LOT Polish Airlines Hits Record 2024 Results

LOT Polish Airlines has posted one of its strongest financial years to date, with record results for 2024 that signal robust growth and strategic progress. The Polish flag carrier reported revenues of PLN 9.93 billion (approximately US$2.51 billion) and a net profit of PLN 688.5 million (around US$174 million). Operating profit (EBIT) reached PLN 805.7 million (US$204 million), resulting in an operating margin of 8.1%. These impressive figures were achieved through a combination of network optimization, stringent cost control, and a successful push into the charter market.

A key contributor to LOT’s success in 2024 was its expanded charter segment, which carried 1.3 million passengers—an 18.5% increase over the previous year. This segment helped drive overall passenger traffic, as the airline transported a total of 10.7 million passengers during the year. The growth in this area underscores LOT’s ability to adapt its services to meet market demand and capture emerging opportunities.

Fleet expansion has also played a crucial role in LOT’s performance. Over the course of 2024, the airline added 11 new aircraft to its fleet, bringing the total to 86 as of February 2025. The new additions include seven Boeing 737 MAX 8 aircraft, three state-of-the-art Embraer 195 E-2s, and one legacy Embraer 195. This fleet renewal is expected to enhance efficiency, reduce operating costs, and support further expansion into new markets. Looking ahead to 2025, LOT plans to lease at least three additional Boeing 737 MAX 8 aircraft from BOC Aviation, reinforcing its commitment to a modern, next-generation fleet.

In parallel with fleet enhancements, LOT has also made significant strides in network expansion. The carrier introduced eight new destinations from its Warsaw hub (WAW), broadening its geographical footprint across Europe, Central Asia, and the Middle East. New routes now connect Warsaw with diverse destinations such as Tashkent (TAS) and Riyadh (RUH) in Central Asia and the Middle East; leisure hotspots like Tenerife (TFS) and Larnaca (LCA); and additional cities including Oradea (OMR), Lyon (LYS), and Innsbruck (INN). This expansion not only enriches the travel options for passengers but also positions LOT as a key player in connecting Eastern and Western Europe.

However, not all changes signal expansion. LOT announced plans to discontinue its only remaining long-haul route from Budapest (BUD). The two weekly services linking Budapest to Seoul (ICN) will be terminated after March 26, 2025. In a strategic move, the Boeing 787 aircraft that operated this route will be redeployed to the Warsaw hub. This redeployment is intended to increase the frequency of flights from Warsaw to Seoul—from four to six weekly—thus bolstering demand on one of its most promising long-haul corridors.

In addition to these operational changes, LOT has been exploring opportunities for larger aircraft orders as part of its fleet renewal strategy. This move is set to support the airline’s upcoming transition to the new Central Communication Port (CPK) airport and logistics hub, expected to come online at the start of the next decade.

Overall, LOT Polish Airlines’ stellar 2024 financial results reflect a well-executed strategy combining operational efficiency, strategic fleet renewal, and targeted network expansion, positioning the airline for continued success in a competitive market.

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