Ryanair Holdings - Revealing its ambition

Davy Research
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Ryanair has announced its Boeing MAX order, increasing its firm order from 135 to 210 aircraft (the original order signed in 2014 included 100 firm orders and 100 options, subsequently increased to 210 — 135 firm orders and 75 options). Deliveries will be over a four-year period between spring 2021 and December 2024. We believe that the deliveries, playing out to FY 2026, will allow Ryanair to grow to 200m passengers in a measured way, while fundamentally lowering its cost base and growing market share to >20%, and cementing its market leadership position. Analyst call at 18:00 GMT — Ireland: +353 1 4311252; UK: +44 333 3000 804 US: +1 631 913 1422. Pin code 95983565#.