Ryanair (RYAAY) Outlines Bullish Outlook as Forward Bookings Improve

Group 1: Market Performance - Global equities finished 2025 strongly, with international markets delivering their widest outperformance versus U.S. equities since the Global Financial Crisis, aided by a weaker dollar and improving trade conditions [1] - In Q4 2025, the Baird Chautauqua International Growth Fund returned +0.11%, lagging the MSCI ACWI ex-U.S. Index's +5.05%, while the Global Growth Fund gained +4.18%, outperforming its MSCI ACWI Index® ND's +3.29% [1] Group 2: Fund Strategy and Focus - The fund remains focused on high-quality businesses with strong cash flows and balance sheets, supported by attractive international valuations and a more favorable macro backdrop heading into 2026 [1] - Despite near-term headwinds from sector rotations and Greater China profit-taking, the fund continues to prioritize investments in robust companies [1] Group 3: Ryanair Holdings PLC Overview - Ryanair Holdings PLC is Europe's largest low-cost airline by passenger volume, leveraging a cost-efficient model and extensive route network to drive consistent profitability [2] - The one-month return of Ryanair Holdings PLC was approximately 5.51%, and its shares have gained about 45.51% of their value over the last 52 weeks, closing at approximately $69.00 per share on January 26, 2026, with a market capitalization of about $36.216 billion [2] Group 4: Ryanair's Long-Term Outlook - Ryanair outlined a bullish long-term outlook based on continued industry capacity constraints and the company's widening unit cost advantage, believing it can raise fares while maintaining its significant value gap to competitors [3] - The company aims to increase net profit per passenger from €10 today to €12 to €14 over the next decade [3]