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 ASK up 5%.

• EBITDA was €405.3 million (up 1%), with operating profit at €227 million (down 8%) and net income at €129.9 million (down 23% YoY), impacted by FX headwinds.

• Q4 2024 was the most profitable quarter, with revenue up 10%, passengers up 7%, and EBIT at a record €27.6 million.

• Strong cash flows enabled investments in Volotea, Athens International Airport shares, and payment of dividends and taxes, while increasing cash reserves.

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

Financial highlights

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

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

• 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.

• Paid significant dividend and income taxes for the first time in four years.

Outlook and guidance

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

• Plans to increase ASK by 8–9% in 2025, focusing on network expansion and fleet renewal.

• Unit cost pressures expected to continue, with a forecasted 5% increase in 2025, driven by navigation, handling, CO2, SAF, and labor.

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

• Demand for winter travel is improving, helping to smooth seasonality.