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Investing.com -- Ryanair Holdings PLC (IR:RYA) is seeing steady demand for summer travel, with strong bookings and increasing ticket prices, according to CEO Michael O’Leary.
Speaking in Warsaw on Tuesday, he said that the recent heatwave across Europe has not dented travel appetite, calling such weather events a "temporary phenomenon" with little impact on customer behavior.
The airline is standing by its earlier forecast from May, aiming to recover the majority of last year’s 7% drop in average fares, which was attributed to consumers facing elevated interest rates.
O’Leary flagged that destinations including Italy, Greece, Spain, the Balearic and Canary Islands, and Morocco continue to attract high demand.
Commenting on financial expectations, O’Leary acknowledged that market analysts anticipate Ryanair’s after-tax profit for the quarter ending in June to double.
While refraining from specific guidance, he said the airline sees no reason to challenge that consensus. The official quarterly results are due on July 21.
On the geopolitical front, O’Leary expressed cautious optimism that commercial aircraft, such as those Ryanair sources almost exclusively from Boeing (NYSE:BA), may be spared from potential U.S. and EU trade tariffs, though he noted uncertainty still surrounds the issue.
While speaking in Warsaw, O’Leary also unveiled a significant expansion at Modlin Airport, with plans to triple annual passenger traffic there to over 5 million by 2030.
Ryanair intends to invest $400 million in the facility, doubling its aircraft based at the airport from four to eight. The airline will continue operating out of Warsaw’s main hub, Okecie.
Passenger numbers at Modlin had declined in recent years amid a fare-related dispute, but O’Leary now projects it will become Poland’s fastest-growing airport.
As part of the agreement, Modlin Airport will add four new check-in desks and parking stands by September 2027.