Michael O'Leary sees value of pay deal reach €4.7m in 2024  

His contract also extended the time frame for which Mr O’Leary can receive his €100m bonus should certain goals be met

Ryanair chief executive Michael O'Leary received a bonus of €588,000 during the airline's last financial year - slightly under the maximum allowed. 

Ryanair chief Michael O’Leary saw the value of his pay deal reach €4.7m during 2024 as he continues to chase his potential €100m bonus.

According to the company’s latest annual report, Mr O’Leary’s base salary for his role stood at €1.2m with his maximum bonus set at 50% of that.

Following a review of his performance during the year, the company’s remunerations committee awarded Mr O’Leary a bonus of €588,000 — which is slightly under the maximum allowed.

In addition to Mr O’Leary’s basic pay and bonus, the airline recorded a “technical non-cash accounting charge” in relation to 10 million unvested share options granted to Mr O’Leary. This was for €2.89m in 2024.

Mr O’Leary renewed his contract with the airline in December 2022.

The contract also extended the time frame for which Mr O’Leary can receive his €100m bonus should certain goals be met.

Under the terms of his contract, Mr O’Leary would be entitled to purchase 10 million share options in the airline at the cost of €11.12 each should he succeed in bringing the group’s profit after tax over €2.2bn annually or if the share price exceeds €21 for a 28-day period.

This part of the deal expires in 2028.

“If these targets are not achieved, these share options will lapse and Michael O’Leary will receive nothing other than his basic salary and annual bonus. These options will also lapse should MOL leave the Ryanair Group’s employment on or before the end of July 2028,” the annual report said.

The airline made just over €1.9bn in profit during 2024 as its share price closed at €16.42 on Thursday.