Michael O'Leary: A press conference call. I'm Michael O'Leary, Group CEO, and as always, I'm joined by Neil Sorahan, the Group CFO. This morning, as you'll see, Ryanair reported a Q3 profit after tax of EUR 115 million, pre-exceptional. As traffic grows 6% and fares in Q3 rose 4%. And an EUR 85 million exceptional charge has been made in the accounts. It's a provision of approximately 33% for the utterly baseless Italian AGCM fine, which was announced on Christmas Eve, and which both we and our Italian lawyers are confident will be overturned on appeal. The highlights of the third quarter include traffic growth of 6% to 47.5 million, revenue per passenger up 3%, very strong cost control as a result of which unit costs are flat in the quarter.
Michael O'Leary: A press conference call. I'm Michael O'Leary, Group CEO, and as always, I'm joined by Neil Sorahan, the Group CFO. This morning, as you'll see, Ryanair reported a Q3 profit after tax of EUR 115 million, pre-exceptional. As traffic grows 6% and fares in Q3 rose 4%. And an EUR 85 million exceptional charge has been made in the accounts.
Ill turn the group CFO. This morning, as you can see Ryanair reported a Q3 profit after tax of 115 million euros pre exceptional traffic as traffic rose 6% in fairs in Q3 rose 4%.
And the 85 million exceptional charge has been made in the accounts. It's a provision of approximately 33% for the utterly baseless Italian AGM fine, which was announced on Christmas Eve in which both we and our Italian lawyers or conference would be overturned on appeal.
It's a provision of approximately 33% for the utterly baseless Italian AGCM fine, which was announced on Christmas Eve, and which both we and our Italian lawyers are confident will be overturned on appeal. The highlights of the third quarter include traffic growth of 6% to 47.5 million, revenue per passenger up 3%, very strong cost control as a result of which unit costs are flat in the quarter.
The highlights of third quarter include traffic growth of 4% or 6% to $47 5 million revenue per passenger up 3% very strong cost control as relative which unit costs are flat in the quarter, we have 206.
Michael O'Leary: We have 206 game changers in our 643 aircraft fleet on 31 December. The last four aircraft will be delivered in February. We have announced three new bases and 106 new routes for summer 2026, and these are already on sale. Fuel is 80% hedged for FY 2027 at $67 a barrel, resulting in a very significant 10% saving in our fuel costs next year. We'll touch briefly on the Italian AGCM baseless fine, which was levied and which we're confident will be overturned on appeal. Touch briefly on a couple of highlights. With almost all of our game changers now delivered, other income in Q3 dipped due to the absence of delivery delay compensation in the prior year Q3.
We have 206 game changers in our 643 aircraft fleet on 31 December. The last four aircraft will be delivered in February. We have announced three new bases and 106 new routes for summer 2026, and these are already on sale. Fuel is 80% hedged for FY 2027 at $67 a barrel, resulting in a very significant 10% saving in our fuel costs next year.
206 game changers in our 643 aircraft fleet on the 31st of December the last four aircraft will be delivered in February we have announced three new bases and 106, new routes for summer 'twenty six and these are already on sale fuel is 80% hedged or for <unk>.
Why 27 at $67, a barrel, resulting in a very significant 10% saving in our fuel costs next year and will touch briefly on the Italian E. G. C M based.
We'll touch briefly on the Italian AGCM baseless fine, which was levied and which we're confident will be overturned on appeal. Touch briefly on a couple of highlights. With almost all of our game changers now delivered, other income in Q3 dipped due to the absence of delivery delay compensation in the prior year Q3.
Baseless, fine, which was levied and which we're confident will be overturned on appeal.
Touching briefly on a couple of highlights with almost all of our a game changes now delivered and other income in Q3 dip due to the absence of delivery delay compensation in the prior year Q3 and four.
