#1RYANAIR MORE CHOICE. LOWER FARES. GREAT CARE. May 2021#2Cautionary Statement Disclaimer: This presentation has been prepared by Ryanair DAC and Ryanair Holdings plc ("Ryanair") and comprises the written materials/slides for a presentation concerning Ryanair. By attending this presentation and/or reviewing the slides you agree to be bound by the following conditions. The release, presentation, publication or distribution of this document, in whole or in part, in certain jurisdictions may be restricted by law or regulation and persons into whose possession this document comes should inform themselves about, and observe, any such restrictions. This presentation is solely for information purposes and not to be construed as a solicitation, inducement or an offer to buy, subscribe for or sell any securities in Ryanair or any other securities or related financial instruments and should not be treated as giving investment, legal, accounting, regulatory, taxation, or other advice. 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Consequently, no key information document required by Regulation (EU) No 1286/2014 (the "PRIIPS Regulation") for offering or selling the Notes or otherwise making them available to retail investors in the EEA has been prepared and therefore offering or selling the Notes or otherwise making them available to any retail investor in the EEA may be unlawful under the PRIIPs Regulation. The Notes are not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to any retail investor in the United Kingdom. For these purposes, a retail investor means a person who is one (or more) of: (i) a retail client, as defined in point (8) of Article 2 of Regulation (EU) No 2017/565 as it forms part of domestic law by virtue of the European Union (Withdrawal Act) 2018 ("EUWA"); (ii) a customer within the meaning of the provisions of the FSMA and any rules or regulations made under the FSMA to implement Directive (EU) 2016/97, where that customer would not qualify as a professional client, as defined in point (8) of Article 2(1) of Regulation (EU) No 600/2014 as it forms part of domestic law by virtue of the EUWA ("UK MiFIR"). Consequently no key information document required by Regulation (EU) No 1286/2014 as it forms part of domestic law by virtue of the EUWA (the "UK PRIIPS Regulation") for offering or selling the Notes or otherwise making them available to retail investors in the United Kingdom has been prepared and therefore offering or selling the Notes or otherwise making them available to any retail investor in the United Kingdom may be unlawful under the UK PRIIPS Regulation. In respect of the EEA, solely for the purposes of the manufacturer's product approval process, the target market assessment in respect of the Notes has led to the conclusion that: (i) the target market for the Notes is eligible counterparties and professional clients only, each as defined in MiFID II; and (ii) all channels for distribution of the Notes to eligible counterparties and professional clients are appropriate. 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Any person subsequently offering, selling or recommending the Notes (a "distributor") should take into consideration the manufacturers' target market assessment; however, a distributor subject to the FCA Handbook Product Intervention and Product Governance Sourcebook (the "UK MIFIR Product Governance Rules") is responsible for undertaking its own target market assessment in respect of the Notes (by either adopting or refining the manufacturers' target market assessment) and determining appropriate distribution channels. This