Ryanair profits down a third as Iran war hits unhedged fuel and forces fare cuts

Ryanair reported a significant decline in its profit after tax for the first quarter, experiencing a more than one-third decrease compared to the previous year. This downturn was primarily attributed to soaring jet fuel costs impacting Ryanair’s exposure to fluctuating prices, specifically the unhedged portion of their fuel consumption. Consequently, the Dublin-based carrier was compelled to implement substantial fare reductions to encourage passenger demand during this period. Currently, Ryanair is unable to offer any full-year financial guidance due to the uncertain economic climate and ongoing geopolitical factors. The company's strategy centers on mitigating risk through reduced hedging while responding to market pressures.