Financial instruments - Fair values and risk management (Tables)
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12 Months Ended |
Mar. 31, 2026 |
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| Financial instruments - Fair values and risk management |
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| Schedule of carrying value of financial assets by class and measurement category |
| | | | | | | | | | | | | Assets at | | Cash- | | Fair value | | Total | | | | | Amortized | | Flow | | through | | Carrying | | Total Fair | | | Cost | | Hedges | | Profit & Loss | | Value | | Value | | | €M | | €M | | €M | | €M | | €M | At March 31, 2026 | | | | | | | | | | | Cash and cash equivalents | | 2,733.4 | | — | | — | | 2,733.4 | | | Financial asset: cash > 3 months | | 812.4 | | — | | — | | 812.4 | | | Restricted cash | | 31.2 | | — | | — | | 31.2 | | | Derivative financial instruments: | | | | | | | | | | | - U.S. dollar currency forward contracts | | — | | 128.2 | | — | | 128.2 | | 128.2 | - Jet fuel & carbon derivative contracts | | — | | 2,098.1 | | — | | 2,098.1 | | 2,098.1 | Trade receivables | | 44.2 | | — | | — | | 44.2 | | | Total financial assets at March 31, 2026 | | 3,621.2 | | 2,226.3 | | — | | 5,847.5 | | 2,226.3 |
| | | | | | | | | | | | | Assets at | | Cash- | | Fair value | | Total | | | | | Amortized | | Flow | | through | | Carrying | | Total Fair | | | Cost | | Hedges | | Profit & Loss | | Value | | Value | | | €M | | €M | | €M | | €M | | €M | At March 31, 2025 | | | | | | | | | | | Cash and cash equivalents | | 3,863.3 | | — | | — | | 3,863.3 | | | Financial asset: cash > 3 months | | 100.1 | | — | | — | | 100.1 | | | Restricted cash | | 23.1 | | — | | — | | 23.1 | | | Derivative financial instruments: | | | | | | | | | | | - U.S. dollar currency forward contracts | | — | | 90.2 | | — | | 90.2 | | 90.2 | - Jet fuel & carbon derivative contracts | | — | | 19.6 | | — | | 19.6 | | 19.6 | Trade receivables | | 73.5 | | — | | — | | 73.5 | | | Total financial assets at March 31, 2025 | | 4,060.0 | | 109.8 | | — | | 4,169.8 | | 109.8 |
| | | | | | | | | | | | | Assets at | | Cash- | | Fair value | | Total | | | | | Amortized | | Flow | | through | | Carrying | | Total Fair | | | Cost | | Hedges | | Profit & Loss | | Value | | Value | | | €M | | €M | | €M | | €M | | €M | At March 31, 2024 | | | | | | | | | | | Cash and cash equivalents | | 3,875.4 | | — | | — | | 3,875.4 | | | Financial asset: cash > 3 months | | 237.8 | | — | | — | | 237.8 | | | Restricted cash | | 6.4 | | — | | — | | 6.4 | | | Derivative financial instruments: | | | | | | | | | | | - U.S. dollar currency forward contracts | | — | | 147.2 | | — | | 147.2 | | 147.2 | - Jet fuel & carbon derivative contracts | | — | | 205.6 | | — | | 205.6 | | 205.6 | Trade receivables | | 76.4 | | — | | — | | 76.4 | | | Total financial assets at March 31, 2024 | | 4,196.0 | | 352.8 | | — | | 4,548.8 | | 352.8 |
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| Schedule of carrying value of financial liabilities by class and measurement category |
