Volotea closed 2024 with total revenue of 811 million euros, reflecting a 17% increase compared to the 694 million euros recorded in 2023. These results reflect the company’s sustained growth and its ability to strengthen its market position. The company’s EBITDA reached 148 million euros, representing a 54% increase from the 96 million euros recorded in 2023. This equates to an EBITDA margin of 18%, improving by more than four percentage points compared to the previous year, confirming the continued growth in operational profitability. Meanwhile, Volotea’s operating profit (EBIT) stood at 35 million euros, with an EBIT margin of nearly 5%, which was also higher by more than four percentage points compared to 2023.
Additionally, last September, the airline announced the strengthening of its financial structure with an agreement to carry out a capital injection of up to 100 million euros. The first 50 million euros were contributed in September by the airline’s existing shareholders, management team, and Greek carrier Aegean Airlines. The second tranche could take place in the first half of this year. Furthermore, PAR Capital and Hill City, two prominent U.S. investors, with investments in major airlines such as Delta, United, Allegiant, Southwest, and JetBlue, among others, joined Volotea’s shareholder base.
These strong results were made possible by a flexible and efficient strategy that leveraged the recovery in travel demand, leading to the launch of new routes and the consolidation of existing services. In terms of operations, Volotea’s capacity increase resulted in nearly 450 routes and 12.5 million seats offered in 2024, a 15% increase compared to the previous year. The airline also transported 11.4 million passengers last year and operated nearly 75,000 flights, a 10% increase year over year. Volotea also inaugurated three new bases in 2024: Brest and Rodez in France, and Bari in Italy. To support this significant operational growth, the airline expanded its workforce by 15% in 2024, surpassing 2,000 employees during the peak season.
In 2025, Spain is set to be Volotea’s fastest-growing market, with a projected 9% capacity increase, reaching 3.6 million seats. In France, Volotea’s largest market, the airline will offer 8 million seats, an 8% increase compared to 2024, reaffirming its position as the leading carrier for domestic routes in the country. In Italy, the airline anticipates steady growth of 1.7%, making 4.3 million seats available. Across its entire network, the airline anticipates a 1% overall capacity increase, reflecting a phase of consolidation and market stability.
Carlos Muñoz, Founder and CEO, Volotea.
Carlos Muñoz, Founder and CEO of Volotea, expressed great satisfaction with these results, which demonstrate the strength of the company’s business model. He stated: “After the challenging years of Covid and the start of the war in Ukraine, 2024 has been our second consecutive year of operating profit, driven by the strength of our operations and strong demand across Europe. The outlook for 2025 is very promising, and we anticipate another substantial improvement in margins. I want to thank our more than 2,000 direct employees for their effort and dedication, which have brought us to this point, as well as all our partners and the over 11 million customers who have placed their trust and support in us. We look forward to continuing to improve our mission of connecting small and mid-sized cities across Europe.
Volotea’s operational strategy is built around a significant opportunity in continental Europe, focusing on the most resilient segment of the market—short-haul flights, intra-EU routes, visits to family and friends (VFR), and leisure travel. All its flights operate non-stop, with most connecting small and mid-sized cities—home to 65% of Europe’s approximately 507 million inhabitants—that, before Volotea’s arrival, had limited direct flight options between them unless traveling through a major city hub.
Tags: Carlos Muñoz, Volotea
