<SEC-DOCUMENT>0001654954-25-014271.txt : 20251223
<SEC-HEADER>0001654954-25-014271.hdr.sgml : 20251223
<ACCEPTANCE-DATETIME>20251223073435
ACCESSION NUMBER:		0001654954-25-014271
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20251223
FILED AS OF DATE:		20251223
DATE AS OF CHANGE:		20251223

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			RYANAIR HOLDINGS PLC
		CENTRAL INDEX KEY:			0001038683
		STANDARD INDUSTRIAL CLASSIFICATION:	AIR TRANSPORTATION, SCHEDULED [4512]
		ORGANIZATION NAME:           	01 Energy & Transportation
		EIN:				000000000
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-29304
		FILM NUMBER:		251594713

	BUSINESS ADDRESS:	
		ADDRESS IS A NON US LOCATION: 	YES
		STREET 1:		C/O RYANAIR LTD CORPORATE HEAD OFFICE
		STREET 2:		DUBLIN AIRPORT
		CITY:			COUNTY DUBLIN IRELAN
		PROVINCE COUNTRY:   	L2
		BUSINESS PHONE:		3538444440

	MAIL ADDRESS:	
		STREET 1:		CT CORPORATION SYSTEM
		STREET 2:		1633 BROADWAY
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	RYANAIR HOLDINGS LTD
		DATE OF NAME CHANGE:	19970506
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>a6709m.htm
<DESCRIPTION>RYANAIR TO APPEAL FLAWED AGCM RULING & FINE
<TEXT>
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Report of Foreign Private Issuer</font></div>
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Pursuant to Rule 13a-16 or 15d-16</font></div>
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of the Securities Exchange Act of 1934</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">For the
month of&#xA0;December 2025</font></div>
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RYANAIR HOLDINGS PLC</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">(Translation
of registrant's name into English)</font></div>
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
c/o Ryanair Ltd Corporate Head Office</font></div>
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Dublin Airport</font></div>
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County Dublin Ireland</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">(Address
of principal executive offices)</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Indicate
by check mark whether the registrant files or will file
annual</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">reports
under cover Form 20-F or Form 40-F.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Form
20-F..X.. Form 40-F&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Indicate
by check mark whether the registrant by furnishing the
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<font style="font-family: Times New Roman; font-size: 13px">contained
in this Form is also thereby furnishing the information to
the</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Commission
pursuant to Rule 12g3-2(b) under the Securities
Exchange</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Act of
1934.</font></div>
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"Yes" is marked, indicate below the file number assigned to the
registrant</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">in
connection with Rule 12g3-2(b): 82- ________</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: -8px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 16px"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;</font></font></div>
<div style="text-align: center; margin-left: 0px; margin-right: -8px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 24px;">&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 16px"><font style="font-weight: bold; color: #000000; font-size: 24px">RYANAIR WILL
IMMEDIATELY APPEAL&#xA0;</font></font><font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 24px">LEGALLY
FLAWED AGCM RULING &amp; &#x20AC;256M FINE</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: -8px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 16px">
MILAN COURT IN 2024 ALREADY DECLARED RYANAIR'S DIRECT DISTRIBUTION
"UNDOUBTEDLY BENEFITS CONSUMERS".</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -8px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">Ryanair, Europe's No.1 airline, today (Tues, 23
Dec) instructed its lawyers to immediately appeal both the
bizarre/unsound ruling and the &#x20AC;256m fine, unjustly levied by
the Italian Competition Authority (AGCM), which seeks to ignore -
and overturn - the Jan 2024 Precedent Ruling of the Milan Court,
which declared that Ryanair's direct distribution
model&#xA0;</font><font style="text-decoration: underline; color: #000000">"</font><font style="font-weight: bold; text-decoration: underline; color: #000000">undoubtedly
benefits consumers</font><font style="text-decoration: underline; color: #000000">"</font><font style="color: #000000">&#xA0;and leads to "</font><font style="font-weight: bold; text-decoration: underline; color: #000000">competitive
fares</font><font style="text-decoration: underline; color: #000000">"</font><font style="color: #000000">. Today's Ruling validates Ryanair's current
distribution agreements, which guarantee price transparency for
consumers, and safeguards the continuing availability of the lowest
promotional fares on ryanair.com. The AGCM's baseless efforts to
redefine a period of time after the Milan Court Ruling, and to
wrongly claim that Ryanair has a dominant position in air services
to/from Italy will be overturned. This Ruling and fine are legally
unsound, and will be overturned on appeal.</font></font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -8px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">Ryanair has campaigned for many years to offer
consumers the lowest fares by booking directly on the ryanair.com
website. This direct distribution model was ruled
to&#xA0;</font><font style="text-decoration: underline; color: #000000">"</font><font style="font-weight: bold; text-decoration: underline; color: #000000">undoubtedly
benefits consumers</font><font style="text-decoration: underline; color: #000000">"</font><font style="color: #000000">&#xA0;by the Milan Court, as recently as Jan 2024.
