Ryanair Holdings reported strong first-half 2026 results, with second-quarter profits up 20% to EUR 1.72 billion. Fares rose 7% in Q2 and unit costs increased by just 1%. Boeing’s improved delivery schedule allows for capacity expansion in a tight market. Ryanair expects to have all 210 “Gamechanger” aircraft by Summer 2026.

The airline’s disciplined operations and hedging strategies helped contain unit cost growth to 1%. By extending fuel and currency hedges, Ryanair maintains a cost edge as Emissions Trading System charges rise. Morningstar raised the fair value estimate by 14.6% to EUR 29, reflecting strong load factors and revenue yields.

Ryanair’s strategic fleet deployment and capacity rotation support ASK expansion. Resilient load factors and firm yields drive RPK growth, meeting strong leisure demand amid industry supply constraints. The airline’s cost discipline, fuel hedging benefits, and stable unit costs maintain its structural advantage over European peers.

Read more at Morningstar: Ryanair Earnings: Fair Value Raised on Confident Capacity Ramp, Pricing Recovery, and Cost-Control