Enter Air (ENT) H2 2024 earnings summary

Executive summary

• Consolidated revenue for 2024 reached PLN 2,926.3 million, up 11% year-over-year, driven by a 9.7% increase in flight operations and expansion into new markets.

• Net profit for 2024 was PLN 65.6 million, a significant decrease from PLN 196.4 million in 2023, mainly due to higher operating and financial costs.

• The group maintained its position as a leading charter airline in Poland and expanded its presence in Western Europe, notably through the Fly4 Airlines Green joint venture.

• The company continued to invest in fleet modernization, adding five new aircraft, and implemented cost optimization measures.

Financial highlights

• Revenue: PLN 2,926.3 million in 2024, up from PLN 2,625.9 million in 2023.

• Net profit: PLN 65.6 million in 2024, down from PLN 196.4 million in 2023.

• Operating profit: PLN 260.7 million in 2024, up from PLN 166.2 million in 2023.

• EBITDA: PLN 323.9 million in 2024, up from PLN 239.0 million in 2023.

• Total assets: PLN 2,708.6 million at year-end 2024, up 27% from 2023.

• Equity: PLN 346.7 million at year-end 2024, down from PLN 357.8 million in 2023 due to dividend payout.

• Cash and equivalents: PLN 299.5 million at year-end 2024.

Outlook and guidance

• The group expects continued strong demand for charter flights in 2025, with further expansion in Western Europe and ongoing fleet modernization.

• Management anticipates another record year in terms of orders and revenue, barring major negative global events.

• Strategic focus remains on cost efficiency, fleet renewal, and diversification of revenue streams.