Ryanair (RYAAY) said Tuesday it has signed a multi-year agreement with Poland's Warsaw Modlin Airport, committing to more than tripling passenger traffic from 1.5 million passengers per year to over 5 million by 2030.

As part of the agreement, Warsaw Modlin Airport has committed to expanding its terminal and aircraft stands to provide at least four new additional check-in desks and four new additional aircraft stands by September 2027.

With the new infrastructure, Ryanair will invest $400 million at Warsaw Modlin, increasing the airport's fleet from four to eight Boeing 737s and will open up to 25 new routes.

Furthermore, Ryanair will create more than 200 new jobs at Modlin for pilots, cabin crew and engineers. The airport itself will create and additional 400 new jobs in passenger service, airport security, services and trade, the airline said.

Meanwhile, speaking in Warsaw, Ryanair CEO Michael O'Leary said that travel demand this summer was showing no signs of cooling, with strong bookings and rising ticket prices, even as a severe heatwave recently engulfed Europe, Reuters reported.

O'Leary reaffirmed the Irish low-budget airline's May forecast, noting it expects to recover most, but not all, of the 7% decline in average fares recorded last year as consumers grappled with high interest rates, according to Reuters.

"Bookings into summer 2025 are strong, prices are rising," he said, adding that demand for destinations such as Italy, Greece, Spain, the Balearics, the Canaries and Morocco remains robust.

Ryanair is scheduled to release its Q1 results on July 21.