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Ryanair Hit by Antitrust Fine as Profits Slide Despite Strong Growth

By  |  January 26, 2026

Ryanair closed the third quarter of its 2026 fiscal year with sharply lower profits after setting aside a large provision linked to an antitrust fine in Italy, even as revenue, passenger numbers and fares continued to rise.

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    The Irish low-cost carrier reported net income of 115 million euros for the quarter ended in December, down 22% from the same period a year earlier when extraordinary items are excluded, according to a statement. When the provision for the Italian Competition Authority penalty is included, net profit falls to about 30 million euros, representing an 80% year-over-year decline.

    The company booked an 85 million euro charge during the quarter, roughly one-third of the total fine imposed by the Italian regulator for alleged abuse of a dominant market position, per a statement. The overall case is estimated to cost around 255–256 million euros. Ryanair said it remains confident that the sanction will be overturned on appeal.

    Despite the legal setback, the airline’s operating performance remained strong. Ryanair carried 47.5 million passengers during the quarter, a 6% increase from a year earlier, while its load factor climbed to 92%, according to a statement. Revenue rose 9% to 3.21 billion euros, driven by higher traffic volumes and rising fares.

    Line revenues recorded double-digit growth, supported by strong demand during the October school holiday period and the Christmas and New Year travel season, per a statement. The group also highlighted its solid liquidity position, reporting gross cash equivalents of 2.4 billion euros. An interim dividend of 0.193 euros per share was announced.

    Ryanair said improvements in Boeing aircraft deliveries have become a key pillar of its growth strategy, marking a significant change from the supply challenges it faced a year ago. The airline expects to receive its final four Boeing 737-8200 “Gamechanger” aircraft by February, completing its current delivery schedule, according to a statement.

    Read more: Ryanair Boss Dismisses Musk’s Buyout as Starlink Feud Escalates

    With its expanding fleet, Ryanair raised its long-term traffic ambitions. For fiscal year 2027, the carrier now targets 216 million passengers, per a statement. Looking further ahead, the Boeing Max 10 aircraft is still awaiting certification and is expected to enter service in spring 2027.

    Outlook improves for full year.

    Ryanair also revised its forecasts upward for the current financial year. Passenger traffic for fiscal 2026 is now expected to grow by about 4% to nearly 208 million, slightly above earlier projections, according to a statement. Fare growth is also forecast to accelerate, with average fares expected to rise by more than 7% year-on-year, compared with 1% to 2% growth in the previous year.

    Based on these trends, the group said it is “cautiously” guiding full-year net profit, excluding extraordinary items, to a range between 2.13 billion euros and 2.23 billion euros, per a statement. However, Ryanair warned that the fourth quarter remains exposed to risks such as geopolitical tensions, macroeconomic uncertainty, and ongoing European air traffic control strikes.

    The airline also noted that discussions around in-flight Wi-Fi remain in the spotlight, while Ryanair has already unveiled its first plans for the summer 2026 season in Italy.

    Source: First Online