Ryanair Holdings PLC (RYAAY) 2026 Q4 法說會逐字稿

Good morning, ladies and gentlemen. Welcome to the full-year results analyst conference. I'm joined by all the team, I'm speaking to you from New York. I'm joined by all the team from London, Dublin and various other sites around Europe.

各位女士、先生，早安。歡迎參加全年業績分析師電話會議。我與整個團隊一同出席，我目前在紐約向各位發言；同時也有來自倫敦、都柏林以及歐洲各地多個據點的團隊成員一同參與。

As you've seen earlier this morning, we reported a record full-year profit of $2.26 billion, which has a rise of 40% over our prior year profit after tax of $1.6 billion. The highlights were traffic growth of 4% to a new record figure of $208.4 million.

如各位今早稍早所見，我們公布全年稅後獲利創新高，達 22.6 億美元，較前一年度稅後獲利 16 億美元成長 40%。亮點包括運量成長 4%，創下 2.084 億人次的新紀錄。

That was achieved despite delivery delays on 29th Boeing game change for aircraft. During the year, incredible cost discipline, unit cost rose only 1%, for the looking forward to the next 12 months, we've covered 80% of our jet fuel at about $67 per barrel, $668 per metric tonne.

這是在波音 29 架「Gamechanger」機型交付延遲的情況下達成的。全年我們展現了驚人的成本紀律，單位成本僅上升 1%。展望未來 12 個月，我們已以約每桶 67 美元（每公噸 668 美元）的價格，對 80% 的航空燃油進行避險。

We took delivery of the last 29 of our 210 game changer orders. So we have 647 aircraft in the fleet at March 31. And we declared a final dividend of $0.195 per share. It's payable in September subject to AGM approval.

我們已接收 210 架「Gamechanger」訂單中的最後 29 架。因此截至 3 月 31 日，機隊共有 647 架飛機。我們也宣告每股 0.195 美元的期末股利，將於 9 月支付，惟須經股東週年大會（AGM）核准。

Obviously, we've had a record year and we're delighted with these results, but they've been overtaken, obviously, by the conflict in the Middle East.

顯然，我們創下了紀錄性的一年，對這些成果感到非常高興；但很明顯地，這些成果已被中東衝突所掩蓋。

Like everybody else, we don't know when the Strait of Hormuz will reopen. But Europe remains very well supplied with jet fuel and significant, almost all of Europe's jet fuel is now sourced from West Africa, the Americas and Norway.

和其他人一樣，我們也不知道荷姆茲海峽何時會重新開放。但歐洲的航空燃油供應仍相當充足，而且目前歐洲幾乎所有航空燃油都改由西非、美洲以及挪威供應。

Our very conservative jet fuel hedging strategy, as I said, under which 80% for the next 12 months is hedged at $67 per barrel out to April 2027, would insulate the Ryanair Group earnings from the current very volatile oil market and will significantly widen the cost advance we hold over all EU competitors for the remainder of FY 2027.

如我所述，我們非常保守的航空燃油避險策略——未來 12 個月 80% 以每桶 67 美元避險，並延伸至 2027 年 4 月——將使瑞安航空集團的獲利免受目前極度波動的油市影響，並在 FY2027 剩餘期間，顯著擴大我們相較所有歐盟競爭對手的成本優勢。

As we will see, the balance sheet remains strong with a BBB+ credit rating, both Fitch and S&P, with an unencumbered Boeing 737 fleet of 628 aircraft, at 20 year top.

如各位將看到的，我們的資產負債表依然強健，獲得惠譽與標普（Fitch 與 S&P）BBB+ 信用評等；並擁有 628 架未設定擔保（unencumbered）的波音 737 機隊，為 20 年來高點。

At March 21, gross cash was $3.6 billion, and this was after spending $1.9 billion on CapEx, $1.2 billion on debt repayments, and over $900 million in shareholder distributions over the last 12 months.

截至 3 月 21 日，總現金為 36 億美元；而這是在過去 12 個月已支出 19 億美元資本支出（CapEx）、12 億美元償債，以及超過 9 億美元股東回饋之後的水準。

And net cash was $2.1 billion at year end, which enables the group to repay our very last $1.2 billion bond next week before the end of May, which leaves our group effectively debt free, which is a stunning achievement by any non-government owned airline.

年末淨現金為 21 億美元，使集團得以在 5 月底前、也就是下週，償還我們最後一筆 12 億美元債券，讓集團實質上成為零負債；對任何非政府持有的航空公司而言，這都是驚人的成就。

During FY26, we purchased and cancelled another 2% of our shared capital. We've retired 38% of Ryanair's issued share capital since 2008. The final dividend is $0.195 is payable in September, and subject to ACM approval.

在 FY26 期間，我們再度回購並註銷了另外 2% 的股本。自 2008 年以來，我們已註銷瑞安航空已發行股本的 38%。期末股利每股 0.195 美元將於 9 月支付，並須經股東週年大會（ACM）核准。

Our priorities with our cash over the next 12 months are obviously firstly to fund the final bond repayment in May, then to fund our MAX 10 aircraft CapEx over the next 12 months, to pay down dividends and to choose to fund the balance of our $750 million buyback program at favorable lower prices recently, while rebuilding internal cash flows or in terms of the group's cashback to EUR4 billion.

未來 12 個月我們的現金運用優先順序，首先是於 5 月完成最後一筆債券償還；其次是支應未來 12 個月 MAX 10 飛機的資本支出；再來是支付股利；並在近期較低且有利的價格下，選擇性完成 7.5 億美元庫藏股回購計畫的剩餘部分，同時重建內部現金流，或就集團現金回補至 40 億歐元的目標而言。

I'm going to touch briefly on the fleet's growth. As we said, at the year end, we have 647 aircraft, which includes 210 game changers, all of which are debt-free and unencumbered.

我將簡要談談機隊成長。如前所述，年末我們共有 647 架飛機，其中包含 210 架「Gamechanger」，且全部皆為無負債、未設定擔保。

Boeing are making very positive noises about the MAX 10 certification, which they now expect to take place at the end of Q3, early Q4 2026. They've also confirmed in writing that they expect to deliver Ryanair's first 15 MAX 10s in the spring of 2027, in line with the original contract dates.

波音對 MAX 10 認證釋出非常正面的訊息，目前預期將於 2026 年第 3 季末、2026 年第 4 季初完成。他們也以書面確認，預期將於 2027 年春季交付瑞安航空首批 15 架 MAX 10，符合原合約時程。

Once we take 300 of these fuel efficient aircraft, all of which are due to deliver by March 2034, they will transform the economics, the operating costs of Ryanair as they enable us to offer 20% more seats to the market, but they burn 20% less seats less fuel per flight.

當我們接收這 300 架高燃油效率的飛機（預計於 2034 年 3 月前全數交付）後，將徹底改變瑞安航空的經濟性與營運成本：它們使我們能向市場提供多 20% 的座位數，但每趟航班的燃油消耗卻可降低 20%。

This summer, Ryanair has 130 new routes on sale, they include three new bases in Rabat, Morocco, Tirana in Albania and Trapani in southern Italy.

今年夏季，瑞安航空推出 130 條新航線開賣，其中包括三個新基地：摩洛哥拉巴特、阿爾巴尼亞地拉那，以及義大利南部的特拉帕尼。

Our scarce FY27 capacity growth, or Summer ['26] capacity growth, is allocated to those regions and airports who are actively cutting aviation taxes like Sweden, Slovakia, Albania and regional Italy, and are also where airports are incentivizing traffic growth.

我們稀缺的 FY27 運能成長（或 2026 年夏季運能成長）將配置到那些正積極下調航空稅的地區與機場，例如瑞典、斯洛伐克、阿爾巴尼亞與義大利的區域機場，同時也配置到機場正以激勵措施推動運量成長的地方。

And we're switching our scarce capacity away from uncompetitive high tax markets like Austria, Belgium, Germany and regional Spain. The board and myself commenced discussions on an extension of my employment contract which currently runs to 2028 that runs out until April 2032.

同時，我們正把稀缺運能自缺乏競爭力、稅負偏高的市場移出，例如奧地利、比利時、德國以及西班牙的區域市場。董事會與我本人已開始討論延長我的聘僱合約；該合約目前至 2028 年，擬延長至 2032 年 4 月。

We recently concluded an outline agreement and the Board will commence engagement with our largest institutional shareholders in the coming days.

我們近期已達成一份原則性協議，董事會將在未來幾天開始與我們最大的機構股東進行溝通。

The key feature of the contract extension is that they will have purchase options over 10 million shares, but these will only invest if we achieve very ambitious profit after tax and share price growth targets over the next six years, i.e. before 2030.

合約延長的關鍵特色是：將授予 1,000 萬股的購股選擇權，但只有在未來六年（亦即 2030 年前）達成非常具企圖心的稅後獲利與股價成長目標時，這些選擇權才會歸屬（vest）。

If we do, we will create very substantial capital value for all shareholders. I'm going to turn then briefly to the outlook. We expect fully FY27 traffic to grow about 4% to $216 million passengers.

若我們達成，將為所有股東創造非常可觀的資本價值。接著我簡要談談展望。我們預期 FY27 全年運量將成長約 4%，達 2.16 億人次。

The key feature of the next 12 months is that 80% of our jet fuel has been hedged at $67 per barrel, which is lower than last year's $76 per barrel price. However, the price of our unheaded 20% has spiked due to the Middle East conflict.

未來 12 個月的關鍵特色是：我們 80% 的航空燃油已以每桶 67 美元避險，低於去年的每桶 76 美元。不過，未避險的 20% 燃油價格因中東衝突而大幅飆升。

Our EU enviro taxes are also expected to rise by a $4,300 million this year to $1.4 billion, which makes EU air travel even less competitive than it was before.

我們在歐盟的環境稅也預期今年將增加 4.3 億美元至 14 億美元，使歐盟航空旅行的競爭力比以往更弱。

Ryanair, like all of the European airlines, are calling for either the abolition of ETS or bringing ETS taxes in line with Corsia rates, which is what the non-EU airlines pay. It makes no sense that we tax ourselves that European airlines are and passengers are taxed so indiscriminately compared to our non-EU competitors.

瑞安航空與所有歐洲航空公司一樣，呼籲要嘛廢除 ETS，要嘛將 ETS 稅率調整至與 CORSIA 費率一致（非歐盟航空公司所支付的標準）。我們對自己課稅、卻讓歐洲航空公司與旅客相較非歐盟競爭對手承擔如此不成比例的稅負，毫無道理。

Our maintenance costs will rise modestly due to an AGNG fleet and mid-life hospital visits on the leap engines. There will also be some significant crew pay increases agreed this year.

由於機隊老化，以及 LEAP 引擎在中期壽命需進廠大修，我們的維修成本將小幅上升。此外，今年也已同意若干顯著的機組人員加薪。

We've recently completed five year pay deals with our Italian pilots and cabin crew, and we're in active negotiations with a wide number of other national pilot and cabin crew unions, and we expect to agree follow-on deals with those over the coming weeks and months.

我們近期已與義大利的飛行員與客艙組員完成為期五年的薪酬協議；同時也正與多個其他國家的飛行員與客艙組員工會積極談判，並預期在未來數週至數月內達成後續協議。

If the unhedged fuel prices remain at current elevated levels throughout the remainder of FY27, then unit costs could rise in line here by a mid-single-digit percentage.

若未避險燃油價格在 FY27 剩餘期間維持目前偏高水準，則單位成本可能會以中個位數百分比的幅度上升。

That would still demonstrate incredible unit cost discipline. To date, our summer 2026 travel demand remains robust, although bookings since the war in the Middle East, are closer in than they were last year, which reduced the visibility.

即便如此，仍將展現驚人的單位成本紀律。迄今為止，我們 2026 年夏季的旅遊需求仍然強勁；不過，自中東戰事以來，訂位期較去年更短，降低了能見度。

Pricing in recent weeks has eased somewhat in response to economic uncertainty caused by higher oil prices, far too much media attention about the fear of fuel shortage, which we believe does not exist, and the risk of inflation, adversely impacting consumer spending.

近幾週票價因多項因素而略有走弱：油價上漲引發的經濟不確定性、媒體對「燃油短缺」的過度關注（我們認為並不存在）、以及通膨風險對消費支出的不利影響。

In fact, the trend we've been seeing is that further out into June, July and August, we're having to marginally discount pricing maybe 1% or 2% to keep the forward curve rising, but the close-in bookings in early mid-May are strong and pricing is strong.

事實上，我們觀察到的趨勢是：對於 6、7、8 月較遠期的航段，我們可能需要小幅折讓約 1% 至 2% 以維持遠期曲線上升；但 5 月上旬至中旬的近期期訂位強勁，票價也強勁。

With the first week of Easter falling into March, which benefited last year's Q4, we now expect Q1 fares to be behind Q1 FY26 by a mid-digit percentage.

由於復活節第一週落在 3 月，帶動了去年 Q4 的表現；因此我們目前預期本年度 Q1 票價將較 FY26 的 Q1 落後中個位數百分比。

With constrained EU capacity and short-haul capacity due to OEM delivery delays and with the engine repairs, we'd originally expected the S26 fares to rise modestly. We thought we'd be in the lowest plus low single positions after a 10% fare increase in the prior year.

在歐盟運能受限、短程運能因 OEM 交付延遲與引擎維修而受限的情況下，我們原本預期 2026 年夏季票價將小幅上升。我們認為在前一年票價上漲 10% 之後，票價增幅會落在低個位數的區間。

However, Q2 pricing with limited visibility is now trending broadly flat and the final outcome will be totally dependent on close in peak summer '26 bookings and fares.

然而，由於能見度有限，Q2 定價目前大致呈現持平走勢；最終結果將完全取決於 2026 年夏季旺季的近期期訂位與票價。

With zero H2 visibility and significant fuel price potential and significant fuel price potential supply volatility, it's far too early to provide any meaningful FY27 pop-in items at this time.

在下半年（H2）能見度為零、且燃油價格存在顯著上行風險與供應波動的情況下，現在要提供任何有意義的 FY27 損益項目（P&L）指引仍為時過早。

And with that, I'm going to ask Neil Sorahan, the group's CFO, to take us through the MD&A. Neil?

那麼，接下來我想請集團財務長 Neil Sorahan 帶我們走過 MD&A。Neil？

Thanks, Michael. I'm just going to maybe reiterate a couple of points that you already made. So first and foremost, looking at last year, very strong performance on unit costs, up 1%, in line with the modest unit cost inflation that we previously guided.

謝謝你，Michael。我可能只是重申幾點你剛才已經提到的。首先也是最重要的，回顧去年，單位成本表現非常強勁，上升 1%，符合我們先前所指引的溫和單位成本通膨。

Balance sheet, as Michael's already said, finished the year, rock solid (inaudible) balance piece BBB+ rate is $3.6 billion gross cash, and as a CFO, very excited that we'll be debt-free this day, next week, having paid off our final $1.2 billion bonds, and a very strong unencumbered lease available to us.

資產負債表方面，如 Michael 已經說過的，年底時非常穩健（聽不清）資產負債表 BBB+ 評級；總現金為 36 億美元。作為財務長，我非常興奮的是，我們將在下週的這一天實現零負債，因為我們已償還最後 12 億美元的債券，並且我們也擁有非常強的、未設抵押的租賃額度可供運用。

Looking beyond, then into next year again, very well hedged, as Mike has already said, $668 a metric tonne. We hedge jet fuel, we don't hedge Brent or gas oil. We hedge exactly what goes into the tanks. That has always been the case, but equally very well hedged on the euro dollar as well.

再往前看、進入明年，如 Mike 已經提到的，我們避險做得非常到位，價格為每公噸 668 美元。我們避險的是航空燃油，我們不避險布蘭特原油或柴油。我們避險的是實際加進油箱的燃油。一直以來都是如此；同時在歐元兌美元方面也同樣避險得很充分。

We don't generate any dollars in the business, so we've hedged 80% of our dollar requirements on fuel this year at $1.15. And indeed we've put down floor into the first half of next year with nearly 30% euro dollar hedged at 1.20%.