However, under pressure from a Spanish OTA (which has repeatedly
overcharged unsuspecting consumers), and a tiny number of bricks
and mortar travel agents in Italy, the AGCM has today issued a
Ruling (and this absurd fine), which flies in the face of the Jan
2024 Milan Court Ruling.</font></font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -8px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">In
order to invent this legally unsound Ruling, the AGCM has ignored
the fact of Ryanair's non-dominant (just over 30%) share of the
Italian market, by gerrymandering to exclude both long haul air
travel, and short haul air access to a number of other countries,
so that it could invent this claim that Ryanair holds a dominant
position in the Italian air travel market. It also seeks to exclude
competing rail, bus, ferry and motorway travel from the market
definition, in what is clearly an invented, but untenable market
definition.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -8px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">The AGCM Ruling appears to accept that Ryanair's
current approved OTA and Travel Agent Direct agreements, which
allow all OTAs and bricks and mortar travel
agents&#xA0;</font><font style="font-style: italic; color: #000000">"cost free"</font><font style="color: #000000">&#xA0;unfettered access to Ryanair's airfares
(with the sole exception of Ryanair's promotional fares) as long as
they agree not to overcharge consumers when selling Ryanair's fares
and ancillary services, comply with competition law. Nevertheless,
this contorted ruling and its absurd fine flies in the face of the
Milan Court decision of Jan 2024, and can only be the product of a
biased and unsound analysis of Ryanair's pro-consumer pricing in
every market in Italy in which Ryanair
operates.</font></font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -8px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 16px">
Ryanair's CEO Michael O'Leary said:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: -5px; text-indent: 0px">
<font style="font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px">
"If today's legally unsound AGCM Ruling and fine is not appealed,
then the AGCM proposes to set itself above the Milan Courts in
making competition decisions. Ryanair has fought for many years for
transparent pricing, and our approved OTA agreements (which have
been agreed by almost every large OTA, with the notable exception
of one Spanish OTA, who continues to overcharge its customers for
flights and ancillary services) are manifestly and clearly
pro-consumer.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: -5px; text-indent: 0px">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
<font style="color: #000000">When Ryanair first started in 1985,
20% of ticket revenues were wasted paying travel agents 10%
commissions, and GDS systems 10% commissions, in an industry with
high fares, but profit margins of less than 1%. The internet and
the ryanair.com website have enabled Ryanair to distribute directly
to consumers, and Ryanair has passed on these 20% cost savings in
the form of the lowest air fares in Italy and Europe. Today's AGCM
ruling is both legally unsound, and it contradicts the Precedent
Milan Court Ruling of January 2024, which declared that Ryanair's
direct distribution model "</font><font style="font-weight: bold; color: #000000">undoubtedly benefits
consumers</font><font style="color: #000000">".</font></font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: -5px; text-indent: 0px">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
<font style="color: #000000">This AGCM Ruling is an affront to the
Precedent Milan Court Ruling, and also an affront to consumer
protection and competition law. Ryanair has grown rapidly in Italy
- and in many other markets across Europe - by always offering the
lowest air fares in every single market in which we operate. This
legally baseless AGCM Ruling, and its absurd &#x20AC;256m fine,
undermines consumer protection and competition law,
and&#xA0;</font><font style="text-decoration: underline; color: #000000">it will be overturned
on appeal</font><font style="color: #000000">.</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: -5px; text-indent: 0px">
<font style="font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: -5px; text-indent: 0px">
<font style="font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px">
The AGCM should have followed the Jan 2024 Precedent Ruling of the
Milan Court, which ruled that Ryanair's direct distribution
model</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: -5px; text-indent: -36px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">&#x2212;&#xA0; &#xA0;</font> <font style="color: #000000; font-family: Times New Roman">&#xA0;</font><font style="font-style: italic; color: #000000">"</font><font style="font-weight: bold; font-style: italic; color: #000000">undoubtedly
benefit[s] consumers</font><font style="font-style: italic; color: #000000">" by leading to lower
fares</font></font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: -5px; text-indent: -36px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">&#x2212;&#xA0; &#xA0; &#xA0; &#xA0;</font>
<font style="font-style: italic; color: #000000">is
"</font><font style="font-weight: bold; font-style: italic; color: #000000">economically
justified</font><font style="font-style: italic; color: #000000">&#xA0;in terms of containing
operating costs, and eliminating the costs associated with
&#xA0;intermediation in ticket sales"</font></font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 48px; margin-right: -5px; text-indent: -36px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">&#x2212;&#xA0; &#xA0;</font> <font style="color: #000000; font-family: Times New Roman">&#xA0;</font><font style="font-style: italic; color: #000000">"contribute[s]
to&#x2026;a direct channel of communication&#x2026;for any possible
need for information and updates on flights".</font></font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: -5px; text-indent: 0px">
<font style="font-style: italic; color: #000000; font-family: Times New Roman; font-size: 13px">
Ryanair looks forward to successfully overturning this legally
flawed ruling and its absurd &#x20AC;256m fine in the Courts.
