VOLOTEA FORECASTS 100 MILLION EUROS IN EBITDA IN THE FIRST 9 MONTHS OF THE YEAR
Sales through September could exceed 550 million euros, 25% more than in the same period of 2022.
Barcelona, August 10th, 2023 - Volotea, the airline connecting small and mid-sized European cities, has anticipated that it expects to reach €100 million in EBITDA in the first nine months of 2023 (between €93M and €103M depending on forecasts). The airline expects a good year with high profitability. Through September, sales are expected to be between €545 million and €555 million, 25% more than in the same period last year. Volotea expects to reach, at the end of September, 10 million passengers carried in twelve months, 32% more than in the same period of 2019. By the end of 2023, the company will have surpassed 55 million passengers carried since it operated its first flight in April 2012.
These positive forecasts are based on the prospect of an increase in the company's capacity in 2023 and a decrease in unit costs, generated both by the structural fleet change to Airbus A320 and by the reduction of the price of fuel compared to the previous year. These factors, coupled with the strength of demand, will enable the company to return to profitability very solidly after the pandemic.
Volotea laid the foundations for the complete revival of its business in 2021. In 2022, revenue reached €557 million, an increase of 84% compared to 2021 (€302M) and 26% more than in 2019 (€441M), the last year before the pandemic. This positive evolution is consolidated with the data forecast for 2023. The increase in passengers is also notable. In 2022, Volotea carried 9.4 million people, 24% more than in 2019, and expects to reach 10 million in 2023, 32% more than in 2019 and 7% more than in 2022.
Last year closed out a three-year period marked by the COVID-19 pandemic and the war in Ukraine, which generated a significant rise in fuel prices and led to net losses of €138 million in 2022. During that year, major costs, including fuel oil, reached €297 million compared to the €107 million recorded in 2021.
Volotea's Founder and CEO, Carlos Muñoz, expressed his satisfaction with the company's ability to overcome the post-COVID phase and a complex context, noting that: "Volotea has recorded solid financial results in the first half of the year and is well above pre-pandemic levels. This has been possible thanks to a flexible and efficient strategy that has taken advantage of the consolidation of demand, the structural fleet change to A320, and the decline in fuel prices. We are optimistic about our 2023 results: we will improve our capacity and generate historic margins for a company that is just over ten years old."
Volotea's operational strategy focuses on the most resilient segment of the market. All its flights operate non-stop, and most connect small and mid-sized cities - where 65% of Europe's population lives - which were poorly served until Volotea's arrival.