我們的業務不產生任何美元收入，因此今年我們以 1.15 的匯率，對燃油所需美元需求的 80% 進行了避險。而且我們也在明年上半年設定了底線，將近 30% 的歐元兌美元以 1.20% 進行避險。

So locking in dollar savings but haven't got haven't moved on with our jet fuel yet, just waiting to see where the market steadies in the next number of weeks.

因此我們鎖定了美元節省，但我們的航空燃油避險還沒有往前推進，只是在等待未來幾週市場會在什麼水準趨於穩定。

The next big mover on the cost base, as Michael has alluded to, is going to be the MAX 10 aircraft coming in in the spring of next year, 20% more fuel efficient, 20% more seats. So we'll be spreading the costs across 20% more traffic from then onwards.

成本基礎的下一個重大變動因素，如 Michael 所提到的，將是明年春季引進 MAX 10 飛機，燃油效率提升 20%，座位數增加 20%。因此從那時起，我們將把成本分攤到多 20% 的運量上。

So business is in good shape. The balance sheets rock solid and we're managing things that are within our control well. Michael, I'll hand back over to you, please.

所以公司狀況良好。資產負債表非常穩健，我們也把可控的事情管理得很好。Michael，我把時間交還給你。

Okay, thank you, Neil. And with that, we'll ask the moderator to open up for Q&A, please. And we're going to limit everybody, obviously, to two questions as normal so we get through this in about an hour.

好的，謝謝你，Neil。那麼接下來請主持人開放 Q&A。照慣例我們會限制每位提問者兩個問題，讓我們能在大約一小時內完成。

(Operator Instructions) Stephen Furlong from Davy.

（接線員指示）Davy 的 Stephen Furlong。

Hi, Michael. I want to ask about aircraft, actually, and just generally capacity. So I saw in your presentation, you've kind of smoothed out the future growth plan, maybe just the time your deliveries, it's 3% or so in the next two years.

嗨，Michael。我其實想問飛機，以及更一般的運能問題。我在你們的簡報中看到，你們把未來成長計畫做了平滑處理，可能是調整交付時點；未來兩年大概是 3% 左右。

You think that as we go into the winter it's likely that there'll be changes in the market capacity presumably at these oil prices a lot of competitors are stressed and then even beyond that obviously you're working with Boeing to get the MAX 10s.

你認為進入冬季後，市場運能可能會出現變化嗎？在這樣的油價下，很多競爭對手應該承受壓力；再往後看，你們也在和波音合作取得 MAX 10。

With the balance sheet you have do you think there could be a situation if Boeing came back for MAX 10s or even 8s and you'd be interested even more aircraft. Thanks a lot.

以你們目前的資產負債表，你覺得是否可能出現一種情況：如果波音回頭提供 MAX 10，甚至 8，你們會有興趣再多買一些飛機？非常感謝。

Okay, thank you. And there are two questions that, look, the thing that overrides these record results this morning, record profits, record growth, is the war in the Middle East. And frankly, none of us know when that will finish or when that will wind up or when the Strait of Hormuz will reopen.

好的，謝謝。這裡有兩個問題。你看，今天早上這些創紀錄的成果——創紀錄的獲利、創紀錄的成長——最終都被中東戰爭所凌駕。坦白說，我們沒有人知道它何時結束、何時收尾，或荷姆茲海峽何時會重新開放。

It therefore makes sense for us to be very conservative. So we're saying this morning, if the war in the Middle East and the Straits of Hormuz remain closed until the end of March 2027, and oil remains at $150 a barrel, then our unit cost might rise about 5%.

因此我們採取非常保守的做法是合理的。所以我們今天早上說，如果中東戰爭持續、荷姆茲海峽一直關閉到 2027 年 3 月底，而且油價維持在每桶 150 美元，那麼我們的單位成本可能上升約 5%。

I mean, if that happens, there will be about three or four airlines left flying in Europe. We are by far and away the best hedged airline in Europe. There's a lot of our competitors who are significantly poorly hedged. Most of them are hedged to the end of September, October, with very little hedging in place through to the winter months.

我的意思是，如果真的發生那種情況，歐洲大概只剩三、四家航空公司還能飛。我們是歐洲避險做得最好的航空公司，遠遠領先。很多競爭對手的避險明顯不足；大多數只避險到 9 月、10 月底，進入冬季月份幾乎沒有什麼避險部位。

But I do not expect the Straits of Hormuz to remain closed until March of next year. The US has midterm elections in November. I have been reliably advised by a number of senior US politicians that Memorial Day at the end of May is when those midterms kick off and that there will need to be a resolution of the situation by the end of May.

但我不預期荷姆茲海峽會一直關閉到明年 3 月。美國在 11 月有期中選舉。我從多位美國資深政治人物那裡得到可靠訊息：5 月底的陣亡將士紀念日（Memorial Day）是期中選舉正式啟動的時間點，因此在 5 月底之前必須要讓局勢獲得解決。

However, if it does continue over those 12 months. There will be significant airline failures in Europe this winter, mainly from some competitor airlines who are offer low fares but don't have low costs, have very stressed gearing on their balance sheet and are not as well hedged as Ryanair.

然而，如果它真的持續那 12 個月，這個冬天歐洲將出現顯著的航空公司倒閉，主要會發生在一些競爭對手身上：他們提供低票價但沒有低成本，資產負債表槓桿壓力很大，而且避險也不如 Ryanair。

And you see already many of those airlines are cutting capacity. They've cut capacity up to 5%, 6% during April, May and into the June quarter. We are not cutting capacity. We are continuing with our own 4% traffic growth and we will expect to continue that through the summer.

你也已經看到，很多航空公司正在削減運能。他們在 4 月、5 月以及進入 6 月季度期間，已將運能削減到 5%、6%。我們沒有削減運能。我們持續推進自身 4% 的運量成長，並預期整個夏季都會維持。

Again, taking advantage of our very strategically strong fuel hedging position. And I would expect us to grow strongly. If oil remains, unhealed oil remains higher for longer, there might be a slight dip in profitability this year, but we're talking slight dips, not anything that reflects the recent 20%-25% in the share price.

同樣地，這是利用我們在燃油避險上非常具策略性的強勢部位。我預期我們會強勁成長。如果油價維持在高檔、未避險燃油成本高企更久，今年獲利可能會略有下滑，但我們談的是小幅下滑，不是那種能反映近期股價下跌 20%–25% 的程度。

So we see this as an enormous buying opportunity. We continue to meet shareholders, oh, I wish we bought the last time there was a dip. Well, here's the dip and here's your chance. And we are continuing to exercise our buyback, and we're getting tremendous value for shareholders by buying back stock in the market at these current prices.

所以我們把這視為一個巨大的買進機會。我們持續與股東會面，常聽到「真希望上次下跌時有買」。現在就是下跌、現在就是機會。我們也持續執行庫藏股回購，並在目前價格水準於市場回購股票，為股東創造極佳價值。

Do I think there'll be more aircraft? I'm not sure, Stephen. It was interesting, I was talking about the aircraft in SRs a week ago who had taken aircraft back from the Spirit failure in the US.

我是否認為會有更多飛機？我不確定，Stephen。有趣的是，我一週前在和 SRs 談飛機，他們從美國 Spirit 倒閉案中收回了飛機。

One interesting thing was they had repossessed 25 aircraft. They'd taken the 50 engines off the 25 aircraft and put them into the engine pool. They seem to be able to make more money out of spare engines than they are even releasing second-hand aircraft.

有一件有趣的事是，他們收回了 25 架飛機，把這 25 架飛機上的 50 具引擎拆下來放進引擎池。他們似乎靠備用引擎賺得比出租二手飛機還多。

We expect the current crisis to worsen the capacity situation in Europe, and the capacity situation in Europe was already significantly muted this year. We had originally thought that would lead to higher pricing.

我們預期目前的危機會讓歐洲的運能狀況進一步惡化，而歐洲的運能狀況今年本來就已經明顯受抑。我們原本以為這會帶來更高的票價。

I still believe that will lead to higher pricing, only when there's a resolution of the war in Iran and the Strait of Hormuz reopen. I think our pricing will rebound strongly and our unhedged fuel will fall significantly. We're not there yet, and we don't know when that will happen.

我仍然相信這會帶來更高的票價——但要等到伊朗戰爭獲得解決、荷姆茲海峽重新開放之後。我認為我們的票價將強勁反彈，而我們未避險燃油成本將顯著下降。我們還沒到那一步，也不知道何時會發生。

Are Boeing likely to turn around and offer us more MAX 10s? Sadly no, because they can't make them fast enough at the moment. They still have to get it certified at the end of this year. Will there be more MAX 8s available?

波音是否可能回頭再提供更多 MAX 10 給我們？很遺憾，不會，因為他們目前根本做不夠快。他們年底還得先完成認證。會有更多 MAX 8 可供交付嗎？

Highly unlikely. I mean, there's a huge backlog of demand out there for the two OEMs, Airbus and Boeing. None of them have any spare aircraft availability this side of 2031, 2032. As Neil has said, we will always in Ryanair be opportunistic.

極不可能。我的意思是，兩大 OEM——空中巴士與波音——外部需求積壓非常龐大。他們在 2031、2032 年之前都沒有任何多餘的飛機可供交付。正如 Neil 所說，我們在 Ryanair 一向會把握機會。

If there was, if somebody was distressed and came to us offering us very low cost 737-8s or 10s, we would certainly look at it. That's why we continue to maintain a very strong balance sheet.

如果真的有——如果有人陷入困境，來找我們以非常低的成本提供 737-8 或 10，我們當然會評估。這也是為什麼我們持續維持非常強健的資產負債表。

I should say Since the war in Iraq, we've commenced negotiations on reasonably modest lease extensions of the Airbus, the 26 Airbus fleet in Lauda.

我也要說，自伊拉克戰爭以來，我們已開始就 Lauda 的空中巴士機隊（26 架空巴）進行相對溫和的租約延長談判。

Most of those aircraft leases that end in 2028, 2029, we're extending them at the moment out to 2030, 2031, just so that we can match their retirements into the deliveries of 40 when we get up to the 40 or 50 aircraft deliveries with Boeing.

這些飛機多數租約在 2028、2029 年到期，我們目前正把它們延長到 2030、2031 年，這樣我們就能把它們的退役時點，與波音交付量提升到每年 40 架、50 架時的交付節奏相匹配。

You'll have seen this morning we pulled back the traffic growth through FY 2028 and FY 2029 because Boeing can only deliver us 15 aircraft each spring in those two years. By the time I get to FY 2030, they're delivering us 40, 50 aircraft.

你們今天早上也看到，我們下調了 FY 2028 與 FY 2029 的運量成長，因為波音在那兩年每個春季只能交付我們 15 架飛機。等到 FY 2030，他們就會交付我們 40、50 架。

Then I can resume strong capacity growth in Europe and take out the Airbus aircraft if we can't source some newer air or newer younger aircraft leases to replace the Lauda A321 fleet. We see lots of opportunity out there in the current climate.

到那時我就能在歐洲恢復強勁的運能成長，並在無法取得更新或更年輕的租賃飛機來替換 Lauda A321 機隊的情況下，逐步汰換空巴飛機。我們在目前的環境下看到很多機會。

Our guidance, I think, it is sensible to assume a worst case. The worst case is that the war will continue and the Strait of Hormuz will remain closed until March of 2027. Frankly, none of us believe that to be the case.

我們的指引，我認為，合理的做法是先假設最壞情境。最壞情境是戰爭將持續，且荷姆茲海峽將一直關閉到 2027 年 3 月。坦白說，我們沒有人相信會是這樣。

I think there's nothing but upside at the moment in our trading outlook, and there's nothing but upside in our share price currently. Thank you, Stephen. Next question.

我認為，就我們目前的交易展望而言，現在只有上行空間；而我們目前的股價也只有上行空間。謝謝你，Stephen。下一題。

Jaime Rowbotham from Deutsche Bank.

德意志銀行的 Jaime Rowbotham。

Hi, Michael. First, in terms of that best guess on flat pricing for Q2, it was a similar outlook this time two years ago, then in July downgraded to fares now seen materially lower. That was largely the OTA headwinds, which you recovered very well from in 2025.

嗨，Michael。首先，關於你們對第二季票價持平的最佳估計，兩年前的這個時候也有類似的展望，但到了 7 月卻下調，票價如今被認為顯著更低。那主要是 OTA 的逆風因素，而你們在 2025 年從中復原得非常好。

I just wanted to get a sense if there's little change in the next two months in terms of jet fuel prices, the Middle East conflict, how worried are you that you might have to deliver a similar message in two months time, given the far more turbulent backdrop now?

我只是想了解一下：如果未來兩個月噴射燃油價格、中東衝突等方面變化不大，在目前更為動盪的背景下，你們有多擔心兩個月後可能需要傳達類似的訊息？

Secondly, with the mid-single-digit guidance for increased full-year unit costs, is it a similar increase for the fuel piece versus the non-fuel piece? With regard to the latter, maybe some additional color on the magnitude of the crew pay increases in the new contract labor agreements. Thank you.

第二，關於全年單位成本上升「中個位數」的指引，燃油部分與非燃油部分的增幅是否相近？至於後者，能否再補充一些資訊，例如新勞動合約協議中機組人員薪酬調升的幅度。謝謝。

Thanks, Jaime. I'll ask Neil to do the prep for the second half of the question, which is the unit cost increase, which is almost largely the unhedged fuel. Nevertheless. Let me talk about pricing into Q2. We're reflecting what is a trend we've seen develop over the last, I would say, six, eight weeks.

謝謝，Jaime。我先請 Neil 準備回答問題的後半段，也就是單位成本上升，這幾乎主要來自未避險的燃油。不過，讓我先談談第二季的票價。我們反映的是一個趨勢，我想在過去大概六到八週逐步形成的趨勢。

You know, previously we were reasonably, the pricing into Q2, which is the July, August, September quarter, we were seeing, you know, modest mid-single digit increases.

你知道，先前我們對第二季（也就是 7、8、9 月這一季）的票價走勢，還算相當……我們看到的是溫和的中個位數增長。

I think what has happened with the war in Iraq, in the Middle East is there's been a degree of passenger hesitancy. You've lots of people who may already have made bookings to go long haul or across the Gulf carriers into the Middle East. They're holding off. Will it clear?

我認為伊拉克、中東的戰爭所造成的是旅客出現一定程度的猶豫。有很多人可能已經訂了長程航班，或是透過海灣航空公司前往中東的行程；他們現在在觀望。會不會好轉？

What will happen? We think that would break very much in favor of European air travel as we get to the school holidays now. It'll break in favor of European air travel. We believe we think we're vindicated with the strength of the close-in bookings, both volumes and pricing during May.

我們認為，隨著現在進入學校假期，這將非常明顯地有利於歐洲航空旅行——會轉向有利於歐洲航空旅行。我們相信，從 5 月臨近出發日的訂位強勁表現（不論量與價）來看，我們的判斷得到印證。

We had another very strong weekend of bookings this weekend. We finished 50,000 bookings ahead of the target. Again, strong close-in pricing, strong close-in volumes. We were a little bit off.

這個週末我們又迎來一個非常強勁的訂位週末。我們最終比目標多了 50,000 筆訂位。同樣地，臨近出發日的票價強、臨近出發日的量也強。我們稍微有點偏離。

I mean, you know, you're talking maybe 1% or 2% of the forward bookings out into June, July, the end of June, July, August, compared to this time last year. We think people, I mean, anecdotally, lots of people are just waiting to see what will happen. Will it be safe? Can I travel?

我的意思是，你知道，你談的可能是 6 月、7 月、6 月底、7 月、8 月的遠期訂位，相較去年同期大概差 1% 或 2%。我們認為人們——就軼聞而言——很多人只是想等著看會發生什麼。安全嗎？我能旅行嗎？

I think two things come from that. One, people will travel. you know, where they will, families will go on holidays. The question is, will they go on holidays, long haul or to the Middle East, or will they stay at home and go on holidays in Europe?

