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.