Today's Ruling shows that the AGCM cannot be trusted to protect
consumers, or uphold competition law, when it can be so easily
misled by a tiny number of self-serving bricks &amp; mortar travel
agents and a Spanish OTA, making false claims. It is these OTAs and
travel agents that the AGCM should be protecting consumers from.
Today's AGCM Ruling cannot ignore, and must respect the Precedent
Jan 2024 Ruling of the Milan Court, and the pro-consumer behaviour
of Ryanair in every market in Italy in which we operate. Both we
and our lawyers, are confident that this flawed, gerrymandered AGCM
ruling and its absurd &#x20AC;256m fine will be overturned on
appeal."</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left"><font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div style="text-align: left"><font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
ENDS</font></div>
<div style="text-align: left"><font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
For further info</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold; color: #000000">
please contact:</font><font style="color: #000000">&#xA0;
&#xA0;</font><font style="color: #000000; font-size: 16px">&#xA0;</font><font style="font-weight: bold; color: #000000">Ryanair Press
Office</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0; &#xA0; &#xA0; &#xA0; &#xA0; &#xA0; &#xA0; &#xA0; &#xA0;
&#xA0; &#xA0; &#xA0; &#xA0; &#xA0; &#xA0;T:
+353-1-9451799</font></div>
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&#xA0; &#xA0; &#xA0; &#xA0; &#xA0; &#xA0;E:</font><font style="color: #000000">&#xA0;</font><font style="font-weight: bold; color: #000000; font-size: 13px">press@ryanair.com&#xA0;
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<div style="text-align: left"><font style="text-decoration: underline; color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
Note to Editors</font></div>
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<div style="text-align: left"><font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Please find below background Note to Editors, summarizing Ryanair's
distribution model and the Jan 2024 Milan Court
Ruling.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 24px; margin-right: -8px; text-indent: -24px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">1.&#xA0;
When Ryanair first opened its Ryanair.com website in 1999, it
guaranteed consumers that its lowest fares would only be available
on its website because the internet allowed Ryanair to save costs
of GDS distribution and travel agency commissions (approx. 20% of
each fare), which Ryanair then passed back to customers in lower
fares when they booked direct on its website.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 24px; margin-right: -8px; text-indent: -24px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">2.&#xA0;
Online travel agents (OTAs) and price comparison websites emerged
in the early 2000s, Ryanair offered all such agents a price
comparison licence agreement which would give them access to the
Ryanair.com website as long as they agreed to present real Ryanair
prices.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 24px; margin-right: -8px; text-indent: -24px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">3.&#xA0;
As the internet developed, the OTAs developed new techniques to
"scrape" content from Ryanair.com (despite the fact that this
unauthorised scraping was in breach of Ryanair's Ts&amp;Cs), resell
Ryanair tickets and overcharge consumers. Since the 2000s, Ryanair
introduced a series of security measures to prevent OTAs from
overcharging Ryanair customers. However, none of these measures
were successful in the long term as OTAs switched to using "burner
IP addresses", virtual credit cards and more recently PayPal in
China to circumvent payment security rules, and started using fake
email addresses, which prevented Ryanair from communicating
directly with the customer to give them flight updates, or in some
cases (during Covid) refunds.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 24px; margin-right: -8px; text-indent: -24px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">4.&#xA0;
While this cat and mouse game was played out between Ryanair and
these overcharging OTAs, unsuspecting customers were often charged
hidden handling fees. In other examples, the OTAs overcharged
consumers for Ryanair ancillary services such as bag fees, priority
boarding and seat selection.&#xA0; To this day Ryanair publishes a
monthly survey of this overcharging by OTAs proving real consumer
harm.</font></div>
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<div style="text-align: left; margin-left: 24px; margin-right: -8px; text-indent: -24px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">5.&#xA0;
All of these issues were considered in detail by the Milan Court of
Appeal (in combined cases taken by Lastminute and Viaggiare) - see
summary of judgment below.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 24px; margin-right: -8px; text-indent: -24px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">6.&#xA0;
Since January 2024 Ryanair has entered into numerous "approved OTA