我認為這帶來兩點。第一，人們會旅行——你知道，家庭會去度假。問題在於，他們會去長程度假或去中東，還是會留在家附近、在歐洲度假？

We think they will stay at home and go on holidays in Europe. you know, You know, I am generally one of life's optimists. I think the war in the Middle East will get resolved in the next month or two, I think you will see both a decline in spot oil prices and a reasonable surge in bookings through to the mid, into Q2. I'm guessing, that's not guide.

我們認為他們會留在家附近，選擇在歐洲度假。你知道，我一般算是個樂觀的人。我認為中東的戰爭會在接下來一兩個月內解決；我認為你會看到即期油價下滑，並且在進入第二季中段之前，訂位會合理地激增。我這是猜測，這不是指引。

At the moment it makes sense for us to guide based on what we presently see, which is flat pricing, and unit cost, if it continues like this for the full-year, up 5%. I think that is likely to be a worst case scenario, and I think there's lots of, there will be lots of upside in those numbers if the war, if the Strait of Hormuz reopen and oil prices settle back.

目前對我們而言，基於我們現在看到的情況來給出指引是合理的，也就是票價持平；而單位成本如果全年都像現在這樣，將上升 5%。我認為這很可能是最壞情境；如果戰爭結束、荷姆茲海峽重新開放、油價回落，我認為這些數字會有很大的上行空間。

Not, I mean, they won't go all the way down to $67 a barrel immediately, but I do believe they will settle down under, well under $100 a barrel by the time we get to the back end of the summer. Neil Sorahan, on the unit cost inflation.

當然，我的意思是，它們不會立刻就一路跌回每桶 67 美元，但我確實相信，等到夏季後段時，油價會回落並穩定在遠低於每桶 100 美元。Neil Sorahan，請談談單位成本通膨。

Yeah, Jamie, good morning. I suppose the two key words in the outlook on the unit cost inflation are if and could. If fuel remains at a current level on the unhedged, then we could be looking at unit cost increase in the mid-single digits.

好的，Jamie，早安。我想單位成本通膨展望裡的兩個關鍵字是「如果」與「可能」。如果未避險燃油維持在目前水準，那我們可能會看到單位成本上升中個位數。

To put it in context, when we were doing our budgets back in February, March, we were actually looking at unit costs if the curve had remained where it was then, being down on fuel on a per passenger basis. It's now nudging above mid-single digits at this point in time based on where the forward fuel curve is. Without giving away too many secrets, if fuel is ahead of mid-single digits, then obviously ex-fuel unit costs are marginally below.

提供一些背景：我們在 2 月、3 月做預算時，如果當時的遠期曲線維持不變，我們其實預期以每位乘客計算的燃油單位成本會下降。以目前遠期燃油曲線的位置來看，現在正略微高於中個位數。不要透露太多細節，如果燃油增幅高於中個位數，那麼很顯然，扣除燃油後的單位成本會略低於此。

we're continuing to perform very well on the ex-fuel unit cost, locking in good airport deals, locking in good long-term opportunities. We've got 29 more Gamechangers in the fleet this summer, 4% more passengers spreading the cost over those, 20% more fuel efficient. you know, we've got a lot of issues in there. I don't plan to go into too much detail on the crew pay, but might ask Eddie if he wants to add any color on that.

我們在扣除燃油後的單位成本表現仍然非常好，鎖定了不錯的機場協議，也鎖定了良好的長期機會。今年夏天我們機隊還會再加入 29 架 Gamechanger，乘客量增加 4% 來分攤成本，燃油效率提升 20%。你知道，我們裡面有很多因素。我不打算在機組薪酬上講太多細節，但我可以問問 Eddie 是否願意補充一些說明。

Yeah, I mean, if you look at what the CLAs as they have ticked over from April for renewal out to five years. You have like I'm not gonna go into percentages, but there's an element of front-loading on those five year deals and then more modest increases thereafter.

是的，我的意思是，如果你看 CLAs（集體勞動協議），它們從 4 月起陸續到期並續約到五年期。你會看到——我不打算談百分比——這些五年期合約有一部分是前期加速（front-loading），之後的增幅就比較溫和。

I mean, when you look at what pilots and cabin crew want, I mean, they want that longer-term certainty. They also want the favorable rosters back in the case of the pilots to keep continuing to roll the five-four rosters, which is an integral part of the whole scheduling process that everybody wins on. Increasingly, things like job security, yeah, are raising their heads out there.

我的意思是，當你看飛行員與客艙組員想要什麼時，他們想要的是較長期的確定性。他們也希望在飛行員的情況下恢復較有利的排班，持續沿用 5-4 排班，這是整個排班流程中非常關鍵的一部分，大家都能受益。越來越多像是工作保障之類的議題，也開始浮現。

I mean, pilots and cabin crew know exactly what happens in situations like this. Even with the sort of recent closures that we've had in Berlin and Thessaloniki, at least there are jobs with the growth elsewhere within the network. We're going to continue to talk to the other pilot groups and cabin crew groups that are maturing on their deals at the moment, and we're working our way through those.

我的意思是，飛行員與客艙組員非常清楚在這種情況下會發生什麼。即使我們最近在柏林與塞薩洛尼基有一些關閉措施，至少在航網其他地方的成長仍然有工作機會。我們會持續與其他目前合約正在到期、需要續談的飛行員團體與客艙組員團體溝通，我們也正在逐一推進。

James Hollins from BNP Paribas.

法國巴黎銀行的 James Hollins。

Thanks very much. A couple for you, Michael. Just wondering so regionally.

非常感謝。有幾個問題想問你，Michael。只是想了解一下，就區域而言。

Yeah

是的。

I was wondering if you'd flag any region showing particular hesitancy on bookings relative to others. Also regionally, whether you're worried about jet fuel shortages anywhere. You sound very confident on jet fuel.

我想問你是否注意到有任何區域的訂位相對其他區域顯得特別猶豫。另外，就區域而言，你是否擔心任何地方會出現噴射燃油短缺？你聽起來對噴射燃油非常有信心。

Secondly, clearly you're not a man to ever waste a crisis. I was wondering if you could just run us through your thoughts for this summer. Clearly, lots of chat about pricing, but would you maybe use this summer to pressure some competitors or just let the demand cycle play out? Thanks.

第二，很明顯你不是那種會浪費危機的人。我想請你談談你對今年夏天的想法。市場上顯然有很多關於票價的討論，但你是否可能利用這個夏天去施壓一些競爭對手，或是就讓需求循環自然發展？謝謝。

Thanks very much. Let me run through those briefly. There isn't much difference on the regional shape. I mean, you take our size and scale. I think the real trend for us this summer is that we are switching capacity away from country. We're closing the base in Berlin in October.

非常感謝。我簡要回應一下。區域形態上差異不大。我的意思是，以我們的規模與體量來看，我認為今年夏天對我們而言真正的趨勢是：我們正在把運能從某些國家轉移出去。我們將在 10 月關閉柏林基地。

We're closing the base in Thessaloniki. We're closing, we're taking aircraft away from regional Spain, France. Vienna, the base is reducing. Any of those countries who still have a kind of environmental tax on air travel or high airport fees, we're switching capacity away for those, and their traffic is in decline.

我們將關閉塞薩洛尼基基地。我們正在把飛機從西班牙、法國的區域市場撤出。維也納基地也在縮減。任何仍對航空旅行課徵某種環境稅或機場費用偏高的國家，我們都在把運能轉移出去，而它們的客流正在下滑。

For example, Vienna last week reported April traffic down 8%. We're switching those aircraft in favor of that capacity, in favor of those airports in places like Sweden.

例如，維也納上週公布 4 月客流量年減 8%。我們把這些飛機轉移，改投放到那些機場的運能，例如在瑞典等地。

You remember the home of Greta Thunberg and flight shaming. A new transport minister has abolished aviation taxes up there. Arlanda has introduced a very imaginative growth incentive scheme, we're growing like gangbusters up there.

你們記得那個 Greta Thunberg 與「飛行羞恥」的故鄉。那裡的新交通部長已經廢除了航空稅。阿蘭達機場（Arlanda）推出了一個非常有創意的成長激勵方案，我們在那裡的成長非常迅猛。

Similar situation in Slovakia, regional Italy, where they're abolishing municipal tax. Albania, where they've not alone abolished aviation tax, they've cut ATC fees, and the airport has introduced a growth incentive available to all airlines, which we are gobbling up very rapidly.

斯洛伐克、義大利部分地區也有類似情況，他們正在廢除市政稅。阿爾巴尼亞則不僅廢除了航空稅，還下調了航管（ATC）費用，而機場也推出了對所有航空公司開放的成長獎勵方案，我們正非常迅速地大量採用。

That doesn't mean there isn't even in those new markets where we're growing strongly, there is a degree of hesitancy out into June, July, August. I think, you know, it's not any major downturn, but for this time of the year, we're having to slightly open up a little bit on pricing just to keep that forward-booking curve in line with our own internal targets.

這並不表示即使在那些我們強勁成長的新市場中，對於6月、7月、8月的需求就完全沒有一些猶豫。我認為，你知道，這不是什麼重大下滑，但以一年中的這個時點來看，我們必須在定價上稍微放鬆一點，才能讓前瞻訂位曲線符合我們內部目標。

We're running, you know, 0.2% ahead of our targets for May and June. We're bang on that target for July, August and September. We're very comfortable where we are. We're seeing this kind of trend for about the last two months.

我們在5月和6月的表現比目標高出0.2%。7月、8月與9月則完全達標。我們對目前的狀況非常放心。這樣的趨勢大概已經持續了近兩個月。

Further out, we're having to do a little bit of price discounting to keep the volumes going. That's even while our competitors are taking out up to 4% or 5% of their own short-haul capacity. You know, there is a little bit of customer nervousness out there.

更往後的期間，我們必須做一點價格折扣來維持量能。即便如此，我們的競爭對手正在削減多達4%或5%的短程運能。你知道，市場上確實有一點客戶的緊張情緒。

We think that will break in favor of stronger close-in bookings and pricing as we move through June, July and August. It very much depends on what and when what and when the Strait of Hormuz and the conflict in Iran ends.

我們認為，隨著進入6月、7月與8月，情勢將轉向更強勁的臨近出發訂位與定價。這在很大程度上取決於荷莫茲海峽以及伊朗衝突何時、以及如何結束。

Jet fuel shortages, I think there was a real concern there about a month, two months ago in Europe. At this point in time, and we do regular weekly meetings with our fuel team. We're in Paris at the conference last week.

至於航空燃油短缺，我想大約在一、兩個月前，歐洲確實非常擔心。目前此刻，我們每週都會與燃油團隊定期開會。我們上週也在巴黎參加會議。

We now have almost zero concerns over fuel supplies across Europe. The only area where there's a slight reservation is Q8, which is the oil subsidiary of the state of Kuwait. Has about 25% market share in the UK.

我們現在對歐洲各地的燃油供應幾乎已經零疑慮。唯一稍有保留的區域是Q8，也就是科威特國營石油的子公司，在英國約有25%的市占率。

Even they are now switching their supplies or their imports to the Americas away from the Middle East. Europe is now essentially fully supplied with Jet A, Jet A and Jet A-1 coming from West Africa, Norway, the Middle East and some of the Central Eastern European countries are taking Jet A-1 from Russia.

即便是他們，現在也正把供應或進口來源轉向美洲、遠離中東。歐洲目前基本上已完全獲得Jet A、Jet A與Jet A-1的供應，來源包括西非、挪威、中東；而部分中東歐國家則從俄羅斯取得Jet A-1。

We do not now see any real risk to supplies. In the case of Kuwait and the UK, our other large oil suppliers in the UK have said they will be able to supply us with fuel if there was any disruption with Kuwait. We don't really.

我們現在看不到任何真正的供應風險。就科威特與英國而言，我們在英國的其他大型油品供應商已表示，若科威特供應出現任何中斷，他們能夠為我們供油。我們其實不太……

The Kuwaitis are reasonably confident they will be able to meet our supply in full through the summer season. I think our concern over the risk of jet fuel shortages has now receded.

科威特方面相當有信心，他們能在整個夏季旺季完全滿足我們的供應需求。我認為，我們對航空燃油短缺風險的擔憂現在已經消退。

The challenge remains price is very volatile, as you all know. We think that will break meaningfully if there is some resolution of the conflict in around the Straits of Hormuz.

挑戰仍然在於價格非常波動，這點大家都知道。我們認為，如果荷莫茲海峽周邊的衝突能有某種解決，情勢將會出現明顯改善。

If it doesn't, I think you will see meaningful competitor failures or very dramatic capacity cuts from competitors who will be running out of cash as we move to the end of the summer through August, September, October. What was the last point on competition?

如果沒有，我想你會看到競爭對手出現顯著倒閉，或非常劇烈的運能削減，因為隨著進入夏末、到8月、9月、10月，他們的現金可能會耗盡。關於競爭的最後一點是什麼？

I mean, I just called you a man never to waste a crisis. I was wondering if you were sort of thinking about stamping your boot on some of your competitors.

我的意思是，我剛剛稱你為一個絕不浪費危機的人。我在想你是否正在考慮對某些競爭對手「踩上一腳」。

Yeah, no. I mean, look, yeah, we never, ever, I would say, expand our, you know, take advantage of our competitors or do something or deploy capacity based on what competitors are doing. We couldn't care less. We deploy capacity based on where the airport incentives are at their greatest.

對，不會。我的意思是，你看，是的，我們從來不會——我會說——基於競爭對手在做什麼來擴張、占他們便宜、做些什麼或部署運能。我們根本不在乎。我们部署運能是看哪裡的機場獎勵最大。

We have been struck with the extent to which, for example, you know, Albania, Tirana, which was a, has, you know, it has a 12-aircraft Wizz base, are really very concerned, like a lot of European airports, about some of their incumbent carriers viability or survivability.

我們注意到，例如阿爾巴尼亞的地拉那（Tirana），那裡有一個擁有12架飛機的Wizz基地，他們其實非常擔心——就像許多歐洲機場一樣——一些既有航空公司的可行性或生存能力。

They are getting very aggressive with the incentives or the growth incentive schemes they're putting in place. We're seeing that play itself out across Europe.

他們在推出的獎勵或成長獎勵方案上變得非常積極。我們看到這種情況正在歐洲各地上演。

We're also seeing it now very prominently in the Baltic states. There are a number of I would characterize our expansion this summer as not one of can we put competitor or put pressure on competitors, but rather taking advantage of unique growth opportunities that are now being made available to us because a number of our competitor, our airport partners are becoming increasingly concerned that either, A, their reliance on some of our flaky competitors or, B, and they've said this to us themselves, are genuinely worried that some of our flaky competitors might not survive this winter.

我們現在也在波羅的海國家非常明顯地看到這點。有不少——我會把我們今年夏天的擴張形容為：不是要把競爭對手怎麼樣或對競爭對手施壓，而是把握一些獨特的成長機會；這些機會之所以出現，是因為我們的一些競爭對手、以及我們的機場夥伴，越來越擔心：A，他們對某些不太可靠的競爭對手依賴過高；或B——而且他們自己也這麼跟我們說——他們真心擔心某些不太可靠的競爭對手可能撐不過今年冬天。

Like, my view would they'd be right in that. But we deploy capacity based on those markets where aviation taxes are being cut, and airport incentive schemes are being improved. Thanks for the question. Next question, please.

像我自己的看法是，他們這樣想是對的。但我們部署運能，是基於那些正在下調航空稅、以及機場獎勵方案正在改善的市場。謝謝你的提問。下一題，請。

Muneeba Kayani from BofA.

美國銀行（BofA）的Muneeba Kayani。

Muneeba, hi.

Muneeba，你好。

Good morning. Two questions, please. Firstly, just wanted to go back on share buybacks. Michael, you talked about.

早安。兩個問題。第一個，想回到庫藏股回購。Michael，你提到……

Yeah.

對。

The CapEx clearly, but you've also talked about the share price being attractive. What are your thoughts right now on topping up the buyback? I know you have still a bit remaining in that.

資本支出（CapEx）很清楚，但你也提到股價具有吸引力。你目前對於加碼回購有什麼想法？我知道你們在那個回購計畫裡還剩下一些額度。

That's the first question. Secondly, just longer-term, how are you thinking about that 12-14 profit per pax outlook if fuel prices remain elevated? Like, could there be a scenario of this capacity cuts from other airlines kind of supporting that outlook even in a high fuel environment, or is that not possible? Thank you.

