Aegean Airlines (AEGN) H2 2023 earnings summary

Executive summary

• FY23 revenue rose 27% YoY to €1,693.1m; 15.695m passengers were carried, up 26%, and scheduled-services load factor increased 3.6pp to 83.4%.

• EBITDA increased 46% to €400.4m, EBIT rose 68% to €246.8m, and net profit grew 58% to €168.7m.

• Network expansion and 30 new destinations supported growth amid strong inbound and international travel demand.

Financial highlights

• FY23 revenue was €1,693.1m (+27%); EBITDA €400.4m (+46%); EBIT €246.8m (+68%); pre-tax profit €214.8m (+52%); net profit €168.7m (+58%).

• Q4 revenue rose 14% YoY to €361.4m, while EBITDA fell 16% to €33.0m; EBIT was a €6.9m loss and net loss was €2.0m.

• FY aircraft fuel costs increased 11% to €376.9m and employee benefits rose 37% to €182.3m.

• FY23 operating cash flow was €433.1m; investing outflows were €150.9m and financing outflows €92.1m.

Outlook and guidance

• 2024 capacity is planned to increase 7% versus 2023, with 19.5m seats across 7 bases, 47 countries and 249 routes.

• Growth is concentrated around Athens, with added domestic and Thessaloniki capacity and more frequencies to the UK, Germany, Portugal, Croatia, Italy, Spain and the UAE.

• January and February 2024 available seats grew 3% and 12% YoY; passengers rose 4% and 13%, respectively. Demand prospects are encouraging, while supply-chain challenges remain a constraint.