Condor Airlines Aims to Overcome Losses with Fleet Renewal

Fri 25th Apr, 2025

Condor Airlines is striving to return to profitability by implementing a revamped business model and updating its fleet. In the fiscal year 2023/24, which concluded on September 30, the airline reported a net loss of EUR62 million, a figure that represents a nearly 50% reduction compared to the previous year. This information was disclosed by the airline's management.

According to internal operational metrics, Condor's leadership indicated that the company has already achieved profitability. However, it's important to note that Condor currently reports its financials under German commercial law (HGB), which is difficult to compare with the international financial reporting standards (IFRS). The airline's total revenue rose by over 15% from the previous year, reaching EUR2.44 billion, while passenger numbers increased by nearly 8% to approximately 8.5 million, with a seat occupancy rate of 91.6%.

In the current fiscal year, Condor is flying with a fully updated long-haul fleet, transitioning from Boeing aircraft to new Airbus jets. This change is expected to enhance the passenger experience due to a larger seating capacity and a more reliable and fuel-efficient operation. In the first quarter of the new fiscal year (October to December 2024), the operating profit surged from EUR52 million to EUR113 million. However, Condor's CEO has refrained from providing a financial forecast for the ongoing year.

By the summer of 2025, the last remaining Boeing aircraft will be phased out from short-haul services, replaced entirely by Airbus A320neo jets. Condor has faced financial difficulties in the recent past, narrowly avoiding bankruptcy twice: once following the collapse of its previous parent company, Thomas Cook, and again during the COVID-19 pandemic. The airline has received government assistance during these challenging times. Since 2021, the British investment firm Attestor has been involved with the airline, particularly financing the fleet transition. Additionally, loans from the KfW development bank are scheduled to be repaid by September 2026.

In response to competitive pressures from major rival Lufthansa, Condor is also expanding its European short-haul network beyond traditional vacation destinations. These new routes are intended to facilitate connections to Frankfurt for transit passengers and to attract more business travelers. The airline has noted a temporary surge in demand for flights to Rome following the recent passing of the Pope, while services to Vienna and Zurich are also performing well. However, the North American market has shown fluctuations, though the company does not consider the situation to be dire.


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