這是第一個問題。第二個，較長期來看，如果燃油價格維持在高檔，你們如何看待每位乘客（per pax）12–14的利潤展望？是否可能出現一種情境：其他航空公司的運能削減反而支撐這個展望，即使在高油價環境下也能達成？還是說不可能？謝謝。

Yeah. Sorry, you broke up there. You were saying on the outlook on profit per pax, was there a period or, did you say years there or?

對。抱歉，你剛剛訊號有點斷。你是在問每位乘客利潤的展望，是指某個期間，還是——你剛剛有說到年份嗎？

No. Correct me if I'm wrong, but I think previously you'd said you'd expect that to get to the 12-14 range in the medium term. how are you thinking about that in this fuel environment, which could maybe take out capacity from others? What are the moving parts in it, given that it's a different fuel environment right now?

沒有。如果我沒記錯的話，你之前說過中期你預期會達到12–14的區間。在目前這種燃油環境下（也可能會讓其他人削減運能），你怎麼看這件事？在現在不同的燃油環境下，影響因素有哪些？

Yeah, sure. Thanks, Muneeba. Okay, let me deal with the two of those. On the share buybacks, we're about $600 million through the existing or 80% of the way through the existing $750 million buyback. We expect to complete that buyback.

好的，當然。謝謝你，Muneeba。好，我來回答這兩個問題。關於庫藏股回購，我們在既有的7.5億美元回購計畫中，已經執行了大約6億美元，也就是完成約80%。我們預期會完成這個回購。

We're pretty much very fettered in the way we can manage buyback, so it all has to be board approved, announced to the market that we buy a certain percentage of the daily trades. We continue to do that.

我們在回購的操作方式上其實受到相當多限制，所有事項都必須經董事會核准、對市場公告，並且我們只能買入每日成交量的一定比例。我們會持續這麼做。

Nevertheless, I think the war in the Middle East has been very helpful to us. It has brought the average cost of that buybacks in the earlier dates from down from about $28, $28.50 a share. We're now down around $26.40 average price per share.

不過，我認為中東戰事對我們其實很有幫助。它讓我們在較早期日期所做回購的平均成本下降，從每股約28美元、28.50美元，現在降到每股平均約26.40美元。

Would we step up and come up with a new buyback in the next three or a couple of quarters? I think it's highly unlikely. Remember our big deployment of cash currently is to fund the repayment of the final bond debt.

我們會不會在接下來三季或幾季內加碼、推出新的回購？我認為可能性非常低。請記得，我們目前現金的主要用途是用來償還最後一筆債券負債。

To put that in some context, we're going to repay a $1.2 billion bond, a bond we drew down during COVID. We pay only 0.85% on that, but if we were to try to refi that today, the cost would be about 4%. I think it demonstrates the strength of the Ryanair business model and our cash flows.

提供一些背景：我們將償還一筆12億美元的債券，這是我們在COVID期間動用的。我們對那筆債只支付0.85%的利率，但如果今天要再融資（refi），成本大約會是4%。我認為這展現了Ryanair商業模式與現金流的強勁。

We came out of COVID with $4 billion of gross cash, and in the last five years, we have now paid down that $4 billion of gross debt, sorry. We have a gross debt of $4 billion at the end of COVID.

我們在COVID結束時有40億美元的總現金，而在過去五年，我們已經把那40億美元的總負債——抱歉——我們在COVID結束時的總負債是40億美元。

We have now paid down that $4 billion of gross debt over the last five years while funding paid by, while funding buybacks, while funding shareholder dividends, and also funding gross CapEx on the remainder of the Gamechanger fleet.

在過去五年，我們已經償還了那40億美元的總負債，同時也在資助回購、資助股東股利，並且也資助了Gamechanger機隊剩餘部分的總資本支出（gross CapEx）。

If I look forward over the next four years, so I don't think we'll do another share buyback in the next two couple of quarters, or certainly not before the end of this calendar year.

如果我往未來四年看，所以我不認為我們會在接下來兩季再做另一個庫藏股回購，或者至少在今年曆年結束前肯定不會。

We're then looking into a period of three, four, five years where I think we'll continue to be very strongly cash generative, but we have no debt to buy, to no bond debt to refinance or refund. We'll also have a two-year kind of CapEx holiday through FY28 and FY29 cause we're only taking 15 MAX 10.

接著我們將進入三、四、五年的期間，我認為我們仍會非常強勁地創造現金，但我們沒有債務要買回，也沒有債券負債需要再融資或再籌資。我們也會在FY28與FY29有一段兩年的CapEx「假期」，因為我們只會接收15架MAX 10。

You can take it that there will be a continuation of both dividends and very strong buybacks with our spare cash through FY28 and FY29, but not this summer. This summer we're using the buyback cash to pay down the last of our bond debt of $1.2 billion, and that gets paid down next week. What do I think of the outlook of our EUR12 to EUR14 profit per passenger?

你可以認為，在 FY28 與 FY29 期間，我們會持續發放股利並以手上多餘現金進行非常強勁的庫藏股回購，但不是在今年夏天。今年夏天我們會把原本用於回購的現金拿去償還剩餘的 12 億美元公司債務，而這筆債務將在下週償清。至於每位乘客 12 至 14 歐元利潤的展望，我怎麼看？

Frankly, I think it remains unchanged. This is a short-term shock to the system. You know, the war in Iran was somewhat unexpected by the market, certainly the closure of the Straits of Hormuz. This is no different to what we've seen before with 9/11, the Gulf War, the Second Gulf War, the Russian, Russia's illegal invasion of Ukraine.

坦白說，我認為仍然不變。這只是對系統的一次短期衝擊。你知道，伊朗戰爭在某種程度上是市場意料之外的，尤其是荷姆茲海峽的封鎖。這與我們過去在 9/11、波斯灣戰爭、第二次波斯灣戰爭、以及俄羅斯對烏克蘭的非法入侵時所見到的情況並無不同。

There's been a short-term fuel spike. What happens is a short-term fuel spike, Ryanair's hedging comes to the fore, which protects the vast majority of our earnings during that period of volatility, the situation resolves itself, oil prices refix, everybody goes back to normal again.

燃油價格出現了短期飆升。通常發生的是短期燃油飆升，而瑞安航空的避險策略就會發揮作用，在那段波動期間保護我們絕大部分的獲利；接著情勢自行化解，油價重新定價，大家又回到正常狀態。

Will there be a disruption this year? It's too early to say, Muneeba, because we don't know how long the Straits of Hormuz will remain closed.

今年會不會出現營運中斷？現在還太早下定論，Muneeba，因為我們不知道荷姆茲海峽會封鎖多久。

If, as I suspect is likely to be the case, Trump will find some resolution or declare victory by the end of May, when the midterm election hearing kicks off, then I think, you know, I would be more optimistic than our current guidance of unit costs going up by five, you know, mid-single digits this year.

如果如我所懷疑、也很可能會發生的情況，川普會在 5 月底、期中選舉聽證啟動前找到某種解決方案或宣告勝利，那麼我認為，你知道，我會比我們目前的指引更樂觀；我們目前的指引是今年單位成本上升約 5%，也就是中個位數的增幅。

I think we'll do better than that, and I think you'll see more confidence return to passengers bookings and pricing during the summer. But much depends also what happens this winter with our, the flaky competitors around Europe, the ones who are not particularly well-hedged, the ones who are hugely have very large net debt positions.

我認為我們會比那更好，而且我認為你會看到在夏季期間，乘客訂位與票價的信心回升。但也很大程度取決於今年冬天歐洲那些不穩定的競爭對手會發生什麼事——那些避險做得不太好的、那些淨負債部位非常龐大的。

I mean, one of our airline's competitor has recently borrowed $30 million from its local government just to get it through the summer trading period. That loan is soon to be repaid in August. There is no possibility of that loan being repaid in August.

我的意思是，我們的一家航空競爭對手最近才向其地方政府借了 3,000 萬美元，只為了撐過夏季交易期。那筆貸款很快就要在 8 月償還。那筆貸款在 8 月根本不可能償還。

I would expect there will be competitor failures in Europe. Who knows, maybe the EUR12 to EUR14 profit per passenger will actually come forward because there will be even more constrained capacity in Europe and stronger pricing.

我預期歐洲會出現競爭對手倒閉。誰知道呢，也許每位乘客 12 至 14 歐元的利潤反而會提前實現，因為歐洲運能將更加受限、票價更強。

Like everybody else, we're in a period of short-term period of uncertainty. We hunker down. We trade on the strength of our balance sheet.

和其他人一樣，我們正處於短期不確定的時期。我們會收縮防守，依靠資產負債表的實力來經營。

If you look at our record over the last four years, five years, Muneeba, when we have paid down $4 billion of bond debt. As I look forward into the next four or five years, we have no bond debt to repay, that kind of cash generation will be available. The board has been consistent over the last five years in saying if there is surplus cash, it will be deployed to pay down debt.

如果你看看過去四、五年的紀錄，Muneeba，我們已償還了 40 億美元的公司債務。展望未來四、五年，我們沒有任何公司債務需要償還，因此那樣的現金創造能力將可供運用。董事會在過去五年一直一致表示：若有多餘現金，將用於償還債務。

We now have no more debt to pay, the balance will be returned to shareholders through dividends and share buybacks. I would not expect another short-term buyback. We are very content to finish out the current program, which we expect will happen by sometime mid to end August, before the AGM, then pay down our bond debt.

我們現在已沒有更多債務要償還，剩餘資金將透過股利與股票回購回饋股東。我不預期會再有另一個短期回購。我們很滿意把目前的計畫做完，預期會在 8 月中旬到下旬、股東週年大會（AGM）之前完成，然後再償還我們的公司債務。

I would look forward into calendar 2027, calendar 2028, the resumption of reasonably strong buyback activity if profitability and cash flows return to some pre-Middle Eastern war norms. Thanks, Muneeba. Next question, please.

我會把目光放到 2027 年、2028 年，若獲利能力與現金流回到某種中東戰爭前的常態水準，合理強度的回購活動將會恢復。謝謝你，Muneeba。請下一題。

Conor Dwyer from Citi. Please go ahead.

花旗（Citi）的 Conor Dwyer。請開始。

Thanks. Morning, Michael. Morning, Neil. First question is on that kind of CapEx point. I think consensus roughly around $2 billion for the coming year. And you're talking a little bit around a CapEx holiday in the years following that, presumably on slower MAX 10 deliveries.

謝謝。早安，Michael。早安，Neil。第一個問題是關於資本支出（CapEx）。我想市場共識對來年大約是 20 億美元。而你們提到在之後幾年會有點像 CapEx 假期，推測是因為 MAX 10 交付放緩。

I was wondering if you could give any indication on where you expect CapEx to roughly end up at for that kind of level. And then secondly, just around airport charges. At the moment, you know, the last quarter tracks down low single digits and, you continue to kinda churn the network in that sense.

我想請問你們能否提供一些指引，預期 CapEx 大致會落在什麼水準？第二個問題是關於機場收費。目前你知道，上季的趨勢是低個位數下降，而你們也持續在那個意義上調整航網。

I'm wondering how we should kind of expect airport charges to progress over the next kind of two- three years, if indeed, you know, you continue to grow as you're telling the airports you will do so.

我想知道，未來兩到三年我們應該如何看待機場收費的走勢？如果確實如你們告訴機場的那樣，你們會持續成長的話。

Okay, Conor, that's an opportunity. Neil, will you take the CapEx question for the next couple of years? I might ask Eddie Wilson, the Ryanair DAC CEO, to comment on the airport charges. Maybe Eddie and Jason McGuinness, airport charges in our short discussions for the next two or three years.

好的，Conor，這是個好問題。Neil，你可以回答未來幾年的 CapEx 問題嗎？至於機場收費，我可能請瑞安航空 DAC 執行長 Eddie Wilson 來評論。也許 Eddie 和 Jason McGuinness 可以談談未來兩到三年的機場收費，在我們簡短的討論中。

Conor, good morning. How are you doing? CapEx, as you said, yeah, roughly about $2 billion in FY27, give or take. Could be slightly lower, could be slightly higher, depending on the timing of CapEx on the engine shop. There'll be fairly modest CapEx in there on the engine shops this year.

Conor，早安。你近來如何？CapEx 如你所說，是的，FY27 大約 20 億美元上下。可能略低，也可能略高，取決於引擎維修廠（engine shop）CapEx 的時點。今年在引擎維修廠方面會有相當溫和的 CapEx。

The lion's share to CapEx is maintenance with some deliveries in the spring of next year and some PDPs starting to build up. Similarly, the following year, haven't really gone into detail there. I think I've previously said somewhere between $2.5 billion and $3 billion. I wouldn't be moving hugely away from that. Again, it'd be more skewed towards maintenance than aircraft deliveries.

CapEx 的大宗是維修，另外在明年春季會有一些交付，還有一些預付款（PDPs）開始累積。同樣地，隔年我們還沒有深入細節。我之前大概說過會在 25 億到 30 億美元之間；我不會大幅偏離那個區間。同樣地，結構會更偏向維修而非飛機交付。

Then we kind of get into the peak of the order and the engine shop CapEx after that, but I, I'm not gonna go into too much detail there at this point in time.

之後我們會進入訂單交付高峰以及引擎維修廠 CapEx 的高峰，但我現在不打算在這個時間點提供太多細節。

Yeah, just on airport costs.

是的，關於機場成本。

Go ahead.

請說。

You know, like fairly aggressive targets with the new routes team on what we do in terms of airport costs because we just have this constant battle between regulated airports think they can do what the hell they like.

你知道，我們的新航線團隊在機場成本方面有相當積極的目標，因為我們一直在和受監管的機場進行持續的拉鋸戰——他們以為自己想怎麼做都行。

Yeah, on the one side, you've Dublin out there with a $5.6 billion CapEx out there with no extra capacity in it whatsoever. Then you've got, you know, the likes of Aena down there with like $11 billion-plus.

是的，一方面，都柏林那邊有 56 億美元的 CapEx，但完全沒有帶來任何額外容量。然後你又看到像 Aena 那樣的，超過 110 億美元。

Heading into this very difficult environment whereby, they think they can defy the laws of gravity in terms of attracting traffic. The same thing plays out with the Fraports and VINCI's of this world on that side of the house.

在這個非常困難的環境下前進，他們以為在吸引客流方面可以違反地心引力法則。同樣的情況也發生在 Fraport 與 VINCI 這些公司身上，在那一端。

On the other side of the house, as Michael has talked about there, you've got municipal tax in Asia, you've got the Swedish tourism tax. You've got all the deals whereby with the smaller airports that actually add up.

另一方面，如 Michael 剛才提到的，你有亞洲的市政稅，你有瑞典的旅遊稅。你還有各種與小型機場的協議，這些加總起來影響很大。

You've got the long-term, you know, deal that we've completed with MAG in, not just in London where it's the only airport that can grow now without any extra airport infrastructure or air runway infrastructure in the next 10 years.

你還有我們與 MAG 完成的長期協議，不只是在倫敦——在未來 10 年內，這是唯一一個不需要任何額外機場基礎設施或跑道基礎設施就能成長的機場。

That's up against our competitors on a, on a significantly higher cost base, that gap is only gonna get wider in London. It's a constant battle there, you know? Like, I'd be trying to keep that flat and nudge it down if I can over the next number of years, but it's a difficult job to do.

相較之下，我們的競爭對手是在顯著更高的成本基礎上運作，而在倫敦這個差距只會越來越大。這是一場持續的戰爭，你知道嗎？我會努力在未來幾年把它維持持平，若可以的話再稍微往下壓，但這是一項很難的工作。

Nobody's getting any capacity off Ryanair unless our average costs go down, our average costs go down by lowering charges, and airports have to work with us to extract more money from parking or duty free or whatever it is.

除非我們的平均成本下降，否則沒有人能從瑞安航空拿到任何運能；而平均成本要下降，就得靠降低收費，機場必須與我們合作，從停車、免稅店或其他項目中賺取更多收入。

We've gotta have, you know, sustainable commercial relationships with airports that have to work as hard as us in terms of investing on delivering more passengers, more passengers and growth. Jason, is there anything you want to add onto that?

