Ryanair Plans Cuts Against €2 Billion Fuel-Bill Rise

On Nov. 2, 2026 Ryanair said its FY28 fuel bill may rise by about €2 billion. CEO Michael O'Leary said costs will be "significantly higher next year" and "remain elevated well into" next year. He said: "To help address this, we're reviewing all costs across group airlines with a particular focus on airport churn negotiations […] maturing labour agreements (which may require temporary pay freezes), lower crewing ratios and increased use of AI to drive further operational and back-office/support functions productivity." CONTESTED: Grafa reported first-half FY27 after-tax profit down 15% to €2.15 billion from €2.54 billion, revenue up 3% to €10.08 billion and operating costs up 10% to €7.69 billion. CityAM reported pre-tax profit down 16% to €2.4 billion and revenue up 4% to €5.5 billion. Grafa said 20% of FY27 fuel was unhedged at about $130 a barrel; CityAM said 80% was hedged at €67 a barrel this year and 25% at about €95 next year. Ryanair said its hedges "widened our cost advantage over other EU competitors and helped insulate current year earnings" and "This financial strength widens the cost gap between Ryanair and our competitors, many of whom are heavily exposed to expensive (long-term) finance and aircraft lease costs." It called full-year guidance premature. Traffic rose 6% to 125.8 million with fares down 4%. A €0.273 dividend and €800 million buyback begin February 2027.