Ryanair profit plunges 34 percent due to high kerosene prices

Cheaper tickets as a response to the crisis

At the same time, the airline tried to lure jittery customers with cheaper tickets during the important summer travel season. On average, Ryanair sold its seats six percent cheaper than in the prior-year period. The aim was to prevent passengers from cancelling or postponing bookings amid the geopolitical situation.

Despite the price cut, the number of passengers carried rose six percent to 61.3 million. That shows Ryanair was able to attract additional travellers with its lower-price strategy. However, the volume growth was not enough to offset the cost surge from kerosene.

No profit guidance for the full year

Ryanair CEO Michael O'Leary is remaining tight-lipped about the full year. As in earlier communications, he is refraining from issuing a specific profit outlook for the fiscal year running to the end of March 2027. Management is responding to the persistently high uncertainty in energy markets.

According to information dated June 22, 2026, O'Leary is contractually tied to the company until 2032. Given the weak quarterly figures and the unclear further trajectory of kerosene markets, Ryanair faces the task of adjusting its cost structure without abandoning the price advantage over competitors that is central to its business model.

Market reaction and outlook

Analysts at HSBC, BNP Paribas and Swiss Life had recently formulated differing expectations for the quarterly figures. Immediately after the results were released, reactions in the stock market are likely to show whether the lower ticket prices are being viewed as an opportunity or a risk for future margin development.

The airline thus remains caught in a tension: on the one hand, external factors such as the Iran war and the resulting energy price increases weigh on the balance sheet; on the other, Ryanair is deliberately pursuing an aggressive pricing policy to secure market share in a difficult market environment.

Background: Ryanair as a low-cost airline

For the coming quarters, it will be decisive whether kerosene prices stabilise and whether the lower ticket prices actually translate into a durably higher load factor. Until then, it remains unclear whether Ryanair can make up the collapsed profit over the remainder of the year.

Ryanair is an Irish low-cost carrier headquartered in Dublin and ranks among Europe's largest low-cost carriers. The company released its quarterly figures on Monday, July 20, 2026.