| | | | | | | | | | | | | Liabilities at | | | | Fair value | | Total | | | | | Amortized | | Cash-Flow | | through | | Carrying | | Total Fair | | | Cost | | Hedges | | Profit & Loss | | Value | | Value | | | €M | | €M | | €M | | €M | | €M | At March 31, 2026 | | | | | | | | | | | Current maturities of debt | | 1,198.8 | | — | | — | | 1,198.8 | | 1,196.4 | Non-current maturities of debt | | 147.8 | | — | | — | | 147.8 | | 147.8 | Derivative financial instruments: | | | | | | | | | | | -U.S. dollar currency forward contracts | | — | | 79.6 | | — | | 79.6 | | 79.6 | -Jet fuel & carbon derivative contracts | | — | | 70.5 | | — | | 70.5 | | 70.5 | Trade payables | | 609.8 | | — | | — | | 609.8 | | | Accrued expenses | | 2,221.6 | | — | | — | | 2,221.6 | | | Lease liabilities - right of use | | 144.9 | | — | | — | | 144.9 | | | Total financial liabilities at March 31, 2026 | | 4,322.9 | | 150.1 | | — | | 4,473.0 | | 1,494.3 | | | | | | | | | | | | | | Liabilities at | | | | Fair value | | Total | | | | | Amortized | | Cash-Flow | | through | | Carrying | | Total Fair | | | Cost | | Hedges | | Profit & Loss | | Value | | Value | | | €M | | €M | | €M | | €M | | €M | At March 31, 2025 | | | | | | | | | | | Current maturities of debt | | 848.4 | | — | | — | | 848.4 | | 850.3 | Non-current maturities of debt | | 1,685.2 | | — | | — | | 1,685.2 | | 1,661.4 | Derivative financial instruments: | | | | | | | | | | | -U.S. dollar currency forward contracts | | — | | 2.7 | | — | | 2.7 | | 2.7 | -Jet fuel & carbon derivative contracts | | — | | 224.5 | | — | | 224.5 | | 224.5 | Trade payables | | 702.0 | | — | | — | | 702.0 | | | Accrued expenses | | 1,953.5 | | — | | — | | 1,953.5 | | | Lease liabilities - right of use | | 149.1 | | — | | — | | 149.1 | | | Total financial liabilities at March 31, 2025 | | 5,338.2 | | 227.2 | | — | | 5,565.4 | | 2,738.9 |
| | | | | | | | | | | | | Liabilities at | | | | Fair value | | Total | | | | | Amortized | | Cash-Flow | | through | | Carrying | | Total Fair | | | Cost | | Hedges | | Profit & Loss | | Value | | Value | | | €M | | €M | | €M | | €M | | €M | At March 31, 2024 | | | | | | | | | | | Current maturities of debt | | 50.0 | | — | | — | | 50.0 | | 50.0 | Non-current maturities of debt | | 2,532.2 | | — | | — | | 2,532.2 | | 2,460.3 | Derivative financial instruments: | | | | | | | | | | | -U.S. dollar currency forward contracts | | — | | 3.3 | | — | | 3.3 | | 3.3 | -Jet fuel & carbon derivative contracts | | — | | 178.8 | | — | | 178.8 | | 178.8 | Trade payables | | 792.2 | | — | | — | | 792.2 | | | Accrued expenses | | 1,603.1 | | — | | — | | 1,603.1 | | | Lease liabilities - right of use | | 164.6 | | — | | — | | 164.6 | | | Total financial liabilities at March 31, 2024 | | 5,142.1 | | 182.1 | | — | | 5,324.2 | | 2,692.4 |
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| Schedule of estimated fair values |
| | | | | | | | | | | Level 1 | | Level 2 | | Level 3 | | Total | | | €M | | €M | | €M | | €M | At March 31, 2026 | | | | | | | | | Derivative assets measured at fair value for risk management purposes | | | | | | | | | U.S. dollar currency forward contracts | | — | | 128.2 | | — | | 128.2 | Jet fuel & carbon derivative contracts | | — | | 2,098.1 | | — | | 2,098.1 | | | — | | 2,226.3 | | — | | 2,226.3 | Derivative liabilities measured at fair value for risk management purposes | | | | | | | | | U.S. currency forward contracts | | — | | 79.6 | | — | | 79.6 | Jet fuel & carbon derivative contracts | | — | | 70.5 | | — | | 70.5 | | | — | | 150.1 | | — | | 150.1 | Financial liabilities not measured at fair value | | | | | | | | | Debt | | — | | 1,344.2 | | — | | 1,344.2 | | | — | | 1,344.2 | | — | | 1,344.2 | Total | | — | | 3,720.6 | | — | | 3,720.6 |
