<unk> Neil good morning, starting with your results Ryanair reported Q3 possible 115 million pre exceptional down 22% what are the key drivers yeah. We had a strong operating performance in the business and we did however, not of any Boeing delayed compensation in this quarter, having how does than in the prior year comp that's down to the Boeing catching up on the delivery side.
Of our 26 year old per share all of those shares council. So about a $340 million spend after the end of December when the next dividend payable.
[Analyst]: When's the next dividend payable?
[Analyst]: When's the next dividend payable?
That would be no need for compensation, but if we look at the operating performance very strong traffic up 6% to 47, and a half million passengers at 4% higher fares driven by strong mid terms are in October and strong close in bookings for Christmas and new year and salaries as has been the trend all year put in another solid performance rising seven.
Michael O'Leary: There's an interim dividend of just over EUR 0.19 per share. That's payable by the end of February.
Michael O'Leary: There's an interim dividend of just over EUR 0.19 per share. That's payable by the end of February.
The interim dividend of just over 19 cents per share payable by the end of February gardeners DSO performance is market, leading his focus shifted from the vesting and growths to shareholder returns, while you're right. It is it's a phenomenal return of 150% over the past three years.
[Analyst]: Ryanair's TSR performance is market leading. Has focus shifted from investing in growth to shareholder returns?
[Analyst]: Ryanair's TSR performance is market leading. Has focus shifted from investing in growth to shareholder returns?
Neil Sorahan: Well, you're right. It is. It's a phenomenal return of 150% over the past 3 years on putting us firmly in the upper echelons of the EuroStoxx 600 TSR index. But no, our focus hasn't shifted, and we've no plans to shift our focus. We'll continue to invest in growth. You know, the plans are to have 300 MAX 10s in the fleet and 300 million passengers by FY 2034. We've got a very simple capital allocation policy in here. You know, we'll retain a strong investment-grade balance sheet. We'll continue to invest in growth, as I said, the MAX 10s, jumping on opportunities like we did last June, where we were able to buy 30 spare LEAP engines at the right price.
Neil Sorahan: Well, you're right. It is. It's a phenomenal return of 150% over the past 3 years on putting us firmly in the upper echelons of the EuroStoxx 600 TSR index. But no, our focus hasn't shifted, and we've no plans to shift our focus. We'll continue to invest in growth. You know, the plans are to have 300 MAX 10s in the fleet and 300 million passengers by FY 2034. We've got a very simple capital allocation policy in here. You know, we'll retain a strong investment-grade balance sheet. We'll continue to invest in growth, as I said, the MAX 10s, jumping on opportunities like we did last June, where we were able to buy 30 spare LEAP engines at the right price.
On putting us firmly in the upper echelons of the year.
<unk> are up 1% on a per passenger basis, and I'm, particularly happy with the cost performance, where we delivered flat unit costs and pre pre exceptional charges in the quarter you provided for 33% or 85 million of the Italian AGC Ensign will you provide for the balance of the sign in Q4 no.
Euro Stoxx 600, T S or index, but no our focus hasnt shifted a San and we have no plans to shift our focus we will continue to invest in growth. The plans are to have 300 maxed hands in the fees and 300 million passengers by FY, Turkey for we've got a very simple capital allocation policy. In here you know we were going to retain.
In this case normally our policy is to probably about 50% for these kind of the legal fines or a windows when they're under appeal. However in this case with the benefit of the Milan Court of appeal ruling, which is just less than 18 months ago, and our lawyers and our says and as they are highly confident that these agents manifest eat wrong.
A strong investment grade balance sheet, we will continue to invest in growth as I said, the Max tans jumping in opportunities like we did last June where we were we were able to buy Turkey spare leap engines at the right price good use of capital for our shareholders and indeed, we will invest in engine shops over the next number of years to help widen.
Neil Sorahan: Good use of capital for our shareholders. And indeed, we'll invest in engine shops over the next number of years to help widen Ryanair's cost base. But at the same time, you know, as we've done in the past, if there's surplus cash, we'll return that. We already have a 25% payout of prior PAT regular dividend program. And the board have and will continue likely to deliver buybacks and ad hoc dividends from time to time over the next number of years.
Good use of capital for our shareholders. And indeed, we'll invest in engine shops over the next number of years to help widen Ryanair's cost base. But at the same time, you know, as we've done in the past, if there's surplus cash, we'll return that. We already have a 25% payout of prior PAT regular dividend program. And the board have and will continue likely to deliver buybacks and ad hoc dividends from time to time over the next number of years.
