Ryanair to Appeal €256m Italian Antitrust Fine Over Direct Sales Model

Ryanair Holdings ( (RYAAY) ) has shared an announcement.

On 23 December 2025, Ryanair announced it has instructed its lawyers to immediately appeal a €256m fine and an associated ruling by Italy’s competition authority AGCM, which found the carrier held a dominant position in air services to and from Italy and criticised aspects of its distribution model. The airline argues the decision is legally flawed, contradicts a January 2024 Milan Court of Appeal precedent that found Ryanair’s direct distribution “undoubtedly benefits consumers” and is economically justified, and is based on a gerrymandered market definition that excludes long-haul flights and alternative transport modes. Ryanair maintains that its current agreements with online travel agents and traditional travel agents—giving them cost-free access to fares provided they do not overcharge customers—are pro-consumer and compliant with competition law, and contends that the AGCM has been misled by a small number of bricks‑and‑mortar agents and a Spanish OTA accused of overcharging. The company says it is confident the ruling and fine will be overturned on appeal, framing the case as a test of consumer protection, competition enforcement, and the legality of its low‑cost, direct‑booking model in the Italian market.

The most recent analyst rating on (RYAAY) stock is a Buy with a $74.00 price target. To see the full list of analyst forecasts on Ryanair Holdings stock, see the RYAAY Stock Forecast page.

Spark’s Take on RYAAY Stock

According to Spark, TipRanks’ AI Analyst, RYAAY is a Outperform.

Ryanair’s strong financial performance, positive technical indicators, and strategic initiatives highlighted in the earnings call contribute to a robust stock score. The company’s attractive valuation further supports its investment appeal, despite challenges like capacity constraints and environmental costs.

To see Spark’s full report on RYAAY stock, click here.

More about Ryanair Holdings

Ryanair Holdings plc is Europe’s largest low-cost airline group, operating short-haul flights across Italy and the wider European market. The company focuses on a direct online distribution model via ryanair.com to minimise travel agent and global distribution system commissions, enabling it to offer low fares and emphasise price transparency and direct communication with passengers.

Average Trading Volume: 974,550

Technical Sentiment Signal: Buy

Current Market Cap: $36.55B

Find detailed analytics on RYAAY stock on TipRanks’ Stock Analysis page.