eDreams ODIGEO Welcomes Antitrust Ruling Exposing Ryanair’s Financial Market Deception and Illegal Plot to Stiffle Competition

eDreams ODIGEO calls for urgent regulatory intervention across the EU

• Landmark investigation uncovers extensive evidence of a strategy designed by Ryanair to illegally dismantle competition from travel agents.
• Ryanair leadership knowingly misled financial markets and the Ryanair Board, falsely blaming a non-existent external “boycott” for a sales drop caused by their own blockade.
• Confiscated emails prove Ryanair executives privately acknowledge eDreams Prime prices are lower than theirs, yet launched a smear campaign based on falsehoods to compete unfairly.
• eDreams ODIGEO calls for urgent, decisive intervention by National and European authorities to enforce the rule of law and end Ryanair’s mounting series of unlawful acts.

BARCELONA, Spain–(BUSINESS WIRE)–eDreams ODIGEO (hereinafter, ‘eDO’), the world’s leading travel subscription platform, welcomes the historic findings published today by the Italian Competition Authority (AGCM) in its ruling against Ryanair Holdings Plc. (NASDAQ: RYAAY) and Ryanair DAC for a “very serious” abuse of dominant market position.

This ruling fully vindicates eDO’s long-standing position: it confirms Ryanair leveraged its dominance to orchestrate a sophisticated strategy to coerce competitors through illegal means. Significantly, the investigation unearthed evidence implicating Ryanair in financial market deception.

Guillaume Teissonnière, General Counsel at eDreams ODIGEO, commented: “Today’s Antitrust ruling exposes systemic illegality at the heart of Ryanair, proven by shocking evidence confiscated from their own headquarters. It details a calculated plot orchestrated not only to abuse market dominance but also to actively deceive financial markets about the self-inflicted consequences. Crucially, this is not an isolated incident; it is the latest in a mounting series of binding decisions across Europe that Ryanair has consistently chosen to ignore. This corporate culture of complete disregard for the law must end. We therefore call on authorities across Europe to follow the AGCM’s lead and intervene immediately. It is time to enforce compliance, restore market confidence, and dismantle all illegal obstacles, ensuring that no company is allowed to operate above the law.”

(Note: All verbatim quotes included in this release are taken from the AGCM’s decision unless otherwise stated. English translations of the Italian decision text are provided for convenience; the original Italian text prevails in case of discrepancy.)

Evidence of financial market deception

Documents confiscated during a raid on Ryanair’s HQ prove that senior management knowingly misled shareholders and the Board regarding the airline’s financial performance in late 2023 and early 2024.

The Authority found evidence that Ryanair’s reported sales downturn during this period was the direct consequence of a deliberate internal decision to block bookings made via travel agents through the implementation of a blockade programme codenamed ‘Shield’. Internal reports explicitly state: “we released enhanced Shield blocking… resulting in Ryanair flights disappearing from sale on [OTAs]”

The ruling concludes that while internal documents confirm the blockade of travel agents caused the drop, “Ryanair concealed this circumstance” and blamed the OTAs. This confirms that Ryanair leadership disseminated a false narrative in official financial disclosures, shareholder meetings and media statements, attributing their worsening financial performance to a fictitious “external boycott” by OTAs. Among others, the AGCM cites a communication from the CEO to the Ryanair Board, dated 23 January 2024, claiming: “In early December, most of these OTAs suddenly removed Ryanair flights and related inventory from their booking engines. We do not know whether this decision was made in response to…”. The AGCM states this reveals “Ryanair’s intention to not indicate to the Board or publicly that the blocking of sales is the result of a deliberate action on its part”.

This documented behaviour not only contradicts Ryanair’s own Code of Business Conduct, which mandates “fair” and “accurate” disclosures, but also raises serious questions regarding compliance with the EU Market Abuse Regulation (MAR) and US securities laws in the jurisdictions where Ryanair Holdings Plc shares are traded (EU’s Euronext Dublin and U.S’ Nasdaq).

A multi-stage illegal plot to eliminate competition

The ruling details a calculated, multi-stage “exclusionary strategy” to dismantle competition from the independent travel agency sector:

1. Illegal Technical Blockade (‘Shield’): Ryanair implemented a system “to identify and block OTA bookings at the outset”. Internal documents confirm the explicit goal was to “stop OTAs making additional revenue post booking and [Ryanair] convert pax into direct customers”, effectively attempting to seize their business and customer base.
2. Customer-facing discriminatory obstacles: The regulator found Ryanair weaponised a “facial verification process” “specifically designed to block bookings“. This invasive measure was implemented solely to “increase inconvenience for OTA users”, a strategy currently under EU-wide investigation for potential GDPR breaches. The AGCM’s findings now provide irrefutable proof of illicit intent and highly sensitive personal data misuse, requiring the Irish Data Protection Commission to take immediate enforcement action to stop Ryanair’s unlawful processing of sensitive biometric data for anti-competitive ends.
3. Denigration and smear campaigns: Concurrent with the technical blockade, the AGCM found that Ryanair deployed a “massive smear campaign” despite holding internal data contradicting its public statements. Confiscated emails reveal Ryanair executives acknowledging that eDreams Prime “undercut us”, adding “So Prime subscribers pay less for our flights with eDreams than if they did it directly on our site?”. This provides double validation alongside the Barcelona Commercial Court n.12 ruling, which convicted Ryanair for unfair competition based on these same falsehoods.
4. Coercive distribution agreements: Ryanair would only cease the unlawful hostilities, including the technical blockade, the customer discrimination and the ongoing denigration upon OTAs agreeing to sign a so-called ‘Approved OTA’ contract. The AGCM found that Ryanair “imposed agreements” containing conditions that “limited or prevented” agencies from competing effectively. The regulator found Ryanair was able to impose these terms only because it was “strengthened by the obstacle implemented with the blockade… and the smear campaign“. Internal documents reveal the explicit strategy was to “continue to be aggressive towards the OTAs who…won’t become a partner“. eDreams ODIGEO consistently refused these unlawful agreements, choosing instead to pursue legal avenues to defend fair competition, a principled stance now fully vindicated by the AGCM’s ruling. In direct response, Ryanair escalated its campaign to an unprecedented level of harassment.

Call for a Comprehensive EU-Wide Investigation

This “very serious” breach of competition law is not isolated. Ryanair’s non-compliance extends across jurisdictions, from civil, to data protection, passenger rights, to consumer law, showing a pattern of disregard for the rule of law. eDreams ODIGEO has secured legal wins against Ryanair in multiple jurisdictions, including in Spain and Germany, yet the airline blatantly breaches judicial mandates. This exposes a systemic culture of non-compliance that extends beyond antitrust. Consequently, eDreams ODIGEO calls on the European Commission, national authorities and financial market regulators to investigate and put an end to Ryanair’s culture of non-compliance.

-ENDS-

About eDreams ODIGEO

eDreams ODIGEO is the world’s leading travel subscription platform. It pioneered Prime, the first and largest travel subscription programme, which has topped over 7.7 million members since launching in 2017. Prime members are subscribed to global travel, gaining access to a comprehensive multi-product offering for all their travel needs—including hotels, rail, flights, dynamic packages and car rental, among others— compounded by industry-leading flexibility features and exclusive, member-only benefits. This entire Prime experience is powered by a proprietary, industry-leading AI platform that delivers a hyper-personalised service to its members. Listed on the Spanish Stock Market, the Company operates in 44 markets through its renowned brands—eDreams, GO Voyages, Opodo, Travellink, and the metasearch engine Liligo—to deliver a smarter, hyper-personalised, and comprehensive travel experience globally.

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