{"url_path":"/sec/ryaay/10-k/2026/item-5","section_key":"item-5","section_title":"Item 5 Operating and Financial Review and Prospects","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":4352,"has_tables":true,"body_markdown":"Item 5. Operating and Financial Review and Prospects\n\n​\n\nThe following discussion should be read in conjunction with the audited consolidated financial statements of the Company and the notes thereto included in Item 18. Those consolidated financial statements have been prepared in accordance with IFRS Accounting Standards.\n\n​\n\nHISTORY\n\n​\n\nRyanair’s current business strategy dates to the early 1990s, when Ryanair became the first European airline to replicate the low-fares, low-cost operating model pioneered by Southwest Airlines in the United States. During the period between 1992 and 1994, Ryanair expanded its route network to include scheduled passenger services between Dublin and Birmingham, Manchester and Glasgow (Prestwick). In 1994, Ryanair began standardizing its fleet by purchasing used Boeing 737-200A aircraft to replace substantially all of its leased aircraft. Beginning in 1996, Ryanair continued to expand its service from Dublin to new provincial destinations in the UK. Ryanair Holdings completed its initial public offering in June 1997.\n\n​\n\nFrom 1997 through March 31, 2026, the Ryanair Group launched services on approximately 2,200 routes and also increased the frequency of service on a number of its principal routes. Ryanair has established 95 airports as bases of operations. See “Item 4. Information on the Company—Route System, Scheduling and Fares” for a list of these bases. During FY19 and FY20 the Company established a low-cost airline group adding startup airlines in Poland (Buzz) and the UK (Ryanair UK), along with the acquisition of Lauda and Malta Air (both now based in Malta), to Ryanair DAC in Ireland. Ryanair has increased the number of booked passengers from approximately 5m in FY99 to over 208m in FY26. As of March 31, 2026, Ryanair had a principal fleet of 621 Boeing 737 (including 210 Boeing 737-8200 “Gamechangers”) aircraft and 26 Airbus A320 aircraft and serves approximately 235 airports.\n\n​\n\n51\n\n[Table of Contents](#TOC)\n\nRyanair expects to have approximately 800 narrow-body aircraft in its operating fleet by FY34 following the delivery of all of the Boeing 737s currently on order, subject to lease hand-backs and disposals over the period. See “Item 4. Information on the Company—Aircraft” and “Item 5. Operating and Financial Review and Prospects—Liquidity and Capital Resources” below for additional details.\n\n​\n\nBUSINESS OVERVIEW\n\n​\n\nSince Ryanair pioneered its low-cost operating model in Europe in the early 1990s, its passenger volumes and scheduled passenger revenues have increased significantly because the Company has substantially increased capacity and demand has been sufficient to match the increased capacity. Ryanair’s annual booked passenger volume has grown from approximately 1m passengers in 1991 to over 208m passengers in FY26.\n\n​\n\nScheduled revenues rose 14% to €10.56bn as traffic grew 4% to over 208m passengers with 10% higher fares. Ancillary revenues delivered a solid performance, rising 6% to €4.99bn due to 4% traffic growth and 2% higher spend per passenger.\n\n​\n\nRyanair’s total break-even load factor was 84% in FY25 and 80% in FY26. Ryanair recorded an operating profit of €1.56bn in FY25 and an operating profit of €2.37bn in FY26. The Company recorded a profit after tax of €1.61bn in FY25 and a profit after tax of €2.17bn in FY26.