Michael O'Leary: For Q4 of FY 2026, our fuel is 84% hedged at about $77 a barrel, but we've now locked in 80% hedging for FY 2027, with 80% of our jet fuel requirements hedged at $67 a barrel. This will deliver significant cost savings next year. Over the last 3 years, Ryanair has generated a total shareholder return in excess of 150%, which puts Ryanair comfortably in the top quartile of the Stoxx Europe 600 index TSR performers. I believe the group will continue to deliver disciplined and consistent capital allocation, and this is underpinned by our strong balance sheet as traffic grows to 300 million passengers by FY 2034, with the benefit of our 300 MAX 10 order.
For Q4 of FY 2026, our fuel is 84% hedged at about $77 a barrel, but we've now locked in 80% hedging for FY 2027, with 80% of our jet fuel requirements hedged at $67 a barrel. This will deliver significant cost savings next year. Over the last 3 years, Ryanair has generated a total shareholder return in excess of 150%, which puts Ryanair comfortably in the top quartile of the Stoxx Europe 600 index TSR performers.
For Q4 of FY 'twenty six our fuel is 84% hedged at about $77 a barrel, but we've now locked in age of hedging for FY 'twenty seven.
With 80% of our jet fuel hit requirements hedged at $67 a barrel this will deliver significant cost savings next year.
Over the last three years Ryanair has generated a total shareholder return in excess of 150%, which puts ryanair comfortably in the top quartile of the Stoxx Europe 600 index Tsi performers I believe the group will continue to deliver disciplined and consistent capital allocation and this is underpinned by our strong balance sheet as traffic.
I believe the group will continue to deliver disciplined and consistent capital allocation, and this is underpinned by our strong balance sheet as traffic grows to 300 million passengers by FY 2034, with the benefit of our 300 MAX 10 order.
It grows to 300 million passengers by FY 34, with the benefit of our 300, Max 10 order touching briefly on fleet. We actually said, we expect to receive the final four game changers, bringing the total number of game change to 210 in the fleet before the end of February because we're getting these aircraft deliveries early this fall.
Michael O'Leary: Touching briefly on fleet, we, as I said, expect to receive the final four game changers, bringing the total number of game changers to 210 in the fleet before the end of February. Because we're getting these aircraft deliveries early, this is facilitating slightly higher traffic growth this year, and we're now raising this year's traffic to 208 million, from what was previously 207 million. But it also means that we have all of the fleet in place in time for the summer schedule, and that will allow us, we think, to deliver 4% traffic growth to 260 million passengers next year, FY 2027.
Touching briefly on fleet, we, as I said, expect to receive the final four game changers, bringing the total number of game changers to 210 in the fleet before the end of February. Because we're getting these aircraft deliveries early, this is facilitating slightly higher traffic growth this year, and we're now raising this year's traffic to 208 million, from what was previously 207 million.
Is the soon it's a slightly higher traffic growth this year.
And we're now raising this year's traffic to 200 and.
8 million, what was previously $207 million, but it also means that we have all of the fleet in place in time for the summer schedule and that will allow us we think to deliver 4% profit growth of 260 million passengers next year FY 'twenty seven.
But it also means that we have all of the fleet in place in time for the summer schedule, and that will allow us, we think, to deliver 4% traffic growth to 260 million passengers next year, FY 2027.
Michael O'Leary: Boeing expect that the MAX 10 certification will take place this summer, and they're increasingly confident, in fact, I would say very confident they'll meet their contract delivery dates to Ryanair for the first 15 MAXes in the spring of 2027. And that will be the first 15 of 300 of these very fuel efficient aircraft, which have 20% more seats, but burn 20% less fuel, and will enable us to grow profitably out to March 2034. This winter, we've allocated Ryanair's scarce capacity to those regions, countries, and airports who are cutting aviation taxes and incentivizing traffic growth, such as Albania, regional Italy, Morocco, Slovakia, and Sweden. And we're switching flights and routes away from high-cost, uncompetitive markets where they're, where they have unjustified aviation taxes like Austria, Belgium, Germany, and in regional Spain.
<unk> expect that the Max 10 certification will take place this summer and they are increasingly confident in fact I was at very confident they will meet their contract delivery dates to Ryanair for the first 15 maxes in the spring of 2027, and we that will be the first 15 of 300 of these very fuel efficient aircraft, which are 20% more seats, but burned 20.
