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A low-cost airline in numbers: Ryanair, year to March 2026

You run the case. Read the prompt, answer questions from the notes below, and share data only when the candidate asks for it or gets stuck. Score at the end.

Case timer

00:00

Target length:

1. Read the prompt aloud

Read it slowly, then pause. Let the candidate ask questions before they structure.

Real figures from Ryanair's full-year results for the year to 31 March 2026: revenue of EUR 15,540 million, operating costs before exceptional items of EUR 13,090 million, and 208.4 million passengers. Work out revenue, cost and the gap per passenger, and the operating margin. What does a cost leader's gap depend on?

2. Answers to clarifying questions

This case has no scripted clarifying answers. Answer from the prompt, and say "assume what you think is reasonable" if the prompt does not cover it.

3. A model structure

Compare the candidate's structure with this one. A different split can be just as good if it is clean and fits the problem.

Gap per passenger = revenue per passenger minus cost per passenger
- Revenue per passenger = revenue / passengers
- Cost per passenger = operating costs / passengers

4. The working, step by step

Each step shows how a strong candidate works it out. Share a new fact from it only when the candidate asks or is stuck, and let them do the math: the result in the dark box is what they should reach.

Step 1: Revenue per passenger
What a strong candidate does: EUR 15,540 million divided by 208.4 million passengers.
Revenue per passenger (EUR): 15,540 ÷ 208.4 = 74.57
Step 2: Cost per passenger
What a strong candidate does: EUR 13,090 million divided by 208.4 million passengers.
Cost per passenger (EUR): 13,090 ÷ 208.4 = 62.81
Step 3: Gap per passenger
What a strong candidate does: The operating profit in each passenger, before exceptional items.
Operating gap per passenger (EUR): (15,540 - 13,090) ÷ 208.4 = 11.76
Step 4: Operating margin
What a strong candidate does: Operating profit before exceptional items as a share of revenue.
Operating margin (percent): (15,540 - 13,090) ÷ 15,540 × 100 = 15.77

The recommendation to listen for

At the end, say: "The CEO walks in. What is your recommendation?"

Ryanair took in about EUR 75 per passenger and spent about EUR 63, leaving close to EUR 12 of operating profit per passenger and a margin of about 16 percent. For a cost leader the whole game is the cost line: Ryanair itself says it has a widening cost advantage over its EU competitors. The gap lasts only as long as costs stay below rivals', which in airlines depends on filling almost every seat, flying aircraft many hours a day and buying aircraft and fuel cheaply. A case on a low-cost airline should therefore start from cost per seat against rivals and from load factor (the share of seats filled).

Risks a strong answer names: Per-passenger figures are our division of reported totals; The cost advantage is the company's own claim; check it against rivals' reports.

Score the candidate

Score each criterion from 1 to 5. A 2 or a 4 sits between the descriptions.

This case has no exhibit. Score Exhibit reading on how the candidate used the data you gave them: did they pick out the number that matters and say what it means?

Structuring

1: No clear structure, or a memorized framework that does not fit the problem.
3: A sensible structure, but with some overlap, a gap, or no clear priority.
5: A structure built for this problem, with no overlap and no gaps, a stated hypothesis, and a clear first step.

Math

1: Frequent errors, no units, or needed heavy help to finish.
3: Right answers but slow or messy working, or one error caught late.
5: Accurate and clearly narrated, with units, a sense check, and what the number means.

Exhibit reading

1: Read the chart aloud without finding the number that matters.
3: Found the key number but gave only part of the so-what.
5: Pulled the right number quickly and said what it means for the case.

Synthesis

1: Summarized what was done, with no clear answer.
3: Gave an answer, but with weak reasons or no next step.
5: Answer first, then two or three reasons with numbers, the main risk, and next steps.

Communication

1: Hard to follow: long silences, no signposting.
3: Clear most of the time, with some rambling.
5: Calm and concise, signposted each step, and checked in with the interviewer.

Total

0 out of 25

Score all five criteria to see the band and the feedback template.