(Posted 30th April 2024)
Brussels Airlines closes the first quarter of 2024 with an adjusted EBIT of -58 million euros. A negative first quarter is not exceptional in the airline industry, as travel demand is traditionally lower the first months of the year. Although the first quarter of 2024 is weaker than the same period last year, Brussels Airlines remains ambitious to have stronger full year results this year compared to 2023.
In January, February and March, Brussels Airlines transported 4% more passengers than in the same period last year. Also, revenue and seat load factor improved year-on-year. Nonetheless, the adjusted EBIT of the first quarter is EUR -58 million and the profit margin is 5.9% points below the result of the same period last year.
A negative first quarter is not exceptional in the airline industry, as travel demand is traditionally lower the first months of the year. However, strikes and strike threats had a clear impact on the financial results. Overall, Brussels Airlines estimates that the social unrest during the first quarter cost the airline EUR 14 million.
Said Nina Öwerdieck, Chief Financial Officer, Brussels Airlines: ‘As soon as a strike is announced, we see an immediate impact on our customers. When there is uncertainty, people ? refrain from booking with us. For those who had already booked, the several strike threats caused stress. We apologize for that. I am relieved we were able to reach agreements on the reward packages of our cockpit and cabin crew which will ensure the return of stable operations‘.
Overall, Brussels Airlines remains committed to make 2024 more profitable than 2023.
Despite the weaker financial results, Brussels Airlines has several positive highlights to share about the first quarter, such as the relaunch of flights to Krakow (Poland), the arrival of a third Airbus A320neo and a brand-new training center.
The second quarter also has a fair share of exciting projects, such as the reveal of the new Belgian Icon Amare together with Tomorrowland last week, the launch of flights to Nairobi and the opening of the new crew room at Brussels Airport.