\n\n​\n\nHistorical results are not predictive of future results\n\n​\n\nThe historical results of operations discussed herein may not be indicative of Ryanair’s future operating performance. Ryanair’s future results of operations will be affected by, among other things, fuel prices; the airline pricing environment in a period of increased competition; flight disruptions and other global economic impacts caused by the war in Ukraine and the conflict in the Middle East; overall passenger traffic volume; the availability of new airports for expansion; the ability of Ryanair to finance its planned acquisition of aircraft and to discharge any resulting debt service obligations; economic and political conditions in Ireland, the UK and the EU including a high interest rate environment; the ability of the Company to generate profits for new acquisitions; terrorist threats or attacks (including cyber-attacks) within the EU; seasonal variations in travel; developments in government regulations (including import tariffs), litigation and labor relations; foreign currency fluctuations; potential break-up of the Eurozone; global inflation and supply chain pressures; the availability of aircraft; competition and the public’s perception regarding the safety of low-fares airlines; changes in aircraft acquisition, leasing, and other operating costs; flight interruptions caused by extreme weather events or other atmospheric disruptions; aircraft safety concerns; flight disruptions caused by periodic and prolonged ATC strikes in Europe and the rates of income and corporate taxes paid. Ryanair expects its depreciation, staff, fuel and route charges to increase as additional aircraft and related flight equipment are acquired. Future fuel costs may also increase as a result of the depletion of petroleum reserves, the shortage of fuel production capacity, production restrictions imposed by oil producers, sanctions imposed on oil producers, geopolitical tensions affecting oil producing countries (including the ability to transport oil) and the imposition of sustainable aviation fuel (SAF) mandates by the EU and UK Government. Maintenance expenses may also increase as a result of Ryanair’s fleet expansion and replacement program. The cost of insurance coverage for certain third-party liabilities arising from “acts of war” or terrorism increased dramatically following the September 11, 2001 terrorist attacks. In addition, the financing of new Boeing 737 MAX-10 aircraft may increase the total amount of the Company’s outstanding debt and the payments it is obliged to make to service such debt.\n\n​\n\n52\n\n[Table of Contents](#TOC)\n\nRESULTS OF OPERATIONS\n\n​\n\nThe following table sets forth certain income statement data (calculated under IFRS) for Ryanair expressed as a percentage of Ryanair’s total revenues for each of the periods indicated:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Fiscal Year ended March 31,**\n\n \n\n​\n\n  ​ ​ ​\n\n**2026**\n\n  ​ ​ ​\n\n**2025**\n\n  ​ ​ ​\n\n**2024**\n\n \n\nTotal revenues\n\n \n\n100\n\n%  \n\n100\n\n%  \n\n100\n\n%\n\nScheduled revenues\n\n \n\n68\n\n \n\n66\n\n \n\n68\n\n​\n\nAncillary revenues\n\n \n\n32\n\n \n\n34\n\n \n\n32\n\n​\n\nTotal operating expenses\n\n \n\n85\n\n \n\n89\n\n \n\n85\n\n​\n\nFuel and oil\n\n \n\n35\n\n \n\n38\n\n \n\n38\n\n​\n\nStaff costs\n\n \n\n12\n\n \n\n13\n\n \n\n11\n\n​\n\nAirport and handling charges\n\n \n\n11\n\n \n\n12\n\n \n\n11\n\n​\n\nDepreciation\n\n \n\n9\n\n \n\n9\n\n \n\n8\n\n​\n\nRoute charges\n\n \n\n8\n\n \n\n8\n\n \n\n8\n\n​\n\nMarketing, distribution and other\n\n \n\n6\n\n \n\n6\n\n \n\n6\n\n​\n\nMaintenance, materials and repairs\n\n \n\n4\n\n \n\n3\n\n \n\n3\n\n​\n\nOperating profit\n\n \n\n15\n\n \n\n11\n\n \n\n15\n\n​\n\nNet finance income\n\n \n\n0\n\n \n\n2\n\n \n\n1\n\n​\n\nProfit before tax\n\n \n\n15\n\n \n\n13\n\n \n\n16\n\n​\n\nTax expense\n\n \n\n(1)\n\n \n\n(1)\n\n \n\n(2)\n\n​\n\nProfit after taxation\n\n \n\n14\n\n \n\n12\n\n \n\n14\n\n​\n\n​\n\nFY26 COMPARED WITH FY25\n\n​\n\n*Profit after taxation.* Ryanair recorded a profit after taxation of €2.17bn in FY26, as compared with a profit after taxation of €1.61bn in FY25. This increase was primarily attributable to strong traffic growth at higher average fares and good cost control.