VETTORI LINEE AEREE Brussels Airlines posts strong results in third quarter with Adjusted EBIT of 51 million euro

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by Nina Oewerdieck, Chief Financial Officer at Brussels Airlines

The Belgian airline will repay state loan early and grow strongly in 2023

Brussels, October 27 – Brussels Airlines closes its third quarter of 2022 at 51 million euro, which is the highest quarterly result in its 20-year history. In addition, the airline will repay the state loan early, by the end of this year. The Belgian home-carrier welcomed almost 50% more passengers compared to the same period in 2021. Looking forward, Brussels Airlines 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.

During the third quarter of 2022, Brussels Airlines welcomed 2.28 million passengers on board its flights. This accounts for a rise of almost 50% compared to the same period last year.

The airlines’ revenue also increased during the third quarter, amounting to EUR 436 million. This brings the Year-to-date result to EUR 888 million, whereof nearly half was earned in the last quarter.

Both of the above results are to be explained by the combination of upcoming business traffic and the further recovery of the demand for leisure travel, where again a prolonged summer is noted.

Operating expenses increased to EUR 408 million, mainly due to the higher production volume, the strong position of the dollar and a steep increase of the costs of fuel, personnel, airport fees and other taxes.

As a result, the Adjusted EBIT for the third quarter of 2022 amounted to EUR 51 million.

“With an Adjusted EBIT of 51 million euro 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.”
Nina Oewerdieck, Chief Financial Officer at Brussels Airlines

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