Ryanair Holdings - Pre-close — lower losses in FY21 (-€800-850m) but FY22 is close to breakeven

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Ryanair is learning to navigate a difficult environment, with losses narrowed to -€800-850m (consensus: circa -€860m) and 27.5m traffic. A slow start to FY22 sees Ryanair guiding traffic at the lower end of 80-120m and profitability close to breakeven (consensus: circa +€280m) but cash remains strong — €3.15bn, with 84% of fleet unencumbered.

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