Ryanair struck a positive tone on near-term demand at a dinner with analysts, though it remains mindful of stubbornly high fuel costs, according to Citi.
The US bank, which attended the event with the airline's chief financial officer, said the low-cost carrier had seen an improvement in peak summer performance in recent weeks.
On fares, much of the winter has yet to be booked, with the third quarter of its 2027 financial year around 40% sold, but early signs are encouraging.
Citi noted that Ryanair's own slowing capacity growth, easing from 6% to flat, should help the sequential trend as the airline moves out of summer.
The stand-out point concerned fuel.
The bank said Ryanair had not yet added to its 15% hedge position for its 2028 financial year, planning to be opportunistic on any price falls but potentially entering next summer far less hedged than usual.
While the company conceded that fuel at current levels was challenging, it argued that many rivals were coming under greater pressure, which should ultimately work to Ryanair's advantage.
Citi offered clients access to more detailed notes from the meeting.
