Aegean achieved a high number of flights in the first nine months of 2024, with its consolidated Operating Turnover amounting to €1.38 billion, up 4% compared to the same period in 2023, while the Group offered 15.3 million available seats and carried 12.6 million passengers, 5% more than in the same period last year, including 7.4 million passengers to/from international destinations.

KEY FIGURES

EBITDA was €330 million, profit before taxes was €170.4 million, and profit after taxes for the nine-month period was €132.0 million, down 23% m/m in the corresponding period of 2023. The nine-month results represent the highest historical performance in terms of passenger traffic and Operating Revenue for the company and the second highest historical performance in terms of profitability despite the significant constraints experienced.

In particular, the need for early checks on Pratt & Whitney GTF engines, which grounded up to 10 new aircraft (i.e. 17% of the Jets), limited both the growth potential and the cost benefit (fuel/maintenance/number of seats per flight) from their use. In addition, the suspension since the end of July due to the geopolitical crisis of the connection to Tel Aviv and Beirut (up to 11 flights daily from Athens, Thessaloniki, Heraklion, Rhodes and Larnaca) caused a loss of 3.5-4.0% of international traffic in Q3.

With these restrictions, in Q3 Aegean offered 6.3 million available seats, 2% more than in Q3 2023, while carrying 5.3 million passengers. Domestic network passenger traffic recorded a 6% increase, while international network passenger traffic declined 3% compared to the same period in 2023 as a result of the extraordinary suspension of flights to Israel and Lebanon. The load factor was 83.9%. Consolidated turnover for Q3 amounted to €630.8 mn. EBITDA was €182.3 mn, with the final result being Profit before Tax of €138.8 mn and Profit after Tax of €108.3 mn from €133.6 mn in Q3 2023, down 19%. Cash, cash equivalents and other financial investments amounted to €762.8 million1 as of September 30, 2024.

CEO STATEMENT

Mr. Dimitris Gerogiannis, CEO, said, "AEGEAN has again demonstrated resilience and strong performance in 2024 amidst significant exogenous constraints and increasing third-party seat supply to the country. The redesign of our network and the effective response of our organisation have once again delivered satisfactory results comparable to the strongest companies in the industry. At the same time, we invested in our ability for higher added value, competitiveness and extroversion with the completion and opening of the Training and Maintenance Centre at AIA, as well as our first business step outside Greece with our minority investment and start of cooperation with Volotea. In the last quarter of the year we continue to take delivery of additional new aircraft and support the expansion of the tourist season, looking forward to positive passenger growth dynamics again already from October/November 2024 For Q4, AEGEAN will offer 4.5 million seats, 7% more than last year, increasing frequencies and seats on domestic and international routes to/from London, Istanbul, Larnaca, Venice, Berlin, Dubai, Naples, Istanbul, Tirana, Belgrade and Sofia, as well as on new routes such as Athens-Abu Dhabi and Thessaloniki-Amsterdam".