| | | | | | | | | | | Level 1 | | Level 2 | | Level 3 | | Total | | | €M | | €M | | €M | | €M | At March 31, 2025 | | | | | | | | | Derivative assets measured at fair value for risk management purposes | | | | | | | | | U.S. dollar currency forward contracts | | — | | 90.2 | | — | | 90.2 | Jet fuel & carbon derivative contracts | | — | | 19.6 | | — | | 19.6 | | | — | | 109.8 | | — | | 109.8 | Derivative liabilities measured at fair value for risk management purposes | | | | | | | | | U.S. currency forward contracts | | — | | 2.7 | | — | | 2.7 | Jet fuel & carbon derivative contracts | | — | | 224.5 | | — | | 224.5 | | | — | | 227.2 | | — | | 227.2 | Financial liabilities not measured at fair value | | | | | | | | | Debt | | — | | 2,511.7 | | — | | 2,511.7 | | | — | | 2,511.7 | | — | | 2,511.7 | Total | | — | | 2,848.7 | | — | | 2,848.7 |
| | | | | | | | | | | Level 1 | | Level 2 | | Level 3 | | Total | | | €M | | €M | | €M | | €M | At March 31, 2024 | | | | | | | | | Derivative assets measured at fair value for risk management purposes | | | | | | | | | U.S. dollar currency forward contracts | | — | | 147.2 | | — | | 147.2 | Jet fuel & carbon derivative contracts | | — | | 205.6 | | — | | 205.6 | | | — | | 352.8 | | — | | 352.8 | Derivative liabilities measured at fair value for risk management purposes | | | | | | | | | U.S. currency forward contracts | | — | | 3.3 | | — | | 3.3 | Jet fuel & carbon derivative contracts | | — | | 178.8 | | — | | 178.8 | | | — | | 182.1 | | — | | 182.1 | Financial liabilities not measured at fair value | | | | | | | | | Debt | | — | | 2,510.3 | | — | | 2,510.3 | | | — | | 2,510.3 | | — | | 2,510.3 | Total | | — | | 3,045.2 | | — | | 3,045.2 |
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| Schedule of monetary assets |
| | | | | | | | | | | | | | | | | | | | | At March 31, | | | 2026 | | 2025 | | 2024 | | | GBP | | U.S.$ | | Euro € | | GBP | | U.S.$ | | Euro € | | GBP | | U.S.$ | | Euro € | | | £M | | $M | | €M | | £M | | $M | | €M | | £M | | $M | | €M | Monetary assets | | | | | | | | | | | | | | | | | | | UK pounds sterling cash and liquid resources | | 109.9 | | — | | 125.9 | | 90.5 | | — | | 108.1 | | 55.6 | | — | | 65.1 | U.S. Dollar cash and liquid resources | | — | | 115.4 | | 99.9 | | — | | 737.6 | | 681.9 | | — | | 785.5 | | 727.8 | | | 109.9 | | 115.4 | | 225.8 | | 90.5 | | 737.6 | | 790.0 | | 55.6 | | 785.5 | | 792.9 |
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| Schedule of monetary liabilities |
| | | | | | | | | | | | | | | | | | | | | At March 31, | | | 2026 | | 2025 | | 2024 | | | GBP | | U.S.$ | | Euro € | | GBP | | U.S.$ | | Euro € | | GBP | | U.S.$ | | Euro € | | | £M | | $M | | €M | | £M | | $M | | €M | | £M | | $M | | €M | Monetary liabilities* | | | | | | | | | | | | | | | | | | | Pre-delivery payments due to Boeing | | — | | — | | — | | — | | 215.0 | | 198.8 | | — | | — | | — | | | — | | — | | — | | — | | 215.0 | | 198.8 | | — | | — | | — |
*During FY24, the Group (non-cash) settled non-interest-bearing promissory notes to the value of approximately €230m (U.S.$250m).
