Aegean’s turnover recorded an increase for the first quarter of the year, with operating profitability improving. However, at the level of results, the company showed a widening of losses due to the negative change in the dollar exchange rate since the beginning of the year, which affects the valuation of the future flows of aircraft leases.

The basic sizes:

  • €268.8m Turnover, 17% higher than in 2023.
  • 2.9 million passengers, 11% more than the first quarter of 2023.
  • EBITDA profits of €33.2 million from profits of €19.3 million in the corresponding period of 2023.
  • EBIT Losses of €7.2m, improved from losses of €14.7m in the corresponding period of 2023.
  • €21.0m Loss after Tax from €14.4m loss in the corresponding period of 2023.

In particular, as Aegean states in its announcement, the turnover in the first quarter amounted to €268.8 million, increased by 17% compared to the first quarter of 2023. At the same time, it is noted that following the high dynamics of 2023, the company continued its development course with a further increase in capacity during the winter months as well. The Group offered 10% more seats in the international network on 85 direct connections from the country’s two main airports. Overall, the Group offered 3.8 billion seat kilometers, 12% more than in the first quarter of 2023, and carried 2.9 million passengers, 11% more than in the first quarter of 2023, of which 1, 7 million passengers from/to foreign destinations. The occupancy rate was 82%.

At the same time, it is noted that Aegean remained stable in its development strategy and in combination with its rational cost management, achieved an increase in EBITDA profits, i.e. profits of €33.2 million from profits of €19.3 million in the corresponding period of 2023, but also improved its operating results (EBIT) with smaller losses of €7.2 million against €14.7 million in 2023.

The Group continues seamlessly with its investment plan in the new fleet having received 7 new aircraft in relation to March 2023 while it has also extended operating leases reaching a total of 79 aircraft, as a result of which the depreciation fund has increased by 19% in compared to the corresponding period of 2023.

Despite the improvement in operating profitability, post-tax losses stood at €21.0m from losses of €14.4m in the first quarter of 2023, due to the negative change in the dollar exchange rate since the beginning of the year affecting valuation of future aircraft lease flows.

During the first quarter of 2024 the AEGEAN Group showed a strong net cash flow of €188.6 million, also a result of the high pre-sales for the summer period, resulting in cash, equivalents and other financial investments of €729 million .[1] on 31.03.2024 after the redemption of the Warrants and the payment of the Purchase Value of €85.4 million on 02.01.2024.

Mr. Dimitris Gerogiannis, CEO, said: “AEGEAN’s effort to improve seasonality is visible in the investment in the foreign network but also the significant increase in turnover and traffic in the first quarter. For yet another quarter, the seasonally weakest, AEGEAN presented higher EBITDA profitability demonstrating its resilient base, adaptability and competitiveness in its cost management. We are ready for a dynamic summer season, with enhanced routes, increased frequencies focusing on our further development mainly from Athens and Thessaloniki.

We continue to see strong demand for the summer season. However, it is still early for overall predictions for the performance of the summer season, which as always will shape the result.

At the same time, it is very encouraging that the effort to develop the Aircraft Maintenance Center and the Crew Training Center is maturing. Within 12 months, the building upgrade works were completed and already the first 4 flight simulators are in operation, meeting the needs of crews of both AEGEAN and third-party airlines. At the same time, the Group has started to provide heavy maintenance services to the first external customers”.