DAVY VIEW

A measured performance by Ryanair, which is in line with market expectations – H1 net profit €1.79bn (consensus: €1.804bn, Davy: €1.808bn). While no formal guide was given, “forward bookings suggest that Q3 demand is strong and decline in pricing appears to be moderating”. We will broadly leave our estimates unchanged (net profit FY25 c.€1.6bn, FY26 €1.9bn). Standouts remain balance sheet, market position, cost and cash generation. Boeing delays see FY26 growth reduced to 210m pax (from 215m), which should help the yield environment and planned growth limiting any cost overruns.