DAVY VIEW

Ryanair has already released two statements (April 3rd and May 1st) so the key issues at the FY results on May 18th will be liquidity, cash burn, near-term capacity actions (subject to the easing of lockdowns and travel restrictions noting the UK 14-day travel quarantine) and longer-term cost and market share growth plans, particularly with regard to key suppliers such as Boeing. We believe that Ryanair’s competitive position and market share will accelerate in this downturn as consumer demand will respond quicker in short haul to lower fares and Ryanair’s position and importance to suppliers will be enhanced. With nearly €4bn in liquidity, it will be one of the industry winners.