DAVY VIEW

Ryanair’s peak summer numbers and roadshow occur the week of November 7th. We expect the revenue line to show continued strength – yields up low-double-digit with no sign of revenue weakness – but no visibility beyond year-end. Fuel and currency headwinds are to the fore, and the interplay with unit revenues and market capacity is important. We may get our first FY23 profit guidance, perhaps in the >€1-1.2bn range. Market share gains, cost leadership and balance sheet strength remain unchallenged.