ITA Airways disclosed its financial results for the first half of 2024 at a media event held in its new offices in Milan, which houses both airline and Volare employees. The event was attended by Antonino Turicchi, President of ITA Airways, Andrea Benassi, Managing Director of ITA Airways, Claudio Faggiani, Chief Financial Officer of ITA Airways, and Emiliana Limosani, Commercial Director of ITA Airways and Managing Director of Volare. Key topics of discussion included updates on the airline’s operations in Milan and the reinforcement of the Alitalia brand.
Results for the first half of 2024
The company’s board of directors convened this morning to finalize the consolidated half-year accounts as of June 30, 2024. Among the key indicators, the company reported a revenue of 1.4 billion euros (an increase of 300 million compared to the first half of 2023), an EBITDA of 62 million euros (up by 130 million from last year), and cash reserves of 393 million euros (an increase of 31 million from the report dated June 30, 2023).
The positive trend from 2023 continued in the first half of 2024, with an average occupancy rate of 79%, a 2-point rise compared to 2023. ITA Airways transported over 8.3 million passengers, a growth of 26%, and generated revenues that were 33% higher than the previous year. The company also achieved a regularity rate of 99.84% and a punctuality rate of 78.1%.
Milan at the center of the strategy
Emphasizing the significance of Milan and Linate Airport in its strategic plan, the company also inaugurated new offices in Milan designated for Volare staff and the ITA Airways commercial team.
These offices span 540 square meters and feature 58 workstations situated in the WPP Tower, one of the most modern and iconic buildings in Milan. Demonstrating the company’s commitment to sustainability, these workspaces have achieved Leed Gold certification, are outfitted with SIEMENS BMS, and hold APE A1 certification. With regard to Linate Airport, a crucial hub for ITA Airways business travelers, the company aims to renovate and expand its lounge next year to accommodate up to 400 passengers daily.
ITA Airways: positive results for the first half and new sloganPromote the Alitalia brand by the end of 2024
The visual identity of ITA Airways will incorporate a historical element to honor the nation and its aeronautical heritage: ITA Airways, “inspired by Alitalia.” The Alitalia brand, a crucial asset for ITA Airways, will be prominently featured. Beginning later this year, the Alitalia logo will be displayed alongside that of ITA Airways at certain strategic locations. Alitalia, as a pioneer of excellence in air travel and an ambassador of Made in Italy, inspired ITA Airways, which will continue to maintain its unique identity established on October 15, 2021, while expanding its presence in key markets.
“The figures from today’s approved half-yearly report affirm the growth that has been underway since last year, with results surpassing those of the first six months of 2023,” stated Antonino Turicchi, president of ITA Airways. “We are also pleased to have opened our new offices in Milan, underscoring the significance of this city and Linate Airport, where we plan to renovate our lounge next year.” He added, “We are proud to launch the project promoting the Alitalia brand, complementing our ‘ITA Airways’ logo and reinforcing its globally recognized values of excellence in air travel.”
Text and visuals provided by the ITA Airways press service in France.
ITA Airways Financial Results for the First Half of 2024
ITA Airways unveiled its financial results for the first half of 2024 at a recent media event in Milan. Prominent figures from the airline, including President Antonino Turicchi, Managing Director Andrea Benassi, Chief Financial Officer Claudio Faggiani, and Commercial Director Emiliana Limosani, shared insights into the company’s performance and strategies moving forward, including the significant reinforcement of the Alitalia brand.
Key Financial Highlights
During the recent board meeting, ITA Airways confirmed its half-yearly consolidated accounts as of June 30, 2024. The results showed a robust performance across several critical indicators:
- Turnover: €1.4 billion (up by €300 million from H1 2023)
- EBITDA: +€62 million (an increase of €130 million compared to last year)
- Cash Reserves: €393 million (up €31 million from June 30, 2023)
- Average Occupancy Rate: 79% (a 2-point increase from 2023)
- Passengers Transported: Over 8.3 million (a 26% increase)
- Revenue Growth: 33% higher than last year
- Regularity Rate: 99.84%
- Punctuality Rate: 78.1%
Milan as a Strategic Hub
Milan plays a pivotal role in ITA Airways’ operational strategy, underscored by the inauguration of new offices exclusively for Volare staff and the ITA Airways commercial team. Situated within the WPP Tower, these modern offices cover an area of 540 square meters and are equipped with 58 state-of-the-art workstations.
This office design aligns with the company’s sustainability initiatives, as these workplaces have achieved LEED Gold certification and feature advanced SIEMENS building management systems. The company also plans to enhance its lounge at Linate Airport, aiming to accommodate up to 400 passengers daily by next year, further emphasizing the airport’s significance for business travelers.
Strengthening the Alitalia Brand by Year-End 2024
Another revolution in ITA Airways’ branding is on the horizon. The airline will soon incorporate a nostalgic homage to its aviation roots through the introduction of the slogan *“inspired by Alitalia.”* This strategy acknowledges the Alitalia brand as a significant asset for ITA Airways. Starting at the end of 2024, the Alitalia logo will appear alongside the ITA Airways logo in select strategic locations, reflecting a groundbreaking commitment to revitalize its legacy.
The synergy aims to celebrate Alitalia’s esteemed history while retaining ITA Airways’ distinct identity, having emerged in 2021. This dual representation not only honors Italy’s aeronautical heritage but also strengthens its market presence.
Official Statements and Future Endeavors
In discussing the company’s current status and future projections, Antonino Turicchi, President of ITA Airways, remarked, “The figures from the half-yearly report approved today confirm the growth underway since last year, with results higher than the first six months of 2023. We are also delighted to have opened our new offices in Milan, emphasizing the importance of this city and Linate Airport, where we will renovate our lounge next year.”
Growth Indicators and Future Strategies
As ITA Airways moves forward, the focus will remain on expanding service capacity, improving customer experiences, and ensuring the preservation of its historical brand assets. Key thematic strategies include:
- Enhanced customer service offerings.
- Expansion of flight routes to key destinations.
- Investment in modernizing fleet operations with eco-friendly aircraft.
Visual Identity Update
The aim for the Alitalia branding strategy is to utilize its established reputation while preserving the innovation and service excellence synonymous with ITA Airways. The combination will not only highlight past achievements but also promote sustainable growth for the airline.
Summary of Strategic Plans for H1 2024
| Key Indicator | H1 2023 | H1 2024 | Change |
|---|---|---|---|
| Turnover (€) | 1.1 billion | 1.4 billion | +300 million |
| EBITDA (€) | -68 million | +62 million | +130 million |
| Cash Reserves (€) | 362 million | 393 million | +31 million |
| Passengers Transported | 6.6 million | 8.3 million | +26% |
| Occupancy Rate (%) | 77% | 79% | +2% |
Text and visuals provided by the ITA Airways press service in France.