\n\n​\n\n*Scheduled revenues*. Ryanair's scheduled passenger revenues increased by 14%, from €9.23bn in FY25 to €10.56bn in FY26, primarily reflecting a 4% increase in traffic to over 208m passengers and a 10% increase in the average fare to c.€51.\n\n​\n\nScheduled passenger revenues accounted for 68% of Ryanair’s total revenues in FY26 and 66% in FY25.\n\n​\n\n*Ancillary revenues*. Ryanair's ancillary revenues, which comprise revenues from non-flight scheduled operations, in-flight sales and internet-related services, increased by 6%, from €4.72bn in FY25 to €4.99bn in FY26. The overall increase in ancillary revenues was due to a 4% increase in traffic and 2% higher spend per passenger.  \n\n​\n\n*Operating expenses.* As a percentage of total revenues, Ryanair's operating expenses were at 85% for FY26 and 89% for FY25. In absolute terms, total operating expenses increased by 6%, from €12.39bn in FY25 to €13.17bn in FY26. When comparing costs as a percentage of total revenues, depreciation, route charges, and marketing, distribution and other remained in line with FY25. Fuel, staff costs and airport and handling charges decreased as a percentage of total revenues primarily due to the 10% increase in average fares. Maintenance, materials and repairs increased as a percentage of total revenues primarily due to higher utilization, increased engine and airframe maintenance and lower delivery delay credits.\n\n​\n\nThe following table sets forth the amounts in euro cent of, and percentage changes in, Ryanair's operating expenses (on a per passenger basis) for FY26 and FY25 under IFRS. This data is calculated by dividing the relevant expense amount (as shown in the consolidated financial statements) by the number of passengers in the relevant year\n\n53\n\n[Table of Contents](#TOC)\n\nas shown in the table of “Selected Operating and Other Data” in Item 3 and rounding to the nearest euro cent; the percentage change is calculated on the basis of the relevant figures before rounding.\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**% Change ***\n\n​\n\n​\n\n**€**\n\n​\n\n**€**\n\n​\n\n​\n\nFuel and oil\n\n \n\n26.01\n\n \n\n26.07\n\n \n\n0%\n\nStaff costs\n\n \n\n8.91\n\n \n\n8.74\n\n \n\n(2)%\n\nAirport and handling charges\n\n \n\n8.46\n\n \n\n8.41\n\n \n\n(1)%\n\nDepreciation\n\n \n\n6.59\n\n \n\n6.06\n\n \n\n(9)%\n\nRoute charges\n\n \n\n6.33\n\n \n\n5.83\n\n \n\n(9)%\n\nMarketing, distribution and other\n\n \n\n4.26\n\n \n\n4.39\n\n \n\n3%\n\nMaintenance, materials and repairs\n\n \n\n2.65\n\n \n\n2.38\n\n \n\n(11)%\n\nTotal operating expenses\n\n \n\n63.21\n\n \n\n61.88\n\n \n\n(2)%\n\n​\n\n*****”+” is favorable and “( )“ is adverse year-on-year.\n\n​\n\n*Fuel and oil. *Ryanair's fuel and oil costs per passenger remained in line with FY25, while in absolute terms, these costs increased by 4% from €5.22bn in FY25 to €5.42bn in FY26. The 4% increase reflected a 4% increase in flight hours and higher environmental costs, offset by jet fuel hedging and lower fuel burn on the new Boeing 737-8200 “Gamechanger” aircraft. Fuel and oil costs include the direct cost of fuel, the cost of delivering fuel to the aircraft, aircraft de-icing and emissions trading costs (both EU and UK). The average fuel price paid by Ryanair (calculated by dividing total fuel costs (including into-plane and carbon charges) by the number of U.S. gallons of fuel consumed) decreased slightly from €3.02 per U.S. gallon in FY25 to €3.01 per U.S. gallon in FY26.**\n\n​\n\n*Staff costs.* Ryanair's staff costs, which consist primarily of salaries, wages and benefits, increased by 2% on a per passenger basis, while in absolute terms, these costs increased by 6%, from €1.75bn in FY25 to €1.86bn in FY26. The increase in absolute terms was primarily attributable to agreed pay increases and higher sectors, somewhat offset by 34 additional Boeing 737-8200 “Gamechanger” aircraft in the fleet (driving better efficiency).