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Volotea achieves record profits and considers going public
The airline has seen its best financial results ever and so is exploring future market opportunities
Volotea, the airline founded by Murcia entrepreneur Carlos Muñoz, has reported an operating profit (Ebit) of €35 million for 2024, marking the highest figure in its history. This represents a twelvefold increase compared to the €2.9 million recorded in 2023, according to a company announcement this week.These results enhance Volotea’s financial standing as it continues to evaluate a potential initial public offering (IPO), a move that has long been part of its strategic growth plan.
At the same time, the company is reaching the end of its deal to offer flights between Murcia's Corvera Airport and Murcia and Barcelona. If the airline cannot agree a new tourism promotion deal with the regional government of Murcia, or if they do not see profit in continuing these flight routes, they will cease.
Since its launch in 2012, Volotea has continued to expand, carrying 11.4 million passengers in 2024 – an increase of 12% – operating over 75,000 flights, a 10% rise. The airline also opened three new bases in Brest and Rodez (France) and Bari (Italy), bringing its total number of operational routes to nearly 450.
Volotea’s revenue rose by 17% to €811 million in 2024, while its gross operating profit grew by 54% to €148 million. Chief Financial Officer Stephen Rapp stated during a press conference that Volotea remains “highly competitive” within the European low-cost airline sector.
However, the company has yet to disclose its net profit, as its financial accounts are still under audit. “We had a super solid year with record results,” Rapp added.
Looking ahead to 2025, Volotea anticipates Spain being its fastest-growing market. The airline has scheduled a 9% increase in seat capacity across Spain, reaching 3.6 million, and will operate 125 routes, including three new connections: Asturias-Jerez, Barcelona-Bordeaux (France) and Bilbao-Palermo (Italy).
“The outlook for 2025 is very promising, and we expect a significant improvement in margins,” said CEO Carlos Muñoz. While acknowledging that 2025 is projected to be a slow-growth year for the airline industry overall, he noted that Volotea is set to reach 80 million passengers this financial year.
Volotea was close to launching an IPO in 2016 but postponed it, later delaying again due to the COVID-19 pandemic. According to Muñoz, the company has been “IPO-ready” for approximately three years.
“An IPO remains a long-term goal for Volotea,” Muñoz stated. However, he emphasised that the company does not base its strategy on this possibility alone, noting that “it may or may not happen”.
