DAVY VIEW

With net cash of €1.74bn at the interims and our current forecasts showing end-of-decade net cash of €8.35bn, Ryanair is highly cash generative. In acknowledgement of this and some Boeing delays, the buyback has been raised by €800m to €1.5bn – near 10% of the current market cap. There is also a €480m dividend to be paid in FY2025. While EPS is enhanced by c.5% in the following fiscal year, this also shows intent toward capital returns in 2025 and beyond with the increase in shareholder authority to buy back up to 15% of the issued share capital at the upcoming AGM.