Boeing expect that the MAX 10 certification will take place this summer, and they're increasingly confident, in fact, I would say very confident they'll meet their contract delivery dates to Ryanair for the first 15 MAXes in the spring of 2027. And that will be the first 15 of 300 of these very fuel efficient aircraft, which have 20% more seats, but burn 20% less fuel, and will enable us to grow profitably out to March 2034.
Sent less fuel and will enable us to grow profitably out tomorrow towards 30 34. This winter we've allocated ryanair scarce capacity to those regions countries and airports, who are causing aviation taxes, and incentivising traffic growth such as Albania regional easily Morocco, Slovakia in Sweden, and we're switching flights and roots away from.
This winter, we've allocated Ryanair's scarce capacity to those regions, countries, and airports who are cutting aviation taxes and incentivizing traffic growth, such as Albania, regional Italy, Morocco, Slovakia, and Sweden. And we're switching flights and routes away from high-cost, uncompetitive markets where they're, where they have unjustified aviation taxes like Austria, Belgium, Germany, and in regional Spain.
<unk> high cost uncompetitive markets, where there are where they have an justified aviation taxes, like Austria, Belgium, Germany and in regional state. This trend of this churn will continue into summer 2026, as we operate over 160, new routes on sale and a rope a we're opening three new bases in robots in.
Michael O'Leary: This trend or this churn will continue into summer 2026, as we operate over 160 new routes on sale, and we're opening 3 new bases in Rabat, in Morocco, Tirana in Albania, and Trapani in Italy. Touching briefly on Italy, in late December, the Italian AGCM competition authority levied a baseless EUR 256 million fine against Ryanair for our direct distribution to consumers policy in Italy, a policy that we've adopted all over Europe. This fine, we believe, will be overturned on its appeal, as it ignores and indeed contradicts the precedent Milan Court of Appeal ruling in January 2024, which ruled that Ryanair's direct distribution model in Italy, one, undoubtedly benefits consumers by leading to lower fares. Two, is economically justified in terms of containing operating costs and eliminating costs associated with distribution and ticket sales.
This trend or this churn will continue into summer 2026, as we operate over 160 new routes on sale, and we're opening 3 new bases in Rabat, in Morocco, Tirana in Albania, and Trapani in Italy. Touching briefly on Italy, in late December, the Italian AGCM competition authority levied a baseless EUR 256 million fine against Ryanair for our direct distribution to consumers policy in Italy, a policy that we've adopted all over Europe.
Rocco Tirane in Albania, and Trapani in Italy.
Touching briefly on Italy in late December the Italian a GCM competition authority levied a basis 256 million Euro fine against rider for our direct distribution to consumers policy in Italy, a policy that we've adopted all over Europe. This fine we believe will be overturned on appeal as it ignores and indeed com.
This fine, we believe, will be overturned on its appeal, as it ignores and indeed contradicts the precedent Milan Court of Appeal ruling in January 2024, which ruled that Ryanair's direct distribution model in Italy, one, undoubtedly benefits consumers by leading to lower fares. Two, is economically justified in terms of containing operating costs and eliminating costs associated with distribution and ticket sales.
Predicts the Milan the presumed Milan court of appeal ruling in January 2024, which ruled that reiners direct distribution model in Italy, one undoubtedly benefits consumers by leading to lower fares to is economically justified in terms of containing operating costs and eliminating costs associated with distribution and ticket sales.
And the court ruled it contributes to a direct channel of communication for any possible need for information and updates on flights to consumers and yes. The GCM 18 months later comes up with these mythical fine alleging that ryanair is abusing the dominant position when we're not dominant in Italy, both we and our.
Michael O'Leary: The court ruled it contributes to a direct channel of communication for any possible need for information and updates on flights to consumers. And yet, the AGCM, 18 months later, comes up with this mythical fine, alleging that Ryanair is abusing a dominant position, when we're not dominant, in Italy. Both we and our Italian lawyers are very confident that the Italian courts will overturn this manifestly wrong and baseless AGCM ruling on appeal. And that's why, unusually, we normally provide 50% provision in our accounts for legal appeals. In this case, we have lowered that to 33%, which we think is reasonable. In fact, we could just as easily provide nothing for this, given our confidence that this ruling will be overturned.