我們必須與機場建立可持續的商業關係；機場也必須像我們一樣努力投資，交付更多乘客、更多乘客與成長。Jason，你還有什麼要補充的嗎？

Yeah. The other thing I would say, Eddie, is that increasingly the conversations we're having with airports is they're increasingly worried about where the growth is going to come from.

有的。Eddie，我還想說的是，我們與機場的對話越來越多地聚焦在：他們越來越擔心成長將從哪裡來。

There's a huge amount of airport infrastructure coming into Europe over the next 5, 10 years, there's very few airlines or indeed only one airline, Ryanair, that would deliver the growth into this new infrastructure.

未來 5 到 10 年，歐洲將有大量機場基礎設施投入，但能把成長帶進這些新基礎設施的航空公司非常少，甚至可以說只有一家——瑞安航空。

Increasingly the conversations is they're worried about competitor capacity, I think that's where you're seeing us growing this year. We're growing Polish capacity by plus 22% this year. We're adding eight aircraft into Poland, open the base in Tirana, four aircraft growing capacity by close to 60%.

對話中他們越來越擔心競爭對手的運能，我想這也是你看到我們今年成長的原因。我們今年在波蘭的運能成長超過 22%。我們在波蘭新增 8 架飛機，在地拉那（Tirana）開設基地，配置 4 架飛機，運能成長接近 60%。

We will take it out of the likes of Germany and Austria where costs, where they are not being sensible on cost.

我們會把運力從像德國和奧地利這些地方撤出，因為那裡的成本——他們在成本方面並不理性。

The Berlin air, seven base aircraft closure being a prime example of somewhere where we've reduced capacity by 50%, and that capacity is migrating to Poland, Albania and Slovakia, and we're gonna continue to do so.

以柏林為例，關閉七個基地機場就是一個典型案例；我們已把那裡的運力削減了50%，而這些運力正在轉移到波蘭、阿爾巴尼亞和斯洛伐克，我們也會繼續這麼做。

I think there's gonna be lots of opportunities across this winter, in terms of capacity, competitor capacity coming out of the market.

我認為這個冬季在運力方面會有很多機會，因為競爭對手的運力會退出市場。

Wonderful. Thanks very much.

太好了。非常感謝。

Thanks, Jason. Can I just add to that? To give you a flavor, you've an airport like Sweden which, four or five years ago, was nobody wants to fly anymore. We're all listening to Greta Thunberg, flight shaming, et cetera, et cetera. You've a really good new transport minister up there going, this is stupid. We're losing business.

謝謝，Jason。我可以補充一下嗎？讓你感受一下：像瑞典這樣的市場，四、五年前是「沒有人想再飛了」。大家都在聽Greta Thunberg、飛行羞恥之類的。現在那邊有一位非常不錯的新交通部長在說：這很蠢，我們正在流失生意。

He's abolished the environmental tax and Arlanda has introduced very imaginative traffic growth schemes. Tirana, for example, not only have they abolished the tax, cut ATC fees, and in growth incentive schemes.

他已經廢除了環境稅，而阿蘭達機場（Arlanda）也推出了非常有創意的運量成長方案。以地拉那（Tirana）為例，他們不但廢除了稅、降低航管（ATC）費用，還推出成長獎勵方案。

You contrast that with somewhere like Dublin, just a bunch of idiots. They have a traffic cap that they've been sitting on for the last 20 years.

你再對比像都柏林那種地方，就是一群白痴。他們有一個旅客量上限，過去20年一直卡在那裡。

Government promised 18 months ago to remove it as soon as possible. 18 months later, nothing done. Then these dumbos in Dublin have come up with a CapEx program of $5.6 billion for the next five years. 25% of that are about $1.5 billion, is an allowance for inflation and contingencies over the next five years.

政府在18個月前承諾會盡快取消。18個月後，什麼都沒做。然後都柏林這些蠢蛋又提出未來五年56億美元的資本支出（CapEx）計畫。其中25%，約15億美元，是未來五年通膨與不可預見事項的預備金。

There is a risk that inflation might tick up from 2%, 3%, but it's not going to cost them an extra $1.5 billion. That's the kind of messing that these regulated monopoly airports are still engaged with. As we said last week, if that goes ahead, we simply will stop growing overnight in Dublin, and if Ryanair stops growing in Dublin doesn't grow.

通膨可能會從2%、3%往上走，確實有風險，但不可能讓他們多花15億美元。這就是這些受監管的壟斷機場仍在搞的那種把戲。正如我們上週所說，如果這案子照走，我們就會在都柏林一夜之間停止成長；而如果Ryanair在都柏林停止成長，都柏林就不會成長。

We have lots of other airports in Sweden and Albania. Slovakia, for example, again, the new government abolished the environmental taxes. They cut ATC fees by nearly 50%, and the airport has significantly reduced its airport fees.

我們在瑞典和阿爾巴尼亞還有很多其他機場。以斯洛伐克為例，新政府同樣廢除了環境稅；他們把航管（ATC）費用砍了將近50%，機場也大幅降低機場費。

We as a result have switched a load of aircraft out of high-cost, high-tax Vienna up the road to Slovakia. In April, Vienna's traffic went down by 8%, and Slovakia recorded a record 170% growth in traffic April over April.

因此，我們把大量飛機從路那頭高成本、高稅負的維也納轉到斯洛伐克。4月維也納的運量下滑8%，而斯洛伐克4月相較去年4月的運量成長創下170%的紀錄。

I would expect those churn discussions to continue to play out over the next couple of years while morons in Dublin and the likes of them, you know, come up with, you know, game the regulatory system by coming up with these absolutely stupid, you know.

我預期這些「運力輪替」的討論在未來幾年仍會持續上演，因為都柏林那些蠢貨以及類似的人，你知道的，會想出一些——你知道——透過提出這些絕對愚蠢的方案來鑽監管制度的漏洞。

For example, they want to spend nearly $1 billion in Dublin putting air bridges on the Ryanair terminal despite the fact that we don't use air bridges. We deliver 80% of the traffic through that terminal, but they have come up with this, what a euphemism for the majority of airlines using Pier 1 want air bridges.

例如，他們想在都柏林花將近10億美元，在Ryanair航廈裝設空橋，儘管我們根本不用空橋。我們透過那個航廈帶來80%的運量，但他們卻提出這個方案，還用一種委婉說法：多數使用1號登機廊（Pier 1）的航空公司想要空橋。

They, while forgetting to mention that the airport that delivers it, the airline delivers 80% of the traffic won't use them and won't pay for them.

同時他們忘了提：那家帶來80%運量的航空公司不會使用，也不會為此付費。

The great advantage we have is the strength of our churn negotiations, and as Eddie said, the strength of our pipeline of 300 aircraft deliveries.

我們最大的優勢，是我們在運力輪替談判上的實力；以及如Eddie所說，我們有300架飛機交付的強大供給管線。

No airport in Europe, if it wants to grow, most of them now recognize they need to encourage Ryanair to grow there because we're the ones that'll be deploying 40, 50 aircraft a year. Some of those aircraft deployments will involve taking aircraft out of Dublin and deploying them somewhere else.

歐洲沒有任何機場如果想成長——現在大多數都認知到，他們需要鼓勵Ryanair在那裡成長，因為我們每年會部署40、50架飛機。其中一些部署會把飛機從都柏林撤出，改部署到其他地方。

Unless somebody in the in our useless government eventually pass the legislation abolishing the tax and finally takes a stick to these morons in Dublin Airport who think, you know, they just keep pissing away EUR billions and the customer will pay. They won't. Next question.

除非我們那個無能的政府裡終於有人通過廢除該稅的立法，並且終於拿出手段去管管都柏林機場這些蠢貨——他們以為自己可以一直把數十億歐元亂花，然後讓客戶買單。客戶不會買單。下一題。

Harry Gowers from JP Morgan.

JP Morgan 的 Harry Gowers。

Hi. Morning, Michael. Morning, Neil. First one, just for the Q1, I wanted to get a little bit more color on what you're seeing exactly in terms of the close-in booking so far. I mean, clearly there's some weakness or simulation needed at some point in the curve.

嗨，早安，Michael。早安，Neil。第一個問題，針對Q1，我想更了解你們目前看到的「臨近出發訂位」（close-in booking）到底是什麼情況。我的意思是，很明顯在訂位曲線的某個階段出現一些疲弱，或需要某種刺激。

Have you seen more of a positive acceleration or sort of positive inflection in close-in pricing in recent weeks, or has it been quite consistently strong since the start of the crisis? The second one, probably for Neil, just on the ex-fuel unit cost inflation this year.

最近幾週你們是否看到臨近出發的價格出現更正向的加速或正向拐點？還是自危機開始以來就一直相當強勁？第二個問題可能給Neil，關於今年不含燃油的單位成本通膨（ex-fuel unit cost inflation）。

It feels like some of it is maybe just timing related around staff and maintenance, maybe seeing a bigger impact this year than in the outer years. Is that kind of fair with the MAX 10s coming next year and that staff pay inflation being front-end loaded? Thanks a lot.

感覺其中一部分可能只是時點因素，與人員與維修相關，可能今年的影響比未來幾年更大。考量到MAX 10明年開始交付，以及人員薪資通膨是前置反映，這樣理解是否合理？非常感謝。

Thanks, Harry. Let me give you a flavor of what's going on. If you take, say for example, the month of April was weak. It was artificially weak this year because the first weekend of the April school holidays fell into March.

謝謝，Harry。我先讓你感受一下目前的狀況。以4月為例，4月偏弱。今年之所以看起來偏弱，是因為4月學校假期的第一個週末落在3月。

We entered April about 0.2% where we were ahead of target. Despite the fact that Easter was early in April, the close-in bookings still were stronger and stronger. We finished up the month about 0.5% ahead of target. 0.5% is sort of like 100,000 passengers.

我們進入4月時，大約領先目標0.2%。儘管復活節在4月初，臨近出發的訂位仍然越來越強。我們月底約領先目標0.5%。0.5%大概相當於10萬名旅客。

We finished almost 100,000 passengers ahead of our passenger target for the month of April, that was all thanks to stronger, very strong close-in near-term bookings and stronger pricing.

我們4月的旅客量目標幾乎超出10萬人，這完全要歸功於更強、非常強的臨近出發短期訂位，以及更強的票價。

However, if at the moment, if pricing remains weaker out through June, July, August, or we're having to marginally, and I keep emphasizing this, you know, we're having to maybe take 1% or so off the pricing, you know, to keep the further out bookings building.

不過，目前如果6月、7月、8月一路到暑期的票價仍偏弱，或我們必須小幅——我一直強調是小幅——可能把票價下調約1%左右，以讓較遠期的訂位持續累積。

The close-in is strong and the pricing is strong. We still see that finishing up. If that continues through those three months of June, July and August, and I don't think it will because I don't think the Strait of Hormuz, the uncertainty in the Middle East can continue into June, July, August, or Trump will lose not just the House but the Senate as well.

臨近出發的需求很強、票價也很強。我們仍然認為最終會是那樣。如果這種情況在6、7、8月這三個月都持續下去——我不認為會，因為我不認為荷莫茲海峽、中東的不確定性可以一路延續到6、7、8月，否則Trump不只會失去眾議院，連參議院也會丟掉。

If it does continue, then we think pricing moves from being up mid-single digits in those peak summer months to being flattish in those peak summer months. We don't think it goes negative. I can't rule it out either.

如果真的持續，我們認為在夏季旺季那幾個月，票價會從「中個位數增長」變成「大致持平」。我們不認為會轉為負成長，但我也不能排除。

If there was some, you know, untoward adverse development in the Middle East or the Strait of Hormuz, it, you know, you never say never. I would be much more optimistic that I think we are being conservative in the guidance today and that the outturn will continue to improve and be better, partially because people will inevitably go on holidays one way or the other.

如果中東或荷莫茲海峽出現某些不利的意外發展，你知道的，凡事沒有絕對。我會更樂觀一些：我認為我們今天的指引是保守的，而最終結果會持續改善、表現更好，部分原因是人們無論如何終究會去度假。

I just think they'll holiday in Europe or at European resorts in Portugal, Italy, Spain, Greece, this summer. Many more will fly with us to Turkey, Albania and Morocco because they can avoid Europe's mad ETS taxation by simply flying to neighboring non-EU countries.

我只是認為他們今年夏天會在歐洲度假，或去葡萄牙、義大利、西班牙、希臘等歐洲度假勝地。更多人會搭我們的航班去土耳其、阿爾巴尼亞和摩洛哥，因為只要飛往鄰近的非歐盟國家，就能避開歐洲瘋狂的ETS課稅。

That will reflect itself by the time we get to the second or first or second quarter numbers in slightly more optimistic tone on volume and pricing. Neil, on the ex-fuel unit cost?

等到我們看到第一或第二季的數據時，這些會反映在運量與票價上，語氣會稍微更樂觀一些。Neil，關於不含燃油的單位成本？

Hi, Harry. Yeah, you're bang on the money there. Some of it is timing. Absolutely. If I look at the maintenance side of things, we'll be taking the MAX 10s in, which have got full warranties, which will help offset some of the maintenance.

嗨，Harry。對，你說得完全正確。其中一部分確實是時點因素。若看維修面，我們將接收MAX 10，它們有完整保固，這將有助於抵消部分維修成本。

Equally, that hospital visit that we refer to is purely a technical accounting thing where because there's a component that has to be overhauled to 10,000 cycles, we've accelerated a bit of depreciation on that, but we get that back on the back end.

同樣地，我們提到的那次「進廠檢修」純粹是技術性的會計處理：因為有一個零組件必須在10,000個循環時進行大修，我們把部分折舊稍微加速認列，但之後在後段會回補回來。

On the staffing side, as we said about 18 months ago, we're already recruiting for the MAX 10s coming in. We're taking in more cadets at this point in time so that we're self-sufficient for first officers and indeed then command upgrades to captains when we get to the peak.

在人員方面，正如我們大約18個月前所說，我們已經在為即將引進的MAX 10招募。我們目前也招收更多飛行學員（cadets），以確保我們在副駕駛人力上自給自足，並且在旺季時也能進一步把機師升訓為機長。

The, the deals that we're doing, as I said on the prerecorded session on our website this morning, an element of front loading on some of the pay increases, but on the back end, the productivity from the MAX 10 will help offset. Yeah, there's a fair element of timing in there on the numbers.

至於我們正在談的協議，正如我今天早上在我們網站的預錄簡報中所說，部分加薪會有一些前置認列；但在後段，MAX 10帶來的生產力提升將有助於抵消。是的，這些數字裡確實有相當程度的時點因素。

Thanks, Neil. Thanks, Harry. Next question, please.

謝謝你，Neil。謝謝你，Harry。請下一個問題。

Savanthi Syth from Raymond James.

Raymond James 的 Savanthi Syth。

Savanthi, hi.

Savanthi，你好。

Hey. For the first question, I was just kind of curious if, you know, for any of the 15 MAX 10s that you expect by next spring, if any of those have, if Boeing has started building them to kind of give you greater confidence of the delivery?

嗨。第一個問題，我只是有點好奇，你知道，對於你們預期在明年春天前會有的 15 架 MAX 10，這些當中是否有任何一架——波音是否已經開始建造——以便讓你們對交付更有信心？

Just a second question. You know, now that you've secured that multi-year engine materials agreement with CFM, curious if you have a better idea of, you know, how you expect maintenance costs to be stepping up versus your current contract and just how much of a competitive advantage that might be versus kind of market rates.

第二個問題。你知道，既然你們已經與 CFM 簽下多年期的引擎材料協議，我很好奇你們是否更清楚，維修成本相較於目前合約預期會如何上升，以及相較於市場價格，這可能會帶來多大的競爭優勢。

Thanks, Savi. Again, I'll ask Neil. I'll ask you to take the second half of that question, please. On Boeing, yes, they have started building the MAX 10. They expect by the end of this year they'll have about 40, 30 or 40 MAX 10s built. Some of which our first delivery is due in January of 2027.

