Ryanair Earnings: Profit Decline From Lower Fares, Adjusted Growth Plans Due to Boeing Delays

No-moat Ryanair reported EUR 1.8 billion after-tax profit during the first half of the fiscal year, marking an 18% decrease from the previous year's EUR 2.18 billion. This decline in profit primarily reflects a reduction in average fares by 10% over the half-year, despite an increase in traffic volumes. Due to the ongoing Boeing delivery delays, Ryanair has revised its passenger forecast, decreasing from an expected 205 million to about 200 million for fiscal 2025. We maintain our fair value estimate as we had already accounted for further delays. Traffic increased by 9% to a record 150 million passengers—growth could have been higher if not for Boeing's delivery delays.