Budapest Ferenc Liszt International Airport (BUD) is poised for further growth in 2024, with ambitions to restore key transatlantic connections and expand its European route network, despite ongoing challenges in the aviation sector.
“We have managed to maintain our ambitious growth projections for 2024 by welcoming four new based aircraft compared to summer 2023,” Head of Airline Development Máté Ritter tells Aviation Week at Routes World 2024.
“With 16 new routes this summer and substantial frequency increase on dozens of existing routes, the airport managed to provide affordable travel options for its customers in the midst of rocketing consumer prices,” he says.
One notable achievement is the anticipated increase in nonstop seats between Hungary and China, expected to exceed 2019 levels, reflecting a growing appetite from Chinese carriers and demand for travel to Hungary.
Furthermore, traffic between Hungary and South Korea is projected to soar by more than 70%, supported by 8X-weekly flights between Seoul and Budapest.
While growth opportunities are emerging, BUD is also addressing the challenge of managing capacity effectively. “We aim to channel incremental growth to periods where terminal capacity can accommodate it,” Ritter says.
The airport's incentive scheme is designed to attract airlines to underserved European markets, with destinations such as Cardiff, Wales; Santander, Spain; and Toulouse, France, identified as potential targets.
In the longer term, BUD is focused on reestablishing nonstop connectivity to North America. “We have a solid business case based on pre-pandemic benchmarks,” Ritter says, citing the previous connections to four major North American cities. He adds the airport is optimistic that U.S. and Canadian carriers will resume operations by summer 2025.
In June, it was announced that BUD has returned to majority state ownership, with Corvinus, an investment fund owned and managed by the Hungarian state, taking an 80% stake, and French infrastructure group Vinci Airports buying the remaining 20%, making it the airport operator.
BUD ended 2023 with a net profit of €74 million ($81 million) on revenues up 20% to €337.8 million, reducing the losses accumulated during the COVID crisis to €47 million. During the year, €77 million was invested in infrastructure developments to improve the passenger experience.
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