document is an advertisement for the purposes of the Prospectus Regulation. The relevant base prospectus, as supplemented is available on the Irish Stock Exchange plc trading as Euronext Dublin (www.Euronext.com/en/markets/dublin). Neither this document nor any copy thereof may be taken or transmitted or distributed, directly or indirectly, into the United States or to a U.S. Person (as defined in Rule 902 of Regulation S under the United States Securities Act of 1933, as amended (the "Securities Act"). No Investment Advice This presentation has been prepared without reference to your particular investment objectives, financial situation, taxation position and particular needs Forward-looking statements Certain of the information included in this presentation is forward looking and is subject to important risks and uncertainties that could cause actual results and developments to differ materially from those expressed in or implied by such forward-looking statements. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend upon future circumstances that may or may not occur. In addition, forward looking statements require management to make estimates and judgements about future events that are inherently uncertain. Although these estimates and judgements are based management's best information available at the time, actual results may differ significantly from these estimates. A number of factors could cause actual results and developments to differ materially from those expressed or implied by the forward-looking statements including those identified in this presentation and other factors discussed in our Annual Report on Form 20-F filed with the SEC. It is not reasonably possible to itemise all of the many factors and specific events that could affect the outlook and results of an airline operating in the European economy. Among the factors that are subject to change and could significantly impact Ryanair's expected results are the airline pricing environment, fuel costs, "Brexit", a global pandemic, competition from new and existing carriers, market prices for replacement aircraft, costs associated with environmental, safety and security measures, actions of the Irish, U.K., European Union ("EU") and other governments and their respective regulatory agencies, fluctuations in currency exchange rates and interest rates, airport access and charges, labour relations, the economic environment of the airline industry, the general economic environment in Ireland, the UK and Continental Europe, the general willingness of passengers to travel and other economics, social and political factors and flight interruptions caused by volcanic ash emissions or other atmospheric disruptions. These and other factors could adversely affect the outcome and financial effects of events or developments referred to in this presentation on the Ryanair Group. Forward looking statements contained in this presentation based on trends or activities should not be taken as a representation that such trends or activities will continue in the future. Except as may be required by the Market Abuse Rules of the Central Bank of Ireland, Listing Rules of Euronext Dublin (Irish Stock Exchange) or by any other rules of any applicable regulatory body or by law, Ryanair disclaims any obligation or undertaking to release publicly any updates or revisions to any forward statements contained herein to reflect any changes in Ryanair's expectations with regard to any change in events, conditions or circumstances on which any such statement is based. This presentation contains certain forward-looking statements