n\n​\n\n(12.8)\n\n​\n\n271.2\n\n​\n\nNet foreign exchange differences\n\n​\n\n​\n\n​\n\n(11.3)\n\n​\n\n0.7\n\n​\n\n4.9\n\n​\n\nCash and cash equivalents at beginning of year\n\n​\n\n​\n\n​\n\n3,863.3\n\n​\n\n3,875.4\n\n​\n\n3,599.3\n\n​\n\n**Cash and cash equivalents at end of year**\n\n​\n\n11\n\n​\n\n2,733.4\n\n​\n\n3,863.3\n\n​\n\n3,875.4\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Included in the cash flows from operating activities for the year are the following amounts:**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nInterest income received\n\n​\n\n19\n\n​\n\n81.0\n\n​\n\n135.9\n\n​\n\n148.4\n\n​\n\nInterest expense paid\n\n​\n\n19\n\n​\n\n(51.0)\n\n​\n\n(69.7)\n\n​\n\n(88.7)\n\n​\n\n​\n\n*FY26 includes an exceptional charge of €85m (approx. 33%) for Italian AGCM fine.\n\n​\n\nThe accompanying notes are an integral part of the consolidated financial statements.\n\n​\n\nF-8\n\n[Table of Contents](#TOC)\n\n**Notes forming part of the Consolidated Financial Statements******​\n\n1.           Basis of preparation and material accounting policies\n\n​\n\nThe accounting policies applied in the preparation of the consolidated financial statements for FY26 are set out below. These have been applied consistently for all periods presented, except as otherwise stated.\n\n​\n\n(i) Business activity\n\n​\n\nRyanair DAC and its subsidiaries (“Ryanair DAC”) has operated as an international airline since commencing operations in 1985. On August 23, 1996, Ryanair Holdings Limited, a newly formed holding company, acquired the entire issued share capital of Ryanair DAC. On May 16, 1997, Ryanair Holdings Limited re-registered as a public limited company, Ryanair Holdings plc (the “Company”). Ryanair Holdings plc and its subsidiaries are hereafter together referred to as “Ryanair Holdings plc” (or “we”, “our”, “us”, “Ryanair”, the “Company”, the “Ryanair Group”, or the “Group”) and currently operate a low-fares airline Group headquartered in Dublin Office, Airside Business Park, Swords, Dublin, Ireland. Ryanair Holdings plc incorporated Buzz during the year ended March 31, 2018; it acquired Lauda and set up Ryanair UK during the year ended March 31, 2019 and Malta Air during the year ended March 31, 2020. The principal trading activities of the Group are undertaken by Buzz, Lauda, Malta Air, Ryanair DAC and Ryanair UK.\n\n​\n\n(ii) Statement of compliance\n\n​\n\nIn accordance with the International Accounting Standards (“IAS”) Regulation (EC 1606 (2002)) which applies throughout the European Union (“EU”), the consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as adopted by the EU (“IFRS as adopted by the EU”), which are effective for the year ended and as at March 31, 2026. In addition to complying with its legal obligation to comply with IFRS as adopted by the EU, the consolidated financial statements have been prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board (“IASB”) (“IFRS as issued by the IASB”). The consolidated financial statements have also been prepared in accordance with the Companies Act 2014.\n\nDetails of legislative changes and new accounting standards or amendments to accounting standards, which are not yet effective and have not been early adopted in these consolidated financial statements, and the likely impact on future financial statements are set forth below in the prospective accounting changes section.\n\n​\n\n(iii) Basis of preparation\n\n​\n\nThese consolidated financial statements are presented in euro millions, the euro being the functional currency of the parent entity and the primary Group companies. They are prepared on the historical cost basis, except for derivative financial instruments, which are stated at fair value and share-based payments, which are based on fair value determined as at the grant date of the relevant share options.\n\n​\n\nThe consolidated and company financial statements have been prepared on the going concern basis of accounting. In adopting the going concern basis in preparing the financial statements, the Directors have considered Ryanair’s available sources of finance including access to the capital markets, sale and leaseback transactions, secured debt structures, the Group’s cash on-hand and cash generation and preservation projections, together with factors likely to affect its future performance, as well as the Group’s principal risks and uncertainties.  \n\n​\n\nGeopolitical events, including the escalation or expansion of hostilities in Ukraine and/or the Middle East and the escalation of global trade tensions and trade protectionism (including import tariffs), may lead to further trade restrictions and instability across Europe and worldwide which may affect Ryanair.\n\nF-9\n\n[Table of Contents](#TOC)\n\nThe Directors have reviewed the financial forecasts across a range of scenarios. Ryanair has modeled a base case assuming the Group achieves its traffic targets in FY27. However, there remains a risk of worsening conditions as noted above. Accordingly, Ryanair has also modeled downside scenarios that include combinations of a decrease in yield, worse than expected load factors and adverse variations in fuel price and availability.\n\n​\n\nAs at March 31, 2026, the Group had a strong liquidity position with cash of €3.6bn and net cash of €2.1bn. This level of cash, together with available sources of finance, is sufficient to cover the Group’s projected cash requirements for operating expenses, capital expenditure, repayments of indebtedness and payment of corporation tax liabilities as they fall due, within at least the next 12-month period. Furthermore, as at March 31, 2026, Ryanair has 620 unencumbered, owned aircraft (100% of its owned fleet) and a BBB+ credit rating from both S&P and Fitch Ratings.\n\n​\n\nBased on the assessment of the adequacy of the financial forecasts, testing various scenarios and considering the uncertainties described above, and available sources of finance outlined, the Directors have formed a judgement, at the time of approving the financial statements, that there is a reasonable expectation that the Company and the Group as a whole have adequate resources to continue in operational existence for a period of at least twelve months from the date of approval of the financial statements and that there were no material uncertainties that may cast significant doubt on the Group’s ability to continue as a going concern. For this reason, they continue to adopt the going concern basis in preparing the financial statements.  \n\n​\n\n(iv) New IFRS standards adopted during the year\n\n​\n\nThe following new and amended standards, have been issued by the IASB, and have also been endorsed by the EU. These standards are effective for the first time for the financial year beginning on April 1, 2025 and therefore were applied by the Group for the first time to the FY26 consolidated financial statements:\n\n​\n\n●Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability (effective on or after January 1, 2025).\n\n​\n\nThe adoption of these new or amended standards did not have a material impact on the Group’s financial position or results for the year ended March 31, 2026, and are not expected to have a material impact on financial periods thereafter.\n\n​\n\n(v) Prospective IFRS accounting changes, new standards and interpretations not yet effective\n\n​\n\nThe following new or revised IFRS standards and IFRIC interpretations will be adopted for the purposes of the preparation of future financial statements, where applicable. Those that are not, as of yet, EU endorsed are flagged. While under review, we do not anticipate that the adoption of the other new or revised standards and interpretations will have a material impact on our financial position or results from operations.\n\n​\n\n●IFRS 20 Regulatory Assets and Regulatory Liabilities (effective on or after January 1, 2029).*\n\n●IFRS 19 Subsidiaries without Public Accountability: Disclosures (effective on or after January 1, 2027).*\n\n●Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Translation to a Hyperinflationary Presentation Currency (effective on or after January 1, 2027).*\n\n●Amendments to IFRS 19 Subsidiaries without Public Accountability: Disclosures (effective on or after January 1, 2027).*\n\n●Annual Improvements Volume 11 (effective on or after January 1, 2026).\n\n●Contracts Referencing Nature-dependent Electricity – Amendments to IFRS 9 and IFRS 7 (effective on or after January 1, 2026).\n\nF-10\n\n[Table of Contents](#TOC)\n\n●Amendments to the Classification and Measurement of Financial Instruments (Amendments to IFRS 9 and IFRS 7) (effective on or after January 1, 2026).\n\n*These standards or amendments to standards are not as of yet EU endorsed.\n\n​\n\nThe Group is currently evaluating the impact of IFRS 18 Presentation and Disclosure in Financial Statements (effective on or after January 1, 2027). IFRS 18 is the new standard on presentation and disclosure in financial statements (replacing IAS 1), with a focus on updates to the income statement. Even though IFRS 18 will not impact the recognition or measurement of items in the financial statements, its impacts on presentation and disclosure are expected to be considerable, in particular those related to the classification of income and expenses into operating, investing and financing categories on the face of the income statement.\n\n​\n\n(vi) Critical accounting policies\n\n​\n\nThe preparation of financial statements in conformity with IFRS requires management to make estimates, judgements and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. These estimates and associated assumptions are based on historical experience and various other factors believed to be reasonable under the circumstances, and the results of such estimates form the basis of carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ materially from these estimates. These underlying assumptions are reviewed on an ongoing basis. A revision to an accounting estimate is recognized in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if these are also affected. Principal sources of estimation uncertainty have been set forth below. Actual results may differ from estimates.\n\n​\n\n**Critical estimates**\n\n​\n\nLong-lived assets\n\nAt March 31, 2026, the Group had €11.4bn of property, plant and equipment long-lived assets, of which €11.1bn were aircraft related. In accounting for long-lived assets, the Group must make estimates about the expected useful lives of the assets and the expected residual values of the assets.\n\n​\n\nIn estimating the useful lives and expected residual values of the aircraft component, the Group considered a number of factors, including its own historic experience and past practices of aircraft disposals, renewal programs, forecasted growth plans, external valuations from independent appraisers, recommendations from the aircraft supplier and manufacturer and other industry-available information.\n\n​\n\nThe Group's estimate of each aircraft’s residual value is 15% of market value on delivery, based on independent valuations and actual aircraft disposals during prior periods, and each aircraft’s useful life is determined to be 23 years.\n\n​\n\nRevisions to these estimates could be caused by changes to maintenance programs, changes in utilization of the aircraft, governmental regulations on ageing aircraft, changes in new aircraft technology, changes in governmental and environmental taxes, geopolitical uncertainties, changes in new aircraft fuel efficiency, changing market prices for new and used aircraft of the same or similar types, tariffs and macro-economic shocks. The Group therefore evaluates its estimates and assumptions in each reporting period, and, when warranted, adjusts these assumptions. Any adjustments are accounted for on a prospective basis through depreciation expense.\n\n​\n\n​\n\n​\n\n​\n\nF-11\n\n[Table of Contents](#TOC)\n\n**Critical judgements**\n\n​\n\nIn the opinion of the Directors, the following significant judgements were exercised in the preparation of the financial statements:\n\n​\n\nLong-lived assets\n\nOn acquisition a judgement is made to allocate an element of the cost of an acquired aircraft to the cost of major airframe and engine overhauls, reflecting its service potential and the maintenance condition of its engines and airframe. This cost, which can equate to a substantial element of the total aircraft cost, is amortized over the shorter of the period to the next maintenance check (usually between 8 and 12 years) or the remaining useful life of the aircraft.\n\n​\n\n(vii) Basis of consolidation\n\n​\n\nThe consolidated financial statements comprise the financial statements of Ryanair Holdings plc and its subsidiary undertakings as of March 31, 2026. Subsidiaries are entities controlled by Ryanair. Control exists when Ryanair Holdings plc is exposed or has rights to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee.\n\n​\n\nAll inter-company account balances and any unrealized income or expenses arising from intra-group transactions have been eliminated in preparing the consolidated financial statements.\n\n​\n\n(viii) Summary of material accounting policies\n\n​\n\nAccounting for subsidiaries\n\n​\n\nSubsidiaries are all entities controlled by the Group. The Group controls an entity when it is exposed to (has rights to) variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The results of subsidiary undertakings acquired during the year are included in the consolidated income statement from the date at which control of the entity was obtained. They continue to be included in the consolidated income statement until control ceases.\n\n​\n\nForeign currency translation\n\n​\n\nItems included in the financial statements of each of the Group entities are measured using the currency of the primary economic environment in which the entity operates (the “functional currency”). The consolidated financial statements are presented in euro, which is the functional currency of the parent entity and primary Group entities.\n\nTransactions arising in foreign currencies are translated into the respective functional currencies at the rates of exchange in effect at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies are re-translated to euro at the rate of exchange prevailing at the reporting date. Non-monetary assets and liabilities denominated in foreign currencies are translated to euro at foreign exchange rates in effect at the dates the transactions were affected. Foreign currency differences arising on retranslation are recognized in profit or loss, except for differences arising on qualifying cash flow hedges, which are recognized in other comprehensive income.\n\n​\n\nSegment reporting\n\n​\n\nThe Group determines and presents operating segments based on the information that internally is provided to the Group CEO, who is the Company’s Chief Operating Decision Maker (CODM).\n\nF-12\n\n[Table of Contents](#TOC)\n\nThe Group comprises five separate airlines, Buzz, Lauda Europe (“Lauda”), Malta Air, Ryanair DAC and Ryanair UK. Buzz, Malta Air and Lauda do not individually exceed the quantitative thresholds and accordingly are presented on an aggregate basis as they exhibit similar economic characteristics and their services, activities and operations are sufficiently similar in nature. The results of these operations are included as ‘Other Airlines.’ The Ryanair DAC segment incorporates all of the Group's operations, except for those included within ‘Other Airlines’, and is reported as a separate segment as it exceeds the applicable quantitative thresholds for reporting purposes.\n\n​\n\nThe CODM assesses the performance of the business based on the profit after tax of each airline for the reporting period. Resource allocation decisions for all airlines are based on airline performance for the relevant period, with the objective in making these resource allocation decisions being to optimize consolidated financial results.\n\n​\n\nIncome statement classification and presentation\n\n​\n\nIndividual income statement captions have been presented on the face of the income statement, together with additional line items, headings, and sub-totals, where it is determined that such presentation is relevant to an understanding of our financial performance, in accordance with IAS 1, “Presentation of Financial Statements”. Exceptional items are those that in management’s judgment need to be separately disclosed by virtue of their size, nature or incidence to provide additional information either on a primary statement or in a footnote.\n\n​\n\nExpenses are primarily classified and presented in accordance with the nature-of-expenses method, with certain staff costs allocated to functional expense categories within the income statement.\n\n​\n\nProperty, plant and equipment\n\n​\n\nItems of property, plant and equipment are measured at cost less accumulated depreciation and accumulated impairment losses. Cost includes expenditure that is directly attributable to the acquisition of the asset. Cost may also include transfers from other comprehensive income of any gain or loss on qualifying cash flow hedges of foreign currency purchases of property, plant and equipment.\n\n​\n\nDepreciation is calculated so as to write off the cost, less estimated residual value, of assets on a straight-line basis over their expected useful lives at the following annual rates:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**  ​ ​ ​**\n\n**Rate of**\n\n** **\n\n​\n\n​\n\n**Depreciation**\n\n​\n\nHangar and buildings\n\n​\n\n3.33 to 5\n\n%\n\nPlant and equipment (excluding aircraft)\n\n​\n\n20 to 33.3\n\n%\n\nFixtures and fittings\n\n​\n\n20\n\n%\n\nMotor vehicles\n\n​\n\n33.3\n\n%\n\n​\n\n*Aircraft*\n\n​\n\nAn element of the cost of an acquired aircraft is attributed on acquisition to its service potential, reflecting the maintenance condition of its engines and airframe. This cost, which can equate to a substantial element of the total aircraft cost, is amortized over the shorter of the period to the next maintenance check (usually between 8 and 12 years for Boeing 737 aircraft) or the remaining life of the aircraft. The costs of subsequent major airframe and engine maintenance checks are capitalized and amortized over the shorter of the period to the next check or the estimated remaining life of the aircraft.\n\n​\n\nF-13\n\n[Table of Contents](#TOC)\n\nThe remaining aircraft components are depreciated over their estimated useful lives to estimated residual values. The estimates of useful lives and residual values at year-end are:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**  ​ ​ ​**\n\n**Number of Owned Aircraft**\n\n**  ​ ​ ​**\n\n​\n\n**  ​ ​ ​**\n\n​\n\n**Aircraft Type**\n\n**  ​**\n\n**at March 31, 2026**\n\n**  ​**\n\n**Useful Life**\n\n**  ​**\n\n**Residual Value**\n\nBoeing 737s *\n\n  ​\n\n620\n\n​\n\n23 years from date of manufacture\n\n  ​\n\n15% of market value of new aircraft on delivery, determined periodically\n\n*Including 210 Boeing 737-8200s\n\n​\n\nThe Group’s estimate of each aircraft’s residual value is 15% of market value on delivery, based on independent valuations and actual aircraft disposals during prior periods.\n\nAdvance and option payments in respect of aircraft purchase commitments and options to acquire aircraft are recorded at cost and are initially recognized in Trade Payables prior to payment. On acquisition of the related aircraft, these payments are included as part of the cost of aircraft and are depreciated from that date. Where the Company receives reimbursements from the supplier in respect of aircraft purchases, they are reflected as a reduction in the cost of the asset.\n\nRotable spare parts held by the Company are classified as property, plant and equipment if they are expected to be used over more than one period.\n\nGains and losses on disposal of items of property, plant and equipment are determined by comparing the proceeds from disposal with the carrying amount of property, plant and equipment, and are recognized on a net basis within other income/(expense) in profit or loss.\n\n​\n\nThe Group evaluates, at the end of each reporting period, whether there is any indication that its aircraft may be impaired. Factors that may indicate potential impairment include, but are not limited to, a significant decrease in the market value of an aircraft based on observable information, a significant change in an aircraft’s physical condition and operating or cash flow losses associated with the use of the aircraft.\n\n​\n\nAircraft maintenance costs\n\n​\n\nThe accounting for the cost of providing major airframe and certain engine maintenance checks for owned aircraft is described in the accounting policy for property, plant and equipment.\n\n​\n\nFor aircraft held under lease agreements, Ryanair is contractually committed to either return the aircraft in a certain condition or to compensate the lessor based on the actual condition of the airframe, engines and life-limited parts upon return. In order to fulfill such conditions of the lease, maintenance, in the form of major airframe overhaul, engine maintenance checks, and restitution of major life-limited parts, is required to be performed during the period of the lease and upon return of the aircraft to the lessor. The estimated airframe and engine maintenance costs and the costs associated with the restitution of major life-limited parts, are provided for over the lease term for this contractual obligation, based on the present value of the estimated future cost of the major airframe overhaul, engine maintenance checks, and restitution of major life-limited parts, calculated by reference to the number of hours flown or cycles operated during the year. A portion of this provision is offset against the right of use asset, which is immediately depreciated as the liability is incurred as the aircraft is flown. The remaining portion of the provision, relating to normal wear and tear, is charged directly to the income statement.\n\n​\n\nAll other maintenance costs, other than major airframe overhaul, engine maintenance checks, and restitution of major life-limited parts costs associated with leased aircraft, are expensed as incurred.\n\nF-14\n\n[Table of Contents](#TOC)\n\nIntangible assets - landing rights\n\n​\n\nIntangible assets acquired are recognized to the extent it is considered probable that expected future benefits will flow to the Company and the associated costs can be measured reliably. Landing rights acquired as part of a business combination are capitalized at fair value at that date and are not amortized, where those rights are considered to be indefinite. The carrying values of those rights are reviewed for impairment at each reporting date and are subject to impairment testing when events or changes in circumstances indicate that carrying values may not be recoverable. No impairment to the carrying values of the Company’s intangible assets has been recorded to date.\n\n​\n\nFinancial assets: cash > 3 months\n\n​\n\nOther financial assets comprise cash deposits of greater than three months’ maturity at commencement. All amounts are categorized as amortized cost and are recognized initially at fair value and then subsequently are measured at amortized cost, using the effective interest method in the balance sheet.