H1 Results - Nov 2016

FY17 Guidance cut 5% on weaker STG ✈ Load Factor up 1% to 94% - 119m c'mers ✈ H2 fares: -13% to -15% (from -10% to -12%) ✈ Ancill. rev 30% of total rev over 4 years ✈ Fuel saving c. €170m - passed on in lower fares → Ex-fuel unit costs fall 3% ✈ PAT: €1,300m to €1,350m (up 7% on FY16) ✈ Downside risks - H2 fares (LF active/yield pass) RYANAIR LOW FARES. MADE SIMPLE. - External shocks/ATC strikes/capac. growth - Weaker STG - (now hedged) 16

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