The court ruled it contributes to a direct channel of communication for any possible need for information and updates on flights to consumers. And yet, the AGCM, 18 months later, comes up with this mythical fine, alleging that Ryanair is abusing a dominant position, when we're not dominant, in Italy. Both we and our Italian lawyers are very confident that the Italian courts will overturn this manifestly wrong and baseless AGCM ruling on appeal. And that's why, unusually, we normally provide 50% provision in our accounts for legal appeals.
Italian lawyers are very confident that the Italian courts will overturn this manifestly wrong in basis age ECM ruling on appeal and that's why you're unusually we normally provide 50% provision in our accounts for legal appeals in this case, we have lowered that to 33%, which we think is reasonable in fact, we could.
In this case, we have lowered that to 33%, which we think is reasonable. In fact, we could just as easily provide nothing for this, given our confidence that this ruling will be overturned.
As easy provided nothing for this given the hour conference that this really would be overturned.
Michael O'Leary: In terms of outlook, we now expect FY 2026 traffic to grow 4% to almost 208 million passengers due to strong demand and those, these earlier than expected Boeing deliveries. We continue to expect only modest full year unit cost inflation as our Boeing game changer deliveries, fuel hedging, and effective cost control helps to offset the increases in ATC charges, higher environmental costs in Europe, and the roll-off of last year's modest delivery delay compensation, while Q4 won't benefit from Easter, fares are trending modestly ahead of prior year, and we now believe that the full year fares will exceed our previous +7% growth guidance by maybe another 1 or 2%, 8 or 9%. At this stage, we're cautiously guiding full year profit after tax pre-exceptionals in a range of $2.13 billion to $2.23 billion.
In terms of outlook, we now expect FY 2026 traffic to grow 4% to almost 208 million passengers due to strong demand and those, these earlier than expected Boeing deliveries. We continue to expect only modest full year unit cost inflation as our Boeing game changer deliveries, fuel hedging, and effective cost control helps to offset the increases in ATC charges, higher environmental costs in Europe, and the roll-off of last year's modest delivery delay compensation, while Q4 won't benefit from Easter, fares are trending modestly ahead of prior year, and we now believe that the full year fares will exceed our previous +7% growth guidance by maybe another 1 or 2%, 8 or 9%. At this stage, we're cautiously guiding full year profit after tax pre-exceptionals in a range of $2.13 billion to $2.23 billion.
In terms of outlook, we now expect FY 'twenty six traffic to grow 4% to almost 208 million passengers due to strong demand and there was these earlier than expected Boeing deliveries. We continue to expect only modest full year unit cost inflation as our Boeing.
Game change deliveries fuel hedging and effective cost control helped to offset the increases at ATC charges higher and viral costs in Europe and the roll off of last year's modest delivery delay compensation, while Q4 won't benefit from Easter fares are trending modestly ahead of prior year and we now believe that the full year fares.
Will exceed our previous plus 7% growth.
<unk> by maybe another one or 2% eight or 9% at this stage, we're cautiously guiding full year profit after tax pre exceptionals in a range of 2.13 billion to two point to 3 billion. However, the final FY 'twenty six outcome will remain exposed to adverse eternal developments in Q4, including <unk>.
Michael O'Leary: However, the final FY26 outcome will remain exposed to adverse external developments in Q4, including conflict escalation in Ukraine or the Middle East, macroeconomic shocks, and any further impact of repeated European ATC strikes and mismanagement. And with that, I'm going to ask Neil to take us through the slide presentation. Neil, over to you.
However, the final FY26 outcome will remain exposed to adverse external developments in Q4, including conflict escalation in Ukraine or the Middle East, macroeconomic shocks, and any further impact of repeated European ATC strikes and mismanagement. And with that, I'm going to ask Neil to take us through the slide presentation. Neil, over to you.
Perfect escalation, Ukraine, or the middle East macroeconomic shocks and any further impact of repeated European ATC strikes and mismanagement and with that I'm going to ask Neal to take us through the site presentation Neil over to you. Thank you Michael and good morning, everybody Ryanair with the lowest fares and the lowest cost of any airline in Europe on our cost.
