This airline CEO is having another shot at a windfall worth more than $100 million
The CEO of Europe's biggest airline is set for another shot at one of the continent's biggest windfalls.
Ryanair's Michael O'Leary stands to receive stock options worth 100 million euros ($113 million) if the Irish budget carrier's share price trades above 21 euros for 28 days.
The stock has done well recently, staying above that price since May 2. It added another 3.3% in Dublin on Monday to just over 23 euros, valuing the company at more than 24 billion euros ($27 billion.)
While it spent a few days at this level last March and April, this is O'Leary's most promising rally yet.
In Monday's full-year earnings, Ryanair reported profits of 1.61 billion euros — a 16% fall compared with the previous 12 months.
While it reached a record 200 million passengers, tickets were 7% cheaper. O'Leary cited consumer spending pressure and "a big drop off" in bookings from online travel agents, following a dispute with them.
The airline also warned growth would slow due to delayed deliveries of Boeing planes. Having fewer planes than expected also meant that staffing costs were 17% higher this past financial year.
Ryanair also announced a share buyback worth 750 million euros.
Analysts at Peel Hunt said the airline traded at a "significant premium" to its peers and they maintained a "hold" rating with a target price of 21.50 euros.
The Financial Times previously reported that O'Leary's bonus deal was supposed to expire last year before being extended until 2028.
The potentially enormous payout isn't without its controversies, as Ryanair is known for its ancillary fees of up to three figures for changing a name or for hold baggage. The airline is getting rid of paper boarding passes later this year, however.
Such fees allow it to keep airfares as low as $20, but on some routes, tickets can still cost hundreds of euros.
When The Wall Street Journal asked about the potentially huge payout in an interview last year, the Ryanair chief gave a characteristically outspoken response.
"If premiership footballers are earning fucking 20 million a year and [Kylian] Mbappé is being paid 130 million to go play football for fucking Real Madrid, then I think my contract is very good value for Ryanair shareholders," O'Leary quipped.
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