€1,38 bil. of Consolidated Revenue, 12,6 mil. passengers and €132 mil. Net Profit in 9M-24

AEGEAN announces a trading update for the nine-month period and third quarter ending September 30^th, 2024.

For the 9-month period of 2024 AEGEAN delivered Consolidated Revenue of €1,38 mil., 4% higher than 9M-23. The Group offered 15,3 mil. available seats and welcomed 12,6 mil. Passengers, an increase of 5% compared with the same period last year, out of which 7,4 mil. passengers to/ from international destinations. EBITDA stood at €330 mil., Profit before tax at €170,4 mil, while Profit after tax reached €132,0 mil., 23% lower YoY.

The nine-month period of 2024 marks a new high for AEGEAN’S passenger traffic and Revenue, as well as it is the second highest performance ever, in both operating and after-tax profitability, despite the significant challenges and constraints. More specifically, the mandatory early inspections on Pratt & Whitney’s GTF engines grounded up to 10 new aircraft (i.e. 17% of jet fleet), restricting both AEGEAN’s capacity growth, as well as the cost benefits from their utilization (unit fuel cost/unit maintenance costs/seats per flight). In addition, the suspension of flights to/from Tel Aviv and Beirut due to the Middle East crisis (from end of July, up to 11 daily flights from Athens, Thessaloniki, Heraklion, Rhodes and Larnaca) resulted to a reduction of 3,5-4,0% of international traffic in Q3.  

Within this challenging environment in Q3-24 AEGEAN offered 6,3 mil. available seats, higher by 2% and welcomed more than 5,3 mil. passengers. Domestic Passenger traffic recorded a 6% increase, while the international network recorded a modest decrease of 3% compared with the Q3-2023, mainly due to the suspension of flights to Israel and Lebanon mentioned above. Load Factor stood at 83,9%. Consolidated Revenue for Q3-24 reached €630,8 mil., EBITDA stood at €182,3 mil., Profit before tax at €138,8 mil. while Profit after tax reached €108,3 mil. from €133,6 in Q3-23 (-19% YoY).

Cash, cash equivalents and other financial assets reached €762,8 mil.^[1] as of 30.09.2024.

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

"AEGEAN once again demonstrated strong performance despite significant exogenous constraints in its operations and increasing competitors’ capacity in the Greek market. The successful network rescheduling and the agility of our organization have delivered once again very strong set of results comparable with the top performing companies in our industry.

Within the same period, we have continued our investments in developing our value adding content, competitiveness and extroversion through the completion and initiation of operations of our new MRO and Training Centre at Athens International Airport, as well as our minority investment in Volotea and the initiation of our new cooperation. 

During the last quarter of the year, we will continue to take deliveries of additional new aircraft, supporting and benefiting from the gradual extension of the tourism season. We expect to deliver once again positive growth rate in traffic and revenue which is already noticeable since October/ November of 2024.

For the fourth quarter AEGEAN plans to offer 4,5 mil. seats, 7% higher than the same period in 2023, increasing frequencies and capacity on both domestic and international routes such as to/from London, Istanbul, Larnaca, Venice, Berlin, Dubai, Naples, Tirana, Belgrade, Sofia as well as launching new routes like Athens-Abu Dhabi and Thessaloniki-Amsterdam.”