- Preliminary annual result 2024: Adjusted EBIT at 76 million euros
- One-time effects prevent a significantly better result
- 14.6 million passengers in the full year of 2024
- Location costs remain a major challenge
- CEO Annette Mann: 'Despite higher production due to one-time effects in the first half of the year, we fell significantly short of our expectations for the full year. It is all the more gratifying that our performance was back on track throughout the second half of the year.'
Austrian Airlines has managed to achieve a solid annual result despite the challenging environment in the previous year. The airline's adjusted EBIT was also significantly positive at 76 million euros in 2024; however, this result was 40 percent lower than the record result in 2023. This resulted in an EBIT margin of 3.1 percent, down from 5.4 percent in 2023. The preliminary result still needs to be formally approved by the Supervisory Board in its meeting on 18 March, 2025.
The decline is primarily based on two one-time effects. Operational meetings, strike days, and the resulting booking hesitance in the context of the months-long collective agreement conflict with the flying personnel incurred a loss of approximately 35 million euros. Additionally, the Middle East conflict, which led the red-white-red airline to suspend numerous flights to the Middle East for several months, significantly impacted the results with a loss of around 40 million euros.
The annual result in detail
In 2024, Austrian Airlines' annual revenue increased from 2.346 billion euros in the previous year to 2.457 billion euros (+5 percent). Total earnings amounted to 2.542 billion euros, which is 6 percent higher, while total expenses were 2.467 billion euros, an increase of 8 percent compared to the previous year. As of 31 December, 2024, Austrian Airlines employed 6,105 staff members (+/- 0 percent).
The introduction of two new long-haul aircraft, the Boeing 787-9 "Dreamliner," led to an increase in the airline's production. The available seat kilometers rose by 8 percent over the course of 2024 to 27.6 billion. The load factor in 2024 was 81.3 percent, which is slightly below that of 2023 by -0.6 percentage points. 98.9 per cent of Austrian Airlines' flight schedule was flown regularly in the previous year.
A strong second half of 2024 is the benchmark for the full year of 2025
We have fallen significantly short of our expectations for the full year despite higher production due to one-time effects in the first half. It is all the more gratifying that our performance was back on track throughout the second half of the year", explains Austrian Airlines CEO Annette Mann. She continues: "However, the economic challenges at our location remain enormous. In addition to the unbridled distortion of competition in favor of non-European airlines, it now seems that inflation is rising significantly above the EU average, which will put us under even more pressure at what is already the second-most expensive aviation location in Europe. Both issues exemplify the massive need for action by the future federal government to maintain and further develop a long-term healthy air travel hub in Vienna.
Investment initiative in the travel experience of our passengers
As usual, Austrian Airlines passengers can expect several new top destinations in the portfolio for 2025. The Finnish destination of Ivalo has already been newly offered in the winter flight schedule since early January. In the summer, four more destinations will be added: the Scottish city of Edinburgh, the Norwegian Lofoten, the German holiday island of Sylt, and Burgas, the fourth-largest city in Bulgaria. In total, Austrian Airlines will offer its guests flights to over 120 destinations in 2025.
Apart from expanding the offerings, the focus is clearly on further developing the "flying experience." To this end, Austrian Airlines has put together a comprehensive investment package for the next three years to present itself in best shape for its passengers by the airline's 70th anniversary in 2027. The modernization of the long-haul fleet has already begun. As part of the southern expansion at Vienna International Airport, 5,000 square meters of modern lounge space are currently being created, which will open in 2027. Additionally, a comprehensive new culinary concept is being developed to better meet the demands of warm Austrian hospitality based on customer needs. Double-digit millions are also being invested each year in the further development of digital processes to continuously optimize the already award-winning app and website for our customers and to add new services.
Furthermore, Austrian Airlines ensures its presence and reliability through numerous brand partnerships. This year, the airline was the main sponsor of the prestigious Hahnenkamm race for the second consecutive time. In addition, the traditional airline has been the official carrier of the men's national football team since the beginning of the year. In this role, Austrian Airlines will fly the national team to all qualifying matches for the 2026 World Cup and to games in the Nations League. Together with Vienna Tourism, a Boeing long-haul aircraft was adorned with a modern interpretation of the silhouette of the famous composer Johann Strauss to celebrate his 200th birthday this year.
Punctuality will also be a special focus for the red-white-red airline this year. "Although we lost some places in the ranking of the most punctual airlines in Europe last year due to performance weaknesses in central European air traffic control, we still managed to make it back into the top 10 despite all challenges – and even into leading positions in individual months. Our goal for this year is clear: we want to achieve a top placement among the three most punctual airlines again", explains Austrian Airlines COO Francesco Sciortino.
Outlook for the Current Business Year
While making all the important and necessary investments to enhance the flying experience for its passengers, it remains crucial for Austrian Airlines to keep an eye on costs. The medium-term goal for Austrian Airlines remains an EBIT margin of 8 percent. "Austrian Airlines is the flag carrier of Austria. Our focus is clearly on maintaining this status and achieving an improved result in the significantly triple-digit million range in 2025", emphasizes Austrian Airlines CEO Annette Mann.
Overview of key facts and figures 2024 (preliminary, rounded):
| 1-12 2024 | 1-12 2023 | Change YOY 2023 |
Revenue in € million | 2,457 | 2,346 | +5% |
Adj. total operating revenue in € million | 2,542 | 2,406 | +6% |
Adj. total operating expenditures in € million | 2,467 | 2,279 | +8% |
Adjusted EBIT in € million | 76 | 127 | -40% |
EBIT in € million | 73 | 127 | -43% |
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Passengers in thousands | 14,589 | 13,857 | +5% |
Available seat kilometers (ASK) in million | 27,578 | 25,444 | +8% |
Capacity utilization (passenger load factor) in % | 81.3 | 81.9 | -0,6pp |
Number of flights | 119,127 | 113,417 | +5% |
Fleet size (fleet in operation) | 68 | 66 | +2 |
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Regularity of operation | 98.6% | 98.9% | -0,3pp |
Punctuality on departure | 74.6% | 78.9% | -4,3pp |
Punctuality on arrival | 80.2% | 84.4% | -4,2pp |
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Employees | 6,105 | 6,121 | 0% |
Overview of key facts and figures Q4 2024 (rounded):
| Q4 2024 | Q4 2023 | Change YOY 2023 |
Revenue in € million | 604 | 541 | +12% |
Adj. total operating revenue in € million | 628 | 551 | +14% |
Adj. total operating expenditures in € million | 629 | 568 | +11% |
Adjusted EBIT in € million | -1 | -17 | +94% |
EBIT in € million |