agreements" under which Ryanair gives direct access to its website
to OTAs who agree not to screenscrape Ryanair.com and to present
true Ryanair prices for fares and ancillary services to consumers,
with no hidden add-ons. The OTAs and agents are free to charge the
customer a transparent agency fee if they so wish or to offer
discounts. The same access to Ryanair's fares inventory is
available to traditional travel agents under Ryanair's Travel Agent
Direct platform and through traditional Global Distribution
Systems.</font></div>
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<font style="font-family: Times New Roman; font-size: 16px"><font style="font-weight: bold; text-decoration: underline; color: #000000; font-size: 13px">
On 17 Jan 2024, the Milan Court of Appeal ruled</font><font style="color: #000000">&#xA0;</font><font style="color: #000000; font-size: 13px">as follows in
Lastminute/Viaggiare vs. Ryanair:</font></font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">1.&#xA0;
Ryanair's decision to reserve the sale of its air services to
itself does not constitute abuse of a dominant
position.</font></div>
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<div style="text-align: left; margin-left: 24px; margin-right: -8px; text-indent: -24px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">2.&#xA0;
The Court holds that there is no abuse of a dominant position by
Ryanair on the downstream market of travel and tourism services
having reserved for itself the direct sale of its airline
tickets.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 24px; margin-right: -8px; text-indent: -24px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">3.&#xA0;
It has been shown that Ryanair's choice of reserving for itself the
sale of its airline tickets, does not deprive, nor has it deprived,
the OTA of access to a resource considered essential to carry out
the OTA's business.</font></div>
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<div style="text-align: left; margin-left: 24px; margin-right: -8px; text-indent: -24px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">4.&#xA0;
Ryanair sells "only" its airline tickets, and does not sell tickets
of other carriers. OTAs on the other hand broker the sale of
airline tickets from all airlines and other modes of transport
(railways, buses, ferries, cruise ships, etc.).</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 24px; margin-right: -8px; text-indent: -24px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">5.&#xA0;
It is undisputed among the parties that through the payment of a
token price licence, the OTAs can access and compare Ryanair's
price and flight schedules. Thus, there is no evidence of "refusal"
to provide such information.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 24px; margin-right: -8px; text-indent: -24px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">6.&#xA0;
As for the risk of eliminating competition, the Court notes that
taking into account the different scope in which OTAs and Ryanair
operate, predominantly in the downstream market (for the sale of
non-aviation services), the likely occurrence of such an event
should be ruled out.</font></div>
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<div style="text-align: left; margin-left: 24px; margin-right: -8px; text-indent: -24px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">7.&#xA0;
The OTA has asserted that the sale of airline tickets is the main
driver of OTAs' revenues. This assertion is incorrect when
referring to OTAs in general, for which the booking of hotels and
other accommodation appear significantly more important than the
sale of airline tickets and are considered to be the real driver of
their business.</font></div>
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<div style="text-align: left; margin-left: 24px; margin-right: -8px; text-indent: -24px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">8.&#xA0;
Ryanair's entrepreneurial choice to sell its airline tickets
directly is "economically justified" in terms of reasonableness, in
terms of containing operating costs, and eliminating the costs
associated with distribution in ticket sales. This has contributed
to the application of competitive fares, which undoubtedly benefits
consumers, and to the possibility of having direct channels of
communication with them for any possible need for information and
updates on flights.&#xA0; No harm to users therefore was
established by the investigation conducted.</font></div>
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
SIGNATURES</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Pursuant
to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf
by the undersigned, hereunto duly authorized.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">RYANAIR
HOLDINGS PLC</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Date:&#xA0;23
December, 2025</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">By:___/s/
Juliusz Komorek____</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Juliusz
Komorek</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Company
Secretary</font></div>
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