With 53 million euro Adjusted EBIT, Brussels Airlines achieves record results for 2023
Year-to-year results increase by 127 million euro, bringing the margin to 3.4%
Brussels, March 7th 2024 - Brussels Airlines closes 2023 at 53 million euro Adjusted EBIT, an improvement of 127 million compared to 2022. The record second and third quarters made up for the traditionally weaker first and last trimesters of the year. The company achieved a 3.4% margin in 2023, while 8% remains the target for the coming years. The 2023 results mark a turnaround point and significant step forward towards sustainable profit.
The Belgian airline increased its operating income by 24%, reaching a strong EUR 1.60 billion for 2023, which is back to 2019 levels. Last year’s turnover has been driven by 19% more flights, an expanded network offer, increased demand, and higher yields. The sub-Saharan destinations were yet again a stronghold for the airline. The full year impact of the 9th long-haul was clearly translated into increased revenues.
In 2023, Brussels Airlines welcomed 8.29 million passengers on board its flights, which is a rise of 21% compared to 2022 but still below pre-covid levels.
Operating expenses went up by 14% to EUR 1.55 billion. This is in line with the production increase, but is also the consequence of continuously rising airport fees, charges and geopolitical events.
As a result, the Adjusted EBIT in the reporting period amounted to a historic EUR 53 million, an improvement of EUR 127 million year-on-year.
“We are proud to close 2023 with a solid profit, after an impactful reorganization and several loss making years. It proves that our hard work is now really paying off, and I would like to thank all the Brussels Airlines colleagues who contributed to these record results. However, we still have some way to go before reaching our 8% target margin and can truly speak of sustainable profitability. This is exactly what we will be focusing on in 2024, to take another significant step towards our margin objective.”
- Nina Öwerdieck, Chief Financial Officer, Brussels Airlines
Continuous investments in customer experience and people
The steadily improving financial results created room in 2023 for Brussels Airlines to invest in its passengers, product and people. In 2024, the airline will continue to look into more smart investments which will enable growth while keeping a close eye on its cost position.
The renovated Sunrise Lounge at Brussels Airport or the new amenity kit on board of business class long-haul flights are examples of Brussels Airlines’ investment in its product. Three A320neos have already joined the fleet, and two more brand-new aircraft are expected by the end of the year. This is an important lever for the airline’s sustainability goals, together with partnerships for Sustainable Aviation Fuels (SAF) amongst others with Tomorrowland and Union Saint-Gilloise.
On long-haul side, the addition of a tenth aircraft, the restart of flights to Nairobi or the daily flights to Kigali, and on medium-haul side the start of Krakow will support the Belgian home carrier to increase its overall capacity and offer a broader network to its customers.
Brussels Airlines is also committed to creating a healthy and fair work environment for its employees. The new uniform, crew room and training center will contribute to this ambition. Having a constructive dialogue with all union delegations is also a key lever to achieve these ambitions. The airline is committed to finding agreements with the different communities with whom they share the responsibility of strengthening the future of the company.
At the end of 2023, Brussels Airlines employed 3,394 people and expects to grow its workforce with around 250 new colleagues this year.
“What we present today is a record result for our company. The entire Brussels Airlines team has worked hard to make the impressive improvement of 127 million euro year-on-year. It’s very encouraging to see that the joint efforts pay off. Our strategy forward is to profitably grow. To achieve this growth, we work on a sustainable and future-proof set up of our company. Being a top employer in Belgium that is able to attract and retain talent for all departments, is instrumental to this.”
- Dorothea von Boxberg, Chief Executive Officer, Brussels Airlines
Joëlle Neeb
