Brussels Airlines

      2023 2022 Change in %
Revenue €m 1,537 1,217 26
Operating income €m 1,604 1,289 24
Operating expenses €m 1,551 1,363 14
Adjusted EBITDA €m 155 35 343
Adjusted EBIT €m 53 -74  
EBIT €m 53 -75  
Adjusted EBIT margin % 3.4 -6.1 9.5 pts
Employees as of 31 Dec Number 3,394 3,235 5
Average number of employees Number 3,366 3,200 5
Flights1) Number 62,786 52,795 19
Passengers1) thousands 8,317 6,830 22
Available seat-kilometres1) million 18,118 16,313 11
Revenue seat kilometres1) million 14,947 12,685 18
Passenger load factor1) % 82.5 77.8 4.7 pts
1) Previous year’s figures adjusted.

Brussels Airlines is Belgium’s national airline. From its hub in Brussels, the airline offers flights to destinations worldwide, with a focus on the African continent.

Brussels Airlines continues to expand its fleet

Brussels Airlines took delivery of two Airbus A320neos in 2023, the first time in the airline’s history that it has integrated brand new aircraft into its fleet. Two more A320s were also added to the fleet in reporting year 2023.

Furthermore, Brussels Airlines signed a wet lease agreement with CityJet for the summer season 2023 in the reporting year. From March to October 2023, the Brussels Airlines fleet was strengthened by two regional CRJ aircraft.

The Brussels Airlines fleet consisted of 44 aircraft at the end of the reporting year.

Changes in the Brussels Airlines Executive Board

Dorothea von Boxberg has been the new Chairwoman of the Executive Board (CEO) of Brussels Airlines since 15 April 2023. She was previously CEO at Lufthansa Cargo. She succeeds Peter Gerber, who left the Lufthansa Group on 31 January 2023.

On 12 May 2023, Nina Öwerdieck was re-appointed as a member of the Executive Board and Chief Financial Officer (CFO) of Brussels Airlines for a further five years.

Significant improvement in operating performance

With 8.3 million passengers, Brussels Airlines carried 22% more customers in the reporting year than in the previous year (previous year: 6.8 million). Capacity was expanded by 11% year-on-year and was thus at 82% of its 2019 pre-crisis level. Sales climbed by 18% compared with the previous year. At 82.5%, the passenger load factor was 4.7 percentage points higher year-on-year (previous year: 77.8%). Yields increased by 6.7%.
Traffic revenue increased with the expansion of traffic by 29% to EUR 1,466m (previous year: EUR 1,140m).

Revenue up by 26% year-on-year,Adjusted EBIT of EUR 53m a new record

Increased flight operations and higher average yields in the 2023 financial year enabled revenue at Brussels Airlines to increase by 26% to EUR 1,537m (previous year: EUR 1,217m). Operating income climbed by 24% to EUR 1,604m (previous year: EUR 1,289m).

Operating expenses increased by 14% to EUR 1,551m (previous year: EUR 1,363m). The cost of materials and services was 16% higher than in the previous year, mainly as a result of higher fees and charges (+20%) and higher fuel expenses due to volumes (+10%). Staff costs were 10% higher than in the previous year.

Brussels Airlines therefore reported record earnings in financial year 2023. Adjusted EBIT came to EUR 53m (previous year: EUR - 74m). The Adjusted EBIT margin was 3.4% (previous year: -6.1%). EBIT also came to EUR 53m (previous year: EUR -75m).

Lufthansa Group Annual Report 2023