Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 20-F ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended: March 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSUANT/ TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT ...

Ryanair's passenger volumes have surged over the past few months, driven by a strong rebound in air traffic from the COVID-19 lows. In fiscal 2024, traffic grew by 9% year over year. For fiscal 2025, Ryanair anticipates an 8% increase in traffic, contingent on Boeing delivering aircraft at contracted levels by year-end. Image Source: Zacks Investment Research Ryanair's current ratio (a measure of liquidity) stood at 0.91 at the end of the fourth quarter of fiscal 2024, raising liquidity concerns. A current ...

Ryanair Holdings (RYAAY) reported solid traffic numbers for May 2024, driven by upbeat air-travel demand. The number of passengers transported on Ryanair flights was 18.9 million in May 2024, reflecting an 11% year- over-year increase. RYAAY's traffic in May was much more than the April reading of 17.3 million and the March reading of 13.6 million. Notably, RYAAY operated more than 105,000 flights in May 2024. This marks an improvement from 98,400 flights operated in April 2024 and 77,000 flights operated i ...

Ryanair Holdings plc (RYAAY) reported fourth-quarter fiscal 2024 (ended Mar 31, 2024) loss of $1.31 per share, which was narrower than the Zacks Consensus Estimate of $1.32 and improved year over year. Revenues of $2,356 million beat the Zacks Consensus Estimate of $2,332.7 million. Revenues improved year over year, driven by upbeat passenger volumes. On the back of the buoyant traffic scenario, RYAAY's profit after tax of €1.92 billion increased 34% year over year. Total operating costs grew 24% to €11.38 ...

Financial Data and Key Metrics Changes - The company reported a profit after tax growth of 34% to €1.92 billion, with traffic growing 9% to 184 million passengers, which is 23% more than pre-COVID levels [1][51] - Revenue increased by 25% to €13.4 billion, driven by a 21% increase in average fare and solid ancillary revenue performance [51] - Operating costs rose by 24% to just over €11.3 billion, primarily due to a 32% increase in fuel costs, adding €1.25 billion to the fuel bill [51][30] Business Line Data and Key Metrics Changes - Ancillary revenue per passenger increased by 3% to just over €23.40 [30] - The company took delivery of 146 new Boeing 737 Gamechanger aircraft, bringing the fleet to just under 600 aircraft [1] Market Data and Key Metrics Changes - The company anticipates strong demand for summer 2024, with forward bookings trending ahead of last year, despite some pricing softness [2][75] - The company expects to operate its largest ever summer schedule with over 200 new routes and five new bases [1][75] Company Strategy and Development Direction - The company aims to grow to 300 million passengers by FY34, supported by a significant order of 300 Boeing 737 MAX 10 aircraft [9][43] - The company is focusing on maintaining a strong balance sheet while returning funds to shareholders through dividends and share buybacks [25][66] Management Comments on Operating Environment and Future Outlook - Management expressed cautious optimism for peak summer 2024, expecting fares to be flat to modestly ahead of summer 2023 [2][29] - The company highlighted the importance of avoiding adverse events such as geopolitical conflicts and delivery delays from Boeing for future profitability [2] Other Important Information - The company has upgraded its ESG ratings, achieving an MSCI A rating and an A- from the Climate Disclosure Project [1][54] - The company is working with various online travel agencies (OTAs) to ensure fair pricing for consumers and to eliminate overcharging practices [4][36] Q&A Session Summary Question: What were the key drivers for the reported PAT of €1.92 billion? - The key drivers included a 9% increase in traffic, a 21% increase in average fares, and solid ancillary revenue performance [17] Question: What is the current fuel hedging position? - The company is 70% hedged for the full year out to March 2025 at about $79 per barrel, resulting in a €450 million saving compared to last year's hedge rate [31][43] Question: What are the details of the share buyback? - The Board approved a €700 million share buyback, which will be balanced between EU and non-EU shareholders [66][70]

This article has been reviewed according to Science X's editorial process and policies . Editors have highlighted the following attributes while ensuring the content's credibility: Irish no-frills carrier Ryanair on Monday said group net profit jumped a third to 1.92 billion euros in its financial year as higher demand and fares offset ballooning fuel costs. Profit after tax climbed 34 percent to the equivalent of $2.1 billion in the 12 months to the end of March for the airline that flies mostly across Eur ...

