DAVY VIEW

Ryanair’s Q2 profits — pre-exceptional €1.2bn — were its best ever. Its balance sheet, operating/cost discipline, market share gains and strategic position continue to enhance competitive advantage. First FY23 PAT guidance of €1-1.2bn can be viewed as conservative and we will leave our forecasts broadly unchanged at €1.15bn. Supply/demand dynamics in the market leave the revenue line robust — guiding full-year fares to remain ahead of pre-COVID by mid-high-single digit.