RECARO announces double-digit revenue growth for 2024 and outlook for 2025
RECARO seating production
RECARO Holding has released its financial results for 2024, reporting a total revenue of US$635.9 million (€588 million) and is anticipating a similar growth trajectory in the coming years.
In preparation for this outlook, RECARO Aircraft Seating implemented a global “fit4growth” program allowing for a smooth ramp-up of production as the aviation industry surpasses pre-pandemic statistics. A strong focus for this initiative was placed on upcoming customer programs including collaborations with Southwest Airlines for the R2 Economy Class short and medium range, Cathay Pacific with the PL3530 Premium Class long range and Iberia for the R3 Economy Class long range.
RECARO is continuing to invest in its products and is generating a high order intake both driven to substantiate the market leader position in Economy Class, the March 25 press release said. In Business Class, RECARO is successfully increasing its market share via various programs, such as LATAM Airlines, and getting one step closer to the goal of market leadership in Business Class.
RECARO continues to invest in its large cross-site initiative (“space2grow”) focused on site expansions and upgrades to accommodate the projected employee count and operational output in the coming years. Hiring more than 300 team members globally in 2024, all sites continue to recruit new team members as the industry gains speed. In line with this initiative, the facility in Poland is expecting to finalize the addition of a new production and office building to their site in 2026.
With a record order book of more than US$2.16 billion (€2 billion), RECARO Aircraft Seating is positioned for a record year. The R3 long-haul Economy Class seat program, which has more than 40 programs, will see a significant ramp-up this year, highlighted by the successful first Iberia A321XLR flight in November 2024. Insights from the annual customer satisfaction survey have reinforced the division’s commitment to excellence as it prepares for the coming years.
To add to these successes, RECARO Rail unveiled its new Luna seat in September. Luna allows for an increased level of customization and was developed with sustainability in mind, boasting a 98 percent recyclability rate.
The commitment of RECARO to excellence was further recognized with the Best Managed Companies Award by Deloitte which focuses on recognizing experienced management, operational excellence and innovative business practices.
“I am extremely proud of the RECARO team and the many great milestones we jointly managed. Looking into the next 5 years RECARO will continue to build on its strong financial performance and strategic advancements paving the market leader way for a strong future," said Dr. Mark Hiller, CEO of RECARO Holding and CEO & Shareholder of RECARO Aircraft Seating. ”In 2025, our commitment to innovation will ensure our customers experience the highest levels of comfort, cutting-edge design, and unparalleled reliability in every RECARO seating solution.”
The solid financial performance and strategic expansion of RECARO indicate a promising outlook for the year as the company continues to advance its product offerings and market reach.