[Financial & Operational Highlights (FY2024)](index=1&type=section&id=RYANAIR%20FULL%20YEAR%20PROFIT%20RISES%2034%25%20TO%20%E2%82%AC1.92BN) [Key Performance Summary](index=1&type=section&id=FY24%20Highlights) Ryanair reported a 34% increase in full-year profit after tax (PAT) to €1.92 billion for FY2024, driven by a 9% rise in traffic to 183.7 million passengers and a 25% increase in revenue to €13.44 billion, with load factor improving by 1 percentage point to 94%, and a €700 million share buyback announced Key Financial and Operational Metrics | | Mar. 2023 | Mar. 2024 | Change | | :--- | :--- | :--- | :--- | | Customers (million) | 168.6m | 183.7m | +9% | | Load Factor | 93% | 94% | +1pt | | Revenue (€billion) | €10.78bn | €13.44bn | +25% | | Op. Costs (€billion) | €9.20bn* | €11.38bn | +24% | | PAT (€billion) | €1.43bn* | €1.92bn | +34% | - Full-year Profit After Tax (PAT) grew by **34% to €1.92 billion**, attributed to a **9% increase in traffic** and higher revenues, which offset a significant rise in fuel costs[4](index=4&type=chunk)[5](index=5&type=chunk) - Traffic grew by **9% to 183.7 million passengers**, which is **23% more than pre-COVID levels**[5](index=5&type=chunk)[6](index=6&type=chunk) - The company announced a **€700 million share buyback**, which will be formally launched shortly[4](index=4&type=chunk)[21](index=21&type=chunk) [CEO's Review & Business Outlook](index=2&type=section&id=CEO's%20Review%20%26%20Business%20Outlook) The CEO highlighted strong ESG ratings, ongoing fleet modernization despite Boeing delivery delays, and positive summer 2024 demand, anticipating continued market consolidation and capacity constraints in Europe, positioning Ryanair for long-term growth towards 300 million passengers by FY34 [Environmental, Social, and Governance (ESG)](index=2&type=section&id=ENVIRONMENT%20%26%20GOVERNANCE) The company achieved upgraded ESG ratings and made progress on sustainable aviation fuel targets and board diversity - ESG ratings were upgraded, including a CDP **'A-' climate rating** (up from 'B') and an MSCI **'A' rating** (up from 'BBB')[8](index=8&type=chunk) - The company is on track to achieve its goal of powering **12.5% of flights with Sustainable Aviation Fuel (SAF) by 2030**, with **10% of the required supply already secured**[8](index=8&type=chunk) - Board diversity was enhanced with the appointment of **two new female non-executive directors**, resulting in a **50:50 gender split on the Board**[10](index=10&type=chunk) - The company continues to call on the EU Commission to reform Europe's inefficient ATC system to protect overflights during national strikes, citing **67 days of ATC strikes in 2023**[9](index=9&type=chunk) [Fleet, Growth & Market Dynamics](index=2&type=section&id=FLEET%20%26%20GROWTH) Fleet modernization faces Boeing delivery delays, while market consolidation and capacity constraints are expected to support Ryanair's long-term growth target of 300 million passengers by FY34 - The fleet included **146 B737 "Gamechangers"** at year-end, which is **23 aircraft short of contracted deliveries from Boeing**, with a risk of further delays[12](index=12&type=chunk) - Ryanair anticipates that ongoing European airline consolidation and OEM delivery backlogs will **constrain capacity growth in Europe** for some years[14](index=14&type=chunk) - The company has a long-term growth target to carry **300 million passengers annually by FY34**, supported by its order for **300 B737-MAX-10 aircraft**[14](index=14&type=chunk)[16](index=16&type=chunk) [FY2025 Outlook](index=3&type=section&id=OUTLOOK) Ryanair projects 8% traffic growth for FY25, but cautions on softer Q1 pricing and uncertainties, making FY25 PAT guidance premature - Ryanair expects to grow FY25 traffic by **8% to a range of 198 million to 200 million passengers**, contingent on Boeing deliveries returning to contracted levels[22](index=22&type=chunk) - While S.24 demand is positive, recent pricing has been softer than expected, with Q1 requiring more price stimulation; the company is cautiously optimistic that peak S.24 fares will be **flat to modestly ahead of last summer**[22](index=22&type=chunk) - The company stated it is too early to provide sensible or accurate FY25 PAT guidance due to uncertainties around peak summer pricing, geopolitical events, and Boeing delivery delays[22](index=22&type=chunk) [Financial Performance Analysis (MD&A)](index=3&type=section&id=MD%26A%20Year%20Ended%20March%2031%2C%202024) [Revenue Analysis](index=3&type=section&id=Revenue%20%26%20Costs) Total revenue for FY24 increased by 25% to €13.44 billion, driven by a 32% rise in scheduled revenues to €9.15 billion from 9% traffic growth and a 21% increase in average fares to €49.80, while