Ryanair H1 FY27 slides: profit falls 15% as fuel bites, MAX-10 eyed

Ryanair's first-half fiscal 2027 results, released on November 26, 2026, showed a 15% drop in profit after tax to €2.15 billion compared to €2.54 billion in the same period last year. Despite a 6% increase in passenger traffic to 125.8 million, cost pressures from rising fuel prices and lower average fares weighed on the Irish low-cost carrier.

Unhedged jet fuel costs nearly doubled to approximately $130 per barrel, up from $67 per barrel in hedged prices. Revenue grew by 3% to €10.08 billion, with average fares falling to €55.70. The load factor remained steady at 95%. Total costs rose by 10% to €7.69 billion, with fuel expenses driving the increase. Unit costs, excluding fuel, rose 5% and stood at €36 per passenger, significantly lower than competitors.

Despite the headwinds, Ryanair maintained a substantial cost advantage over European and U.S. rivals. The airline's fleet transformation plan, centered on 300 Boeing 737 MAX-10 orders, aims to reduce fuel consumption by 20% and increase seating capacity. By FY34, Ryanair projects annual passenger traffic of 300 million, up from 184 million in FY24.

This growth strategy is underpinned by the airline's robust financial position, with €2.6 billion in cash and €0.6 billion in debt, making it a long-term winner in European short-haul aviation.