The Irish airline, Ryanair, recently reported a record-breaking profit of €1.61bn for the 12 months ending March 2025, despite a 7% decrease in fares from the previous year. However, the airline’s CEO, Michael O’Leary, expressed concern over the impact of a passenger cap at Dublin Airport on their business and the wider tourism industry in Ireland.
The passenger cap, which was imposed by Fingal County Council, currently restricts the airport to 32 million passengers per year. O’Leary believes that this cap has played a role in the decline of overseas visitors to Ireland, as reported by the Central Statistics Office (CSO) in the early months of 2025.
The Programme for Government has committed to removing the passenger cap, but O’Leary says that the government has yet to take action on this issue. He met with Transport Minister Darragh O’Brien, who has expressed support for the removal of the cap, but no steps have been taken to address the issue.
The impact of the cap is already being felt, with Ryanair expecting to see a decrease in passengers this year and potential cuts in 2026 if the cap is not removed. This has also caused uncertainty for US airlines, who require advanced notice to plan their flights to Dublin.
O’Leary also mentioned the potential impact on the wider tourism industry, as Canadian passengers are showing a preference for Europe over the US due to the perception that the new Trump administration is unwelcoming to international travelers.
In addition to the passenger cap, Ryanair has also faced challenges with delays in the delivery of new Boeing 737-8200 “Gamechanger” planes. Only 181 of the 210 ordered planes have been received, which has limited the airline’s growth to just 3% this year. The remaining 29 planes are expected to be delivered by summer 2026, with an additional order of 300 planes expected to be completed by March 2034.
Despite these challenges, Ryanair remains confident in their growth potential and expects to recover from last year’s decline in fares. However, they are unable to provide any meaningful guidance at this time due to limited visibility.
In other news, Ryanair has lifted the temporary restriction on non-EU investors buying ordinary shares, which was put in place to ensure the airline met the 50% threshold of EU ownership required for European airlines. This decision was made after the threshold was reached, and non-EU nationals can now invest in Ryanair Holdings via ordinary shares listed on Euronext Dublin and/or depository shares listed on Nasdaq in New York.
Finally, Howard Millar, a long-time director and former CFO of Ryanair, will be stepping down from the board in September after nine years as a non-executive director. This comes after the airline’s decision to diversify its board and bring in new independent directors.
In conclusion, Ryanair has seen record-breaking profits despite