Ryanair trims passenger target on Boeing delays, says fare falls easing

Ryanair cut its passenger target for March 2026 from 215M to 210M due to Boeing delays. Profits fell 18% to 1.79B euros as fares dropped, though CEO Michael O'Leary says declines are easing. Ongoing Boeing strikes may further impact deliveries.

Ryanair revised its passenger growth target for March 2026 down from 215 million to 210 million due to delays in Boeing's 737 MAX deliveries, a move anticipated in recent Reuters reports. Shares dipped 3.1% following the announcement, trading at 17.47 euros.

In its latest six-month report to September, Ryanair posted a 1.79 billion euro profit, an 18% decline year-over-year as average fares fell 10%.

CEO Michael O’Leary noted that fare drops are slowing, with only modest reductions expected in the current quarter. CFO Neil Sorahan explained that fare weakness was due to high interest rates and a temporary halt in ticket sales by some travel agencies, which has largely been resolved.

Looking forward, Sorahan is optimistic that tighter market capacity and possibly lower interest rates may support fare stability next year. The revised forecast assumes Boeing will deliver just 15 of the 29 aircraft expected by next summer, affected by ongoing strike issues. Analyst Dudley Shanley noted that, while Ryanair’s outlook may improve this fiscal year, reduced passenger targets for FY26 could impact income projections.

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