This photograph shows an aircraft of low-cost Irish airline Ryanair parked at the Thessaloniki airport “Makedonia”, in Thessaloniki on May 7, 2026.
Sakis Mitrolidis | Afp | Getty Images
Ryanair warned on Monday that struggling European airlines are facing a “difficult winter” ahead, as the budget carrier reported first-quarter profit that took a 34% hit due to consumers delaying bookings amid the Middle East crisis
The airline saw its profit after tax in the April to June quarter fall to 538 million euros ($615.3 million), down from 820 million euros the previous year.
Ryanair said 20% of its unhedged fuel was exposed to price spikes, while ticket fares declined 6%. Operating costs also rose 11% to 3.81 billion euros as the price of its 20% unhedged fuel more than doubled in the quarter.
The company’s jet fuel for 2027 is currently 80% hedged at $67 per barrel, and 15% hedged for 2028 at $85 per barrel.
“Q1 fares (which benefitted from a full Easter during April 2025) required stimulation as the Middle East conflict led to consumer hesitancy, concerns about EU jet-fuel shortages, economic uncertainty and later bookings,” Ryanair CEO Michael O’Leary, said.
O’Leary added that the company’s “conservative hedging policy” insulates it from the volatility of oil prices as the Middle East turmoil continues, giving it a “cost advantage over all other EU competitors,” while “unprofitable airlines face a difficult winter.”
This is a breaking news story. Please refresh for updates.