\n\n​\n\n*Airport and handling charges.*Ryanair's airport and handling charges per passenger increased by 1% in FY26 compared to FY25. In absolute terms, airport and handling charges increased by 5%, from €1.68bn in FY25 to €1.76bn in FY26 due to 4% traffic growth, ground ATC rate increases and higher handling labor inflation.\n\n​\n\n*Depreciation.*Ryanair's depreciation per passenger increased by 9%, while in absolute terms these costs increased by 13% from €1.21bn in FY25 to €1.37bn in FY26. The increase was primarily due to 34 more “Gamechanger” aircraft in the fleet, the purchase of 30 spare LEAP-1B engines, higher aircraft utilization (sectors up 4%), increased maintenance on the Boeing 737NG fleet and mid-life “hospital visits” on Boeing 737-8200 LEAP-1B engines.\n\n​\n\n*Route charges.*Ryanair's route charges per passenger increased by 9%. In absolute terms, route charges increased by 13%, from €1.17bn in FY25 to €1.32bn in FY26, due to significantly higher Eurocontrol/ATC rates and the 4% increase in flight hours.\n\n​\n\n*Marketing, distribution and other expenses.*Ryanair's marketing, distribution and other operating expenses, including those applicable to the generation of ancillary revenues, decreased by 3% on a per passenger basis in FY26, while in absolute terms, these costs increased by 1%, from €0.88bn in FY25 to €0.89bn in FY26, primarily due to the recognition of a €85m (approx. 33%) provision for the unjust AGCM fine and higher input costs for increased onboard sales, offset by lower EU261 compensation.\n\n​\n\n*Maintenance, materials and repairs.*Ryanair's maintenance, materials and repair expenses increased by 11% on a per passenger basis, while in absolute terms these expenses increased by 16% from €0.48bn in FY25 to €0.55bn in\n\n54\n\n[Table of Contents](#TOC)\n\nFY26. The increase in absolute terms during the fiscal year was due to higher utilization, increased engine and airframe maintenance as the fleet grows, labour inflation and lower delivery delay credits than last year.\n\n​\n\n*Operating profit.*As a result of the factors outlined above, an operating profit per passenger of €11.39 was recorded in FY26 compared to an operating profit per passenger of €7.78 in FY25.\n\n​\n\n*Other income.*Ryanair’s other income decreased to €49m due to significantly reduced delivery delay compensation and lower deposit interest rates, partially offset by debt repayments. Foreign exchange translation reflects the impact of primarily €/U.S.$ exchange rate movements on balance sheet revaluations.\n\n​\n\n*Taxation.* The effective tax rate for FY26 was approximately 10% (FY25: 10%) reflecting the mix of profits and losses incurred by Ryanair’s operating subsidiaries primarily in Ireland, Malta, Poland and the UK.\n\n​\n\nFY25 COMPARED WITH FY24\n\n​\n\nA discussion of FY25 compared with FY24 is included in Ryanair’s 2025 Annual Report and Form 20-F.\n\n​\n\nSEASONAL FLUCTUATIONS\n\n​\n\nThe Company’s results of operations have varied significantly from quarter to quarter, and management expects these variations to continue. Among the factors causing these variations are the airline industry’s sensitivity to general economic conditions and the seasonal nature of air travel. Ryanair typically records higher revenues and income in the first half of each fiscal year ended March 31 than the second half of such year.\n\n​\n\nRECENTLY ISSUED ACCOUNTING STANDARDS\n\n​\n\nPlease see Note 1 to the consolidated financial statements included in Item 18 for information on recently issued accounting standards and whether they are material to the Company.\n\n​\n\nLIQUIDITY AND CAPITAL RESOURCES\n\n​\n\n*Liquidity.