Credit: Luxair

On Monday 19 May 2025, Luxair published its annual report for 2024, titled "Getting Ready for Tomorrow".

Luxair noted that, despite a challenging global environment, the airline has "laid a solid foundation for its future while maintaining its commitment to operational excellence, sustainability and customer satisfaction".

In 2024, Luxair achieved a 6.5% increase in the number of passengers transported compared to the previous year, reaching a total of more than 2.6 million passengers. However, the company experienced a slight drop in its overall revenue, from €806.2 million in 2023 to €801.0 million in 2024, primarily due to the transfer of the LuxairCARGO activities to Luxcargo Handling SA in May 2024. Excluding cargo, the turnover of the other business units increased by more than 9%.

Luxair Airlines experienced 6% steady passenger growth despite the challenges posed by inflation, high fuel prices and geopolitical tensions, according to Luxair. Whereas connecting and business routes were relatively stable compared to the previous year, the airline's leisure travel saw continued demand, with a 13% growth in leisure-related routes.

LuxairTours, the airline's tour operating business, witnessed a 7% increase in passengers in 2024. Luxair said "this strong performance also underscores the growing demand for leisure travel", noting increased sales in "key" European destinations such as Spain, Italy and Portugal. Despite reported concerns about purchasing power in markets including France, Luxembourg, Belgium and Germany, LuxairTours capitalised on demand for package holidays, driving a 5% growth in package sales.

Moreover, Luxair reported that it advanced its fleet renewal strategy in 2024, building on "key" aircraft orders placed in 2023. Following the purchase of four Embraer E195-E2 aircraft and eight next-generation Boeing 737 aircraft (including four 737-8 and four 737-7), Luxair continued along the same path in 2024 with an additional order for two Boeing 737-10 aircraft and the exercise of two more Embraer E195-E2 options. These new-generation aircraft are expected to reduce fuel consumption and emissions by up to 25% per passenger, while also significantly reducing noise.

The airline added that a "key moment" in 2024 was the inauguration of Luxair's new Maintenance Hangar, which "enhances operational capacity, reduces turnaround times and prepares the company for the integration of its new fleet". These efforts are part of a broader strategy to modernise and sustain operations long-term.

Luxair continued network expansion in 2024, introducing new destinations such as Brač (Croatia) and Manchester (UK). In total, the airline operated 31,035 flights in 2024, slightly down from 31,965 flights in 2023. The airline attributed this decrease to the operation of the two Boeing 737-8 leased aircraft in 2024, which primarily serve longer routes and have increased capacity. As such, despite fewer flights, passenger numbers continued to grow.

Fuelled by the growth in passenger numbers, Luxair's catering service delivered three million meals in 2024, representing a 7% increase over one year.

Luxair stated that its operating performance in 2024 was driven by the "exceptional commitment" of its employees. The company said it "remains deeply committed to ensuring the well-being and professional development of its workforce, which is crucial to its operational success". Luxair also continued its charitable efforts, supporting organisations such as Kriibskrank Kanner and SOS Villages d'Enfants Monde, as well as working with Stand Speak Rise Up! to support women affected by violence.

 

Luxair concluded the year 2024 with a net profit of €51.4 million at statutory level and reported a net result of €153.3 million at group level, "driven by the inclusion of the financial results of its participations".

However, the airline argued that the "real highlight lies in the group's strengthened operational performance" - Luxair recorded its third consecutive positive consolidated operating result, achieving €10.5 million in 2024, the highest operating profit for the past two decades. The airline said its positive operating result was "a direct outcome of disciplined cost control, improved productivity and strategic revenue management".

Giovanni Giallombardo, President of Luxair's Board of Directors, thanked customers for their continued support, stating: "As Luxembourg's national airline, Luxair plays a vital role in connecting our country and the Greater Region with Europe and the world. Our purpose has always been to deliver quality, reliability and meaningful connections, not only through our network but also through the social responsibility we carry toward the people we serve and those we employ". He added: "Your continued trust in Luxair reaffirms our relevance and responsibility. Thank you for choosing us and for standing by us throughout this journey. We remain committed to serving you with excellence."

Luxair CEO Gilles Feith extended his "sincere thanks" to Luxair's staff, noting: "The outstanding operational result achieved in 2024, our best for the past two decades, is a direct reflection of your hard work, determination and shared commitment to our mission. In every role and at every level of the company, your contribution made a difference. I am proud of what we have accomplished together and confident in our ability to meet the challenges ahead".

Luxair noted that air transport across Europe grew by 9.7% in 2024, "marking a full industry recovery to pre-COVID levels". Looking ahead, the airline acknowledged an expected slowdown in 2025 due to global aircraft delivery delays and engine issues limiting fleet availability. It added that increasing regulatory burdens and trade tensions posed challenges for the aviation sector. "These macroeconomic and regulatory challenges underline the importance of Luxair's ongoing investments in fleet efficiency and its efforts to maintain profitability under tightening external constraints," the airline stated.

In this context, the 2025 budget anticipates moderate growth in revenue from air operations compared to 2024. After the firm orders of sixteen aircraft in 2023 and 2024, 2025 will be dedicated to the operational preparation for the fleet change.

Luxair also noted that planning for the entry into service of the Embraer E2 aircraft in early 2026 includes personnel training, which will impact operations this year. As a result, the airline said it anticipates that 2025 could end with a negative result or "at best" a significantly reduced profit compared to previous years.

Luxair's 2024 annual report is available in full here.

(Image credit: Luxair)