Neil Sorahan: Thank you, Michael, and good morning, everybody. Ryanair has the lowest fares and the lowest costs of any airline in Europe, and our cost gap advantage continues to widen. We're number one for traffic and are now increasing traffic targets to 208 million passengers this year, which is a 4% increase on last year. Thanks to our strong on-time performance and reliability, we've seen our customer satisfaction scores rise to 89% in the year to date, and we continue to be highly rated by all of the ESG rating agencies. With our 300 MAX 10 order book starting to come in from next year, this will underpin a decade of growth to 300 million passengers by FY34, and that, of course, as always, is underpinned by our financial strength, our lowest costs, and this makes us the long-term winner in our sector.
Neil Sorahan: Thank you, Michael, and good morning, everybody. Ryanair has the lowest fares and the lowest costs of any airline in Europe, and our cost gap advantage continues to widen. We're number one for traffic and are now increasing traffic targets to 208 million passengers this year, which is a 4% increase on last year. Thanks to our strong on-time performance and reliability, we've seen our customer satisfaction scores rise to 89% in the year to date, and we continue to be highly rated by all of the ESG rating agencies.
Advantage continues to widen we're number one for traffic and are now increasing traffic targets to 208 million passengers. This year, which is a 4% increase on last year.
Thanks to our strong on time performance and reliability, we've seen our customer satisfaction scores rise to 89% in the year today and we continue to be highly racist by all of the ESG rating agencies, what our trade hundreds Max 10 order book starting to come in from next year and this will underpin a decade of grow to 300 million passengers by FY 'twenty four.
With our 300 MAX 10 order book starting to come in from next year, this will underpin a decade of growth to 300 million passengers by FY34, and that, of course, as always, is underpinned by our financial strength, our lowest costs, and this makes us the long-term winner in our sector.
And that of course as always is underpinned by our financial strength, our lowest cost and this makes us the long term winner in our sector. This.
Neil Sorahan: This is a snapshot of where we stand at the moment, including three new bases for summer of 2026. So 208 million passengers in the current year, 300 million passengers by FY34. Our costs, as I already said, continue to improve, continue to get better with a strong performance in Q3. And over the next number of years, with 300 MAX 10s coming in, with 20% more seats, 20% more fuel efficient, this advantage is only going to get better. On the quarter itself, we saw traffic increase by 6% to 47.5 million passengers at flat 92% load factors. Average fare rose 4% thanks to a strong midterm break in October, but more importantly, close-in bookings for Christmas and the new year also were strong.
This is a snapshot of where we stand at the moment, including three new bases for summer of 2026. So 208 million passengers in the current year, 300 million passengers by FY34. Our costs, as I already said, continue to improve, continue to get better with a strong performance in Q3. And over the next number of years, with 300 MAX 10s coming in, with 20% more seats, 20% more fuel efficient, this advantage is only going to get better.
This has stopped short of where we stand at the moment, including training basis for summer of 2026, So 208 million passengers in the current share 300 million passengers by FY, Turkey for our costs as I already said to continue to improve continues to get better with a strong performance in Q3 and over the next number of years with trade.
Andre said, Max tens coming in with 20% more seats, 20% more fuel efficient. This advantage is only going to get better.
On the quarter itself, we saw traffic increase by 6% to 47.5 million passengers at flat 92% load factors. Average fare rose 4% thanks to a strong midterm break in October, but more importantly, close-in bookings for Christmas and the new year also were strong.
On the quarter itself, we saw traffic increase by 6% to $47 5 million passengers that flashed, 92% load factors average fare rose 4%. Thanks to a strong mid term break in October but more importantly, close in bookings for Christmas and new year also were strong.