ancillary revenues grew 12% to €4.30 billion, averaging €23.40 per passenger Revenue Breakdown by Stream | Revenue Stream | FY2024 (€bn) | FY2023 (€bn) | Change | | :--- | :--- | :--- | :--- | | Scheduled Revenues | 9.15 | 6.93 | +32% | | Ancillary Revenues | 4.30 | 3.84 | +12% | | **Total Revenues** | **13.44** | **10.78** | **+25%** | - The average fare increased by **21% to approximately €49.80**, driven by a record first half and strong Easter traffic[17](index=17&type=chunk)[39](index=39&type=chunk) - Ancillary revenue per passenger was approximately **€23.40**, reflecting increased spending on discretionary services like priority boarding and reserved seating[17](index=17&type=chunk)[40](index=40&type=chunk) [Operating Costs Analysis](index=3&type=section&id=Operating%20Expenses) Total operating costs rose 24% to €11.38 billion, mainly due to a 32% increase in the fuel bill to €5.14 billion, with staff costs up 26% to €1.50 billion and airport & handling charges up 20% to €1.48 billion, yet the company maintains a significant cost advantage, anticipating a €450 million fuel hedge saving for FY25 Operating Expense Breakdown | Expense Category | Amount (€bn) | Change vs FY23 | Key Driver(s) | | :--- | :--- | :--- | :--- | | Fuel and oil | 5.14 | +32% | Higher jet fuel prices & 8% more sectors flown | | Staff costs | 1.50 | +26% | Pay restoration, higher crewing ratios, productivity pay | | Airport & handling | 1.48 | +20% | Traffic growth, higher rates, end of COVID reliefs | | Depreciation | 1.06 | +15% | 48 new aircraft deliveries & higher utilization | - The fuel bill rose by **€1.25 billion to €5.14 billion** as hedged oil prices increased from **$65/bbl in FY23 to $89/bbl in FY24**[5](index=5&type=chunk)[16](index=16&type=chunk) - For FY25, over **70% of fuel requirements are hedged at just under $80/bbl**, which is expected to lock in approximately **€450 million in savings**[18](index=18&type=chunk)[22](index=22&type=chunk) [Balance Sheet and Liquidity](index=3&type=section&id=Balance%20Sheet%20%26%20Liquidity) The company maintained a strong balance sheet with a BBB+ credit rating, gross cash of €4.12 billion, and net cash increasing to €1.37 billion from €0.56 billion, despite €2.4 billion in capital expenditures, with its owned fleet of 556 B737 aircraft fully unencumbered Key Balance Sheet Metrics | Metric | Mar 31, 2024 (€bn) | Mar 31, 2023 (€bn) | | :--- | :--- | :--- | | Gross Cash | €4.12bn | - | | Net Cash | €1.37bn | €0.56bn | | Gross Debt | €2.75bn | - | | Total Assets | €17.18bn | €16.41bn | | Total Equity | €7.61bn | €5.64bn | - The company holds a **BBB+ credit rating** from both S&P and Fitch[19](index=19&type=chunk) - The owned B737 fleet of **556 aircraft is fully unencumbered**, which significantly widens the cost advantage over competitors exposed to rising lease costs[19](index=19&type=chunk) [Shareholder Returns](index=3&type=section&id=SHAREHOLDER%20RETURNS) In line with its capital allocation policy, Ryanair paid a maiden interim dividend of €0.175 per share in February 2024 and announced a final dividend of €0.178 per share for September 2024, additionally approving a €700 million share buyback, bringing total returns to shareholders since 2008 to over €7.8 billion - An interim dividend of **€0.175 per share** was paid in February, with a final dividend of **€0.178 per share** due in September[16](index=16&type=chunk)[21](index=21&type=chunk) - The Board approved a **€700 million share buyback** given the current surplus cash position[21](index=21&type=chunk) - Upon completion of the new buyback, total funds returned to shareholders since 2008 will exceed **€7.8 billion**[21](index=21&type=chunk) [Condensed Consolidated Financial Statements (Unaudited)](index=4&type=section&id=Condensed%20Consolidated%20Preliminary%20Financial%20Statements) [Consolidated Income Statement](index=5&type=section&id=Condensed%20Consolidated%20Preliminary%20Income%20Statement) For the year ended March 31, 2024, Ryanair reported total operating revenues of €13.44 billion, an increase of 25% from the previous year, with operating profit rising 31% to €2.06 billion, profit for the year increasing by 34% to €1.92 billion, and diluted earnings per share (EPS) growing by 45% to €1.6743 Consolidated Income Statement Highlights | Metric | Year Ended Mar 31, 2024 (€M) | Year Ended Mar 31, 2023 (€M) | Change | | :--- | :--- | :--- | :--- | | Total Operating Revenues | 13,443.8 | 10,775.2 | +25% | | Operating Profit | 2,060.7 | 1,573.1 | +31% | | Profit for the year | 1,917.1 | 1,428.0 | +34% | | Diluted EPS (€) | 1.6743 | 1.1529 | +45% | [Consolidated Balance Sheet](index=4&type=section&id=Condensed%20Consolidated%20Preliminary%20Balance%20Sheet) As of March 31, 