Ryanair has lowered its 2026 financial year passenger target by 5 million, to 210 million, amid continued Boeing 737 Max delivery delays, after today disclosing a 6% fall in second-quarter net profit to €1.43 billion ($1.55 billion).
While the low-cost giant provided no guidance for the year ending 31 March 2025, chief executive Michael O’Leary did offer a bright prognosis on demand for the last quarter of the calendar year and says there has been some easing in recent yield declines.
”Forward bookings suggest Q3 demand is strong and the decline in pricing appears to be moderating,” he says in a first-half results presentation on 4 November.”We do expect Q3 pricing to be slightly down [on 2023], but not as much as Q2.”
Against this backdrop, Ryanair still expects to carry between 198 million and 200 million passengers in its current financial year – a target it had already lowered by 5 million after delays in receiving all its planned 737 Max deliveries in time for the summer peak.
These delays have been compounded by the ongoing machinists’ strike at Boeing: Ryanair now expects its remaining Max 8-200 deliveries for the current quarter to slip into January-March.
”The risk of further delivery delays remains high, particular for summer ’25 and it’s in that context we think it’s sensible now to slow down our projected traffic growth next year from 215 million passengers to 210 million passengers,” O’Leary says. “We hope that slightly slower traffic growth will help protect fares and yields.”
Ryanair revenue climbed 3% in the second quarter to €5.07 billion on passenger numbers 9% higher at almost 60 million. Average fares though were down 5% during the three months ended September 2024, contributing to the 6% drop in second-quarter profit.
While the carrier does not give any full-year guidance, O’Leary notes the later falling of the busy Easter holiday season outside of the January-March period means “we will have a pretty challenging” fourth quarter in comparison with the previous year.