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| Schedule of exchange rates |
| | | | | | | | | € | | £ | | $ | March 31, 2024 | | 1.0000 | | 0.8548 | | 1.0793 | March 31, 2025 | | 1.0000 | | 0.8371 | | 1.0817 | March 31, 2026 | | 1.0000 | | 0.8732 | | 1.1552 |
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| Schedule of notional amounts of currency forward contracts |
The notional principal amounts of forward foreign exchange contracts are as follows: | | | | | | | | | At March 31, | | | 2026 | | 2025 | | 2024 | | | €M | | €M | | €M | Within 1 Year | | 4,095.7 | | 4,299.3 | | 4,403.6 | Greater than 1 Year | | 3,728.2 | | 1,141.2 | | 447.9 | Total | | 7,823.9 | | 5,440.5 | | 4,851.5 |
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| Schedule of maturity profile of financial liabilities |
The following was the maturity profile of the Group’s financial liabilities (excluding aircraft provisions, trade payables and accrued expenses). | | | | | | | | | | | | | | | | | Weighted | | | | | | | | | | | | | | | average | | | | | | | | | | | | | | | rate | | 2027 | | 2028 | | 2029 | | 2030 | | 2031 and thereafter | | Total | At March 31, 2026 | | (%) | | €M | | €M | | €M | | €M | | €M | | €M | Fixed rate | | | | | | | | | | | | | | | Unsecured debt | | 0.88% | | 1,198.8 | | — | | — | | — | | — | | 1,198.8 | Debt | | 0.88% | | 1,198.8 | | — | | — | | — | | — | | 1,198.8 | Lease liabilities - right of use | | 4.89% | | 39.8 | | 39.1 | | 27.3 | | 8.6 | | 30.1 | | 144.9 | Total fixed rate debt | | | | 1,238.6 | | 39.1 | | 27.3 | | 8.6 | | 30.1 | | 1,343.7 | Floating rate | | | | | | | | | | | | | | | Unsecured long term debt | | 2.44% | | — | | — | | — | | 147.8 | | — | | 147.8 | Total floating rate debt | | 2.44% | | — | | — | | — | | 147.8 | | — | | 147.8 | Total financial liabilities | | | | 1,238.6 | | 39.1 | | 27.3 | | 156.4 | | 30.1 | | 1,491.5 |
| | | | | | | | | | | | | | | | | Weighted | | | | | | | | | | | | | | | average | | | | | | | | | | 2030 - | | | | | rate | | 2026 | | 2027 | | 2028 | | 2029 | | 2031 | | Total | At March 31, 2025 | | (%) | | €M | | €M | | €M | | €M | | €M | | €M | Fixed rate | | | | | | | | | | | | | | | Unsecured debt | | 1.70% | | 848.4 | | 1,196.3 | | — | | — | | — | | 2,044.7 | Debt | | 1.70% | | 848.4 | | 1,196.3 | | — | | — | | — | | 2,044.7 | Lease liabilities - right of use | | 4.89% | | 37.4 | | 37.9 | | 38.8 | | 27.1 | | 7.9 | | 149.1 | Total fixed rate debt | | | | 885.8 | | 1,234.2 | | 38.8 | | 27.1 | | 7.9 | | 2,193.8 | Floating rate | | | | | | | | | | | | | | | Unsecured long term debt | | 2.67% | | — | | — | | — | | — | | 488.9 | | 488.9 | Total floating rate debt | | 2.67% | | — | | — | | — | | — | | 488.9 | | 488.9 | Total financial liabilities | | | | 885.8 | | 1,234.2 | | 38.8 | | 27.1 | | 496.8 | | 2,682.7 | |
| | | | | | | | | | | | | | | | | Weighted | | | | | | | | | | | | | | | average | | | | | | | | | | 2029 - | | | | | rate | | 2025 | | 2026 | | 2027 | | 2028 | | 2031 | | Total | At March 31, 2024 | | (%) | | €M | | €M | | €M | | €M | | €M | | €M | Fixed rate | | | | | | | | | | | | | | | Unsecured debt | | 1.67% | | 50.0 | | 843.4 | | 1,198.8 | | — | | — | | 2,092.2 | Debt | | 1.67% | | 50.0 | | 843.4 | | 1,198.8 | | — | | — | | 2,092.2 | Lease liabilities - right of use | | 4.43% | | 39.4 | | 31.9 | | 32.1 | | 32.7 | | 28.5 | | 164.6 | Total fixed rate debt | | | | 89.4 | | 875.3 | | 1,230.9 | | 32.7 | | 28.5 | | 2,256.8 | Floating rate | | | | | | | | | | | | | | | Unsecured long term debt | | 4.30% | | — | | — | | — | | — | | 490.0 | | 490.0 | Total floating rate debt | | 4.30% | | — | | — | | — | | — | | 490.0 | | 490.0 | Total financial liabilities | | | | 89.4 | | 875.3 | | 1,230.9 | | 32.7 | | 518.5 | | 2,746.8 | | | | | | | | | | | | | | | |
