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Financial instruments - Fair values and risk management (Tables)

12 Months Ended

Mar. 31, 2025

Financial instruments - Fair values and risk management

Schedule of carrying value of financial assets by class and measurement category

​

​	​	​	​	​	​	​	​	​	​	​
​	​	Assets at	​	Cash-	​	Fair value	​	Total	​	​
​	​	Amortized	​	Flow	​	through	​	Carrying	​	Total Fair
​	​	Cost	​	Hedges	​	Profit & Loss	​	Value	​	Value
​		€M		€M	​	€M		€M		€M
At March 31, 2025	​	​	​	​	​	​	​	​	​	​
Cash and cash equivalents		3,863.3		—	​	—		3,863.3		​
Financial asset: cash > 3 months		100.1		—	​	—		100.1		​
Restricted cash		23.1		—	​	—		23.1		​
Derivative financial instruments:	​	​	​	​	​	​	​	​	​	​
- U.S. dollar currency forward contracts		—		90.2	​	—		90.2		90.2
- Jet fuel & carbon derivative contracts		—		19.6	​	—		19.6		19.6
Trade receivables		73.5		—	​	—		73.5		​
Total financial assets at March 31, 2025		4,060.0		109.8	​	—		4,169.8		109.8

​

​	​	​	​	​	​	​	​	​	​	​
​	​	Assets at	​	Cash-	​	Fair value	​	Total	​	​
​	​	Amortized	​	Flow	​	through	​	Carrying	​	Total Fair
​	​	Cost	​	Hedges	​	Profit & Loss	​	Value	​	Value
​		€M		€M	​	€M		€M		€M
At March 31, 2024	​	​	​	​	​	​	​	​	​	​
Cash and cash equivalents		3,875.4		—	​	—		3,875.4		​
Financial asset: cash > 3 months		237.8		—	​	—		237.8		​
Restricted cash		6.4		—	​	—		6.4		​
Derivative financial instruments:	​	​	​	​	​	​	​	​	​	​
- U.S. dollar currency forward contracts		—		147.2	​	—		147.2		147.2
- Jet fuel & carbon derivative contracts	​	—		205.6	​	—		205.6		205.6
- Jet fuel options	​	—		—	​	—		—		​
- Cross-currency swaps		—		—	​	—		—		​
Trade receivables		76.4		—	​	—		76.4		​
Total financial assets at March 31, 2024		4,196.0		352.8	​	—		4,548.8		352.8

​

​	​	​	​	​	​	​	​	​	​	​
​	​	Assets at	​	Cash-	​	Fair value	​	Total	​	​
​	​	Amortized	​	Flow	​	through	​	Carrying	​	Total Fair
​		Cost		Hedges	​	Profit & Loss		Value		Value
​		€M		€M	​	€M		€M		€M
At March 31, 2023	​	​	​	​	​	​	​	​	​	​
Cash and cash equivalents		3,599.3		—	​	—		3,599.3		​
Financial asset: cash > 3 months		1,056.2		—	​	—		1,056.2		​
Restricted cash		19.5		—	​	—		19.5		​
Derivative financial instruments:	​	​	​	​	​	​	​	​	​	​
- U.S. dollar currency forward contracts		—		279.4	​	—		279.4		279.4
- Jet fuel & carbon derivative contracts	​	—		49.6	​	—		49.6		49.6
- Jet fuel options	​	—		14.1	​	—		14.1		14.1
- Cross-currency swaps	​	—		3.6	​	—		3.6		3.6
Trade receivables		59.7		—	​	—		59.7		​
Total financial assets at March 31, 2023		4,734.7		346.7	​	—		5,081.4		346.7

Schedule of carrying value of financial liabilities by class and measurement category