謝謝你，Savi。再一次，我先請 Neil 回答你問題的後半段。至於波音，是的，他們已經開始建造 MAX 10。他們預期到今年年底會完成大約 40 架、30 到 40 架 MAX 10 的製造。其中我們的首批交付預計在 2027 年 1 月。

Some of ours will actually be built before the end of this year. It's all down to certification. Boeing have been making very positive noises on certification. We separately have also been in dialogue with the EASA, the European Safety Agency, who have to certify the aircraft for Europe.

我們的一些飛機其實會在今年年底前就完成建造。一切都取決於認證。波音在認證方面一直釋出非常正面的訊息。我們也另外與 EASA（歐洲航空安全局）保持對話，因為他們必須為歐洲市場認證該機型。

They've been very complimentary of the work that Boeing has done. They don't see that there will be any significant delays on the certification, but obviously that depends on Boeing and the FAA. We get a sense also from meeting with the FAA that there's a better relationship there under the current administration, a more supportive FAA.

他們對波音所做的工作給予高度肯定。他們不認為認證會出現任何重大延誤，但顯然這仍取決於波音與 FAA。我們也從與 FAA 的會面中感覺到，在現任政府之下雙方關係更好，FAA 也更支持。

They want to see American manufacturing succeed, and they certainly appear to be more supportive of Boeing and certification. There's always a risk of slip-ups, but I think we take great heart from the, you know, the turnaround that the new team in Boeing, Kelly Ortberg, Stephanie Pope.

他們希望看到美國製造業成功，而且看起來確實更支持波音與認證。當然總是有出錯的風險，但我認為我們從波音新團隊的轉變中獲得很大信心——Kelly Ortberg、Stephanie Pope。

On our last 29 Gamechanger deliveries, which were delivered to us almost a year late, each one of those aircraft were defect-free and were delivered on average one or two months earlier than the original delayed delivery date.

我們最近交付的 29 架 Gamechanger（實際上比原計畫晚了將近一年才交付），每一架都沒有瑕疵，而且平均比原本延後後的交付日期還早了一到兩個月交付。

Boeing are doing a really good job on the shop floor in Seattle, also in Wichita, taking clean hulls in Wichita and Seattle, producing clean aircraft, no defects. We're actually pulling some of our engineers back out of Wichita and Seattle now because there's no reason for them.

波音在西雅圖的產線、以及在威奇托（Wichita）都做得非常好；在威奇托與西雅圖接收乾淨的機身（clean hulls），生產出乾淨、無缺陷的飛機。我們現在其實正把部分工程師從威奇托和西雅圖撤回，因為已經沒有必要讓他們留在那裡。

I would be reasonably optimistic that we're going to get those first 15 aircraft in the spring of 2027. That gives us capacity growth to get to about 223 million passengers by FY28 and close to 230 by FY29.

我相當樂觀，我們會在 2027 年春季拿到首批 15 架飛機。這將讓我們的運能成長，使 FY28 的載客量達到約 2.23 億人次，FY29 接近 2.30 億人次。

Then we start stepping it up, growing at about 15 million passengers a year through 2030, 2031, 2032, 2033. The 300 million passenger target by 2034 is unchanged.

接著我們會開始加速提升，從 2030、2031、2032、2033 年起，每年大約增加 1,500 萬人次。2034 年達到 3 億人次的目標不變。

As I said to a reply to one of the other requests, I see no reason to change my somewhat optimistic outlook that profit per passenger will rise towards EUR12, EUR14, EUR15 per passenger over the next four or five years.

正如我在回覆其他提問時所說，我看不出有任何理由要改變我相對樂觀的看法：未來四到五年，每位乘客的利潤將上升至每位乘客 12 歐元、14 歐元、15 歐元的水準。

I believe the current crisis in the Middle East and the Strait of Hormuz will accelerate that profit growth, although it may take a hit this year, but it'll be temporary and short-lived. Thanks, Savi. Neil, on the CFM engines and maintenance.

我相信目前中東與荷姆茲海峽的危機將加速這種利潤成長，雖然今年可能會受到衝擊，但那會是暫時且短暫的。謝謝你，Savi。Neil，關於 CFM 引擎與維修。

Savi, I think we've discussed this a few times before. I mean, the key benefit of the engine shop is, first and foremost, we'll be able to put the engines through faster through our own shops than anywhere else.

Savi，我想我們之前已經討論過幾次。我的意思是，引擎維修廠的關鍵好處，首先也是最重要的是，我們能在自家維修廠更快地完成引擎周轉，比任何其他地方都快。

That obviously is significant efficiencies and reduces the number of spare engines that we need to hold in the inventory. The key benefit of the in-housing of the engine shop is compared to what we would pay if we replaced what has been an outstanding power-by-the-hour deal for almost 25 years with CFM.

這顯然帶來顯著效率，並降低我們需要在庫存中持有的備用引擎數量。將引擎維修廠內部化的關鍵好處，是相較於我們若要取代與 CFM 長達近 25 年、表現非常出色的「按小時計費（power-by-the-hour）」合約時所需支付的成本。

If we were to try and renegotiate that deal as is today, you'd be locking in 4, 5 times the rates that we've been paying.

如果我們今天要嘗試重新談判那份合約，你將會被鎖定在我們過去支付費率的 4 到 5 倍。

By doing it ourselves, some of this will depend on, you know, the final grant aid and the labor support and everything else that we get, and we're not over the line on that yet, but you're probably looking at somewhere close to 2x by bringing it in-house as opposed to paying 4 to 5x by leaving it out with third party.

自己做的話，其中一部分取決於你知道的——最終的補助（grant aid）、勞動力支持以及我們能獲得的其他條件；我們目前還沒完全敲定，但把維修內部化後，你大概會看到成本接近 2 倍，而不是把它留給第三方、支付 4 到 5 倍。

I think that will massively increase the gap between ourselves and our competitors over the next number of years.

我認為這將在未來幾年大幅拉開我們與競爭對手之間的差距。

It also means our competitors are gonna be tied up in engine shops for significantly longer because they lease their fleet, unlike Ryanair, who don't and therefore can get them through a lot quicker by just putting on new parts and moving an engine down the line.

這也意味著我們的競爭對手會在引擎維修廠被綁住更久，因為他們是租賃機隊；不像 Ryanair 不租賃，因此我們可以更快周轉——只要換上新零件，讓引擎沿著產線往下走。

It's the operational efficiency, and it's the saving compared to going third party, which is the key benefits from this. I think it's gonna prove to be a very smart decision for Ryanair in years to come.

營運效率，以及相較於委外第三方的節省，是這件事的核心好處。我認為這將在未來幾年證明是 Ryanair 非常明智的決策。

Yeah. Savi, as you're aware, you know, about 85% of the cost of engine maintenance is the spare parts. It's not labor. You look at the 30 spare LEAP-1B deal we announced, we did during the last 12 months. You know, we bought those aircraft from our partners in CFM, you know, at a deeply discounted price.

是的。Savi，如你所知，引擎維修成本大約有 85% 來自備用零件，而不是人工。你看看我們宣布的 30 具備用 LEAP-1B 的交易，那是我們在過去 12 個月內完成的。你知道，我們從 CFM 的合作夥伴那裡以大幅折扣的價格買到那些。

We think we'll be able to repeat that kind of success or buy, during periods of distress, large quantities of spare parts at, you know, at very advantageous discounts for our, both our engine maintenance and for our shareholders. Thanks, Savi. Next question, please.

我們認為我們能夠複製那樣的成功，或是在市場承壓的時期，以非常有利的折扣大量採購備用零件，用於我們的引擎維修，也為股東創造價值。謝謝你，Savi。請下一個問題。

Dudley Shanley from Goodbody.

Goodbody 的 Dudley Shanley。

Morning, Michael. Just one question from me. Just in the context of the route churn that you've had over the last few years and the capacity constraint that we've discussed a few times, with the current short-term issues in fuel, do you think that that slowing of growth in European aviation space has any of the higher-charging countries starting to think about reversing and, I guess, following that Swedish model that you mentioned earlier? Thank you.

早安，Michael。我只有一個問題。就你們過去幾年航線汰換（route churn）以及我們多次討論過的運能限制而言，在目前燃油短期問題的背景下，你認為歐洲航空業成長放緩，是否會讓一些收費較高的國家開始思考逆轉政策，並且我想，跟隨你先前提到的瑞典模式？謝謝。

Thanks, Dudley. Yes, the answer to that question is yes. For example, the Austrian government at the moment is considering a new budget cycle. They make a budget statement in June. We know already because they've admitted already they're looking at reducing the aviation tax, which is currently EUR12 per passenger.

謝謝你，Dudley。是的，答案是肯定的。舉例來說，奧地利政府目前正在考慮新的預算週期。他們在 6 月會做預算聲明。我們已經知道，因為他們也已經承認，他們正在考慮降低目前每位乘客 12 歐元的航空稅。

We've been quite aggressive, forget reducing it. You know, either abolish it or don't waste your time. We will not be going back with any growth to Vienna. All of Vienna's growth is moving up the road to Slovakia, where they are, you know, the new transport minister is delighted with himself, and the record traffic growth that Bratislava Airport is enjoying.

我們的立場相當強硬：別只是降低。你知道，要嘛廢除，要嘛就別浪費時間。我們不會帶著任何成長回到維也納。維也納的所有成長都正往北移到斯洛伐克，那裡的新交通部長對自己很得意，布拉提斯拉瓦機場正享受創紀錄的旅客成長。

In fact, last week, a new, imaginative bus company has now started running five daily bus services from the center of Vienna direct to Bratislava Airport, taking advantage of the enormous surge in demand from Viennese citizens and visitors who are now getting there via, you know, the much lower cost of Bratislava Airport.

事實上，上週一家新的、很有創意的巴士公司已開始每天提供五班從維也納市中心直達布拉提斯拉瓦機場的巴士服務，利用維也納市民與旅客需求大幅飆升的機會——他們現在透過布拉提斯拉瓦機場更低的成本前往。

We think that will, though, that trend will continue. We will continue to move aircraft out of countries and airports where taxes or airport fees are high or where, as I said, in Dublin, you have the, you know, government-owned monopolies, you know, operating some 1,880, gaming some dumb regulator looking to double airport fees over the next five years. You know, you would simply growth will come to a shuddering halt.

我們認為這個趨勢會持續。我們將持續把飛機移出那些稅負或機場費用高的國家與機場；或者像我說的都柏林那樣，你有政府持有的壟斷企業——你知道，經營著某個 1,880（原文如此），操弄某個愚蠢的監管機構，打算在未來五年把機場費用加倍。你知道，那樣一來成長就會戛然而止。

The problem is we have an incompetent government who can't even deliver on their, you know, 18 months later, still haven't delivered on their election promise to abolish the cap at Dublin Airport, quote, as soon as possible. You know, even for the snail pace growth and the snail pace delivery of an Irish government, 18 months does not consist of as soon as possible, particularly when you have a 20-seat majority.

問題在於我們有一個無能的政府，甚至無法兌現他們的——你知道，18 個月過去了，仍未兌現他們的競選承諾：『儘快』取消都柏林機場的上限。你知道，即便以愛爾蘭政府蝸牛般的成長與蝸牛般的交付速度來看，18 個月也不叫做『儘快』，尤其當你還擁有 20 席的多數。

We do expect there will be more regions in Italy will reduce taxes and that taxes now are coming down. The big issue here is whether we can persuade the European Commission, led by that dullard, Ursula von der Leyen, who has spent the last two years talking about the competitiveness of European economy, but doing absolutely nothing about it.

我們確實預期義大利會有更多地區降低稅負，而且稅負現在正在下降。這裡最大的問題是，我們能否說服由那個遲鈍之人 Ursula von der Leyen 領導的歐盟執委會；她過去兩年一直在談歐洲經濟的競爭力，但卻完全沒有採取任何行動。

Can we finally persuade her and the other dumb Europeans that it's time to abolish ETS taxes, which are only applied on European citizens on intra-EU flights.

我們能否終於說服她以及其他愚蠢的歐洲人，現在是時候廢除 ETS 稅了；這些稅只適用於歐盟境內航班上的歐洲公民。

While we exempt the Americans, the Gulf, the Asians, and everybody else traveling to and from Europe? This makes no sense. This year alone, Ryanair passengers will pay $1.4 billion in ETS taxes. It adds about EUR7 to every ticket. If Ursula von der Leyen is serious about competitiveness, and we don't think she is because frankly she all she does is talk about it and do nothing.

然而我們卻豁免了美國人、海灣地區、亞洲人，以及所有其他往返歐洲的旅客？這毫無道理。光是今年，瑞安航空乘客就將支付 14 億美元的 ETS 稅。它讓每張機票增加約 7 歐元。如果烏蘇拉・馮德萊恩真的重視競爭力——而我們不認為她是，因為坦白說她只會談競爭力卻什麼也不做。

Start by abolishing ETS which would reduce airfares in Europe by between EUR7 and EUR10 for every single European citizen. We'll keep pushing, I wouldn't expect anything visionary coming out of useless von der Leyen. Next question, please.

就從廢除 ETS 開始，這將使歐洲每一位公民的機票價格每張降低 7 到 10 歐元。我們會持續施壓；我不期待從無用的馮德萊恩那裡看到任何有遠見的東西。請下一題。

Ruairi Cullinane from RBC.

RBC 的 Ruairi Cullinane。

Hi. Yeah, good morning. Firstly on hedging, if the war drags on, how long do you expect to hold out before hedging fuel requirements in full year '28? Secondly, just on the balance sheet, why is $4 billion the right number for a targeted cash balance? Thank you.

嗨，早安。首先關於避險，如果戰爭拖延下去，你們預期在 2028 財年全年燃油需求全面避險之前，還能撐多久？第二，關於資產負債表，為什麼 40 億美元是目標現金餘額的正確數字？謝謝。

Thanks, Ruairi. What we do is hedging at the moment, obviously we haven't started. If you look forward or out into, we're 80% hedged for FY27. The current rate or the current forward rates over the four quarters of FY27, you could be hedging today at about $120 a barrel.

謝謝你，Ruairi。我們目前在做的是避險，顯然我們還沒有開始（針對某些期間）。如果你往前看或往外推，我們在 2027 財年已避險 80%。以 2027 財年四個季度的目前即期或目前遠期價格來看，你今天大約可以用每桶 120 美元來做避險。

Spot last Friday was about, on jet, was about $136 a barrel. Out into FY28, hedge, you could hedge today at about $90, $92 a barrel. You know, there's a very deep contango in the market, where the further out you go, the further prices fall away. I would be willing to, I mean, certainly we could remain unhedged into the summer of 2027 up until about September, October of this year.

上週五噴射燃油的即期大約是每桶 136 美元。往 2028 財年看，你今天可以用大約每桶 90、92 美元來避險。你知道，市場存在非常深的正價差（contango），也就是你越往遠期走，價格就越往下掉。我願意——我的意思是，我們當然可以在 2027 年夏季之前維持未避險，大概到今年的 9 月、10 月左右。

You speak to any expert, nobody really believes that the war in Iran or the Strait of Hormuz will remain closed out to September, October this year. That doesn't rule out the possibility. There's mostly always some possibility.

你去問任何專家，沒有人真的相信伊朗的戰爭或荷姆茲海峽會一路封閉到今年 9 月、10 月。這並不排除那種可能性；總是會有一些可能性。

I think the key pressure point as we move through this summer will be the US midterm elections and whether Trump can keep the House and the Senate. I think there will be a change of tone and strategy when it comes to the Middle East and particular gas prices in North America. I would not expect us to sell our hedging into summer 2027 if prices remain elevated like this until about September, October.

我認為，當我們走過今年夏天時，關鍵壓力點將是美國期中選舉，以及川普是否能保住眾議院與參議院。我認為在中東議題，特別是北美天然氣價格方面，語氣與策略會出現變化。如果價格像現在這樣一直維持在高位直到 9 月、10 月，我不預期我們會把避險賣到 2027 年夏季。

I think we would still be in a position to do it at, you know, you'd be looking at going up from $67 a barrel now to maybe a price in mid-90s. If that happens, there will be a number of very large airline failures in Europe this autumn.

