Avia Solutions Group's revenue more than doubled in the third quarter of 2021, earning €37 million in net profit in the first 9 months of 2021

On November 29, 2021, Avia Solutions Group announced financial results for nine months of 2021.

Despite the ongoing global COVID-19 crisis, Avia Solutions Group's recovery is outpacing the industry-wide recovery. Group companies’ results for Q3 2021 can attest to that. The Group's revenue increased by as much as 125% compared to the same time last year, from €134 million in Q3 2020 to €300 million in Q3 2021. During the same period, the Group's EBITDA for 2020 and 2021 amounted to €15 million and €52 million, respectively, representing a 3.5-fold increase in EBITDA in one year.

In 2021, the Group's revenue for the first nine months was €668 million, EBITDA was €95 million and the Group's net profit was €37 million.

"Looking at the results of this quarter, we see the clear benefits of our chosen business strategy for the entire Group of companies. The high demand for cargo and the increased demand for charter flights between holidaymakers and business customers during the summer and autumn periods ensured financially strong results for Q3 2021. The growing busyness of companies operating at airports, growing passenger flows and optimistic future forecasts indicate that we are gradually returning to the pre-pandemic situation and we can expect even more positive results in the aviation industry in the near future,” said Jonas Janukenas, CEO of Avia Solutions Group.

In September, Avia Solutions Group entered into a strategic partnership with Certares Management, a leading investment specialist in the travel and tourism sectors. The investment management company, based in the United States, has invested €300 million in the Group's capital. Certares' investment portfolio includes one of the largest Brazilian airlines Azul SA, American Express Global Business Travel, managed through a joint venture, U.S. security service Guardian Alarm, vehicle rental company Hertz Global Holdings, Chilean airline Latam Airlines, travel platform Liberty TripAdvisor Holdings, French travel agency Marietton Developpement, a UK supercar manufacturer McLaren Group, and various travel agencies globally the United States, Europe, Canada, as well in the Middle East region. The partnership gives the Group access to Certares' impressive experience and a wide network of possible partners.

In October of this year, Avia Solutions Group has acquired Biggin Hill Hangar Company Limited and its Hangar 510, a premium passenger terminal and maintenance and repair operations centre at Biggin Hill, one of the UK's leading business aviation airports. In 2021, London’s Biggin Hill Airport was the 2nd most popular business airport in the UK after Farnborough, serving as much as 18.6% of all flights operated at the top 10 UK business aviation airports combined. With this transaction, Avia Solutions Group has further strengthened its position in the UK aviation services market.

To highlight the importance of future technologies and innovation in the aviation industry, during the third quarter of 2021, Avia Solutions Group established a holding company, Digital Aero Technologies, which unites airlines operating in technology-based aviation sectors. In the long run, the activities of the holding companies will cover a wide range of services, from e-learning and data analysis to transport and industry digitisation solutions. Through its venture capital fund AeroCity Tech Ventures, Digital Aero Technologies will invest €20 million to encourage companies to contribute to the efficiency and digitalisation of the aviation industry.

The expansion of the cargo operations that was started in 2020 was further developed during the third quarter of 2021. This quarter, the Group companies expanded their fleet by 16%, from 69 to 80. All acquired units are passenger aircraft. Bluebird Nordic, a subsidiary of Avia Solutions Group, has announced that by 2024 its fleet will be complemented by 25 Boeing 737-800 aircraft.

The diversified portfolio of the Group's products and services, its strong market position and focus on the B2B customer segment were key factors that played a main role in the Group's recovery. The largest share of the Group's revenue is generated in Europe at 79%, in Asia at 8% and in North America at 4%.

As projected, in Q3 the market saw a faster recovery in the aviation sector due to eased travel restrictions, more events and faster vaccinations. The fourth quarter is expected to continue to lead to a faster recovery, which is hoped not to be hampered by travel restrictions or border closures.

Avia Solutions Group continues to plan active development in the Western European and North American markets.