Neil Sorahan: Revenue as a result, up 9% to €3.21 billion euro in the quarter to the end of December. On costs, excluding the AGCM provision, which Michael has gone into in some detail, we saw unit costs remain flat, or total costs increased by 6% to €3.11 billion. Profit after tax, pre-exceptional, down 22%, primarily due to the absence of Boeing delivery compensation, thanks to them catching up on their order book. So coming in at EUR 115 million profit in the quarter, and EUR 30 million after that AGCM fine provision for the 33% that Michael referred to earlier on. Balance sheet remains rock solid, a fortress balance sheet, triple B plus, a strong investment grade rating from Fitch and S&P.
Revenue as a result, up 9% to €3.21 billion euro in the quarter to the end of December. On costs, excluding the AGCM provision, which Michael has gone into in some detail, we saw unit costs remain flat, or total costs increased by 6% to €3.11 billion. Profit after tax, pre-exceptional, down 22%, primarily due to the absence of Boeing delivery compensation, thanks to them catching up on their order book.
As a result of 9% to three points to $1 billion.
Oh in the in the quarter to the end of December on costs, excluding the the AGC am provision, which Michael has gone into in some detail. We saw unit costs remained flat or total costs increased by 6% to 3.11 billion and profit after tax pre exceptional down 22% primarily due to add.
The absence of Boeing delivery compensation types and catching up on the on their order book and so coming in at $115 million profit in the in the quarter and 30 million after that H C. M falling provision for 33% that Michael referred to were in Iran.
So coming in at EUR 115 million profit in the quarter, and EUR 30 million after that AGCM fine provision for the 33% that Michael referred to earlier on. Balance sheet remains rock solid, a fortress balance sheet, triple B plus, a strong investment grade rating from Fitch and S&P.
In sheet remains rock solid fortress balance sheets, and triple B, plus a strong investment grade rating from Fitch and S&P uniquely almost 620, Boeing 737 fully unencumbered on our balance sheet liquidity remains very strong with $2 4 billion gross cash and 1 billion net cash.
Neil Sorahan: Uniquely, almost 620 Boeing 737s, fully unencumbered, on the balance sheet. Liquidity remains very strong, with $2.4 billion gross cash and $1 billion net cash, at the end of the quarter. That puts us in a very, very strong position now as we move into the next financial year in April, to pay down our final bond, the $1.2 billion maturing bond in May 2026, from our own cash resources, effectively making the Ryanair Group debt-free. I'd just like to briefly focus on our total shareholder return. Over the past three years, we've delivered a TSR of 153%, which puts us firmly in the upper quartile of the Stoxx Europe 600.
Uniquely, almost 620 Boeing 737s, fully unencumbered, on the balance sheet. Liquidity remains very strong, with $2.4 billion gross cash and $1 billion net cash, at the end of the quarter. That puts us in a very, very strong position now as we move into the next financial year in April, to pay down our final bond, the $1.2 billion maturing bond in May 2026, from our own cash resources, effectively making the Ryanair Group debt-free.
At the end of the quarter and that puts us in a very very strong position now as move move into the next financial year in April to pay down our final bond. The 1.2 billion maturing bond in May 2026 from our own cash resources effectively making the Ryanair group debt free.
I'd just like to briefly focus on our total shareholder return. Over the past three years, we've delivered a TSR of 153%, which puts us firmly in the upper quartile of the Stoxx Europe 600.
Like to briefly focus on our total shareholder return over the past three years, we deliver the a T S or of 153%, which puts us firmly in the upper quartile of the Euro Stoxx 600. In fact, we're in a small club of trade companies in Europe, which can boast a net profit.
Neil Sorahan: In fact, we're in a small club of three companies in Europe, which can boast a net profit in excess of 15%, investment grade ratings, net cash, and TSR over 150%, while at the same time investing in growth, delivering consistent and disciplined returns to our shareholders, and we expect this model to continue for the years to come. With that, maybe, Michael, you'll take us through current developments, please.
In fact, we're in a small club of three companies in Europe, which can boast a net profit in excess of 15%, investment grade ratings, net cash, and TSR over 150%, while at the same time investing in growth, delivering consistent and disciplined returns to our shareholders, and we expect this model to continue for the years to come. With that, maybe, Michael, you'll take us through current developments, please.
In excess of 15%.
Wessman grade ratings net cash.
T S or over 150% while at the same time investing in growth delivering a consistent and disciplined.
