AEGEAN announces a trading update for the nine-month period and the third quarter ending September 30th, 2023.

Consolidated Revenue grew by 31% vs 9M-22, reaching €1,33 bil. The Group offered 15,7 mil. ASKs and welcomed 12,2 mil. passengers, 30% more than 9M-22, with 7,3 mil. passengers travelling to/from international destinations.

Higher load factor (+5 p.p. vs 9M-22) which stood at 84%, fleet upgrade with neo aircraft and jet fuel hedging, contributed to offsetting the impact of intense competition, inflationary pressures and rising interest rates.

Pre-tax Profit stood at €217,5 mil., 79% higher than 9M-22, while Net Profit increased by 83% to €170,7 mil. from €93,2 mil. in 9M-22.

Cash, cash equivalents and other financial assets reached €755,5 mil. 1 on 30.09.2023, while Total Equity stood at €525,3 mil.

Q3-23 was the best quarter in the Company’s history in terms of both revenue and profitability as Group Revenue increased 14% to €653,6 mil. Pre-tax Profit stood at €168,8 mil. and Net Profit reached €133,6 mil. from €120,8 mil. in Q3- 22.

Strong passenger demand continued in Q3-23, with AEGEAN delivering a 17% increase in passenger traffic versus Q3-22 as it welcomed 5,5 million passengers, on the back of network expansion. AEGEAN flew its largest ever international network, with strong capacity growth of 15% in available seats compared with Q3-22, further supporting the upgrade of Greece’s tourism product. Load factor strengthened to 85,6% from 83,9% in Q3-22.

Mr. Dimitris Gerogiannis, AEGEAN’s CEO, commented: "AEGEAN announces another strong set of results with record profitability, delivering one of the best set of 9M results in our sector. Our network expansion, the significant capacity investment with the addition of 3 mil. available seats in 2023 versus last year, along with robust demand for Greece, contributed to AEGEAN’s strong momentum.

At the same time, rising outbound leisure travel supported by local demand, along with robust incoming traffic, further boosted the dynamics in our key hubs in Athens and Thessaloniki, with AEGEAN playing a pivotal role in these developments, given its capacity investment growth and its contribution to the distribution of tourist activity to all of the country’s regions.

It is worth noting that following the excellent performance in 2022, a second consecutive record year validates the company’s strategy, prospects and relative market position in the post-covid era.

Recent developments in the Middle East, however, demonstrate that we will continue to operate in a dynamic and challenging environment with low forward visibility.

Similarly, on the operational front, it is evident that there will continue to be challenges from limits in soft and hard infrastructure as well as supply chain issues that will significantly impact operations.

We are working diligently within the initial budgeted timeframe to launch Training Center and the 3rd Party MRO operations. We have taken delivery of 3 flight simulators and other training equipment and we are gradually building up our capacity with qualified personnel, so as to initiate operation in both units in January 2024.”