Episode Details

Ryanair’s Q3 FY26 earnings call felt less like a financial report and more like a wrestling promo. While CEO Michael O’Leary grabbed headlines by insulting Elon Musk and declaring war on Italian regulators, the real story is what’s happening quietly behind the scenes.

In this episode, Susie and Miro look past the "calculated chaos" to find a company that is ruthlessly executing on costs while the rest of the industry struggles.

We break down the numbers that actually matter, including a massive "weaponized" fuel hedge that locks in pricing at $67/bbl for next year—giving Ryanair a terrifying advantage over its competitors.

We also discuss why the airline is building its own engine shops to bypass supply chain disasters, why O’Leary explicitly rejected Starlink, and how the company remains profitable even in the dead of winter. It’s a masterclass in boring excellence wrapped in a PR nightmare. ✈️🇮🇪