\n\n​\n\nDerivative financial instruments\n\n​\n\nThe Group uses various derivative financial instruments to manage its exposure to market risks, including the risks relating to fluctuations in commodity prices and currency exchange rates. Ryanair uses forward swap contracts for the purchase of its jet fuel (jet kerosene) and forward contracts for carbon credit (Emission Trading Scheme) requirements to reduce its exposure to commodity price risk. It also uses foreign currency forward contracts to reduce its exposure to risks related to foreign currencies, principally the U.S. dollar exposure associated with the purchase of new Boeing 737 aircraft and the U.S. dollar exposure associated with the purchase of jet fuel.\n\n​\n\nThe Group’s derivative financial instruments are measured at fair value and recognized as either assets or liabilities in its consolidated balance sheet.\n\n​\n\nAll derivatives are designated as cash flow hedges on inception, with all gains and losses taken to other reserves. At March 31, 2026, a net asset of €49m (2025: €87m) was recognized on balance sheet in respect of the Group’s foreign currency derivative instruments associated with future jet fuel purchases and aircraft additions, and a net asset of €2,028m (2025: net liability of €205m) was recognized in respect of its commodity derivative instruments associated with fuel and carbon operating expenses.\n\n​\n\nIn determining the hedge effectiveness of derivative instruments used to hedge Ryanair’s fuel requirements, there is significant judgement involved in assessing whether the volumes of jet fuel hedged are still expected to be highly probable forecast transactions. Specifically, significant judgement is required in respect of the assumptions related to the future number of sectors and sector length. All of these assumptions impact upon forecast fuel consumption, and changes to these assumptions could have a significant effect on the assessment of hedge effectiveness.\n\n​\n\nIn respect of foreign currency hedge effectiveness for future aircraft purchases, there is a high degree of judgement involved in assessing whether the future aircraft payments are still considered highly probable of occurring, and the timing of these future payments for aircraft. The timing of future payments for aircraft is dependent on the aircraft manufacturer’s ability to meet forecast aircraft delivery schedules.\n\n​\n\nAs at March 31, 2026 the Group had entered into jet fuel forward swap contracts covering approximately 80% of its estimated requirements for FY27. The Group believes these hedges to be effective for hedge accounting purposes.\n\n​\n\nF-15\n\n[Table of Contents](#TOC)\n\nTrade and other receivables and payables\n\n​\n\nTrade and other receivables and payables are stated on initial recognition at fair value plus any incremental direct costs and subsequently at amortized cost, net (in the case of receivables) of any impairment losses, which approximates fair value given the short-dated nature of these assets and liabilities.\n\nCash and cash equivalents\n\n​\n\nCash represents cash held at banks and available on demand and is categorized for measurement purposes as amortized cost.\n\nCash equivalents are money market funds and other current asset investments (other than cash) that are readily convertible into known amounts of cash, typically cash deposits of more than one day but less than three months at the date of purchase. Deposits with maturities greater than three months but less than one year are recognized as short-term investments, are measured at amortized cost and are carried initially at fair value and then subsequently at amortized cost, using the effective-interest method.\n\n​\n\nEU Emissions Trading System and UK Emissions Trading Scheme (“ETS”)\n\n​\n\nThe EU Emissions Trading System and UK Emissions Trading Scheme (“ETS”), are cap-and-trade systems for CO2 emissions to encourage industries to improve their CO2 efficiency. On an annual basis, the Group surrenders allowances, received via a mixture of free allocations from governing bodies (which ended in January 2026) and carbon credits purchased in the external market, to cover carbon emissions. The Group recognizes the cost associated with the purchase of carbon credits as part of the ETS as an expense in the income statement within ‘Operating expenses – fuel and oil’. This expense is recognized in line with fuel consumed during the fiscal year as the Group’s carbon emissions and fuel consumptions are directly linked.\n\n​\n\nETS allowances are recognized and measured at cost, as follows:\n\na)Allowances received from governing bodies for free – a nil amount is recognized.\n\nb)\n\nCarbon credits purchased in the external market – are recognized at their purchase price as a prepayment and are presented within ‘Other assets’ on the Group’s balance sheet.\n\nA liability is recognized when carbon emissions produced exceed the allowances received from governing bodies. These excess emissions produced by the Group are measured at fair value, reflecting the expenditure required to settle the present obligation at the reporting date. The liability is presented within ‘Accrued expenses and other liabilities’ on the Group’s balance sheet.\n\nIn the Consolidated Statement of Cash Flows, ETS allowances purchased are reflected within operating activities as an increase in other assets.\n\nAs noted on F-34, the Group’s fuel risk management policy includes hedging of ETS exposures. The Group had purchased sufficient carbon credits to satisfy the FY26 emissions and as such, the cost of emissions is not deemed to represent a major source of estimation uncertainty.\n\n​\n\nF-16\n\n[Table of Contents](#TOC)\n\nInterest-bearing loans and borrowings\n\n​\n\nAll loans and borrowings are initially recorded at fair value, being the fair value of the consideration received, net of attributable transaction costs. Subsequent to initial recognition, non-current interest-bearing loans are measured at amortized cost, using the effective interest rate methodology.\n\n​\n\nLeases\n\n​\n\nAt inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is, or contains a lease, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Group uses the definition of a lease in IFRS 16.\n\n​\n\nRight of use assets and lease liabilities are recognized based on the present value of the future lease payments over the lease term at commencement date. In determining the net present value of lease payments, the Group uses its incremental borrowing rate based on information available at the lease commencement date. The right of use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for lease payments made at or before the commencement date, plus any initial direct costs incurred.\n\n​\n\nThe Group recognizes a depreciation charge for right of use assets on a straight-line basis over the lease term within depreciation expenses, and an interest expense on lease liabilities within finance expenses in the Group’s consolidated income statement. In addition, the right of use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability.\n\n​\n\nThe lease liability is measured at amortized cost using the effective interest method. The interest rate implicit in the lease cannot be readily determined, and therefore the incremental borrowing rate of the Group has been used. The incremental borrowing rate is determined by reference to the borrowing rate the Group would be offered if it took out a securitized loan from a third-party financial institution for a similar amount and similar period. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, or if there is a change in the Group’s estimate of the amount expected to be payable under a residual value guarantee, if the Group changes its assessment of whether it will exercise a purchase, extension or termination option, if there is a revised in-substance fixed lease payment or if there is a contract modification. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right of use asset or is recorded in profit or loss if the carrying amount of the right of use asset has been reduced to zero.\n\n​\n\nThe Group has lease agreements for aircraft with lease and non-lease components, which the Group has elected to account for as a single lease component.\n\n​\n\nThe Group has elected to take the short-term lease exemption and, therefore, does not recognize a right of use asset or corresponding liability for lease arrangements with an original term of 12 months or less. Lease payments associated with short-term leases are recognized in the Group’s consolidated income statement on a straight-line basis over the lease term.\n\n​\n\nThe Group has elected to take the low value lease exemption and, therefore, does not recognize a right of use asset or corresponding liability for lease arrangements for which the underlying value is of low value. Lease payments associated with these leases are recognized in the Group’s consolidated income statement on a straight-line basis over the lease term.\n\n​\n\nF-17\n\n[Table of Contents](#TOC)\n\nProvisions and contingencies\n\n​\n\nA provision is recognized in the balance sheet when there is a present legal or constructive obligation as a result of a past event, and it is probable that an outflow of economic benefit will be required to settle the obligation. If the effect is material, provisions are determined by discounting the expected future outflow at a pre-tax rate that reflects current market assessments of the time value of money and, when appropriate, the risks specific to the liability.\n\nThe Group assesses the likelihood of any adverse outcomes to contingencies, as well as probable losses. We record provisions for such contingencies when it is probable that a liability will be incurred and the amount of the loss can be reasonably estimated. A contingent liability is disclosed where the existence of the obligation will only be confirmed by future events, or where the amount of the obligation cannot be measured with reasonable reliability. Provisions are re-measured at each reporting date based on the best estimate of the settlement amount.\n\n​\n\nRevenues\n\n​\n\nScheduled revenues relate to the sale of flight seats and associated direct flight fees, including baggage fares and change fees. Scheduled revenues are measured at the amount paid by the passenger, net of taxes, and recognized within unearned revenue at the time of booking. Scheduled revenues are recognized within the income statement at the point in time when the flight service is provided (i.e. when the flight takes place).\n\nAncillary revenues relate to activities connected with the flight service, including priority boarding, reserved seating and in-flight sales of merchandise. These services are recognized when the performance obligations have been satisfied which, as the majority of the ancillary services are related to passenger flight travel, is at the point in time when the flight service is provided.\n\nThe Group has determined it is an agent in relation to associated flight services including car hire, travel insurance, accommodation, airport transfer and parking and airport fast track services as the obligation is to arrange for the services to be provided by a third party and therefore revenue is mainly recognized at the point in time when the service is arranged. This is predominately at the time of booking by the passenger.\n\nWhere a flight is cancelled, a passenger is entitled to a cash refund, a voucher for a future flight, or to re-schedule the cancelled flight. Additionally, gift vouchers may be purchased by passengers. Where a voucher is issued, a liability for the amount paid by the passenger is recognized in full and held within unearned revenue until the voucher is utilized against a future flight, when it expires, or when it is probable that it will expire unexercised.\n\nAccordingly, unearned revenue, which is presented as a contract liability within the balance sheet, represents flight seats sold but not yet flown and where a voucher for a future flight has been issued. Unearned revenue is included in accrued expenses and other liabilities.\n\nWhere the Group expects to refund some, or all, of the amount paid for a flight service, for instance where a flight is cancelled, a refund liability is recognized for the full amount payable. This is recognized within unearned revenue and included in accrued expenses and other liabilities.\n\nShare-based payments\n\n​\n\nThe Company engages in equity-settled, share-based payment transactions in respect of services received from certain employees as part of the Option Plan 2013 and the LTIP 2019 (collectively “equity settled transactions”). The fair value of the services received is measured by reference to the fair value of the equity settled transactions on the date of the grant. The grant measurement date is the date that a shared understanding of the terms of the award is established between the Company and the employee. The cost of the employee services received in respect of the equity settled\n\nF-18\n\n[Table of Contents](#TOC)\n\ntransactions granted is recognized in the income statement over the period that the services are received, which is the vesting period, with a corresponding increase in equity. To the extent that service is provided prior to the grant measurement date, the fair value of the equity settled transaction is initially estimated and re-measured at each reporting date until the grant measurement date is achieved. The fair value of the market conditions related to equity settled transactions granted is determined using a binomial lattice option-pricing model, which takes into account the exercise price of the equity settled transactions, the current share price, the risk-free interest rate, the expected volatility of the Ryanair Holdings plc share price over the life of the equity settled transaction, employee early exercise behavior and other relevant factors. Non-market vesting conditions are included in the assumptions about the number of equity settled transactions that are expected to vest. At each reporting date, the Company revises its estimates of the number of options/conditional shares that are likely to vest as a result of non-market conditions. Where the share-based payments give rise to the issue of new share capital, the proceeds received by the Company are credited to share capital (nominal value) and share premium (where applicable) when the share entitlements are exercised.\n\n​\n\nThe Group recognizes the effect of modifications that increase the total fair value of the share-based payment arrangement. The incremental fair value granted is included in the measurement of the amount recognized for services received over the period from the modification date until the date when the modified equity-settled share-based payments transactions vest.\n\nTaxation\n\n​\n\nIncome tax on the profit or loss for the year comprises current and deferred tax. It is recognized in the income statement except to the extent that it relates to items recognized directly in equity or other comprehensive income (“OCI”). The Group has determined that the interest and penalties related to uncertain income tax treatments do not meet the definition of income taxes, and therefore accounted for them under IAS 37 - Provisions, Contingent Liabilities and Contingent Assets.\n\n​\n\n*Current Tax*\n\n​\n\nCurrent tax comprises the expected tax payable and receivable on the taxable income or loss for the year and any adjustment to the tax payable or receivable in respect of previous years. The amount of current tax payable or receivable is the best estimate of the tax amount expected to be paid or received that reflects uncertainty related to income taxes, if any. It is measured using tax rates enacted or substantively enacted at the reporting date. Current tax also includes any tax arising from dividends. Current tax assets and liabilities are offset only if certain criteria are met.\n\n​\n\n*Deferred Tax*\n\n​\n\nDeferred income tax is provided, using the liability method, on temporary differences arising from the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. Deferred income tax is determined using tax rates and legislation enacted or substantively enacted by the reporting date and expected to apply when the temporary differences reverse.  Deferred income tax is not recognized in relation to tax laws that implement the Pillar Two model rules published by the Organisation for Economic Co-operation and Development, including tax law that implements qualified domestic minimum top-up taxes under those rules.\n\n​\n\nThe following temporary differences are not provided for: (i) the initial recognition of assets and liabilities that effect neither accounting nor taxable profit and (ii) differences relating to investments in subsidiaries to the extent that it is probable they will not reverse in the future.\n\n​\n\nA deferred tax asset is recognized to the extent that it is probable that future taxable profits will be available against which temporary differences can be utilized. The carrying amounts of deferred tax assets are reviewed at each\n\nF-19\n\n[Table of Contents](#TOC)\n\nreporting date and reduced to the extent that it is no longer probable that a sufficient taxable profit will be available to allow all or part of the deferred tax asset to be realized.\n\n​\n\nTax liabilities are based on the best estimate of the likely obligation at each reporting period.  These estimates are subject to revision based on the outcome of tax audits and discussions with revenue authorities that can take several years to conclude.\n\n​\n\n*Social insurance, passenger taxes and sales taxes*\n\n​\n\nSocial insurance, passenger taxes and sales taxes are recorded as a liability based on laws enacted in the jurisdictions to which they relate. Liabilities are recorded when an obligation has been incurred.\n\n​\n\nShare capital\n\n​\n\nOrdinary shares are classified as equity. Incremental costs directly attributable to the issuance of ordinary shares and share options are recognized as a deduction from equity, net of any tax effects. When share capital recognized as equity is repurchased, the amount of consideration paid, which includes any directly attributable costs, net of any tax effects, is recognized as a deduction from equity. Repurchased shares are classified as treasury shares and are presented as a deduction from total equity, until they are canceled.\n\n​\n\nDividend distributions are recognized as a liability in the period in which the dividends are approved by the Company’s shareholders.\n\n​\n\nF-20\n\n[Table of Contents](#TOC)\n\n**2.           Property, plant and equipment**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**  ​ ​ ​**\n\n​\n\n**  ​ ​ ​**\n\n**Hangar and**\n\n**  ​ ​ ​**\n\n**Plant and**\n\n**  ​ ​ ​**\n\n**Fixtures and**\n\n**  ​ ​ ​**\n\n**Motor**\n\n**  ​ ​ ​**\n\n​\n\n​\n\n​\n\n**Aircraft**\n\n​\n\n**Buildings**\n\n​\n\n**Equipment**\n\n​\n\n**Fittings**\n\n​\n\n**Vehicles**\n\n​\n\n**Total**\n\n​\n\n​\n\n**€M**\n\n​\n\n**€M**\n\n​\n\n**€M**\n\n​\n\n**€M**\n\n​\n\n**€M**\n\n​\n\n**€M**\n\n**Year ended March 31, 2026**\n\n​\n\n  ​\n\n​\n\n  ​\n\n​\n\n  ​\n\n​\n\n  ​\n\n​\n\n  ​\n\n​\n\n  ​\n\n**Cost**\n\n​\n\n  ​\n\n​\n\n  ​\n\n​\n\n  ​\n\n​\n\n  ​\n\n​\n\n  ​\n\n​\n\n  ​\n\nAt March 31, 2025\n\n​\n\n17,069.0\n\n​\n\n223.6\n\n​\n\n167.0\n\n​\n\n98.2\n\n​\n\n3.8\n\n​\n\n17,561.6\n\nAdditions in year\n\n​\n\n1,670.0\n\n​\n\n61.9\n\n​\n\n21.3\n\n​\n\n7.7\n\n​\n\n—\n\n​\n\n1,760.9\n\nDisposals in year\n\n​\n\n(832.9)\n\n​\n\n(0.8)\n\n​\n\n(5.1)\n\n​\n\n(39.3)\n\n​\n\n(0.4)\n\n​\n\n(878.5)\n\nAt March 31, 2026\n\n​\n\n17,906.1\n\n​\n\n284.7\n\n​\n\n183.2\n\n​\n\n66.6\n\n​\n\n3.4\n\n​\n\n18,444.0\n\n**Depreciation**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nAt March 31, 2025\n\n​\n\n6,399.7\n\n​\n\n55.0\n\n​\n\n98.5\n\n​\n\n81.0\n\n​\n\n3.7\n\n​\n\n6,637.9\n\nCharge for year\n\n​\n\n1,273.8\n\n​\n\n8.7\n\n​\n\n18.7\n\n​\n\n10.2\n\n​\n\n0.1\n\n​\n\n1,311.5\n\nEliminated on disposal\n\n​\n\n(832.9)\n\n​\n\n(0.8)\n\n​\n\n(5.1)\n\n​\n\n(39.3)\n\n​\n\n(0.4)\n\n​\n\n(878.5)\n\nAt March 31, 2026\n\n​\n\n6,840.6\n\n​\n\n62.9\n\n​\n\n112.1\n\n​\n\n51.9\n\n​\n\n3.4\n\n​\n\n7,070.9\n\n**Net book value**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nAt March 31, 2026\n\n​\n\n11,065.5\n\n​\n\n221.8\n\n​\n\n71.1\n\n​\n\n14.7\n\n​\n\n—\n\n​\n\n11,373.1\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**  ​ ​ ​**\n\n**  ​**\n\n**  ​ ​ ​**\n\n**Hangar and**\n\n**  ​ ​ ​**\n\n**Plant and**\n\n**  ​ ​ ​**\n\n**Fixtures and**\n\n**  ​ ​ ​**\n\n**Motor**\n\n**  ​ ​ ​**\n\n**  ​**\n\n​\n\n​\n\n**Aircraft**\n\n​\n\n**Buildings**\n\n​\n\n**Equipment**\n\n​\n\n**Fittings**\n\n​\n\n**Vehicles**\n\n​\n\n**Total**\n\n​\n\n​\n\n**€M**\n\n​\n\n**€M**\n\n​\n\n**€M**\n\n​\n\n**€M**\n\n​\n\n**€M**\n\n​\n\n**€M**\n\n**Year ended March 31, 2025**\n\n​\n\n  ​\n\n​\n\n  ​\n\n​\n\n  ​\n\n​\n\n  ​\n\n​\n\n  ​\n\n​\n\n  ​\n\n**Cost**\n\n​\n\n  ​\n\n​\n\n  ​\n\n​\n\n  ​\n\n​\n\n  ​\n\n​\n\n  ​\n\n​\n\n  ​\n\nAt March 31, 2024\n\n​\n\n16,422.1\n\n​\n\n204.5\n\n​\n\n144.9\n\n​\n\n94.3\n\n​\n\n3.6\n\n​\n\n16,869.4\n\nAdditions in year\n\n​\n\n1,175.2\n\n​\n\n19.1\n\n​\n\n22.1\n\n​\n\n11.2\n\n​\n\n0.2\n\n​\n\n1,227.8\n\nDisposals in year\n\n​\n\n(528.3)\n\n​\n\n—\n\n​\n\n—\n\n​\n\n(7.3)\n\n​\n\n—\n\n​\n\n(535.6)\n\nAt March 31, 2025\n\n​\n\n17,069.0\n\n​\n\n223.6\n\n​\n\n167.0\n\n​\n\n98.2\n\n​\n\n3.8\n\n​\n\n17,561.6\n\n**Depreciation**\n\n​\n\n  ​\n\n​\n\n  ​\n\n​\n\n  ​\n\n​\n\n  ​\n\n​\n\n  ​\n\n​\n\n  ​\n\nAt March 31, 2024\n\n​\n\n5,809.8\n\n​\n\n48.6\n\n​\n\n81.9\n\n​\n\n78.5\n\n​\n\n3.6\n\n​\n\n6,022.4\n\nCharge for year\n\n​\n\n1,118.2\n\n​\n\n6.4\n\n​\n\n16.6\n\n​\n\n9.8\n\n​\n\n0.1\n\n​\n\n1,151.1\n\nEliminated on disposal\n\n​\n\n(528.3)\n\n​\n\n—\n\n​\n\n—\n\n​\n\n(7.3)\n\n​\n\n—\n\n​\n\n(535.6)\n\nAt March 31, 2025\n\n​\n\n6,399.7\n\n​\n\n55.0\n\n​\n\n98.5\n\n​\n\n81.0\n\n​\n\n3.7\n\n​\n\n6,637.9\n\n**Net book value**\n\n​\n\n  ​\n\n​\n\n​\n\n​\n\n  ​\n\n​\n\n  ​\n\n​\n\n  ​\n\n​\n\n  ​\n\nAt March 31, 2025\n\n​\n\n10,669.3\n\n​\n\n168.6\n\n​\n\n68.5\n\n​\n\n17.2\n\n​\n\n0.1\n\n​\n\n10,923.7\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Hangar and**\n\n**  ​ ​ ​**\n\n**Plant and**\n\n**  ​ ​ ​**\n\n**Fixtures and**\n\n**  ​ ​ ​**\n\n**Motor**\n\n​\n\n​\n\n​\n\n​\n\n**Aircraft**\n\n​\n\n**Buildings**\n\n​\n\n**Equipment**\n\n​\n\n**Fittings**\n\n​\n\n**Vehicles**\n\n​\n\n**Total**\n\n​\n\n​\n\n**€M**\n\n​\n\n**€M**\n\n​\n\n**€M**\n\n​\n\n**€M**\n\n​\n\n**€M**\n\n​\n\n**€M**\n\n**Year ended March 31, 2024**\n\n​\n\n  ​\n\n​\n\n  ​\n\n​\n\n  ​\n\n​\n\n  ​\n\n​\n\n  ​\n\n​\n\n  ​\n\n**Cost**\n\n​\n\n  ​\n\n​\n\n  ​\n\n​\n\n  ​\n\n​\n\n  ​\n\n​\n\n  ​\n\n​\n\n  ​\n\nAt March 31, 2023\n\n​\n\n15,124.8\n\n​\n\n155.3\n\n​\n\n148.3\n\n​\n\n92.0\n\n​\n\n5.4\n\n​\n\n15,525.8\n\nAdditions in year\n\n​\n\n2,073.6\n\n​\n\n49.3\n\n​\n\n23.9\n\n​\n\n12.3\n\n​\n\n0.1\n\n​\n\n2,159.2\n\nSupplier Reimbursements (Note 11)*\n\n​\n\n(226.8)\n\n​\n\n—\n\n​\n\n—\n\n​\n\n—\n\n​\n\n—\n\n​\n\n(226.8)\n\nDisposals in year\n\n​\n\n(549.5)\n\n​\n\n(0.1)\n\n​\n\n(27.3)\n\n​\n\n(10.0)\n\n​\n\n(1.9)\n\n​\n\n(588.8)\n\nAt March 31, 2024\n\n​\n\n16,422.1\n\n​\n\n204.5\n\n​\n\n144.9\n\n​\n\n94.3\n\n​\n\n3.6\n\n​\n\n16,869.4\n\n**Depreciation**\n\n​\n\n  ​\n\n​\n\n  ​\n\n​\n\n  ​\n\n​\n\n  ​\n\n​\n\n  ​\n\n​\n\n  ​\n\nAt March 31, 2023\n\n​\n\n5,393.0\n\n​\n\n43.2\n\n​\n\n93.8\n\n​\n\n81.5\n\n​\n\n5.4\n\n​\n\n5,616.9\n\nCharge for year\n\n​\n\n966.3\n\n​\n\n5.5\n\n​\n\n15.4\n\n​\n\n7.0\n\n​\n\n0.1\n\n​\n\n994.3\n\nEliminated on disposal\n\n​\n\n(549.5)\n\n​\n\n(0.1)\n\n​\n\n(27.3)\n\n​\n\n(10.0)\n\n​\n\n(1.9)\n\n​\n\n(588.8)\n\nAt March 31, 2024\n\n​\n\n5,809.8\n\n​\n\n48.6\n\n​\n\n81.9\n\n​\n\n78.5\n\n​\n\n3.6\n\n​\n\n6,022.4\n\n**Net book value**\n\n​\n\n  ​\n\n​\n\n  ​\n\n​\n\n  ​\n\n​\n\n  ​\n\n​\n\n  ​\n\n​\n\n  ​\n\nAt March 31, 2024\n\n​\n\n10,612.3\n\n​\n\n155.9\n\n​\n\n63.0\n\n​\n\n15.8\n\n​\n\n—\n\n​\n\n10,847.0\n\n​\n\n​\n\n*Reimbursements related to reasonable, and fair, compensation agreed with Boeing for the delivery delay of the Boeing 737-8200 aircraft and is recorded as a reduction in PPE above.