Ryanair’s CEO Michael O’Leary has become eligible for a bonus of over €100 million after the airline’s shares hit the target required to activate his bonus plan, positioning him for one of the biggest payouts in European corporate history.
Shares of the low-cost carrier closed at €23.74 on May 29, 2025, meaning that they had stayed above €21 for 28 days in a row – the goal O’Leary was given as part of the airline’s incentive plan, introduced in 2019.
According to the plan, O’Leary can purchase 10 million shares at €11.12 each if and when specific goals are reached.
These targets include either making an annual profit of more than €2.2 billion or maintaining the share price above €21 for 28 consecutive days from April 1, 2021, to March 31, 2028. If either of these conditions is fulfilled, O’Leary’s potential bonus could be over €100 million.
However, O’Leary can only receive his payout if he remains CEO until July 2028, meaning that the one thing that could prevent him from getting the payout now is him leaving the airline before that date.
O’Leary’s contract with Ryanair was renewed on December 7, 2022. This renewal extended his role as CEO until the conclusion of the 2027-2028 financial year and already included the bonus plan.
The Irish CEO defended his possible bonus earlier in May 2025 after Ryanair reported its full-year profits for 2024.
When questioned about the bonus payment on an analyst call earlier in May 2025, O’Leary said: “I think we’re delivering exceptional value for Ryanair shareholders in an era when Premiership footballers and managers are getting paid 20-25 million a year.”
In a note announcing the annual results, Ryanair reported a profit after tax of €1.61 billion for the 2024-2025 fiscal year, representing a drop of 16% compared to the previous fiscal year, when it posted a €1.92 billion profit.
Luke Hildyard, the CEO of the High Pay Centre, a company which conducts research and analysis on issues relating to top incomes, corporate governance, and business performance, described the payment as “excessive”.
“Lavishing another €100m on someone who already enjoys billionaire status is a morally questionable and practically inefficient way of sharing the wealth that accrues to large companies,” Hildyard told The Guardian.
According to the airline, O’Leary has been a Director of Ryanair since 1988 and a Director of Ryanair Holdings since 1996. He became the CEO of Ryanair in 1994 and the Group CEO in April 2019, having served as CFO since 1988.
