European airline margins 2023: ultra LCCs Pegasus and Ryanair at the top

Jet2 plc's mid Jul-2024 reporting of its annual results for the year ended Mar-2024 was the last of Europe's listed airline financial statements for 2023.

This has allowed CAPA - Centre for Aviation to compile a ranking of operating margins for Europe's leading airline groups and airlines in 2023 (or nearest financial year).

Pegasus Airlines, Turkey's ultra-low cost carrier, reported the highest operating margin in Europe in 2023, retaining the top spot from 2022. Ultra-low cost Ryanair was second overall, and the leader among the six biggest European airline groups.

Europe's leading airlines typically report margins above the average for the European market, but cannot escape the cycle as it starts to show signs of peaking in 2024.