The Irish low-cost carrier, however, said that fare increases later in the year are likely to be limited. It also warned that labour disputes could affect flights in some European countries.

Ryanair shares were down 3% by midday in London, after analysts at Citi said the results were good but fell short of high market expectations.

The airline said January included two of its strongest booking weeks on record, with average fares rising slightly. Chief Financial Officer Neil Sorahan said Ryanair expects to recover last year’s 7% fall in fares and add a small increase on top.

Ryanair is now forecasting after-tax profits, before exceptional items, of between €2.13 billion and €2.23 billion. This compares with €1.6 billion last year and is close to analysts’ expectations.

Chief Executive Michael O’Leary said fare growth in the new financial year, starting on 1 April, would likely remain in the low single digits.
He also warned of possible strike action in Germany and Belgium as talks with pilots and cabin crew continue.

O’Leary said Boeing’s aircraft deliveries were improving and that the final four planes from Ryanair’s current order could arrive early. He added that the first 15 of 150 Boeing 737 MAX 10 aircraft are expected to be delivered on time before summer 2027.

For the final three months of 2025, Ryanair reported an after-tax profit of €115 million, excluding an exceptional charge linked to a fine from Italy’s competition authority. O’Leary said he is confident the fine will be overturned on appeal.