The company closes the year with a turnover of €539 million, 11.7% more than in 2022

With a 78.9% occupancy rate, the company achieved its highest ever turnover in 2023 and achieved significant growth in the number of flights and passengers

Air Nostrum has already repaid €72.7 million of the loans guaranteed by the ICO and the interest on the loan contracted with SEPI during the pandemic

VALENCIA, AUGUST 6, 2024

Air Nostrum posted a turnover of €539 million in 2023, with aggregate pre-tax profit of €3.3 million.

The number of passengers carried and the number of flights operated by the company also increased last year. From 4,434,526 passengers in 2022, the number of passengers increased to 4,806,505 in 2023, representing an increase of 8.4%. That year, Air Nostrum operated 71,258 flights, 5,689 more than in 2022, representing an increase of 8.6%. Furthermore, the load factor for these flights reached a historic high, rising from 77.1% to 78.9%.

2023 was the year in which social peace was achieved with all the company's employee groups and the year in which Air Nostrum returned to "cruising speed," with demand levels higher than the pre-crisis period. For the second time in a row, Air Nostrum posted a profit after the losses caused by the pandemic in 2020 and 2021; Much-needed profits to restore equity and generate cash to repay the debt incurred during the crisis.

Despite the sharp increase in the number of operations and passengers and the historic load factor, the operating margin was hampered by high fuel prices, inflation, the euro/dollar exchange rate, and rising prices in the supply chain. 

Debt Repayment

Furthermore, the airline has continued to meet its obligations to repay the loans contracted during the pandemic. Air Nostrum has already paid €61.5 million financed with the ICO guarantee, €44.2 million of which corresponds to debt repayment and €17.3 million to interest.

Similarly, Air Nostrum has paid €11.1 million to SEPI in interest on the loan granted from the FASEE (Strategic Companies Solvency Support Fund).

SARA

On September 26, 2023, Air Nostrum L.A.M. merged with CityJet, an Irish airline providing wet lease services in Northern Europe, giving rise to SARA (Strategic Alliance of Regional Airlines). This transaction created the largest regional aviation platform in Europe. Each company retains its commercial identity, income statement, and scope of operations while benefiting from the economies of scale and synergies generated by the group.

Another company created after the spin-off of Air Nostrum in 2021 is Air Nostrum Engineering and Maintenance Operations (ANEM), a company dedicated to maintenance tasks for the Air Nostrum fleet, as well as for other airlines. ANEM posted revenues of €67.4 million in 2023, 10% more than the previous year, with a loss of €4.5 million.

The final consequences of the COVID-19 crisis are still being felt in the field of maintenance and technical assistance services (MRO), with a nearly 20% increase in procurement costs. In addition to higher prices caused by the closure of many component manufacturers and the resulting shortage of parts, there have been distortions in the supply chain. The prolongation of the war in Ukraine and the conflict in Gaza have contributed to further increases in the prices of stocks and services.

ANEM is expected to experience significant growth in the SARA sector in the coming years.

Commitment to sustainability and CSR

Furthermore, Air Nostrum continues working to achieve its environmental objectives in order to fulfill the commitments outlined in its Ecological Transition Report. In this regard, progress has focused on four major lines of action: the use of SAF, improving energy efficiency, promoting the circular economy, and developing new low- or zero-carbon technologies in collaboration with manufacturers and developers.

Air Nostrum's commitment to sustainable air transport is reflected in the fact that Air Nostrum is one of the founding airlines of the Alliance for the Sustainability of Air Transport in Spain (AST), established on April 17, 2023.

On the social front, in 2023, Air Nostrum won the Corporate Social Responsibility Award from the ERA (European Regions Airline Association) for the "Flights of Hope," in which the airline brought 200 Ukrainian women and children fleeing the war to Valencia. The award was collected last October by a representative of employees at the Association's General Assembly in Innsbruck, Austria.

Air Nostrum, a leading company

Air Nostrum is the leading regional aviation company in Spain and one of the largest European airlines in its class. It operates for the Iberia Group under the Iberia Regional Air Nostrum brand. It connects 59 destinations in eight countries across Europe and North Africa with its fleet of 46 new-generation aircraft. It has 1,500 employees across the group's various companies. In its nearly 30-year history, the company has transported more than 107 million passengers.

temas Air Nostrum