Ryanair returned more than €6.8 billion to investors through share buy-backs, a special distribution and special dividends between 2008 and 2020, but payouts have been on hold since then as the carrier grappled with the pandemic and, more recently, focused on paying down debt. It has never paid a regular dividend.Group chief executive Michael O’Leary signalled last week that the low-cost carrier may turn to paying out modest dividends in 2024, if its net debt has been cut to zero by that March.
Ryanair provided service to 242 airports last year, with more than 2,500 point-to-point city pairs, the largest of any airline worldwide, they said. The average city pair has one flight per day in either direction. “The region’s market structure is also more fragmented than western Europe, with a greater capacity share among smaller, weaker airlines,” they said, adding that this provides a consolidation opportunity for Ryanair.