Volotea expects to close 2024 as the most profitable year in its history, with revenue exceeding 800 million euros and an EBITDA of around 150 million euros, 51% higher than in 2023.
BARCELONA – Volotea, the airline connecting small and medium-sized European cities, reported 121 million euros in EBITDA and 34 million euros in operating profit (EBIT) for the first nine months of 2024. Up to September, sales reached 640 million euros, a 14.5% increase compared to the same period last year. Volotea anticipates revenue exceeding 800 million euros in 2024, with an EBITDA of approximately 150 million euros, 51% higher than in 2023, making this year the most profitable in the company’s history. Operationally, Volotea expects to transport between 11.5 and 12 million passengers this year.
Volotea, which ended 2023 with a 25 percentage-point improvement in its EBITDA margin compared to 2022, estimates closing 2024 with an EBITDA of approximately 150 million euros – nearly 50% more than the 96 million euros achieved in 2023 – and expects to surpass 175 million euros in 2025. In fact, during the first nine months of 2024, Volotea recorded an EBITDA of 121 million euros compared to 100 million euros in the same period of 2023.
In terms of revenue, it reached 545 million euros in 2022, an 80.4% increase compared to 2021 (302 million euros) and 23.5% more than in 2019 (441 million euros), the year before the pandemic. In 2023, revenue climbed to 694 million euros, 27.4% higher than the previous year, and for 2024, it is projected to surpass 800 million euros. This highlights the airline’s strong upward trajectory, following the groundwork laid in 2021 for the full recovery of its business operations.
In terms of profitability, the company ended 2023 with a positive EBIT of 1.4 million euros. At the net income level, losses in 2023 (-98 million euros) were reduced by approximately 40% compared to 2022, driven by the impact of debt incurred during the Covid-19 pandemic and the war in Ukraine. Additionally, last September, the airline announced the strengthening of its equity base with an initial capital injection of up to 100 million euros, including the first 50 million euros contributed in September by the company’s management team, current shareholders, and Aegean Airlines, Greece’s largest carrier.
In terms of operations, Volotea has also seen consistent growth in passengers and routes over recent years. In 2023, the airline transported over 10 million passengers and is expected to reach between 11.5 and 12 million passengers in 2024, operating nearly 450 routes and adding three new bases: Brest and Rodez in France, and Bari in Italy.
Carlos Muñoz, Founder and CEO of Volotea, expressed his satisfaction with the company’s ability to increase capacity and achieve strong performance, stating: “Volotea has recorded solid financial results in the first nine months of the year, significantly surpassing last year’s levels. This is thanks to a flexible and efficient strategy, combined with strong demand in our markets, which has allowed us to grow steadily and improve our margins. We have an optimistic outlook for 2024, as we expect to generate record-breaking margins.”
Volotea’s operational strategy focuses on the most resilient segment of the market: short-haul routes within the EU, visits to family and friends (VFR), and leisure travel. All its flights are non-stop, with most connecting small and medium-sized cities – home to 65% of the European population – that previously had limited service before Volotea’s arrival.
Vicky is the co-founder of TravelDailyNews Media Network where she is the Editor-in Chief. She is also responsible for the daily operation and the financial policy. She holds a Bachelor's degree in Tourism Business Administration from the Technical University of Athens and a Master in Business Administration (MBA) from the University of Wales.
She has many years of both academic and industrial experience within the travel industry. She has written/edited numerous articles in various tourism magazines.