2024, total assets stood at €17.18 billion, up from €16.41 billion in the prior year, primarily due to an increase in property, plant, and equipment, while total shareholders' equity significantly increased to €7.61 billion from €5.64 billion, reflecting the year's strong profitability Consolidated Balance Sheet Highlights | Metric | At Mar 31, 2024 (€M) | At Mar 31, 2023 (€M) | | :--- | :--- | :--- | | Total Assets | 17,175.6 | 16,405.9 | | Total Liabilities | 9,561.4 | 10,762.9 | | Total Shareholders' Equity | 7,614.2 | 5,643.0 | [Consolidated Cash Flow Statement](index=6&type=section&id=Condensed%20Consolidated%20Preliminary%20Statement%20of%20Cash%20Flows) Net cash inflow from operating activities was €3.16 billion for FY2024, with €1.56 billion used in investing activities, mainly for aircraft purchases, and €1.33 billion in financing activities, including debt repayments and dividend payments, resulting in a net increase in cash and cash equivalents of €271.2 million Consolidated Cash Flow Highlights | Metric | Year Ended Mar 31, 2024 (€M) | Year Ended Mar 31, 2023 (€M) | | :--- | :--- | :--- | | Net cash from operating activities | 3,157.9 | 3,891.0 | | Net cash used in investing activities | (1,560.4) | (1,901.2) | | Net cash used in financing activities | (1,326.3) | (1,054.0) | | Increase in cash and cash equivalents | 271.2 | 935.8 | [Notes to the Financial Statements](index=9&type=section&id=Notes%20forming%20Part%20of%20the%20Condensed%20Consolidated%20Preliminary%20Financial%20Statements) [Segmental and Geographical Analysis](index=11&type=section&id=8.%20Analysis%20of%20operating%20revenues%20and%20segmental%20analysis) The Group's operations are segmented into 'Ryanair DAC' and 'Other Airlines', with Ryanair DAC being the dominant segment generating €1.86 billion of the total €1.92 billion profit after tax, and Italy remaining the largest geographical market with €2.85 billion in revenue - The Ryanair DAC segment generated a profit after tax of **€1,860.0 million**, while the 'Other Airlines' segment (comprising Buzz, Lauda, and Malta Air) generated a combined profit of **€57.1 million**[76](index=76&type=chunk)[77](index=77&type=chunk) Geographical Revenue Breakdown | Country | FY2024 Revenue (€M) | FY2023 Revenue (€M) | | :--- | :--- | :--- | | Italy | 2,853.3 | 2,364.5 | | Spain | 2,416.2 | 1,883.4 | | United Kingdom | 2,031.0 | 1,589.7 | | Ireland | 791.0 | 640.4 | | Other | 5,352.3 | 4,297.2 | [Capital Commitments and Fleet](index=11&type=section&id=7.%20Capital%20commitments) As of March 31, 2024, the Group had taken delivery of 146 of its 210 firm orders for the Boeing 737-8200 "Gamechanger" aircraft, and in May 2023, placed a new order for up to 300 Boeing 737-MAX-10 aircraft for delivery between 2027 and 2033 - The Group has taken delivery of **146 of its 210 firm orders for Boeing 737-8200 aircraft**, with the remainder due before the end of FY25[74](index=74&type=chunk) - A new order for **300 Boeing 737-MAX-10 aircraft** (150 firm and 150 options) was placed for delivery between **2027 and 2033**[74](index=74&type=chunk) [Financial Instruments and Risk Management](index=13&type=section&id=11.%20Financial%20instruments%20and%20financial%20risk%20management) The Group actively uses financial instruments to manage commodity price (jet fuel), foreign exchange, and interest rate risks, with derivative financial assets at €352.8 million and liabilities at €182.1 million as of March 31, 2024, all valued using Level 2 inputs - The Group's primary financial risk exposures are related to **commodity price, foreign exchange, and interest rates**, which are managed using financial instruments[84](index=84&type=chunk) - All derivative financial instruments are measured at fair value using **Level 2 inputs**, meaning their value is derived from observable market data (such as forward rates) rather than direct quotes[86](index=86&type=chunk)[88](index=88&type=chunk)[89](index=89&type=chunk) [Going Concern and Post-Balance Sheet Events](index=15&type=section&id=13.%20Going%20concern) The directors adopted the going concern basis for financial statements, supported by the Group's profitability, strong liquidity (€4.12 billion gross cash), BBB+ credit rating, and robust hedging positions, with a €700 million share buyback approved post-year-end - The going concern assessment is supported by **strong liquidity (€4.12 billion gross cash)**, a **BBB+ credit rating**, an **unencumbered owned fleet**, and a **strong fuel hedging position for FY25**[98](index=98&type=chunk)[103](index=103&type=chunk) - A significant post-balance sheet event was the Board's approval of a **€700 million share buyback**, which was scheduled to commence in late May 2024[99](index=99&type=chunk)

