(Bloomberg) --

Ryanair Holdings Plc took a cautious view on the pace of the travel rebound, saying it will cut prices to stimulate demand this quarter and that while bookings are improving, most are still last-minute.

Europe’s biggest discount carrier said Monday that pricing and yields for the rest of its fiscal year through March are highly uncertain and that investors should expect further Covid disruption before Europe is through the pandemic.

Ryanair reported a loss of 96 million euros ($107 million) for the December quarter after analysts had predicted a deficit of 58 million euros and stuck with the more negative full-year forecast it issued last month as the omicron variant of the virus upended the Christmas and New Year travel peak.

“It’s correct to be cautious for the remainder of this financial year as there may be another twist in Covid,” Chief Financial Officer Neil Sorahan said in an interview. “It has taken us by surprise a couple of times. But we’re well placed to capitalize on the massive opportunities that exist.”

Ryanair will still pursue an aggressive expansion in a bid to win market share as travel returns, with 720 new routes and 15 new bases announced for the fiscal year beginning in April. Low-cost rivals EasyJet Plc and Wizz Air Holdings Plc said last week that they’re also boosting capacity, especially in the U.K., which is emerging as a key battleground for Easter and early summer sales.

Dublin-based Ryanair said it’s taken delivery of 41 new Boeing Co. 737 Max jets with plans to add another 24 in time for summer, helping it to offer 14% more seating than in the peak period of 2019.

The carrier reiterated that it plans to increase passenger numbers to 225 million by 2026 and said it will work to cut net debt that’s has risen to more than 2 billion euros over the next 2 years. The carrier said it expects to create 6,000 jobs over the next five years, up from 5,000 previously.

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