我認為我們仍會有能力去做；你知道，你會看到價格從現在每桶 67 美元上升到可能 90 多美元的中段。如果那真的發生，今年秋天歐洲將會出現多家非常大型的航空公司倒閉。

You know, what we would lose on the fuel hedging going forward into summer 2027, we would more than gain on, you know, the likes of some of these airlines in Europe who are, who are unprofitable, and are bad, are poorly hedged. They will simply fail. You look, obviously Spirit is the most glaring example of that here in North America in recent days. Why is $4 billion the right number?

你知道，我們在往 2027 年夏季的燃油避險上未來可能承受的損失，將會被我們從——你知道——歐洲一些航空公司身上獲得的收益遠遠抵消；那些公司虧損、避險做得很差。他們就是會倒下。你看，顯然 Spirit 是近幾天北美最刺眼的例子。為什麼 40 億美元是正確的數字？

$4 billion was the number we went into, you know, where we went into COVID with $4 billion gross cash and $4 billion of gross debt, a zero net debt position. You know, we do operate in a cyclical capital-intensive business. This is a really phenomenal business. It is very profitable. It churns out huge amounts of cash, and we have used that cash to repay $4 billion in bond debt over the last five years. It's also an industry that's very susceptible to external economic shocks like the Gulf War, Russia's invasion of Ukraine, and now you have the, you know, the war in the Middle East and the closure of the Strait of Hormuz. I think we're a brilliant airline. We're clearly a very profitable, very cash productive airline.

40 億美元是我們進入 COVID 時的水位——我們當時有 40 億美元的總現金與 40 億美元的總負債，淨負債為零。你知道，我們確實是在一個具週期性、資本密集的產業中營運。這是一門非常了不起的生意，非常賺錢，能產生大量現金；過去五年我們已用這些現金償還了 40 億美元的債券債務。這也是一個非常容易受到外部經濟衝擊影響的產業，例如波斯灣戰爭、俄羅斯入侵烏克蘭，而現在又有——你知道——中東戰爭與荷姆茲海峽封閉。我認為我們是一家很出色的航空公司；我們顯然非常獲利、現金創造能力很強。

We're also an airline that is the subject of external shocks that we can do nothing about. We believe that $4 billion is the right kind of number that we should be aiming for. That doesn't mean that if an opportunity came along, we wouldn't let that cash drop down to maybe $2.5 billion, $3 billion. We would if the right opportunity came along.

但我們同時也是一家會遭遇外部衝擊、而我們無能為力的航空公司。我們相信 40 億美元是我們應該瞄準的合適水位。這不代表如果出現機會，我們不會讓現金降到可能 25 億、30 億美元；如果有合適的機會，我們會這麼做。

Also, that we wouldn't let it rise from $4 billion to $4.5 billion or $5 billion. $5 billion, we don't need. It's too much. Everything over $4 billion, and we will build ourselves back up to that in the next 12 months, everything over and above that we will be deploying in dividends and shareholder buybacks. Neil, anything you want to add to that $4 billion target?

同樣地，也不代表我們不會讓它從 40 億美元升到 45 億或 50 億美元。50 億我們不需要，太多了。超過 40 億的部分——而我們會在未來 12 個月把自己再建立回到那個水位——超出部分我們將用於股利與庫藏股回購。Neil，你對這個 40 億美元目標還有要補充的嗎？

No, I think as you said, COVID is hopefully as bad as it ever gets in here and $4 billion served us very well through that crisis. Equally, a crisis turns up opportunities and I'd hate to be left scrambling and a price taker in the market for a bond or something.

沒有，我想如你所說，COVID 希望已經是這裡最糟的情況，而 40 億美元在那場危機中對我們非常有用。同樣地，危機也會帶來機會；我不希望到時候手忙腳亂，還得在市場上為了發債之類的事情被迫當價格接受者。

It's a good level to be at. I would just add on the hedging side that while we haven't added to the jet, we have been jumping on dollar weakness, which is the other side of the hedging coin, and we've now got 30% of FY28 H1 hedged at 1.20 on the euro dollar, which is better than the 1.15 that we have this year.

這是一個很好的水位。我只想在避險方面補充：雖然我們還沒有增加噴射燃油的避險，但我們一直在把握美元走弱——這是避險硬幣的另一面——我們現在已在 2028 財年上半年避險了 30%，歐元兌美元匯率鎖在 1.20，這比我們今年的 1.15 更好。

We'll continue to lock on, lock in on dollar weakness and as Michael said, we'll get back to the jet in due course.

我們會持續在美元走弱時鎖定匯率；如 Michael 所說，我們會在適當時候回到噴射燃油避險。

You should have, I mean, we might update the shareholders where we are on the CapEx dollars, Neil.

你應該——我的意思是，我們或許可以向股東更新一下我們在資本支出（CapEx）美元避險方面的進度，Neil。

Yeah

好。

On the MAX 10, the firm orders.

關於 MAX 10 的確定訂單。

Again, jumping on days where the dollar weakens. We've now got 60% of the 150 firm orders hedged at just over 1.23 on the euro dollar. We're locking in significant savings there. This is a keenly priced aircraft deal, and in euro terms, we're now locking in cheaper seats, which is good for the CapEx, but also cheaper seats, which is good over a longer period of time for the P&L. Pretty pleased at that. The treasury team remain ready and able to jump on every weakness that we see in the dollar to expand that further.

同樣是在美元走弱的日子進場。我們現在已將 150 架確定訂單中的 60% 做了避險，歐元兌美元匯率鎖在略高於 1.23。我們在那裡鎖定了可觀的節省。這是一筆價格非常有競爭力的飛機交易；以歐元計價，我們現在鎖定了更便宜的座位成本，這對資本支出有利，但從更長期來看，座位成本更低也有利於損益表（P&L）。我們對此相當滿意。財資團隊仍然隨時準備好、也有能力在看到美元任何走弱時進一步擴大避險。

Yeah. You see that also reflected in the lease extensions we're doing on the A320 fleet in the current difficult environment, particularly post the Spirit failure in the US. Next question, please.

是的。你也會在我們對 A320 機隊所做的租約延長上看到這點，尤其是在目前艱難的環境下，特別是在美國 Spirit 倒閉之後。請下一題。

Antoine Madre from Bernstein. Your line is now open. Please go ahead.

Bernstein 的 Antoine Madre。你的線路已開通，請發言。

Good morning, everyone. Hi. First, I was wondering with the higher fuel price, is it still profitable to fly the A320ceos, or do you need to think about retiring earlier the fleet? Second, why did your-

各位早安，嗨。首先我想問，燃油價格較高的情況下，飛 A320ceo 仍然有利可圖嗎？還是你們需要考慮更早退役這個機隊？第二，為什麼你們的——

Sorry. Hang on. Antoine. Sorry. You need to speak into the speaker. It's very hard to hear you there. I didn't hear any of that for the first half of that question, please. Can you repeat?

抱歉，等一下。Antoine，抱歉。你需要對著麥克風說，這邊很難聽清楚。我前半段問題幾乎都沒聽到，請你重複一次？

Okay. Sorry, can you hear me well now?

好的，抱歉。你現在聽得清楚嗎？

Yes. Yeah, just about.

是的，嗯，差不多。

Okay. Now I was wondering, with higher fuel price, is it still profitable to fly the [SQ-20CO], or do you need to think about retiring earlier the fleet? Second, why did your ancillary revenue per passenger fall in Q4, and what can we expect for full-year FY27 in ancillaries? Thank you.

好的。我想問的是，在燃油價格較高的情況下，飛行 [SQ-20CO] 目前仍然有利可圖嗎？還是你們需要考慮更早退役機隊？第二，為什麼你們第四季每位乘客的附加收入（ancillary revenue）下降了？對於 2027 財年全年附加收入，你們的預期是什麼？謝謝。

Yeah, Neil, I'll ask you just to comment or maybe Tracey to you the ancillary question. If I've understood the question, Antoine, it is would the higher oil price affect whether we would take the A320ceo or look for A320neos? Is that the question?

好的，Neil，我請你評論一下，或者 Tracey 你來回答附加收入的問題。如果我理解沒錯，Antoine，你的問題是：較高的油價是否會影響我們是否會採用 A320ceo，或改找 A320neo？是這個問題嗎？

No, no. Just if it's still profitable currently to fly the (inaudible).

不，不是。只是想問目前飛（聽不清）是否仍然有利可圖。

Yeah.

好的。

With the higher fuel price.

在燃油價格較高的情況下。

Is he asking should we keep flying the Laudas in the current high fuel environments, the A320s that we have?

他是在問，在目前高燃油價格環境下，我們是否應該繼續飛 Lauda 的那些 A320，也就是我們現有的 A320 嗎？

Yeah

是的。

The answer is yes.

答案是：是的。

I mean, the answer to that question is yes, if the lease rates are falling. The great joy of the middle of the strike in the Middle East is it's again an opportunity. We're extending these leases, which are coming to end of life. Whereas, you know, a materially reduced monthly lease rates and the monthly lease rentals were already significantly below market. You know, a lot of the lessors of these aircraft, they're coming to the end of life. They have Ryanair on their kind of as a customer.

我的意思是，這個問題的答案是肯定的，前提是租賃費率正在下滑。中東衝突期間最大的好處是，這又是一個機會。我們正在延長這些租約，因為它們已接近使用壽命終點。也就是說，在每月租賃費率大幅降低的情況下，而每月租金本來就已經明顯低於市場水準。你知道，這些飛機的許多出租人也都接近使用壽命終點。他們把萊恩航空（Ryanair）視為其客戶之一。

The risk of taking back these aircraft that are getting to end of life and trying to market them somewhere else in the world or just take a, you know, a modest hit on the lease rentals and on the redelivery conditions and extend the deal with the Ryanair Group for another one or two years seems to be attractive. The answer to the question is no, they're not the most fuel efficient aircraft, but if the lease rates are falling, we would always be happy to take advantage of those kind of opportunities. Remember, you know, Antoine, they really only account for 26 aircraft out of a 675 odd aircraft, 650 odd aircraft fleet.

把這些接近使用壽命終點的飛機收回、再嘗試在世界其他地方行銷，或是只在租金與交機（redelivery）條件上承受一點小幅損失，並把與萊恩航空集團的合作再延長一到兩年，似乎是有吸引力的。這個問題的答案是：不，它們不是最省油的飛機；但如果租賃費率在下滑，我們一向樂於把握這類機會。請記得，Antoine，它們其實只占約675架（約650架）機隊中的26架。

Where most of that, significant portion of that fleet now is the Gamechanger, which are offering us 4% more seats and burning 16% less fuel. In actual fact, our fuel consumption on a per passenger basis will continue to modestly decline with the benefit of the Gamechanger, will begin to significantly decline as we move into the MAX 10s in 2027, 2028 and 2029. Neil, will you take the Or Tracey, maybe take the ancillary question, please.

而目前機隊中相當大的一部分是「Gamechanger」，可提供我們多4%的座位數，並減少16%的燃油消耗。事實上，在Gamechanger的效益帶動下，我們以每位乘客計的燃油消耗將持續小幅下降；當我們在2027、2028與2029年開始引進MAX 10時，下降幅度將會顯著加大。Neil，你來回答，或Tracey，也請你回答一下附加收入（ancillary）的問題。

Yeah. I'll jump in.

好，我來補充。

Yes. Just on the ancillaries. Yeah.

是的，就附加收入而言。是的。

Go ahead.

請說。

You can probably add a little more.

你可能可以再多補充一點。

Yeah, Tracey, take it and you.

好，Tracey，你來回答，然後你也補充。

Yeah. We've just seen a small slight dip of about 1% in Q4, I think we have to look at the overall. Over the year we were up 2%. We would hope to see that continue into next year, kind of 1%-2% range.

好的。我們在第四季確實看到大約1%的小幅下滑，但我認為要看整體。全年來看我們成長了2%。我們希望明年能延續這個趨勢，大概落在每位乘客1%到2%的區間。

Yeah. I mean, it's not unusual.

是的，我的意思是，這並不罕見。

Above traffic growth.

高於運量成長。

It's not unusual to see a dip in Q4 given that, you know, we had one week of Easter in there, which are pushing people in the dog days of January and then the weeks outside the midterms in February. I wouldn't read anything into that. We guided 2% passenger growth last year. We came in exactly bang on 2%. FY27 will be somewhere between 1%-2% per passenger, again, above traffic.

第四季出現下滑並不罕見，因為你知道，我們其中包含了一週的復活節，這會把旅客推到一月的淡季，然後又落在二月期中假期前後的幾週。我不會對此過度解讀。我們去年指引每位乘客成長2%，結果剛好就是2%。FY27每位乘客將落在1%到2%之間，同樣會高於運量成長。

Okay. Thanks, Antoine. Next question, please.

好的，謝謝你，Antoine。請下一題。

Axel Staas from Morgan Stanley. Your line is now open. Please go ahead.

Morgan Stanley的Axel Staas。您的線路已開通，請發言。

Hi. Two questions on my side, please. One a bit more medium-term and one a bit more short-term. On the medium-term one, it's coming back on the commentary on hedging in fiscal year 2028. If I understood correctly, you don't want to hedge anytime soon for fiscal year 2028, but how do you plan to offset that huge pickup in fuel then? Is it just with fares going to next year? How should we look at this? Then short-term, on the salary negotiations, sorry to come back on this, but can you just confirm what percentage of the staff cost base is being renegotiated? Is it fair to assume mid-single digit increase in year one and then low single digit as from year two onwards? Thank you.

你好。我這邊有兩個問題。一個偏中期、一個偏短期。中期的問題是回到你們對FY2028避險的評論。如果我理解正確，你們不想在近期就為FY2028做避險，但那麼你們打算如何抵銷屆時燃油成本的大幅上升？只是透過票價轉嫁到明年嗎？我們應該怎麼看？短期方面，關於薪資談判，抱歉再追問一下，你們能否確認有多少比例的人事成本基礎正在重新談判？是否可以假設第一年是中個位數增幅，第二年起是低個位數增幅？謝謝。

Thanks, Axel. Sorry, the first half, I mean, I need to give again more color on maybe Darrell Hughes on the salary negotiations. Could you just explain the first part of the hedging? You're talking about if we hedged into FY28 at higher prices, how do we think we would pay for that? Is that the question?

謝謝，Axel。抱歉，第一部分——我可能需要再多補充一些背景；至於薪資談判，也許請Darrell Hughes再說明一下。你先把避險的第一部分再解釋一下：你的意思是，如果我們以較高價格把避險做到FY28，我們認為要如何為此買單？是這個問題嗎？

Start to hedge.

開始避險。

Axel?

Axel？

In the coming months. Yeah, can you hear me?

接下來幾個月。對，你聽得到我嗎？

Yeah.

聽得到。

Sorry. My question was.

抱歉，我的問題是——

I think you can take that as the question. Is that right?

我想可以把它理解成那個問題。對嗎？

Go ahead.

請說。

Yeah, sorry. If you don't start to hedge in the coming months for FY28, even using the forward curve, for example, how do you plan to pass on the fuel cost inflation? Is it through pricing? Is it something else that we should be aware of? Thank you.

好的，抱歉。如果你們在接下來幾個月不開始為FY28做避險，即使是用遠期曲線之類的方式，那你們打算如何轉嫁燃油成本通膨？是透過定價嗎？還是有其他我們需要注意的方式？謝謝。

I mean, again, I come back to the point, if the oil prices remain higher for longer through into, for example, say, our fiscal third calendar, the December quarter or the December quarter, if oil prices remain higher into that quarter, then I think you would see us start to put down some hedging into the summer of 2027, so FY28, at maybe, take a number, $90, $95, $85 per barrel. Materially higher than this year's oil price. There will, at that point in time, be casualties here in Europe among the European airlines. You know, there are people who are less well I mean, we're 80% hedged out to March 2027. Most of Europe's second-tier airlines are hedged kind of generally out to about October.

