#1w RYANAIR MORE CHOICE. LOWER FARES. GREAT CARE. Q3 Results - Jan. 2022#2Europe's Lowest Cost Airline Group ✈ Lowest fare/lowest cost airlines ✈ No. 1, Traffic: < 100m (149m pre C-19) ✈ No. 1, Cust. service / OTP 90% ✈ Upgraded "B" CDP rating (from "B-") ✈ Strong (BBB) bal. sheet (S&P & Fitch) ✈ Fin. strength + lowest cost = L.T. winner RYANAIR GROUP BUZZ RYANAIR MORE CHOICE. LOW FARES. GREAT CARE. hom 4 H TRYANAIR 2#3Europe's No. 1 Coverage ✈ 90 bases/230 airports ✈ 37 countries ✈15 new bases - W.21: AGA/ARN/BLL/TRN/RIX - S.22: FNC/NUE/NCL/ORK/VCE ✈ Over 2,500 routes ✈ Faster 5 year growth plan ✈225m guests p.a. by FY26 TERCEIRA PONTA DELGADA LANZAROTE TENERIFE (S) TENERIFE (N) GRAN CANARIA FUERTEVENTURA MADEIRA KNOCK SHANNON KERRY CORK GLASGOW (0) GLASGOW (P) DERRY SANTIAGO VIGO PORTO LISBON FARO DUBLIN NEWQUAY CAGADIR MANCHESTER LIVERPOOL TANGIER BIRMINGHAMO CARDIFF SANTANDER BRISTOL EXETER JEREZ EDINBURGH SEVILLE VITORIA VALLADOLID MADRID MALAGA ABERDEEN LA ROCHELLE BREST BOURNEMOUTH TETOUAN BORDEAUX NEWCASTLE TEESSIDE LEEDS EAST MIDLANDS LONDON (L) AMSTERDAM LONDON (ST) EINDHOVEN CDÜSSELDORF (w) LONDON (0) MAASTRICHT CCOLOGNE OBRUSSELS (2) SALZBURG BRUSSELS (c) MARRAKESH ESSAOUIRA COUARZAZATE NANTES CASTELLON VALENCIA RABAT OUJDA OFEZ ONADOR BIARRITZ LOURDES CARCASSONNE ZARAGOZA BARCELONA (C) BARCELONA ALMERIA LILLE CALICANTE MURCIA PARIS (8)Ⓒ TOURS POITIERS BRIVE ⒸHAUGESUND LUXEMBOURG FRANKFURT (H) VATRY REUS IBIZA OPALMA o ODORTMUND AALBORG MENORCA OSLO (a BREMEN TORP AARHUS OBILLUND FIGARI HAMBURG MÜNSTER (os) CGOTHENBURG ALGHERO OPISA PERUGIA CAGLIARI VÄSTERÅS COREBRO RYANAIR MORE CHOICE. LOW FARES. GREAT CARE. COPENHAGEN MALMO ONUREMBERG BADEN MEMMINGEN VÄXJÖ BERLIN PALERMO TRAPANI SZCZECIN DRESDEN PRAGUE DOLE BASEL RIJEKA CLERMONT MILAN (N)MILAN (B) TRIESTE CZAGREB GRENOBLE BERGERAC RODEZ TURINO VERONA TOULOUSE NIMES MARSEILLE PERPIGNAN BEZIERS CUNEO NICE GENOA PARMA TREVISO OVENICE (PULA BOLOGNA CZADAR RIMINI SPLIT ANCONA PESCARA PODGORICA COMISO BANO VIENNA PARDUBICE ROME (C) ROME F NAPLES LAMEZIA OLSZTYN-MAZURY STOCKHOLM (4) MALTA OVISBY WROCLAW OBARI OPOZNAN CATANIA GDANSK OBYDGOSZCZ OSTRAVA OBRATISLAVA LODZ OBUDAPEST BANJA LUKA CROTONE KATOWICE DUBROVNIK BRINDISI KEFALONIA WARSAW (M) OLUBLIN RZESZOW KRAKOW LYIV KOSICE ORADEA NIS TIMISOARA CORFU PREVEZA KALAMATA TAMPERE LAPPEENRANTA KAUNAS ORIGA HELSINKI TALLINN CHANIA ZAKYNTHOS VILNIUS CLUJ SIBIU SOFIA PLOVDIV THESSALONIKI SUCEAVA OBUCHAREST SKIATHOS ATHENS MYKONOS KOS SANTORINI VARNA OBURGAS HERAKLION KYIV * BODRUM RHODES ODESA ODALAMAN PAPHOS KHARKIV KHERSON LARNACA TEL AVIV ANMANO 3 AQABA#4Europe's Lowest Costs Wins! € per pax Staff/efficiency Airport & Hand. Route Charges Own'ship & maint. S & M other Total RYA %> Ryanair (Source: Pre Covid-19 FY Results/Annual reports) RYANAIR 7 8 LO 5 7 4 31 WIZ 6 11 5 14 3 39 +26% EZJ 10 22 5 9 7 53 +71% NOR 19 19 7 28 14 87 +181% MORE CHOICE. LOW FARES. GREAT