Turns out to our shareholders and we expect this model to continue for the years to come without maybe Michael you will take us through your current development place. Okay. Thanks, Yeah. So as we've said how would we expect FY, we're raising slightly FY 'twenty six traffic up 4% to 208 million. Thanks to the earlier Boeing deliveries and strong demand we are using our constrained capacity to <unk>.
Michael O'Leary: Okay, thanks, Neil. So as we've set out, we expect FY, we're raising slightly FY26 traffic up 4% to 208 million, thanks to the earlier Boeing deliveries and strong demand. We are using our constrained capacity to engage in more churn, so we're switching scarce capacity to those airports and regions who cut taxes and fees to grow. Our full FY26 schedule is on sale from the end of March, with 3 new bases and 106 new routes. Most exciting is the fact that we've hedged 80% of our fuel for FY27 at just $67 per barrel, a 10% saving. There's an interim dividend of just over EUR 0.19 per share payable in late February, and as Neil has said, we've completed 46% of the EUR 750 million buyback on the third, by the end of the third quarter.
Michael O'Leary: Okay, thanks, Neil. So as we've set out, we expect FY, we're raising slightly FY26 traffic up 4% to 208 million, thanks to the earlier Boeing deliveries and strong demand. We are using our constrained capacity to engage in more churn, so we're switching scarce capacity to those airports and regions who cut taxes and fees to grow. Our full FY26 schedule is on sale from the end of March, with 3 new bases and 106 new routes.
Gage and more churn so we're switching scarce capacity to those airports in regions, who cut taxes and fees to grow.
Our full FY 'twenty six schedule is on sale from the end of March with three new basis, and 160 routes and most exciting is the fact that we're easy, but we've hedged 80% of our fuel for FY 'twenty assemblage of $67 per barrel at 10% saving Theres, an interim dividend of just over 19 cents per share payable in late February and as <unk>.
Most exciting is the fact that we've hedged 80% of our fuel for FY27 at just $67 per barrel, a 10% saving. There's an interim dividend of just over EUR 0.19 per share payable in late February, and as Neil has said, we've completed 46% of the EUR 750 million buyback on the third, by the end of the third quarter.
That said, we've completed 46% of the $750 million buyback bonds by the end of the third quarter, we are ready and have the resources to repay the final 1.2 billion bond in May thereafter, where essentially debt free and we are actively planning for the Max 10 entry into service in the spring of 2027, and we now believe that Boeing will hit those delivery.
Michael O'Leary: We are ready and have the resources to repay the final $1.2 billion bond in May. Thereafter, we're essentially debt-free, and we are actively planning for the MAX 10 entry into service in the spring of 2027, and we now believe that Boeing will hit those delivery dates. The critical thing about those aircraft is that they allow us to engage in a decade of low-fare, profitable growth of over 50% to 300 million passengers by FY 2034. In terms of the Boeing numbers, as I said, we've already covered this off. With 206 Gamechangers in the fleet, 4 more coming in February, Boeing expect the MAX 10 certification to take place in late summer of 2026.
We are ready and have the resources to repay the final $1.2 billion bond in May. Thereafter, we're essentially debt-free, and we are actively planning for the MAX 10 entry into service in the spring of 2027, and we now believe that Boeing will hit those delivery dates. The critical thing about those aircraft is that they allow us to engage in a decade of low-fare, profitable growth of over 50% to 300 million passengers by FY 2034.
Data and the critical thing about those aircraft is that they allow us to engage in a decade of low fare profitable growth.
Over 50% to 300 million passengers by FY 34 in terms of the Boeing numbers is that we've already covered this off with tuners. These game changers in the fleet for more coming in February but when do you expect the Max 10 certification to take place in late summer of 2026.
In terms of the Boeing numbers, as I said, we've already covered this off. With 206 Gamechangers in the fleet, 4 more coming in February, Boeing expect the MAX 10 certification to take place in late summer of 2026.
Michael O'Leary: We expect now to get the first 15 MAX 10s in the spring of 2027, and that, as I said, gives us a decade of growth out to 2034. In terms of outlook, Neil, you want to finish on that?
