Recent earnings reports from Ryanair and EasyJet have painted an optimistic picture for European airlines this summer. Those results coincide with survey and arrival data that indicate resurgent interest in European travel destinations. If current trends continue, summer 2023 could surpass pre-pandemic levels of tourism on the continent.
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Ryanair Holdings PLC, owner of Europe’s largest airline by passenger numbers, posted near record post-tax profits of €1.43 billion for the year ended March 2023, a marked increase from a €355 million loss in the previous year. Ryanair will aim to boost profits by another 10% this year, capitalizing on higher fares and traffic growth. The airline will be operating 25% more flights than pre-COVID levels in the peak summer months while European short-haul capacity is set to be 5% – 10% below pre-pandemic levels.
Fellow European low-cost carrier EasyJet PLC also said it was confident ahead of the summer season last week, with revenue per seat, a proxy for ticket prices, expected to be 20% higher than last year. The airline said it would offer about 56 million seats on flights in the…
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