Aegean Airlines (AEGN) H2 2024 earnings summary

Executive summary

• Full-year 2024 revenue reached €1.78 billion, up 5% year-over-year, with 16.3 million passengers (+6%) and EBITDA of €405.3 million (+1%).

• Q4 2024 saw record results: revenue up 10%, passengers up 7%, and EBIT at a historical high of €27.6 million.

• Net income for 2024 was €129.9 million, down 23% year-over-year, impacted by FX headwinds and operational challenges.

• Proposed dividend of €0.80 per share and increased A320neo family order to 58 aircraft.

Financial highlights

• Q4 EBITDA more than doubled year-over-year to €75.4 million; EBIT at €27.6 million (all-time Q4 high).

• Scheduled services revenue rose 7% to €1.54 billion; charter revenue fell 39% to €57.1 million.

• Cash and equivalents at year-end were €769.1 million, up from €706.3 million, despite €85.4 million spent on warrant repurchase.

• Net Debt/EBITDA at 1.6x.

• Seven new aircraft added: five A320/A321neos and two ATR 72-600s.

Outlook and guidance

• 2025 seat offering to reach 21.5 million (+9% vs. 2024), with 13 million seats on international routes (+11%).

• Continued focus on fleet renewal, service upgrades, and expansion of the Maintenance & Training Center.

• Unit cost increases of about 5% anticipated, driven by navigation, handling, CO2, SAF, and labor.

• Demand for winter travel is improving, smoothing seasonality.

• Ongoing challenges from Middle East restrictions and GTF inspection cycle expected to impact costs.