Ita Airways closes 2024 on an upward trend, with 3.1 billion in revenue and a positive EBIT of 3 million
The net result remains negative by EUR 227 million due to euro/dollar rates and leasing for new aircraft. For 2025, CEO Eberhart expects a breakeven thanks to synergies with the Lufthansa Group
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Key points
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Ita Airways' accounts improved as it closed 2024 with €3.1 billion in revenue (up €636 million on FY2023), EBITDA totalled €337 million (up €267 million) and EBIT of €3 million (up €78 million) became positive ahead of business plan forecasts. Net result remains negative at EUR 227m (down EUR 222m on 2023) ,
Impact of leases and the euro-dollar exchange rate on losses
In presenting the financial statements approved by the Board of Directors to the press, Chairman Sandro Pappalardo and CEO and General Manager Joerg Eberhart pointed out that the 2024 accounts were not affected by the positive impact of the Lufthansa Group's entry, considering that the closing took place in mid-January of this year. On the Group's net result of EUR -227 million, Eberhart said it was impacted by approximately EUR 150 million from the negative effects of the accounting adjustment of US dollar-denominated payables and receivables to year-end euro/dollar exchange rates, as well as EUR 90 million in financial expenses associated with aircraft leases as part of the fleet modernisation and expansion plan. 'At current euro/dollar exchange rates, the final result could also have been positive,' Eberhart added.
Cash amounts to 476 million
.In the 2024 budget, operating cash flow is EUR 518m (an improvement of EUR 249m on 2023), capital expenditure totals EUR 412m (+ EUR 124m), cash is EUR 476m (+ EUR 26m) and does not discount the EUR 325m paid by Lufthansa for the acquisition of the first 41% tranche of Ita Airways.
In 2024 Ita Airawys operated around 138 thousand scheduled flights (+11% compared to 2023), transporting around 17.7 million passengers (+19% on 2023), the company's total revenues in 2024 amounted to EUR 3.1 billion (+26% on 2023), of which EUR 2.7 billion came from passenger traffic (an improvement of EUR 556 million or +26%).
26 new aircraft joined the fleet and with the simultaneous exit of older generation aircraft, by the end of 2024 there will be 99 aircraft in total, 65% of which will be new generation with lower emissions and more fuel efficiency. The load factor, i.e. the aircraft load factor, stood at 81%. up 2.7 percentage points on 2023.