* The Company finances its working capital requirements through a combination of cash generated from operations, debt capital market issuances and bank loans for general corporate purposes. See “Item 3. Key Information— Risk Factors—Risks Related to the Company—The Company will incur significant costs acquiring new aircraft and any instability in the credit and capital markets could negatively impact Ryanair’s ability to obtain financing on acceptable terms” for more information about risks relating to liquidity and capital resources. The Company had gross cash resources at March 31, 2026 and 2025 of €3.58bn and €3.99bn, respectively. The €0.41bn decrease in gross cash resources year on year reflects capital expenditure of approximately €1.89bn, shareholder returns of €0.98bn and debt repayments of €1.19bn offset by an increase in cash generated from operating activities.\n\n​\n\nThe Company’s net cash inflow from operating activities in FY26 amounted to €3.69bn (FY25: €3.42bn). The €0.27bn increase in net cash flows from operating activities year on year primarily reflects the increased profit for the year.\n\n​\n\nDuring FY26, Ryanair’s primary cash requirements were for operating expenses, capital expenditures, shareholder returns and debt repayments. Cash generated from operations was the primary source of cash inflows in FY26. In FY25, Ryanair’s primary cash requirements were for operating expenses, capital expenditures and shareholder returns. Cash generated from operations were the primary sources of cash inflows for FY25.\n\n​\n\n55\n\n[Table of Contents](#TOC)\n\nThe Company’s net cash outflow from investing activities in FY26 totaled €2.61bn, primarily reflecting 34 aircraft deliveries, aircraft pre-delivery deposits, capitalized maintenance and an increase in financial assets greater than three months. The Company’s net cash outflow from investing activities in FY25 totaled €1.43bn, primarily reflecting 30 aircraft deliveries, aircraft pre-delivery deposits and capitalized maintenance.\n\n​\n\nNet cash outflows from financing activities totaled €2.2bn in FY26, largely reflecting shareholder returns of €0.98bn and debt repayments of €1.19bn. Net cash outflows from financing activities totaled €2bn in FY25, largely reflecting shareholder returns of €1.92bn.\n\n​\n\n*Capital Expenditures.* Capital Expenditures in FY26 and FY25 were €1.89bn and €1.55bn respectively. At March 31, 2026, 100% of Ryanair’s owned Boeing 737s were unencumbered. Ryanair has generally been able to generate sufficient funds from operations to meet its non-aircraft acquisition-related working capital requirements. Management believes that the working capital available to the Company 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\nThe following table sets forth the dates on which and the number of aircraft that will be delivered, returned and disposed by the Company.\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Fiscal Year End March 31,**\n\n**  ​ ​ ​**\n\n**2026**\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**\n\n​\n\n**2032-2034**\n\n​\n\n**Total**\n\nOpening Fleet\n\n \n\n613\n\n \n\n647\n\n \n\n655\n\n \n\n670\n\n​\n\n681\n\n​\n\n700\n\n​\n\n730\n\n​\n\n613\n\nFirm deliveries under 2014 Boeing Contract\n\n \n\n34\n\n \n\n—\n\n \n\n—\n\n \n\n—\n\n​\n\n—\n\n​\n\n—\n\n​\n\n—\n\n​\n\n34\n\nDeliveries under 2023 Boeing Contract*\n\n​\n\n—\n\n​\n\n8\n\n​\n\n20\n\n​\n\n40\n\n​\n\n54\n\n​\n\n47\n\n​\n\n131\n\n​\n\n300\n\nPlanned Disposals or lease returns\n\n \n\n—\n\n \n\n—\n\n​\n\n(5)\n\n \n\n(29)\n\n​\n\n(35)\n\n​\n\n(17)\n\n​\n\n(61)\n\n​\n\n(147)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Closing Fleet**\n\n** **\n\n647\n\n \n\n655\n\n \n\n670\n\n \n\n681\n\n​\n\n700\n\n​\n\n730\n\n​\n\n800\n\n​\n\n800\n\n​\n\n*150 aircraft are firm orders and 150 are subject to an option exercisable at Ryanair’s discretion.