CARE. E'Wings 20 18 7 21 28 94 +203% LUV 55 9 0 17 20 101 +226% 240 4#5Q3 FY22 Results Guests (m) Load Factor Revenue Op. cost Net loss RYANAIR Q3 FY21 8.1 70% €0.34bn €0.67bn Q3 FY22 31.1 84% +286% +14pts €1.47bn +331% €1.59bn +136% €(321m) €(96m) n/m MORE CHOICE. LOW FARES. GREAT CARE. 240 5#6Q3 FY22 Balance Sheet (BBB) €'bn Assets Cash Total Accruals Debt S/H Funds Total Mar. 21 9.2 3.2 12.3 2.3 5.4 4.7 12.3 Dec. 21 10.1 Fleet 90% unencum. 3.0 Strong liq. - £600m CCFF repaid (Oct. 21) 13.1 3.1 5.1 4.9 13.1 Net Debt €2.1bn (€2.3bn at 31 Mar.) RYANAIR MORE CHOICE. LOW FARES. GREAT CARE. 4 6#7Current Developments ✈ Strong traffic & LF recovery in Sept. (81%), Oct. (84%), Nov. (86%) ➜ Omicron restrictions damage traffic in Dec. & into Q4 ✈ Dec. traffic 11m -> 9m, Jan. 10m -> 6m-7m → Delisted from the LSE (Dec. 21) due to Brexit ✈ EU cost leadership widens ✈ Fuel well hedged with jet swaps & caps as spot prices rise > $89bbl ✈ 41 "Gamechangers" delivered (65 a/c for S.22) ✈ CDP upgrade to ind. leading "B" climate protect. rating (was "B-") ✈ Traffic recovery strong but subj. to COVID variants RYANAIR MORE CHOICE. LOW FARES. GREAT CARE. 4 * 7#8EU cost leadership widens Cost savings: Staff/efficiency Airport & Hand. Route Charges Own'ship & maint. S & M other Total Fuel / CO2 savings FY20 per pax (ex fuel) RYANAIR €7 €8 €5 €7 €4 €31 ● ● ● ● ● Pay deals agreed & extended Pay cuts of 5% to 20% (restored over 3/5 years) - built in flexibility Growth deals as B-8200s drive vol. discs. (WIP) STN, BGY, CRL, MAN, EMA low-cost base deals extended to 2028-30 Airports offset comp. traffic cuts - 15 new bases - 720 new routes EU Govts offering recovery incentives - IRE/ SP / MOR Based on ATC cost recovery (increases into FY23) 210 x B-8200 "Gamechanger" (+4% seats, -16% fuel, -40% noise) Better lease & maint. terms (less outsourced maint.) BBB (stable) rating = cheaper finance (€1.2bn bond @ 0.875% record low coup.) Labs lowers marketing spend & drives back office efficiencies EU261 costs steeply down (OTP 89%) B-8200 16% lower fuel burn - Jet well hedged MORE CHOICE. LOW FARES. GREAT CARE. 4 8#9Fuel hedging update Q4 FY22 (100%) H1 FY23 (80%) H2 FY23 (70%) Carbon (EUA) (ii) RYANAIR Swap $580 (60%) (i) $620 (60%) $640 (70%) FY22 (i) Brent crude spot > $89bbl. /Jet spot $827 per met. tn. on Wed. 26 Jan. (ii) EUA spot €89 on Wed. 26 Jan. €24 (100%) MORE CHOICE. LOW FARES. GREAT CARE. Cap. (Option) $750 (40%) $715 (20%) FY23 €45 (80%) 4 9#10Growth accelerates to 225m guests p.a. ✈ Competitors fail / cut-back across Europe ✈ Airports offer recovery / growth incentive schemes ✈ EU Govts. stimulate recovery - vaccinations rising across EU ➜ EU slot waiver (64% | 36%) extended to Oct. 22 ✈15 new bases & more growth at existing bases (720 new routes) ➜ 210 Low cost "Gamechangers" accelerate growth ✈ FY26 traffic target rises to 225m p.a. (prev. 200m p.a) RYANAIR MORE CHOICE. LOW FARES. GREAT CARE. 4 10