Ryanair Numbers Leaves City Analysts “Cautious”

Ryanair Numbers Leaves City Analysts “Cautious”

DALLAS – Ryanair (FR) has revealed that its passenger numbers during the 2022 calendar year were up by 5% compared to 2019, before the Covid-pandemic.

In total, the Irish ultra-low-cost carrier (ULCC) carried 160.4 million passengers during the year, over 8 million more than the number flown in 2019.

The airline recently increased its winter 2022/23 capacity by some 8%. Photo: Fabrizio Spicuglia/Airways.

Numbers Down


However, its passenger numbers for December 2022 were actually lower than anticipated, leading to a “cautious stance” on its shares, according to analysts at the independent investment bank, Liberum.

During the final month of 2022, FR flew some 11.5 million passengers, up from 9.5 million in the same period of 2021, an increase of some 21%. When added to the October and November numbers it brings the total passengers carried to 38.4 million. This leaves FR somewhat short of previous expectations of 40.4 million for the final quarter of 2022.

Ryanair Boeing 737-8200 operated by Malta Air (9H-VUK). Photo: Alberto Cucini/Airways.

Market Turbulence


The announcement left shares in the Dublin-based company slightly down at €12.475. However, Liberum said “we see the current share price as an attractive entry level into a long-term structural winner.”

Wizz Air (W6), which, much like FR, was aggressive in its return and expansion of capacity following the lifting of Covid restrictions, also recently announced that its December load factor was down on previous expectations. However, its overall passenger numbers for 2022 were up by 15% compared to 2019.

After increasing its capacity for the winter 2022/23 season by 8%, Ryanair now expects to carry 168 million passengers during the 2022/23 financial year, which runs to March.


Featured Image: Despite the lower than anticipated passenger numbers, Ryanair is still on track to smash its 2019 figures. Photo: Fabrizio Spicuglia/Airways.

European Deputy Editor
Writer and aviation fanatic, Lee is a plant geek and part-time Flight Attendant for a UK-based airline. Based in Liverpool, United Kingdom.

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