Brussels Airlines sets new record with 53 Million Euro Adjusted EBIT for 2023

Thursday, March 7, 2024

Brussels Airlines Caps 2023 with 53 Million Euro Adjusted EBIT, a 127 Million Euro Surge from 2022, Brussels Airlines concluded 2023 with a remarkable achievement, boasting a 53 million euro Adjusted EBIT, showcasing a substantial leap of 127 million euros from the previous year. The airline’s exceptional performance was notably buoyed by robust second and third quarters, effectively compensating for the traditionally subdued first and final trimesters of the year. Despite challenges, the company achieved a 3.4% margin in 2023, aiming for an 8% margin in the forthcoming years, marking a pivotal shift towards sustainable profitability.

The Belgian carrier saw its operating income soar by 24%, reaching a robust EUR 1.60 billion in 2023, a return to 2019 levels. The surge in turnover was fueled by a 19% increase in flights, an expanded network offering, heightened demand, and improved yields. Particularly, the airline’s sub-Saharan destinations continued to be a stronghold, with the full-year impact of the 9th long-haul route significantly boosting revenues.

Brussels Airlines welcomed 8.29 million passengers onboard its flights in 2023, marking a notable 21% rise from 2022, albeit still below pre-COVID levels.

Operating expenses surged by 14% to EUR 1.55 billion, in tandem with increased production, and partly attributed to escalating airport fees, charges, and geopolitical events.

Consequently, the airline achieved a historic Adjusted EBIT of EUR 53 million for the reporting period, underscoring a substantial 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

Here is the data presented in a table format:

Consistent dedication to enhancing customer experience and supporting employees

In 2023, Brussels Airlines saw improved financial results, providing the opportunity to invest further in its passengers, services, and staff. Looking ahead to 2024, the airline remains committed to strategic investments aimed at facilitating growth while carefully managing costs.

Examples of these investments include the revamped Sunrise Lounge at Brussels Airport and upgraded amenity kits for business class long-haul flights. The addition of three A320neos to the fleet, with two more expected by year-end, underscores the airline’s commitment to sustainability, including partnerships for Sustainable Aviation Fuels (SAF) with organizations like Tomorrowland and Union Saint-Gilloise.

Expanding its fleet and route network is a priority for Brussels Airlines. This includes adding a tenth aircraft, resuming flights to Nairobi, daily flights to Kigali, and launching services to Krakow. These initiatives will enhance overall capacity and provide customers with a wider range of travel options.

Furthermore, Brussels Airlines is dedicated to fostering a positive work environment for its employees. Investments in new uniforms, crew facilities, and training centers aim to support this goal. Maintaining open communication with union delegations is also crucial in achieving mutual objectives and ensuring the company’s future success.

As of the end of 2023, Brussels Airlines employed 3,394 individuals, with plans to expand its workforce by approximately 250 new hires in the coming 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

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