Berlin Brandenburg Airport: first positive EBITDA since opening, but passenger numbers still low

Premium Analysis

The story of Berlin Brandenburg Airport’s long drawn-out construction, which took the best part of a decade, is well documented.

To add insult to injury, when the airport finally did open in Oct-2020 it was right in the middle of the first COVID-19 waves, with hardly any passengers and a terminal mothballed.

Now it has reported a small profit (as measured by EBITDA) for 2022 and is starting to look to the future. Passenger numbers were close to 19 million in 2022, and a further increase of 10-15% is anticipated for 2023.

Stabilising the company was, rightly, the first priority, but the management ought now to turn its attention to the traffic mix, which simply doesn’t square with expectations at what is the capital city of the premier economy in Europe and the fourth in the world.

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