<unk> really will be overturned on appeal in fact, we could.
<unk> cost base, but at the same time you know.
As we've done in the past of the surplus cash we will return that we already have a 25%.
Given the strength of the advice, we have not provided made any provision at all but I think that would have been a bit too ambitious it seems to be in the board that it sensible to provide about 33% and we don't expect to be making any other provisions is buy in fact, we expect to be writing back that provision to the P&L sometime in the next year or two which is how long we expect the appeal would take.
Pay ourself off prior P. A T regular dividend program and the board have and will continue likely to deliver our buybacks and AD hoc dividends from time to time over the next number of years on fleet and growths. When we receive your final game changers. The final full game changers will deliver in February well ahead of the <unk> and March <unk>.
[Analyst]: ...On fleet and growth, when will you receive your final Gamechangers?
[Analyst]: ...On fleet and growth, when will you receive your final Gamechangers?
Michael O'Leary: The final four gamechangers will deliver in February, well ahead of the end March launch of the summer 2026 schedule. Kelly Ortenburg, Stephanie Pope, and the team in Boeing are doing a great job at catching up those delivery delays, which is why we've seen, you know, a significant drop in supplier compensation in the Q3 numbers. But those earlier deliveries mean that we can now facilitate 4% growth to 260 million passengers in the year to March 2027.
Michael O'Leary: The final four gamechangers will deliver in February, well ahead of the end March launch of the summer 2026 schedule. Kelly Ortenburg, Stephanie Pope, and the team in Boeing are doing a great job at catching up those delivery delays, which is why we've seen, you know, a significant drop in supplier compensation in the Q3 numbers. But those earlier deliveries mean that we can now facilitate 4% growth to 260 million passengers in the year to March 2027.
It looks like on your hedging position, yes, we continue to be very well hedged in the current quarter to the end of March were about 84% hedged at $76 a barrel, but more importantly, when we look into next year, we're 80% hedged on our jet fuel at $67 a barrel. So that's about a 10% savings on operating expenditure to euro dollar.
You have the summer 'twenty six scheduled Kelly Ortenberg, Stephanie Pope of the team and board is doing a great job of catching up those delivery delays, which is why we've seen.
A significant drop in corn in supplier of compensation in the Q3 numbers, but those earlier deliveries means we can now facilitate 4% growth to 260 million passengers in the year to March 2027, what's the latest update on Max 10 certification, Yeah, Boeing or are still talking about certification in the summer of 2026.
Or were locked in now for next year at about $1 15, which compares favorably to 111 in the current year and we've recently jumped on dips a weakness in the dollar to stand.
[Analyst]: What's the latest update on MAX 10 certification?
[Analyst]: What's the latest update on MAX 10 certification?
Neil Sorahan: Yeah, Boeing are still talking about certification in the summer of 2026, possibly in Q3 calendar, so that's the July, August, September timeframe. And they're increasingly confident, as Michael already said, that we will be taking our first 15 MAX Tens in the spring of next year.
Neil Sorahan: Yeah, Boeing are still talking about certification in the summer of 2026, possibly in Q3 calendar, so that's the July, August, September timeframe. And they're increasingly confident, as Michael already said, that we will be taking our first 15 MAX Tens in the spring of next year.
Our Max 10 hedging from up to 40% on a euro dollar rate of 124, it was Q4 trading.
Possibly in Q3 calendar. So that's the July August September time frame and they are increasingly golfing as Michael has already said that we will be taking our first 15 Max tens in the spring of next year, what's your views on European short haul capacity it'll continue to be very heavily constrained right out to 'twenty at least 20.
Demand is good.
As I said with the earlier buoyed deliveries were seeing we expect traffic to be modestly.
[Analyst]: What's your views on European short-haul capacity?
[Analyst]: What's your views on European short-haul capacity?
<unk> slightly faster than we'd originally expected two weeks basis to 208 million passengers for the full year as opposed to <unk> $207 million pricing. In Q4 is modestly ahead of the prior year. Despite the absence of any impact of Easter on Q4, but nevertheless.
