Shares in Europe’s largest low-cost airline closed above €21 for a 28th consecutive trading day, meeting a key condition of a share option scheme first laid out in 2019, just before the onset of the Covid-19 pandemic.
Under the terms of the performance-linked deal, O’Leary, 64, is entitled to acquire 10 million Ryanair shares at €11.12 each — a deep discount to Thursday’s closing price of €23.74. That would equate to a potential windfall of €126 million, should he remain in his post until at least July 2028, as stipulated in the scheme.
Speaking earlier this month on an analyst call, O’Leary defended the payout: “I think we’re delivering exceptional value for Ryanair shareholders in an era when Premiership footballers and managers are getting paid 20-25 million a year. I think Ryanair shareholders are getting a particular value out of our share options — both mine and the rest of the management team.”
The airline has declined to formally comment on the milestone, noting that the options will not vest for another three years.
O’Leary, who has led Ryanair since 1994 and served on the board since 1988, is widely credited with steering the airline’s evolution from a small regional player to Europe’s dominant carrier by passenger numbers. Under his leadership, the carrier has become a household name known as much for its low fares and aggressive expansion as for O’Leary’s own combative public persona.
This week, Ryanair reported record annual passenger numbers, flying 200.2 million people in the 12 months to March — a 9 per cent increase on the previous year.
O’Leary is already one of Ryanair’s largest shareholders, with 44.1 million shares representing a 4.15 per cent stake. Much of this position was granted during his early tenure in the 1990s.
Ryanair’s share price has nearly tripled since its pandemic low of €8, and the €21 threshold that unlocks O’Leary’s bonus looked a distant target for much of the intervening period. But strong post-pandemic demand, disciplined cost management, and soaring traffic numbers have since pushed the stock back into record territory.
Outside aviation, O’Leary is also a high-profile racehorse owner through Gigginstown House Stud, which has achieved multiple Cheltenham and Grand National victories, including two Grand National wins with Tiger Roll.
As Ryanair continues to expand its network and fleet, the payout signals confidence in the airline’s long-term growth — and in O’Leary’s ongoing leadership of one of Europe’s most recognisable travel brands.
