Ryanair’s profit after tax fell 34 % to €538 m in the three months to June, below the €579 m forecast. The slump came as average fares slid 6 % while operating costs climbed 11 %, driven by unhedged fuel prices that more than doubled. The carrier had hedged 80 % of its fuel spend.

Chief executive Michael O’Leary said passenger fares had to be “stimulation” because of consumer hesitancy, EU jet‑fuel shortages and economic uncertainty. Neil Sorohan added that fare income is still “modestly down” despite a recent uptick, and that higher fares would be welcomed if bookings rise. Consumer confidence has dipped, prompting lower fares even as fuel costs surge. The group will not give full‑year guidance for 12 months to March 2027, noting fare income depends on late‑booking strength in August and September.

The results arrive as rival low‑cost carrier easy Jet prepares to go private after a £5.7 bn takeover by Apollo Global Management. Some analysts think easy Jet may hold or cut capacity under new ownership, potentially benefiting Ryanair as more carriers merge and “shaky airlines” struggle through a winter of higher jet fuel prices and a strong US dollar.

Oil prices spiked above $90 a barrel after fresh US attacks on Iran. Sorohan said Ryanair is 80 % hedged at $67 a barrel until March, giving confidence in fuel supply.