\n\nF-21\n\n[Table of Contents](#TOC)\n\n**3.****Right of use assets & lease liabilities**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Year ended March 31, 2026**\n\n**Leases under IFRS 16 recognized in Consolidated Income Statement**\n\n​\n\n​\n\n​\n\n**Aircraft**\n\n​\n\n**Hangar & Buildings**\n\n​\n\n**Total**\n\n​\n\n​\n\n​\n\n  ​ ​ ​\n\n**€M**\n\n​\n\n**€M**\n\n​\n\n**€M**\n\nInterest on lease liabilities\n\n​\n\n​\n\n \n\n7.0\n\n​\n\n—\n\n​\n\n7.0\n\nDepreciation charge\n\n​\n\n​\n\n​\n\n61.9\n\n​\n\n—\n\n​\n\n61.9\n\n**Lease charge for the year**\n\n​\n\n​\n\n​\n\n**68.9**\n\n​\n\n**—**\n\n​\n\n**68.9**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**At March 31, 2026**\n\n****​\n\n​\n\n​\n\n​\n\n**Aircraft**\n\n​\n\n**Hangar & Buildings**\n\n​\n\n**Total**\n\nBalance at beginning of year\n\n​\n\n​\n\n​\n\n148.5\n\n​\n\n—\n\n​\n\n148.5\n\nDepreciation charge for the year\n\n​\n\n​\n\n​\n\n(61.9)\n\n​\n\n—\n\n​\n\n(61.9)\n\nAdditions\n\n​\n\n​\n\n​\n\n22.2\n\n​\n\n39.3\n\n​\n\n61.5\n\n**Balance at end of year**\n\n​\n\n​\n\n​\n\n**108.8**\n\n​\n\n**39.3**\n\n​\n\n**148.1**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**At March 31, 2026**\n\n**Lease Liabilities**\n\n​\n\n​\n\n​\n\n**Aircraft**\n\n​\n\n**Hangar & Buildings**\n\n​\n\n**Total**\n\nBalance at beginning of year\n\n​\n\n​\n\n​\n\n149.1\n\n​\n\n—\n\n​\n\n149.1\n\nFinancing cash outflows from lease liabilities\n\n​\n\n​\n\n​\n\n(41.5)\n\n​\n\n—\n\n​\n\n(41.5)\n\nInterest expense\n\n​\n\n​\n\n​\n\n7.0\n\n​\n\n—\n\n​\n\n7.0\n\nAdditions\n\n​\n\n​\n\n​\n\n—\n\n​\n\n39.3\n\n​\n\n39.3\n\nExchange movements\n\n​\n\n​\n\n​\n\n(9.0)\n\n​\n\n—\n\n​\n\n(9.0)\n\n**Balance at end of year**\n\n​\n\n​\n\n​\n\n**105.6**\n\n​\n\n**39.3**\n\n​\n\n**144.9**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**At March 31, 2026**\n\n**Lease Liabilities**\n\n​\n\n​\n\n​\n\n**Aircraft**\n\n​\n\n**Hangar & Buildings**\n\n​\n\n**Total**\n\nCurrent lease liability\n\n​\n\n​\n\n​\n\n36.6\n\n​\n\n3.2\n\n​\n\n39.8\n\nNon-current lease liability\n\n​\n\n​\n\n​\n\n69.0\n\n​\n\n36.1\n\n​\n\n105.1\n\n**Total lease liabilities at end of year**\n\n​\n\n​\n\n​\n\n**105.6**\n\n​\n\n**39.3**\n\n​\n\n**144.9**\n\nA maturity analysis of our lease liabilities as at March 31, 2026 has been disclosed within Note 11.\n​\n\n​\n\n​\n\n​\n\nF-22\n\n[Table of Contents](#TOC)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Leases under IFRS 16 recognized in Consolidated Income Statement**\n\n​\n\n​\n\n​\n\n**Year ended********March 31, 2025**\n\n​\n\n​\n\n​\n\n​\n\n**€M**\n\nInterest on lease liabilities\n\n​\n\n​\n\n​\n\n9.0\n\nDepreciation charge\n\n​\n\n​\n\n​\n\n63.3\n\n**Lease charge for the year**\n\n​\n\n​\n\n​\n\n**72.3**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Right of use-assets**\n\n​\n\n​\n\n​\n\n**At March 31, 2025**\n\nBalance at beginning of year\n\n​\n\n​\n\n​\n\n166.5\n\nDepreciation charge for the year\n\n​\n\n​\n\n​\n\n(63.3)\n\nAdditions\n\n​\n\n​\n\n​\n\n22.8\n\nModification of leases*\n\n​\n\n​\n\n​\n\n22.5\n\n**Balance at end of year**\n\n​\n\n​\n\n​\n\n**148.5**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Lease Liabilities**\n\n​\n\n​\n\n​\n\n**At March 31, 2025**\n\nBalance at beginning of year\n\n​\n\n​\n\n​\n\n164.6\n\nFinancing cash outflows from lease liabilities\n\n​\n\n​\n\n​\n\n(46.9)\n\nInterest expense\n\n​\n\n​\n\n​\n\n9.0\n\nModification of leases*\n\n​\n\n​\n\n​\n\n22.5\n\nExchange movements\n\n​\n\n​\n\n​\n\n(0.1)\n\n**Balance at end of year**\n\n​\n\n​\n\n​\n\n**149.1**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Lease Liabilities**\n\n​\n\n​\n\n​\n\n**At March 31, 2025**\n\nCurrent lease liability\n\n​\n\n​\n\n​\n\n37.7\n\nNon-current lease liability\n\n​\n\n​\n\n​\n\n111.4\n\n**Total lease liabilities at end of year**\n\n​\n\n​\n\n​\n\n**149.1**\n\n* Relates to the extension of 3 Airbus A320 leases during FY25.\nA maturity analysis of our lease liabilities as at March 31, 2025 has been disclosed within Note 11.\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Leases under IFRS 16 recognized in Consolidated Income Statement**\n\n​\n\n​\n\n​\n\n**Year ended********March 31, 2024**\n\n​\n\n​\n\n​\n\n​\n\n**€M**\n\nInterest on lease liabilities\n\n​\n\n​\n\n​\n\n8.8\n\nDepreciation charge\n\n​\n\n​\n\n​\n\n65.2\n\n**Lease charge for the year**\n\n​\n\n​\n\n​\n\n**74.0**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Right of use-assets**\n\n​\n\n​\n\n​\n\n**At March 31, 2024**\n\nBalance at beginning of year\n\n​\n\n​\n\n​\n\n209.1\n\nDepreciation charge for the year\n\n​\n\n​\n\n​\n\n(65.2)\n\nAdditions\n\n​\n\n​\n\n​\n\n22.6\n\n**Balance at end of year**\n\n​\n\n​\n\n​\n\n**166.5**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Lease Liabilities**\n\n​\n\n​\n\n​\n\n**At March 31, 2024**\n\nBalance at beginning of year\n\n​\n\n​\n\n​\n\n206.3\n\nFinancing cash outflows from lease liabilities\n\n​\n\n​\n\n​\n\n(51.5)\n\nInterest expense\n\n​\n\n​\n\n​\n\n8.8\n\nExchange movements\n\n​\n\n​\n\n​\n\n1.0\n\n**Balance at end of year**\n\n​\n\n​\n\n​\n\n**164.6**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Lease Liabilities**\n\n​\n\n​\n\n​\n\n**At March 31, 2024**\n\nCurrent lease liability\n\n​\n\n​\n\n​\n\n39.4\n\nNon-current lease liability\n\n​\n\n​\n\n​\n\n125.2\n\n**Total lease liabilities at end of year**\n\n​\n\n​\n\n​\n\n**164.6**\n\nA maturity analysis of our lease liabilities as at March 31, 2024 has been disclosed within Note 11.\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nF-23\n\n[Table of Contents](#TOC)\n\n**4.****Intangible assets**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**At March 31, **\n\n​\n\n​\n\n​\n\n**  ​ ​ ​**\n\n**2026**\n\n**  ​ ​ ​**\n\n**2025**\n\n**  ​ ​ ​**\n\n**2024**\n\n**Landing rights**\n\n​\n\n​\n\n** **\n\n**€M**\n\n** **\n\n**€M**\n\n** **\n\n**€M**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nBalance at beginning of year\n\n​\n\n​\n\n​\n\n146.4\n\n​\n\n146.4\n\n​\n\n146.4\n\nBalance at end of year\n\n​\n\n​\n\n \n\n146.4\n\n \n\n146.4\n\n \n\n146.4\n\n​\n\nLanding slots were acquired with the acquisition of Buzz Stansted Limited in April 2003 and Lauda in FY19.\n\n​\n\nAs these landing slots have no expiry date and are expected to be used in perpetuity, they are considered to be of indefinite life and accordingly are not amortized. The Company also considers that there has been no impairment of the value of these rights to date. The recoverable amount of these rights has been determined on a value-in-use basis, using discounted cash flow projections for a twenty year period for each route that has an individual landing right. The calculation of value-in-use is most sensitive to the operating margin and discount rate assumptions. Operating margins are based on the existing margins generated from these routes and adjusted for any known trading conditions. The trading environment is subject to both regulatory and competitive pressures that can have a material effect on the operating performance of the business. Foreseeable events, however, are unlikely to result in a change of projections of a significant nature so as to result in the landing rights’ carrying amounts exceeding their recoverable amounts. These projections have been discounted based on the estimated discount rate applicable to the asset of approximately 12% for 2026, 9% for 2025 and 11% for 2024.\n\n​\n\n5.           Inventories\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**At March 31, **\n\n​\n\n​\n\n​\n\n**  ​ ​ ​**\n\n**2026**\n\n**  ​ ​ ​**\n\n**2025**\n\n**  ​ ​ ​**\n\n**2024**\n\n​\n\n​\n\n​\n\n** **\n\n**€M**\n\n** **\n\n**€M**\n\n** **\n\n**€M**\n\nConsumables\n\n​\n\n​\n\n \n\n4.8\n\n​\n\n4.6\n\n​\n\n6.2\n\n​\n\n​\n\n6.           Other assets\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**At March 31, **\n\n​\n\n​\n\n​\n\n**  ​ ​ ​**\n\n**2026**\n\n**  ​ ​ ​**\n\n**2025**\n\n**  ​ ​ ​**\n\n**2024**\n\n​\n\n​\n\n​\n\n** **\n\n**€M**\n\n** **\n\n**€M**\n\n** **\n\n**€M**\n\nPrepayments and other assets*\n\n​\n\n​\n\n \n\n2,221.0\n\n \n\n2,107.6\n\n \n\n1,451.9\n\nInterest receivable\n\n​\n\n​\n\n \n\n4.5\n\n \n\n4.8\n\n \n\n6.7\n\n​\n\n​\n\n​\n\n \n\n2,225.5\n\n \n\n2,112.4\n\n \n\n1,458.6\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n*Included in prepayments and other assets are amounts due after 1 year of approximately €241m (2025: €262m; 2024: €183m). Prepayments include €1,419m (2025: €1,330m; 2024: €920m) pertaining to EU ETS carbon credits to be utilized within 1 year.\n\n​\n\n​\n\n7.           Trade receivables\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**At March 31, **\n\n​\n\n**  ​ ​ ​**\n\n​\n\n​\n\n**2026**\n\n**  ​ ​ ​**\n\n**2025**\n\n**  ​ ​ ​**\n\n**2024**\n\n​\n\n** **\n\n​\n\n​\n\n**€M**\n\n** **\n\n**€M**\n\n** **\n\n**€M**\n\nTrade receivables\n\n \n\n​\n\n​\n\n44.2\n\n \n\n73.5\n\n \n\n76.4\n\n​\n\n \n\n​\n\n​\n\n44.2\n\n \n\n73.5\n\n \n\n76.4\n\n​\n\nAll amounts fall due within one year.\n\n​\n\nF-24\n\n[Table of Contents](#TOC)\n\nThere has been no change to the allowance for impairment during the year (2025: €nil 2024: €nil). There were no bad debt write-offs in the year (2025: €nil; 2024: €nil).\n\n​\n\nAt March 31, 2026, €4.8m (2025: €10m; 2024: €13m) of the accounts receivable balance were past due, of which €nil (2025: €nil; 2024: €nil) was impaired. The expected credit loss was considered immaterial.\n\n​\n\n8.           Restricted cash\n\n​\n\nRestricted cash consists of approximately €31m (2025: €23m; 2024: €6m) placed in escrow accounts for certain legal cases and appeals (which accounts for the majority of the balance).\n\n​\n\n9.           Trade payables\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**At March 31, **\n\n​\n\n​\n\n​\n\n**  ​ ​ ​**\n\n**2026**\n\n**  ​ ​ ​**\n\n**2025**\n\n**  ​ ​ ​**\n\n**2024**\n\n​\n\n​\n\n​\n\n** **\n\n**€M**\n\n** **\n\n**€M**\n\n** **\n\n**€M**\n\nTrade payables\n\n​\n\n​\n\n \n\n609.8\n\n \n\n702.0\n\n \n\n792.2\n\n​\n\n​\n\n​\n\n \n\n609.8\n\n \n\n702.0\n\n \n\n792.2\n\n​\n\nTrade payables primarily relates to amounts that are payable at various dates in the three months after the end of the financial year in accordance with the creditors’ usual and customary credit terms.\n\n​\n\n10.         Accrued expenses and other liabilities\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**At March 31, **\n\n​\n\n**  ​ ​ ​**\n\n​\n\n​\n\n**2026**\n\n**  ​ ​ ​**\n\n**2025**\n\n**  ​ ​ ​**\n\n**2024**\n\n​\n\n** **\n\n​\n\n​\n\n**€M**\n\n** **\n\n**€M**\n\n** **\n\n**€M**\n\nAccruals\n\n \n\n​\n\n​\n\n2,221.6\n\n \n\n1,953.5\n\n \n\n1,603.1\n\nIndirect tax and duties\n\n \n\n​\n\n​\n\n800.8\n\n \n\n793.7\n\n \n\n725.5\n\nUnearned revenue (contract liabilities)\n\n \n\n​\n\n​\n\n3,419.6\n\n \n\n3,432.2\n\n \n\n2,899.0\n\n​\n\n \n\n​\n\n​\n\n6,442.0\n\n \n\n6,179.4\n\n \n\n5,227.6\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nContract liabilities comprise:\n\n​\n\n​\n\n​\n\n**At March 31, **\n\n​\n\n**  ​ ​ ​**\n\n​\n\n​\n\n**2026**\n\n**  ​ ​ ​**\n\n**2025**\n\n**  ​ ​ ​**\n\n**2024**\n\n​\n\n​\n\n​\n\n​\n\n**€M**\n\n​\n\n**€M**\n\n​\n\n**€M**\n\nOpening contract liabilities\n\n​\n\n​\n\n​\n\n3,432.2\n\n​\n\n2,899.0\n\n​\n\n2,786.5\n\nRevenue deferred during the year\n\n​\n\n​\n\n​\n\n14,606.2\n\n​\n\n13,637.4\n\n​\n\n12,840.8\n\nRevenue recognized during the year\n\n​\n\n​\n\n​\n\n(14,618.8)\n\n​\n\n(13,104.2)\n\n​\n\n(12,728.3)\n\nClosing contract liabilities\n\n​\n\n​\n\n​\n\n3,419.6\n\n​\n\n3,432.2\n\n​\n\n2,899.0\n\n​\n\nIndirect tax and duties comprise:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**At March 31, **\n\n​\n\n**  ​ ​ ​**\n\n​\n\n​\n\n**2026**\n\n**  ​ ​ ​**\n\n**2025**\n\n**  ​ ​ ​**\n\n**2024**\n\n​\n\n** **\n\n​\n\n​\n\n**€M**\n\n** **\n\n**€M**\n\n** **\n\n**€M**\n\nPAYE (payroll taxes)\n\n \n\n​\n\n​\n\n33.1\n\n \n\n39.4\n\n \n\n31.6\n\nOther tax (principally air passenger duty in various countries)\n\n \n\n​\n\n​\n\n767.7\n\n \n\n754.3\n\n \n\n693.9\n\n​\n\n \n\n​\n\n​\n\n800.8\n\n \n\n793.7\n\n \n\n725.5\n\n​\n\n​\n\n​\n\n​\n\n​\n\nCreditors for tax and social insurance are payable in the timeframe set out in the relevant legislation.\n\nF-25\n\n[Table of Contents](#TOC)\n\n**11.**Financial instruments – Fair values and risk management\n\n​\n\nThe Company utilizes financial instruments to reduce exposures to market risks throughout its business. Borrowings, cash and cash equivalents and liquid investments are used to finance the Company’s operations. The Company uses derivative financial instruments, principally jet fuel derivatives and forward foreign exchange contracts to manage commodity risks and currency exposures and to achieve the desired profile of fixed and variable rate borrowings and leases in appropriate currencies. It is the Company’s policy that no speculative trading in financial instruments shall take place.\n\n​\n\nThe main risks attaching to the Company’s financial instruments, the Company’s strategy and approach to managing these risks, and the details of the derivatives employed to hedge against these risks have been disclosed in this note.\n\n​\n\n**(a)****Accounting classifications and fair values**\n\n​\n\nThe following tables show the carrying amounts and fair values of financial assets and financial liabilities, by class and category, as at March 31, 2026, 2025 and 2024. It does not include fair value information for financial assets and financial liabilities not measured at fair value if the carrying amount is a reasonable approximation of fair value (including cash and cash equivalents, financial assets: cash > 3 months, restricted cash, trade receivables, trade payables and accrued expenses).\n\n​\n\nThe carrying value and fair value of the Company’s financial assets by class and category at March 31, 2026, 2025 and 2024 were as follows:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Assets at**\n\n​\n\n**Cash-**\n\n​\n\n**Fair value**\n\n​\n\n**Total**\n\n​\n\n​\n\n​\n\n​\n\n**Amortized**\n\n​\n\n**Flow**\n\n​\n\n**through**\n\n​\n\n**Carrying**\n\n​\n\n**Total Fair**\n\n​\n\n​\n\n**Cost**\n\n​\n\n** Hedges**\n\n​\n\n**Profit & Loss**\n\n​\n\n**Value**\n\n​\n\n**Value**\n\n​\n\n**  ​ ​ ​**\n\n**€M**\n\n**  ​ ​ ​**\n\n**€M**\n\n​\n\n**€M**\n\n**  ​ ​ ​**\n\n**€M**\n\n**  ​ ​ ​**\n\n**€M**\n\n**At March 31, 2026**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nCash and cash equivalents\n\n \n\n2,733.4\n\n​\n\n—\n\n​\n\n—\n\n​\n\n2,733.4\n\n​\n\n​\n\nFinancial asset: cash > 3 months\n\n \n\n812.4\n\n​\n\n—\n\n​\n\n—\n\n​\n\n812.4\n\n​\n\n​\n\nRestricted cash\n\n \n\n31.2\n\n​\n\n—\n\n​\n\n—\n\n​\n\n31.2\n\n​\n\n​\n\nDerivative financial instruments:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n- U.S. dollar currency forward contracts\n\n \n\n—\n\n​\n\n128.2\n\n​\n\n—\n\n​\n\n128.2\n\n​\n\n128.2\n\n- Jet fuel & carbon derivative contracts\n\n \n\n—\n\n​\n\n2,098.1\n\n​\n\n—\n\n​\n\n2,098.1\n\n​\n\n2,098.1\n\nTrade receivables\n\n \n\n44.2\n\n​\n\n—\n\n​\n\n—\n\n​\n\n44.2\n\n​\n\n​\n\nTotal financial assets at March 31, 2026\n\n \n\n3,621.2\n\n​\n\n2,226.3\n\n​\n\n—\n\n​\n\n5,847.5\n\n​\n\n2,226.3\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Assets at**\n\n​\n\n**Cash-**\n\n​\n\n**Fair value**\n\n​\n\n**Total**\n\n​\n\n​\n\n​\n\n​\n\n**Amortized**\n\n​\n\n**Flow**\n\n​\n\n**through**\n\n​\n\n**Carrying**\n\n​\n\n**Total Fair**\n\n​\n\n​\n\n**Cost**\n\n​\n\n** Hedges **\n\n​\n\n**Profit & Loss**\n\n​\n\n**Value**\n\n​\n\n**Value**\n\n​\n\n**  ​ ​ ​**\n\n**€M**\n\n**  ​ ​ ​**\n\n**€M**\n\n​\n\n**€M**\n\n**  ​ ​ ​**\n\n**€M**\n\n**  ​ ​ ​**\n\n**€M**\n\n**At March 31, 2025**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nCash and cash equivalents\n\n \n\n3,863.3\n\n \n\n—\n\n​\n\n—\n\n \n\n3,863.3\n\n \n\n​\n\nFinancial asset: cash > 3 months\n\n \n\n100.1\n\n \n\n—\n\n​\n\n—\n\n \n\n100.1\n\n \n\n​\n\nRestricted cash\n\n \n\n23.1\n\n \n\n—\n\n​\n\n—\n\n \n\n23.1\n\n \n\n​\n\nDerivative financial instruments:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n- U.S. dollar currency forward contracts\n\n​\n\n—\n\n \n\n90.2\n\n​\n\n—\n\n \n\n90.2\n\n \n\n90.2\n\n- Jet fuel & carbon derivative contracts\n\n \n\n—\n\n \n\n19.6\n\n​\n\n—\n\n \n\n19.6\n\n \n\n19.6\n\nTrade receivables\n\n \n\n73.5\n\n \n\n—\n\n​\n\n—\n\n \n\n73.5\n\n \n\n​\n\nTotal financial assets at March 31, 2025\n\n \n\n4,060.0\n\n \n\n109.8\n\n​\n\n—\n\n \n\n4,169.8\n\n \n\n109.8\n\n​\n\nF-26\n\n[Table of Contents](#TOC)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Assets at**\n\n​\n\n**Cash-**\n\n​\n\n**Fair value**\n\n​\n\n**Total**\n\n​\n\n​\n\n​\n\n​\n\n**Amortized**\n\n​\n\n**Flow**\n\n​\n\n**through**\n\n​\n\n**Carrying**\n\n​\n\n**Total Fair**\n\n​\n\n** **\n\n**Cost**\n\n** **\n\n**Hedges**\n\n​\n\n**Profit & Loss**\n\n** **\n\n**Value**\n\n** **\n\n**Value**\n\n​\n\n**  ​ ​ ​**\n\n**€M**\n\n**  ​ ​ ​**\n\n**€M**\n\n​\n\n**€M**\n\n**  ​ ​ ​**\n\n**€M**\n\n**  ​ ​ ​**\n\n**€M**\n\n**At March 31, 2024**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nCash and cash equivalents\n\n \n\n3,875.4\n\n \n\n—\n\n​\n\n—\n\n \n\n3,875.4\n\n \n\n​\n\nFinancial asset: cash > 3 months\n\n \n\n237.8\n\n \n\n—\n\n​\n\n—\n\n \n\n237.8\n\n \n\n​\n\nRestricted cash\n\n \n\n6.4\n\n \n\n—\n\n​\n\n—\n\n \n\n6.4\n\n \n\n​\n\nDerivative financial instruments:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n- U.S. dollar currency forward contracts\n\n \n\n—\n\n \n\n147.2\n\n​\n\n—\n\n \n\n147.2\n\n \n\n147.2\n\n- Jet fuel & carbon derivative contracts\n\n​\n\n—\n\n \n\n205.6\n\n​\n\n—\n\n \n\n205.6\n\n \n\n205.6\n\nTrade receivables\n\n \n\n76.4\n\n \n\n—\n\n​\n\n—\n\n \n\n76.4\n\n \n\n​\n\nTotal financial assets at March 31, 2024\n\n \n\n4,196.0\n\n \n\n352.8\n\n​\n\n—\n\n \n\n4,548.8\n\n \n\n352.8\n\n​\n\nThe carrying values and fair values of the Company’s financial liabilities by class and category were as follows:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Liabilities at**\n\n​\n\n​\n\n​\n\n**Fair value**\n\n​\n\n**Total**\n\n​\n\n​\n\n​\n\n​\n\n**Amortized**\n\n​\n\n**Cash-Flow**\n\n​\n\n**through**\n\n​\n\n**Carrying**\n\n​\n\n**Total Fair**\n\n​\n\n​\n\n**Cost**\n\n​\n\n**Hedges**\n\n​\n\n**Profit & Loss**\n\n​\n\n**Value**\n\n​\n\n**Value**\n\n​\n\n**  ​ ​ ​**\n\n**€M**\n\n**  ​ ​ ​**\n\n**€M**\n\n​\n\n**€M**\n\n**  ​ ​ ​**\n\n**€M**\n\n**  ​ ​ ​**\n\n**€M**\n\n**At March 31, 2026**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nCurrent maturities of debt\n\n \n\n1,198.8\n\n​\n\n—\n\n​\n\n—\n\n​\n\n1,198.8\n\n​\n\n1,196.4\n\nNon-current maturities of debt\n\n​\n\n147.8\n\n​\n\n—\n\n​\n\n—\n\n​\n\n147.8\n\n​\n\n147.8\n\nDerivative financial instruments:\n\n \n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n-U.S. dollar currency forward contracts\n\n \n\n—\n\n​\n\n79.6\n\n​\n\n—\n\n​\n\n79.6\n\n​\n\n79.6\n\n-Jet fuel & carbon derivative contracts\n\n \n\n—\n\n​\n\n70.5\n\n​\n\n—\n\n​\n\n70.5\n\n​\n\n70.5\n\nTrade payables\n\n​\n\n609.8\n\n​\n\n—\n\n​\n\n—\n\n​\n\n609.8\n\n​\n\n​\n\nAccrued expenses\n\n \n\n2,221.6\n\n​\n\n—\n\n​\n\n—\n\n​\n\n2,221.6\n\n​\n\n​\n\nLease liabilities - right of use\n\n​\n\n144.9\n\n​\n\n—\n\n​\n\n—\n\n​\n\n144.9\n\n​\n\n​\n\nTotal financial liabilities at March 31, 2026\n\n \n\n4,322.9\n\n \n\n150.1\n\n​\n\n—\n\n \n\n4,473.0\n\n​\n\n1,494.3\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Liabilities at**\n\n​\n\n​\n\n​\n\n**Fair value**\n\n​\n\n**Total**\n\n​\n\n​\n\n​\n\n​\n\n**Amortized**\n\n​\n\n**Cash-Flow**\n\n​\n\n**through**\n\n​\n\n**Carrying**\n\n​\n\n**Total Fair**\n\n​\n\n​\n\n**Cost**\n\n​\n\n**Hedges**\n\n​\n\n**Profit & Loss**\n\n​\n\n**Value**\n\n​\n\n**Value**\n\n​\n\n​\n\n**€M**\n\n**  ​ ​ ​**\n\n**€M**\n\n​\n\n**€M**\n\n**  ​ ​ ​**\n\n**€M**\n\n**  ​ ​ ​**\n\n**€M**\n\n**At March 31, 2025**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nCurrent maturities of debt\n\n \n\n848.4\n\n​\n\n—\n\n​\n\n—\n\n​\n\n848.4\n\n​\n\n850.3\n\nNon-current maturities of debt\n\n​\n\n1,685.2\n\n​\n\n—\n\n​\n\n—\n\n​\n\n1,685.2\n\n​\n\n1,661.4\n\nDerivative financial instruments:\n\n \n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n-U.S. dollar currency forward contracts\n\n \n\n—\n\n​\n\n2.7\n\n​\n\n—\n\n​\n\n2.7\n\n​\n\n2.7\n\n-Jet fuel & carbon derivative contracts\n\n \n\n—\n\n​\n\n224.5\n\n​\n\n—\n\n​\n\n224.5\n\n​\n\n224.5\n\nTrade payables\n\n \n\n702.0\n\n​\n\n—\n\n​\n\n—\n\n​\n\n702.0\n\n​\n\n​\n\nAccrued expenses\n\n \n\n1,953.5\n\n​\n\n—\n\n​\n\n—\n\n​\n\n1,953.5\n\n​\n\n​\n\nLease liabilities - right of use\n\n​\n\n149.1\n\n​\n\n—\n\n​\n\n—\n\n​\n\n149.1\n\n​\n\n​\n\nTotal financial liabilities at March 31, 2025\n\n \n\n5,338.2\n\n \n\n227.2\n\n​\n\n—\n\n \n\n5,565.4\n\n \n\n2,738.9\n\n​\n\n​\n\nF-27\n\n[Table of Contents](#TOC)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Liabilities at**\n\n​\n\n​\n\n​\n\n**Fair value**\n\n​\n\n**Total**\n\n​\n\n​\n\n​\n\n​\n\n**Amortized**\n\n​\n\n**Cash-Flow**\n\n​\n\n**through**\n\n​\n\n**Carrying**\n\n​\n\n**Total Fair**\n\n​\n\n​\n\n**Cost**\n\n​\n\n**Hedges**\n\n​\n\n**Profit & Loss**\n\n​\n\n**Value**\n\n​\n\n**Value**\n\n​\n\n​\n\n**€M**\n\n**  ​ ​ ​**\n\n**€M**\n\n​\n\n**€M**\n\n**  ​ ​ ​**\n\n**€M**\n\n**  ​ ​ ​**\n\n**€M**\n\n**At March 31, 2024**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nCurrent maturities of debt\n\n \n\n50.0\n\n​\n\n—\n\n​\n\n—\n\n​\n\n50.0\n\n​\n\n50.0\n\nNon-current maturities of debt\n\n​\n\n2,532.2\n\n​\n\n—\n\n​\n\n—\n\n​\n\n2,532.2\n\n​\n\n2,460.3\n\nDerivative financial instruments:\n\n \n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n-U.S. dollar currency forward contracts\n\n \n\n—\n\n​\n\n3.3\n\n​\n\n—\n\n​\n\n3.3\n\n​\n\n3.3\n\n-Jet fuel & carbon derivative contracts\n\n \n\n—\n\n​\n\n178.8\n\n​\n\n—\n\n​\n\n178.8\n\n​\n\n178.8\n\nTrade payables\n\n​\n\n792.2\n\n​\n\n—\n\n​\n\n—\n\n​\n\n792.2\n\n​\n\n​\n\nAccrued expenses\n\n \n\n1,603.1\n\n​\n\n—\n\n​\n\n—\n\n​\n\n1,603.1\n\n​\n\n​\n\nLease liabilities - right of use\n\n​\n\n164.6\n\n​\n\n—\n\n​\n\n—\n\n​\n\n164.6\n\n​\n\n​\n\nTotal financial liabilities at March 31, 2024\n\n \n\n5,142.1\n\n \n\n182.1\n\n​\n\n—\n\n \n\n5,324.2\n\n \n\n2,692.4\n\n​\n\n**(b)****Measurement of fair values**\n\n​\n\nValuation techniques\n\n​\n\nFinancial instruments measured at fair value in the balance sheet are categorized by the type of valuation method used.\n\n​\n\nThe different valuation levels are defined as follows:\n\n​\n\n●Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities that the Group can access at the measurement date.\n\n​\n\n●Level 2: Inputs other than quoted prices included within Level 1 that are observable for that asset or liability, either directly or indirectly.\n\n​\n\n●Level 3: Significant unobservable inputs for the asset or liability.\n\n​\n\nThe following paragraphs describe the valuation techniques used in measuring Level 2 fair values for each material class of financial instruments in the consolidated balance sheet, as well as the significant unobservable inputs used.