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Michael O’Leary Qualifies for €111.2m Bonus as Ryanair Shares Clear €21 Target

The award comes from a 2019 plan that vests only if he remains CEO until July 2028.

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Michael O’Leary: “I think Ryanair shareholders are getting a particular value out of our share options”
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Overview

  • Ryanair’s stock first closed above €21 on May 2 and maintained that level for 28 consecutive trading days, meeting the plan’s performance condition.
  • The incentive grants O’Leary the option to purchase 10 million shares at €11.12 each, valuing the bonus at €111.2m at current prices.
  • The airline reported a record 200.2 million passengers in the 2024-25 financial year, helping its share price more than double since its Covid-era low of €8.
  • O’Leary defended the package by comparing it with top football salaries and stressing the long-term value delivered to shareholders.
  • Luke Hildyard of the High Pay Centre described the payout as excessive and argued it overlooks the broader workforce’s contributions.