Lyon, April 9th, 2024 - Volotea, the airline connecting small and medium-sized European cities, presented its 2023 financial results. The positive results affirm the strength of the company’s business model, which boasted over 410 routes—more than 50% operated exclusively—and 10.4 million passengers served. Additionally, the airline reached a new milestone, celebrating at its third largest base in Europe, Lyon, the transport of 60 million passengers since its operations began 12 years ago.

Volotea closed the past financial year with a 22-percentage point improvement in EBITDA margin compared to 2022, reaching €96 million in EBITDA with a turnover of €694 million, 24.6% higher than the previous year. These figures highlight the airline’s positive evolution, which began in 2021 by establishing a solid foundation for a full business recovery, steering the company back to a path of substantial profitability post-pandemic. In 2022, the company’s revenue reached €557 million, an increase of 84% compared to 2021 (€302 million).

These positive figures were enabled by a flexible and efficient strategy that capitalized on rising demand, the structural transition of the carrier’s fleet to Airbus, and the drop in fuel prices. In addition, Volotea’s increased capacity resulted in more than 410 operational routes and almost 12 million seats offered in 2023, 15% more than the previous year. The company also carried 10.4 million passengers in 2023, up 12% versus 2022, and operated more than 70,000 flights, a 7% increase compared to the previous year.

In response to this significant operational growth, Volotea increased its workforce by 10% in 2023, reaching over 1,800 employees. This number is expected to rise further, exceeding 2,000 employees during peak season this year. Moreover, in 2024, the company plans to extend its self-handling services, creating over 180 new jobs related to this initiative in Spain. Earlier this year, Volotea added three new Airbus A320 aircraft to its fleet, which now totals 44 aircraft—comprised of 20 Airbus A319s and 24 A320s.

Looking ahead to 2024, Volotea anticipates another record-breaking year, planning to operate 10% more routes than in 2023, totaling nearly 450. The airline also aims to offer between 12.5 million and 13 million seats, representing an increase of 12% to 16% over the previous year and expects to transport 12 million passengers across approximately 80,000 flights. According to forecasts, these efforts will push Volotea’s revenue to surpass €800 million, potentially marking 2024 as the most profitable year in the company’s history.

Carlos Muñoz, Founder and CEO of Volotea, expressed his satisfaction with the 2023 results, highlighting the strength of the airline's business model and its adaptability to changing market conditions, along with its continued growth. He noted, “Volotea recorded solid financial results in 2023 and historic margins for a company that's just over ten years old. Last year was a turning point for us, thanks to a flexible and efficient strategy that allowed us to capitalize on the resurgence in demand. This increase was reflected in both the expansion of our seat offerings and Volotea's overall growth. In April last year, we inaugurated a new base in Florence and announced the opening of two more bases—one in Brest, Brittany, France and another in Bari, Puglia, Italy—which will start operations this year. Additionally, I am proud to have celebrated in Lyon—our third largest base in Europe—the milestone of 60 million passengers carried since 2012, an achievement that inspires us to continue striving to provide the best service to our passengers.”

Volotea closed the past financial year with a 22-percentage point improvement in EBITDA margin compared to 2022, reaching €96 million in EBITDA with a turnover of €694 million, 24.6% higher than the previous year. These figures highlight the airline’s positive evolution, which began in 2021 by establishing a solid foundation for a full business recovery, steering the company back to a path of substantial profitability post-pandemic. In 2022, the company’s revenue reached €557 million, an increase of 84% compared to 2021 (€302 million).

These positive figures were enabled by a flexible and efficient strategy that capitalized on rising demand, the structural transition of the carrier’s fleet to Airbus, and the drop in fuel prices. In addition, Volotea’s increased capacity resulted in more than 410 operational routes and almost 12 million seats offered in 2023, 15% more than the previous year. The company also carried 10.4 million passengers in 2023, up 12% versus 2022, and operated more than 70,000 flights, a 7% increase compared to the previous year.

In response to this significant operational growth, Volotea increased its workforce by 10% in 2023, reaching over 1,800 employees. This number is expected to rise further, exceeding 2,000 employees during peak season this year. Moreover, in 2024, the company plans to extend its self-handling services, creating over 180 new jobs related to this initiative in Spain. Earlier this year, Volotea added three new Airbus A320 aircraft to its fleet, which now totals 44 aircraft—comprised of 20 Airbus A319s and 24 A320s.

Looking ahead to 2024, Volotea anticipates another record-breaking year, planning to operate 10% more routes than in 2023, totaling nearly 450. The airline also aims to offer between 12.5 million and 13 million seats, representing an increase of 12% to 16% over the previous year and expects to transport 12 million passengers across approximately 80,000 flights. According to forecasts, these efforts will push Volotea’s revenue to surpass €800 million, potentially marking 2024 as the most profitable year in the company’s history.

