Barcelona-based low-cost regional airline Volotea, which operates multiple bases throughout western Europe, has reported a revenue of €694 million for 2023, a 24.6% increase over 2022 and a 57% increase over its pre-pandemic figures.  

The Spanish airline’s gross margin has also markedly improved, from an operational loss of €44 million to a positive EBITDA (earnings before interest, taxes, depreciation and amortization) of €96 million.  

In statements given to the Spanish media, Carlos Muñoz, the airline’s Co-Founder and CEO, attributed the improved results to Volotea’s ability to keep a low-cost base in a context of increasing demand and capacity. The carrier recently completed its transition to an all-Airbus fleet, which as of April 2024, is composed of 42 aircraft, divided almost equally between Airbus A319s and A320s. 

Volotea, which operates 410 routes across Europe, mostly linking second and third tier airports directly, carried 10.4 million passengers in 2023. 

The airline holds an optimistic outlook for 2024, a year in which it expects to expand capacity by 15% to carry more than 12 million passengers and reach the €800 million revenue mark. Volotea also plans to open two new bases in 2024, in Brest, France, and Bari, Italy.  

Volotea is also considering a stock market listing through an initial public offering (IPO), a move that has been on the cards for a number of years but has been repeatedly postponed. According to the latest reports, the airline’s management team is waiting for other high-profile IPOs that are due to take place in the Spanish stock market this year to better gauge the market’s sentiment before deciding. 

In parallel to these developments, Volotea has also started to return a portion of the €350 million in government-backed loans it received to stave off the impact of the COVID pandemic. The airline has until 2029 to return the bulk of those funds.