ANNUAL REPORT 2021 - investor.ryanair.com

1 ANNUAL REPORT 2021 Here s to our fantastic female leaders who havehelped us navigate through this challenging the Leadersof RyanairIzabellaHead of Customer Operations,Training & QualityRoseStandards CaptainDanielleHead of DigitalLeslieHead of Inflight Safety, Security & Regulatory ComplianceJenniferData Protection O cerCarolChief Risk O cerJoelleDeputy Director of Security& ComplianceSineadDirector of InflightLauraHead of Product & DesignYvonneHead of Pilot RosteringTracyDirector of Customer ServiceAineHead of Customers& AudiencesRuthHead of Brand CommunicationsAoifeHead of Inflight RetailLisaDeputy Director HRSandraHead of Payroll HeliHead of Internal AuditChiaraHead of Sales & MarketingShaunaHead of HRAlejandraHead of CommunicationsLornaDeputy Director HRSineadGeneral ManagerGround OperationsTraceyChief Financial O cerLisaDeputy Director of Technical

2 ServicesIzabellaHead of Customer Operations,Training & QualityRoseStandards CaptainDanielleHead of DigitalLeslieHead of Inflight Safety, Security & Regulatory ComplianceJenniferData Protection O cerCarolChief Risk O cerJoelleDeputy Director of Security& ComplianceSineadDirector of InflightLauraHead of Product & DesignYvonneHead of Pilot RosteringTracyDirector of Customer ServiceAineHead of Customers& AudiencesRuthHead of Brand CommunicationsAoifeHead of Inflight RetailLisaDeputy Director HRSandraHead of Payroll HeliHead of Internal AuditChiaraHead of Sales & MarketingShaunaHead of HRAlejandraHead of CommunicationsLornaDeputy Director HRSineadGeneral ManagerGround OperationsTraceyChief Financial O cerLisaDeputy Director of Technical

3 Services1 Financial Summary3 Chairman's Report5 Group CEO Report11 Directors' Report15 Corporate Governance Report33 Environmental & Social Report59 REPORT of the Remuneration Committee on Directors Remuneration65 Statement of Directors Responsibilities in respect of the ANNUAL REPORT and the Financial Statements66 Responsibility Statement as required by the Transparency Directive and Corporate Governance Code67 Independent auditor s REPORT to the members of ryanair Holdings plc75 Presentation of Financial & Certain Other Information76 Cautionary Statement Regarding Forward-Looking Information77 Detailed Index80 Key Information83 Risk Factors102 Information on the Company127 Operating and Financial Review and Prospects129 Critical Accounting Policies139 Directors.

4 Senior Management and Employees147 Major Shareholders and Related Party Transactions148 Financial Information152 Additional Information165 Quantitative and Qualitative Disclosures about Market Risk170 Controls and Procedures173 Consolidated Financial Statements236 Company Financial Statements242 Directors and Other Information243 AppendixCONTENTSA nnual REPORT 2021 ryanair GROUP1 Scheduled RevenueAncillary RevenueTotal RevenueFuelEx-Fuel CostsTotal Operating CostsInterestHedge Ineffectiveness(Loss)/Profit Before TaxTax(Loss)/Profit After Tax 1,0366001,6365431,9322,475(54)(216) (1,109)94(1,015) 5,566 2,929 8,495 2,762 4,605 7,367 (50) (407) 671 (22) 649 5,261 2,436 7,697 2,427 4,254 6,681 (68) 948 (63)

