DAVY VIEW

In the most traumatic year in aviation history, Ryanair’s loss of €815m pre-exceptionals (previous guidance -€800-850m, Davy -€825m) was helped by cost savings and ancillaries. Guidance for FY22 of “close to breakeven” is maintained. We believe Ryanair is hugely geared to a market recovery and is best positioned (intra-EU leisure, BBB balance sheet, industry-leading cost base, airport base growth, market consolidation). We remain ‘Outperform’. Shorter term, a timely easing of government travel restrictions on intra-European traffic in time for the peak travel period of July/August/September remains crucial for European aviation.