Austrian Airlines financial result: On track to deliver good annual results with strong summer quarter

  • Austrian Airlines closes third quarter with triple-digit result (Adjusted EBIT 129 million euros)
  • The national carrier again performs as one of the most punctual airlines in Europe and takes off with 99.3% regularity
  • 4.5 million guests: passenger volume at pre-crisis level
  • CEO Annette Mann: “Again, we can look back on a remarkable summer performance as a team. The result gives us hope for a good annual result, which we urgently need for future investments!”

Shaped by strong touristic traffic, the summer quarter keeps Austrian Airlines on course for a successful year of 2023. The outlook for the remaining quarter remains uncertain due to current geopolitical developments, a renewed rise in fuel prices and the inflationary effects in Austria, which continue to be well above the EU average.

The third quarter results in detail

The third quarter of the year was 8% above the level of the previous year with a revenue of 741 million euros (Q3 2022: 687 million euros). Both total operating revenue (762 million euros) and total operating expenditures (633 million euros) were slightly above the same period last year with 6% and 4% respectively (total operating revenue Q3 2022: 719 million euros, total operating expenditures Q3 2022: 609 million euros). The adjusted operating result (adjusted EBIT) of 129 million euros was 17% higher than in the same quarter last year (Q3 2022: 110 million euros).

With just under 4.5 million passengers, Austrian Airlines carried the same number of passengers as in the comparable quarter of 2019. The 65-aircraft fleet of Austrian Airlines took off with an average passenger load factor of 87.7% and a regularity of 99.3%. For the first time after the natural attrition due to the crisis, the number of employees at the national carrier rose again to just over 6,000.

Using momentum for regional policy for economic competitiveness

Even though Austrian Airlines’ good results currently provide tailwind for the upcoming investments in fleet and product, the focus remains on the challenges at the Vienna hub and on compensating for the high cost inflation. “We are in direct competition with Europe and the world. The continued above-average inflation in Austria is now fully impacting all areas of our cost structure through indexation and wage settlements. It will hit us even harder in the coming year,” explains CEO Annette Mann. “Furthermore, the European unilateral approach to climate issues will put the Vienna hub at a further disadvantage compared to non-EU hubs from 2025 onwards. We need considerable political course corrections as well as a close strategic alliance of all local stakeholders in order to sustainably maintain Vienna as an international hub in the 2030s,” says Annette Mann.

Austrian Airlines again among most punctual airlines

Despite a 16-aircraft smaller fleet, Austrian Airlines carried as many passengers in the third quarter as it last did in 2019. With an arrival punctuality of 81.6%, Austrian Airlines’ flights remain among the best performing in Europe. “We are continuously working on our performance and can proudly claim to remain in the top group of the most punctual airlines in Europe,” stresses COO Francesco Sciortino. In September 2023, Austrian was the second most punctual airline in Europe. In addition, the national carrier’s flights took off with a regularity of 99.3% in the third quarter. “Thanks to the performance of all our employees and the good cooperation with our partners at our home airport, we remain a reliable travel partner and number one at the Vienna hub!”, says Francesco Sciortino.

Austrian takes happy guests to lofty heights

The good performance figures and numerous investments in in-flight services are also reflected in the high level of guest satisfaction. The successful summer quarter was characterised by a strong demand in the tourism segment. “Also, the booking outlook for touristic travel in winter is currently meeting our expectations. Our recently opened route to Seville is popular with our guests. In December, we are also offering new connections to the north of Europe, to Rovaniemi and Kittilä. In 2024 we want to further expand our network with new destinations and additional aircraft to continue to develop our clear positioning as a red-white-red constant,” says CCO Michael Trestl. Demand for business travel remains hesitant compared to pre-crisis levels.

The key figures of the third quarter at a glance:

 Q3 2023Q3 2022Change YoY
Revenue in € million741687+8%
Adj. total operating revenue in € million762719+6%
Adj. total operating expenditures in € million633609+4%
Adjusted EBIT in € million129110+17%
EBIT in € million128108+19%
Passengers in thousands4,4664,026+11%
Available seat kilometers (ASK) in millions  7,7417,018+10%
Passenger load factor in %87.787.6+0.1pp
Number of flights33,44230,573+9%
Fleet size (fleet in operation)6561+4
Regularity of operation99.3%99.2%+0.1pp
Punctuality on departure73.9%66.8%+7.1pp
Punctuality on arrival81.6%75.9%+5.7pp
 1-9 20231-9 2022Change YoY
Revenue in € million1,8051,366+32%
Adj. total operating revenue in € million1,8551,428+30%
Adj. total operating expenditures in € million1,7111,424+20%
Adjusted EBIT in € million1444
EBIT in € million143-2

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