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Ryanair pays off final bond to leave it debt-free - Finance news and analysis from Global Banking & Finance Review
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Ryanair pays off final bond to leave it debt-free

Published by Global Banking & Finance Review

Posted on May 25, 2026

1 min read

· Last updated: May 25, 2026

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Ryanair Repays Final €1.2bn Bond, Achieves Debt-Free Status Since 1997

Ryanair's Financial Milestone and Future Outlook

Repayment of Final Outstanding Bond

DUBLIN, May 25 (Reuters) - Ryanair on Monday said it had repaid its only outstanding bond, leaving it effectively debt-free for the first time since the company was listed in 1997. 

Details of the €1.2 Billion Eurobond

The repayment of the 1.2 billion euro ($1.4 billion) unsecured eurobond from May 2021 leaves Europe's largest airline by passenger numbers with an unencumbered fleet of 620 Boeing 737 aircraft. 

Impact on Competitive Position

That is set to further widen the cost gap with rivals dependent on long-term debt and leasing to finance their aircraft, Chief Financial Officer Neil Sorahan said in a statement. 

Future Financing Plans

"We look forward to (opportunistically) revisiting the bond markets at some stage in the future as we ... take up to 50 Boeing MAX-10 deliveries annually from 2029 onward," Sorahan said.

Currency Exchange Rate

($1 = 0.8590 euros)

Article Credits

(Writing by Conor Humphries; Editing by Kirsten Donovan)

Key Takeaways

  • Ryanair’s repayment of its last €1.2 billion public bond leaves it debt‑free—a first since its IPO in 1997 (uk.marketscreener.com)
  • The airline now holds a fortress balance sheet with €2.1 billion net cash, robust liquidity and a BBB+ credit rating (centreforaviation.com)
  • An unencumbered fleet of 620 Boeing 737s enhances cost advantage over rivals, and Ryanair plans opportunistic bond market access from 2029 as it scales MAX‑10 deliveries (uk.marketscreener.com)

References

Frequently Asked Questions

Why is Ryanair now considered debt-free?
Ryanair repaid its only outstanding bond, eliminating its long-term debt for the first time since its 1997 stock market listing.
How much was Ryanair’s final bond repayment?
The final unsecured eurobond repayment by Ryanair was €1.2 billion ($1.4 billion) issued in May 2021.
What advantage does Ryanair gain by being debt-free?
Being debt-free widens Ryanair's cost gap over rivals that rely on debt and leasing to finance their aircraft.
How large is Ryanair’s unencumbered aircraft fleet?
Ryanair now has an unencumbered fleet of 620 Boeing 737 aircraft.
Does Ryanair plan to issue more bonds in the future?
Ryanair's CFO indicated the company may return to bond markets opportunistically, especially as it expects up to 50 Boeing MAX-10 deliveries annually from 2029.

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