Soaring fuel prices and lower fares slashed Ryanair’s profits by a third to €538 million in the three months to June 30th, figures show.Ryanair increased passenger numbers by six per cent to €61.3 million in the three months, the first quarter of its financial year, while revenue rose 1 per cent to €4.38 billion.Profits tumbled 34 per cent to €538 million in the quarter from €820 million during the same period last year.Ryanair blamed a spike in jet fuel prices, sparked by the US-Iran war, and a 6 per cent slide in fares for the dent to its profits.Chief executive Michael O’Leary noted that the price of the fuel that it bought during the quarter “more than doubled” on the same period in 2025.Ryanair has bought 80 per cent of the current financial year’s fuel needs in advance at $67 (€58.56) a-barrel, but has to pay inflated prices for the remaining 20 per cent while the US-Iran war continues.Operating costs rose 11 per cent to €3.81 billion as a result, O’Leary said.The airline has hedged 15 per cent of its fuel needs for the next financial year at $88 a barrel.Final costs for the financial year, which ends on March 31st 2027, will depend on the price Ryanair pays for the 20 per cent of the fuel that it has not hedged.Air fares are “trending modestly down”, and the outcome for the summer will depend on what passengers who book close to their departure dates will pay, O’Leary said.