We expect now to get the first 15 MAX 10s in the spring of 2027, and that, as I said, gives us a decade of growth out to 2034. In terms of outlook, Neil, you want to finish on that?
We expect now to get the first 15, Max tens in the spring of 'twenty, seven and that as I said gives us a decade of growth out to 2034 in terms of outlook. Neil you want to finish on that yeah. Thank you Michael and so as Michael said traffic are marginally ahead of where we previously guided so 208 million passengers, 4% increase on last year, primarily due to the.
Neil Sorahan: Yeah, thank you, Michael. So as Michael said, traffic marginally ahead of where we previously guided. So 208 million passengers, 4% increase on last year, primarily due to the earlier delivery of those MAX 200 aircraft and strong demand in the business. Fares now look like we'll be ahead of the 7% fare growth that we previously guided, possibly 1 or 2 percent, which is well ahead of the -7% fare decline that we suffered last year. So fully recovered and then some growth on top of that. Unit costs have performed well year to date, so we're sticking with our modest unit cost inflation for the current financial year.
Neil Sorahan: Yeah, thank you, Michael. So as Michael said, traffic marginally ahead of where we previously guided. So 208 million passengers, 4% increase on last year, primarily due to the earlier delivery of those MAX 200 aircraft and strong demand in the business. Fares now look like we'll be ahead of the 7% fare growth that we previously guided, possibly 1 or 2 percent, which is well ahead of the -7% fare decline that we suffered last year.
Earlier delivery of those air Max 200, aircrafts and strong the bonds and the business fares now look like we'll be ahead of the 7% there for growth that we previously guided possibly one or 2%, which is well ahead of the minus 7% for the client that we suffered last year. So fully recovered and then some growth on <unk>.
So fully recovered and then some growth on top of that. Unit costs have performed well year to date, so we're sticking with our modest unit cost inflation for the current financial year.
Half of that unit costs have performed well year to date. So we're sticking with our modest unit cost inflation for the current financial year, we will continue to see the benefits of our fuel hedging offset rising ATC environmental and indeed, the unwind of the Boeing compensation with Nobel and compensation in the second half of this year.
Neil Sorahan: We'll continue to see the benefits of our fuel hedging offset rising ATC, environmental, and indeed, the unwind of the Boeing compensation, with no Boeing compensation in the second half of this year. So putting that all together, we're now cautiously guiding profit after tax, pre-exceptionals for the full year in a range of EUR 2.13 to 2.23 billion. Beyond that, we're now in a very strong position to deliver 216 million passengers next year. That's a 4% increase. We'll see the benefit of our fuel hedges, 10% savings coming through on the jet price, help offset some of the rising environmental costs.
We'll continue to see the benefits of our fuel hedging offset rising ATC, environmental, and indeed, the unwind of the Boeing compensation, with no Boeing compensation in the second half of this year. So putting that all together, we're now cautiously guiding profit after tax, pre-exceptionals for the full year in a range of EUR 2.13 to 2.23 billion.
So putting that all together I will now cautiously guiding a profit after tax pre exceptionals for the full year in a range of 2.13 billion to two point tutoring billion beyond the US we are now in a very strong position since deliver 216 million passengers next year, that's a 4% increase we see the Banff.
Beyond that, we're now in a very strong position to deliver 216 million passengers next year. That's a 4% increase. We'll see the benefit of our fuel hedges, 10% savings coming through on the jet price, help offset some of the rising environmental costs.Importantly, with the MAX 10 now due to join the fleet in the spring of 2027, we're ramping up for a decade of growth to 300 million passengers over the next number of years. Thank you very much.
Our fuel hedges said, 10% savings coming through on the jet price health off all SaaS some of their rising environmental cost unimportant fee with the Max 10, now juices to join the fleet in the spring of 2027, and we're ramping up for a decade of grow to 300 million passengers over the next number of years. Thank you very much.
Neil Sorahan: Importantly, with the MAX 10 now due to join the fleet in the spring of 2027, we're ramping up for a decade of growth to 300 million passengers over the next number of years. Thank you very much.
