Aegean Airlines (AEGN) H1 2025 earnings summary

Executive summary

• Achieved modest growth in H1 2025 despite operational restrictions from grounded NEO aircraft and geopolitical disruptions in key Middle Eastern markets, with 7.6 million passengers carried and 9.4 million seats offered.

• Revenue increased by 5% year-over-year, outpacing ASK growth of 4%, and net profit after tax rose 109% to €47.9 million, supported by favorable euro/dollar exchange rates and effective network management.

• Strong cash flow generation enabled dividend payouts and pre-delivery payments to Airbus, while cash and cash equivalents rose to €841.9 million as of June 30, 2025, before a €250 million bond issue in July.

• Network adjustments, increased business class penetration, and ongoing investments in fleet and training contributed to profitability and resilience against competition.

• CEO highlighted strong demand to and from Greece and plans to enter the Indian market in 2026.

Financial highlights

• H1 2025 revenue grew 5% year-over-year to €787.0 million, with ASK growth at 4%.

• EBITDA for H1 2025 increased 6% to €156.2 million, and net profit after tax reached €47.9 million, up from €22.9 million in H1 2024.

• Cash and cash equivalents rose to €841.9 million as of June 30, 2025, even after €72.1 million in dividends and PDPs.

• Operating expenses increased by 5% in H1, in line with ASK growth, with handling and catering costs rising more sharply.

• Q2 revenue was €480.9 million, flat year-over-year, and Q2 EBITDA was €112.4 million, down 2%.

Outlook and guidance

• ASK growth expected at 3% in Q3 and 9-10% in Q4, with continued strong demand but also strong competition.

• Six new aircraft to be added in 2025, with three A320/321neo delivered and three more expected by year-end.

• Full operational capacity expected as Pratt & Whitney GTF engine inspections conclude over the next 24-28 months.

• Entry into the Indian market planned for early 2026, leveraging new A321 XLR/LR aircraft.

• Cautious optimism for full-year results, with potential for further improvement if current trends persist.