Michael O'Leary: It'll continue to be very heavily constrained right out to 2020 to at least 2030. The drivers are, you know, the huge backlog and delivery delays in challenges being faced by Boeing and Airbus. The Pratt & Whitney with the engine repairs continue to bedevil the Airbus short-haul fleet here in Europe. That will run on through; our competitors say that will run on into 2026 and 2027 as well. Industry consolidation, most recently, Lufthansa's acquisition of ITA, and it looks like TAP will be next, which is causing capacity withdrawals, certainly in short-haul and domestic markets in Europe, as Lufthansa pivots the likes of Alitalia to feeding people into Munich and Frankfurt, but away from keep competing with Ryanair in the short-haul, domestic, and Italian domestic market.
Michael O'Leary: It'll continue to be very heavily constrained right out to 2020 to at least 2030. The drivers are, you know, the huge backlog and delivery delays in challenges being faced by Boeing and Airbus. The Pratt & Whitney with the engine repairs continue to bedevil the Airbus short-haul fleet here in Europe. That will run on through; our competitors say that will run on into 2026 and 2027 as well. Industry consolidation, most recently, Lufthansa's acquisition of ITA, and it looks like TAP will be next, which is causing capacity withdrawals, certainly in short-haul and domestic markets in Europe, as Lufthansa pivots the likes of Alitalia to feeding people into Munich and Frankfurt, but away from keep competing with Ryanair in the short-haul, domestic, and Italian domestic market.
The drivers are the huge backlog and delivery delays in being faced by the challenges being faced by Boeing and Airbus.
The print with the engine repairs continued to be double the Airbus short haul fleet here in Europe that will run on through our competitors see that would run on into 26 and 27 as well.
As we've always said and the final alternatives heavily reliant on there being no disruptions as we move through February and March can you give any color on similar trading in FY 'twenty seven costs, it's a bit too early for us where we're still working through our budget. So it would be another month or two before the board sign off what I can say at this stage however, as with all of the game.
Industry consolidation, most recently lufthansa's acquisition of visa and it looks like T. J P would be next which is causing capacity withdrawals certainly in short all of domestic markets in Europe as Lufthansa pivots, the likes of Alitalia to feeding.
Change is expected to be in the fleet by the end of February we're now targeting traffic next year or 216 million stuff. That's margin you opened the $2 15 that we had previously guided 4% increase and of course, we'll see the benefit of our fuel hedges coming through next year as well moving to the balance sheet. What are the main callouts of your strong balance sheet.
People into Munich, and Frankfurt, but away from keep competing with Ryanair, Indeed short haul domestic in the Italian domestic market, whereas Ryanair most focused on growing yeah. We've been very clear we've got limited growth, we were only growing by 4% this year and we only plants grow by another 4% next year and so we're very focused.
[Analyst]: Where is Ryanair most focused on growing?
[Analyst]: Where is Ryanair most focused on growing?
Neil Sorahan: Yeah, we've been very clear. We've got limited growth. We're only growing by 4% this year, and we only plan to grow by another 4% next year. And so we're very focused on rewarding and giving growth to regions that are reducing aviation taxes, airports that are stimulating growth. And, you know, if you look at our summer 2026, the new bases are in places like Tirana in Albania, Trapani in Sicily as well, and Rabat in Morocco. At the same time, we're pulling capacity out of markets where they're actually increasing taxes, or at least not bringing them down, the likes of Austria, Belgium, Germany, regional Spain. And we'll continue to do so while capacity remains constrained.
Neil Sorahan: Yeah, we've been very clear. We've got limited growth. We're only growing by 4% this year, and we only plan to grow by another 4% next year. And so we're very focused on rewarding and giving growth to regions that are reducing aviation taxes, airports that are stimulating growth. And, you know, if you look at our summer 2026, the new bases are in places like Tirana in Albania, Trapani in Sicily as well, and Rabat in Morocco. At the same time, we're pulling capacity out of markets where they're actually increasing taxes, or at least not bringing them down, the likes of Austria, Belgium, Germany, regional Spain. And we'll continue to do so while capacity remains constrained.
Much the same as it's always been so we've attributed B plus credit rating, we've been unencumbered fleet of almost 620 737 aircrafts strong liquidity $2 4 billion gross cash up to the end of December almost 1 billion of net cash.
On rewarding and and and and.
Giving growths to regions that are reducing aviation taxes airports that are stimulating growth.
If you look at our summer 2026, the new basins or in places like Turan, and Albania, Trapani and safely as well I'm Rabat in Morocco and at the same time, we're pulling capacity out of markets, where they're actually increasing taxes. There are at least not blocked by bringing them down the likes of Austria, and Belgium, Jeff.
