January 27, 2025 09:27 GMT
TRANSPORTATION: Ryanair; 3Q (to Dec) Results
TRANSPORTATION
(NR/BBB+/BBB+)
Reminder co wants to be debt-free and has reiterated that this morning saying it will pay-down without refi the upcoming €850m 25s. Only other line is the €1.2b 26s.
Traffic was firm (+9%) and in-line with capacity increases (load factor unch at 92%), yields +1% in-line with fares. Unit costs -1% as fuel offset non-fuel increases driven by "crew pay & productivity increases, higher handling & ATC fees and the cost inefficiency of repeated B737 delivery delays".
Nothing firm to read-through on the outlook.
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