Key Figures

2023 can be defined as as the year of definitive recovery of activities, with over a year ahead of forecasts, despite a global scenario characterized by deep uncertainty and volatility. In this context, AdB was able to manage the return to full traffic capacity at the airport, albeit in a scenario marked by the presence of several construction sites, which will accompany AdB in the coming years with the aim of further improving both infrastructure and the travel experience in the short and long term. Therefore, AdB will continue in 2024 and in the coming years on the path of improving infrastructure in a process of sustainable growth.

Consolidated revenues in 2023 increased by 7.8% compared to 2022, reaching €145.1 million, and by 15.9% compared to 2019. This result, compared to the previous year, becomes more and more important when considering the €21.1 million contribution from the Covid-19 Compensation Fund obtained in the Q1 of 2022. Revenue from aeronautical services increases by 17.8% compared to 2022, driven by the positive trend in traffic and remains in line with 2019; revenue from non-aeronautical services grows by 22.6% compared to 2022 and by 17% compared to 2019; revenue from construction services increases by 78.1% compared to 2022 and by 73% compared to 2019 due to increased investments in both aviation and non-aviation sectors. Finally, excluding the contribution from the Covid-19 Compensation Fund allocated to this category, other revenues and income from operations in 2023 increase by 4.1%.

Costs for the period amounted to €101 million, increasing by 26.7% compared to the same period in 2022 and by 25.9% compared to 2019. The costs of consumables and goods record a -11.1% decrease compared to 2022 due to the reduced purchase of fuel for General Aviation aircraft, as a result of decreased movements, and a +59.3% increase over 2019 due to higher purchases of fuel, packaging material, and de-icing fluid; service costs were 18.5% higher than in 2019 and 15.9% higher than in 2022 due to the increase in traffic-related services and all other services, including maintenance, shuttles, professional services and consultancy. Rents, leases, and other costs increased by 26% compared to 2022 and by 20.8% compared to 2019, mainly due to the variation in traffic volumes upon which concession and security fees are calculated. Finally, the “other operating expenses” category increased by 11.6% compared to 2022 and by 11.5% compared to 2019 due to higher tax expenses and contribution to the fire service.

In 2023, the Gross Operating Margin (EBITDA) stood at €44.1 million compared to €54.8 million in 2022 (-19.6%), significantly impacted by the €21.1 million contribution from the Compensation Fund, and €44.9 million in 2019 (-1.9%). However, considering the adjusted EBITDA margin for construction services and the contribution from the Compensation Fund, there is a 29.4% increase in 2023 compared to 2022.

The year 2023 concludes with a consolidated profit of €16.7 million compared to €31.1 million in 2022 (of which €21.1 million was from the Compensation Fund). Excluding this extraordinary contribution, the profit for 2022 to compare with the result for the same period in 2023 amounts to €10 million, resulting in a growth of 67.5%.

Throughout 2023, there was a gradual recovery in traffic volumes. While the first three months of the year were affected by seasonal demand and uncertainties at the macroeconomic and geopolitical levels, the change in direction came with the Summer Season '23, which allowed the airport to achieve full recovery compared to pre-pandemic levels and to set monthly traffic records.

In 2023, a total of 9,970,284 passengers were recorded, increasing by 17.4% compared to 2022, with 78,658 movements (+11.0%) and 50,994 tonnes of cargo transported (-7.6%). Compared to 2019, the last pre-Covid year, passenger traffic in the past year was 6% higher, with July being the best month ever in the airport's history. These numbersconfirmed Aeroporto di Bologna in 7th place in Italy for the number of passengers.

The average load factor increased from 79.2% in 2022 to 82.5% in 2023. The average load fctor was also higher than in 2019 (81.5%).

Despite the significant slowdown in international traffic over the past three years, from the 2022 summer season, there has been a significant recovery driven by the positive effect of revenge tourism, recording a +1.1% compared to 2019 and a +20% compared to 2022. The domestic sector confirms the fastest recovery, with passengers on domestic flights reaching and exceeding pre-pandemic levels (+24.6% compared to 2019) and +10% compared to 2022.

Low-cost traffic saw a positive change in volumes compared to both 2022, with +11.4%, and 2019 with +23.6%, while legacy traffic showed a slower recovery: +32.7% compared to 2022 but -17.2% compared to 2019, along with a decrease in movements compared to 2019.

In 2023, 118 destinations could be reached directly from Bologna with 55 operating airlines.

Analyzing the performance of carriers, Ryanair remains the leading company at the airport with 53.3% of total traffic, followed by Wizz Air with 9.7%, increasing from 5.4% in 2019, and Air France with 2.9%.

The cargo segment, despite feeling the effects of cooling demand and current macroeconomic and geopolitical conditions, shows resilience and continues in a phase of slow recovery and adjustment after the period of strong growth in 2021. The trend in freight transport reflects this situation, recording cargo and mail traffic in Bologna in 2023 at 50,994,486 kg, with a decrease of 7.6% compared to 2022 but a +4.4% compared to 2019. Overall, the airport ranks 3rd in Italy for volume of cargo handled.