as defined under US legislation. By their nature, such statements involve uncertainty; as a consequence, actual results and developments may differ from those expressed in or implied by such statements depending on a variety of factors including the specific factors identified in this presentation and other factors discussed in our Annual Report on Form 20-F filed with the SEC. RYANAIR MORE CHOICE. LOW FARES. GREAT CARE. 249 2#3Credit highlights ✈ Strong balance sheet (BBB) - one of the best in sector ✈ Solid liquidity: €3.15bn Mar 31, 85%+ B737 fleet unencum. (€7.3bn book value) ✈ Funding strengthens RYR financial position & facilitates post C-19 growth → Low fares to drive strong volume recov. - pent up demand ✈ Lowest fare/Lowest cost airline group ✈ Financial strength + Lowest cost = Long term winner RYANAIR MORE CHOICE. LOW FARES. GREAT CARE. 4 3#4Europe's Lowest Cost Airline Group ✈ Lowest fare/lowest cost airlines ✈ No. 1, Traffic (149m FY20) ✈ No. 1, Cust. service / OTP 96% ✈ Solid "B-" CDP (1st time) climate rating ✈210 x B-8200s delivs. 200m pax by FY26 ✈ Strong (BBB) balance sheet (S&P & Fitch) ✈ Fin strength + lowest cost = L.T. winner RYANAIR MORE CHOICE. LOW FARES. GREAT CARE. 4 4#5Europe's No. 1 Coverage ✈ 84 bases / 225 airports ✈ 37 countries ✈ New base update: ✈ ✈ Over 2,100 routes - S.21: ZAG/ZAD/CFU/CHQ/RHO - W.21: RIX/BLL/ARN KNOCKO SHANNON O KERRY CORK TERCEIRA PONTA DELGADA LANZAROTE TENERIFE (S) TENERIFE (N) 200m guests p.a. by FY26 DERRY OGRAN CANARIA FUERTEVENTURA BELFAST DUBLIN NEWQUAY GLASGOW (1) EDINBURGH OGL GLASGOW (P) BELFAST CITY LISBON FARO PORTO LIVERPOOL MANCHESTER SANTIAGO O BIRMINGHAM CARDIFF AGADIR BRISTOLO EXETER BOURNEMOUTH ESSAOUIRA ONEWCASTLE TEESSIDE OLEEDS OEAST MIDLANDS RABAT FEZ ABERDEEN OLONDON (L) OLONDON (ST) MARRAKESH OLONDON (SO) LONDON (G) BREST NANTES LA ROCHELLE OSEVILLE JEREZ MALAGA O TANGIER TETOUAN OBORDEAUX SANTANDER BIARRITZ VITORIA LOURDES CARCASSONNE VALLADOLIDO PERPIGNAN MADRID OZARAGOZA CASTELLON LIMOGES BERGERAC ALMERIA TOURS OOUARZAZATE NADOR OUJDA 00 OMARSEILLE BEZIERS BARCELONA (G) O BARCELONA REUS VALENCIA OALICANTE MURCIA HAUGESUND BRIVE RODEZ TOULOUSE NIMES TURIN IBIZA PALMA OSLO (G) AMSTERDAM EINDHOVEN MAASTRICHT ERFURT LILLE DRESDEN BRUSSELS (Z) PARIS (B) BRUSSELS (CO COLOGNE PRAGUE LUXEMBOURG VATRYO FRANKFURT (M) FRANKFURT (H) PARDUBICE ONUREMBERG FRIEDRICHSHAFEN FIGARI MENORCA TORP BREMEN MÜNSTER (OS) DUSSELDORF W DORTMUNDO o AALBORG AARHUS POITIERS ODOLE BADEN MEMMINGENO BASELO MILAN (B) MILAN (M) VERONA VENICE (M) CUNEO PARMA GENOA BOLOGNA NICE RIMINI PISA PERUGIA O RYANAIR MORE CHOICE. LOW FARES. GREAT CARE. BILLUND VÄSTERÅS STOCKHOLM (A) STOCKHOLM (s) O GOTHENBURG COPENHAGEN HAMBURG ALGHERO SZCZECIN CAGLIARI BERLIN MALMO PALERMOO TRAPANIO ROME (F) COROME (C) COMISO LAMEZIA LODZ WROCLAW ANCONA OPESCARA KRAKOW OSTRAVA BRNO OBRATISLAVA SALZBURG VIENNA BUDAPEST VENICE (T) TIMISOARA ORADEA ZAGREB CLUJ SIBIU OTRIESTE PULA BANJA LUKA BUCHAREST O ZADAR SPLIT KAUNAS BYDGOSZCZ O O VILNIUS OLSZTYN-MAZURY OWARSAW (M) POZNAN WARSAW (C) LUBLIN OKATOWICE ONAPLES MALTA OBARI GDANSK ZANKYNTHOS CATANIA PALANGA DUBROVNIK PODGORICA KOSICE BRINDISI O CORFUO CROTONE KEFALONIA LAPPEENRANTA TALLINN ATHENS KALAMATA RIGA 4 RZESZOW CHANIA LVIV NIS OSOFIA SUCEAVA VARNA THESSALONIKI AKTION PREVEZA PLOVDIV MYKONOS KYIV TEL AVIV ODESA 1 BODRUM DALAMAN RHODESO SANTORINI CHERAKLION PAPHOS EILAT KHARKIV BURGAS AMMAN KHERSON LARNACA AQABA 5#6Europe's Lowest Costs Wins! € per pax Staff/efficiency Airport & Hand. Route Charges Own'ship & maint. S & M other Total %> Ryanair (Source: Pre Covid-19 FY Results/Annual reports) RYANAIR