Aegean Airlines: First Quarter 2025 Trading Update, KNEWS

Press Release

28 MAY 2025 - 13:07

•€306,0 mil. Revenue, an increase of 14% vs. Q1-24.

•3,1 mil. passengers, 8% increase compared to Q1-24.

•Positive EBITDA of €43,8 mil., from €33,2 mil. in Q1-24.

•EBIT losses of €2,6 mil., improved from losses of €7,2 mil. in Q1-24.

•€6,6 mil. after-tax loss from €21,0 mil. after-tax loss in Q1-24.

AEGEAN announces its key financial and operating results for the first quarter of 2025.

AEGEAN continued its growth trajectory, delivering solid performance in the seasonally weakest first quarter of 2025. The company’s first quarter financial results validate its commitment to winter capacity growth aimed at gradually smoothing the high seasonality of the Greek market.

The company offered 11% higher capacity reaching 4,1 bil. ASKs. Total passenger traffic amounted to 3,1 mil. passengers, an 8% increase compared to 2024, while international traffic rose by 12%. Load factor stood at 80,6%.

Revenue reached €306,0 mil., 14% higher than Q1-24. Solid demand contributed to the improvement of EBITDA, which reached €43,8 mil., up by 32%, representing the highest first-quarter EBITDA performance in AEGEAN’s history.

The operational improvement was also reflected at EBIT level, with losses reduced to €2,6 mil. from €7,2 mil. in the first quarter of 2024. Net losses after tax significantly narrowed to €6,6 mil., compared to €21,0 million in 2024. Beyond the improvement in operating profitability, the first quarter also benefited from positive valuation impact on aircraft leases liabilities due to the delta in the eurodollar exchange rate.

AEGEAN maintained strong liquidity, with cash equivalents and other financial investments amounting to €796,1 million as of March 31, 2025, including the acquisition of a new A320neo aircraft, which was financed entirely with own funds in March 2025.

Mr. Dimitris Gerogiannis, AEGEAN’s CEO, commented:

“The first quarter 2025 results validate AEGEAN’s strategy and growth momentum. We strengthened our passenger traffic, especially in international routes and boosted our network by adding more frequencies in winter for the second consecutive year to selected destinations.

Operating results improved with AEGEAN recording the highest EBITDA performance in its history, with seasonal losses substantially narrowing during the seasonally weakest quarter of the year.

The continued recovery in local demand, along with the gradual extension of the tourist season—particularly in Athens and Thessaloniki—enable us to operate with improved intensity over a gradually expanding period. Investing in the winter is costly and requires time to mature but remains essential for AEGEAN and the broader Greek economy.

We remain committed to our fleet investment, with 6 aircraft deliveries scheduled within 2025 in total, including 3 Airbus A321neo, 2 Airbus A320neo and one (1) brand-new ATR 72-600. At the same time, we are expanding our network with new routes, further enhancing connectivity and strengthening our presence in strategic destinations.”

For 2025, AEGEAN will offer 21,2 million seats, 1,5 million more than in 2024.

Financial Results and Operating Metrics for the First Quarter of 2025

Presentation of the key financial and operational results for the first quarter of 2024 and 2025, in comparison with the corresponding results for the same period in 2019.