​

​	​	​	​	​	​	​	​	​	​	​
​	​	Liabilities at	​	​	​	Fair value	​	Total	​	​
​	​	Amortized	​	Cash-Flow	​	through	​	Carrying	​	Total Fair
​	​	Cost	​	Hedges	​	Profit & Loss	​	Value	​	Value
​		€M		€M	​	€M		€M		€M
At March 31, 2025	​	​	​	​	​	​	​	​	​	​
Current maturities of debt		848.4	​	—	​	—	​	848.4	​	850.3
Non-current maturities of debt	​	1,685.2	​	—	​	—	​	1,685.2	​	1,661.4
Derivative financial instruments:		​	​	​	​	​	​	​	​	​
-U.S. dollar currency forward contracts		—	​	2.7	​	—	​	2.7	​	2.7
-Jet fuel & carbon derivative contracts		—	​	224.5	​	—	​	224.5	​	224.5
Trade payables (Current)	​	702.0	​	—	​	—	​	702.0	​	​
Accrued expenses		1,953.5	​	—	​	—	​	1,953.5	​	​
Lease liabilities - right of use	​	149.1	​	—	​	—	​	149.1	​	​
Total financial liabilities at March 31, 2025		5,338.2		227.2	​	—		5,565.4		2,738.9
​	​	​	​	​	​	​	​	​	​	​
​	​	Liabilities at	​	​	​	Fair value	​	Total	​	​
​	​	Amortized	​	Cash-Flow	​	through	​	Carrying	​	Total Fair
​	​	Cost	​	Hedges	​	Profit & Loss	​	Value	​	Value
​	​	€M		€M	​	€M		€M		€M
At March 31, 2024	​	​	​	​	​	​	​	​	​	​
Current maturities of debt		50.0	​	—	​	—	​	50.0	​	50.0
Non-current maturities of debt	​	2,532.2	​	—	​	—	​	2,532.2	​	2,460.3
Derivative financial instruments:		​	​	​	​	​	​	​	​	​
-U.S. dollar currency forward contracts		—	​	3.3	​	—	​	3.3	​	3.3
-Jet fuel & carbon derivative contracts		—	​	178.8	​	—	​	178.8	​	178.8
Trade payables (Current)		792.2	​	—	​	—	​	792.2	​	​
Accrued expenses		1,603.1	​	—	​	—	​	1,603.1	​	​
Lease liabilities - right of use	​	164.6	​	—	​	—	​	164.6	​	​
Total financial liabilities at March 31, 2024		5,142.1		182.1	​	—		5,324.2		2,692.4
​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​
​	​	Liabilities at	​	​	​	Fair value	​	Total	​	​
​	​	Amortized	​	Cash-Flow	​	through	​	Carrying	​	Total Fair
​	​	Cost	​	Hedges	​	Profit & Loss	​	Value	​	Value
​	​	€M		€M	​	€M		€M		€M
At March 31, 2023	​	​	​	​	​	​	​	​	​	​
Current maturities of debt		1,056.7		—	​	—		1,056.7		1,051.7
Non-current maturities of debt	​	2,853.2	​	—	​	—		2,853.2		2,740.7
Derivative financial instruments:		​	​	​	​	​		​	​	​
-U.S. dollar currency forward contracts		—		48.0	​	—		48.0		48.0
-Jet fuel & carbon derivative contracts		—		349.8	​	—		349.8		349.8
Trade payables (Current)		1,065.5		—	​	—		1,065.5		​
Trade payables (Non-current)	​	—	​	—	​	—	​	—	​	​
Accrued expenses		1,276.6		—	​	—		1,276.6		​
Lease liabilities - right of use	​	206.3	​	—	​	—	​	206.3	​	​
Total financial liabilities at March 31, 2023		6,458.3		397.8	​	—		6,856.1		4,190.2

Schedule of estimated fair values

​

​	​	​	​	​	​	​	​	​
​	​	Level 1	​	Level 2	​	Level 3	​	Total
​		€M		€M		€M		€M
At March 31, 2025	​	​	​	​	​	​	​	​
Derivative assets measured at fair value for risk management purposes	​	​	​	​	​	​	​	​
U.S. dollar currency forward contracts		—		90.2		—		90.2
Jet fuel & carbon derivative contracts		—		19.6		—		19.6
​		—		109.8		—		109.8
Derivative liabilities measured at fair value for risk management purposes	​	​	​	​	​	​	​	​
U.S. currency forward contracts		—		2.7		—		2.7
Jet fuel & carbon derivative contracts		—		224.5		—		224.5
​		—		227.2		—		227.2
Financial liabilities not measured at fair value	​	​	​	​	​	​	​	​
Debt		—		2,511.7		—		2,511.7
​	​	—	​	2,511.7	​	—	​	2,511.7
Total		—		2,848.7		—		2,848.7

