DAVY VIEW

As Ryanair points out, like any airline its final FY’26 outcome “remains heavily exposed to adverse external developments, including the risk of tariff wars, macro-economic shocks, conflict escalation in the Middle East and Ukraine, and European ATC strikes, mismanagement and short staffing”. Quite a list. While external factors inevitably impact valuation, we also need to factor in a favourable supply environment, which may lead to it achieving above its through cycle €10 net profit per pax for several years. And Ryanair’s competitive advantages are accelerating. As the CEO of United calls it: “the only remaining successful LCC around the globe”.