\n\n​\n\n*Capital Resources*. Ryanair’s debt (including current maturities) totaled €1.49bn at March 31, 2026 and €2.68bn at March 31, 2025, with the change being primarily attributable to the repayment of the Group’s €0.85bn 2.875% unsecured Eurobond in September 2025, €0.4bn repayment of its revolving credit facility and lease payments of €40m. Please see the table “Obligations Due by Period” on page 58 for more information on Ryanair’s long-term debt (including current maturities) and leases as of March 31, 2026. See also Note 11 to the consolidated financial statements included in Item 18 for further information on the maturity profile of the interest rate structure and other information on the Company’s borrowings.\n\n​\n\nRyanair expects to finance the aircraft under the 2023 Boeing Contract from internally generated cash flows, however the Group will remain opportunistic in its financing strategy and will consider various financing options closer to the time of the respective delivery dates as may be considered appropriate. Ryanair’s ability to obtain additional loans to finance aircraft purchases is subject to the issuance of further bank commitments and the satisfaction of various contractual conditions. These conditions include, among other things, the execution of satisfactory documentation, the requirement that Ryanair perform all of its obligations under the Boeing agreements and that Ryanair not suffer a material adverse change in its conditions or prospects (financial or otherwise). In addition, as a result of the Company’s strong investment grade BBB+ credit rating from both Standard & Poor’s (“S&P”) and Fitch Ratings and following Ryanair’s issuance of €1.20bn unsecured Eurobonds with a 5-year tenor at a coupon of 0.875% in May 2021 under its EMTN program, the Company may decide in the future to issue additional debt from capital markets to finance future aircraft deliveries.\n\n​\n\n56\n\n[Table of Contents](#TOC)\n\nAt March 31, 2026, Ryanair had 26 leased Airbus A320 aircraft in the Lauda Europe fleet and 1 leased Boeing 737 aircraft in the Ryanair DAC fleet. As a result, Ryanair operates, but does not own, these aircraft, which were leased to provide flexibility for the aircraft delivery program. Ryanair has no right or obligation to acquire these aircraft at the end of the relevant lease terms. All 27 leases are U.S. dollar-denominated and require Ryanair to make fixed rental payments and, following the adoption of IFRS 16 are shown as lease liabilities on the Group’s balance sheet (with related right of use assets also recognized).\n\n​\n\nSince, under each of the Group’s leases, the Group has a commitment to maintain the relevant aircraft, an accounting provision is made during the lease term for this obligation based on estimated future costs of major airframe checks, engine maintenance checks and restitution of major life limited parts by making appropriate charges to the income statement calculated by reference to the number of hours or cycles operated during the year.\n\n​\n\nRyanair currently has a corporate rating of BBB+ from both S&P and Fitch Ratings and a €6bn EMTN program. Ryanair issued €0.85bn in unsecured Eurobonds with a 5-year tenor at a coupon of 2.875% in September 2020 (repaid in September 2025), and €1.20bn in unsecured Eurobonds with a 5-year tenor at a coupon of 0.875% in May 2021 (repaid in May 2026) under this program. All of these issuances are guaranteed by Ryanair Holdings. The Company used the proceeds from these issuances for general corporate purposes.\n\n​\n\nIn May 2019, Ryanair DAC entered into a €0.75bn general corporate purposes unsecured, 5-year term loan facility with a syndicate of 10 banks. In FY24, the loan was refinanced to an unsecured €0.75bn syndicated revolving credit facility (“RCF”) maturing in May 2028. In FY25, the Group increased this low-cost RCF to €1.1bn and extended the term to March 2030. At March 31, 2026, approximately €1bn remained undrawn under the RCF.