Core Insights - Ryanair reported its best-ever annual profit, with a profit after tax of 1.92 billion euros ($2.09 billion), a 34% increase year-on-year [1] - The airline's revenue rose 25% to 13.44 billion euros, serving 184 million passengers, which is 23% more than pre-Covid levels [1] - A share buyback program of 700 million euros was announced, reflecting a strong balance sheet [2] Financial Performance - Operating costs increased by 24% year-on-year, with jet fuel costs soaring by 32% [2] - The increase in passenger traffic and fares helped offset the rise in operating costs [2] Strategic Priorities - The company focused on restoring employee pay post-Covid, implementing pay increases, and reducing debt [3] - As of the end of the last year, Ryanair had 1.4 billion euros in gross cash, enabling the board to confidently return 700 million euros to shareholders in addition to the ordinary dividend program [3]

| --- | --- | --- | --- | --- | --- | --- | --- | --- | |-----------|--------|-------|-------|-------|-------|-------|-------|-------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (20 | | | | | | | | | | | | | | | | 『RYANAIR | t care | | | | | | | | Europe's Lowest Cost Air line Lowest fare/lowest cost EU airline No. 1, OTP & reliability 300 MAX-10 order – Decade of Growth Europe's No. 1 Coverage & Choice ‍ ✈ 235 apts, 37 countries ✈ 3,600 daily flights Lapland L ...

Company Participants Okay. Good morning, ladies and gentlemen. YouÂ're all very welcome to the Q3 results call. As you see earlier this morning on our ryanair.com website, we published our Q3 results together with an MD&A and a Q&A section with myself and CFO, Neil Sorahan. The recent MAX 9 grounding was a disappointing setback, but we welcome the ungrounding of the MAX 9 last week. Ryanair do not operate any MAX 9 variant. There are no MAX 9 aircraft in Europe, and therefore, it is largely a U.S. issue. Ho ...