On paper yes, but every time my flight was delayed in EU the airlines (KLM, Lufthansa, RyanAir) always had a cop out, weather, airport issues, etc. and I didn't get compensated. Even though other planes managed to fly in the same conditions.

If they refuse you can escalate or hire a company that will negotiate for some percentage of profit. In most cases I had this problem they gave me a refund, but sometimes I had to argue a bit.