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| Schedule of significant cash balances invested on short term basis |
| | | | | | | | | At March 31, | | | 2026 | | 2025 | | 2024 | | | Within | | Within | | Within | | | 1 year | | 1 year | | 1 year | Financial assets | | €M | | €M | | €M | Cash and cash equivalents | | 2,733.4 | | 3,863.3 | | 3,875.4 | Cash > 3 months | | 812.4 | | 100.1 | | 237.8 | Restricted cash | | 31.2 | | 23.1 | | 6.4 | Total financial assets | | 3,577.0 | | 3,986.5 | | 4,119.6 |
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| Schedule of maturities of contractual cash flows of financial liabilities |
| | | | | | | | | | | | | | | | | Total | | Total | | | | | | | | | | | | | Carrying | | Contractual | | | | | | | | | | | | | Value | | Cash Flows | | 2027 | | 2028 | | 2029 | | 2030 | | Thereafter | At March 31, 2026 | | €M | | €M | | €M | | €M | | €M | | €M | | €M | Long and short term debt and leases: | | | | | | | | | | | | | | | - Fixed rate debt: 0.88% | | 1,198.8 | | 1,209.3 | | 1,209.3 | | — | | — | | — | | — | - Floating rate debt: 2.44% | | 147.8 | | 164.8 | | 3.7 | | 3.7 | | 3.7 | | 153.7 | | — | - Lease liabilities | | 144.9 | | 167.9 | | 44.4 | | 42.9 | | 29.6 | | 9.9 | | 41.1 | | | 1,491.5 | | 1,542.0 | | 1,257.4 | | 46.6 | | 33.3 | | 163.6 | | 41.1 | Derivative financial instruments | | | | | | | | | | | | | | | - Currency forward contracts – outflows | | 79.6 | | 2,470.7 | | 2,297.5 | | 139.9 | | 26.6 | | 6.7 | | — | - Currency forward contracts – inflows | | — | | (2,408.9) | | (2,240.2) | | (135.7) | | (26.3) | | (6.7) | | — | - Commodity forward contracts | | 70.5 | | 70.5 | | 70.5 | | — | | — | | — | | — | Trade payables | | 609.8 | | 609.8 | | 609.8 | | — | | — | | — | | — | Accrued expenses | | 2,221.6 | | 2,221.6 | | 2,221.6 | | — | | — | | — | | — | Total at March 31, 2026 | | 4,473.0 | | 4,505.7 | | 4,216.6 | | 50.8 | | 33.6 | | 163.6 | | 41.1 |
| | | | | | | | | | | | | | | | | Total | | Total | | | | | | | | | | | | | Carrying | | Contractual | | | | | | | | | | | | | Value | | Cash Flows | | 2026 | | 2027 | | 2028 | | 2029 | | Thereafter | At March 31, 2025 | | €M | | €M | | €M | | €M | | €M | | €M | | €M | Long and short term debt and leases: | | | | | | | | | | | | | | | - Fixed rate debt: 1.7% | | 2,044.7 | | 2,092.0 | | 882.7 | | 1,209.3 | | — | | — | | — | - Floating rate debt: 2.67% | | 488.9 | | 556.3 | | 13.3 | | 13.4 | | 13.2 | | 13.2 | | 503.2 | - Lease liabilities | | 149.1 | | 163.6 | | 43.1 | | 42.7 | | 41.6 | | 28.1 | | 8.1 | | | 2,682.7 | | 2,811.9 | | 939.1 | | 1,265.4 | | 54.8 | | 41.3 | | 511.3 | Derivative financial instruments | | | | | | | | | | | | | | | - Currency forward contracts – outflows | | 2.7 | | 508.6 | | 51.6 | | 327.3 | | 116.5 | | 7.0 | | 6.2 | - Currency forward contracts – inflows | | — | | (519.4) | | (51.5) | | (333.7) | | (120.3) | | (7.3) | | (6.6) | - Commodity forward contracts | | 224.5 | | 224.5 | | 224.5 | | — | | — | | — | | — | Trade payables | | 702.0 | | 702.0 | | 702.0 | | — | | — | | — | | — | Accrued expenses | | 1,953.5 | | 1,953.5 | | 1,953.5 | | — | | — | | — | | — | Total at March 31, 2025 | | 5,565.4 | | 5,681.1 | | 3,819.2 | | 1,259.0 | | 51.0 | | 41.0 | | 510.9 |