\n\n​\n\n*Financial instruments measured at fair value*\n\n​\n\n**Derivatives – currency forwards, jet fuel forward swap contracts and carbon contracts:**A comparison of the contracted rate to the market rate for contracts providing a similar risk profile at March 31, 2026 has been used to establish fair value. The Group’s credit risk and counterparty’s credit risk is taken into account when establishing fair value (Level 2).\n\n​\n\n*Financial instruments not measured at fair value*\n\n​\n\n**Long-term debt:** The repayments which Ryanair is committed to make have been discounted at the relevant market rates of interest applicable (including credit spreads) at the relevant reporting year end date to arrive at a fair value representing the amount payable to a third party to assume the obligations.\n\nF-28\n\n[Table of Contents](#TOC)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Level 1**\n\n​\n\n**Level 2**\n\n​\n\n**Level 3**\n\n​\n\n**Total**\n\n​\n\n**  ​ ​ ​**\n\n**€M**\n\n**  ​ ​ ​**\n\n**€M**\n\n**  ​ ​ ​**\n\n**€M**\n\n**  ​ ​ ​**\n\n**€M**\n\n**At March 31, 2026**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Derivative assets measured at fair value for risk management purposes**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nU.S. dollar currency forward contracts\n\n \n\n—\n\n​\n\n128.2\n\n​\n\n—\n\n​\n\n128.2\n\nJet fuel & carbon derivative contracts\n\n \n\n—\n\n​\n\n2,098.1\n\n​\n\n—\n\n​\n\n2,098.1\n\n​\n\n \n\n—\n\n​\n\n2,226.3\n\n​\n\n—\n\n​\n\n2,226.3\n\n**Derivative liabilities measured at fair value for risk management purposes**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nU.S. currency forward contracts\n\n \n\n—\n\n​\n\n79.6\n\n​\n\n—\n\n​\n\n79.6\n\nJet fuel & carbon derivative contracts\n\n \n\n—\n\n​\n\n70.5\n\n​\n\n—\n\n​\n\n70.5\n\n​\n\n \n\n—\n\n​\n\n150.1\n\n​\n\n—\n\n​\n\n150.1\n\n**Financial liabilities not measured at fair value**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nDebt\n\n \n\n—\n\n​\n\n1,344.2\n\n​\n\n—\n\n​\n\n1,344.2\n\n​\n\n​\n\n—\n\n​\n\n1,344.2\n\n​\n\n—\n\n​\n\n1,344.2\n\n**Total**\n\n \n\n—\n\n​\n\n3,720.6\n\n​\n\n—\n\n​\n\n3,720.6\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Level 1**\n\n​\n\n**Level 2**\n\n​\n\n**Level 3**\n\n​\n\n**Total**\n\n​\n\n**  ​ ​ ​**\n\n**€M**\n\n**  ​ ​ ​**\n\n**€M**\n\n**  ​ ​ ​**\n\n**€M**\n\n**  ​ ​ ​**\n\n**€M**\n\n**At March 31, 2025**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Derivative assets measured at fair value for risk management purposes**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nU.S. dollar currency forward contracts\n\n \n\n—\n\n \n\n90.2\n\n \n\n—\n\n \n\n90.2\n\nJet fuel & carbon derivative contracts\n\n \n\n—\n\n \n\n19.6\n\n \n\n—\n\n \n\n19.6\n\n​\n\n \n\n—\n\n \n\n109.8\n\n \n\n—\n\n \n\n109.8\n\n**Derivative liabilities measured at fair value for risk management purposes**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nU.S. currency forward contracts\n\n \n\n—\n\n \n\n2.7\n\n \n\n—\n\n \n\n2.7\n\nJet fuel & carbon derivative contracts\n\n \n\n—\n\n \n\n224.5\n\n \n\n—\n\n \n\n224.5\n\n​\n\n \n\n—\n\n \n\n227.2\n\n \n\n—\n\n \n\n227.2\n\n**Financial liabilities not measured at fair value**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nDebt\n\n \n\n—\n\n \n\n2,511.7\n\n \n\n—\n\n \n\n2,511.7\n\n​\n\n​\n\n—\n\n​\n\n2,511.7\n\n​\n\n—\n\n​\n\n2,511.7\n\n**Total**\n\n \n\n—\n\n \n\n2,848.7\n\n \n\n—\n\n \n\n2,848.7\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Level 1**\n\n​\n\n**Level 2**\n\n​\n\n**Level 3**\n\n​\n\n**Total**\n\n​\n\n**  ​ ​ ​**\n\n**€M**\n\n**  ​ ​ ​**\n\n**€M**\n\n**  ​ ​ ​**\n\n**€M**\n\n**  ​ ​ ​**\n\n**€M**\n\n**At March 31, 2024**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Derivative assets measured at fair value for risk management purposes**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nU.S. dollar currency forward contracts\n\n \n\n—\n\n \n\n147.2\n\n \n\n—\n\n \n\n147.2\n\nJet fuel & carbon derivative contracts\n\n \n\n—\n\n \n\n205.6\n\n \n\n—\n\n \n\n205.6\n\n​\n\n \n\n—\n\n \n\n352.8\n\n \n\n—\n\n \n\n352.8\n\n**Derivative liabilities measured at fair value for risk management purposes**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nU.S. currency forward contracts\n\n \n\n—\n\n \n\n3.3\n\n \n\n—\n\n \n\n3.3\n\nJet fuel & carbon derivative contracts\n\n \n\n—\n\n \n\n178.8\n\n \n\n—\n\n \n\n178.8\n\n​\n\n \n\n—\n\n \n\n182.1\n\n \n\n—\n\n \n\n182.1\n\n**Financial liabilities not measured at fair value**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nDebt\n\n​\n\n—\n\n \n\n2,510.3\n\n \n\n—\n\n \n\n2,510.3\n\n​\n\n​\n\n—\n\n​\n\n2,510.3\n\n​\n\n—\n\n​\n\n2,510.3\n\n**Total**\n\n \n\n—\n\n \n\n3,045.2\n\n \n\n—\n\n \n\n3,045.2\n\n​\n\n​\n\nF-29\n\n[Table of Contents](#TOC)\n\nTransfers between Levels 1 and 2 and transfers out of Level 3\n\n​\n\nDuring the years ended March 31, 2026, 2025 and 2024 there were no transfers between Level 1 and Level 2 fair-value measurements, and no transfers into or out of Level 3 fair-value measurement.\n\n​\n\n**(c)****Financial risk management**\n\n​\n\nRisk management framework\n\n​\n\nThe Audit Committee has responsibility for monitoring the treasury policies and procedures of the Group, which include controls over the procedures used to manage the main financial risks arising from the Group’s operations. Such risks comprise market risks including commodity price, foreign exchange and interest rate risks, credit risk and liquidity risk. The Group uses various derivative financial instruments to manage its exposure to market risks, including the risks relating to fluctuations in commodity prices and currency exchange rates. Ryanair uses forward swap contracts for the purchase of its jet fuel (jet kerosene) and carbon credit (Emission Trading System) requirements to reduce its exposure to commodity price risk. It also uses foreign currency forward contracts to reduce its exposure to risks related to foreign currencies, principally the U.S. dollar exposure associated with the purchase of new Boeing 737 aircraft and the U.S. dollar exposure associated with the purchase of jet fuel. At March 31, 2026 all derivatives are designated as cash flow hedges, with all gains and losses taken to other reserves.\n\n​\n\nMarket risk\n\n​\n\nRyanair is exposed to market risks relating to fluctuations in commodity prices, interest rates and currency exchange rates. The objective of financial risk management at Ryanair is to minimize the impact of commodity price, interest rate and foreign exchange rate fluctuations on the Company’s earnings, cash flows and equity.\n\n​\n\nThe Group uses derivatives to manage market risks. All such transactions are carried out within the guidelines set by the Audit Committee. Generally, the Group seeks to apply hedge accounting to manage volatility in profit or loss.\n\n​\n\nCurrency risk\n\n​\n\nThe Group is exposed to foreign currency risk to the extent that there is a mismatch between the currencies in which sales, purchases, receivables and borrowings are denominated and the respective functional currencies of Group companies. The functional currencies of Group companies is the euro. The main currencies in which non-euro transactions occur giving rise to foreign currency risk are primarily denominated in U.S. dollars and UK pounds sterling.\n\n​\n\nThe Company manages this risk by typically matching UK pounds sterling revenues against UK pounds sterling costs. Surplus UK pounds sterling revenues are sometimes used to fund forward foreign exchange contracts to hedge U.S. dollar currency exposures that arise in relation to fuel, maintenance, aviation insurance, and capital expenditure costs and typically UK pounds sterling are converted into euro. Additionally, the Group swaps euro for U.S. dollars using forward currency contracts to cover any expected U.S. dollar outflows for these costs. From time to time, the Company also swaps UK pounds sterling for euro using forward currency contracts to hedge expected future surplus UK pounds sterling. From time to time the Group also enters into cross-currency interest rate swaps to hedge against fluctuations in foreign exchange rates and interest rates in respect of U.S. dollar denominated borrowings.\n\n​\n\nF-30\n\n[Table of Contents](#TOC)\n\nForward currency contracts are designated as cash flow hedges of forecasted U.S. dollar payments and have been determined to be highly effective in offsetting variability in future cash flows arising from the fluctuation in the U.S. dollar and euro exchange rates for the forecasted U.S. dollar purchases.\n\n​\n\nIn these hedge relationships, the main sources of ineffectiveness are changes in the timing of the hedged transactions. The Group recorded a hedge ineffectiveness loss of €nil on ineffective currency cash flow hedges for FY26 (FY25: €nil, FY24: €nil).\n\n​\n\n*Exposure to currency risk*\n\n​\n\nThe summary quantitative data about the Group’s exposure to currency risk as reported to the management of the Group is as follows:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**At March 31,**\n\n​\n\n​\n\n**2026**\n\n​\n\n**2025**\n\n​\n\n**2024**\n\n​\n\n​\n\n**GBP**\n\n​\n\n**U.S.$**\n\n​\n\n**Euro €**\n\n​\n\n**GBP**\n\n​\n\n**U.S.$**\n\n​\n\n**Euro €**\n\n​\n\n**GBP**\n\n​\n\n**U.S.$**\n\n​\n\n**Euro €**\n\n​\n\n**  ​ ​ ​**\n\n**£M**\n\n**  ​ ​ ​**\n\n**$M**\n\n**  ​ ​ ​**\n\n**€M**\n\n**  ​ ​ ​**\n\n**£M**\n\n**  ​ ​ ​**\n\n**$M**\n\n**  ​ ​ ​**\n\n**€M**\n\n**  ​ ​ ​**\n\n**£M**\n\n**  ​ ​ ​**\n\n**$M**\n\n**  ​ ​ ​**\n\n**€M**\n\n**Monetary assets**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nUK pounds sterling cash and liquid resources\n\n \n\n109.9\n\n​\n\n—\n\n​\n\n125.9\n\n \n\n90.5\n\n​\n\n—\n\n​\n\n108.1\n\n \n\n55.6\n\n​\n\n—\n\n \n\n65.1\n\nU.S. Dollar cash and liquid resources\n\n \n\n—\n\n​\n\n115.4\n\n​\n\n99.9\n\n \n\n—\n\n​\n\n737.6\n\n​\n\n681.9\n\n \n\n—\n\n​\n\n785.5\n\n \n\n727.8\n\n​\n\n \n\n109.9\n\n​\n\n115.4\n\n \n\n225.8\n\n \n\n90.5\n\n​\n\n737.6\n\n \n\n790.0\n\n \n\n55.6\n\n​\n\n785.5\n\n \n\n792.9\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**At March 31,**\n\n​\n\n​\n\n**2026**\n\n​\n\n**2025**\n\n​\n\n**2024**\n\n​\n\n​\n\n**GBP**\n\n​\n\n**U.S.$**\n\n​\n\n**Euro €**\n\n​\n\n**GBP**\n\n​\n\n**U.S.$**\n\n​\n\n**Euro €**\n\n​\n\n**GBP**\n\n​\n\n**U.S.$**\n\n​\n\n**Euro €**\n\n​\n\n**  ​ ​ ​**\n\n**£M**\n\n​\n\n**$M**\n\n**  ​ ​ ​**\n\n**€M**\n\n**  ​ ​ ​**\n\n**£M**\n\n​\n\n**$M**\n\n**  ​ ​ ​**\n\n**€M**\n\n**  ​ ​ ​**\n\n**£M**\n\n​\n\n**$M**\n\n**  ​ ​ ​**\n\n**€M**\n\n**Monetary liabilities***\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nPre-delivery payments due to Boeing\n\n​\n\n—\n\n​\n\n—\n\n​\n\n—\n\n​\n\n—\n\n​\n\n215.0\n\n​\n\n198.8\n\n​\n\n—\n\n​\n\n—\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n—\n\n​\n\n—\n\n​\n\n—\n\n​\n\n215.0\n\n \n\n198.8\n\n​\n\n—\n\n​\n\n—\n\n \n\n—\n\n​\n\n*During FY24, the Group (non-cash) settled non-interest-bearing promissory notes to the value of approximately €230m (U.S.$250m).\n\n​\n\nThe following exchange rates have been applied:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**€**\n\n​\n\n**£**\n\n​\n\n**$**\n\nMarch 31, 2024\n\n​\n\n1.0000\n\n​\n\n0.8548\n\n​\n\n1.0793\n\nMarch 31, 2025\n\n​\n\n1.0000\n\n​\n\n0.8371\n\n​\n\n1.0817\n\nMarch 31, 2026\n\n​\n\n1.0000\n\n​\n\n0.8732\n\n​\n\n1.1552\n\n​\n\nThe notional principal amounts of forward foreign exchange contracts are as follows:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**At March 31,**\n\n​\n\n​\n\n**2026**\n\n​\n\n**2025**\n\n​\n\n**2024**\n\n​\n\n​\n\n**€M**\n\n​\n\n**€M**\n\n​\n\n**€M**\n\nWithin 1 Year\n\n​\n\n4,095.7\n\n​\n\n4,299.3\n\n​\n\n4,403.6\n\nGreater than 1 Year\n\n​\n\n3,728.2\n\n​\n\n1,141.2\n\n​\n\n447.9\n\nTotal\n\n​\n\n7,823.9\n\n​\n\n5,440.5\n\n​\n\n4,851.5\n\n​\n\nThe notional principal amount of outstanding forward foreign exchange contracts at March 31, 2026 are treated as cash flow hedges to hedge jet fuel, capital expenditure and maintenance contracts in U.S. dollars. As at March 31, 2026 the hedged U.S. dollar rate was approximately U.S.$1.19 to €1.00.\n\n​\n\nF-31\n\n[Table of Contents](#TOC)\n\n*Sensitivity analysis*\n\n​\n\nIf the rate fell by 10% outstanding foreign currency-denominated financial assets and financial liabilities at March 31, 2026 would have a positive impact of €22m on the income statement (net of tax) (2025: €77m; 2024: €77m) and a negative impact of €18m on the income statement (net of tax) (2025: €63m; 2024: €63m) if the rate increased by 10%. The same movement of 10% in foreign currency exchange rates would have a positive €966m impact (net of tax) on equity if the rate fell by 10% and a negative €790m impact (net of tax) if the rate increased by 10% (2025: €518m positive or €424m negative; 2024: €501m positive or €410m negative).\n\n​\n\nInterest rate risk\n\n​\n\nThe Group’s objective for interest rate risk management is to reduce interest-rate risk by matching a proportion of floating rate assets with floating rate liabilities, and using financial instruments, which lock in interest rates on debt, when appropriate. Floating interest rates on financial liabilities are referenced to European interbank interest rates (EURIBOR). Secured long-term debt and interest rate swaps typically re-price on a quarterly basis. The Group uses current interest rate settings on existing floating rate debt at each year-end to calculate contractual cash flows. Fixed interest rates on financial liabilities are fixed for the duration of the underlying structures.\n\n​\n\nIn previous years the Group utilized cross currency interest rate swaps to manage exposures to fluctuations in foreign exchange rates of U.S. dollar denominated floating rate borrowings, together with managing the exposures to fluctuations in interest rates on these U.S. dollar denominated floating rate borrowings. Cross currency interest rate swaps were primarily used to convert a portion of the Group’s U.S. dollar denominated debt to euro and floating rate interest exposures into fixed rate exposures and are set so as to match exactly the critical terms of the underlying debt being hedged (i.e. notional principal, interest rate settings, re-pricing dates). These were all designated in cash flow hedges of the forecasted U.S. dollar variable interest payments on the Group’s underlying debt and were determined to be highly effective in achieving offsetting cash flows. Accordingly, no ineffectiveness was recorded in the income statement relating to these hedges.\n\n​\n\n*Exposures to interest rate risk*\n\n​\n\nThe following was the maturity profile of the Group’s financial liabilities (excluding aircraft provisions, trade payables and accrued expenses).\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Weighted**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**average**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**rate**\n\n​\n\n**2027**\n\n​\n\n**2028**\n\n​\n\n**2029**\n\n​\n\n**2030**\n\n​\n\n**2031 and thereafter**\n\n​\n\n**Total**\n\n**At March 31, 2026**\n\n  ​ ​ ​\n\n**(%)**\n\n  ​ ​ ​\n\n**€M**\n\n  ​ ​ ​\n\n**€M**\n\n  ​ ​ ​\n\n**€M**\n\n  ​ ​ ​\n\n**€M**\n\n  ​ ​ ​\n\n**€M**\n\n  ​ ​ ​\n\n**€M**\n\n**Fixed rate**\n\n** **\n\n**  ​**\n\n** **\n\n**  ​**\n\n** **\n\n**  ​**\n\n** **\n\n**  ​**\n\n** **\n\n**  ​**\n\n** **\n\n**  ​**\n\n** **\n\n**  ​**\n\nUnsecured debt\n\n \n\n0.88%\n\n​\n\n1,198.8\n\n​\n\n—\n\n​\n\n—\n\n​\n\n—\n\n​\n\n—\n\n​\n\n1,198.8\n\nDebt\n\n \n\n0.88%\n\n​\n\n1,198.8\n\n​\n\n—\n\n​\n\n—\n\n​\n\n—\n\n​\n\n—\n\n​\n\n1,198.8\n\nLease liabilities - right of use\n\n​\n\n4.89%\n\n​\n\n39.8\n\n​\n\n39.1\n\n​\n\n27.3\n\n​\n\n8.6\n\n​\n\n30.1\n\n​\n\n144.9\n\nTotal fixed rate debt\n\n \n\n​\n\n​\n\n1,238.6\n\n​\n\n39.1\n\n​\n\n27.3\n\n​\n\n8.6\n\n​\n\n30.1\n\n​\n\n1,343.7\n\n**Floating rate**\n\n \n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nUnsecured long term debt\n\n​\n\n2.44%\n\n​\n\n—\n\n​\n\n—\n\n​\n\n—\n\n​\n\n147.8\n\n​\n\n—\n\n​\n\n147.8\n\nTotal floating rate debt\n\n \n\n2.44%\n\n​\n\n—\n\n​\n\n—\n\n​\n\n—\n\n​\n\n147.8\n\n​\n\n—\n\n​\n\n147.8\n\nTotal financial liabilities\n\n \n\n​\n\n​\n\n1,238.6\n\n​\n\n39.1\n\n​\n\n27.3\n\n​\n\n156.4\n\n​\n\n30.1\n\n​\n\n1,491.5\n\n​\n\nF-32\n\n[Table of Contents](#TOC)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Weighted**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**average**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**2030 -**\n\n​\n\n​\n\n​\n\n​\n\n**rate**\n\n​\n\n**2026**\n\n​\n\n**2027**\n\n​\n\n**2028**\n\n​\n\n**2029**\n\n​\n\n**2031**\n\n​\n\n**Total**\n\n**At March 31, 2025**\n\n  ​ ​ ​\n\n**(%)**\n\n  ​ ​ ​\n\n**€M**\n\n  ​ ​ ​\n\n**€M**\n\n  ​ ​ ​\n\n**€M**\n\n  ​ ​ ​\n\n**€M**\n\n  ​ ​ ​\n\n**€M**\n\n  ​ ​ ​\n\n**€M**\n\n**Fixed rate**\n\n** **\n\n**  ​**\n\n** **\n\n**  ​**\n\n** **\n\n**  ​**\n\n** **\n\n**  ​**\n\n** **\n\n**  ​**\n\n** **\n\n**  ​**\n\n** **\n\n**  ​**\n\nUnsecured debt\n\n \n\n1.70%\n\n​\n\n848.4\n\n​\n\n1,196.3\n\n​\n\n—\n\n​\n\n—\n\n​\n\n—\n\n​\n\n2,044.7\n\nDebt\n\n \n\n1.70%\n\n​\n\n848.4\n\n​\n\n1,196.3\n\n​\n\n—\n\n​\n\n—\n\n​\n\n—\n\n​\n\n2,044.7\n\nLease liabilities - right of use\n\n​\n\n4.89%\n\n​\n\n37.4\n\n​\n\n37.9\n\n​\n\n38.8\n\n​\n\n27.1\n\n​\n\n7.9\n\n​\n\n149.1\n\nTotal fixed rate debt\n\n \n\n​\n\n \n\n885.8\n\n​\n\n1,234.2\n\n​\n\n38.8\n\n​\n\n27.1\n\n​\n\n7.9\n\n​\n\n2,193.8\n\n**Floating rate**\n\n \n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nUnsecured long term debt\n\n​\n\n2.67%\n\n​\n\n—\n\n​\n\n—\n\n​\n\n—\n\n​\n\n—\n\n​\n\n488.9\n\n​\n\n488.9\n\nTotal floating rate debt\n\n \n\n2.67%\n\n​\n\n—\n\n​\n\n—\n\n​\n\n—\n\n​\n\n—\n\n​\n\n488.9\n\n​\n\n488.9\n\nTotal financial liabilities\n\n \n\n  ​\n\n \n\n885.8\n\n​\n\n1,234.2\n\n​\n\n38.8\n\n​\n\n27.1\n\n​\n\n496.8\n\n​\n\n2,682.7\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Weighted**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**average**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**2029 -**\n\n​\n\n​\n\n​\n\n​\n\n**rate**\n\n​\n\n**2025**\n\n​\n\n**2026**\n\n​\n\n**2027**\n\n​\n\n**2028**\n\n​\n\n**2031**\n\n​\n\n**Total**\n\n**At March 31, 2024**\n\n  ​ ​ ​\n\n**(%)**\n\n  ​ ​ ​\n\n**€M**\n\n  ​ ​ ​\n\n**€M**\n\n  ​ ​ ​\n\n**€M**\n\n  ​ ​ ​\n\n**€M**\n\n  ​ ​ ​\n\n**€M**\n\n  ​ ​ ​\n\n**€M**\n\n**Fixed rate**\n\n** **\n\n**  ​**\n\n** **\n\n**  ​**\n\n** **\n\n**  ​**\n\n** **\n\n**  ​**\n\n** **\n\n**  ​**\n\n** **\n\n**  ​**\n\n** **\n\n**  ​**\n\nUnsecured debt\n\n \n\n1.67%\n\n​\n\n50.0\n\n​\n\n843.4\n\n \n\n1,198.8\n\n \n\n—\n\n \n\n—\n\n \n\n2,092.2\n\nDebt\n\n \n\n1.67%\n\n​\n\n50.0\n\n \n\n843.4\n\n \n\n1,198.8\n\n \n\n—\n\n \n\n—\n\n \n\n2,092.2\n\nLease liabilities - right of use\n\n \n\n4.43%\n\n​\n\n39.4\n\n​\n\n31.9\n\n​\n\n32.1\n\n​\n\n32.7\n\n​\n\n28.5\n\n​\n\n164.6\n\nTotal fixed rate debt\n\n \n\n  ​\n\n​\n\n89.4\n\n \n\n875.3\n\n \n\n1,230.9\n\n \n\n32.7\n\n \n\n28.5\n\n \n\n2,256.8\n\n**Floating rate**\n\n​\n\n​\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\nUnsecured long term debt\n\n​\n\n4.30%\n\n​\n\n—\n\n​\n\n—\n\n​\n\n—\n\n​\n\n—\n\n​\n\n490.0\n\n​\n\n490.0\n\nTotal floating rate debt\n\n \n\n4.30%\n\n​\n\n—\n\n \n\n—\n\n \n\n—\n\n \n\n—\n\n \n\n490.0\n\n \n\n490.0\n\nTotal financial liabilities\n\n​\n\n  ​\n\n \n\n89.4\n\n \n\n875.3\n\n \n\n1,230.9\n\n \n\n32.7\n\n \n\n518.5\n\n \n\n2,746.8\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nThe Group holds significant cash balances that are invested on a short-term basis. At March 31, 2026, all of the Group’s cash and liquid resources attracted a weighted average interest rate of 2.2% (2025: 2.9%; 2024: 4.2%). Interest rates on cash and liquid resources are generally based on the appropriate EURIBOR or bank rates dependent on the principal amounts on deposit.\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**At March 31,**\n\n​\n\n​\n\n**2026**\n\n​\n\n**2025**\n\n​\n\n**2024**\n\n​\n\n​\n\n**Within**\n\n​\n\n**Within**\n\n​\n\n**Within**\n\n​\n\n​\n\n**1 year**\n\n​\n\n**1 year**\n\n​\n\n**1 year**\n\n**Financial assets**\n\n**  ​ ​ ​**\n\n**€M**\n\n**  ​ ​ ​**\n\n**€M**\n\n**  ​ ​ ​**\n\n**€M**\n\nCash and cash equivalents\n\n \n\n2,733.4\n\n \n\n3,863.3\n\n \n\n3,875.4\n\nCash > 3 months\n\n \n\n812.4\n\n \n\n100.1\n\n \n\n237.8\n\nRestricted cash\n\n \n\n31.2\n\n \n\n23.1\n\n \n\n6.4\n\nTotal financial assets\n\n \n\n3,577.0\n\n \n\n3,986.5\n\n \n\n4,119.6\n\n​\n\n*Sensitivity analysis*\n\n​\n\nBased on the levels of and composition of year-end interest bearing assets and liabilities, including derivatives, at March 31, 2026, a plus one percentage point movement in interest rates would result in a respective increase of approximately €24m (net of tax) in net finance income (2025: increase in net finance income of €3m; 2024: increase in net finance expense of €42m) and a minus one percentage point movement in interest rates would result in a respective decrease of approximately €32m in net finance income in the income statement (2025: decrease in net finance income of €53m; 2024: decrease in net finance expense of €16m;) and a nil increase or decrease in equity (2025: nil 2024: nil).\n\n​\n\nF-33\n\n[Table of Contents](#TOC)\n\nJet fuel and carbon credits price risk\n\n​\n\nThe Group’s historical fuel risk management policy has been to hedge up to approximately 90% of the forecast fuel consumption to ensure that the future cost per gallon of fuel is locked in. This policy was adopted to prevent the Group being exposed, in the short term, to adverse movements in global jet fuel prices. However, when deemed to be in the best interests of the Group, the Group does not necessarily hedge up to this limit. At March 31, 2026, the Group had entered into forward hedging covering approximately 80% of the Group’s estimated fuel exposure for FY27.\n\n​\n\nThe Group utilizes jet fuel forward swap contracts to manage exposure to jet fuel prices. These are used to hedge the Group’s forecasted fuel purchases and are arranged so as to match as closely as possible against forecasted fuel delivery and payment requirements. These contracts are designated as cash flow hedges of forecasted fuel payments and have been determined to be highly effective in offsetting variability in future cash flows arising from fluctuations in jet fuel prices.\n\n​\n\nThe Group typically enters into jet fuel forward swap contracts with a number of counterparties to hedge jet fuel purchases over a period of up to 18 to 24 months. The notional amount of these contracts are €2.6bn (2025: €3.5bn; 2024: €2.7bn) at an average hedged rate of approximately U.S.$668 per metric tonne (2025: U.S.$761; 2024: U.S.$795).\n\n​\n\nIn these hedging relationships the main sources of ineffectiveness are changes in the timing of the hedged transactions. The Group recorded a hedge ineffectiveness charge of €nil in FY26 (FY25: €nil, FY24: €nil,) in relation to jet fuel hedges.\n\n​\n\nThe European Union Emissions Trading System (“EU-ETS”) is applicable to airlines from January 1, 2012. Ryanair recognizes the cost associated with the purchase of carbon credits as part of the EU-ETS as an expense in the income statement. This expense is recognized in line with fuel consumed during the fiscal year as the Group’s carbon emissions and fuel consumptions are directly linked.\n\n​\n\nThe Group’s fuel risk management policy includes hedging of the Group’s EU-ETS and UK-ETS (carbon) exposures. This policy was adopted to prevent the Group being exposed, in the short term, to adverse movements in carbon credit prices. However, when deemed to be in the best interests of the Group, it may deviate from this policy. At March 31, 2026, the Group had hedged approximately 100% of the Group’s estimated carbon exposure for FY27 at approximately €75 per EUA (2025: FY26 was 85% hedged at €65 per EUA) and £50 per UKA (2025: £58).