Full Transcript: Ryanair Hldgs Q1 2027 Earnings Call

Ryanair Hldgs (NASDAQ: RYAAY ) held its first-quarter earnings conference call on Monday.

Below is the complete transcript from the call.

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The full earnings call is available at Summary Ryanair Holdings PLC reported a Q1 FY27 profit after tax of €538 million, a 34% decline from the previous year's Q1, primarily due to a spike in oil prices and the timing of the Easter holiday.

Traffic grew by 6% to 61.3 million, but revenue per passenger fell 5% and average fares were down 6%.

The company maintained a strong balance sheet with a €2.8 billion gross cash position and an impressive 80% jet fuel hedge at $67 per barrel for FY27.

Strategically, Ryanair is opening three new bases and over 130 new routes this summer, and is closing the Berlin base and reducing capacity in high-cost markets.

The company is focused on cost control, with unit costs rising only 5%, and is advancing its fleet strategy with the anticipated delivery of Boeing Max 10 aircraft in 2027, which offer significant fuel efficiency and capacity advantages.

Ryanair is navigating regulatory challenges and market conditions, expecting soft pricing due to geopolitical tensions and economic uncertainty, but remains confident in its long-term growth prospects, targeting over 300 million passengers by 2034.

Full Transcript Drew, OPERATOR Hello and welcome everyone to Ryanair Holdings PLC Q1 FY27 earnings release.

My name is Drew and I'll be the coordinator for the call today.

If you would like to ask a question, you may do so by pressing star followed by one on your telephone keypad.

Please limit yourself to two questions.

I will now hand you over to Michael O'Leary, Group CEO of Ryanair Holdings, to begin.

Michael, please go ahead when you are ready.

Michael O'Leary, Group CEO Okay.

Good morning, everybody.

Welcome to the Q1 results call.

You'll have seen the results issued this morning.

Q1 profit after tax of 538 million euros.

That's a 34% decline on last year's Q1 of 820 million, primarily due to the impact of the large spike on oil prices on our 20% unhedged, and also the fact that the first half of Easter moved in.

Easter holiday fell into the prior year.

Q1 highlights include traffic growth on track, grew 6% to 61.3 million.

Revenue per passenger fell 5%.

Average fares were down 6%.

Ancillary revenues were flat.

Unit costs rose 5%, which is an impressive number.

At the unhedged Q1, jet fuel prices doubled to $151 per barrel.

FY27 jet fuel remains 80% hedged at $67 a barrel, a development in recent weeks as we took advantage of some price weakness on the forward rates.

And we're now 15% hedged for the entirety of FY28 at about $85 a barrel.

The underlying growth into the summer continues.

We are operating three new bases this summer: Rabat in Morocco, Tirana in Albania, Trapani in southern Italy.

And in total, over 130 new routes.

And we're pleased that the final 1.2 billion bond was repaid in full out of internally generated cash flow, leaving the group essentially debt-free.

Touching briefly on a couple of points before I hand over to Neil, schedule revenue dipped 1% in Q1 to 2.91 billion as traffic grew 6%, but at 6% lower fares.