The results are broadly in line with analysts' expectations. Passenger numbers jumped 9% to over 200 million. Revenue rose 4%, but net profit fell 16%. This was due to a 9% increase in costs and a 7% decline in average revenue per passenger to €46.

FY 2025 (ended in March) was not spectacular, but it was nonetheless robust and showed growth—albeit modest—in terms of revenue, despite a challenging market environment characterized by consumers are watching their spending, interest rates are high, and geopolitical tensions persist (Ukraine, the Middle East, Donald Trump's return to the political scene). Added to this is a conflict with certain online travel agencies, including Spain's eDreams, which has weighed on ticket prices.

However, the new financial year should be very different. Ryanair is seeing particularly strong demand for this summer in the 37 countries where it operates. This is especially true as travelers seem increasingly reluctant to cross the Atlantic in the current climate. To meet this demand, the group's fleet is expected to grow with orders from Boeing, although for the time being, the airline is reserving the right to delay, cancel or purchase its aircraft elsewhere if the manufacturer modifies the terms of the contract in view of potential customs duties between the European Union and the United States.

In response to current demand, the Irish airline will increase its fares by nearly 7%, slightly higher than forecasts made two months ago. This increase will largely offset the price reductions seen in the fiscal year just ended. At the same time, unit costs are expected to rise only slightly. All of this bodes well for margins.

Ryanair is therefore continuing to move in the right direction. The group's situation today seems a far cry from what it was in the summer of 2024. In one year, the share price has almost doubled and the fare situation is much better now. Consumer momentum bodes well for the coming months.

But among the company's shareholders, there is one who is undoubtedly happier than the others today. CEO Michael O'Leary, who owns 4.1% of the airline, could receive a bonus of around €100m if the share price manages to stay above €21 for 21 consecutive days. It passed this milestone on May 2, 17 days ago, and now stands above €23 after Monday's rise.