Ryanair CEO O'Leary on Cost Savings, Fuel Prices, Higher Fares
Channel: Bloomberg Television
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Read a transcript preview of “Ryanair CEO O'Leary on Cost Savings, Fuel Prices, Higher Fares” from Bloomberg Television, uploaded on 2026-11-02.
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Language: English (original, creator captions)
[0:00] A big announcement about cost cutting in the set of results. Where are you going to
[0:04] do it?
[0:04] I mean, across the board. You know, you
[0:07] know, firstly, we've reported this morning 2,150,000,000 after tax for the half year. A lot of
[0:12] that is based on the fact that we were hedged. We were hedged out to next
[0:15] March at $67 a barrel, but we and most of the European airlines are not well
[0:19] hedged into the summer twenty seven. And we've said if current oil prices remain where they
[0:23] are, we're looking about a 2,000,000,000 increase in our fuel bill. 6,000,000,000 this year could rise
[0:27] to 8,000,000,000 next year, and we have to take out costs. So we paid off all
[0:31] our debt. We're reducing our financing costs. We're purchasing the new max 10 jet aircraft in
[0:37] the first quarter next year from Boeing, 20% more seats burned, 20% less fuel. But we're
[0:41] looking at everything. So airport costs, handling costs, and I think up for debate now is
[0:46] going to be probably a pay freeze next April for pilots, cabin crew, and the management
[0:52] team as well.
[0:52] These job cuts are risk?
[0:53] No. No. No risk. I mean, we are going to grow again next year by about
[0:56] 3%. We're taking 15... 16 of the new MAX 10 aircraft from Boeing. So we will
[1:01] still grow. Next year, we expect to grow traffic by about 3% to 220,000,000 passengers. But
[1:07] all European airlines are facing huge challenges next year because of this very significant jump in
[1:12] oil price... In oil prices.
[1:13] Where would