| | | | | | | | | | | | | | | | | Total | | Total | | | | | | | | | | | | | Carrying | | Contractual | | | | | | | | | | | | | Value | | Cash Flows | | 2025 | | 2026 | | 2027 | | 2028 | | Thereafter | At March 31, 2024 | | €M | | €M | | €M | | €M | | €M | | €M | | €M | Long and short term debt and leases: | | | | | | | | | | | | | | | - Fixed rate debt: 1.67% | | 2,092.2 | | 2,172.7 | | 85.0 | | 878.3 | | 1,209.4 | | — | | — | - Floating rate debt: 4.30% | | 490.0 | | 579.2 | | 21.2 | | 21.3 | | 21.3 | | 21.5 | | 493.9 | - Lease liabilities | | 164.6 | | 183.1 | | 45.5 | | 37.1 | | 36.1 | | 34.9 | | 29.5 | | | 2,746.8 | | 2,935.0 | | 151.7 | | 936.7 | | 1,266.8 | | 56.4 | | 523.4 | Derivative financial instruments | | | | | | | | | | | | | | | - Currency forward contracts – outflows | | 3.3 | | 188.3 | | 7.0 | | 10.6 | | 10.0 | | 133.6 | | 27.1 | - Currency forward contracts – inflows | | — | | (195.0) | | (7.0) | | (10.7) | | (10.2) | | (138.5) | | (28.6) | - Commodity forward contracts | | 178.8 | | 178.8 | | 178.8 | | — | | — | | — | | — | Trade payables | | 792.2 | | 792.2 | | 792.2 | | — | | — | | — | | — | Accrued expenses | | 1,603.1 | | 1,603.1 | | 1,603.1 | | — | | — | | — | | — | Total at March 31, 2024 | | 5,324.2 | | 5,502.4 | | 2,725.8 | | 936.6 | | 1,266.6 | | 51.5 | | 521.9 |
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| Schedule of derivative financial instruments |
| | | | | | Derivative financial instruments: | | | | | | | At March 31, | | 2026 | | 2025 | | 2024 | | €M | | €M | | €M | Foreign currency risk | | | | | | Property, plant and equipment - aircraft additions | 84.8 | | 7.7 | | 60.3 | Fuel and oil operating expenses | (36.2) | | 79.8 | | 83.6 | Commodity price risk | | | | | | Fuel and carbon operating expenses | 2,027.6 | | (204.9) | | 26.8 | Net derivative position at year end | 2,076.2 | | (117.4) | | 170.7 |
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| Schedule of change in gross value used for calculating hedge ineffectiveness |
| | | | | | Change in gross value used for calculating hedge ineffectiveness: | | | | | | | At March 31, | | 2026 | | 2025 | | 2024 | | €M | | €M | | €M | Foreign currency risk | | | | | | Property, plant and equipment - aircraft additions | (13.4) | | 149.8 | | 515.0 | Fuel and oil operating expenses | (14.4) | | 114.6 | | (117.7) | Commodity price risk | | | | | | Fuel and carbon operating expenses | (2,399.9) | | 154.3 | | (398.8) | Total | (2,427.7) | | 418.7 | | (1.5) |
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| Schedule of hedged items |
| | | | | | | At March 31, 2026 | | Continuing | | Balance | | | | hedges | | remaining | | Total | | €M | | €M | | €M | Foreign currency risk | | | | | | Property, plant and equipment - aircraft additions | (84.8) | | — | | (84.8) | Fuel and oil operating expenses | 28.6 | | — | | 28.6 | Commodity price risk | | | | | | Fuel and carbon operating expenses | (2,027.6) | | — | | (2,027.6) | Gross cashflow hedge reserve | (2,083.8) | | — | | (2,083.8) | | | | | | | *Deferred taxes included in Hedge reserve were €253m | | | At March 31, 2025 | | Continuing | | Balance | | | | hedges | | remaining ** | | Total | | €M | | €M | | €M | Foreign currency risk | | | | | | Property, plant and equipment - aircraft additions | (7.7) | | (76.1) | | (83.8) | Fuel and oil operating expenses | (84.7) | | — | | (84.7) | Commodity price risk | | | | | | Fuel and carbon operating expenses | 204.9 | | — | | 204.9 | Gross cashflow hedge reserve | 112.5 | | (76.1) | | 36.4 | | | | | | | *Deferred taxes included in Hedge reserve were €15m | ** Balance remaining in the cashflow hedge reserve for which hedge accounting is no longer applied | | At March 31, 2024 | | Continuing | | Balance | | | | hedges | | remaining ** | | Total | | €M | | €M | | €M | Foreign currency risk | | | | | | Property, plant and equipment - aircraft additions | (30.0) | | (142.6) | | (172.6) | Fuel and oil operating expenses | (83.7) | | — | | (83.7) | Commodity price risk | | | | | | Fuel and carbon operating expenses | (26.8) | | — | | (26.8) | Gross cashflow hedge reserve | (140.5) | | (142.6) | | (283.1) | | | | | | | *Deferred taxes included in Hedge reserve were €17m | ** Balance remaining in the cashflow hedge reserve for which hedge accounting is no longer applied |
