Ryanair reported 9% revenue growth in Q3, driven by 6% traffic growth and 4% rise in average fares. Profit fell by 23% due to absence of prior-year Boeing compensation and provision for Italian AGCM fine. Passenger growth exceeded capacity, with load factors recovering. Capacity rose with 29 new aircraft added for summer 2026.

Demand growth was uneven geographically, concentrated in Central and Eastern Europe. Ryanair plans to establish in-house engine maintenance shops from fiscal-year 2028-29 to reduce exposure to third-party pricing and support margins. Fair value estimate for Ryanair raised to EUR 30.6 to reflect long-term cost protection from internalization of engine maintenance.

Read more at Morningstar: Ryanair Earnings: One-Offs Mask Improving Revenue Quality and Cost Discipline