Brussels Airlines closed the Q3 of 2022 with the highest revenue in its 20-year history. The airline carried 2.28 million passengers, about 50% more as compared to the Q3 of 2021, and closed at €51 million. Going ahead the airline aims for strong and profitable growth by expanding its fleet, hiring new employees in all its departments, and continuing to collaborate positively with its social partners.
In addition, the airline is planning to repay the state loan of €290 million granted by the Belgian Government by the end of this year, with the support of Lufthansa Group.
Peter Gerber, CEO at Brussels Airlines said: “We want to thank the Belgian government for their confidence and support. The repayment of the state loan is a clear sign of trust from the Lufthansa Group in our way forward. With this capital injection, they confirm their belief that a profitable future for Brussels Airlines is within reach.”
The airlines’ revenue also increased during Q3, amounting to €436 million. This brings the Year-to-date result to €888 million. The airline claims that upcoming business traffic and the further recovery of the demand for leisure travel have led to a strong recovery.
Brussels Airlines reported an operating expense to €408 million, mainly due to the higher production volume, the strong position of the dollar, and a steep increase in the costs of fuel, personnel, airport fees, and other taxes.
As a result, the adjusted EBIT for Q3 of 2022 amounted to €51 million.
Nina Oewerdieck, Chief Financial Officer at Brussels Airlines, said: “With an Adjusted EBIT of €51 million in the third quarter, we achieved the best quarterly performance in our history. Our turnaround program REBOOT Plus and the according cost savings have proven to be successful. Our company has shown that it can fly profitably even considering the challenging economic reality.”
Going ahead, the airline plans to expand its fleet in 2023 with 4 medium-haul aircraft, with the modalities still being finalized. During Q4, Brussels Airlines is expecting a further comeback of business traffic. While some sectors like the public sector and the marine business have fully restarted traveling, some others are still traveling at a slower pace. Brussels Airlines expects to reach 80% of the 2019 levels when it comes to business traffic.
The airline anticipates that due to the difficult first half of the year and the accumulated losses, still heavily impacted by the pandemic and the tremendous rise in fuel costs, it will not reach break-even for the full year. For 2023, the airline still aims for a positive result.