我的意思是，我再回到這個重點：如果油價在更長時間內維持高檔，並一路延續到例如我們會計年度第三季（曆年12月季度）或12月季度，如果油價在那個季度仍然偏高，那我認為你會看到我們開始為2027年夏季、也就是FY28，建立一些避險部位，可能在每桶90、95或85美元——隨便舉個數字——明顯高於今年的油價。到那個時間點，歐洲這邊的航空公司會出現「傷亡者」。你知道，有些公司財務體質沒那麼好——我們已避險到2027年3月的比例是80%。歐洲多數二線航空公司一般只避險到大約10月。

Some of them, while they claim to be hedged, aren't hedged at all. They have caps and collars. What would happen, I think if there were higher oil prices out into summer of 2028, it is inevitable that the legacy airlines would be bringing in fuel surcharges. I think it's inevitable that there would be far less capacity available in the system, next summer, partly because of failures and partly because capacity simply would be grounded. I would think there'd be a, you know, a significant upward pressure on pricing. I don't expect that to be the outcome.

其中一些雖然聲稱有避險，但其實根本沒有真正避險，他們用的是上限與區間（caps and collars）。我認為如果高油價一路延續到2028年夏季，傳統航空公司勢必會加收燃油附加費。我也認為系統內可用運能勢必會少很多，明年夏天尤其如此，一部分是因為倒閉，一部分是因為運能會被迫停飛。我認為票價會面臨顯著的上行壓力。我不預期會走到那種結果。

I expect by the time we get to the end of May or June, there will be a, you know, Trump will be declaring victory in the Middle East, the Strait of Hormuz will be reopened, the focus will be over here on the midterm elections in November, and that there will be a much more optimistic environment, political environment here and economic environment as, in relation to oil prices. Maybe Darrell or Eddie, do you want to take the salary negotiation question?

我預期到了5月底或6月時，Trump會宣布在中東取得勝利，荷姆茲海峽會重新開放，焦點會轉到11月的期中選舉，而在油價相關議題上，這裡的政治環境與經濟環境會更為樂觀。薪資談判的問題，Darrell或Eddie，你們要不要回答？

Darrell, go ahead, Darrell. You go first.

Darrell，你先說，Darrell。你先。

Darrell O'Brien's dropped off.

Darrell O'Brien掉線了。

Oh, he's dropped off. Okay. Sorry. What you have, like, don't forget, in the existing deals that we have, there are already pay increases built in, you know, for April in any event. You have, you know, there's only three or four.

喔，他掉線了。好的，抱歉。你要知道，在我們現有的協議裡，無論如何都已經內含加薪安排，例如4月就會調薪。你知道，只有三或四個——

In April 2026 and 2027.

在2026年與2027年4月。

Yeah. They'll go on for the next year. What we did see is that there's some appetite amongst some of the groups to go earlier. We've facilitated that. Like anything that brings having the long-term stability out there, the Italian pilots were one of those groups. We're in active negotiation. The simple answer is 100% of the pilots are covered by pay increases because they either have new deals coming, which will be higher because there'll be an element of front-loading, or the existing ones which run out next April still have had their pay increase in April. That pertains for the cabin crew as well. Would that answers your question?

對。它們會在接下來一年持續。我們確實看到部分團體有意願提前進行，我們也促成了這件事。任何能帶來長期穩定性的安排都是好事；義大利機師就是其中一個團體。我們正在積極談判。簡單的答案是：100%的機師都涵蓋在加薪之中，因為他們不是即將簽新協議（會更高，因為會有一部分前置調薪），就是現有協議雖然到明年4月才到期，但也已在4月有加薪。空服員也是同樣情況。這樣有回答你的問題嗎？

Actually what we're doing here, you know, we're putting in place new five-year pay deals, which will run across a dramatic uptick in productivity, staff productivity coming from the delivery of MAX 10 aircraft, which starts in the spring of 2027, runs out over the next five years, out to 2030, 2031, of the five years of these pay deals. When, you know, our basically captains and cabin crew will be flying 20% more passengers on a per-flight basis and burning 20% less oil.

其實我們正在做的是，你知道，我們正在建立新的五年期薪資協議，這將橫跨一段生產力大幅提升的期間；這個提升來自MAX 10飛機的交付，從2027年春季開始，並在接下來五年一路延伸到2030、2031年，也就是這些五年期薪資協議的期間。屆時，你知道，我們的機長與空服員在每個航班基礎上將運載多20%的乘客，同時燃油消耗少20%。

It does make sense from an operating and from an efficiency point of view to share the upside of that with our people by putting in place new five-year pay deals. Now, where there's an element of front-ending, the incentive for the staff is you get the pay increase front-ended. We'll get the productivity gain over the lifetime of that five-year deal. Next question, please.

從營運與效率的角度來看，透過建立新的五年期薪資協議，與我們的員工分享這些上行空間是合理的。至於有一部分前置調薪，對員工的誘因是你可以先拿到加薪；而我們會在這份五年期協議的整個期間內取得生產力提升。請下一題。

Gerald Khoo from Panmure Liberum.

Panmure Liberum的Gerald Khoo。

Morning, everyone. Two from me, if I can. Talked a bit about airport charges earlier in the call. I was just wondering whether you could give an indication of the average duration of your airport charges deals. How long are you locking these favorable terms in for? Finally, Michael, in terms of your potential probable contract extension, is there a particular reason why you've landed on four years, and should we expect this to be the final extension?

各位早安。我這邊有兩個問題，如果可以的話。稍早在電話會議中談到機場收費。我想請問你們能否說明一下你們機場收費協議的平均期限大概多長？你們把這些有利條款鎖定多久？最後，Michael，關於你可能的合約延長，為什麼會定在四年？我們是否應該預期這會是最後一次延長？

Okay, thanks, Gerald. I mean, very difficult to You know, it really the duration of these airport, or of the airport deals, it very much depends on an airport-by-airport basis. Some of them now run out into 2035, 2036. Particularly, for example, I'd use kind of an example like London Stansted, where they're investing GBP1 billion extending the terminal facility and growing the capacity from 30 to about 45 million passengers per annum. You know, I would highlight that as They want the security with growth commitments that Ryanair will fill those facilities if they put in those extensions. Stansted are going to grow capacity from 30 million, 45 million passengers about, you know, 50% growth in capacity for a cost of GBP1 billion.

好的，謝謝你，Gerald。我的意思是，這很難一概而論。你知道，這些機場——或機場協議——的期限非常取決於各個機場的情況。有些現在會延續到2035、2036年。特別是，例如我可以用倫敦史坦斯特德（London Stansted）作為例子，他們正投資10億英鎊擴建航廈設施，將年旅客容量從3,000萬提升到約4,500萬。你知道，我會強調這一點：他們希望在成長承諾上獲得保障，確保如果他們做了這些擴建，Ryanair會把這些設施填滿。史坦斯特德將把容量從3,000萬提升到約4,500萬旅客，也就是大約50%的容量成長，成本為10億英鎊。

Meanwhile, Dublin proposed to spend $5.6 billion with no increase in capacity. I mean, you know, EUR 1.5 billion of inflation, $600 million on, you know, vanity sustainability projects, including $7 million planting bloody wildflowers. You know, which could only come about with a kind of government-owned monopoly, pissing away money. The length of the deal typically when we're doing extensions or somebody wants growth, typically it's four-five years. In some cases where they're committing to extensive CapEx on facility enhancement, like in Stansted, like in Bergamo, for example, they run out longer, typically out to 2035, 2034, 2035, 2036. It's horses for courses.

同時，都柏林提議花56億美元，卻不增加任何容量。我的意思是，你知道，15億歐元的通膨成本、6億美元花在一些虛榮的永續專案上，包括花700萬美元去種該死的野花。你知道，這種事只有在政府持有的壟斷體制下才會發生，把錢亂花。協議的期限通常在我們做延長、或有人想要成長時，一般是四到五年。在某些情況下，如果他們承諾在設施提升上投入大量資本支出（CapEx），像史坦斯特德、像貝加莫（Bergamo）這種例子，期限會更長，通常延伸到2034、2035、2036年。因地制宜。

What I would say, almost every airport in which we operate, where we have a four or five year deal, they're back to us within two years going, can we have another more growth? Can you extend again? We are, I mean, this is no exaggeration, Jason McGuinness and his team, the new team can barely get in the office doors at the moment with the numbers of airports that are sleeping in our reception area, looking for meetings, looking for growth, partly because they're very worried that some of their existing incumbent carriers who are heavily indebted or less well hedged or don't have fuel hedging in place will not survive or will dramatically cut back on their capacity growth.

我想說的是，幾乎我們營運的每一個機場，只要我們簽了四或五年的協議，他們通常兩年內就會回來找我們說：能不能再多一些成長？能不能再延長一次？我們——這不是誇張——Jason McGuinness和他的團隊、新團隊現在幾乎都快擠不進辦公室大門了，因為有太多機場在我們接待區等著，想開會、想要成長；部分原因是他們非常擔心一些既有的主力航空公司負債沉重、或避險做得比較差、或根本沒有燃油避險，可能撐不下去，或會大幅縮減其運能成長。

For example, you know, Bratislava, you know, had, was given, you know, where we're growing very rapidly now, one of our competitors airlines promised to grow from their base from two- five aircraft. Apparently then a week later, they changed their minds and told Bratislava the fifth aircraft isn't coming. Bratislava called us the same morning and said, there's another spare stand here. Do you wanna put another aircraft in here? We'll give you favorable terms. Don't tell anybody, but I'm coming down to Bratislava next week to announce another aircraft at our base. We'll grow by one more aircraft this way, this year, solely because one of ourless competent competitors didn't honor their kind of five aircraft, five aircraft base deal.

例如，你知道，布拉提斯拉瓦（Bratislava）——我們現在在那裡成長很快——我們的一家競爭航空公司曾承諾要把他們的基地從2架飛機擴到5架。顯然一週後他們就改變主意，告訴布拉提斯拉瓦第5架不會來。布拉提斯拉瓦同一天早上就打給我們說：這裡又多了一個空機位。你們要不要再放一架飛機？我們給你們優惠條件。別跟任何人說，但我下週要去布拉提斯拉瓦宣布我們基地再增加一架飛機。今年我們就用這種方式多增加一架，完全是因為我們某個比較不稱職的競爭對手沒有履行他們所謂的「五架飛機、五架基地」協議。

On my contract, why 2032? This is 2026. 2032 looks like a reasonable extension. I was offering 2030. The board wants 2033. We settled on 2032. They put in, and we're not gonna breach the confidentiality that the board wants to discuss that with some of our larger institutional shareholders. There are very aggressive, and I mean very aggressive, profit and share price targets on the purchase, on the share option purchase agreement. Other than that, I get paid a very modest basic salary and bonus, no pension and no anything else.

至於我的合約，為什麼到2032年？現在是2026年。2032看起來是合理的延長。我原本提議到2030年。董事會想要2033年。我們最後定在2032年。他們也提出——而我們不會違反保密義務——董事會希望先和我們一些較大的機構股東討論這件事。在購股權購買協議上，有非常激進——我的意思是非常激進——的獲利與股價目標。除此之外，我拿的是非常適度的基本薪資和獎金，沒有退休金，也沒有其他任何東西。

you know, it has always been my philosophy, you know, I want my remuneration and rewards tied to a very ambitious profit and share price kind of target. At the last time around in 2019, I had to almost double the profits or almost double the share price. And I think shareholders can, you know, you would reasonably assume that the next set of targets are not dissimilar to that. Again, the board wants to brief the main shareholders on that first. Next question, please. Thanks, Charlotte.

你知道，這一直是我的理念：我希望我的薪酬與回報要和非常有企圖心的獲利與股價目標綁在一起。上一次是在2019年，我幾乎得把獲利翻倍，或把股價幾乎翻倍。我想股東可以——你知道——合理地推測下一組目標也不會差太多。同樣地，董事會希望先向主要股東做簡報。下一題，謝謝。謝謝你，Charlotte。

Thank you. We currently have no other questions, I'll hand back over to Michael O'Leary for closing remarks.

謝謝。目前我們沒有其他問題了，我把時間交回給Michael O'Leary做結語。

Fantastic. Okay. Folks, thank you very much. Again, may I conclude by just reminding everybody, we've had a record year, record traffic, record profits. You know, we have been overtaken by events in the Middle East in the last two months, but I do not expect that that will last very long, maybe another month or two. Then I believe, you know, the Strait of Hormuz will reopen, oil prices will settle down. People will go back to booking with confidence during the peak summer months. Ryanair is incredibly well-positioned with 4% more seats this summer, well controlling remarkable unit cost discipline in a marketplace where none of our competitors, the cost gap between us and our competitors is widening. We are really well hedged out to March 2027. That gives us incredible financial strength.

太棒了。好的。各位，非常感謝。最後我想提醒大家：我們創下了創紀錄的一年，創紀錄的運量、創紀錄的獲利。你知道，過去兩個月中東局勢的事件影響了我們，但我不預期這會持續太久，可能再一兩個月。接著我相信，荷姆茲海峽（Strait of Hormuz）會重新開放，油價會趨於穩定。人們會在夏季旺季期間恢復有信心地訂票。Ryanair在今年夏天座位數增加4%，在一個我們的競爭對手都做不到的市場中，我們仍維持驚人的單位成本紀律，我們與競爭對手之間的成本差距正在擴大。我們的避險做得非常好，一路覆蓋到2027年3月。這給了我們驚人的財務實力。

We will pay down the last of our bond debt next week, and we will be essentially debt-free. That puts us in enormously strong position to continue then to grow capacity the next couple of years, take delivery of MAX 10 aircraft that will transform our operating economics because they have 20% more seats that burn 20% less fuel. You guys today can buy all this incredible advantage at, I don't know, EUR22, EUR23 a share. I don't wanna hear anybody telling me for the next two or three years, oh, I wish we'd bought it the last time there was a dip. Here's the dip. We're buying. We're very happy with our share buyback program. The average cost has dramatically come down over the last two or three months, and for that, we're extremely grateful.

我們下週會償還最後一筆債券負債，基本上就會是零負債。這讓我們處於極其強勢的位置，得以在未來幾年持續擴張運能，並接收MAX 10飛機；它們將改變我們的營運經濟性，因為座位數多20%，燃油消耗少20%。你們今天就能以我不知道——每股22歐元、23歐元——買到這些驚人的優勢。我不想在未來兩三年聽到任何人說：噢，我希望上次下跌時有買。這次就是下跌。我們正在買。我們對股票回購計畫非常滿意。過去兩三個月的平均成本大幅下降，對此我們非常感謝。

We look forward. We have an extensive roadshow with all of the senior managers on the road across Ireland, the UK, Europe, East Coast and West Coast America. I myself, I'm in New York for the next two days, Chicago on Wednesday, Boston on Thursday. If anybody wants a meeting, if anybody wants, you know, to be reminded of how strong Ryanair's fundamentals are and how profitable and cash generative we are, please ask either Citi, Goodbody or Davy for a meeting. We look forward to meeting you. Other than that, if anybody wants to come to Dublin at some stage over the summer and visit us or see the operation, you're very more than welcome.

我們期待接下來的行程。我們將與所有高階主管進行一場大規模的路演，走訪愛爾蘭、英國、歐洲，以及美國東岸與西岸。我本人接下來兩天在紐約，週三在芝加哥，週四在波士頓。如果有人想要會面，如果有人想——你知道——再次了解Ryanair的基本面有多強、我們有多能獲利、現金創造能力有多高，請透過Citi、Goodbody或Davy安排會議。我們期待與各位見面。除此之外，如果有人想在夏天某個時間來都柏林拜訪我們或參觀營運，你們非常非常歡迎。

I believe we're setting off on another five-year period of very strong traffic growth on aircraft that have more seats, that burn less fuel, and they will in turn deliver very strong profit and very strong share price appreciation. With that, thank you very much for joining the call this morning. Look forward to seeing you all the next couple of days. If not, come visit us in Dublin during the summer. Thanks, everybody. Bye-bye.

我相信我們正要展開另一個為期五年的強勁運量成長期，使用座位更多、耗油更少的飛機，而這也將帶來非常強勁的獲利與非常強勁的股價上漲。就此，非常感謝各位今天早上參加電話會議。接下來幾天期待見到各位。如果沒有，也歡迎夏天來都柏林拜訪我們。謝謝大家。再見。