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April 10, 2024

Avia Solutions Group Audited 2023 Financial Results: EBITDA Increases by 36% to EUR 392 Million

Avia Solutions Group, the world’s largest ACMI provider (Aircraft, Crew, Maintenance, and Insurance) services, announced its audited financial results for 2023, reporting a net profit increase of 5.5 times to EUR 68.2 million, adjusted EBITDA up by 36% to EUR 392 million, and revenues rising by 22% to EUR 2.3 billion. The company generated the most revenue in Europe (67%), Asia (20%), and North and South America (6%).

Last year, the Group continued to invest in its fleet, expanding it by 27 aircraft to a total of 200, including 159 passenger and 41 cargo aircraft by the end of the year.

In 2023, the Group's revenues from passenger aircraft ACMI services increased by 53%, reaching EUR 950 million. According to Jonas Janukenas, CEO of Avia Solutions Group, the significant increase in volumes indicates that many of the world's leading airlines view ACMI services as an integral part of their operations, helping to manage their fleets more efficiently. The situation in the passenger aircraft market ensures that the Group will maintain high growth rates in the future.

Last year, Avia Solutions Group continued its expansion in the Asia-Pacific region, starting operations with BBN Airlines Indonesia and acquiring the Australian airline Skytrans at the beginning of 2024. By the end of 2024, the company plans to establish four more ACMI airlines in Brazil, the Philippines, Thailand, and Malaysia.

The company is preparing to further expand its aircraft fleet and maintain leading positions in the ACMI segment, where it sees a significant market need. The company's infrastructure in Asia and the Pacific region, as well as in the Americas, will allow it to effectively manage the challenges of seasonality in aviation by shifting aircraft from one region to another.

"The Group will utilise aircraft in Europe during the summer peak season, and during the winter, the planes will be relocated to regions with opposite seasonality. This will allow us to maximise the capabilities of our aircraft fleet, and our clients, the world's leading airlines, will receive aircraft during the peak seasonal periods," states J. Janukenas.

The American market is also a priority for the company. Recently, the company signed a cooperation agreement with Impact Investments LLC, whose executive chairman is the former U.S. Secretary of State Mike Pompeo. The company will provide strategic development consulting to the Group.

Avia Solutions Group, based in Ireland, has offices in Ireland, the USA, the UAE, Lithuania, Australia, the Asia-Pacific region, and South Africa. The Group owns globally operating airline companies such as SmartLynx Airlines, Avion Express, AirExplore, KlasJet, and Magma Aviation. It also manages the aircraft maintenance and repair services (MRO) company FL Technics, which has aircraft technical maintenance and repair hangars in Indonesia, the United Kingdom, and Lithuania, along with 100 operational maintenance stations in various countries. Among the Group's companies is the largest independent pilot training center, BAA Training, with pilot schools in Spain, France, Lithuania, and Vietnam.

The Avia Solutions Group team comprises over 11,700 highly qualified aviation professionals worldwide.