Its operational and financial performance clearly outperforms that of easyJet, which is in chronic difficulty, as well as that of Wizz Air, its youngest competitor in Eastern Europe - the only market that still has real growth potential on the Old Continent, in addition to offering access to cheaper on-board personnel.

Ryanair continues to eat into the market share of traditional airlines, even if this progress is increasingly eroded. But the most remarkable fact, apart from the pandemic episode, is that the Irish group is generating genuine profits - or free cash flows - where its major competitors remain unstoppable cash burners.

Revenues have more than doubled over the last decade, from EUR 4.8 billion to EUR 10.8 billion. The results for fiscal year 2023, published yesterday, mark a record for Ryanair, which generated a free cash flow of almost EUR2 billion. Never before seen in European air transport!

After the nuclear winter of the pandemic, the new cycle is starting under good auspices. Michael O'Leary's group intends to carry 300 million passengers in ten years' time, i.e. almost twice as many as today, and to this end has just placed a mega-order for 300 new aircraft with Boeing.

This is a very strong signal, although the consensus among analysts is that Ryanair will not be able to maintain its astonishing growth rate when its fleet reaches 600 aircraft. After all, there is no reason why the group should escape the law of diminishing returns.

The legendary O'Leary, true to form, has come up with a fine response to the latter: the objectives are perfectly attainable if his company "doesn't do anything stupid, like all its competitors." Those concerned will appreciate it!

Ryanair has eliminated its debt over the last few months. In the group's management tradition, we expect to see a share buyback program launched in the next few weeks, or perhaps after the summer season.

In any case, the annual results published yesterday confirm the clear recovery of the European airline industry - and Ryanair's always remarkable ability to execute, which generally succeeds where its rivals fail.

The only possible downside is that 85% of the fuel bids for 2024 were negotiated at a price of $89 per barrel, or $10 to $15 above the current price.