\n\n​\n\n*Sensitivity Analysis*\n\n​\n\nA plus or minus change of 10% in the price of jet fuel at March 31, 2026 would have a €nil impact (2025: €nil) on the income statement (net of tax) if the price fell by 10% and a €nil impact (2025: €nil) if the price increased by 10%. The same movement of 10% in the price of jet fuel at March 31, 2026 would have a negative €410m impact (2025: negative €286m) on equity if the price fell by 10% and a positive €410m impact (2025: positive €286m) if the price increased by 10%.\n\n​\n\nA plus or minus change of 10% in the price of carbon at March 31, 2026 would have a €nil impact (2025: €nil) on the income statement (net of tax) if the price fell by 10% and a €nil impact (2025: €nil) if the price increased by 10%. The same movement of 10% in the price of carbon at March 31, 2026 would have a negative €63m impact (2025: negative €37m) on equity if the price fell by 10% and a positive €63m impact (2025: positive €37m) if the price increased by 10%.\n\n​\n\nF-34\n\n[Table of Contents](#TOC)\n\nCredit risk\n\n​\n\nCredit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations and arises principally from trade receivables, cash and cash equivalents, derivatives and guarantees.\n\n​\n\n*Trade receivables*\n\n​\n\nThe Group’s revenues derive principally from airline travel on scheduled services, internet income and in-flight and related sales. Revenue is primarily derived from European routes. No individual customer accounts for a significant portion of total revenue.\n\n​\n\nAt March 31, 2026, €4.8m (2025: €10m; 2024: €13m) of the accounts receivable balance were past due, of which €nil (2025: €nil; 2024: €nil) was impaired. The expected credit loss was considered immaterial.\n\n​\n\n*Cash and cash equivalents*\n\n​\n\nThe Group holds significant cash balances, which are classified as either cash and cash equivalents or financial assets >3 months. These deposits and other financial instruments (principally certain derivatives and loans as identified above) give rise to credit risk on amounts due from counterparties. Credit risk is managed by limiting the aggregate amount and duration of exposure to any one counterparty through regular review of counterparties’ market-based ratings, Tier 1 capital level and credit default swap rates and by taking into account bank counterparties’ systemic importance to the financial systems of their home countries. The Group limits the concentration of risk in relation to any one institution for cash and cash equivalents. Deposits are entered into with parties that have high investment grade credit ratings from the main rating agencies, including Standard & Poor’s (“S&P”), Moody’s and Fitch Ratings. The Group also monitors where counterparty credit default swaps are trading. The maximum exposure arising in the event of default on the part of the counterparty is the carrying value of the relevant financial instrument. The Group is authorized to place funds on deposit for periods up to 18 months.\n\n​\n\n*Derivatives*\n\n​\n\nIn line with the Group’s policies and procedures, derivatives are entered into with parties that have high investment grade credit ratings from the main rating agencies, including S&P, Moody’s and Fitch Ratings. The Group also avoids concentration of risk in relation to derivative counterparties.\n\n​\n\n*Guarantees*\n\n​\n\nAt March 31, 2026, the Group has provided approximately €1.56bn (2025: €2.69bn; 2024: €2.76bn) in letters of guarantee to secure obligations of subsidiary undertakings including loans, bank advances and long dated foreign currency transactions.\n\n​\n\nIn order to avail itself of the exemption contained in Section 357 of the Companies Act, 2014, the holding company, Ryanair Holdings plc, has guaranteed the liabilities and commitments of its subsidiary undertakings registered in Ireland. As a result, the subsidiary undertakings have been exempted from the requirement to annex their statutory financial statements to their annual returns.\n\n​\n\nF-35\n\n[Table of Contents](#TOC)\n\nLiquidity risk and capital management\n\n​\n\nLiquidity risk is the risk that the Group will encounter difficulty in meeting the obligations associated with its financial activities that are settled by delivering cash or another financial asset. The Group’s objective when managing liquidity is to ensure that it will have sufficient liquidity to meet its liabilities when they fall due and to provide adequately for contingencies.\n\n​\n\nThe Group’s cash and liquid resources comprise cash and cash equivalents, short-term investments and restricted cash. The Group defines the capital that it manages as the Group’s long-term debt and equity. The Group’s policy is to maintain a strong capital base so as to maintain investor, creditor and market confidence and to maintain sufficient financial resources to mitigate against risks and unforeseen events. In addition, the Group aims to achieve the best available return on investments of surplus cash – subject to credit risk and liquidity constraints.\n\n​\n\nThe Group finances its working capital requirements through a combination of cash generated from operations, bank loans and debt capital market issuances for general corporate purposes including the acquisition of aircraft. The Group had cash and liquid resources at March 31, 2026 of approximately €3.6bn (2025: €4.0bn; 2024: €4.2bn). During the year, the Group had a net cash outflows of €1.9bn in relation to property, plant and equipment (2025: €1.6bn; 2024: €2.4bn). Cash generated from operations has been the principal source for these cash requirements during the year.\n\n​\n\nThe Board periodically reviews the capital structure of the Group, considering the cost of capital and the risks associated with each class of capital. The Board approves any material adjustments to the capital structure in terms of the relative proportions of debt and equity.\n\n​\n\nManagement believes that the working capital available to the Group is sufficient for its present requirements and will be sufficient to meet its anticipated requirements for capital expenditures and other cash requirements for FY27.\n\n​\n\nAt March 31, 2026, the Group had total borrowings of €1.5bn (2025: €2.7bn; 2024: €2.7bn), including capitalized leases (under IFRS 16) of €145m (2025: €149m, 2024: €165m) from various financial institutions and the debt capital markets. The debt relates to an unsecured Eurobond of €1.2bn, a €150m drawdown under the Group’s €1.1bn unsecured RCF, and 27 aircraft held under operating leases in right of use assets.\n\n​\n\nF-36\n\n[Table of Contents](#TOC)\n\n*Exposure to liquidity risk*\n\n​\n\nThe following are the remaining contractual maturities of financial liabilities at the reporting date. These amounts are gross and undiscounted and include estimated contractual interest payments. The total contractual cash flows for the derivative financial instruments have been presented to reflect the gross settled amounts associated with the currency and commodity forward contracts.\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Total**\n\n​\n\n**Total**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Carrying**\n\n​\n\n**Contractual**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Value**\n\n​\n\n**Cash Flows**\n\n​\n\n**2027**\n\n​\n\n**2028**\n\n​\n\n**2029**\n\n​\n\n**2030**\n\n​\n\n**Thereafter**\n\n**At March 31, 2026**\n\n**  ​ ​ ​**\n\n**€M**\n\n**  ​ ​ ​**\n\n**€M**\n\n**  ​ ​ ​**\n\n**€M**\n\n**  ​ ​ ​**\n\n**€M**\n\n**  ​ ​ ​**\n\n**€M**\n\n**  ​ ​ ​**\n\n**€M**\n\n**  ​ ​ ​**\n\n**€M**\n\nLong and short term debt and leases:\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\n- Fixed rate debt: 0.88%\n\n \n\n1,198.8\n\n​\n\n1,209.3\n\n​\n\n1,209.3\n\n​\n\n—\n\n​\n\n—\n\n​\n\n—\n\n​\n\n—\n\n- Floating rate debt: 2.44%\n\n \n\n147.8\n\n​\n\n164.8\n\n​\n\n3.7\n\n​\n\n3.7\n\n​\n\n3.7\n\n​\n\n153.7\n\n​\n\n—\n\n- Lease liabilities\n\n \n\n144.9\n\n​\n\n167.9\n\n​\n\n44.4\n\n​\n\n42.9\n\n​\n\n29.6\n\n​\n\n9.9\n\n​\n\n41.1\n\n​\n\n \n\n1,491.5\n\n​\n\n1,542.0\n\n​\n\n1,257.4\n\n​\n\n46.6\n\n​\n\n33.3\n\n​\n\n163.6\n\n​\n\n41.1\n\nDerivative financial instruments\n\n \n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n- Currency forward contracts – outflows\n\n \n\n79.6\n\n​\n\n2,470.7\n\n​\n\n2,297.5\n\n​\n\n139.9\n\n​\n\n26.6\n\n​\n\n6.7\n\n​\n\n—\n\n- Currency forward contracts – inflows\n\n​\n\n—\n\n​\n\n(2,408.9)\n\n​\n\n(2,240.2)\n\n​\n\n(135.7)\n\n​\n\n(26.3)\n\n​\n\n(6.7)\n\n​\n\n—\n\n- Commodity forward contracts\n\n \n\n70.5\n\n​\n\n70.5\n\n​\n\n70.5\n\n​\n\n—\n\n​\n\n—\n\n​\n\n—\n\n​\n\n—\n\nTrade payables\n\n \n\n609.8\n\n​\n\n609.8\n\n​\n\n609.8\n\n​\n\n—\n\n​\n\n—\n\n​\n\n—\n\n​\n\n—\n\nAccrued expenses\n\n \n\n2,221.6\n\n​\n\n2,221.6\n\n​\n\n2,221.6\n\n​\n\n—\n\n​\n\n—\n\n​\n\n—\n\n​\n\n—\n\nTotal at March 31, 2026\n\n \n\n4,473.0\n\n​\n\n4,505.7\n\n​\n\n4,216.6\n\n​\n\n50.8\n\n​\n\n33.6\n\n​\n\n163.6\n\n​\n\n41.1\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Total**\n\n​\n\n**Total**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Carrying**\n\n​\n\n**Contractual**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Value**\n\n​\n\n**Cash Flows**\n\n​\n\n**2026**\n\n​\n\n**2027**\n\n​\n\n**2028**\n\n​\n\n**2029**\n\n​\n\n**Thereafter**\n\n**At March 31, 2025**\n\n**  ​ ​ ​**\n\n**€M**\n\n**  ​ ​ ​**\n\n**€M**\n\n**  ​ ​ ​**\n\n**€M**\n\n**  ​ ​ ​**\n\n**€M**\n\n**  ​ ​ ​**\n\n**€M**\n\n**  ​ ​ ​**\n\n**€M**\n\n**  ​ ​ ​**\n\n**€M**\n\nLong and short term debt and leases:\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\n- Fixed rate debt: 1.7%\n\n \n\n2,044.7\n\n​\n\n2,092.0\n\n​\n\n882.7\n\n​\n\n1,209.3\n\n​\n\n—\n\n​\n\n—\n\n​\n\n—\n\n- Floating rate debt: 2.67%\n\n \n\n488.9\n\n​\n\n556.3\n\n​\n\n13.3\n\n​\n\n13.4\n\n​\n\n13.2\n\n​\n\n13.2\n\n​\n\n503.2\n\n- Lease liabilities\n\n \n\n149.1\n\n​\n\n163.6\n\n​\n\n43.1\n\n​\n\n42.7\n\n​\n\n41.6\n\n​\n\n28.1\n\n​\n\n8.1\n\n​\n\n \n\n2,682.7\n\n \n\n2,811.9\n\n \n\n939.1\n\n \n\n1,265.4\n\n \n\n54.8\n\n \n\n41.3\n\n \n\n511.3\n\nDerivative financial instruments\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\n- Currency forward contracts – outflows\n\n \n\n2.7\n\n​\n\n508.6\n\n​\n\n51.6\n\n​\n\n327.3\n\n​\n\n116.5\n\n​\n\n7.0\n\n​\n\n6.2\n\n- Currency forward contracts – inflows\n\n​\n\n—\n\n​\n\n(519.4)\n\n​\n\n(51.5)\n\n​\n\n(333.7)\n\n​\n\n(120.3)\n\n​\n\n(7.3)\n\n​\n\n(6.6)\n\n- Commodity forward contracts\n\n \n\n224.5\n\n​\n\n224.5\n\n​\n\n224.5\n\n​\n\n—\n\n​\n\n—\n\n​\n\n—\n\n​\n\n—\n\nTrade payables\n\n \n\n702.0\n\n​\n\n702.0\n\n​\n\n702.0\n\n​\n\n—\n\n​\n\n—\n\n​\n\n—\n\n​\n\n—\n\nAccrued expenses\n\n \n\n1,953.5\n\n​\n\n1,953.5\n\n​\n\n1,953.5\n\n​\n\n—\n\n​\n\n—\n\n​\n\n—\n\n​\n\n—\n\nTotal at March 31, 2025\n\n \n\n5,565.4\n\n \n\n5,681.1\n\n \n\n3,819.2\n\n \n\n1,259.0\n\n \n\n51.0\n\n \n\n41.0\n\n \n\n510.9\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Total**\n\n​\n\n**Total**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Carrying**\n\n​\n\n**Contractual**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Value**\n\n​\n\n**Cash Flows**\n\n​\n\n**2025**\n\n​\n\n**2026**\n\n​\n\n**2027**\n\n​\n\n**2028**\n\n​\n\n**Thereafter**\n\n**At March 31, 2024**\n\n**  ​ ​ ​**\n\n**€M**\n\n**  ​ ​ ​**\n\n**€M**\n\n**  ​ ​ ​**\n\n**€M**\n\n**  ​ ​ ​**\n\n**€M**\n\n**  ​ ​ ​**\n\n**€M**\n\n**  ​ ​ ​**\n\n**€M**\n\n**  ​ ​ ​**\n\n**€M**\n\nLong and short term debt and leases:\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\n- Fixed rate debt: 1.67%\n\n \n\n2,092.2\n\n​\n\n2,172.7\n\n​\n\n85.0\n\n​\n\n878.3\n\n​\n\n1,209.4\n\n​\n\n—\n\n​\n\n—\n\n- Floating rate debt: 4.30%\n\n \n\n490.0\n\n​\n\n579.2\n\n​\n\n21.2\n\n​\n\n21.3\n\n​\n\n21.3\n\n​\n\n21.5\n\n​\n\n493.9\n\n- Lease liabilities\n\n​\n\n164.6\n\n​\n\n183.1\n\n​\n\n45.5\n\n​\n\n37.1\n\n​\n\n36.1\n\n​\n\n34.9\n\n​\n\n29.5\n\n​\n\n \n\n2,746.8\n\n \n\n2,935.0\n\n \n\n151.7\n\n \n\n936.7\n\n \n\n1,266.8\n\n \n\n56.4\n\n \n\n523.4\n\nDerivative financial instruments\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\n- Currency forward contracts – outflows\n\n \n\n3.3\n\n​\n\n188.3\n\n​\n\n7.0\n\n​\n\n10.6\n\n​\n\n10.0\n\n​\n\n133.6\n\n​\n\n27.1\n\n- Currency forward contracts – inflows\n\n​\n\n—\n\n​\n\n(195.0)\n\n​\n\n(7.0)\n\n​\n\n(10.7)\n\n​\n\n(10.2)\n\n​\n\n(138.5)\n\n​\n\n(28.6)\n\n- Commodity forward contracts\n\n \n\n178.8\n\n​\n\n178.8\n\n​\n\n178.8\n\n​\n\n—\n\n​\n\n—\n\n​\n\n—\n\n​\n\n—\n\nTrade payables\n\n \n\n792.2\n\n​\n\n792.2\n\n​\n\n792.2\n\n​\n\n—\n\n​\n\n—\n\n​\n\n—\n\n​\n\n—\n\nAccrued expenses\n\n \n\n1,603.1\n\n​\n\n1,603.1\n\n​\n\n1,603.1\n\n​\n\n—\n\n​\n\n—\n\n​\n\n—\n\n​\n\n—\n\nTotal at March 31, 2024\n\n \n\n5,324.2\n\n \n\n5,502.4\n\n \n\n2,725.8\n\n \n\n936.6\n\n \n\n1,266.6\n\n \n\n51.5\n\n \n\n521.9\n\n​\n\nF-37\n\n[Table of Contents](#TOC)\n\nThe interest payments on floating rate debt in the table above reflect market forward interest rates at the reporting date and these amounts may change as market interest rates change. The future cash flows on derivative instruments may be different from the amount in the above table as interest rates and exchange rates change. Except for these financial liabilities, it is not expected that the cash flows included in the maturity analysis could occur significantly earlier, or for significantly different amounts.\n\n​\n\n**(d)****Derivative financial instruments – Designated as cash flow hedges**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Derivative financial instruments:**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**At March 31, **\n\n​\n\n**2026**\n\n​\n\n**2025**\n\n​\n\n**2024**\n\n​\n\n**€M**\n\n​\n\n**€M**\n\n​\n\n**€M**\n\n**Foreign currency risk**\n\n​\n\n​\n\n​\n\n​\n\n​\n\nProperty, plant and equipment - aircraft additions\n\n84.8\n\n​\n\n7.7\n\n​\n\n60.3\n\nFuel and oil operating expenses\n\n(36.2)\n\n​\n\n79.8\n\n​\n\n83.6\n\n**Commodity price risk**\n\n​\n\n​\n\n​\n\n​\n\n​\n\nFuel and carbon operating expenses\n\n2,027.6\n\n​\n\n(204.9)\n\n​\n\n26.8\n\n**Net derivative position at year end**\n\n2,076.2\n\n​\n\n(117.4)\n\n​\n\n170.7\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Change in gross value used for calculating hedge ineffectiveness:**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**At March 31, **\n\n​\n\n**2026**\n\n​\n\n**2025**\n\n​\n\n**2024**\n\n​\n\n**€M**\n\n​\n\n**€M**\n\n​\n\n**€M**\n\n**Foreign currency risk**\n\n​\n\n​\n\n​\n\n​\n\n​\n\nProperty, plant and equipment - aircraft additions\n\n(13.4)\n\n​\n\n149.8\n\n​\n\n515.0\n\nFuel and oil operating expenses\n\n(14.4)\n\n​\n\n114.6\n\n​\n\n(117.7)\n\n**Commodity price risk**\n\n​\n\n​\n\n​\n\n​\n\n​\n\nFuel and carbon operating expenses\n\n(2,399.9)\n\n​\n\n154.3\n\n​\n\n(398.8)\n\n**Total**\n\n(2,427.7)\n\n​\n\n418.7\n\n​\n\n(1.5)\n\n​\n\nF-38\n\n[Table of Contents](#TOC)\n\nThe gross amounts at the reporting date relating to items designated as hedged items were as follows:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**At March 31, 2026**\n\n​\n\n**Continuing**\n\n​\n\n**Balance**\n\n​\n\n​\n\n​\n\n**hedges**\n\n​\n\n**remaining**\n\n​\n\n**Total**\n\n​\n\n**€M**\n\n​\n\n**€M**\n\n​\n\n**€M**\n\n**Foreign currency risk**\n\n​\n\n​\n\n​\n\n​\n\n​\n\nProperty, plant and equipment - aircraft additions\n\n(84.8)\n\n​\n\n—\n\n​\n\n(84.8)\n\nFuel and oil operating expenses\n\n28.6\n\n​\n\n—\n\n​\n\n28.6\n\n**Commodity price risk**\n\n​\n\n​\n\n​\n\n​\n\n​\n\nFuel and carbon operating expenses\n\n(2,027.6)\n\n​\n\n—\n\n​\n\n(2,027.6)\n\n**Gross cashflow hedge reserve**\n\n(2,083.8)\n\n​\n\n—\n\n​\n\n(2,083.8)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Deferred taxes included in Hedge reserve were**€253**m*\n\n​\n\n​\n\n**At March 31, 2025**\n\n​\n\n**Continuing**\n\n​\n\n**Balance**\n\n​\n\n​\n\n​\n\n**hedges**\n\n​\n\n**remaining ****\n\n​\n\n**Total**\n\n​\n\n**€M**\n\n​\n\n**€M**\n\n​\n\n**€M**\n\n**Foreign currency risk**\n\n​\n\n​\n\n​\n\n​\n\n​\n\nProperty, plant and equipment - aircraft additions\n\n(7.7)\n\n​\n\n(76.1)\n\n​\n\n(83.8)\n\nFuel and oil operating expenses\n\n(84.7)\n\n​\n\n—\n\n​\n\n(84.7)\n\n**Commodity price risk**\n\n​\n\n​\n\n​\n\n​\n\n​\n\nFuel and carbon operating expenses\n\n204.9\n\n​\n\n—\n\n​\n\n204.9\n\n**Gross cashflow hedge reserve**\n\n112.5\n\n​\n\n(76.1)\n\n​\n\n36.4\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Deferred taxes included in Hedge reserve were**€15**m*\n\n*** Balance remaining in the cashflow hedge reserve for which hedge accounting is no longer applied*\n\n​\n\n**At March 31, 2024**\n\n​\n\n**Continuing**\n\n​\n\n**Balance**\n\n​\n\n​\n\n​\n\n**hedges**\n\n​\n\n**remaining ****\n\n​\n\n**Total**\n\n​\n\n**€M**\n\n​\n\n**€M**\n\n​\n\n**€M**\n\n**Foreign currency risk**\n\n​\n\n​\n\n​\n\n​\n\n​\n\nProperty, plant and equipment - aircraft additions\n\n(30.0)\n\n​\n\n(142.6)\n\n​\n\n(172.6)\n\nFuel and oil operating expenses\n\n(83.7)\n\n​\n\n—\n\n​\n\n(83.7)\n\n**Commodity price risk**\n\n​\n\n​\n\n​\n\n​\n\n​\n\nFuel and carbon operating expenses\n\n(26.8)\n\n​\n\n—\n\n​\n\n(26.8)\n\n**Gross cashflow hedge reserve**\n\n(140.5)\n\n​\n\n(142.6)\n\n​\n\n(283.1)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Deferred taxes included in Hedge reserve were**€17**m*\n\n*** Balance remaining in the cashflow hedge reserve for which hedge accounting is no longer applied*\n\n​\n\nF-39\n\n[Table of Contents](#TOC)\n\nMovement: in derivative financial instruments designated as hedging instruments were as follows:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**At March 31, 2026**\n\n​\n\n**Change in**\n\n​\n\n**Hedge ineffectiveness**\n\n​\n\n**Reclassified from**\n\n​\n\n**fair value**\n\n​\n\n**recognized in**\n\n​\n\n**hedging reserve**\n\n​\n\n**recognized in OCI**\n\n​\n\n**profit or loss***\n\n​\n\n**to profit or loss****\n\n​\n\n**€M**\n\n​\n\n**€M**\n\n​\n\n**€M**\n\n**Foreign currency risk**\n\n​\n\n​\n\n​\n\n​\n\n​\n\nProperty, plant and equipment - aircraft additions\n\n13.4\n\n​\n\n—\n\n​\n\n—\n\nFuel and oil operating expenses\n\n14.4\n\n​\n\n—\n\n​\n\n(130.4)\n\n**Commodity price risk**\n\n​\n\n​\n\n​\n\n​\n\n​\n\nFuel and carbon operating expenses\n\n2,399.9\n\n​\n\n—\n\n​\n\n(167.3)\n\n**Total movement in derivative instruments**\n\n2,427.7\n\n​\n\n—\n\n​\n\n(297.7)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**At March 31, 2025**\n\n​\n\n**Change in**\n\n​\n\n**Hedge ineffectiveness**\n\n​\n\n**Reclassified from**\n\n​\n\n**fair value**\n\n​\n\n**recognized in**\n\n​\n\n**hedging reserve**\n\n​\n\n**recognized in OCI**\n\n​\n\n**profit or loss***\n\n​\n\n**to profit or loss****\n\n​\n\n**€M**\n\n​\n\n**€M**\n\n​\n\n**€M**\n\n**Foreign currency risk**\n\n​\n\n​\n\n​\n\n​\n\n​\n\nProperty, plant and equipment - aircraft additions\n\n(149.8)\n\n​\n\n—\n\n​\n\n—\n\nFuel and oil operating expenses\n\n(114.6)\n\n​\n\n—\n\n​\n\n110.9\n\n**Commodity price risk**\n\n​\n\n​\n\n​\n\n​\n\n​\n\nFuel and carbon operating expenses\n\n(154.3)\n\n​\n\n—\n\n​\n\n(77.4)\n\n**Total movement in derivative instruments**\n\n(418.7)\n\n​\n\n—\n\n​\n\n33.5\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**At March 31, 2024**\n\n​\n\n**Change in**\n\n​\n\n**Hedge ineffectiveness**\n\n​\n\n**Reclassified from**\n\n​\n\n**fair value**\n\n​\n\n**recognized in**\n\n​\n\n**hedging reserve**\n\n​\n\n**recognized in OCI**\n\n​\n\n**profit or loss***\n\n​\n\n**to profit or loss****\n\n​\n\n**€M**\n\n​\n\n**€M**\n\n​\n\n**€M**\n\n**Foreign currency risk**\n\n​\n\n​\n\n​\n\n​\n\n​\n\nProperty, plant and equipment - aircraft additions\n\n(515.0)\n\n​\n\n—\n\n​\n\n—\n\nFuel and oil operating expenses\n\n117.7\n\n​\n\n—\n\n​\n\n4.2\n\n**Interest rate risk**\n\n​\n\n​\n\n​\n\n​\n\n​\n\nVariable-rate instruments\n\n—\n\n​\n\n—\n\n​\n\n(3.6)\n\n**Commodity price risk**\n\n​\n\n​\n\n​\n\n​\n\n​\n\nFuel and carbon operating expenses\n\n398.8\n\n​\n\n—\n\n​\n\n(71.8)\n\n**Total movement in derivative instruments**\n\n1.5\n\n​\n\n—\n\n​\n\n(71.2)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n** Hedge ineffectiveness is classified within “Finance Expense” on the Consolidated Income Statement*\n\n*** Reclassified from hedging reserve to income statement – Fuel & Oil Foreign Currency & Commodity are reclassified in Fuel and Oil; Variable rate instruments are reclassified to finance expense*\n\n​\n\n​\n\nF-40\n\n[Table of Contents](#TOC)\n\nThe effective (gains)/losses arising on the hedging of aircraft capital expenditure are recognized as part of the capitalized cost of aircraft additions, within property, plant and equipment. The (gains)/losses arising on the hedging of interest rate swaps, commodity forward contracts and forward currency contracts (excluding aircraft capital expenditure) are recognized in the income statement when the hedged transaction occurs.\n\n​\n\nThe following table indicates the amounts that were reclassified from other comprehensive income into the income statement, analyzed by income statement category, in respect of cash flow hedges realized during the year:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**At March 31,**\n\n​\n\n​\n\n​\n\n**  ​ ​ ​**\n\n**2026**\n\n**  ​ ​ ​**\n\n**2025**\n\n**  ​ ​ ​**\n\n**2024**\n\n​\n\n​\n\n​\n\n** **\n\n**€M**\n\n \n\n**€M**\n\n \n\n**€M**\n\n**Commodity forward contracts**\n\n​\n\n​\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\nReclassification adjustments for losses recognized in fuel and oil operating expenses\n\n​\n\n​\n\n \n\n167.3\n\n \n\n77.4\n\n \n\n71.8\n\n**Interest rate swaps**\n\n​\n\n​\n\n \n\n​\n\n \n\n​\n\n \n\n​\n\nReclassification adjustments for losses recognized in finance expense\n\n​\n\n​\n\n \n\n—\n\n \n\n—\n\n \n\n3.6\n\n**Foreign currency forward contracts**\n\n​\n\n​\n\n \n\n​\n\n \n\n​\n\n \n\n​\n\nReclassification adjustments for losses/(gains) recognized in fuel and oil operating expenses\n\n​\n\n​\n\n \n\n130.4\n\n \n\n(110.9)\n\n \n\n(4.2)\n\n​\n\n​\n\n​\n\n \n\n297.7\n\n \n\n(33.5)\n\n \n\n71.2\n\n​\n\nThe following table indicates the amounts that were reclassified from other comprehensive income into the capitalized cost of aircraft additions within property, plant and equipment, in respect of cash flow hedges realized during the year:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**At March 31,**\n\n​\n\n​\n\n​\n\n**  ​ ​ ​**\n\n**2026**\n\n**  ​ ​ ​**\n\n**2025**\n\n**  ​ ​ ​**\n\n**2024**\n\n​\n\n​\n\n​\n\n** **\n\n**€M**\n\n** **\n\n**€M**\n\n** **\n\n**€M**\n\n**Foreign currency forward contracts**\n\n​\n\n​\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\nRecognized in property plant and equipment – aircraft additions\n\n​\n\n​\n\n \n\n(63.8)\n\n \n\n(100.6)\n\n \n\n(305.7)\n\n​\n\n​\n\n​\n\n \n\n(63.8)\n\n \n\n(100.6)\n\n \n\n(305.7)\n\n​\n\n​\n\nF-41\n\n[Table of Contents](#TOC)\n\nThe following table sets out the fair values of the derivative financial instruments, as reported in the consolidated balance sheet, analyzed between those designated as continuing cash flow hedges and those where hedge accounting is no longer applied, along with the notional amounts.