Il weight of the Italian Antitrust sanction it is making its impact on Ryanair's accounts. In the third quarter of fiscal year 2026, ended in December, theNet income of the Irish airline fell to 115 million euros, down by 22% Compared to the same period of the previous year, excluding extraordinary items. The most severe impact, however, comes when considering the provision related to the fine: including this component, net profit drops to €30 million, marking an 80% decline year-over-year.
The company recorded a loss in the quarter 85 million euro set aside, equal to approximately one-third of the overall fine imposed by the Italian Competition Authority for abuse of a dominant position. The total cost of the case comes to approximately €255-256 million, but the group reiterates its confidence that the fine will be overturned on appeal.
Revenues are growing and planes are full: demand remains solid
Despite the hit to profits, the operational numbers tell a different storyIn the quarter Ryanair has carried 47,5 million passengers, up 6% from the previous year, with a load factor reaching 92%. Revenue rose 9% to €3,21 billion, supported by both increased traffic and higher fares.
In particular, i line revenues recorded double-digit growth, thanks to strong bookings related to the October school holidays and Christmas and New Year trips. Also on the travel front liquid assets The carrier maintains a strong position, with gross cash equivalents of €2,4 billion, while an interim dividend of €0,193 per share was announced.
Boeing returns to deliveries, fleet supports growth
A key element of the strategy remains the improvement in Boeing deliveries, a marked improvement compared to the difficulties experienced a year ago. Ryanair expects to take delivery of its last four Boeing 737-8200 "Gamechanger" aircraft by February, completing its planned delivery schedule.
The fleet expansion also allows the carrier to raise the bar for the future: for fiscal year 2027, the traffic target has been raised to 216 million passengers. Further down the line, the new Max 10 is awaiting certification, expected to enter service in spring 2027.
Rising rates and revised estimates: 2026 looks up
Looking at the whole exercise, Ryanair has revised its forecasts upwards. For fiscal year 2026 Passenger traffic is now expected to grow by 4%, reaching nearly 208 million, slightly above estimates made in recent months. Fare revisions are even more significant, with fares expected to increase by more than 7% annually, an acceleration compared to the 1-2% growth recorded the previous year.
In light of these dynamics, the group “cautiously orients” the net profit for the entire financial yearNet of extraordinary items, the overall operating profit ranged between €2,13 billion and €2,23 billion. This scenario, however, remains exposed to the external risks of the fourth quarter, including geopolitical tensions, macroeconomic shocks, and the impact of repeated European air traffic control strikes.
Meanwhile the media front on Wi-Fi on board remains open, with the clash between Elon Musk and the CEO Michael O'Leary, while Ryanair has presented its first plans for summer 2026 in Italy.
Markets cautious after 2025 rally
On the stock market, the title reflects this mix of light and shadow.Ryanair shares have fallen by around 3% since the beginning of January, following a strong 55% gain in 2025.