\n\n​\n\nCONTRACTUAL OBLIGATIONS\n\n​\n\nThe table below sets forth the contractual obligations and commercial commitments of the Company with definitive payment terms, which will require significant cash outlays in the future, as of March 31, 2026. These obligations primarily relate to Ryanair’s aircraft purchase and related financing obligations, which are described in more detail above. For additional information on the Company’s contractual obligations and commercial commitments, see Note 22 to the consolidated financial statements included in Item 18.\n\n​\n\nThe amounts listed under “Purchase Obligations” in the table reflect future obligations for firm aircraft purchases under the existing 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\n57\n\n[Table of Contents](#TOC)\n\nThe amounts listed under “Operating Lease Obligations” reflect the Company’s obligations under its aircraft operating lease arrangements 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\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Obligations Due by Period**\n\n**Contractual Obligations**\n\n  ​ ​ ​\n\n**Total**\n\n  ​ ​ ​\n\n**Less than 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​\n\n**€M**\n\n​\n\n​\n\n**€M**\n\n​\n\n​\n\n**€M**\n\n​\n\n​\n\n**€M**\n\n​\n\n​\n\n**€M**\n\nDebt (a)\n\n \n\n​\n\n1,349\n\n​\n\n​\n\n1,199\n\n​\n\n​\n\n—\n\n​\n\n​\n\n150\n\n​\n\n​\n\n—\n\nPurchase Obligations (b)\n\n \n\n​\n\n8,693\n\n​\n\n​\n\n722\n\n​\n\n​\n\n1,261\n\n​\n\n​\n\n4,372\n\n​\n\n​\n\n2,338\n\nOperating Lease Obligations\n\n \n\n​\n\n168\n\n​\n\n​\n\n44\n\n​\n\n​\n\n43\n\n​\n\n​\n\n44\n\n​\n\n​\n\n37\n\nFuture Interest Payments (c)\n\n \n\n​\n\n25\n\n​\n\n​\n\n14\n\n​\n\n​\n\n4\n\n​\n\n​\n\n7\n\n​\n\n​\n\n—\n\nTotal Contractual Obligations\n\n​\n\n​\n\n10,235\n\n​\n\n​\n\n1,979\n\n​\n\n​\n\n1,308\n\n​\n\n​\n\n4,573\n\n​\n\n​\n\n2,375\n\n​\n\n(a)For additional information on Ryanair’s debt obligations, see Note 11 to the consolidated financial statements included in Item 18.\n\n(b)This reflects the 150 firm aircraft ordered under the 2023 Boeing Contract to be delivered over a 7-year period from calendar 2027 to 2033 (inclusive). For additional information on the Company’s purchase obligations, see Note 22 to the consolidated financial statements included in Item 18.\n\n(c)In determining an appropriate methodology to estimate future interest payments, the Company has applied either the applicable fixed rate or currently applicable variable rate where appropriate. These interest rates are subject to change and amounts actually due may be higher or lower than noted in the table above.\n\n​\n\nTREND INFORMATION\n\n​\n\nFor information concerning the principal trends and uncertainties affecting the Company’s results of operations and financial condition, see “Item 3. Key Information—Risk Factors”, “Item 4. Information on the Company—Strategy—Responding to market challenges*”*and “Item 5. Operating and Financial Review and Prospects—Business Overview,” “—Results of Operations,” “—Liquidity and Capital Resources” above.\n\n​\n\nOFF-BALANCE SHEET TRANSACTIONS\n\n​\n\nThe Company uses certain off-balance sheet arrangements in the ordinary course of business, including financial guarantees. Details of these arrangements that have or are reasonably likely to have a current or future material effect on the Company’s financial condition, results of operations, liquidity or capital resources are discussed below.\n\n​\n\n*Guarantees.* Ryanair Holdings has provided an aggregate of approximately €1.56bn (as at March 31, 2026) in letters of guarantee to secure obligations of certain of its subsidiaries in respect of loans, capital market transactions and bank advances, including those relating to aircraft financing and related hedging transactions. This amount excludes guarantees given in relation to the 2023 Boeing Contract under which there was 150 firm Boeing 737 MAX-10 aircraft yet to be delivered as at March 31, 2026 amounting to approximately U.S.$10bn at the standard list price of U.S.$135m (net of basic credits and reflective of price escalation over the originally scheduled delivery timeframe).\n\n58\n\n[Table of Contents](#TOC)"}