Ryanair said its fuel bill could rise by about €2 billion in the year from April 2027, based on current forward prices, with only 25% of that fuel hedged at about $95 a barrel. Chief executive Michael O'Leary told CNBC that European airlines face significantly higher airfares in 2027 as jet fuel prices rise, describing the increase as a major cost challenge. European short-haul fares are expected to increase materially as fuel costs rise and rivals reduce capacity, but may not fully offset the impact. The airline is reviewing airport agreements, labor costs, crewing ratios and artificial intelligence initiatives, including possible temporary pay freezes. Profit after tax for the six months to Sept. 30 fell 15% to €2.15 billion as unhedged fuel prices doubled and average fares declined 4%. Revenue rose 3% to €10.08 billion and passenger numbers increased 6% to 125.8 million, while operating costs climbed 10% to €7.69 billion. Ryanair said it has zero fourth-quarter visibility, cut its traffic target for the year to March 2027 to 214 million passengers and declined to provide full-year profit guidance.