Ryanair boss Michael O'Leary has extended his contract to 2032, in a deal featuring a bonus scheme that could earn him more than €150m (£130m).

Since becoming chief executive in 1994, Ryanair has grown from a relatively small regional airline into Europe's largest low-cost carrier.

If O'Leary remains at the Ryanair group until April 2032, he would be granted the option of buying 10 million shares at €26.70 per share if annual profit reached €4 billion or if the share price exceeds €42 for 28 successive days.

"Achievement of these very ambitious targets would create substantial additional value for all Ryanair shareholders," Ryanair said in a statement.

Ryanair group chairman Stan McCarthy said that in spring, the company's board had "commenced discussions" with O'Leary on his contract.

"I am pleased to report that this process, which included extensive engagement with Ryanair's largest shareholders, has successfully concluded with Michael agreeing to extend his leadership of the Ryanair Group for the next six years to April 2032, for the benefit of all shareholders," he added.

Last year, it was reported that O'Leary was on track to pocket bonuses worth more than €100m.

This was after shares in the budget airline closed above €21 (£17.65) for a 28th consecutive day in May 2025, meeting a key performance target.