Austrian Airlines on course for success with very good annual result 2023

  • Annual result 2023: Adjusted EBIT at 127 million euros
  • Result triggers profit-sharing for all employees
  • 13.9 million passengers in the full year 2023
  • High inflation and high location costs in Austria make 2024 a challenging year
  • CEO Annette Mann: “We are delighted that 2023 was a very successful year on many levels. We want and will do everything we can to ensure that this result will not remain a one-hit wonder!”

After a slightly positive annual result in 2022, Austrian Airlines clearly returned to profit in 2023. The airline’s Adjusted EBIT for the full year totalled 127 million euros. The key success factors were above all stable flight operations and a sustained high propensity to travel. Passenger numbers rose by 24 per cent to 13.9 million last year and were therefore only just below the pre-pandemic level of 14.7 million passengers in 2019.

The annual result in detail

In 2023, Austrian Airlines’ annual revenue increased from EUR 1.871 billion in the previous year to EUR 2.346 billion (+25 per cent). At EUR 2.406 billion, total revenue was 23 per cent up on the previous year, while total expenses were 17 per cent higher at EUR 2.279 billion. Austrian Airlines’ Adjusted EBIT therefore totalled EUR 127 million, compared to EUR 3 million in 2022. As at 31 December 2023, Austrian Airlines employed 6,121 people (+8%).

The number of seat-kilometres increased by around a quarter to 25.4 billion in 2023 (2022: 21.7 billion seat-kilometres). At 81.9%, the load factor in 2023 was 2.5 percentage points higher than in 2022 (79.4%). 98.9 per cent of Austrian Airlines’ flight schedule was flown regularly.

Excellent team performance and strong demand form the foundation

“We worked hard as a team, achieved top results in terms of regularity and punctuality and demand was high. The very good annual result triggers a profit-sharing payment totalling more than 30 million euros to all employees and thus honours the fact that this success was of course achieved together as a team”, says a delighted Austrian Airlines CEO Annette Mann. She continues: “However, the general conditions in the aviation industry and at the location remain challenging due to geopolitical uncertainties and various political decisions. Overall, we were very satisfied with 2023, but we will have to do a lot to ensure that this success does not remain a one-hit wonder!”

Sustainable investment in the Vienna hub: expansion and modernisation of long-haul routes

Due to last year’s success, the renewal and expansion of the long-haul fleet will start earlier and faster than previously planned. Austrian will take delivery of the first two Boeing 787-9 Dreamliner long-haul aircraft in the first quarter of 2024. Following training flights on short-haul routes, the two aircraft are expected to be integrated into the long-haul network to North America in early summer. The Austrian long-haul fleet will thus grow to 11 aircraft, and the entire existing fleet will then comprise 68 aircraft. Austrian will receive nine more Dreamliners by 2028, which will gradually replace Austrian’s existing long-haul jets of the B777 and B767 family.

Five new Airbus A320neo aircraft have also been added to the Austrian fleet since October 2022. The fifth aircraft had its commercial maiden flight in February 2024. “In addition to the gradual modernisation and expansion of our fleet, we are delighted to have achieved top punctuality figures in 2023. Last year, we were the third most punctual airline in Europe. This makes us proud as a team and underlines our reliability towards our guests”, explains COO Francesco Sciortino.

Route network 2024 shines with over 125 destinations

Austrian has already significantly increased its offering in 2023 and added the destinations Rovaniemi, Kittilä and Seville to the current 2023/24 winter flight schedule. Since summer 2023, there have been new flights to Porto, Marseille and Vilnius. The existing offering will also be expanded in 2024. The 2024 summer flight schedule will include the continental destinations of Bremen and Tbilisi in Georgia. With the new long-haul destination Boston from summer 2024, Austrian is further expanding its position as the clear number one at the Vienna hub. In future, Boston will be served as a year-round destination and up to six times a week. This will increase Austrian’s intercontinental presence to 19 destinations. In total, Austrian Airlines will offer its guests flights to more than 125 destinations in 2024.

Austrian Airlines CCO Michael Trestl: “With our new destinations, we will be offering our guests an even larger destination portfolio, more flights and an extremely attractive range of flights in 2024. One thing is clear: Austrian is and will remain the clear number 1 in Vienna. North America will continue to be our focus on long-haul routes and the first guests will soon be taking off on our new long-haul aircraft.”

Outlook for the current financial year

A lot of team spirit and ambition will also be needed in 2024. After all, the inflation rate in Austria is still above average compared to the eurozone. “We started the new year with a tailwind from 2023. But 2023 must not remain a one-hit wonder! We must make every effort to remain internationally competitive. The issues of inflation and location costs in Austria require discipline and planning. Every additional percentage point of inflation in Austria costs us 25 million euros per year. As an airline, we are in global competition and must therefore keep our ticket prices attractive for our international guests,” emphasises Annette Mann. In the coming years, Austrian will be investing around three billion euros (list price) in the modernisation of its long-haul fleet. “We not only want to maintain our leading position, we want to expand it. This is also necessary in order to be able to finance the high investments in our fleet and further growth”, concludes Annette Mann.

Overview of key facts and figures 2023 (rounded):

 1-12 20231-12 2022Change YOY 2022
Revenue in € million2,3461,871+25%
Adj. total operating revenue in € million2,4061,949+23%
Adj. total operating expenditures in € million2,2791,946+17%
Adjusted EBIT in € million1273
EBIT in € million127-1
Passengers in thousands13,85711,142+24%
Available seat kilometers (ASK) in million 25,44421,700+17%
Capacity utilization (passenger load factor) in %81.979.4+2,5pp
Number of flights113,41795,040+19%
Fleet size (fleet in operation)6663+3
Regularity of operation98.9%98.8%+0,1pp
Punctuality on departure78.9% 77.3%+1,6pp
Punctuality on arrival84.4% 83.2%+1,2pp

Overview of key facts and figures Q4 2023 (rounded):

 Q4 2023Q4 2022Change YOY 2022
Revenue in € million541505+7%
Adj. total operating revenue in € million551521+6%
Adj. total operating expenditures in € million568 521+9%
Adjusted EBIT in € million-170
EBIT in € million-161

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