Ryanair Holdings Plc net income in the first quarter more than doubled, and the budget airline said it will recover most of the fare drop suffered last year to achieve “reasonable” profit growth in fiscal 2026.

The Irish airline reported profit after tax of €820 million ($953 million) in the three months, up from €360 million the previous year and beating Bloomberg analysts’ estimates of €687.6 million. While the airline aims to claw back almost all of the 7% fare decline of 2024, the fare increases in the second quarter will be lower than in the first, Ryanair cautioned.

The stock jumped almost 10% at the open, its biggest gain in almost a month. Before today, shares of the carrier were already up 21% this year, while low-cost rivals EasyJet Plc and Wizz Air Holdings have dropped 11% and 27%, respectively.

Aircraft delivery delays at Boeing Co., which previously stunted growth at Ryanair, are leveling out as the airline aims to recover delayed traffic growth this year into fiscal 2027. The manufacturer’s new 737 Max 10 model is still expected to be certified later this year and Ryanair plans to receive the first 15 of the jets in the Spring of 2027, it said.

Traffic remains on track to grow just 3% to 206 million passengers, Ryanair said, citing “heavily delayed Boeing deliveries.” Chief Financial Officer Neil Sorahan said in an interview that “things seem to be moving in the right direction,” at Boeing, which supplies all of Ryanair’s aircraft.

“I’m very pleased and impressed in the job that Stephanie Pope in Seattle and Kelly Ortberg and team are doing,” he said, referring to the planemaker’s two two top executives.

Sales rose 20% to €4.34 billion in the first quarter, slightly ahead of estimates, with ancillary revenue of €1.39 billion in line with analyst expectations.

Ryanair said travel demand is strong across its network for the crucial summer period, helped by capacity constraints at other carriers. The airline aims to add 300 of Boeing’s more fuel-efficient Max 10 by 2034, by which time Ryanair aims to carry 300 million annual passengers.

Ryanair’s results follow EasyJet’s earnings last week, when the UK budget carrier reported a £25 million hit from air traffic control strikes and higher fuel prices.