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| Schedule of movement in derivative financial instruments designated as hedging instruments |
| | | | | | | At March 31, 2026 | | Change in | | Hedge ineffectiveness | | Reclassified from | | fair value | | recognized in | | hedging reserve | | recognized in OCI | | profit or loss* | | to profit or loss** | | €M | | €M | | €M | Foreign currency risk | | | | | | Property, plant and equipment - aircraft additions | 13.4 | | — | | — | Fuel and oil operating expenses | 14.4 | | — | | (130.4) | Commodity price risk | | | | | | Fuel and carbon operating expenses | 2,399.9 | | — | | (167.3) | Total movement in derivative instruments | 2,427.7 | | — | | (297.7) | | | | | | | | At March 31, 2025 | | Change in | | Hedge ineffectiveness | | Reclassified from | | fair value | | recognized in | | hedging reserve | | recognized in OCI | | profit or loss* | | to profit or loss** | | €M | | €M | | €M | Foreign currency risk | | | | | | Property, plant and equipment - aircraft additions | (149.8) | | — | | — | Fuel and oil operating expenses | (114.6) | | — | | 110.9 | Commodity price risk | | | | | | Fuel and carbon operating expenses | (154.3) | | — | | (77.4) | Total movement in derivative instruments | (418.7) | | — | | 33.5 | | | | | | | | At March 31, 2024 | | Change in | | Hedge ineffectiveness | | Reclassified from | | fair value | | recognized in | | hedging reserve | | recognized in OCI | | profit or loss* | | to profit or loss** | | €M | | €M | | €M | Foreign currency risk | | | | | | Property, plant and equipment - aircraft additions | (515.0) | | — | | — | Fuel and oil operating expenses | 117.7 | | — | | 4.2 | Interest rate risk | | | | | | Variable-rate instruments | — | | — | | (3.6) | Commodity price risk | | | | | | Fuel and carbon operating expenses | 398.8 | | — | | (71.8) | Total movement in derivative instruments | 1.5 | | — | | (71.2) | | | | | | | * Hedge ineffectiveness is classified within “Finance Expense” on the Consolidated Income Statement | ** Reclassified from hedging reserve to income statement – Fuel & Oil Foreign Currency & Commodity are reclassified in Fuel and Oil; Variable rate instruments are reclassified to finance expense |
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| Schedule of reclassified from other comprehensive income into the income statement |
| | | | | | | | | | | | | At March 31, | | | | | 2026 | | 2025 | | 2024 | | | | | €M | | €M | | €M | Commodity forward contracts | | | | | | | | | Reclassification adjustments for losses recognized in fuel and oil operating expenses | | | | 167.3 | | 77.4 | | 71.8 | Interest rate swaps | | | | | | | | | Reclassification adjustments for losses recognized in finance expense | | | | — | | — | | 3.6 | Foreign currency forward contracts | | | | | | | | | Reclassification adjustments for losses/(gains) recognized in fuel and oil operating expenses | | | | 130.4 | | (110.9) | | (4.2) | | | | | 297.7 | | (33.5) | | 71.2 |
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| Schedule of reclassified from other comprehensive income into the capitalized cost |
| | | | | | | | | | | | | At March 31, | | | | | 2026 | | 2025 | | 2024 | | | | | €M | | €M | | €M | Foreign currency forward contracts | | | | | | | | | Recognized in property plant and equipment – aircraft additions | | | | (63.8) | | (100.6) | | (305.7) | | | | | (63.8) | | (100.6) | | (305.7) |
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| Schedule of fair values and notional amounts derivative financial instruments |
