Ryanair H1 Profit +42%, FY26 Traffic 207M

Ryanair posted a record H1 net profit of €2.54bn, up 42%, and Q2 profit of about €1.72bn (≈20% YoY), while carrying a record 119 million passengers in H1 and 19.2 million in October (a 5% rise) with a high load factor. Results were driven by roughly 13% higher average fares, ancillary growth and tight cost control, and the airline has nudged FY26 traffic guidance to around 207 million after receiving 23 new Boeing 737‑8200/MAX‑8s. Management said Boeing deliveries have improved (with six more MAX‑8s due by Jan/Feb) and expects the first 737 MAX‑10s in spring 2027, supporting plans to expand the fleet to about 210 “Gamechanger” jets before summer 2026 (204 currently) and hold options for up to 300 MAX‑10s by 2034. Ryanair is reallocating capacity to lower‑cost markets, adding new bases and more than 2,500 summer 2026 routes to accommodate growth. The group reported roughly €3bn gross cash, a BBB+ rating, ongoing buybacks and plans to repay a €1.2bn bond from cash flow, and carries extensive fuel hedges (≈85% H2 FY26 at $76/bbl; FY27 ~80% at ≈$67), while warning that delivery delays, engine issues and industry consolidation have tightened capacity and supported yields.