​

​	​	​	​	​	​	​	​	​
​	​	Level 1	​	Level 2	​	Level 3	​	Total
​		€M		€M		€M		€M
At March 31, 2024	​	​	​	​	​	​	​	​
Derivative assets measured at fair value for risk management purposes	​	​	​	​	​	​	​	​
U.S. dollar currency forward contracts		—		147.2		—		147.2
Cross-currency swaps		—		—		—		—
Jet fuel & carbon derivative contracts		—		205.6		—		205.6
​		—		352.8		—		352.8
Derivative liabilities measured at fair value for risk management purposes	​	​	​	​	​	​	​	​
U.S. currency forward contracts		—		3.3		—		3.3
Jet fuel & carbon derivative contracts		—		178.8		—		178.8
​		—		182.1		—		182.1
Financial liabilities not measured at fair value	​	​	​	​	​	​	​	​
Debt		—		2,510.3		—		2,510.3
​	​	—	​	2,510.3	​	—	​	2,510.3
Total		—		3,045.2		—		3,045.2

​

​	​	​	​	​	​	​	​	​
​	​	Level 1	​	Level 2	​	Level 3	​	Total
​		€M		€M		€M		€M
At March 31, 2023	​	​	​	​	​	​	​	​
Derivative assets measured at fair value for risk management purposes	​	​	​	​	​	​	​	​
U.S. dollar currency forward contracts		—		279.4		—		279.4
Jet fuel & carbon derivative contracts		—		63.7		—		63.7
Cross-currency swaps		—		3.6		—		3.6
​		—		346.7		—		346.7
Derivative liabilities measured at fair value for risk management purposes	​	​	​	​	​	​	​	​
U.S. currency forward contracts		—		48.0		—		48.0
Jet fuel & carbon derivative contracts		—		349.8		—		349.8
​		—		397.8		—		397.8
Financial liabilities not measured at fair value	​	​	​	​	​	​	​	​
Debt	​	—		3,792.4		—		3,792.4
​	​	—	​	3,792.4	​	—	​	3,792.4
Total		—		4,536.9		—		4,536.9

Schedule of monetary assets

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

At March 31,

​

​

2025

​

2024

​

2023

​

​

GBP

​

U.S.$

​

Euro €

​

GBP

​

U.S.$

​

Euro €

​

GBP

​

U.S.$

​

Euro €

​

£M

$M

€M

£M

$M

€M

£M

$M

€M

Monetary assets

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

UK pounds sterling cash and liquid resources

90.5

​

—

​

108.1

55.6

​

—

65.1

78.1

​

—

88.8

U.S. Dollar cash and liquid resources

—

​

737.6

​

681.9

—

​

785.5

727.8

—

​

671.3

619.3

​

90.5

​

737.6

790.0

55.6

​

785.5

792.9

78.1

​

671.3

708.1

Schedule of monetary liabilities

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

At March 31,

​

​

2025

​

2024

​

2023

​

​

GBP

​

U.S.$

​

Euro €

​

GBP

​

U.S.$

​

Euro €

​

GBP

​

U.S.$

​

Euro €

​

£M

​

$M

€M

£M

​

$M

€M

£M

​

$M

€M

Monetary liabilities

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

U.S. dollar long term debt*

​

—

​

—

​

—

​

—

​

—

​

—

​

—

​

280.8

​

259.1

Pre-delivery payments due to Boeing

​

—

​

215.0

​

198.8

​

—

​

—

​

—

​

—

​

669.2

​

617.4

​

​

—

​

215.0

198.8

​

—

​

—

—

​

—

​

950.0

876.5

​

*During the FY22, the Group issued non-interest-bearing promissory notes to the value of approximately €230m (U.S.$250m) in settlement of certain aircraft trade payables. These were non-cash settled in full during FY24.

Schedule of exchange rates

​

​	​	​	​	​	​	​
​	​	€	​	£	​	$
March 31, 2023	​	1.0000	​	0.8791	​	1.0839
March 31, 2024	​	1.0000	​	0.8548	​	1.0793
March 31, 2025	​	1.0000	​	0.8371	​	1.0817

Schedule of notional amounts of currency forward contracts

The notional principal amounts of forward foreign exchange contracts are as follows:

​

​	​	​	​	​	​	​
​	​	At March 31,
​	​	2025	​	2024	​	2023
​	​	€M	​	€M	​	€M
Within Year 1	​	4,299.3	​	4,403.6	​	5,873.1
Greater than 1 Year	​	1,141.2	​	447.9	​	1,203.5
Total	​	5,440.5	​	4,851.5	​	7,076.6

Schedule of maturity profile of financial liabilities

The following was the maturity profile of the Group’s financial liabilities (excluding aircraft provisions, trade payables and accrued expenses).

