Ryanair has warned that economic uncertainty looks likely to wipe out any growth in fares during its peak summer months as the Irish airline reported profit for the year to March slightly ahead of expectations, Reuters reports.

Europe’s largest airline by passenger numbers last week said it does not expect a disruption to jet fuel supplies in Europe this summer but its profit may come under “a bit of pressure” in the current fiscal year to the end of March 2027 if oil prices remain high for longer.

Today, it reported an after-tax profit of €2.26 billion ($2.63bn) for the year that ended in March, compared with a forecast of €2.20bn in a company poll of analysts.

That did not include an exceptional €85-million provision related to a fine from the Italian competition authority in December that it said it expects will be overturned on appeal.

“Pricing in recent weeks has eased somewhat in response to economic uncertainty caused by higher oil prices, the fear of fuel shortages and the risk of inflation adversely impacting consumer spending,” the airline said in a statement.