| | | | | | | | | | | | | | | | | | | | | | | At March 31, | | | 2026 | | | 2025 | | | 2024 | | | Within | | > 1 Year | | | | | Within | | > 1 Year | | | | | Within | | > 1 Year | | | | | 1 Year | | (non— | | | | | 1 Year | | (non— | | | | | 1 Year | | (non— | | | | | (current) | | current) | | Total | | | (current) | | current) | | Total | | | (current) | | current) | | Total | | | €M | | €M | | €M | | | €M | | €M | | €M | | | €M | | €M | | €M | Foreign currency risk notional amounts | | | | | | | | | | | | | | | | | | | | | for effective hedges | | | | | | | | | | | | | | | | | | | | | PP&E — aircraft additions | | 553.8 | | 2,689.3 | | 3,243.1 | | | 373.8 | | — | | 373.8 | | | 494.0 | | 24.1 | | 518.1 | Fuel and oil operating expenses | | 3,541.9 | | 1,038.9 | | 4,580.8 | | | 3,925.5 | | 1,141.2 | | 5,066.7 | | | 3,701.7 | | 423.7 | | 4,125.4 | | | | | | | | | | | | | | | | | | | | | | — Within derivative financial assets | | 35.8 | | 92.4 | | 128.2 | | | 84.4 | | 5.8 | | 90.2 | | | 144.0 | | 3.2 | | 147.2 | — Within derivative financial liabilities | | (71.8) | | (7.8) | | (79.6) | | | (0.2) | | (2.5) | | (2.7) | | | — | | (3.3) | | (3.3) | | | (36.0) | | 84.6 | | 48.6 | | | 84.2 | | 3.3 | | 87.5 | | | 144.0 | | (0.1) | | 143.9 | | | | | | | | | | | | | | | | | | | | | | Commodity price risk notional amounts for effective hedges | | | | | | | | | | | | | | | | | | | | | Fuel and carbon operating expenses | | 3,381.8 | | — | | 3,381.8 | | | 3,424.5 | | 476.4 | | 3,900.9 | | | 3,713.8 | | 2.2 | | 3,716.0 | | | | | | | | | | | | | | | | | | | | | | Total fair value for all commodity fuel & carbon related derivative instruments: | | | | | | | | | | | | | | | | | | | | | — Within derivative financial assets | | 2,098.1 | | — | | 2,098.1 | | | 10.0 | | 9.6 | | 19.6 | | | 205.5 | | 0.1 | | 205.6 | — Within derivative financial liabilities | | (70.5) | | — | | (70.5) | | | (224.5) | | — | | (224.5) | | | (178.0) | | (0.8) | | (178.8) | | | 2,027.6 | | — | | 2,027.6 | | | (214.5) | | 9.6 | | (204.9) | | | 27.5 | | (0.7) | | 26.8 | | | | | | | | | | | | | | | | | | | | | | Fair values as reported in the consolidated balance sheet | | | | | | | | | | | | | | | | | | | | | Derivative financial assets | | 2,133.9 | | 92.4 | | 2,226.3 | | | 94.4 | | 15.4 | | 109.8 | | | 349.5 | | 3.3 | | 352.8 | Derivative financial liabilities | | (142.3) | | (7.8) | | (150.1) | | | (224.7) | | (2.5) | | (227.2) | | | (178.8) | | (3.3) | | (182.1) | | | | | | | | | | | | | | | | | | | | | | Derivative financial assets analyzed between those: | | | | | | | | | | | | | | | | | | | | | — Designated as continuing cash flow hedges | | 2,133.9 | | 92.4 | | 2,226.3 | | | 94.4 | | 15.4 | | 109.8 | | | 322.6 | | 3.3 | | 325.9 | — Where hedge accounting is no longer applied | | — | | — | | — | | | — | | — | | — | | | 26.9 | | — | | 26.9 | — Designated as fair value financial instruments | | — | | — | | — | | | — | | — | | — | | | — | | — | | — | | | 2,133.9 | | 92.4 | | 2,226.3 | | | 94.4 | | 15.4 | | 109.8 | | | 349.5 | | 3.3 | | 352.8 | | | | | | | | | | | | | | | | | | | | | | Derivative financial liabilities analyzed between those: | | | | | | | | | | | | | | | | | | | | | — Designated as continuing cash flow hedges | | (142.3) | | (7.8) | | (150.1) | | | (224.7) | | (2.5) | | (227.2) | | | (178.8) | | (3.3) | | (182.1) | — Where hedge accounting is no longer applied | | — | | — | | — | | | — | | — | | — | | | — | | — | | — | — Designated as fair value financial instruments | | — | | — | | — | | | — | | — | | — | | | — | | — | | — | | | (142.3) | | (7.8) | | (150.1) | | | (224.7) | | (2.5) | | (227.2) | | | (178.8) | | (3.3) | | (182.1) |
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