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Weighted

​

​

​

​

​

​

​

​

​

​

​

​

​

​

average

​

​

​

​

​

​

​

​

​

2030 -

​

​

​

​

rate

​

2026

​

2027

​

2028

​

2029

​

2031

​

Total

At March 31, 2025

(%)

€M

€M

€M

€M

€M

€M

Fixed rate

Unsecured debt

1.70%

​

848.4

​

1,196.3

​

—

​

—

​

—

​

2,044.7

Debt

1.70%

​

848.4

​

1,196.3

​

—

​

—

​

—

​

2,044.7

Lease liabilities - right of use

​

4.89%

​

37.4

​

37.9

​

38.8

​

27.1

​

7.9

​

149.1

Total fixed rate debt

​

885.8

​

1,234.2

​

38.8

​

27.1

​

7.9

​

2,193.8

Floating rate

​

​

​

​

​

​

​

​

​

​

​

​

​

Unsecured long term debt

​

2.67%

​

—

​

—

​

—

​

—

​

488.9

​

488.9

Total floating rate debt

2.67%

​

—

​

—

​

—

​

—

​

488.9

​

488.9

Total financial liabilities

885.8

​

1,234.2

​

38.8

​

27.1

​

496.8

​

2,682.7

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Weighted

​

​

​

​

​

​

​

​

​

​

​

​

​

​

average

​

​

​

​

​

​

​

​

​

2029 -

​

​

​

​

rate

​

2025

​

2026

​

2027

​

2028

​

2031

​

Total

At March 31, 2024

(%)

€M

€M

€M

€M

€M

€M

Fixed rate

Unsecured debt

1.67%

​

50.0

​

843.4

1,198.8

—

—

2,092.2

Debt

1.67%

​

50.0

843.4

1,198.8

—

—

2,092.2

Lease liabilities - right of use

​

4.43%

​

39.4

​

31.9

​

32.1

​

32.7

​

28.5

​

164.6

Total fixed rate debt

89.4

875.3

1,230.9

32.7

28.5

2,256.8

Floating rate

​

​

Unsecured long term debt

​

4.30%

​

—

​

—

​

—

​

—

​

490.0

​

490.0

Total floating rate debt

4.30%

​

—

—

—

—

490.0

490.0

Total financial liabilities

89.4

875.3

1,230.9

32.7

518.5

2,746.8

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Weighted

​

​

​

​

​

​

​

​

​

​

​

​

​

​

average

​

​

​

​

​

​

​

​

​

2028 -

​

​

​

​

rate

​

2024

​

2025

​

2026

​

2027

​

2031

​

Total

At March 31, 2023

(%)

€M

€M

€M

€M

€M

€M

Fixed rate

Secured debt

2.43%

​

16.2

12.3

​

-

—

—

28.5

Unsecured debt

1.39%

​

1,040.5

*

46.0

846.1

1,198.8

—

3,131.4

Debt

1.39%

​

1,056.7

58.3

846.1

1,198.8

—

3,159.9

Lease liabilities - right of use

4.37%

​

43.2

​

38.4

​

31.8

​

32.2

​

60.7

​

206.3

Total fixed rate debt

​

​

1,099.9

96.7

877.9

1,231.0

60.7

3,366.2

Floating rate

​

​

​

​

​

​

​

​

​

​

​

​

Secured long term debt

​

​

Unsecured long term debt

​

3.45%

​

—

​

750.0

​

—

​

—

​

—

​

750.0

Total floating rate debt

3.45%

​

—

750.0

—

—

—

750.0

Total financial liabilities

​

1,099.9

846.7

877.9

1,231.0

60.7

4,116.2

* Includes promissory notes amounting to approx. €230m

​

Schedule of significant cash balances invested on short term basis

​

​	​	​	​	​	​	​
​	​	At March 31,
​	​	2025	​	2024	​	2023
​	​	Within	​	Within	​	Within
​	​	1 year	​	1 year	​	1 year
Financial assets		€M		€M		€M
Cash and cash equivalents		3,863.3		3,875.4		3,599.3
Cash > 3 months		100.1		237.8		1,056.2
Restricted cash		23.1		6.4		19.5
Total financial assets		3,986.5		4,119.6		4,675.0

Schedule of maturities of contractual cash flows of financial liabilities

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total

​

Total

​

​

​

​

​

​

​

​

​

​

​

​

Carrying

​

Contractual

​

​

​

​

​

​

​

​

​

​

​

​

Value

​

Cash Flows

​

2026

​

2027

​

2028

​

2029

​

Thereafter

At March 31, 2025

€M

€M

€M

€M

€M

€M

€M

Long and short term debt and leases:

