Ryanair chief executive Michael O'Leary is poised to extend his tenure until April 2032, which would see him lead the low-cost carrier for nearly four decades. The airline's annual results reveal that negotiations have almost concluded for a new contract that includes a purchase option for 10 million shares.
The news accompanied Ryanair's announcement of a 40 per cent rise in after-tax profit to €2.26bn (£1.97bn), equivalent to £9.50 per passenger. Mr O'Leary's current contract runs until 2028. The proposed terms will be put to major institutional shareholders shortly.
Mr O'Leary joined Ryanair as deputy CEO in 1991 when the airline was on the verge of bankruptcy. After a remarkable turnaround, he became CEO in 1994 and transformed the small Irish carrier into Europe's largest airline by passenger numbers, flying 208.4 million people in the last financial year.
Revenue per passenger rose seven per cent while traffic grew four per cent. Ancillary revenue – from baggage, seat selection and in-flight sales – now accounts for 30 per cent of total revenue, reaching €5bn (£4.36bn). Ryanair also notes it is the safest airline globally by passenger volume.
Looking ahead, Mr O'Leary warned of economic uncertainty from higher oil prices and Middle East conflict, but confirmed that most fuel requirements for the next year are hedged at lower prices. Fares for summer 2026 are expected to remain broadly flat. The airline has also set aside an €85m provision against a fine from Italy's competition watchdog, which it plans to appeal.
