Ryanair Holdings plc has reported full-year PAT growth of 34% to €1.92bn, as traffic grew 9% to 184m passengers while load factor was up 1% to 94%.
| Mar. 2023 | Mar. 2024 | Change | |
| Customers | 168.6m | 183.7m | +9% |
| Load Factor | 93% | 94% | +1pt |
| Revenue | €10.78bn | €13.44bn | +25% |
| Op. Costs | €9.20bn* | €11.38bn | +24% |
| PAT | €1.43bn* | €1.92bn | +34% |
FY24 Highlights:
- Traffic grew 9% to 183.7m.
- Revenue per pax up 15%
- Fuel bill rose 32% to €5.14bn.
- ESG ratings upgraded (MSCI ‘A’ & CDP ‘A-’) & strong 85% CSAT score achieved.
- 146 x B737 MAX in 584 aircraft fleet at March 2024.
- 5 new bases and over 200 new routes open for Summer 24.
- FY25 fuel over 70% hedged at just under $80bbl.
- Maiden int. div. €0.175 paid in Feb. Final div. of €0.178 (payable in Sept.).
- 300x B737-MAX-10 order underpins growth to 300m pax by FY34
Ryanair had a fleet of 146 x B737-8200 MAXs at year-end and hopes to increase this to 158 by the end of July, which is 23 short of their contracted Boeing deliveries. They continue to work closely with Boeing CEO (Dave Calhoun), CFO (Brian West) and the new Seattle management team to improve quality and accelerate B737 aircraft deliveries. There remains a risk that Boeing deliveries could slip further. They plan to deliver as much growth as possible for passengers and airport partners in Summer ‘24, although these delays mean more traffic growth will occur in lower-yielding H2 than planned. To facilitate this growth, they will continue to take delivery of B737s through July, August, and September, and Lauda recently extended 3x A320 leases by 4 years to 2028. Travel demand in Europe is strong for Summer ‘24 and the airline will operate their largest ever Summer schedule with over 200 new routes.
FY24 scheduled revenue increased 32% to €9.15bn. Traffic grew 9% to 183.7m while average fares rose 21% to €49.80, thanks to a record H1 and strong Easter traffic in late March. Ancillary sales increased 12% to €4.30bn (c.€23.40 per passenger). Total FY24 revenue rose 25% to €13.44bn. Operating costs increased 24% to €11.38bn, primarily due to a 32% increase in fuel costs.
The FY25 fuel requirements are over 70% hedged at just under $80bbl and 80% of €/$ opex is hedged at $1.11. This strong hedge position locks in approx. €450m savings on fuel, and substantially insulates the Group from current fuel price volatility.
Ryanair expects to grow FY25 traffic by 8% (198m to 200m passengers), subject to Boeing deliveries returning to contracted levels before year-end. The final outcome for FY25 will be heavily dependent upon avoiding adverse events during FY25 (such as wars in Ukraine and the Middle East, extensive ATC disruptions or further Boeing delivery delays).
