Ryanair’s FY22 results ended at the upper end of its guidance. The traffic guidance for the coming FY has been maintained but is now subject to Boeing’s potential insignificant delivery delays. The underlying after-tax profit is expected to grow modestly yoy despite the anticipation of increasing fuel expenses and ex-fuel unit costs. However, after the model update, we have reduced our FY23 pre-exceptional profit after tax forecast by a mid-single-digit percentage compared to our last estimates, ....
