![Ryanair fares to rise up to 20% as fuel costs soar](https://cdn.slatesource.com/9/2/0/9201af43-32d1-4e7f-9023-0c5da6278221.webp)

# Ryanair fares to rise up to 20% as fuel costs soar

- [Made in Slatesource](https://slatesource.com/@steph/ryanair-fares-to-rise-up-to-20-as-fuel-costs-soar)
- By [Steph](https://slatesource.com/@steph)
- Created on Nov 2, 2026

H1 FY2027 pre-tax profit

EUR 2.43B (down 16%)

Fuel and oil costs

EUR 3.40B (up 15%)

H1 passengers

125.8M (up 6%)

Average fare

EUR 55.70 (down 4%)

Fuel hedge after March 2027

25% at $95/barrel vs ~$130 spot

[investor.ryanair.com](https://investor.ryanair.com/results/?utm_source=slatesource)

## Ryanair H1 pre-tax profit EUR billions

2.89

H1 FY2026

2.43

H1 FY2027

## Why profit fell despite more passengers

Ryanair carried 6% more passengers and grew revenue 3% to EUR 10.08 billion. Profit fell because fuel costs jumped 15% to EUR 3.40 billion, driven by higher jet fuel prices following the outbreak of the Iran conflict in 2026. Average fares fell 4% as the airline competed for summer bookings. The combination left pre-tax profit 16% lower at EUR 2.43 billion.

## What changes when fuel hedges expire in April 2027

Area

Current (to March 2027)

From April 2027

Fuel hedge

80% at $67/barrel

25% at $95/barrel

Spot fuel price

~$130/barrel

~$130/barrel (unhedged gap)

Fares

EUR 55.70 average (H1)

Up to 20% higher (CEO estimate)

Pay

Multi-year agreements active

Potential freeze under review

Cabin crew ratios

Standard

Lower on some flights

## What we know and what we do not know yet

•

Ryanair issued the H1 FY2027 results on 2 November 2026 via its investor relations site, the primary source for all figures on this page.

•

CEO Michael O'Leary told CNBC that European fares could rise by as much as 20%. He said EUR 5-10 fare increases should not dent demand significantly. The 20% figure would close the estimated EUR 2 billion fuel cost gap in FY2028.

•

The earnings release says Ryanair is reviewing "maturing labour agreements (which may require temporary pay freezes)." No percentage, no timeline and no affected group is named.

•

Air Baltic has entered Chapter 11 bankruptcy in the United States. O'Leary cited it as an example of airlines struggling with unhedged fuel costs.

•

What is not known: Ryanair did not issue full-year profit guidance, citing zero visibility on Q4. We do not know which worker groups face a pay freeze or from what date. We do not know whether the Iran conflict will ease and push fuel prices back down before hedges expire.

What to watch

17%

H1 FY2027 results released on 2 November 2026

2027-02: Interim dividend of EUR 0.273 per share payable

2027-02: EUR 800M share buyback begins (runs ~10 months)

2027-04: Current 80% fuel hedge at $67/barrel expires; unhedged exposure widens

2027-04: New labour agreements needed if pay freeze is enacted

2028: Full fuel hedge rollover; fares expected to reflect higher fuel cost

[investor.ryanair.com](https://investor.ryanair.com/results/?utm_source=slatesource)

Figures are from the Ryanair H1 FY2027 investor results (primary source). Fare rise and pay freeze comments come from CEO O'Leary's CNBC interview and the official earnings release, both published 2 November 2026. The Guardian and BBC both confirmed the story independently from the same release. Not investment advice.

[Ryanair investor results page: H1 FY2027 primary source](https://investor.ryanair.com/results/?utm_source=slatesource)

[CNBC: O'Leary on fares rising up to 20% and the fuel cost cliff](https://www.cnbc.com/2026/11/02/ryanair-h1-earnings-iran-war-fuel-costs.html?utm_source=slatesource)

[BBC News: Ryanair may freeze workers' pay and raise airfares](https://www.bbc.co.uk/news/articles/cr0qkve1x224o?utm_source=slatesource)