- Fixed rate debt: 1.7%

2,044.7

​

2,092.0

​

882.7

​

1,209.3

​

—

​

—

​

—

- Floating rate debt: 2.67%

488.9

​

556.3

​

13.3

​

13.4

​

13.2

​

13.2

​

503.2

- Lease liabilities

149.1

​

163.6

​

43.1

​

42.7

​

41.6

​

28.1

​

8.1

​

2,682.7

2,811.9

939.1

1,265.4

54.8

41.3

511.3

Derivative financial instruments

- Currency forward contracts – outflows

2.7

​

508.6

​

51.6

​

327.3

​

116.5

​

7.0

​

6.2

- Currency forward contracts – inflows

​

​

​

(519.4)

​

(51.5)

​

(333.7)

​

(120.3)

​

(7.3)

​

(6.6)

- Commodity forward contracts

224.5

​

224.5

​

224.5

​

—

​

—

​

—

​

—

Trade payables

702.0

​

702.0

​

702.0

​

—

​

—

​

—

​

—

Accrued expenses

1,953.5

​

1,953.5

​

1,953.5

​

—

​

—

​

—

​

—

Total at March 31, 2025

5,565.4

5,681.1

3,819.2

1,259.0

51.0

41.0

510.9

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total

​

Total

​

​

​

​

​

​

​

​

​

​

​

​

Carrying

​

Contractual

​

​

​

​

​

​

​

​

​

​

​

​

Value

​

Cash Flows

​

2025

​

2026

​

2027

​

2028

​

Thereafter

At March 31, 2024

€M

€M

€M

€M

€M

€M

€M

Long and short term debt and leases:

- Fixed rate debt: 1.67%

2,092.2

​

2,172.7

​

85.0

​

878.3

​

1,209.4

​

—

​

—

- Floating rate debt: 4.30%

490.0

​

579.2

​

21.2

​

21.3

​

21.3

​

21.5

​

493.9

- Lease liabilities

164.6

​

183.1

​

45.5

​

37.1

​

36.1

​

34.9

​

29.5

​

2,746.8

2,935.0

151.7

936.7

1,266.8

56.4

523.4

Derivative financial instruments

- Currency forward contracts – outflows

3.3

​

188.3

​

7.0

​

10.6

​

10.0

​

133.6

​

27.1

- Currency forward contracts – inflows

​

—

​

(195.0)

​

(7.0)

​

(10.7)

​

(10.2)

​

(138.5)

​

(28.6)

- Commodity forward contracts

178.8

​

178.8

​

178.8

​

—

​

—

​

—

​

—

Trade payables

792.2

​

792.2

​

792.2

​

—

​

—

​

—

​

—

Accrued expenses

1,603.1

​

1,603.1

​

1,603.1

​

—

​

—

​

—

​

—

Total at March 31, 2024

5,324.2

5,502.4

2,725.8

936.6

1,266.6

51.5

521.9

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total

​

Total

​

​

​

​

​

​

​

​

​

​

​

​

Carrying

​

Contractual

​

​

​

​

​

​

​

​

​

​

​

​

Value

​

Cash Flows

​

2024

​

2025

​

2026

​

2027

​

Thereafter

At March 31, 2023

€M

€M

€M

€M

€M

€M

€M

Long and short term debt and leases:

- Fixed rate debt: 1.39%

3,159.9

​

3,284.4

​

1,100.6

​

93.5

​

881.0

​

1,209.3

​

—

- Floating rate debt: 3.45%

750.0

​

782.3

​

25.9

​

756.4

​

—

​

—

​

—

- Lease liabilities

​

206.3

​

233.4

​

51.1

​

45.0

​

37.0

​

35.9

​

64.4

​

4,116.2

4,300.1

1,177.6

894.9

918.0

1,245.2

64.4

Derivative financial instruments

- Currency forward contracts – outflows

48.0

​

3,658.2

​

3,281.4

​

245.1

​

10.6

​

10.0

​

111.1

- Currency forward contracts – inflows

​

—

​

(3,645.4)

​

(3,263.2)

​

(246.9)

​

(10.7)

​

(10.2)

​

(114.4)

