Ryanair's half-year profit fell 15% to €2.15 billion as the price of unhedged jet fuel doubled, Europe's largest low-cost airline said.

Profit after tax dropped from €2.54 billion. Revenue rose 3% to €10.08 billion and traffic grew 6% to 125.8 million passengers, but average fares slipped 4% to €55.70 and operating costs climbed 10% to €7.69 billion. Second-quarter net profit fell 6% to €1.61 billion.

Fuel was the main pressure. Fuel and oil costs rose 15% to €3.40 billion, as the 20% of jet fuel left unhedged roughly doubled to about $130 a barrel. The airline blamed the Middle East conflict for consumer hesitancy and later bookings, pushing fares down over the peak summer.

Ryanair warned the squeeze will tighten. Only 25% of fuel needs for the year to March 2028 is hedged, at about $95 a barrel, and the fuel bill could rise by about €2 billion. The airline is reviewing all costs and could impose temporary pay freezes. It trimmed its traffic target from 216 million to 214 million passengers, and declared a €0.273 interim dividend and an €800 million buyback from February 2027.

No guidance for the rest of the year

Ryanair gave no full-year profit guidance, citing zero visibility on the fourth quarter. "The final FY27 PAT remains highly sensitive to adverse external developments, including conflict escalation and the price of our 20% unhedged jet fuel," the airline said.

The current year is better protected: 80% of fuel for the year to March 2027 is hedged at around $67 a barrel. That helped absorb a further €300 million EU environmental tax rise, crew pay rises and higher maintenance costs. It ended the half year with €2.6 billion gross cash after repaying €1.3 billion of debt; shares opened 1.4% higher at €23.21 in Dublin.