Aegean Airlines (AEGN) H1 2024 earnings summary

Executive summary

• Achieved strong passenger and revenue growth in H1 2024, with 7.3 million passengers carried (up 9% YoY) and revenue reaching €749.1 million, close to previous record years.

• EBITDA for H1 2024 was €147.6 million (up 6% YoY), while net profit declined to €22.9 million from €37.1 million due to higher costs and competition.

• Profit before taxes was €31.6 million, down from €48.7 million in H1 2023.

• Q2 2024 revenue was €480.3 million (+7% YoY), with net profit at €43.9 million, down 15% from Q2 2023.

• Strategic investments included new A321neo aircraft, a new MRO facility, and a partnership with Volotea.

Financial highlights

• H1 2024 revenue reached €749.1 million, up 10% YoY; EBITDA margin was 19.7%, and EBIT margin 8.5%.

• Cash and cash equivalents stood at €814.4 million as of June 30, 2024, after major repayments and dividend payout.

• Net cash from operating activities for H1 2024 was €357.2 million, with a net increase in cash of €99.3 million.

• Total assets increased to €2.79 billion, with equity at €384.6 million and lease liabilities at €1.08 billion.

• Dividend payment of €67.6 million resumed after four years.

Outlook and guidance

• Q3 2024 capacity is expected to be 5%-7% higher than last year, mainly from Athens, with demand strong but pricing slightly lower.

• Q4 2024 capacity is expected to be around 5% higher YoY, with new routes including Abu Dhabi and Amsterdam.

• Free cash flow is expected to remain strong, supporting continued dividend policy.

• H2 2024 unit costs will rise due to higher use of older aircraft and increased CO2 emission costs.

• Focus on extending the tourism season and strategic investments to support future growth.