- Commodity forward contracts

349.8

​

349.8

​

341.8

​

8.0

​

—

​

—

​

—

Trade payables

1,065.5

​

1,065.5

​

1,065.5

​

-

​

—

​

—

​

—

Accrued expenses

1,276.6

​

1,276.6

​

1,276.6

​

—

​

—

​

—

​

—

Total at March 31, 2023

6,856.1

7,004.8

3,879.7

901.1

917.9

1,245.0

61.1

Schedule of derivative financial instruments

​

​	​	​	​	​	​
Derivative financial instruments:	​	​	​	​	​
​	At March 31,
​	2025	​	2024	​	2023
​	€M	​	€M	​	€M
Foreign currency risk	​	​	​	​	​
Property, plant and equipment - aircraft additions	7.7	​	60.3	​	269.6
Fuel and oil operating expenses	79.8	​	83.6	​	(38.2)
Interest rate risk	​	​	​	​	​
Variable-rate instruments	—	​	—	​	3.6
Commodity price risk	​	​	​	​	​
Fuel and carbon operating expenses	(204.9)	​	26.8	​	(286.1)
Net derivative position at year end	(117.4)	​	170.7	​	(51.1)

Schedule of change in gross value used for calculating hedge ineffectiveness

​

​	​	​	​	​	​
Change in gross value used for calculating hedge ineffectiveness:	​	​	​	​	​
​	At March 31,
​	2025	​	2024	​	2023
​	€M	​	€M	​	€M
Foreign currency risk	​	​	​	​	​
Property, plant and equipment - aircraft additions	149.8	​	515.0	​	407.0
Fuel and oil operating expenses	114.6	​	(117.7)	​	405.1
Interest rate risk	​	​	​	​	​
Variable-rate instruments	—	​	—	​	3.8
Commodity price risk	​	​	​	​	​
Fuel and carbon operating expenses	154.3	​	(398.8)	​	2,806.5
Total	418.7	​	(1.5)	​	3,622.4

Schedule of hedged items

​

​	​	​	​	​	​
​	At March 31, 2025
​	Continuing	​	Balance	​	​
​	hedges	​	remaining **	​	Total
​	€M	​	€M	​	€M
Foreign currency risk	​	​	​	​	​
Property, plant and equipment - aircraft additions	(7.7)	​	(76.1)	​	(83.8)
Fuel and oil operating expenses	(84.7)	​	—	​	(84.7)
Interest rate risk	​	​	​	​	​
Variable-rate instruments	—	​	—	​	—
Commodity price risk	​	​	​	​	​
Fuel and carbon operating expenses	204.9	​	—	​	204.9
Gross cashflow hedge reserve	112.5	​	(76.1)	​	36.4
​	​	​	​	​	​
*Deferred taxes included in Hedge reserve were €15m
** Balance remaining in the cashflow hedge reserve for which hedge accounting is no longer applied
​	At March 31, 2024
​	Continuing	​	Balance	​	​
​	hedges	​	remaining **	​	Total
​	€M	​	€M	​	€M
Foreign currency risk	​	​	​	​	​
Property, plant and equipment - aircraft additions	(30.0)	​	(142.6)	​	(172.6)
Fuel and oil operating expenses	(83.7)	​	—	​	(83.7)
Interest rate risk	​	​	​	​	​
Variable-rate instruments	—	​	—	​	—
Commodity price risk	​	​	​	​	​
Fuel and carbon operating expenses	(26.8)	​	—	​	(26.8)
Gross cashflow hedge reserve	(140.5)	​	(142.6)	​	(283.1)
​	​	​	​	​	​
*Deferred taxes included in Hedge reserve were €17m
** Balance remaining in the cashflow hedge reserve for which hedge accounting is no longer applied
​	At March 31, 2023
​	Continuing	​	Balance	​	​
​	hedges	​	remaining **	​	Total
​	€M	​	€M	​	€M
Foreign currency risk	​	​	​	​	​
Property, plant and equipment - aircraft additions	265.6	​	83.1	​	348.7
Fuel and oil operating expenses	(38.2)	​	—	​	(38.2)
Interest rate risk	​	​	​	​	​
Variable-rate instruments	(6.6)	​	—	​	(6.6)
Commodity price risk	​	​	​	​	​
Fuel and carbon operating expenses	(300.1)	​	—	​	(300.1)
Gross cashflow hedge reserve	(79.3)	​	83.1	​	3.8
​	​	​	​	​	​
*Deferred taxes included in Hedge reserve were €28m	​	​	​	​	​
** Balance remaining in the cashflow hedge reserve for which hedge accounting is no longer applied	​	​	​	​	​

Schedule of movement in derivative financial instruments designated as hedging instruments