RYA 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 6#7Guests (m) FY21 Results Load Factor (%) Revenue Op. costs PAT/ (Net Loss) ОТР (ii) Excl. €353m hedge ineffectiveness charge Excl. €200m hedge ineffectiveness charge RYANAIR Mar 20 149 95 €8.49bn €7.38bn (i) €1,002m 92% Mar 21 27.5 71 -81% €1.64bn -81% -24pts €2.48bn -66% (ii) 96% €(815m) n/m +4pts MORE CHOICE. LOW FARES. GREAT CARE. 4 7#8Strong Balance Sheet (BBB) €'bn Assets Cash Total Accruals Debt S/H Funds Total Mar 20 10.94 3.81 14.75 5.63 4.21 4.91 14.75 Mar 21 9.18 3.15 Strong liquidity / cash preservation 12.33 2.25 5.43 4.65 Over 85% B737 fleet debt free (€7.3bn book val.) 12.33 Debt repays next 12 months: €850m 2014 Bond (Jun. 21) £600m UK CCFF (Mar. 22) RYANAIR MORE CHOICE. LOW FARES. GREAT CARE. 21 8#9Current Developments ✈ Post C-19 pent-up demand subj. to vaccine rollout S.21 ✈ Sig. growth ops: FY22 sched. (8 new bases) ✈ Long term EU cost leadership extended & enhanced ✈ 1st "gamechanger" B737-8200 to deliver in May 21 ✈ Path to 200m guests p.a by FY26 ✈ ESG improvements - Dir. of Sustainability ➜ EU ownership & control post-Brexit FY22 outlook - traffic @ lower end of 80m - 120m range RYANAIR MORE CHOICE. LOW FARES. GREAT CARE. 4 9#10C-19 pent-up demand subject to vaccine rollout ✈ C-19 uncertainty - travel restrict./lockdowns in Q1 ✈ Vaccines to replace lockdowns & testing into S.21 ✈ V. strong booking recovery since early April ✈ Matching capacity with demand in H1 FY22 ✈ PCR Doc. Wallet - upload COVID docs to App ✈ Healthy flying measures prioritised RYANAIR MORE CHOICE. LOW FARES. GREAT CARE. GoMo Quick-add flight essentials Add Priority & 2 Cabin Bags and Fast Track to your booking Boarding Passes COVID DOCUMENTATION UPLOADED RYANAIR Passenger Jeremy Mat 12:07 Add to Apple Wallet Dublin DUB FR 22 49% NON-PRIORITY SMALL BAG ONLY Seat* 24C Reference F8UNUQ Queue Non-Priority Boarding Back Door Sequence 2 Paris (Beauvais) BVA 20 10#11EU cost leadership extended & enhanced Staff/efficiency Airport & Hand. Route Charges Own'ship & maint. S & M other Total Fuel savings FY22 FY20 per pax (ex fuel) RYANAIR €7 €8 €5 €7 €4 €31 ● ● Cost savings initiatives: Pay deals agreed Pay cuts of 5% to 20% (restored over 3/5 years) - built in flexibility Growth deals as B-8200s delivs. drive vol. discs. (WIP) STN, BGY, CRL low-cost growth deals extended to 2028-30 Airports offset comp. traffic cuts/closures Based on ATC cost recovery 210 x B-8200 "gamechanger" aircraft (+4% seats, -16% fuel, -40% noise) Sell older aircraft / return maturing leases Better lease & maint. terms (less outsourced maint.) BBB rating = cheaper finance Labs lowers marketing spend EU261 costs steeply down (OTP 96%) Lower fuel / B-8200 16% lower fuel burn MORE CHOICE. LOW FARES. GREAT CARE. 20 11#12The "Gamechanger” arrives in May 1ST B-8200 deliv. in late May 21 ✈ Approx. 60 delivs. for peak S.22 ✈ "Gamechanger": +4% seats, -16% fuel ✈ Envir. savings: -16% fuel / CO₂, -40% noise ✈ "Most scrutinised & audited aircraft in history" Lower cost B-8200 drives mkt share gains post C-19 BUZZ RYANAIR MALTA AIR… RYANAIR MORE CHOICE. LOW FARES. GREAT CARE. MALTA AIR Fleet grows to c.600 a/c, traffic growth to 200m p.a. by FY26 INDOOR ***** 4 13H-FUA A 12#13Path to 200m guests by FY26 Airline failures & retrench - significant EU capacity cuts ✈ Airports seek to recover traffic - growth incentives ✈ 8 new base deals post Covid ✈ Lower cost B737-8200 facilitates growth (c.600 fleet by FY26) ✈ Pent up demand + lower costs = Mkt share gains Strong BBB rated Bal. Sheet RYANAIR MORE CHOICE. LOW FARES. GREAT CARE. 21 13#14M 200 180 160 140 120 100 80 60 40 20 210 order allows growth to 200m guests p.a. Guests Subject to Covid restricts & vaccine rollouts 106 FY17 130 FY18 139 FY19 149 FY20 27.5 FY21 80 - 120 FY22E 150 FY23E RYANAIR MORE CHOICE. LOW FARES. GREAT CARE. 175 FY24E 195 FY25E 24 200 + FY26E * 14#15Environment ("B-" CDP rating) Sustainable Aviation Research Centre - TCD New Boeing 737s will cut noise by up to 40% per seat Goal of 12.5% SAF by 2030 Plastic free by 2025 BIO Vol. carbon offsets. 