Jul. 20 at 4:52 PM
$RYAAY — In May, O'Leary closed the call with "there's nothing but upside" and a specific catalyst: Trump resolves the Middle East before the midterms kickoff.
In July, Q2 fares are "trending modestly down at low to mid single digits" — a clear drop from May's flat guidance, driven by a ceasefire breakdown and resumed bombing.
The midterm thesis is gone; replaced by a generalized "this will dissipate".
What held: bond repaid, gross cash EUR 2.8B, 620 fully unencumbered 737s on the balance sheet, buyback 90% done at EUR 26.35, and traffic up 6%.
#TheGapReport
