Ryanair Holdings PLC · EURONEXT:RYA
Ryanair — Q3 FY2023 Earnings Presentation
17 slides from Ryanair's earnings presentation, January 2023
Slide 1: Q3 Results - Jan. 2023
Q3 Results - Jan. 2023 > 7 RYANAIR Low fares, great care
Slide 2: Europe's Lowest Cost Airline Group
Eur ope’s Lowest Cost Air line Gr oup Lowest fare/lowest cost EU airline group No. 1, Traffic: 168m (+13% pre Cov.) No. 1, Cust. service & reliability No. 1 EU ESG airline – Sustainalytics Strong (BBB) bal. sheet (S&P & Fitch) Fin. strength + lowest cost = L.T. winner 2 2
Slide 3: Europe's No. 1 Coverage & Choice
E u r o p e ’s N o. 1 C ove r a g e & C h o i c e 91 bases 236 apts, 36 countries 523 aircraft 2,450+ routes 3,200+ daily flights 225m pax FY26 3 3
Slide 4: Europe's Lowest Costs – Gap Widens
Eur ope’s Lowest Costs – Gap W idens € per pax RYA WIZ EZJ LUV LUF IAG Staff/efficiency 7 6 10 55 35 48 Airport & Hand. 8 11 22 9 29 39 Route Charges 5 5 5 0 5 5 Own’ship & maint. 7 14 9 17 45 36 S & M other 4 3 7 20 30 15 (i) Total 31 39 (+26%) 53 (+71%) 101 (+226)% 142 (+358%) 143 (+360%) The gap
Slide 5: Q3 FY23 Results
Q3 FY23 Results Q3 FY22 Q3 FY23 vs. PY Guests (m) 31.1 38.4 +24% Load Factor 84% 93% +9pts Revenue €1.47bn €2.31bn +57% Op. costs €1.59bn €2.15bn +36% (i) PAT / (Net loss) €(96m) €211m n/m EPS (€) (0.13) 0.18 n/m (i) Excl. €9m except. unrealised mark-to-market loss on jet fuel caps 5 5
Slide 6: Balance Sheet
Balance Sheet €’bn Mar. 22 Dec. 22 Assets 11.6 11.6 B737 fleet 96% debt free Cash 3.6 4.1 Strong liquidity Total 15.2 15.7 Accruals 4.6 4.4 Debt 5.1 5.0 Net Debt €0.96bn (€1.45bn @ Mar. 22) S/H Funds 5.5 6.3 Total 15.2 15.7 6 6
Slide 7: Balance Sheet Strengthens
Balance Sheet Strengthens S&P / Fitch upgrade BBB outlook ‘Positive’ from ‘Stable’ Strong liquidity - €4.1bn at 31 Dec. Net debt €0.96bn (post €1.3bn capex YTD) Strong cashflow to repay bonds & fund capex: − Mar. 23 - €850m bond (@ 1.125%) − Aug. 23 - €750m bond (@1.125%) − Capex FY23 - €2.0
Slide 8: Current Developments
Cur r ent Developments Q4 bookings still closer-in than 2020 – no Easter in Mar. Strong demand & pricing for Easter & S.23 adv. bookings T’atlantic & Asian traffic to Eur. stronger in S.23 Ex-fuel unit costs of €30 lowest in industry 84 “Gamechangers” @ Q3, 99 @ Q4 Lower (ex-fuel) costs
Slide 9: Strong Mkt Share Gains
Strong Mkt Share Gains * No. 1 No. 2 No. 3 Share gain Italy (40%) easyJet ITA +14pts Hungary (32%) Wizz Lufthansa +13pts Austria AUA (19%) Wizz +11pts Poland (38%) Wizz LOT +11pts Ireland (58%) Aer Lingus BA +9pts UK (24%) easyJet BA +3pts Spain (23%) Vueling Iberia +2pts Source: Ryanair market anal
Slide 10: Growth to 225m pax p.a. by FY26
Growth to 225m pax p.a. by FY26 M 225 Subject to COVID 220 Guests 210 x B737 Total 205 “Gamechanger” order 185 180 More seats 168 Less fuel Lower costs 149 140 Addit. capac. for airports to restore traffic 97 Lower apt. & 100 hand. costs Lower fares 60 Traffic + profit growth 27.5 20 FY20 FY21 FY22
Slide 11: Summary
Summar y FY23 Traffic: 168m pax (+13% pre-Covid) Q4 loss – no Easter in Mar. (i) FY23 PAT guide raised – €1.325bn to €1.425bn Strong return of U.S. & Asian visitors to Eur. in S.23 (i) Robust S.23 demand – target 185m pax in FY24 Faster post-Covid growth: 225m pax p.a. by FY26 Strong B
Slide 12: ESG update
ESG update MSCI upgrade to ‘BBB’ / CDP ‘B’ reaffirmed No. 1 rated EU airline by Sustainalytics Hosted ind. leaders @ Sustain. Day in TCD MOL reviews PHD’s research at RYA/TCD Sust. Aviation Research Centre MOU with Shell – 360k tonnes SAF NG retrofit with scim. wingl. (-1.5% fuel) Anne N
Slide 13: Appendices
/ Appendices RYANAIR RYANAIR ag
Slide 14: Appendix: Strong hedge position
Appendix: Strong hedge position (i) (ii) Jet (bbl) Opex €/$ Q4 FY23 88% ($71) 84% (1.15) H1 FY24 60% ($90) 62% (1.08) H2 FY24 53% ($94) 62% (1.08) FY24 44 57% ($92) 62% (1.08) (iii) Carbon FY24: 48% @ €78 per carbon credit Capex €/$ 1.24 to end of Boeing order book (W.25) (i) Brent crude spot > $87
Slide 15: Appendix: Best in class ESG
A ppendix: Best in class ESG Ratings: Member of: Committed to: 15 15
Slide 16: Appendix: Ambitious Climate Goals
A ppendix: Ambitious Climate Goals 16 16
Slide 17: Disclaimer
Disclaimer Certain of the information included in this presentation is forward looking and is subject to known and unknown risks and uncertainties that could cause actual results and developments to differ materially from those expressed in or implied by such forward-looking statements. By their nat