Ryanair has reduced its fiscal year 2027 traffic target to 214 million passengers from 216 million, citing exposure to unhedged jet fuel costs during the winter season. The Dublin-based budget airline stated the adjustment is sensible given the "unprofitable" winter schedule between November and March. The capacity cut is expected to reduce winter losses by 70 to 100 million euros.

While 80% of fiscal 2027 jet fuel is hedged at around $67 per barrel, Ryanair still anticipates a profitable year, though likely below the 2.17 billion euro profit recorded in fiscal 2026. The company projects summer 2026 traffic will grow over 5% to 145 million passengers. Ryanair warns that if higher oil prices persist, short-haul airfares in Europe may rise materially, and predicts some less well-hedged competitors will struggle to maintain capacity or survive the upcoming winter season.