​

​	​	​	​	​	​
​	At March 31, 2025
​	Change in	​	Hedge ineffectiveness	​	Reclassified from
​	fair value	​	recognized in	​	hedging reserve
​	recognized in OCI	​	profit or loss*	​	to profit or loss**
​	€M	​	€M	​	€M
Foreign currency risk	​	​	​	​	​
Property, plant and equipment - aircraft additions	(149.8)	​	—	​	—
Fuel and oil operating expenses	(114.6)	​	—	​	110.9
Interest rate risk	​	​	​	​	​
Variable-rate instruments	—	​	—	​	—
Commodity price risk	​	​	​	​	​
Fuel and carbon operating expenses	(154.3)	​	—	​	(77.4)
Total movement in derivative instruments	(418.7)	​	—	​	33.5
​	​	​	​	​	​
​	At March 31, 2024
​	Change in	​	Hedge ineffectiveness	​	Reclassified from
​	fair value	​	recognized in	​	hedging reserve
​	recognized in OCI	​	profit or loss*	​	to profit or loss**
​	€M	​	€M	​	€M
Foreign currency risk	​	​	​	​	​
Property, plant and equipment - aircraft additions	(515.0)	​	—	​	—
Fuel and oil operating expenses	117.7	​	—	​	4.2
Interest rate risk	​	​	​	​	​
Variable-rate instruments	—	​	—	​	(3.6)
Commodity price risk	​	​	​	​	​
Fuel and carbon operating expenses	398.8	​	—	​	(71.8)
Total movement in derivative instruments	1.5	​	—	​	(71.2)
​	​	​	​	​	​
​	At March 31, 2023
​	Change in	​	Hedge ineffectiveness	​	Reclassified from
​	fair value	​	recognized in	​	hedging reserve
​	recognized in OCI	​	profit or loss*	​	to profit or loss**
​	€M	​	€M	​	€M
Foreign currency risk	​	​	​	​	​
Property, plant and equipment - aircraft additions	(407.0)	​	—	​	—
Fuel and oil operating expenses	(405.1)	​	—	​	261.2
Interest rate risk	​	​	​	​	​
Variable-rate instruments	(3.8)	​	—	​	2.9
Commodity price risk	​	​	​	​	​
Fuel and carbon operating expenses	(2,806.5)	​	—	​	1,557.5
Total movement in derivative instruments	(3,622.4)	​	—	​	1,821.6
​	​	​	​	​	​
* Hedge ineffectiveness is classified within “Finance Expense” on the Consolidated Income Statement
** Reclassified from hedging reserve to income statement – Fuel & Oil Foreign Currency & Commodity are reclassified in Fuel and Oil; Variable rate instruments are reclassified to Finance expense

Schedule of reclassified from other comprehensive income into the income statement

​

​	​	​	​	​	​	​	​	​
​	​	​	​	At March 31,
​	​	​		2025		2024		2023
​	​	​		€M		€M		€M
Commodity forward contracts	​	​
Reclassification adjustments for losses/(gains) recognized in fuel and oil operating expenses	​	​		77.4		71.8		1,557.5
Interest rate swaps	​	​		​		​		​
Reclassification adjustments for losses recognized in finance expense	​	​		—		3.6		2.9
Foreign currency forward contracts	​	​		​		​		​
Reclassification adjustments for losses/(gains) recognized in fuel and oil operating expenses	​	​		(110.9)		(4.2)		261.2
​	​	​		(33.5)		71.2		1,821.6

Schedule of reclassified from other comprehensive income into the capitalized cost

​

​	​	​	​	​	​	​	​	​
​	​	​	​	At March 31,
​	​	​		2025		2024		2023
​	​	​		€M		€M		€M
Foreign currency forward contracts	​	​
Recognized in property plant and equipment – aircraft additions	​	​		(100.6)		(305.7)		(308.1)
​	​	​		(100.6)		(305.7)		(308.1)

Schedule of fair values and notional amounts derivative financial instruments

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

At March 31,

​

​

2025

​

​

2024

​

​

2023

​

​

Within

​

> 1 Year

​

​

​

​

Within

​

> 1 Year

​

​

​

​

Within

​

> 1 Year

​

​

​

​

1 Year

​

(non—

​

​

​

​

1 Year

​

(non—

​

​

​

​

1 Year

​

(non—

​

​

​

​

(current)

​

current)

​

Total

​

​

(current)

​

current)

​

Total

​

​

(current)

​

current)

