Aegean announced the financial results for the Second Quarter and First Half of 2024.

During the 2nd Quarter, Aegean continued to grow, offering 5.4 million seats, 9% more than in 2023, with passenger traffic increasing by 8%. The growth was balanced between the international network with 2.6 million passengers and an increase of 9% and the domestic network with 1.8 million passengers, an increase of 8%. The occupancy rate was 81.2%.

Consolidated turnover for Q2 amounted to €480.3 million, up 7% compared to the same period in 2023, with EBITDA standing at €114.4 million from €120.2 million. in the 2nd Quarter of 2023, and the final result to be a profit after tax for the 2nd Quarter of 2024 amounting to €43.9 million from €51.5 million in the 2nd Quarter of 2023.

In total, during the first half of the year, Aegean carried 7.3 million passengers, 9% more compared to the first half of 2023, offering 9.5 billion. kilometer seats, 11% more seats compared to the same period in 2023. The occupancy rate was 81.4% in the 1st Semester of 2024.

At Semester level, the consolidated turnover exceeds by 10% the 1st Semester of 2023, reaching €749.1 million, while the total earnings before taxes, interest and depreciation (EBITDA) amounted to €147.6 million, recording an increase 6%, compared to the 1st Half of 2023. The Group’s Profits before taxes for the 1st Half of 2024 amounted to €31.6 million compared to €48.7 million in the 1st Half of 2023, while the Profit after taxes for the Group amount to €22.9 million from €37.1 million in H1 2023.

Due to strong positive cash flows from operating profitability as well as pre-sales of summer season tickets, cash reserves and immediately liquid financial assets increased to €814.4 million on 30.06.2024 from €706.3 million on 31.12. 2023, as well as the redemption of the Warrants with the payment of €85.4 million to the Hellenic Republic on 02.01.2024 but also the first after four years, the payment of a dividend of €67.6 million to the shareholders on 27.05.2024.

It is important to note that the process of early checks and repairs on the GTF engines of the A320/A321 neo, which starting from October 2023 and periodically immobilizes a significant part of our fleet of new aircraft, significantly burdens the company’s costs in fuel, costs maintenance but also aircraft leases. The compensation received by the manufacturer covers a significant part, but by no means all, of the cost increase and the loss of supply of additional available seats. Also, the burden of increased CO2 purchases has a significant impact on costs, given the progressive and three-year-long abolition of free historical rights of companies in the aviation industry.

Mr. Dimitris Gerogiannis, CEO, said in this regard:

“The result of the First Semester remains particularly strong, despite the increase in the capacity offered to our country, but also the important operational and regulatory requirements that burden our costs. Given the high seasonality of demand, it is important that with the effort to extend the period, we have managed to leave behind us the years where, until 2019, the result of Aegean’s First Semester was loss-making.

Always acting with prudence and planning, we have already launched strategic decisions that cover the entire scope of the Aegean ecosystem from the 4 new Airbus A321neo with a significantly longer range and a new specially configured passenger cabin, to serve markets outside the EU, the development of Aircraft Maintenance Center and the Crew Training Center as well as the most recent strategic investment of participation and cooperation with VOLOTEA, actions that consolidate and strengthen Aegean in the European aviation market.

The steps continue and are calculated, carefully, but always enough to give a dynamic that supports the development of the Company, our people and we believe also the country».

The management of Aegean will hold a conference call with the topic of discussion “Results of the First Half of 2024”, on Thursday, September 12, 2024 at 15:00 Greek time.

Details have been posted on the Company’s website:

https://el.about.aegeanair.com/ependytes/anakoinoseis/announcements/