On January 15, 2026, Deutsche Bank reaffirmed its Buy rating on Ryanair Holdings plc (RYAAY), underscoring the airline’s robust performance over the past year. The firm highlighted a 60.9% surge in the stock’s value, significantly outstripping the broader industry’s 14.7% gain, and cited Ryanair’s resilient low-cost model and competitive positioning in Europe’s air travel market.

Ryanair has accelerated efforts to lower its debt load, reducing net debt by approximately €800 million in the last twelve months. Management attributes this improvement to enhanced cash flow from higher passenger volumes and disciplined cost controls, which have trimmed interest expenses by 12% year-over-year. The company’s commitment to maintaining leverage below 2.5x EBITDA is designed to preserve financial flexibility for future growth initiatives.

The carrier continues to invest in next-generation aircraft, taking delivery of 32 new Boeing 737 MAX jets during fiscal 2025. These additions are projected to improve fuel burn by up to 16% per seat and reduce maintenance costs by 8%. Ryanair now operates a modern fleet with an average aircraft age of just 5.6 years, reinforcing its cost advantage over competitors such as EasyJet and Wizz Air.

Ryanair forecasts carrying over 207 million passengers in fiscal 2026, up from 196 million in the current year, driven by expanded route networks and robust leisure travel demand. Brokers have lifted full-year adjusted EPS estimates to €2.15 for 2025 and €2.40 for 2026, reflecting a 9% and 12% upgrade respectively. This upward revision signals growing confidence in Ryanair’s ability to sustain margin expansion and deliver shareholder returns.