\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**At March 31,**\n\n​\n\n​\n\n**2026**\n\n​\n\n​\n\n**2025**\n\n​\n\n​\n\n**2024**\n\n​\n\n​\n\n**Within**\n\n​\n\n**> 1 Year**\n\n​\n\n​\n\n​\n\n​\n\n**Within**\n\n​\n\n**> 1 Year**\n\n​\n\n​\n\n​\n\n​\n\n**Within**\n\n​\n\n**> 1 Year**\n\n​\n\n​\n\n​\n\n​\n\n**1 Year **\n\n​\n\n**(non—**\n\n​\n\n​\n\n​\n\n​\n\n**1 Year **\n\n​\n\n**(non—**\n\n​\n\n​\n\n​\n\n​\n\n**1 Year **\n\n​\n\n**(non—**\n\n​\n\n​\n\n​\n\n​\n\n**(current)**\n\n​\n\n**current)**\n\n​\n\n**Total**\n\n​\n\n​\n\n**(current)**\n\n​\n\n**current)**\n\n​\n\n**Total**\n\n​\n\n​\n\n**(current)**\n\n​\n\n**current)**\n\n​\n\n**Total**\n\n​\n\n**  ​ ​**\n\n**€M**\n\n**  ​ ​**\n\n**€M**\n\n**  ​ ​**\n\n**€M**\n\n**  ​**\n\n**  ​**\n\n**€M**\n\n**  ​ ​**\n\n**€M**\n\n**  ​ ​**\n\n**€M**\n\n**  ​**\n\n**  ​**\n\n**€M**\n\n**  ​ ​**\n\n**€M**\n\n**  ​ ​**\n\n**€M**\n\n**Foreign currency risk notional amounts**\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\n**for effective hedges**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nPP&E — aircraft additions\n\n \n\n553.8\n\n​\n\n2,689.3\n\n​\n\n3,243.1\n\n \n\n \n\n373.8\n\n​\n\n—\n\n​\n\n373.8\n\n \n\n \n\n494.0\n\n​\n\n24.1\n\n \n\n518.1\n\nFuel and oil operating expenses\n\n \n\n3,541.9\n\n​\n\n1,038.9\n\n​\n\n4,580.8\n\n \n\n \n\n3,925.5\n\n​\n\n1,141.2\n\n​\n\n5,066.7\n\n \n\n \n\n3,701.7\n\n​\n\n423.7\n\n \n\n4,125.4\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n— Within derivative financial assets\n\n \n\n35.8\n\n​\n\n92.4\n\n​\n\n128.2\n\n \n\n \n\n84.4\n\n​\n\n5.8\n\n​\n\n90.2\n\n \n\n \n\n144.0\n\n​\n\n3.2\n\n \n\n147.2\n\n— Within derivative financial liabilities\n\n \n\n(71.8)\n\n​\n\n(7.8)\n\n​\n\n(79.6)\n\n \n\n \n\n(0.2)\n\n​\n\n(2.5)\n\n​\n\n(2.7)\n\n \n\n \n\n—\n\n​\n\n(3.3)\n\n \n\n(3.3)\n\n​\n\n \n\n(36.0)\n\n​\n\n84.6\n\n​\n\n48.6\n\n \n\n \n\n84.2\n\n \n\n3.3\n\n \n\n87.5\n\n \n\n \n\n144.0\n\n \n\n(0.1)\n\n \n\n143.9\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Commodity price risk notional amounts for effective hedges**\n\n \n\n​\n\n​\n\n​\n\n​\n\n​\n\n \n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\nFuel and carbon operating expenses\n\n \n\n3,381.8\n\n​\n\n—\n\n​\n\n3,381.8\n\n \n\n \n\n3,424.5\n\n​\n\n476.4\n\n​\n\n3,900.9\n\n \n\n \n\n3,713.8\n\n​\n\n2.2\n\n​\n\n3,716.0\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nTotal fair value for all commodity fuel & carbon related derivative instruments:\n\n \n\n​\n\n​\n\n​\n\n​\n\n​\n\n \n\n \n\n​\n\n \n\n  ​\n\n​\n\n  ​\n\n \n\n \n\n  ​\n\n \n\n  ​\n\n​\n\n  ​\n\n— Within derivative financial assets\n\n \n\n2,098.1\n\n​\n\n—\n\n​\n\n2,098.1\n\n \n\n \n\n10.0\n\n​\n\n9.6\n\n​\n\n19.6\n\n \n\n \n\n205.5\n\n​\n\n0.1\n\n​\n\n205.6\n\n— Within derivative financial liabilities\n\n \n\n(70.5)\n\n​\n\n—\n\n​\n\n(70.5)\n\n \n\n \n\n(224.5)\n\n​\n\n—\n\n​\n\n(224.5)\n\n \n\n \n\n(178.0)\n\n​\n\n(0.8)\n\n​\n\n(178.8)\n\n​\n\n \n\n2,027.6\n\n​\n\n—\n\n​\n\n2,027.6\n\n \n\n \n\n(214.5)\n\n \n\n9.6\n\n \n\n(204.9)\n\n \n\n \n\n27.5\n\n \n\n(0.7)\n\n \n\n26.8\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Fair values as reported in the consolidated balance sheet**\n\n \n\n​\n\n​\n\n​\n\n​\n\n​\n\n \n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\nDerivative financial assets\n\n \n\n2,133.9\n\n​\n\n92.4\n\n​\n\n2,226.3\n\n \n\n \n\n94.4\n\n​\n\n15.4\n\n​\n\n109.8\n\n \n\n \n\n349.5\n\n​\n\n3.3\n\n​\n\n352.8\n\nDerivative financial liabilities\n\n \n\n(142.3)\n\n​\n\n(7.8)\n\n​\n\n(150.1)\n\n \n\n \n\n(224.7)\n\n​\n\n(2.5)\n\n​\n\n(227.2)\n\n \n\n \n\n(178.8)\n\n​\n\n(3.3)\n\n​\n\n(182.1)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Derivative financial assets analyzed between those:**\n\n \n\n​\n\n​\n\n​\n\n​\n\n​\n\n \n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\n— Designated as continuing cash flow hedges\n\n \n\n2,133.9\n\n​\n\n92.4\n\n​\n\n2,226.3\n\n \n\n \n\n94.4\n\n​\n\n15.4\n\n​\n\n109.8\n\n \n\n \n\n322.6\n\n​\n\n3.3\n\n​\n\n325.9\n\n— Where hedge accounting is no longer applied\n\n \n\n—\n\n​\n\n—\n\n​\n\n—\n\n \n\n \n\n—\n\n​\n\n—\n\n​\n\n—\n\n \n\n \n\n26.9\n\n​\n\n—\n\n​\n\n26.9\n\n— Designated as fair value financial instruments\n\n​\n\n—\n\n​\n\n—\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n—\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\n—\n\n​\n\n—\n\n​\n\n \n\n2,133.9\n\n​\n\n92.4\n\n​\n\n2,226.3\n\n \n\n \n\n94.4\n\n \n\n15.4\n\n \n\n109.8\n\n \n\n \n\n349.5\n\n \n\n3.3\n\n \n\n352.8\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Derivative financial liabilities analyzed between those:**\n\n \n\n​\n\n​\n\n​\n\n​\n\n​\n\n \n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\n \n\n \n\n  ​\n\n \n\n  ​\n\n \n\n  ​\n\n— Designated as continuing cash flow hedges\n\n \n\n(142.3)\n\n​\n\n(7.8)\n\n​\n\n(150.1)\n\n \n\n \n\n(224.7)\n\n​\n\n(2.5)\n\n​\n\n(227.2)\n\n \n\n \n\n(178.8)\n\n​\n\n(3.3)\n\n​\n\n(182.1)\n\n— Where hedge accounting is no longer applied\n\n \n\n—\n\n​\n\n—\n\n​\n\n—\n\n \n\n \n\n—\n\n​\n\n—\n\n​\n\n—\n\n \n\n \n\n—\n\n​\n\n—\n\n​\n\n—\n\n— Designated as fair value financial instruments\n\n \n\n—\n\n​\n\n—\n\n​\n\n—\n\n \n\n \n\n—\n\n​\n\n—\n\n​\n\n—\n\n \n\n \n\n—\n\n​\n\n—\n\n​\n\n—\n\n​\n\n \n\n(142.3)\n\n​\n\n(7.8)\n\n​\n\n(150.1)\n\n \n\n \n\n(224.7)\n\n \n\n(2.5)\n\n \n\n(227.2)\n\n \n\n \n\n(178.8)\n\n \n\n(3.3)\n\n \n\n(182.1)\n\n​\n\n​\n\nF-42\n\n[Table of Contents](#TOC)\n\n12.         Deferred and current taxation\n\n​\n\nThe components of the deferred and current taxation in the balance sheet are as follows:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**At March 31, **\n\n​\n\n​\n\n**2026**\n\n​\n\n**2025**\n\n​\n\n**2024**\n\n​\n\n**  ​ ​ ​**\n\n**€M**\n\n**  ​ ​ ​**\n\n**€M**\n\n**  ​ ​ ​**\n\n**€M**\n\n**Current tax assets**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nCorporation tax assets\n\n​\n\n—\n\n​\n\n—\n\n​\n\n—\n\nTotal current tax assets\n\n​\n\n—\n\n​\n\n—\n\n​\n\n—\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Current tax liabilities**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nCorporation tax liabilities\n\n​\n\n79.8\n\n​\n\n107.1\n\n​\n\n66.6\n\nTotal current tax liabilities\n\n​\n\n79.8\n\n​\n\n107.1\n\n​\n\n66.6\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Deferred tax assets**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nTax losses and temporary differences on plant, equipment and derivatives\n\n​\n\n(2.3)\n\n​\n\n(1.6)\n\n​\n\n(2.1)\n\nTotal deferred tax assets\n\n​\n\n(2.3)\n\n​\n\n(1.6)\n\n​\n\n(2.1)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Deferred tax liabilities**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nTemporary differences on property, plant and equipment and derivatives\n\n​\n\n671.5\n\n​\n\n377.1\n\n​\n\n362.0\n\nTotal deferred tax liabilities\n\n​\n\n671.5\n\n​\n\n377.1\n\n​\n\n362.0\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**At March 31, **\n\n​\n\n​\n\n**2026**\n\n​\n\n**2025**\n\n​\n\n**2024**\n\n​\n\n**  ​ ​ ​**\n\n**€M**\n\n**  ​ ​ ​**\n\n**€M**\n\n**  ​ ​ ​**\n\n**€M**\n\n**Reconciliation of current tax**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nLiability at beginning of year\n\n \n\n107.1\n\n​\n\n66.6\n\n​\n\n66.3\n\nCorporation tax charge in year\n\n \n\n224.2\n\n​\n\n125.4\n\n​\n\n49.4\n\nTax (paid)\n\n \n\n(251.5)\n\n​\n\n(84.9)\n\n​\n\n(49.1)\n\nLiability at end of year\n\n \n\n79.8\n\n \n\n107.1\n\n \n\n66.6\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**At March 31, **\n\n​\n\n​\n\n**2026**\n\n​\n\n**2025**\n\n​\n\n**2024**\n\n​\n\n**  ​ ​ ​**\n\n**€M**\n\n**  ​ ​ ​**\n\n**€M**\n\n**  ​ ​ ​**\n\n**€M**\n\n**Reconciliation of deferred tax**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nNet liability at beginning of year\n\n \n\n375.5\n\n \n\n359.9\n\n \n\n152.7\n\nTemporary differences on derivatives hedging instruments\n\n​\n\n268.3\n\n​\n\n(31.8)\n\n​\n\n45.7\n\nTax losses and temporary differences on property, plant & equipment & non-derivative items\n\n​\n\n25.4\n\n​\n\n47.4\n\n​\n\n161.5\n\nNet liability at end of year\n\n \n\n669.2\n\n \n\n375.5\n\n \n\n359.9\n\n​\n\nThe Group has applied the mandatory exception required by IAS 12 to recognizing and disclosing information about deferred tax assets and liabilities related to Pillar Two taxes.\n\n​\n\nF-43\n\n[Table of Contents](#TOC)\n\nThe components of the tax expense in the income statement were as follows:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Year ended**\n\n​\n\n​\n\n**March 31, **\n\n​\n\n​\n\n**2026**\n\n​\n\n**2025**\n\n​\n\n**2024**\n\n​\n\n  ​ ​ ​\n\n**€M**\n\n  ​ ​ ​\n\n**€M**\n\n  ​ ​ ​\n\n**€M**\n\nCorporation tax charge\n\n \n\n224.2\n\n \n\n125.4\n\n \n\n49.4\n\nDeferred tax charge relating to temporary differences on property, plant and equipment, net operating losses and other non-derivative items\n\n \n\n25.4\n\n \n\n47.4\n\n \n\n161.5\n\n​\n\n​\n\n249.6\n\n \n\n172.8\n\n \n\n210.9\n\n​\n\nPillar Two tax rules (including various transitional rules and safeharbours) apply to the Group from April 1, 2024. The Group can avail of transitional safeharbour rules in most of the jurisdictions in which it operates. As such, the Pillar Two tax charge for the year is not material. The following table reconciles the statutory rate of Irish corporation tax to the Company’s effective corporation tax rate:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Year ended**\n\n** **\n\n​\n\n​\n\n**March 31, **\n\n** **\n\n​\n\n​\n\n**2026**\n\n​\n\n**2025**\n\n​\n\n**2024**\n\n** **\n\n​\n\n**  ​ ​ ​**\n\n**%**\n\n**  ​ ​ ​**\n\n**%**\n\n**  ​ ​ ​**\n\n**%**\n\n​\n\nStatutory rate of Irish corporation tax on profit\n\n \n\n12.5\n\n \n\n12.5\n\n \n\n12.5\n\n \n\nNon-Irish profits and losses subject to other tax rates\n\n \n\n(2.9)\n\n​\n\n(3.8)\n\n​\n\n(2.4)\n\n​\n\nOther movements\n\n​\n\n0.7\n\n​\n\n1.0\n\n​\n\n(0.2)\n\n​\n\nTotal effective rate of taxation on profit\n\n \n\n10.3\n\n \n\n9.7\n\n \n\n9.9\n\n​\n\n​\n\nThe deferred tax movement per each type of temporary difference is detailed below:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Year ended**\n\n​\n\n​\n\n**March 31, **\n\n​\n\n​\n\n**2026**\n\n​\n\n**2025**\n\n​\n\n**2024**\n\n​\n\n​\n\n**€M**\n\n​\n\n**€M**\n\n​\n\n**€M**\n\nProperty, plant and equipment\n\n​\n\n25.2\n\n​\n\n23.6\n\n​\n\n53.4\n\nNet operating losses\n\n​\n\n0.2\n\n​\n\n23.8\n\n​\n\n108.0\n\nOther\n\n​\n\n—\n\n​\n\n—\n\n​\n\n0.1\n\nDeferred tax charge\n\n​\n\n25.4\n\n​\n\n47.4\n\n​\n\n161.5\n\n​\n\nDeferred tax applicable to items charged or credited to other comprehensive income were as follows:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**At March 31, **\n\n​\n\n​\n\n**2026**\n\n​\n\n**2025**\n\n​\n\n**2024**\n\n​\n\n  ​ ​ ​\n\n**€M**\n\n  ​ ​ ​\n\n**€M**\n\n  ​ ​ ​\n\n**€M**\n\nEffective portion of changes in fair value of cash-flow hedges\n\n \n\n229.2\n\n​\n\n(22.3)\n\n​\n\n48.7\n\nNet change in fair value of cash-flow hedges transferred to property, plant and equipment\n\n​\n\n1.6\n\n​\n\n(3.4)\n\n​\n\n(11.8)\n\nNet other changes in fair value of cash-flow hedges transferred to profit or loss\n\n​\n\n37.5\n\n​\n\n(6.1)\n\n​\n\n8.8\n\nTotal tax charge/(credit) in other comprehensive income\n\n \n\n268.3\n\n​\n\n(31.8)\n\n​\n\n45.7\n\n​\n\nF-44\n\n[Table of Contents](#TOC)\n\nThe principal components of net deferred tax at each year-end were:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**At March 31, **\n\n​\n\n​\n\n**2026**\n\n​\n\n**2025**\n\n​\n\n**2024**\n\n​\n\n  ​ ​ ​\n\n**€M**\n\n  ​ ​ ​\n\n**€M**\n\n  ​ ​ ​\n\n**€M**\n\nArising on designated hedging instruments\n\n​\n\n254.6\n\n​\n\n(11.8)\n\n​\n\n18.2\n\nProperty, plant and equipment\n\n​\n\n416.0\n\n​\n\n388.9\n\n​\n\n367.1\n\nNet operating losses\n\n​\n\n(1.4)\n\n​\n\n(1.6)\n\n​\n\n(25.4)\n\nTotal\n\n \n\n669.2\n\n \n\n375.5\n\n \n\n359.9\n\n​\n\nDeferred tax assets are recognized on the basis that it is probable that sufficient future near-term profits will be available against which deductible temporary differences and losses carried forward may be utilized.  \n\n​\n\nThe Group does not recognize a deferred tax asset in respect of approximately €240m of historic trading losses accrued in LaudaMotion GmBH.\n\n​\n\nNo deferred tax has been provided for unremitted earnings of overseas subsidiaries. No temporary differences arise on the carrying value of the tax base of subsidiary companies as the Group’s trading subsidiaries are resident in countries with which Ireland has concluded double taxation agreements.\n\n​\n\n13.         Provisions\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**At March 31, **\n\n​\n\n​\n\n​\n\n  ​ ​ ​\n\n**2026**\n\n  ​ ​ ​\n\n**2025**\n\n  ​ ​ ​\n\n**2024**\n\n​\n\n​\n\n​\n\n** **\n\n**€M**\n\n** **\n\n**€M**\n\n** **\n\n**€M**\n\nProvision for aircraft maintenance on leased aircraft (a)\n\n​\n\n​\n\n \n\n201.6\n\n \n\n194.6\n\n \n\n184.1\n\nProvision for pension obligation (b)\n\n​\n\n​\n\n \n\n—\n\n \n\n—\n\n \n\n—\n\n​\n\n​\n\n​\n\n \n\n201.6\n\n \n\n194.6\n\n \n\n184.1\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n  ​ ​ ​\n\n**At March 31, **\n\n​\n\n​\n\n​\n\n** **\n\n**2026**\n\n  ​ ​ ​\n\n**2025**\n\n​\n\n**2024**\n\n**(a) Provision for aircraft maintenance on leased aircraft**\n\n​\n\n​\n\n​\n\n**€M**\n\n** **\n\n**€M**\n\n** **\n\n**€M**\n\nAt beginning of year\n\n​\n\n​\n\n \n\n194.6\n\n \n\n184.1\n\n \n\n169.8\n\nIncrease in provision during the year\n\n​\n\n​\n\n \n\n7.0\n\n \n\n18.5\n\n \n\n27.5\n\nUtilization of provision upon the hand-back of aircraft\n\n​\n\n​\n\n \n\n—\n\n \n\n(8.0)\n\n \n\n(13.2)\n\nAt end of year\n\n​\n\n​\n\n \n\n201.6\n\n \n\n194.6\n\n \n\n184.1\n\n​\n\n​\n\nF-45\n\n[Table of Contents](#TOC)\n\nDuring FY26, the Company returned no Airbus A320 aircraft held under lease to the lessor (FY25: 1; FY24: 2). The expected timing of the outflows of economic benefits associated with the provision at March 31, 2026, 2025 and 2024 are as follows:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Carrying**\n\n**  ​ ​ ​**\n\n​\n\n**  ​ ​ ​**\n\n​\n\n**  ​ ​ ​**\n\n​\n\n**  ​ ​ ​**\n\n​\n\n**  ​ ​ ​**\n\n​\n\n​\n\n  ​ ​ ​\n\n**Value**\n\n  ​ ​ ​\n\n**2027**\n\n  ​ ​ ​\n\n**2028**\n\n  ​ ​ ​\n\n**2029**\n\n  ​ ​ ​\n\n**2030**\n\n  ​ ​ ​\n\n**Thereafter**\n\n​\n\n** **\n\n**€M**\n\n** **\n\n**€M**\n\n** **\n\n**€M**\n\n** **\n\n**€M**\n\n** **\n\n**€M**\n\n** **\n\n**€M**\n\n**At March 31, 2026**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nProvision for leased aircraft maintenance\n\n \n\n201.6\n\n​\n\n60.3\n\n​\n\n34.8\n\n​\n\n65.8\n\n​\n\n—\n\n​\n\n40.7\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Carrying**\n\n**  ​ ​ ​**\n\n​\n\n**  ​ ​ ​**\n\n​\n\n**  ​ ​ ​**\n\n​\n\n**  ​ ​ ​**\n\n​\n\n**  ​ ​ ​**\n\n​\n\n​\n\n  ​ ​ ​\n\n**Value**\n\n  ​ ​ ​\n\n**2026**\n\n  ​ ​ ​\n\n**2027**\n\n  ​ ​ ​\n\n**2028**\n\n  ​ ​ ​\n\n**2029**\n\n  ​ ​ ​\n\n**Thereafter**\n\n​\n\n** **\n\n**€M**\n\n** **\n\n**€M**\n\n** **\n\n**€M**\n\n** **\n\n**€M**\n\n** **\n\n**€M**\n\n** **\n\n**€M**\n\n**At March 31, 2025**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nProvision for leased aircraft maintenance\n\n \n\n194.6\n\n​\n\n53.5\n\n​\n\n14.5\n\n​\n\n42.2\n\n​\n\n50.9\n\n​\n\n33.5\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Carrying**\n\n**  ​ ​ ​**\n\n​\n\n**  ​ ​ ​**\n\n​\n\n**  ​ ​ ​**\n\n​\n\n**  ​ ​ ​**\n\n​\n\n**  ​ ​ ​**\n\n​\n\n​\n\n  ​ ​ ​\n\n**Value**\n\n  ​ ​ ​\n\n**2025**\n\n  ​ ​ ​\n\n**2026**\n\n  ​ ​ ​\n\n**2027**\n\n  ​ ​ ​\n\n**2028**\n\n  ​ ​ ​\n\n**Thereafter**\n\n​\n\n** **\n\n**€M**\n\n** **\n\n**€M**\n\n** **\n\n**€M**\n\n** **\n\n**€M**\n\n** **\n\n**€M**\n\n** **\n\n**€M**\n\n**At March 31, 2024**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nProvision for leased aircraft maintenance\n\n \n\n184.1\n\n \n\n46.0\n\n​\n\n17.4\n\n \n\n3.8\n\n​\n\n35.1\n\n \n\n81.8\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n  ​ ​ ​\n\n​\n\n​\n\n**At March 31, **\n\n​\n\n** **\n\n​\n\n​\n\n**2026**\n\n  ​ ​ ​\n\n**2025**\n\n  ​ ​ ​\n\n**2024**\n\n**(b) Provision for pension obligation**\n\n​\n\n​\n\n​\n\n**€M**\n\n** **\n\n**€M**\n\n** **\n\n**€M**\n\nAt beginning of year\n\n​\n\n​\n\n​\n\n—\n\n \n\n—\n\n \n\n4.5\n\nMovement during the year\n\n \n\n​\n\n​\n\n—\n\n \n\n—\n\n \n\n(4.5)\n\nAt end of year\n\n \n\n​\n\n​\n\n—\n\n \n\n—\n\n \n\n—\n\n​\n\nSee Note 20 to the consolidated financial statements for further details.\n\n​\n\n**14.         ****Issued share capital****, share premium account and share options**\n\n​\n\n(a)**Share capital**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**At March 31, **\n\n​\n\n​\n\n​\n\n  ​ ​ ​\n\n**2026**\n\n  ​ ​ ​\n\n**2025**\n\n  ​ ​ ​\n\n**2024**\n\n​\n\n​\n\n​\n\n** **\n\n**€M**\n\n** **\n\n**€M**\n\n** **\n\n**€M**\n\n**Authorized/Share Capital reorganization**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n1,550,000,000 ordinary equity shares of 0.600 euro cent each\n\n​\n\n​\n\n \n\n9.3\n\n \n\n9.3\n\n \n\n9.3\n\n1,368,000,000 'B' Shares of 0.050 euro cent each\n\n​\n\n​\n\n \n\n0.7\n\n \n\n0.7\n\n \n\n0.7\n\n1,368,000,000 Deferred shares of 0.050 euro cent each\n\n​\n\n​\n\n \n\n0.7\n\n \n\n0.7\n\n \n\n0.7\n\n​\n\n​\n\n​\n\n \n\n10.7\n\n \n\n10.7\n\n​\n\n10.7\n\n**Allotted, called-up and partly paid:**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n1,140,045,528 ordinary equity shares of 0.600 euro cent each\n\n​\n\n​\n\n \n\n—\n\n \n\n—\n\n \n\n6.9\n\n1,063,868,001 ordinary equity shares of 0.600 euro cent each\n\n​\n\n​\n\n​\n\n—\n\n​\n\n6.4\n\n​\n\n—\n\n1,043,931,708 ordinary equity shares of 0.600 euro cent each\n\n​\n\n​\n\n​\n\n6.3\n\n​\n\n—\n\n​\n\n—\n\n​\n\n​\n\n​\n\n​\n\n6.3\n\n \n\n6.4\n\n​\n\n6.9\n\n​\n\nMovements in the share capital balance year-on-year principally relate to the repurchase and cancellation of approximately 21m shares as part of the Group’s share buyback programs (2025: 77m; 2024: nil), and 0.5m new shares issued in FY26 following the exercise of share options and LTIP grants (2025: 1.0m; 2024: 1.4m). Ordinary equity shares do not confer on the holders thereof the specific right to be paid a dividend out of profits.\n\nF-46\n\n[Table of Contents](#TOC)\n\n(b)**Share premium account**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**At March 31, **\n\n​\n\n  ​ ​ ​\n\n​\n\n​\n\n**2026**\n\n​\n\n**2025**\n\n  ​ ​ ​\n\n**2024**\n\n​\n\n** **\n\n​\n\n​\n\n**€M**\n\n** **\n\n**€M**\n\n** **\n\n**€M**\n\nBalance at beginning of year\n\n \n\n​\n\n​\n\n1,421.6\n\n \n\n1,404.3\n\n \n\n1,379.9\n\nNet proceeds from shares issued\n\n​\n\n​\n\n​\n\n3.2\n\n​\n\n4.9\n\n​\n\n16.4\n\nShare premium receivable on shares issued\n\n​\n\n​\n\n​\n\n10.0\n\n​\n\n12.4\n\n​\n\n8.0\n\nBalance at end of year\n\n \n\n​\n\n​\n\n1,434.8\n\n \n\n1,421.6\n\n \n\n1,404.3\n\n​\n\n**(c)****Share options and share purchase arrangements**\n\n​\n\nOption Plan 2013 allows employees or Directors to purchase shares in the Company up to an aggregate of approximately 5% (when aggregated with other ordinary shares over which options are granted and which have not yet been exercised) of the outstanding ordinary shares of Ryanair Holdings plc, subject to certain conditions. All grants are subject to approval by Remco. These are exercisable at a price equal to the market price of the ordinary shares at the time options are granted. The key terms of these option plans include the requirement that certain employees remain in employment with the Company for a specified period of time and that the Company achieves certain net profit targets or share price targets. At the 2019 AGM, shareholders approved LTIP 2019. LTIP 2019 replaces Option Plan 2013 for all future share based remuneration grants. There were approximately 2.6m cumulative conditional ordinary shares granted under LTIP 2019 at March 31, 2026.\n\n​\n\nDetails of the share options outstanding are set out below:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Share**\n\n​\n\n**Weighted Avg.**\n\n​\n\n  ​ ​ ​\n\n​\n\n​\n\n​\n\n​\n\n**Options**\n\n  ​ ​ ​\n\n**Exercise**\n\n​\n\n  ​ ​ ​ ​\n\n​\n\n​\n\n​\n\n​\n\n**M**\n\n  ​ ​ ​ ​\n\n**Price (€)**\n\nOutstanding at March 31, 2023\n\n \n\n​\n\n​\n\n​\n\n​\n\n18.7\n\n​\n\n11.24\n\nGranted\n\n \n\n​\n\n​\n\n​\n\n​\n\n—\n\n​\n\n—\n\nForfeited\n\n​\n\n​\n\n​\n\n​\n\n​\n\n(0.7)\n\n​\n\n11.12\n\nExercised\n\n \n\n​\n\n​\n\n​\n\n​\n\n(1.4)\n\n​\n\n12.00\n\nOutstanding at March 31, 2024\n\n \n\n​\n\n​\n\n​\n\n​\n\n16.6\n\n​\n\n11.18\n\nGranted\n\n​\n\n​\n\n​\n\n​\n\n​\n\n—\n\n​\n\n—\n\nForfeited\n\n​\n\n​\n\n​\n\n​\n\n​\n\n—\n\n​\n\n—\n\nExercised\n\n​\n\n​\n\n​\n\n​\n\n​\n\n(0.4)\n\n​\n\n11.45\n\nOutstanding at March 31, 2025\n\n \n\n​\n\n​\n\n​\n\n​\n\n16.2\n\n​\n\n11.12\n\nGranted\n\n​\n\n​\n\n​\n\n​\n\n​\n\n—\n\n​\n\n—\n\nForfeited\n\n​\n\n​\n\n​\n\n​\n\n​\n\n—\n\n​\n\n—\n\nExercised\n\n​\n\n​\n\n​\n\n​\n\n​\n\n(0.3)\n\n​\n\n11.12\n\nOutstanding at March 31, 2026\n\n \n\n​\n\n​\n\n​\n\n​\n\n15.9\n\n​\n\n11.12\n\n​\n\nThe mid-market price of Ryanair Holdings plc’s ordinary shares on Euronext Dublin at March 31, 2026 was €23.87 (2025: €18.63; 2024: €21.06). The highest and lowest prices at which the Company’s shares traded on Euronext Dublin in FY26 were €30.15 and €16.80 respectively (FY25: €21.80 and €13.41 respectively; FY24: €21.49 and €13.96 respectively). There were no options exercisable at March 31, 2026 (2025: 0.2m; 2024: 0.2m). The average share price for FY26 was €25.30 (FY25: €18.14; FY24: €17.09).  \n\n​\n\nThere were 0.5m****options exercised and LTIP grants during FY26 (FY25: 1.0m;****FY24: 1.4m).\n\n​\n\nF-47\n\n[Table of Contents](#TOC)\n\nAt March 31, 2026 the range of exercise prices and weighted average remaining contractual life of outstanding options are shown in the table below.\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**No.**\n\n​\n\n**Remaining**\n\n​\n\n​\n\n​\n\n​\n\n**Exercise**\n\n​\n\n**options**\n\n​\n\n**contractual**\n\n​\n\n​\n\n​\n\n​\n\n**price**\n\n​\n\n**outstanding**\n\n​\n\n**life**\n\n​\n\n​\n\n​\n\n​\n\n**€**\n\n​\n\n**M**\n\n  ​ ​ ​ ​\n\n**(years)**\n\nVested\n\n​\n\n​\n\n​\n\n11.12\n\n​\n\n15.9\n\n​\n\n1.9\n\nWeighted average\n\n​\n\n​\n\n​\n\n11.12\n\n​\n\n15.9\n\n​\n\n1.9\n\n​\n\nThe Company has accounted for its share option and LTIP grants to employees at fair value, in accordance with IFRS 2, using a binomial lattice model to value the option grants. This has resulted in a charge of approximately €15m (2025: €13m; 2024: credit of €4m) being recognized within the income statement in accordance with employee services rendered.\n\n​\n\nA blend of the historical and implied volatilities of the Company’s own ordinary shares is used to determine expected volatility for share options granted. The weighted-average volatility is determined by calculating the weighted-average of volatilities for all share options granted in a given year. The expected term of share option grants represents the weighted-average period the awards are expected to remain outstanding. The service period is five years in relation to share options and three years in relation to LTIP conditional share grants.\n\n​\n\n15.         Other reserves\n\n​\n\nThe total share-based payments reserve at March 31, 2026 was approximately €48m (2025: €38m; 2024: €34m). The total cash flow hedge reserve amounted to positive €1.83bn at March 31, 2026 (2025: negative €21m; 2024: positive €266m). Further details of the Group’s derivatives are set out in Note 11 of the consolidated financial statements.\n\n​\n\n16.         Analysis of operating revenues and segmental analysis\n\n​\n\nThe Group determines and presents operating segments based on the information that internally is provided to the Group CEO, who is the Company’s Chief Operating Decision Maker (CODM).