Carlos Muñoz, Founder and CEO of Volotea, expressed his satisfaction with the 2023 results, highlighting the strength of the airline's business model and its adaptability to changing market conditions, along with its continued growth. He noted, “Volotea recorded solid financial results in 2023 and historic margins for a company that's just over ten years old. Last year was a turning point for us, thanks to a flexible and efficient strategy that allowed us to capitalize on the resurgence in demand. This increase was reflected in both the expansion of our seat offerings and Volotea's overall growth. In April last year, we inaugurated a new base in Florence and announced the opening of two more bases—one in Brest, Brittany, France and another in Bari, Puglia, Italy—which will start operations this year. Additionally, I am proud to have celebrated in Lyon—our third largest base in Europe—the milestone of 60 million passengers carried since 2012, an achievement that inspires us to continue striving to provide the best service to our passengers.”

Volotea reaches 60 million passengers

Volotea has surpassed 60 million passengers, a significant achievement that solidifies its role as a key player in connecting small and medium-sized cities across Europe.

The airline marked this milestone with a special event in Lyon, featuring local chef Grégory Cuilleron. This celebration reflects Volotea’s ongoing commitment to enhancing European connectivity by introducing new destinations annually. Additionally, the airline actively contributes to the social and cultural development of the cities it serves, supporting various cultural and artistic initiatives in France, Italy, and Spain. For this occasion, Volotea collaborated with Cuilleron, recognizing the pivotal role of gastronomy in Lyon—considered the world capital of gastronomy since 1935. The airline is planning a long-term partnership with the chef to introduce Lyon’s culinary specialties to its passengers.

Europe’s Leading Low-Cost Airline for a third year

Volotea has recently been named “Europe’s Leading Low-Cost Airline” for the third time at the World Travel Awards. The airline has also earned a four-star rating from Skytrax, the industry’s most prestigious international air transport rating organization. Furthermore, 92% of Megavolotea customers would recommend traveling with the airline, highlighting its high customer satisfaction rates.

In terms of operational efficiency, 99.3% of Volotea’s flights last year were operated on schedule, placing it among the top 3 European low-cost airlines. Additionally, the airline recorded an average occupancy rate of 92% across all scheduled flights.

Volotea's operational strategy targets the most resilient market segment, focusing exclusively on non-stop flights and connecting small and medium-sized cities, which are home to 65% of Europe's 507 million inhabitants. Before Volotea’s entry, many of these cities were underserved, demonstrating the airline’s impact on improving regional connectivity.

ABOUT VOLOTEA

Volotea was founded in 2011 by Carlos Muñoz and Lázaro Ros, also previously founders of Vueling. It is one of the fastest-growing independent airlines in Europe in the last decade, increasing its fleet, routes served, and seats offered year-on-year. This year, the airline celebrated a milestone of carrying 60 million passengers throughout its network.

Volotea reaches 110 airports and is based in 21 medium-sized European capitals: Asturias, Athens, Bari (new for 2024), Bilbao, Bordeaux, Brest (new for 2024), Cagliari, Florence, Hamburg, Lille, Lyon, Lourdes, Marseille, Nantes, Naples, Olbia, Palermo, Strasbourg, Toulouse, Venice, and Verona.

This year, Volotea will operate nearly 450 routes (with over half exclusive), offer between 12.5M and 13M seats (+12% to +16% versus 2023), and fly approximately 80,000 flights. The airline operates a fleet of 44 Airbus A319 and A320.

Volotea is working towards achieving a more sustainable future in aviation. The airline is set to achieve its target of reducing direct CO2 emissions per passenger-kilometer by 50% by 2025, five years ahead of the initial schedule. Furthermore, the airline has set a new and even more ambitious goal: to decrease emissions by 58% by 2030. To date, Volotea has launched over 50 sustainability initiatives that have already driven a reduction in carbon footprint per passenger and kilometer by more than 45%. Since 2022, the company has been working on developing emission-free alternative technologies, operating Airbus' internal shuttle service with 34% sustainable aviation fuel and collaborating with manufacturers and the industry so that these fuels (now difficult to access) can be developed and become widespread as soon as possible. 

Volotea, with a projected workforce of approximately 2,060 employees this year, actively boosts connectivity within the territories where it is based while contributing to their economic development and enriching the cultural landscape through impactful sponsorship projects.

Volotea was awarded a four-star rating in 2024 and recognized by Skytrax in its global passenger satisfaction survey as the “Best Low-Cost Airline in Europe” at the 2023 World Airline Awards, referred to by media worldwide as “the Oscars of the aviation industry.” The airline adds this accolade to its growing list of achievements, which includes consecutive wins for "Europe’s Leading Low-Cost Airline" at the World Travel Awards in 2021, 2022, and 2024.

For more information visit: https://www.volotea.com/en/press-room/
press@volotea.com
Tel: 93 117 17 77