4 Green Partners (Malawi, Portugal, Turkey & Uganda) E 9 8 10 7 mm 11 EUROPE'S CLEANEST & GREENEST AIRLINES GROUP 6 5 1ST AIRLINE 1 NEW RYANAIR 4 2 ifi 3 96% $22bn invested in new aircraft 60g CO2 by 2030 TAXES Call on EU Comm & states to accelerate SESAR reform - 10% less emissions RYANAIR MORE CHOICE. LOW FARES. GREAT CARE. Highest load factors - lowest emiss. per pax First major airline to report monthly CO2 emissions 66g CO2 per pax/ km cut by 10% (to < 60g) by 2030 Paid €630m in envir. taxes in 2019 4 15#16Environment update (cont.) ✈ First time CDP enviro. survey (2020) - Strong "B-" climate protection score - Rated "A" for environmental corp. gov. - Committed to improving "B-" to "A" in 2 years ✈ B737-8200 order incr. ( -16% CO₂, - 40% noise) ✈ Ambitious environmental targets: - CO₂ per RPK 10% by 2030 - SAF to Power 12.5% of flights by 2030 - Plastic free onboard in 4 yrs (80% complete) ✈ Joined the "Fuelling Flight Initiative" in Mar. 21 ✈ Launch memb. of CNBC ESG council (35 global leaders) + €1.5m Sustainable Aviation Research Centre with TCD RYANAIR MORE CHOICE. LOW FARES. GREAT CARE. RYANAIR? RYANAIR - 7 CDP RYANAIR Trinity College Dublin I 14 000 PARTNERSHIP SUSTAINABLE AVIATION RESEARCH CENTRE 4 RYANAIR 16 RYA#17Social & Gov. Update ✈ Jobs saved through engagement - Unions agree paycuts & job furloughs - 100% pilots & 99% c/crew (restore over 5 years) ✈ Keeping people current thru. Covid ✈ Diversity - More women NEDs (40%) & managers ✈ Safety is the Group's No. 1 priority ✈ Chair & Committees refreshed (Jun. 20) ✈ NED - workforce engagement ✈ All NEDs independent (UK Corp. Gov. Code) Safety & Standards PEOPLE 4900 On Time Performance RYANAIR MORE CHOICE. LOW FARES. GREAT CARE. 9H-QBH tomers 'ONE MISSION' RYANAIR SAFETY 4 RYANAIR 17#18Customer Service Update ✈ Improved Comms for cust. with cancelled bookings ✈ Customer focus panel launched ✈ New Online Cash form - easy access to cash refunds ✈ OTA Verification form - refunds direct from Ryanair ✈ PCR Doc. Wallet - upload COVID documentation ✈ Zero Change Fee - more flexibility RYANAIR MORE CHOICE. LOW FARES. GREAT CARE. 1. Reimbursement Voucher Please click "Voucher" if you prefer a reimbursement voucher. This simple to use voucher can be redeemed IMMEDIATELY on Ryanair.com or Ryanair mobile app against your future flights and ancillaries. Your voucher details Name: David Wall Voucher: 232309883620300001 2. Cash Refund Please click here for the reimbursement voucher terms and conditions and FAQ. Yours sincerely, Please click "Cash Refund" if you prefer to receive cash refund. This will be paid back to the original form of payment used to make the booking within 7 working days. GoMo D- Voucher Ryanair Group Customer Care (Ryanair DAC, Lauda, Malta Air & Buzz) Passenger Jeremy Mat RYANAIR Cash Refund Add in Apple Wallet Dublin DUB Expiry date: 17/April/2021 Value: 59.54GBP Quick-add flight essentials Add Priority & 2 Cabin Bags and Fast Track to your booking. COVID DOCUMENTATION UPLOADED 12:07 Boarding Passes + FR 22 49% NON-PRIORITY SMALL BAG ONLY Seat 24C Reference FBUNUQ Queue Non-Priority Boarding Back Door Sequence Paris (Beauvais) BVA +9 18