Ryanair CEO Michael O’Leary warned that European airfares could rise by up to 20% next year, as the airline’s fuel hedges cover much less of the period beginning April 2027.
For the fiscal year ending March 2028, Ryanair had hedged about 15% of its fuel needs at roughly $85 a barrel, its July filing showed. Figures as of June 30, 2026, put coverage for the preceding fiscal year at about 80%, at roughly $67 a barrel.
At an Oct. 20 news conference in Brussels, O’Leary gave 10%, 15% and 20% as possible fare increases next year. He said many other European airlines had arranged little fuel protection from April 2027. He also expects airline failures and takeovers to reduce the number of seats available. The fare figures are his forecast.
Ryanair’s latest quarterly results show the pressures facing the carrier. In the three months ended June 30, 2026, its average fare fell 6% from a year earlier, while operating costs rose 11% to €3.81 billion. Profit after tax declined 34% to €538 million.
O’Leary has said higher ticket prices may still leave airline margins under pressure as fuel bills rise. His warning means passengers could pay more even if airlines cannot recover all of their added costs.
Separately, Ryanair said its winter 2026 Belgium timetable would have 20 fewer routes and 1.1 million fewer scheduled seats. It also plans to move six based aircraft from Brussels Charleroi and Zaventem. The airline blamed aviation taxes for those changes and said it would shift capacity to lower-cost markets.
Ryanair has also cited aircraft delivery and engine repair delays as constraints on capacity. The U.S. Federal Aviation Administration (FAA) certified Boeing’s 737 MAX-10 on Oct. 20. Ryanair has projected its first deliveries in 2027; the FAA’s decision does not set the airline’s delivery schedule.
Belgium’s published tax schedule sets the next change for Jan. 1, 2027, when the charge on departures to destinations more than 500 kilometers away rises from €5 to €10.
