The Volotea airline sees a possible listing on the stock market before the end of the year, an operation that would serve to boost growth and improve its financial status, with debt reduction as the main objective. “We are listed, but now we have to wait for other larger companies to go public and do well,” said the company’s founder and CEO, Carlos Muñoz, from Lyon, where Volotea celebrates at a gala having reached the 60 million passengers. Muñoz estimates the jump to the stock market for the “second half of the year in the best of scenarios”, although he has ruled out setting a specific date pending ideal conditions in the market. If the debut is delayed, he considers other options to reinforce his financial structure.
It is not the first time that the low cost has tried to quote. The airline tried it in 2015 but ended up scrapping the operation. Now, however, the manager believes that the time has come. In his favor, Muñoz, also the founder of Vueling, has shown the evolution of his turnover and upward growth prospects. The airline created in Barcelona generated 694 million euros in 2023, 24.6% more than the previous year, with an improvement in operating results (ebitda) to 96 million. The airline has not reported net profit. The previous year the ebitda was -47 million euros and it lost 138 million euros, with a negative net worth of 284.5 million euros. The current debt, which they would like to reduce significantly with the possible listing, currently stands at 313 million euros, 37 million below the initial figure.
Like other companies in the transportation sector, Volotea turned to the SEPI and the ICO to survive the pandemic and the travel restriction. The loan from the Participation Company was 200 million euros (plus ten million of a participatory credit borne by the shareholders), without capital amortization until 2029. For its part, the ICO credit reached 150 million euros.
The airline sees growth opportunities this year both in activity and economically, with demand to fly that does not decline despite the increase in the price of plane tickets. Muñoz has calculated that the turnover for 2024 will be around 800 million euros, with a new increase in the operating result that would place Volotea in net profit. To do this, it will be supported by an improvement in the cost structure thanks to the drop in fuel prices, a higher margin and an increase in the supply of seats of between 12% and 16% compared to 2023, with up to 13 million seats offered. . Likewise, it will operate 450 routes (13 new from Spain), 10% more.
Muñoz has also offered to operate the routes that are released so that the EC definitively approves the merger of Iberia with Air Europa. “We are interested in all of them,” he said, both with his own fleet and by renting Air Europa aircraft. This would strengthen its position in Spain, its third market behind France and Italy. The French country has become the main center of operations for Volotea, where it has positioned itself as the first airline in the domestic market outside of Paris. Its strategy consists of connecting medium-sized cities where the air service is not so developed.
