Brussels Airlines delivers very strong second quarter results with 31 million euro Adjusted EBIT
Year-to-date results for the first semester end up at -12 million euro Adjusted EBIT, an improvement of 87%
Brussels, August 3rd 2023 - Brussels Airlines closes its first semester of 2023 at -12 million euro, an improvement of 87% compared to the previous year. The first quarter ends up at -44 million euro - in line with expectations and seasonality of the aviation business - and the second quarter closes at 31 million euro Adjusted EBIT. The more stable fuel prices, the increasing demand and higher yields provide the confidence that the airline will reach solid black numbers for the whole of 2023.
In the first half of 2023, Brussels Airlines welcomed 3.95 million passengers on board its flights. This is a rise of 45% compared to the same period last year.
Brussels Airlines increased its revenue by EUR 253 million, or 56%, year-on-year to EUR 705 million in the first half year of 2023 (previous year: EUR 452 million), thanks to increased demand, a more stable operational performance and higher yields. Two wet-lease aircraft and the integration of two medium-haul aircraft in the fleet lead to a higher offer in medium-haul flights.
Operating expenses went up - in line with the production increase such as an increase of 34% of flights - by a total of EUR 184 million or 32% to EUR 756 million (previous year: EUR 572 million). The expenses were also highly impacted by the full year effect of inflation and higher airport fees and charges.
As a result, the Adjusted EBIT in the reporting period amounted to EUR -12 million (previous year: EUR
-89 million), an improvement of 87% compared to the first semester of 2022. The second quarter only, resulted in a profit of EUR 31 million.
“The results of our first semester of 2023 are completely in line with our expectations. In 2022, we communicated historically high third trimester results. This year, I am proud to see that we already delivered a record in the second quarter. This inspires us great confidence to reach solid black results for the entire year of 2023.”
- Nina Oewerdieck, Chief Financial Officer at Brussels Airlines
Bringing back the focus to the customer
The steadily improving financials after historically low results due to the pandemic, create room to invest again in Brussels Airlines’ product and customer experience. During the first semester of the year, several initiatives have been implemented, both on board and on the ground.
Amongst these tangible and visible investments there is the new catering concept for business class passengers on medium-haul flights, the adapted ‘special meals’ (such as dietary restrictions or religious considerations) offer or the possibility of upgrading seats during the online or mobile check-in process.
More improvements will follow in the near future, both for Brussels Airlines’ staff as well as its passengers.
Looking forward to solid black results for 2023
The lessons learned of the challenging summer of 2022 were turned into concrete actions for the summer of 2023. The objective was to create a more stable summer for both Brussels Airlines’ staff and passengers. The continuous exchanges and close collaboration with employees, unions and external partners certainly contributed to that.
The first results show both an improvement of operational stability and strong revenues.