Received is very well positioned to repay the remaining bonds days in may this year from internal resources and financial flexibility that widens our cost gap with most of our competitors in Europe, who are heavily exposed to argue the aircraft's leasing costs our financing expenses.
There are many regional Spain, and we will continue to do so while capacity remains constrained.
FY 'twenty six in FY 'twenty seven Capex cuts.
<unk> I think we will finish FY 'twenty, six where capex somewhere close to 2 billion. So that's marginally down on the $2 2 billion that we had previously guided where we're seeing some timing issues with a couple of projects moving out one or two years and then next year not huge difference of what we had previously set now it depends on the final Bill just I think it'll come in close to $2 billion.
[Analyst]: What's the latest update on your engine shop project?
[Analyst]: What's the latest update on your engine shop project?
It's the latest update on your engine shop project.
Michael O'Leary: Going well. We expect to announce the first of two sites pretty soon. I'd say we'll make an announcement before the end of March or April. Negotiations for spare parts and tooling to fit out those engine shops are at advanced stages. In fact, we again, we expect to be signing contracts on those before the end of, I would say, Q1 or the end of April. And we hope and expect to have the first shop operational, overhauling or repairing Ryanair engines by late 2028, early 2029. The second shop will be opened probably in the early 2030s, and this will give us another point of cost differentiation between us and our competitors.
Both are going well, we expect to announce the first of two sides pretty soon I'd say, we'll make an announcement before the end of March or April negotiations for spare parts and tooling to fit out those engine shops are at advanced stages. In fact, we again, we expect to be signing contracts on those before the end of I would say the first quarter or the end of April and we hope in it.
Michael O'Leary: Going well. We expect to announce the first of two sites pretty soon. I'd say we'll make an announcement before the end of March or April. Negotiations for spare parts and tooling to fit out those engine shops are at advanced stages. In fact, we again, we expect to be signing contracts on those before the end of, I would say, Q1 or the end of April. And we hope and expect to have the first shop operational, overhauling or repairing Ryanair engines by late 2028, early 2029. The second shop will be opened probably in the early 2030s, and this will give us another point of cost differentiation between us and our competitors.
Also be just below $2 billion.
When you finance the most sense.
As we've always done we'll use a strong balance sheet and be opportunistic I would expect mostly it would be from internally generated cash, but we'll also use bond or bank markets, where it is.
Expect to have the first jump operational.
Overhauling, our repairing Reiner ranges by late 2028 early twenties 29, the second shop will be opened probably in the early 20th turkeys and this would give us a another a.
Opportunistic our low cost to do so shifting to shareholder returns I was just 750 million buyback progressing yes, it's going well I mean, just buyback is scheduled to roll out to the end of the current year and so we were about 46% that way through it at the end of December put that in context, that's about $13 1 million shares bought back at an average price.
Point of cost differentiation between us and our competitors, what our competitors will be having their engines maintained in very scarce supply third party engine maintenance for our facilities, we will have surplus capacity and I think a significant advantage in cost advantage in maintaining our agents over those of our competitors Lastly, I'll, let Luke.
Michael O'Leary: While our competitors will be having their engines maintained in very scarce supply, third-party engine maintenance facilities, we will have surplus capacity and I think a significant advantage in cost advantage in maintaining our engines over those of our competitors.
While our competitors will be having their engines maintained in very scarce supply, third-party engine maintenance facilities, we will have surplus capacity and I think a significant advantage in cost advantage in maintaining our engines over those of our competitors.
All of our 26 year old per share all of those shares council. So about a $340 million spend up to the end of December once next dividend payable.
[Analyst]: Lastly, on outlook, what's the group's FY 2026 outlook?
[Analyst]: Lastly, on outlook, what's the group's FY 2026 outlook?
The group's FY 'twenty six at book, Yeah, We expect traffic now to finish at about 208 million passengers, 4% growth on last year. Thanks to the earlier delivery of the Boeing aircraft and strong demands on fares are where we think we're in a position where we're going to recover.
Neil Sorahan: Yeah, we expect traffic now to finish at about 208 million passengers, 4% growth on last year, thanks to the earlier delivery of the Boeing aircraft and strong demands. On fares, we think we're in a position where we'll recover not only all of the 7% that we saw decline last year, but another 1% or 2% on top of that, so ahead of our previous guidance. On costs, performance has been good year to date, so we're sticking with our modest unit cost inflation for the full year, where we'll see the benefit of our fuel hedges continuing to offset air traffic control charges, increasing environmental costs, and indeed, the roll-off of Boeing compensation, with no delay compensation in the second half of this year.
