On January 15, 2026, Deutsche Bank reaffirmed its Buy rating for Ryanair Holdings plc, underlining the airline’s attractive risk-reward profile. The broker highlighted Ryanair’s 60.9% share price appreciation over the past 12 months as evidence of successful execution and market confidence. This endorsement follows a series of strategic initiatives designed to bolster profitability and support continued expansion across Europe.

Ryanair’s equity return of 60.9% far exceeds the broader European airline sector increase of 14.7% over the same period. Key drivers include robust passenger growth—driven by record load factors and network optimization—and the accelerated deployment of next-generation Boeing 737 MAX aircraft. These factors have enabled the carrier to capture incremental market share against competitors such as EasyJet and Wizz Air.

Management’s ongoing debt reduction program has lowered adjusted leverage to historic lows, enhancing financial flexibility and reducing interest expense. Over the past year, net debt declined by more than 15%, supporting improved free cash flow generation. Concurrently, Ryanair added 40 new Boeing 737 MAX jets to its fleet, with another 60 scheduled for delivery by the end of fiscal 2026, further driving unit cost efficiency and capacity growth.

Analysts have lifted full-year earnings forecasts for fiscal 2025 and 2026 in light of stronger revenue trends and cost discipline. Ryanair now expects to carry over 207 million passengers in fiscal 2026, a 12% increase year-over-year. This outlook is underpinned by sustained leisure demand, yield management initiatives and anticipated new route launches across secondary European airports.