\n\n​\n\nThe Group comprises five separate airlines, Buzz, Lauda Europe (“Lauda”), Malta Air, Ryanair DAC and Ryanair UK. Buzz, Malta Air and Lauda do not individually exceed the quantitative thresholds and accordingly are presented on an aggregate basis as they exhibit similar economic characteristics and their services, activities and operations are sufficiently similar in nature. The results of these operations are included as ‘Other Airlines.’ The Ryanair DAC segment incorporates all of the Group's operations, except for those included within ‘Other Airlines’, and is reported as a separate segment as it exceeds the applicable quantitative thresholds for reporting purposes.\n\n​\n\nThe CODM assesses the performance of the business based on the profit after tax of each airline for the reporting period. Resource allocation decisions for all airlines are based on airline performance for the relevant period, with the objective in making these resource allocation decisions being to optimize consolidated financial results.\n\n​\n\nF-48\n\n[Table of Contents](#TOC)\n\nReportable segment information is presented as follows.\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**At March 31, 2026**\n\n​\n\n​\n\n​\n\n​\n\n**Ryanair DAC**\n\n​\n\n**Other Airlines**\n\n​\n\n**Elimination**\n\n​\n\n**Total**\n\n​\n\n​\n\n​\n\n  ​ ​ ​ ​\n\n**€M**\n\n​\n\n**€M**\n\n​\n\n**€M**\n\n  ​ ​ ​ ​\n\n**€M**\n\nScheduled revenue\n\n​\n\n​\n\n​\n\n10,430.6\n\n​\n\n125.4\n\n​\n\n—\n\n​\n\n10,556.0\n\nAncillary revenue\n\n​\n\n​\n\n​\n\n4,987.9\n\n​\n\n0.4\n\n​\n\n—\n\n​\n\n4,988.3\n\nInter-segment revenue\n\n​\n\n​\n\n​\n\n802.2\n\n​\n\n1,551.5\n\n​\n\n(2,353.7)\n\n​\n\n—\n\n**Segment revenue**\n\n​\n\n​\n\n  ​ ​ ​ ​\n\n16,220.7\n\n​\n\n1,677.3\n\n​\n\n(2,353.7)\n\n​\n\n15,544.3\n\n​\n\n​\n\n​\n\n  ​ ​ ​ ​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Reportable segment profit after income tax (i)**\n\n​\n\n​\n\n​\n\n2,110.2\n\n​\n\n63.5\n\n​\n\n—\n\n​\n\n2,173.7\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Other segment information:**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nDepreciation\n\n​\n\n​\n\n​\n\n(1,334.9)\n\n​\n\n(38.5)\n\n​\n\n—\n\n​\n\n(1,373.4)\n\nFinance expense\n\n​\n\n​\n\n​\n\n(31.9)\n\n​\n\n(5.9)\n\n​\n\n—\n\n​\n\n(37.8)\n\nFinance and other income\n\n​\n\n​\n\n​\n\n117.8\n\n​\n\n—\n\n​\n\n—\n\n​\n\n117.8\n\nCapital expenditure\n\n​\n\n​\n\n​\n\n(1,725.9)\n\n​\n\n(75.3)\n\n​\n\n—\n\n​\n\n(1,801.2)\n\nStaff costs\n\n​\n\n​\n\n​\n\n(1,174.0)\n\n​\n\n(682.5)\n\n​\n\n—\n\n​\n\n(1,856.5)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nReportable segment assets\n\n \n\n​\n\n \n\n19,395.5\n\n​\n\n352.2\n\n​\n\n—\n\n​\n\n19,747.7\n\nReportable segment liabilities\n\n** **\n\n​\n\n** **\n\n9,147.1\n\n​\n\n499.2\n\n​\n\n—\n\n​\n\n9,646.3\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**At March 31, 2025**\n\n​\n\n​\n\n​\n\n​\n\n**Ryanair DAC**\n\n​\n\n**Other Airlines**\n\n​\n\n**Elimination**\n\n​\n\n**Total**\n\n​\n\n​\n\n​\n\n  ​ ​ ​ ​\n\n**€M**\n\n​\n\n**€M**\n\n​\n\n**€M**\n\n  ​ ​ ​ ​\n\n**€M**\n\nScheduled revenue\n\n​\n\n​\n\n​\n\n9,120.6\n\n​\n\n109.2\n\n​\n\n—\n\n​\n\n9,229.8\n\nAncillary revenue\n\n​\n\n​\n\n​\n\n4,718.7\n\n​\n\n—\n\n​\n\n—\n\n​\n\n4,718.7\n\nInter-segment revenue\n\n​\n\n​\n\n​\n\n758.5\n\n​\n\n1,472.0\n\n​\n\n(2,230.5)\n\n​\n\n—\n\n**Segment revenue**\n\n​\n\n​\n\n  ​ ​ ​ ​\n\n14,597.8\n\n​\n\n1,581.2\n\n​\n\n(2,230.5)\n\n​\n\n13,948.5\n\n​\n\n​\n\n​\n\n  ​ ​ ​ ​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Reportable segment profit after income tax**\n\n​\n\n​\n\n​\n\n1,541.0\n\n​\n\n70.6\n\n​\n\n—\n\n​\n\n1,611.6\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Other segment information:**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nDepreciation\n\n​\n\n​\n\n​\n\n(1,175.1)\n\n​\n\n(39.3)\n\n​\n\n—\n\n​\n\n(1,214.4)\n\nFinance expense\n\n​\n\n​\n\n​\n\n(58.6)\n\n​\n\n(7.9)\n\n​\n\n—\n\n​\n\n(66.5)\n\nFinance and other income\n\n​\n\n​\n\n​\n\n290.5\n\n​\n\n—\n\n​\n\n—\n\n​\n\n290.5\n\nCapital expenditure\n\n​\n\n​\n\n​\n\n(1,278.1)\n\n​\n\n(73.8)\n\n​\n\n—\n\n​\n\n(1,351.9)\n\nStaff costs\n\n​\n\n​\n\n​\n\n(1,113.5)\n\n​\n\n(637.6)\n\n​\n\n—\n\n​\n\n(1,751.1)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nReportable segment assets\n\n​\n\n​\n\n \n\n17,199.2\n\n​\n\n307.8\n\n​\n\n—\n\n​\n\n17,507.0\n\nReportable segment liabilities\n\n​\n\n​\n\n** **\n\n9,936.7\n\n​\n\n533.4\n\n​\n\n—\n\n​\n\n10,470.1\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**At March 31, 2024**\n\n​\n\n​\n\n​\n\n​\n\n**Ryanair DAC**\n\n​\n\n**Other Airlines**\n\n​\n\n**Elimination**\n\n​\n\n**Total**\n\n​\n\n​\n\n​\n\n  ​ ​ ​ ​\n\n**€M**\n\n​\n\n**€M**\n\n​\n\n**€M**\n\n  ​ ​ ​ ​\n\n**€M**\n\nScheduled revenue\n\n​\n\n​\n\n​\n\n9,037.7\n\n​\n\n107.4\n\n​\n\n—\n\n​\n\n9,145.1\n\nAncillary revenue\n\n​\n\n​\n\n​\n\n4,298.7\n\n​\n\n—\n\n​\n\n—\n\n​\n\n4,298.7\n\nInter-segment revenue\n\n​\n\n​\n\n​\n\n744.6\n\n​\n\n1,366.1\n\n​\n\n(2,110.7)\n\n​\n\n—\n\n**Segment revenue**\n\n​\n\n​\n\n  ​ ​ ​ ​\n\n14,081.0\n\n​\n\n1,473.5\n\n​\n\n(2,110.7)\n\n​\n\n13,443.8\n\n​\n\n​\n\n​\n\n  ​ ​ ​ ​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Reportable segment profit after income tax**\n\n​\n\n​\n\n​\n\n1,860.0\n\n​\n\n57.1\n\n​\n\n—\n\n​\n\n1,917.1\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Other segment information:**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nDepreciation\n\n​\n\n​\n\n​\n\n(1,018.0)\n\n​\n\n(41.5)\n\n​\n\n—\n\n​\n\n(1,059.5)\n\nFinance expense\n\n​\n\n​\n\n​\n\n(74.7)\n\n​\n\n(8.3)\n\n​\n\n—\n\n​\n\n(83.0)\n\nFinance income\n\n​\n\n​\n\n​\n\n144.8\n\n​\n\n—\n\n​\n\n—\n\n​\n\n144.8\n\nCapital expenditure\n\n​\n\n​\n\n​\n\n(1,926.6)\n\n​\n\n(42.7)\n\n​\n\n—\n\n​\n\n(1,969.3)\n\nStaff costs\n\n​\n\n​\n\n​\n\n(931.2)\n\n​\n\n(568.8)\n\n​\n\n—\n\n​\n\n(1,500.0)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nReportable segment assets\n\n \n\n​\n\n \n\n16,867.5\n\n​\n\n308.1\n\n​\n\n—\n\n​\n\n17,175.6\n\nReportable segment liabilities\n\n** **\n\n​\n\n \n\n8,948.7\n\n​\n\n612.7\n\n​\n\n—\n\n​\n\n9,561.4\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n(i) Reportable segment profit after income tax in FY26 includes an exceptional charge of €85m (approx. 33%) for Italian AGCM fine.\n\n​\n\n​\n\n​\n\nThe expense line items not presented in the tables above are incurred by Ryanair DAC and as such have not been presented across the segments. Prior year comparatives have been updated to align with current year presentation. \n\n​\n\nF-49\n\n[Table of Contents](#TOC)\n\nEntity-wide disclosures:\n\n​\n\n*Disaggregation of revenues*\n\n​\n\nThe following table disaggregates total revenue by primary geographical market. In accordance with IFRS 8, revenue by country of origin has been provided where revenue for that country is in excess of 10% of total revenue. Ireland is presented as it represents the country of domicile. “Other” includes all other countries in which the Group has operations.\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Year ended**\n\n​\n\n​\n\n​\n\n​\n\n**March 31, **\n\n​\n\n  ​ ​ ​ ​\n\n​\n\n​\n\n**2026**\n\n  ​ ​ ​ ​\n\n**2025**\n\n  ​ ​ ​ ​\n\n**2024**\n\n​\n\n** **\n\n​\n\n​\n\n**€M**\n\n** **\n\n**€M**\n\n** **\n\n**€M**\n\nItaly\n\n​\n\n​\n\n​\n\n3,360.7\n\n​\n\n2,969.4\n\n​\n\n2,853.3\n\nSpain\n\n​\n\n​\n\n​\n\n2,698.8\n\n​\n\n2,476.5\n\n​\n\n2,416.2\n\nUnited Kingdom\n\n \n\n​\n\n​\n\n2,272.9\n\n \n\n2,044.6\n\n \n\n2,031.0\n\nIreland\n\n​\n\n​\n\n​\n\n896.6\n\n​\n\n757.4\n\n​\n\n791.0\n\nOther\n\n \n\n​\n\n​\n\n6,315.3\n\n \n\n5,700.6\n\n \n\n5,352.3\n\nTotal revenue\n\n \n\n​\n\n​\n\n15,544.3\n\n \n\n13,948.5\n\n \n\n13,443.8\n\n​\n\nAncillary revenues comprise revenues from non-flight scheduled operations, in-flight sales and internet-related services. Non-flight scheduled revenue arises from the sale of priority boarding, reserved seats, car hire, travel insurance, airport transfers, room reservations and other sources, including excess baggage charges and other fees, all directly attributable to the low-fares business.\n\nThe vast majority of ancillary revenue is recognized at a point in time, which is typically the flight date. The economic factors that would impact the nature, amount, timing and uncertainty of revenue and cash flows associated with the provision of passenger travel-related ancillary services are homogeneous across the various component categories within ancillary revenue. Accordingly, there is no further disaggregation of ancillary revenue required in accordance with IFRS 15.\n\nAll of the Group’s operating profits arise from low fares airline-related activities. The major revenue earning assets of the Group are its aircraft. Since the Group’s aircraft fleet is flexibly employed across its route network in Europe, there is no suitable basis of allocating such assets and related liabilities to geographical segments.\n\n​\n\n17.         Staff numbers and costs\n\n​\n\nThe average weekly number of staff, including the Executive Director, during the year, analyzed by category, was as follows:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Year ended**\n\n​\n\n​\n\n​\n\n​\n\n**March 31, **\n\n​\n\n​\n\n​\n\n  ​ ​ ​ ​\n\n**2026**\n\n  ​ ​ ​ ​\n\n**2025**\n\n  ​ ​ ​ ​\n\n**2024**\n\nOperations\n\n​\n\n​\n\n \n\n25,716\n\n \n\n25,577\n\n \n\n23,214\n\nSales, management and support\n\n​\n\n​\n\n \n\n1,676\n\n \n\n1,499\n\n \n\n1,284\n\nAverage\n\n​\n\n​\n\n \n\n27,392\n\n \n\n27,076\n\n \n\n24,498\n\n​\n\nAt March 31, 2026 the Company had a team of 25,711 aviation professionals (2025: 25,952; 2024: 27,076).\n\n​\n\nF-50\n\n[Table of Contents](#TOC)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nThe aggregate payroll costs of these persons were as follows:\n\n​\n\n​\n\n​\n\n**Year ended**\n\n​\n\n​\n\n​\n\n​\n\n**March 31, **\n\n​\n\n  ​ ​ ​ ​\n\n​\n\n​\n\n**2026**\n\n  ​ ​ ​ ​\n\n**2025**\n\n  ​ ​ ​ ​\n\n**2024**\n\n​\n\n​\n\n​\n\n​\n\n**€M**\n\n​\n\n**€M**\n\n​\n\n**€M**\n\nStaff and related costs\n\n \n\n​\n\n​\n\n1,609.2\n\n \n\n1,537.1\n\n \n\n1,335.4\n\nSocial welfare costs\n\n \n\n​\n\n​\n\n210.9\n\n \n\n182.7\n\n \n\n156.1\n\nOther pension costs\n\n \n\n​\n\n​\n\n21.4\n\n \n\n18.5\n\n \n\n12.4\n\nShare based payments\n\n \n\n​\n\n​\n\n15.0\n\n \n\n12.8\n\n \n\n(3.9)\n\n​\n\n \n\n​\n\n​\n\n1,856.5\n\n \n\n1,751.1\n\n \n\n1,500.0\n\n​\n\nCosts in respect of defined-contribution benefit plans and other pension arrangements were €21m in 2026 (2025: €19m; 2024: €12m). Staff costs capitalized into assets (and therefore excluded from the table above) during the FY26 amounted to €73m (2025: €65m; 2024: €58m). Staff and related costs (primarily self-handling) included within Airport and handling charges amounted to €124m in 2026 (2025: €111m; 2024: €14m). The average weekly number of staff related to this category of staff was 4,562 in FY26 (2025: 4,296; 2024: 630)*.*\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**18. Statutory and other information**\n\n​\n\n**Year ended**\n\n​\n\n​\n\n**March 31, **\n\n​\n\n  ​ ​ ​ ​\n\n**2026**\n\n  ​ ​ ​ ​\n\n**2025**\n\n  ​ ​ ​ ​\n\n**2024**\n\n​\n\n \n\n**€M**\n\n \n\n**€M**\n\n \n\n**€M**\n\n**Directors’ emoluments:**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n-Fees\n\n \n\n1.0\n\n \n\n1.1\n\n \n\n1.1\n\n-Share based compensation\n\n \n\n2.3\n\n \n\n2.2\n\n \n\n3.1\n\n-Other emoluments\n\n \n\n1.8\n\n \n\n1.8\n\n \n\n1.8\n\nTotal Directors’ emoluments\n\n \n\n5.1\n\n \n\n5.1\n\n \n\n6.0\n\n**Auditor’s remuneration (including reimbursement of outlay):**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n- Audit services (i)\n\n \n\n1.0\n\n \n\n1.0\n\n \n\n0.9\n\n- Audit related assurance services\n\n​\n\n0.0\n\n​\n\n0.0\n\n​\n\n0.0\n\n- Other assurance services\n\n​\n\n0.3\n\n​\n\n0.3\n\n​\n\n0.2\n\n- Tax advisory services (ii)\n\n \n\n0.1\n\n \n\n0.1\n\n \n\n0.1\n\nTotal fees\n\n \n\n1.4\n\n \n\n1.4\n\n \n\n1.2\n\nIncluded within the above total fees, the following fees were payable to other PwC firms outside of Ireland:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n- Audit services (i)\n\n \n\n0.0\n\n \n\n0.0\n\n \n\n0.0\n\n- Audit related services\n\n \n\n0.0\n\n \n\n0.0\n\n \n\n0.0\n\n- Tax advisory services (ii)\n\n \n\n0.1\n\n \n\n0.1\n\n \n\n0.1\n\nTotal fees\n\n \n\n0.1\n\n \n\n0.1\n\n \n\n0.1\n\nDepreciation of owned property, plant and equipment\n\n \n\n1,311.5\n\n \n\n1,151.1\n\n \n\n994.3\n\n​\n\n(i)Audit services comprise audit work performed on the consolidated financial statements, including statutory financial statements of subsidiary entities. In FY26 €1,000 (FY25: €1,000; FY24: €1,000) of audit fees relate to the audit of the Parent Company.\n\n(ii)Tax services include all services, except those services specifically related to the audit of financial statements, performed by the independent auditor’s tax personnel, supporting tax-related regulatory requirements, and tax compliance and reporting.\n\n​\n\nF-51\n\n[Table of Contents](#TOC)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**(a)  Fees and emoluments - Executive Director**\n\n​\n\n**Year ended**\n\n​\n\n​\n\n**March 31, **\n\n​\n\n  ​ ​ ​ ​\n\n**2026**\n\n  ​ ​ ​ ​\n\n**2025**\n\n  ​ ​ ​ ​\n\n**2024**\n\n​\n\n** **\n\n**€M**\n\n** **\n\n**€M**\n\n** **\n\n**€M**\n\nBasic salary\n\n \n\n1.20\n\n \n\n1.20\n\n \n\n1.20\n\nBonus (performance and target-related)\n\n \n\n0.60\n\n​\n\n0.60\n\n​\n\n0.59\n\n​\n\n​\n\n1.80\n\n​\n\n1.80\n\n​\n\n1.79\n\nNon-cash technical accounting share based compensation charge (i)\n\n \n\n2.03\n\n \n\n2.03\n\n \n\n2.89\n\n​\n\n \n\n3.83\n\n \n\n3.83\n\n \n\n4.68\n\n​\n\n(i)2026 includes a €2.03m (2025: €2.03m; 2024: €2.89m) non-cash, technical accounting charge for 10m share options granted under the Group CEO’s contract in February 2019 (as extended in FY23).\n\n​\n\nDuring the years ended March 31, 2026, 2025 and 2024 Michael O'Leary was the only Executive Director.\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**(b)  Fees and emoluments – Non-Executive Directors**\n\n​\n\n**Year ended**\n\n​\n\n​\n\n**March 31, **\n\n​\n\n  ​ ​ ​ ​\n\n**2026**\n\n  ​ ​ ​ ​\n\n**2025**\n\n  ​ ​ ​ ​\n\n**2024**\n\n​\n\n** **\n\n**€'000**\n\n** **\n\n**€'000**\n\n** **\n\n**€'000**\n\n**Fees**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nEamonn Brennan (i)\n\n​\n\n100.0\n\n​\n\n93.7\n\n​\n\n75.0\n\nRóisín Brennan\n\n​\n\n100.0\n\n​\n\n100.0\n\n​\n\n100.0\n\nRay Conway (iii)\n\n​\n\n50.0\n\n​\n\n—\n\n​\n\n—\n\nEmer Daly\n\n​\n\n75.0\n\n​\n\n75.0\n\n​\n\n75.0\n\nGeoff Doherty\n\n​\n\n100.0\n\n​\n\n100.0\n\n​\n\n88.7\n\nBertrand Grabowski\n\n​\n\n75.0\n\n​\n\n75.0\n\n​\n\n37.5\n\nElisabeth Köstinger\n\n​\n\n75.0\n\n​\n\n75.0\n\n​\n\n75.0\n\nJinane Laghrari Laabi (iv)\n\n​\n\n75.0\n\n​\n\n56.2\n\n​\n\n—\n\nStan McCarthy\n\n​\n\n150.0\n\n​\n\n150.0\n\n​\n\n150.0\n\nAnne Nolan\n\n​\n\n75.0\n\n​\n\n75.0\n\n​\n\n75.0\n\nAmber Rudd (iv)\n\n \n\n75.0\n\n \n\n56.2\n\n \n\n—\n\n**Retired**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nMichael Cawley (ii)\n\n​\n\n—\n\n \n\n18.7\n\n \n\n75.0\n\nHoward Millar (v)\n\n \n\n37.5\n\n \n\n75.0\n\n \n\n75.0\n\nDick Milliken\n\n \n\n—\n\n \n\n—\n\n \n\n45.6\n\nRoberta Neri (vi)\n\n​\n\n—\n\n​\n\n31.2\n\n​\n\n12.5\n\nMike O’Brien (v)\n\n \n\n50.0\n\n \n\n100.0\n\n \n\n100.0\n\nLouise Phelan (ii)\n\n \n\n—\n\n \n\n18.7\n\n \n\n100.0\n\n​\n\n \n\n1,037.5\n\n \n\n1,099.7\n\n \n\n1,084.3\n\n**Emoluments**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nShare based compensation\n\n \n\n285.0\n\n \n\n143.0\n\n \n\n200.0\n\nTotal\n\n \n\n1,322.5\n\n \n\n1,242.7\n\n \n\n1,284.3\n\n​\n\n(i) Appointed Chair of Remco in July 2024. (ii) Retired in June 2024. (iii) Joined in October 2025. (iv) Joined in July 2024. (v) Retired September 2025. (vi) Joined in February 2024 and retired in September 2024.\n\n​\n\nIn FY26 the Company incurred total share-based (non-cash) compensation expense of €2m (2025: €2m; 2024: €3m) in relation to Directors. Three Directors exercised share options during FY26 that resulted in gains on share exercise of approximately €1.3m.\n\n​\n\n(c)  Pension benefits\n\n​\n\nFrom October 1, 2008, Michael O’Leary was no longer an active member of a Company defined benefit plan. The total accumulated accrued benefit for Mr. O’Leary at March 31, 2026 was €0.1m (2025: €0.1m; 2024: €0.1m).  Pension benefits have been computed in accordance with Section 6.1 of the Listing Rules of Euronext Dublin. Increases in\n\nF-52\n\n[Table of Contents](#TOC)\n\ntransfer values of the accrued benefits have been calculated as at the year-end in accordance with version 1.1 of Actuarial Standard of Practice PEN-11.\n\n​\n\nMr. O’Leary is a member of a defined contribution plan. During the years ended March 31, 2026, 2025 and 2024 the Company did not make contributions to the defined contribution plan for Mr. O’Leary. No NEDs received pension contributions in FY26, FY25 and FY24.\n\n​\n\n**19.**Finance expense and finance and other income\n\nFinance expense of €38m (2025: €67m; 2024: €83m) primarily relates to interest on debt obligations. Finance and other income of €118m (2025: €291m; 2024: €145m) primarily relates to deposit interest and supplier compensation (the details of which are confidential).\n\n​\n\n**20.**Retirement benefits\n\n​\n\nDefined contribution schemes\n\n​\n\nAt March 31, 2026 the Company operates defined-contribution retirement plans in Ireland and the UK.\n\nThe costs of these plans are charged to the consolidated income statement in the period in which they are incurred. The pension cost of these defined contribution plans was €21m in FY26 (FY25: €19m; FY24: €12m).\n\n​\n\nDefined-benefit schemes\n\n​\n\nDuring FY16 the Company closed the defined benefit plan for UK employees to future accruals. The net pension asset recognized in the consolidated balance sheet for the scheme at March 31, 2026 was €3m (2025: net pension asset of €3m; 2024: net pension asset of €3m). Costs associated with the scheme during FY26 were €nil (FY25: €nil; FY24 €nil).\n\n​\n\nThe amounts recognized in the consolidated balance sheet in respect of defined benefit plans are as follows:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**At March 31, **\n\n​\n\n​\n\n**2026**\n\n​\n\n**2025**\n\n​\n\n**2024**\n\n​\n\n  ​ ​ ​\n\n**€M**\n\n  ​ ​ ​\n\n**€M**\n\n  ​ ​ ​\n\n**€M**\n\nPresent value of benefit obligations\n\n \n\n(13.3)\n\n \n\n(13.3)\n\n \n\n(13.3)\n\nFair value of plan assets\n\n \n\n16.4\n\n \n\n16.4\n\n \n\n16.4\n\nPresent value of net obligations\n\n \n\n3.1\n\n \n\n3.1\n\n \n\n3.1\n\nRelated deferred tax (liability)\n\n \n\n(0.4)\n\n \n\n(0.4)\n\n \n\n(0.4)\n\nNet pension asset\n\n \n\n2.7\n\n \n\n2.7\n\n \n\n2.7\n\n​\n\n​\n\n21.      Earnings per share\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Year ended March 31,**\n\n​\n\n  ​ ​ ​\n\n**2026**\n\n  ​ ​ ​\n\n**2025**\n\n  ​ ​ ​\n\n**2024**\n\nBasic earnings per ordinary share (€)\n\n \n\n2.0594\n\n \n\n1.4631\n\n \n\n1.6828\n\nDiluted earnings per ordinary share (€)\n\n \n\n2.0422\n\n \n\n1.4549\n\n \n\n1.6743\n\nNumber of ordinary shares (in Ms) used for EPS (weighted average)\n\n \n\n​\n\n \n\n​\n\n \n\n  ​\n\nBasic\n\n \n\n1,055.5\n\n \n\n1,101.5\n\n \n\n1,139.2\n\nDiluted\n\n \n\n1,064.4\n\n \n\n1,107.7\n\n \n\n1,145.0\n\n​\n\nDetails of share options in issue have been described more fully in Note 14 to the consolidated financial statements. See below for explanation of diluted number of ordinary shares.\n\nF-53\n\n[Table of Contents](#TOC)\n\nDiluted earnings per share takes account solely of the potential future exercise of share options and conditional shares granted under the Company’s share option and LTIP 2019 schemes. For FY26, the weighted average number of shares in issue of 1,064m (FY25: 1,108m; FY24: 1,145m) includes weighted average share options assumed to be converted, and equal to a total of 9m (2025: 6m; 2024: 6m) shares.\n\n​\n\nThe average market value of the Company’s shares for the purpose of calculating the dilutive effect of the share options was based on quoted market prices for the year during which the options were outstanding.\n\n​\n\n22.         Commitments and contingencies\n\n​\n\nCommitments\n\n​\n\nIn May 2023, the Group agreed to purchase up to 300 Boeing 737 MAX-10 aircraft (150 firm orders and 150 subject to option) from the Boeing Company for delivery between 2027 and 2033. This agreement received shareholder approval at the Company’s AGM in September 2023.\n\n​\n\nThe table below includes the future Purchase Obligations for firm aircraft purchases under the 2023 Boeing Contract. This table is calculated by multiplying the number of firm aircraft the Group is obligated to purchase under its agreement with Boeing during the relevant period by the standard list price (at the time of announcing the transaction) of approximately U.S.$135m for each Boeing 737 MAX-10 aircraft, adjusted for (i) basic credits (approximately 60% of the standard list price); and (ii) price escalation over the original scheduled delivery timeframe. The dollar-denominated obligations are converted into euro at the year-end exchange rate of U.S. $1.1552 = €1.00. The Group is eligible for further customer specific credits, reflective, inter alia, of its longstanding partnership with Boeing, and the Group’s largest ever single order of up to 300 Boeing 737 MAX-10 aircraft (including 150 firm orders and 150 options) under the 2023 Boeing Contract. These customer-specific credits are not included in the table below but will reduce the average amount payable per aircraft, and therefore, the Group’s obligations due under the 2023 Boeing Contract. The Group considers that Boeing customer specific credits are not material to the Group’s cash outflows over the time horizon of the 2023 Boeing Contract. Under the terms of the 2023 Boeing Contract, the Group is required to make periodic advance payments of the purchase price for aircraft it has agreed to purchase over the two-year period preceding the scheduled delivery of aircraft with the balance of the purchase price being due at the time of delivery. Purchase Obligations detailed below are based on an agreed delivery schedule as of March 31, 2026.\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Obligations Due by Period**\n\n**Purchase Obligations**\n\n​\n\n**Total**\n\n​\n\n**<1 year**\n\n​\n\n**1-2 years**\n\n​\n\n**2-5 years**\n\n​\n\n**After 5 years**\n\n​\n\n**  ​ ​ ​**\n\n**€M**\n\n​\n\n**€M**\n\n​\n\n**€M**\n\n​\n\n**€M**\n\n​\n\n**€M**\n\nPurchase contracts with Boeing\n\n \n\n8,693\n\n​\n\n722\n\n​\n\n1,261\n\n​\n\n4,372\n\n​\n\n2,338\n\n​\n\nContingencies\n\n​\n\nThe Company is engaged in litigation arising in the ordinary course of its business. Although no assurance can be given as to the outcome of any current or pending litigation, management does not believe that any such litigation will, individually or in the aggregate, have a material adverse effect on the results of operations or financial condition of the Company, except as described below (an amount of €154 million in respect of the following items has been recorded within accrued expenses and other liabilities).