5 885 INCOME STATEMENTMAR 31, 2020 m m mMAR 31, 2021 MAR 31, 2019 Non-Current AssetsGross CashCurrent AssetsTotal AssetsCurrent LiabilitiesNon-Current LiabilitiesShareholder EquityTotal Liabilities & EquityNet Debt 8,870 3,150 308 12,328 3,527 4,154 4,647 12,3282,277 10,253 3,808 686 14,747 5,508 4,325 4,914 14,747403 9,447 3,195 609 13,251 4,097 3,939 5,215 13,251450 BALANCE SHEETMAR 31, 2020 m m mMAR 31, 2021 MAR 31, 2019 Financial SummaryAnnual REPORT 2021 ryanair GROUP2 Key Stats at a Glance (March 31, 2021):149m guestspre-Covid-19( FY21)200m by FY26 422 Boeing 737s 210 Gamechangers on order 29 A320s 87% unencumbered fleet83g CO2 emissions pax/km(66g pre-Covid due to higher load factor)CDP Climate Protection RatingS&P and FitchCredit Ratings2,000 + Daily flights86 Bases225 Airports96% On-timeperformance36 year Safetyrecord37 CountriesService fromAcross EuropeOperates in15,000 +Aviation ProfessionalsBBBB-Choice & CoverageUnrivaled FootprintAnnual REPORT 2021 ryanair GROUP3 CDP awarded ryanair a very strong (first time) B- climate protection score.

6 Non-EU shareholder voting rights were restricted post ryanair Group responded promptly, and effectively, to the Covid-19 crisis by working hard to assist millions of customers with flight changes, refunds and changed travel plans. Cost reduction and cash preservation were prioritized with the Group lowering cash burn, participating in EU Government payroll support schemes, cancelling share buybacks and deferring non-essential capital expenditure. Thanks to our strong balance sheet, and BBB investment grade rating, the Group successfully raised new finance (including 400m share placing, 850m Eurobond and 600m CCFF) throughout FY21.

7 Additionally, following the release of full-year results in May, the Group issued , 5-year unsecured, bonds at our lowest ever coupon of This leaves the Group well positioned as it recovers operations this summer (thanks to the successful European rollout of Covid-19 vaccines), CHAIRMAN SREPORTI wish to personally thank our dedicated team of over 15,000 aviation professionals and my Board colleagues who worked tirelessly throughout the past year to ensure that the ryanair Group emerges strongly from the Covid-19 Shareholder,Fiscal year 2021 (FY21) was the most challenging in ryanair s 36-year history.

8 Covid-19 saw traffic collapse, almost overnight, from 149m to just as many European Governments imposed flight bans, travel restrictions and national lockdowns in an effort to combat the pandemic. This created enormous disruptions and uncertainty for both our customers and our people and led to significant challenges for our of FY21 include: Traffic fell 81% from 149m to due to Covid-19 travel restrictions. Liquidity preservation prioritized with cash at year end (March 31). Cost reductions implemented across all Group airlines.

9 Unprecedented backlog of Covid-19 customer requests /refunds processed. Job losses minimized via engagement with our people and their unions. B737-8200 Gamechanger firm order increased to 210 aircraft (from 135). ANNUAL REPORT 2021 ryanair GROUP4and capitalizes on the many growth opportunities that are available across Europe for our lowest cost/low fares over two years of delays, ryanair took delivery of our first Boeing 737-8200 Gamechanger aircraft in June. This aircraft, which has 4% more seats, delivers 16% less fuel burn and 40% lower noise emissions, will enable the ryanair Group to grow traffic to 200m within the next 5-years while reducing our CO2 and noise footprint for the next decade.

10 In December, I travelled to Washington to sign a contract where the Group increased its firm orders for the Gamechanger from 135 to 210 aircraft - while securing further, modest, price is a key focus area for the Board and ryanair s new Director of Sustainability briefs the Board quarterly. In FY21 ryanair received a (first time) B- industry leading climate protection rating from independent ratings agency CDP and announced an ambitious goal to power of flights with sustainable aviation fuels (SAF) by 2030. Throughout the Covid-19 crisis we minimized job losses through agreed pay cuts (with pay restoration from years 3 to 5 of multi-year agreements) and participation in Government job support schemes, while at the same time keeping our pilots, cabin crew and aircraft current and ready to resume service once normality returns.