Neil Sorahan: Yeah, we expect traffic now to finish at about 208 million passengers, 4% growth on last year, thanks to the earlier delivery of the Boeing aircraft and strong demands. On fares, we think we're in a position where we'll recover not only all of the 7% that we saw decline last year, but another 1% or 2% on top of that, so ahead of our previous guidance. On costs, performance has been good year to date, so we're sticking with our modest unit cost inflation for the full year, where we'll see the benefit of our fuel hedges continuing to offset air traffic control charges, increasing environmental costs, and indeed, the roll-off of Boeing compensation, with no delay compensation in the second half of this year.
The dividend of just over 19 cents per share payable by the end of February broaden our CSR performance is market, leading as focus shifted from investing in growth to shareholder returns, while you're right. It is it's a phenomenal return of 150% over the past three years.
Not only all of the 7% that we saw decline last year, but another one or 2% on top of that so ahead of our previous guidance on cost performance has been good year to date, so where we're at we're sticking with our modest unit cost inflation for the full year, where we'll see the benefits of our fuel hedges continuing to offset air traffic control charges.
Putting us firmly in the upper echelons of the Euro Stoxx 600, CSR index, but no our focus hasnt shifted San and we have no plans to shift our focus will continue to invest in growth plans are to have 300, Max tens in the fees and 300 million passengers by FY, Turkey for we've got a very simple.
Increasing environmental costs and indeed, the roll off of the Boeing compensation, but no delay compensation in the second half of this year, so putting all of that together.
Capital allocation policy and here, we wanted to retain a strong investment grade.
Neil Sorahan: So putting all of that together, profit after tax, pre-exceptional, so the AGCM fine provision, profit after tax should be somewhere in a range of about EUR 2.13 to 2.23 billion. And then beyond that, 4% traffic growth again next year to 216 million passengers. You see the benefits of our lower fuel hedging coming through. And then, of course, with the MAX Ten aircraft starting to deliver from the start of 2027, we'll have another decade of growth to 300 million passengers by FY 2034.
So putting all of that together, profit after tax, pre-exceptional, so the AGCM fine provision, profit after tax should be somewhere in a range of about EUR 2.13 to 2.23 billion. And then beyond that, 4% traffic growth again next year to 216 million passengers. You see the benefits of our lower fuel hedging coming through. And then, of course, with the MAX Ten aircraft starting to deliver from the start of 2027, we'll have another decade of growth to 300 million passengers by FY 2034.
<unk> will continue to invest in growth as I said, the Max tans jumping on opportunities like we did last June where we were we were able to buy Turkey spare leap engines at the right price good use of capital.
After tax pre exceptionals, the a T C M falling provision profit after tax should be somewhere in a range of about 2.13 billion to two points to tree billion and then beyond that 4% traffic growth again next year, it's 216 million passengers.
For our shareholders and indeed, we will invest in engine shops over the next number of years to help widen reiners cost base, but at the same time.
You can see the benefits of our lower fuel hedging coming true and then of course with the Max 10 aircrafts starting to liver from the start to 2027, we'd have another decade of grow to 300 million passengers by FY 'twenty four.
We've done in the past of the surplus cash we will return that we already have a 25%.
Payout of prior year regular dividend program and the board have and will continue lengthy delay.
Michael O'Leary: Thanks, Neil. As you know, it's the Q3 results, so we're not having a formal roadshow, but there is an analyst call at 10:00, later this morning at 10:00AM, Dublin time. Everybody's welcome to dial in, and if you've any further follow-up questions, please put them to us during that call or feed them into the IR team here, led by Jamie Donovan or through Neil, and the finance team. Thank you very much. We look forward to seeing you all again soon.
Michael O'Leary: Thanks, Neil. As you know, it's the Q3 results, so we're not having a formal roadshow, but there is an analyst call at 10:00, later this morning at 10:00AM, Dublin time. Everybody's welcome to dial in, and if you've any further follow-up questions, please put them to us during that call or feed them into the IR team here, led by Jamie Donovan or through Neil, and the finance team. Thank you very much. We look forward to seeing you all again soon.
Neil.