\n\n​\n\nSince 2002, the European Commission has examined the agreements between Ryanair and various airports to establish whether they constituted illegal State aid. In many cases (Bratislava, Tampere, Marseille, Berlin (Schönefeld), Aarhus, Dusseldorf (Weeze), Brussels (Charleroi), Alghero, Stockholm (Västerås), Lübeck, Riga, Târgu Mureș, Paris (Beauvais), and certain of Ryanair’s agreements prior to 2009 with Frankfurt (Hahn)), the European Commission\n\nF-54\n\n[Table of Contents](#TOC)\n\nconcluded that the agreements did not constitute State aid. In 2004, the European Commission announced a finding of approximately €4m of State aid to Ryanair in its arrangements with Brussels (Charleroi) airport, although this decision was overturned on appeal in 2008 by the EU General Court. In 2014, the European Commission announced findings of State aid to Ryanair in its arrangements with Pau, Nimes, Angouleme, Altenburg and Zweibrücken airports, ordering Ryanair to repay a total of approximately €10m of alleged aid, and in 2016 the European Commission announced findings of State aid to Ryanair in its arrangements with Cagliari and Klagenfurt airports, ordering Ryanair to repay approximately €13m of alleged aid. Ryanair appealed these “aid” decisions to the EU General Court and the Zweibrücken decision was overturned in 2018. Also in 2018, the General Court upheld the European Commission’s findings regarding Ryanair’s arrangements with Pau, Nimes, Angouleme and Altenburg airports. Ryanair appealed the negative findings to the Court of Justice of the EU but in 2019 Ryanair discontinued these appeals as the Court had refused to grant an oral hearing in any of the cases. The appeal before the General Court regarding Ryanair’s arrangements with Cagliari airport was discontinued following the European Commission’s withdrawal of its 2016 decision in 2023 as a result of a General Court ruling in a related case. In 2021, the General Court upheld the European Commission’s finding regarding Ryanair’s arrangements with Klagenfurt airport. Ryanair appealed this negative finding to the Court of Justice of the EU in 2021 and received a ruling in 2023 where the European Commission’s finding was upheld. In 2019, the European Commission announced findings of State aid to Ryanair in its arrangements with Montpellier airport, ordering Ryanair to repay a total of approximately €9m of alleged aid. Ryanair appealed this decision to the EU General Court and received a judgment in 2023 upholding the European Commission’s finding.  Ryanair appealed the General Court judgment to the European Court of Justice, but discontinued the appeal in 2024 as the Court indicated it would proceed without an oral hearing or Advocate General opinion. In 2022, the European Commission announced findings of State aid to Ryanair in its arrangements with La Rochelle airport, ordering Ryanair to repay a total of approximately €8m of alleged aid. Ryanair appealed this decision to the General Court in 2023 and expects a ruling in 2026. In 2024, the European Commission announced a finding of State aid to Ryanair at Frankfurt (Hahn) airport relating to certain arrangements between 2003 and 2018, ordering Ryanair to repay approximately €14m of alleged aid. Ryanair appealed this decision to the General Court in 2025 and expects a ruling in 2026 or 2027. In 2025, the European Commission announced a finding of State aid to Ryanair at Carcassonne airport, ordering Ryanair to repay approximately €1.8m of alleged aid. Ryanair will appeal this decision to the General Court when it is published by the European Commission. Ryanair is facing similar legal challenges with respect to agreements with certain other airports, notably Girona, Reus and Beziers. These investigations are ongoing (as is the European Commission’s re-examination of the Cagliari case following its withdrawal in 2023 of the 2016 “aid” decision), and Ryanair currently expects that they will conclude in 2026, with any European Commission decisions appealable to the EU General Court. In addition to the European Commission investigations, Ryanair faced an allegation that it benefited from unlawful State aid in a German court case launched by Lufthansa in 2006 in relation to Ryanair’s arrangements with Frankfurt (Hahn) airport. Lufthansa withdrew the case from the German courts in 2025. Adverse rulings in the above or similar cases could be used as precedents by competitors to challenge Ryanair’s agreements with other publicly owned airports and could cause Ryanair to strongly reconsider its growth strategy in relation to public or state-owned airports across Europe. This could in turn lead to a scaling back of Ryanair’s growth strategy due to the smaller number of privately owned airports available for development. No assurance can be given as to the outcome of these proceedings, nor as to whether any unfavorable outcomes may, individually or in the aggregate, have a material adverse effect on the results of operations or financial condition of the Company.****\n\n​\n\nIn 2023, the Spanish Ministry of Consumer Affairs launched sanctioning proceedings against Ryanair and several other airlines regarding cabin baggage and other customer policies. The Company filed submissions with the Ministry explaining that its policies are fair, necessary for operational and safety purposes, and fully transparent. In May 2024, the Ministry proposed to order the discontinuation of these policies and imposition of substantial fines on Ryanair and other airlines. In November 2024, the Minister of Consumer Affairs decided to impose fines of approx. €170m on several airlines, including €107m on Ryanair, and to order discontinuation of the cabin baggage and several other customer policies. Ryanair and other airlines appealed this decision before Spanish courts, and obtained a suspension of the discontinuation order and of the fines (subject to a bank guarantee) pending appeals. The Minister’s decision is\n\nF-55\n\n[Table of Contents](#TOC)\n\ntherefore currently not enforceable. In October 2025, the European Commission opened an infringement procedure against Spain for failing to bring national legislation in respect of charges for larger cabin bags in line with EU law. The European Commission also found that the Minister’s decisions against Ryanair and other airlines infringe EU law. The European Commission may refer the matter to the Court of Justice of the EU if Spain fails to address the matter. Ryanair intends to fully defend its position with reference to its rights under Spanish and EU law, as well as positive court rulings in similar matters, but the outcome of these proceedings cannot be guaranteed.\n\n​\n\nIn December 2025, the Italian competition authority (AGCM) issued a decision finding that Ryanair had abused a dominant position in its dealings with OTAs and bricks & mortar travel agents between April 2023 and April 2025, and fining Ryanair €256m. Ryanair believes there is no merit in this decision and has filed an appeal to the Administrative Tribunal of Lazio with reference to, amongst others, case law supporting its current distribution model, including January 2024 rulings of the Court of Appeal of Milan in cases brought by OTAs Lastminute and Viaggiare, which found that Ryanair’s direct distribution model benefited consumers and did not entail an abuse of a dominant position. The Italian court appeals will likely take up to three years to be resolved. Ryanair intends to bring to the attention of the courts the May 2026 ruling by the Italian Council of State on Ryanair’s appeal of the AGCM’s decision concerning refunds to passengers and a promotion during Covid, in which the Council of State found that the AGCM had discriminated against Ryanair (relative to other airlines) during the investigation, and which overturned the €4.2m fine imposed by the AGCM on Ryanair.\n\n​\n\n23.         Note to cash flow statement\n\n​\n\nThe following table outlines the changes in the carrying value of net cash:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**At March 31, **\n\n​\n\n​\n\n**2026**\n\n​\n\n**2025**\n\n​\n\n**2024**\n\n​\n\n**  ​ ​ ​**\n\n**€M**\n\n**  ​ ​ ​**\n\n**€M**\n\n**  ​ ​ ​**\n\n**€M**\n\nNet cash at beginning of year\n\n \n\n1,303.8\n\n \n\n1,372.8\n\n \n\n558.8\n\n**Changes from financing cashflows**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n(Decrease)/increase in cash and cash equivalents in year, including net foreign exchange differences\n\n \n\n(1,129.9)\n\n \n\n(12.1)\n\n \n\n276.1\n\nIncrease/(decrease) in financial assets: cash > 3 months\n\n \n\n712.3\n\n \n\n(137.7)\n\n \n\n(818.4)\n\nIncrease/(decrease) in restricted cash\n\n \n\n8.1\n\n \n\n16.7\n\n \n\n(13.1)\n\nNet cash flow from decrease in debt\n\n \n\n1,224.1\n\n \n\n86.4\n\n \n\n1,143.2\n\nMovement in net funds resulting from cash flows\n\n \n\n814.6\n\n \n\n(46.7)\n\n \n\n587.8\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Other changes**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nTranslation on U.S. dollar denominated debt\n\n​\n\n9.0\n\n​\n\n3.3\n\n​\n\n16.2\n\nPromissory notes\n\n​\n\n—\n\n​\n\n—\n\n​\n\n213.5\n\nLease additions\n\n​\n\n(39.3)\n\n​\n\n(22.8)\n\n​\n\n—\n\nInterest expense\n\n​\n\n(2.6)\n\n​\n\n(2.8)\n\n​\n\n(3.5)\n\nMovement from other changes\n\n​\n\n(32.9)\n\n​\n\n(22.3)\n\n​\n\n226.2\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nNet cash at end of year\n\n \n\n2,085.5\n\n \n\n1,303.8\n\n \n\n1,372.8\n\nAnalyzed as:\n\n \n\n​\n\n \n\n  ​\n\n \n\n  ​\n\nCash and cash equivalents, cash > 3 months and restricted cash\n\n \n\n3,577.0\n\n \n\n3,986.5\n\n \n\n4,119.6\n\nTotal borrowings*\n\n \n\n(1,491.5)\n\n \n\n(2,682.7)\n\n \n\n(2,746.8)\n\nNet cash\n\n \n\n2,085.5\n\n \n\n1,303.8\n\n \n\n1,372.8\n\n​\n\n**Total borrowings include current and non-current maturities of debt and current and non-current lease liabilities.*\n\n​\n\n​\n\nF-56\n\n[Table of Contents](#TOC)\n\nThe following table outlines the changes in the carrying value of share premium:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**At March 31, **\n\n​\n\n​\n\n​\n\n​\n\n**2026**\n\n​\n\n**2025**\n\n​\n\n**2024**\n\n​\n\n​\n\n​\n\n**  ​ ​ ​**\n\n**€M**\n\n**  ​ ​ ​**\n\n**€M**\n\n**  ​ ​ ​**\n\n**€M**\n\nBalance at beginning of year\n\n​\n\n​\n\n \n\n1,421.6\n\n \n\n1,404.3\n\n \n\n1,379.9\n\n**Changes from financing cashflows**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nNet proceeds from shares issued\n\n​\n\n​\n\n \n\n3.2\n\n \n\n4.9\n\n \n\n16.4\n\nShare premium receivable on shares issued\n\n​\n\n​\n\n​\n\n10.0\n\n​\n\n12.4\n\n​\n\n8.0\n\nMovement in net funds resulting from cash flows\n\n​\n\n​\n\n \n\n13.2\n\n \n\n17.3\n\n \n\n24.4\n\nBalance at end of year\n\n​\n\n​\n\n \n\n1,434.8\n\n \n\n1,421.6\n\n \n\n1,404.3\n\n​\n\nThe following table outlines the changes in liabilities arising from financing activities:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**At March 31,**\n\n​\n\n​\n\n​\n\n**  ​ ​ ​**\n\n**2026**\n\n**  ​ ​ ​**\n\n**2025**\n\n**  ​ ​ ​**\n\n**2024**\n\n​\n\n​\n\n​\n\n** **\n\n**€M**\n\n** **\n\n**€M**\n\n** **\n\n**€M**\n\nBalance at beginning of year\n\n​\n\n​\n\n​\n\n(2,682.7)\n\n​\n\n(2,746.8)\n\n​\n\n(4,116.2)\n\nRepayments of borrowings\n\n​\n\n​\n\n​\n\n1,190.0\n\n​\n\n50.0\n\n​\n\n1,100.5\n\nLease liabilities paid\n\n​\n\n​\n\n​\n\n34.1\n\n​\n\n36.4\n\n​\n\n42.7\n\nLease modifications/additions\n\n​\n\n​\n\n​\n\n(39.3)\n\n​\n\n(22.8)\n\n​\n\n—\n\nInterest expense\n\n​\n\n​\n\n​\n\n(2.6)\n\n​\n\n(2.8)\n\n​\n\n(3.5)\n\nForeign exchange\n\n​\n\n​\n\n​\n\n9.0\n\n​\n\n3.3\n\n​\n\n16.2\n\nPromissory notes\n\n​\n\n​\n\n​\n\n—\n\n​\n\n—\n\n​\n\n213.5\n\nBalance at end of year\n\n​\n\n​\n\n​\n\n(1,491.5)\n\n​\n\n(2,682.7)\n\n​\n\n(2,746.8)\n\nLess than one year\n\n​\n\n​\n\n​\n\n(1,238.6)\n\n​\n\n(886.1)\n\n​\n\n(89.4)\n\nMore than one year\n\n​\n\n​\n\n​\n\n(252.9)\n\n​\n\n(1,796.6)\n\n​\n\n(2,657.4)\n\nBalance at end of year\n\n​\n\n​\n\n​\n\n(1,491.5)\n\n​\n\n(2,682.7)\n\n​\n\n(2,746.8)\n\n​\n\n​\n\n​\n\n​\n\n24.         Shareholder returns\n\n​\n\nAn interim dividend of approx. €0.193 per share was paid in February 2026 (February 2025: €0.223). The Board is recommending the payment of a final dividend of €0.195 per share, subject to AGM approval in September 2026 (September 2025: €0.277).\n\n​\n\nThe Company announced and launched a €700m share buyback program (including Ordinary Shares underlying ADRs) in May 2024, which was subsequently completed in August 2024. A follow-on €800m share buyback program was announced and launched in late August 2024 and completed in April 2025. In May 2025, the Company announced and launched a further €750m share buyback program, of which approximately 69% was completed at March 31, 2026.\n\n​\n\n25.      ****Post-balance sheet events\n\n​\n\nOn May 25, 2026, the Company repaid its last €1.2m bond.\n\n​\n\nBetween April 1, 2026 and June 17, 2026, the Company bought back approx. 6m ordinary shares at a total cost of approx. €138m under its ongoing share buyback programme. This brought total spend to approx. €656m.\n\n​\n\nF-57\n\n[Table of Contents](#TOC)\n\n26.         Subsidiary undertakings and related party transactions\n\n​\n\nThe following are the principal subsidiary undertakings within the Ryanair Group.\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**  ​ ​ ​**\n\n​\n\n​\n\n**Registered**\n\n​\n\n**Nature of**\n\n**Name**\n\n** **\n\n**% Held in ordinary shares**\n\n​\n\n**Office**\n\n​\n\n**Business**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nBuzz (Ryanair Sun S.A.)\n\n​\n\n100\n\n​\n\n50A Domaniewska Street, 02-672 Warsaw, Poland\n\n​\n\nAirline operator\n\nLauda Europe Limited\n\n​\n\n100\n\n​\n\n191, Level 3, Triq Marina, Pieta' PTA 9041, Malta\n\n​\n\nAirline operator\n\nMalta Air Limited\n\n​\n\n100\n\n​\n\n191, Level 3, Triq Marina, Pieta’ PTA 9041, Malta\n\n​\n\nAirline operator\n\nRyanair DAC\n\n​\n\n100\n\n​\n\nAirside Business Park, Swords, Co. Dublin, Ireland\n\n​\n\nAirline operator\n\nRyanair UK Limited\n\n​\n\n100\n\n​\n\nEnterprise House, 2nd Floor, London Stansted Airport, England\n\n​\n\nAirline operator\n\n​\n\nPursuant to Sections 314-316 of the Companies Act 2014, a full list of subsidiary undertakings will be annexed to the Company’s Annual Return to be filed with the Companies Registration Office in Ireland.\n\n​\n\nIn accordance with the basis of consolidation policy, as described in Note 1 of these consolidated financial statements, the subsidiary undertakings referred to above have been consolidated in the financial statements of Ryanair Holdings plc for the years ended March 31, 2026, 2025 and 2024.\n\n​\n\nThe total amount of remuneration paid to senior key management (defined as the Executive team reporting to the Board of Directors, together with all NEDs) amounted to €16.7m in the FY26 (FY25: €14.7m; FY24: €16.5m).\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Year ended**\n\n​\n\n​\n\n**March 31, **\n\n​\n\n​\n\n**2026**\n\n​\n\n**2025**\n\n​\n\n**2024**\n\n​\n\n**  ​ ​ ​**\n\n**€M**\n\n**  ​ ​ ​**\n\n**€M**\n\n**  ​ ​ ​**\n\n**€M**\n\nBasic salary and bonus\n\n \n\n9.6\n\n​\n\n9.2\n\n​\n\n8.7\n\nPension contributions\n\n \n\n0.2\n\n​\n\n0.2\n\n​\n\n0.2\n\nNED fees\n\n​\n\n1.0\n\n​\n\n1.1\n\n​\n\n1.1\n\n​\n\n​\n\n10.8\n\n​\n\n10.5\n\n​\n\n10.0\n\nShare-based compensation expense (non-cash technical accounting charge)\n\n \n\n5.9\n\n​\n\n4.2\n\n​\n\n6.5\n\n​\n\n \n\n16.7\n\n \n\n14.7\n\n \n\n16.5\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n27.         Date of approval\n\n​\n\nThe consolidated financial statements were approved by the Board of the Company on June 19, 2026.\n\n​\n\n​\n\n​\n\n​\n\nF-58\n\n[Table of Contents](#TOC)\n\n**APPENDIX A****(Unaudited)**\n\n​\n\nGLOSSARY\n\n​\n\nAncillary Revenue per booked passenger\n\nRepresents the average revenue earned per booked passenger flown from ancillary services.\n\n​\n\nAvailable seat miles (ASM)\n\nRepresents total seats available during the period multiplied by the average sector length.\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Fiscal year ended March 31**\n\n**2026**\n\n**2025**\n\n**2024**\n\n**2023**\n\n**2022**\n\nSeats available\n\n220.0m\n\n211.9m\n\n194.3m\n\n179.9m\n\n117.3m\n\nAverage sector length (miles) – See page 3\n\n790\n\n783\n\n780\n\n766\n\n772\n\n**Available seat miles (ASM)**\n\n**174bn**\n\n**166bn**\n\n**152bn**\n\n**138bn**\n\n**91bn**\n\n​\n\nAverage Booked Passenger Fare\n\nRepresents the average fare paid by a fare-paying passenger who has booked a ticket.\n\n​\n\nAverage Daily Flight Hour Utilization\n\nRepresents the average number of flight hours flown in service per day per aircraft for the total fleet of operated aircraft.\n\n​\n\nAverage Fuel Cost per U.S. Gallon\n\nRepresents the average cost per U.S. gallon of jet fuel for the fleet (including fueling and carbon charges) after giving effect to fuel hedging arrangements.\n\n​\n\nAverage sector length (miles)\n\nRepresents the average number of miles flown by a fare-paying passenger.\n\n​\n\nBaggage commissions\n\nRepresents the commissions payable to airports on the revenue collected at the airports for excess baggage and airport baggage fees.\n\n​\n\nBooked passenger load factor\n\nRepresents the total number of seats sold as a percentage of total seat capacity on all sectors flown.\n\n​\n\nBreak-even load factor\n\nRepresents the average percent of seats that must be filled on an average flight at current average fares for the revenue to break even with the operating costs.\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Fiscal year ended March 31**\n\n**2026**\n\n**2025**\n\n**2024**\n\n**2023**\n\n**2022**\n\nCost per Available Seat miles (ASM)\n\n€0.0757\n\n€0.0746\n\n€0.0749\n\n€0.0676\n\n€0.0565\n\nYield per Revenue Passenger Mile (RPM)\n\n€0.0948\n\n€0.0889\n\n€0.0933\n\n€0.0836\n\n€0.0640\n\n**Break Even Load Factor**\n\n**80%**\n\n**84%**\n\n**80%**\n\n**81%**\n\n**88%**\n\n​\n\n​\n\nF-59\n\n[Table of Contents](#TOC)\n\nCost per Available seat mile (ASM)\n\nRepresents total operating costs divided by Available Seat Miles (ASM).\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Fiscal year ended March 31**\n\n**2026**\n\n**2025**\n\n**2024**\n\n**2023**\n\n**2022**\n\nTotal operating expenses - See page F-5\n\n€13.17bn\n\n€12.39bn\n\n€11.38bn\n\n€9.33bn\n\n€5.14bn\n\nAvailable Seat Miles (ASM)\n\n174bn\n\n166bn\n\n152bn\n\n138bn\n\n91bn\n\n**Cost per Available Seat Mile**\n\n**€0.0757**\n\n**€0.0746**\n\n**€0.0749**\n\n**€0.0676**\n\n**€0.0565**\n\n​\n\nCost per booked passenger\n\nRepresents operating expenses divided by booked passengers flown.\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Fiscal year ended March 31**\n\n**2026**\n\n**2025**\n\n**2024**\n\n**2023**\n\n**2022**\n\nTotal operating expenses - See page F-5\n\n€13.17bn\n\n€12.39bn\n\n€11.38bn\n\n€9.33bn\n\n€5.14bn\n\nRevenue Passengers Booked – See page 3\n\n208m\n\n200m\n\n184m\n\n169m\n\n97m\n\n**Cost per booked passenger**\n\n**€63.21**\n\n**€61.88**\n\n**€61.96**\n\n**€55.37**\n\n**€52.97**\n\n​\n\nFuel Movement\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Fiscal year ended March 31**\n\n**2026**\n\n**2025**\n\n**2024**\n\n**2023**\n\n**2022**\n\nFuel and oil (€'M)\n\n5,418.6\n\n5,220.2\n\n5,142.6\n\n4,025.7\n\n​\n\nExceptional Item (€'M)\n\n-\n\n-\n\n-\n\n(130.5)\n\nn/a\n\nFuel and oil pre-exceptional item (€'M)\n\n**5,418.6**\n\n**5,220.2**\n\n**5,142.6**\n\n**3,895.2**\n\n​\n\nMovement (%)\n\n4%\n\n2%\n\n32%\n\nn/a\n\n​\n\n​\n\nGross Cash\n\nRepresents cash and cash equivalents, cash >3 months and restricted cash.\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Fiscal year ended March 31**\n\n**2026**\n\n**2025**\n\n**2024**\n\n**2023**\n\n**2022**\n\nCash and Cash Equivalents (€'M)\n\n2,733.4\n\n3,863.3\n\n3,875.4\n\n3,599.3\n\n2,669.0\n\nCash > 3 months (€'M)\n\n812.4\n\n100.1\n\n237.8\n\n1,056.2\n\n934.1\n\nRestricted cash (€'M)\n\n31.2\n\n23.1\n\n6.4\n\n19.5\n\n22.7\n\n**Gross Cash (€'M)**\n\n**3,577.0**\n\n**3,986.5**\n\n**4,119.6**\n\n**4,675.0**\n\n**3,625.8**\n\n​\n\nNet Cash/(Debt)\n\nRefer to Note 23 on page F-56.\n\n​\n\nNet Margin\n\nRepresents profit after taxation as a percentage of total revenues.\n\n​\n\nNumber of Airports Served\n\nRepresents the number of airports to/from which the carrier offered scheduled service at the end of the period.\n\n​\n\nF-60\n\n[Table of Contents](#TOC)\n\nOperating Costs (pre-exceptional)\n\nRepresents total operating costs excluding any exceptional items.\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Fiscal year ended March 31**\n\n**2026**\n\n**2025**\n\n**2024**\n\n**2023**\n\n**2022**\n\nOperating Costs (€'M)\n\n13,170.1\n\n​\n\n​\n\n9,332.6\n\n5,140.5\n\nExceptional Item (€'M)\n\n(85.0)\n\nn/a\n\nn/a\n\n(130.5)\n\n130.5\n\nOperating Costs (pre-exceptional) (€'M)\n\n**€13,085.1**\n\n​\n\n​\n\n**€9,202.1**\n\n**€5,271.0**\n\n​\n\nOperating Margin\n\nRepresents operating profit as a percentage of total revenues.\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Fiscal year ended March 31**\n\n**2026**\n\n**2025**\n\n**2024**\n\n**2023**\n\n**2022**\n\nOperating profit/(loss) – See page F-5 (€'M)\n\n2,374.2\n\n1,558.0\n\n2,060.7\n\n1,442.6\n\n(339.6)\n\nTotal operating revenues - See page F-5 (€'M)\n\n15,544.3\n\n13,948.5\n\n13,443.8\n\n10,775.2\n\n4,800.9\n\n**Operating Margin**\n\n**15%**\n\n**11%**\n\n**15%**\n\n**13%**\n\n**(7%)**\n\n​\n\nProfit/(loss) after tax (pre-exceptional)\n\nRepresents the profit or loss after tax excluding any exceptional items.\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Fiscal year ended March 31**\n\n**2026**\n\n**2025**\n\n**2024**\n\n**2023**\n\n**2022**\n\nProfit/(loss) after tax (€'M)\n\n2,173.7\n\n​\n\n​\n\n1,313.8\n\n(240.8)\n\nExceptional Item (€'M)\n\n85.0\n\nn/a\n\nn/a\n\n114.2\n\n(114.2)\n\n**Profit/(loss) after tax (pre-exceptional)**\n\n**€2,258.7**\n\n​\n\n​\n\n**€1,428.0**\n\n**(355.0)**\n\n​\n\n**Revenue Passenger Miles (****RPM)**\n\nRepresents the number of booked passengers multiplied by the average sector length.\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Fiscal year ended March 31**\n\n**2026**\n\n**2025**\n\n**2024**\n\n**2023**\n\n**2022**\n\nRevenue Passengers Booked – See page 3\n\n208m\n\n200m\n\n184m\n\n169m\n\n97m\n\nAverage sector length (miles) – See page 3\n\n790\n\n783\n\n780\n\n766\n\n772\n\n**Revenue passenger miles (RPM)**\n\n**164bn**\n\n**157bn**\n\n**144bn**\n\n**129bn**\n\n**75bn**\n\n​\n\nRevenue Passengers Booked\n\nRepresents the number of passengers booked.\n\n​\n\n**Seats available**\n\nRepresents sectors flown during the period multiplied by the individual capacity of the aircraft.\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Fiscal year ended March 31**\n\n**2026**\n\n**2025**\n\n**2024**\n\n**2023**\n\n**2022**\n\nSectors flown – See page 3 ('000)\n\n1,151.8\n\n1,109.3\n\n1,022.4\n\n946.6\n\n620.5\n\nAverage individual aircraft capacity\n\n191\n\n191\n\n190\n\n190\n\n189\n\n**Seats available**\n\n**220.0m**\n\n**211.9m**\n\n**194.3m**\n\n**179.9m**\n\n**117.3m**\n\n​\n\nSectors Flown\n\nRepresents the number of passenger flight sectors flown.\n\n​\n\nF-61\n\n[Table of Contents](#TOC)\n\nTotal Borrowings\n\nRefer to Note 23 on page F-56.\n\n​\n\nTotal revenue per booked passenger\n\nRepresents the average revenue earned per booked passenger from fares and ancillary services.\n\n​\n\nTotal Shareholder Return\n\nRepresents capital appreciation (measured as the difference between the closing share price at the end of each period) and dividends received by the shareholder.\n\n​\n\nYield per Revenue Passenger Miles (RPM)\n\nRepresents total revenue divided by Revenue Passenger Miles (RPM)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Fiscal year ended March 31**\n\n**2026**\n\n**2025**\n\n**2024**\n\n**2023**\n\n**2022**\n\nTotal operating revenues – See page F-5\n\n€15.54bn\n\n€13.95bn\n\n€13.44bn\n\n€10.78bn\n\n€4.80bn\n\nRevenue passenger miles (RPM)\n\n164bn\n\n157bn\n\n144bn\n\n129bn\n\n75bn\n\n**Yield per revenue passenger mile**\n\n**€0.0948**\n\n**€0.0889**\n\n**€0.0933**\n\n**€0.0836**\n\n**€0.0640**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nF-62"}