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Jan 29 2024, 06:45 GMT
While the online travel agent (OTA) issue has impacted short-term profits, Ryanair was still profitable in Q3, resulting in FY net profit guidance being narrowed to €1.85-1.95bn (previously €1.85-2.05bn). We are unlikely to materially change our estimates. As always, cashflows are unique to the Ryanair story and we expect FY end net cash to be well above €1bn. Summer profitability will also be key, with the group calling out the undersupply in the market and cashflow distributions.