Most profitable summer ever for Brussels Airlines, strong full-year profit expected for 2023

Brussels Airlines is celebrating a remarkable achievement with its most profitable summer ever, setting the stage for a highly promising full-year profit in 2023. Despite facing challenges like the temporary closure of the Niger airspace and rising fuel prices, the Belgian airline was able to keep the costs under control. 

The third quarter of 2023 marked a historic moment in Brussels Airlines’ journey, as it reported an Adjusted EBIT of EUR 72 million, signifying a remarkable year-on-year improvement of EUR 21 million. The first nine months of the year collectively saw an Adjusted EBIT of EUR 59 million. These outstanding figures have enabled the airline to confidently predict record-breaking profits for the full year of 2023.

During the period between July and September, Brussels Airlines carried 2.4 million passengers on almost 18,000 flights, achieving a seat-load factor of 85.2%. The airline extended its reach to 91 destinations across 40 countries, serving a diverse global customer base.

The airline’s resilience in the face of challenges is evident. Lessons learned from the summer of 2022 facilitated smoother operations in the same period of 2023, even though unforeseen disruptions, such as the temporary closure of the Niger airspace, tested its mettle. Some flights had to be cancelled, while others had to make detours, resulting in additional flight time and fuel consumption. Brussels Airlines estimates that the political situation in Niger will cost the airline around EUR 4 million. Additionally, increased fuel prices and general inflation posed challenges.

However, Brussels Airlines demonstrated remarkable cost control throughout these adversities. The Adjusted EBIT for the third quarter surged to EUR 72 million, marking a 41% increase compared to the already record-breaking summer of 2022.

Nina Öwerdieck, Chief Financial Officer of Brussels Airlines, expressed her gratitude and pride in the airline’s team, saying, “I would like to thank the entire team for achieving this result. Thanks to the agility of everybody at Brussels Airlines, we can present record results, despite some operational hurdles. I am really proud of all our colleagues for going the extra mile, making sure we could operate as a reliable airline.”

With the year far from over, Brussels Airlines remains cautiously optimistic about the future. The airline anticipates that the fourth quarter will break even, despite the possibility of macroeconomic and geopolitical factors impacting the results.

While the overall capacity remains 15% below pre-pandemic levels, the airline’s robust profitability will enable it to bridge this gap. Brussels Airlines is set to welcome five brand-new A320neo aircraft and the tenth long-haul plane to its fleet, further enhancing its capabilities.

Dorothea von Boxberg, Chief Executive Officer of Brussels Airlines, expressed her satisfaction with the airline’s historic turnaround, stating, “A profitable and strong Brussels Airlines allows us to invest in our network, services for our customers, and to be an attractive employer for today’s and future employees. Our renewed Sunrise Lounge, extras on board of our flights, new uniforms, and a new crew room are only a few examples. I am convinced we will continue our path towards sustained profitability.”

In addition to expanding its fleet, Brussels Airlines is also expanding its workforce across various departments, including maintenance and engineering, IT, cockpit, and cabin crew. The airline currently has approximately 240 open positions and anticipates recruiting around 360 new colleagues in 2024, showcasing its commitment to job creation and growth. The airline’s workforce has grown by more than 5% year-on-year, now employing 3,392 people.