Ryanair Rising, Part IV: The diverging networks of Europe’s point to point carriers

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Ryanair Rising, Part IV: The diverging networks of Europe’s point to point carriers

1 July 2026

European Airlines

Ryanair Rising, Part IV: The diverging networks of Europe’s point

to point carriers

Airlines all face a choice between schedule breadth (number of direct itineraries) and Alex Irving, CFA

+44 20 7676 7044 schedule depth (average frequency). Point-to-point airlines lean heavily toward the former,

alex.irving@bernsteinsg.com as, by design, they lack the connecting hubs of network airlines that multiply the number of

possible itineraries. Even within the point to point space, there are meaningful differences

Antoine Madre between airlines that drive market dynamics. Ryanair has more recently been prioritizing

+33 1 58 98 74 52

antoine.madre@bernsteinsg.com schedule depth, enhancing its share in its footprint and setting the company up for enhanced

unit economics.

The strategic choice facing all airlines: depth vs breadth. One plane can only fly so

many hours in a day: around 12 is about as good as it gets on narrowbody aircraft. Airlines

thus face a choice for each additional aircraft: whether to increase schedule breadth (add

a new route) or schedule depth (add a frequency to an existing route). The business model

dictates the choice in part: hubs, connection times, and corporate travel require depth,

point to point tourist flows require breadth to make up for the lack of a hub to multiply

potential itineraries. Ryanair and KLM represent Europe’s extremes: KLM serves 93 intra-

European routes at an average 6.5 flights per day, while Ryanair serves more than 2,000

routes at an average daily frequency of 1.3.

Even within LCCs, the decision is nuanced. An LCC with 93 routes is a very small airline

indeed.