Deliver buybacks and IHOP dividends from time to time over the next number of years on fleet and growth when we receive your final game changers. The final full game changers will deliver in February well ahead of the end of March launch of the summer 'twenty six scheduled Kelly Ortenberg, Stephanie Pope and the team and board is doing a great job of catching up those delivery delays switches.
As you know its the Q3 results. So we're not having a formal roadshow, but there is an analyst call. It 10 assault later this morning at 10 Am Dublin time everybody's welcome to dial in and if you have any further follow up questions. Please put them to us doing that called our feed them into the IR team here led by Jamie Donovan or through deal and the finance team. Thank you very much and we look for.
What we see.
See you all again soon.
A significant drop in corn in supplier of compensation in the Q3 numbers, but those earlier deliveries means we can now facilitate 4% growth to 260 million passengers in the year to March 2027, what's the latest update amongst 10 certification yeah, Boeing or are still talking about certification in the summer of 2026.
Possibly in Q3 calendar. So that's the July August September time frame under increasingly golfing as Michael has already said that we will be taking our first 15 maxed hands in the spring of next year, what's your views on European short haul capacity.
To be very heavily constrained rate how to at least 2030. The drivers are the huge backlog and delivery delays in being.
Being faced by the challenges being faced by Boeing and Airbus.
With the engine repairs continued to be double the air both short haul fleet here in Europe that will run on through our competitors see that would run on into 2006 and 27 as well.
Industry consolidation, most recently lufthansa's acquisition of visa and it looks like <unk> would be next which is causing capacity withdrawals certainly in short all of domestic markets in Europe.
Lufthansa pivots, the likes of Alitalia to feeding.
People into Munich, and Frankfurt, but away from keep competing with Ryanair, Indeed shortfall domestic in the Italian domestic market, whereas Ryanair most focused on growing yeah. We've been very clear we've got limited growth, we were only growing by 4% this year and we only plants grow by another 4% next year and so we're very focused.
On rewarding.
Given growth to regions that are reducing aviation taxes airports that are stimulating growth.
If you look at our summer 2026, the new bases are in places like Turan, and Albania, Trapani and safely.
Well I'm a bathroom in Morocco at the same time, we're pulling capacity out of markets, where they're actually increasing taxes. There are at least not locked by bringing them down the likes of Austria, Belgium, Germany at regional Spain and we.
We'll continue to do so while capacity remains constrained what's the latest update on your engine shop project.
It's going well, we expect to announce the first of two sites pretty soon I would say, we will make an announcement before the end of March or April negotiations for spare parts and tooling to fit out those engine shops are at advanced stages.
Again, we expect to be signing contracts on those before the end of I would say the first quarter or the end of April and we hope and expect to have the first jump operational.
Overhauling, our repairing Reiner ranges by late 2020 early 2029.
Second shop will be opened probably in the early 2000 turkeys and this would give us another.
Point of cost differentiation between us and our competitors, what our competitors will be having their engines maintained in very scarce supply third party engine maintenance for our facilities, we will have surplus capacity and I think a significant advantage in cost advantage in maintaining our agents over those of our competitors Lastly, I'll, let Luke.
The group's FY 'twenty six outlook, yes, we expect traffic now to finish at about 208 million passengers, 4% growth on last year. Thanks to the earlier delivery of the Boeing aircraft and strong demands on fares are we think we're in a position where we're going to recover.
Not only all of the 7% that we saw decline last year, but another one or 2% on top of that so ahead of our previous guidance on cost performance has been good year to date. So we're sticking with our modest unit cost inflation for the full year, where we'll see the benefits of our fuel hedges continuing to all SaaS air traffic control charges.
Increasing environmental costs and indeed, the roll off of the Boeing compensation, but no delay compensation in the second half of this year. So so putting all of that together.
After tax pre exceptional in say the <unk> provision profit after tax should be somewhere in a range of about $2 3 billion two points to $3 billion and then beyond that 4% traffic growth again next year, it's 216 million passengers.
You can see the benefits of our lower fuel hedging coming through and then of course with the Max 10 aircrafts, starting with endeavor from the start to 2027 will have another decade of grow to 300 million passengers by FY 'twenty four.
Neil.
As you know its the Q3 results. So we're not having a formal roadshow, but the reason analyst call. It 10 assault later this morning at 10 Am Dublin time, everybody is welcome to dial in and if you have any further follow up questions. Please put them towards doing that call our feed them into the IR team here led by JV done them in or through Neal and the finance team. Thank you very much we look forward.