​

Total

​

€M

€M

€M

€M

€M

€M

€M

€M

€M

Foreign currency risk notional amounts

for effective hedges

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

PP&E — aircraft additions

373.8

​

—

​

373.8

494.0

​

24.1

518.1

1,893.6

​

411.9

2,305.5

Fuel and oil operating expenses

3,925.5

​

1,141.2

​

5,066.7

3,701.7

​

423.7

4,125.4

3,979.4

​

791.6

4,771.0

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

— Within derivative financial assets

84.4

​

5.8

​

90.2

144.0

​

3.2

147.2

226.2

​

53.2

279.4

— Within derivative financial liabilities

(0.2)

​

(2.5)

​

(2.7)

—

​

(3.3)

(3.3)

(44.9)

​

(3.1)

(48.0)

​

84.2

3.3

87.5

144.0

(0.1)

143.9

181.3

50.1

231.4

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Interest rate risk notional amounts for effective hedges

Variable—rate instruments

—

​

—

—

—

​

—

—

16.4

​

15.6

32.0

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total fair value for all interest rate risk related derivative instruments

— Within derivative financial assets

—

​

—

—

—

​

—

—

2.2

​

1.4

3.6

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Commodity price risk notional amounts for effective hedges

Fuel and carbon operating expenses

3,424.5

​

476.4

​

3,900.9

3,713.8

​

2.2

​

3,716.0

3,504.5

​

310.5

3,815.0

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total fair value for all commodity fuel & carbon related derivative instruments:

​

​

​

— Within derivative financial assets

10.0

​

9.6

​

19.6

205.5

​

0.1

​

205.6

63.7

​

—

63.7

— Within derivative financial liabilities

(224.5)

​

—

​

(224.5)

(178.0)

​

(0.8)

​

(178.8)

(341.7)

​

(8.1)

(349.8)

​

(214.5)

9.6

(204.9)

27.5

(0.7)

26.8

(278.0)

(8.1)

(286.1)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair values as reported in the consolidated balance sheet

Derivative financial assets

94.4

​

15.4

​

109.8

349.5

​

3.3

​

352.8

292.1

​

54.6

346.7

Derivative financial liabilities

(224.7)

​

(2.5)

​

(227.2)

(178.0)

​

(4.1)

​

(182.1)

(386.6)

​

(11.2)

(397.8)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Derivative financial assets analyzed between those:

— Designated as continuing cash flow hedges

94.4

​

15.4

​

109.8

322.6

​

3.3

​

325.9

292.1

​

54.6

346.7

— Where hedge accounting is no longer applied

—

​

—

​

—

26.9

​

—

​

26.9

—

​

—

—

— Designated as fair value financial instruments

​

—

​

—

​

—

​

​

—

​

—

​

—

​

​

—

​

—

​

—

​

94.4

15.4

109.8

349.5

3.3

352.8

292.1

54.6

346.7

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Derivative financial liabilities analyzed between those:

— Designated as continuing cash flow hedges

(224.7)

​

(2.5)

​

(227.2)

(178.0)

​

(4.1)

​

(182.1)

(386.6)

​

(11.2)

(397.8)

— Where hedge accounting is no longer applied

—

​

—

​

—

—

​

—

​

—

—

​

—

—

— Designated as fair value financial instruments

—

​

—

​

—

—

​

—

​

—

—

​

—

—

​

(224.7)

(2.5)

(227.2)

(178.0)

(4.1)

(182.1)

(386.6)

(11.2)

(397.8)

X

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The disclosure of financial instruments by type of interest rate. [Refer: Classes of financial instruments [domain]]

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Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Name IFRS
-Number 7
-IssueDate 2024-01-01
-Paragraph 39
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-URIDate 2024-03-27

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The disclosure of financial liabilities. [Refer: Financial liabilities]

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Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 7
-IssueDate 2024-01-01
-Paragraph 7
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=7&code=ifrs-tx-2024-en-r&anchor=para_7&doctype=Standard
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The schedule of the movement of derivative financial instruments designated as hedging instruments.

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Tabular disclosure of exchange rates applied.

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The schedule of detailed information regarding the change in gross value of hedge instruments used for calculating hedge ineffectiveness.

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The tabular disclosure of information about amounts that affected the statement of comprehensive income as a result of hedge accounting due to reclassified in to capitalized cost.

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The tabular disclosure of information about amounts that affected the statement of comprehensive income as a result of hedge accounting due to reclassified to income statement.

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Tabular disclosure of significant cash balances invested on short term basis.

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