Aegean Airlines (AEGN) H2 2025 earnings summary

Executive summary

• Achieved consolidated revenue of €1.86 billion for 2025, up 5% year-over-year, with 17.3 million passengers carried and ASKs up 5%.

• EBITDA increased 4% to €421.5 million; pre-tax profit up 17% to €192.1 million; net profit rose 14% to €147.8 million.

• Growth was balanced between domestic and international segments, each seeing a 6% increase in passenger traffic.

• Network expansion, new aircraft deliveries, and increased winter demand contributed positively to results.

• Proposed dividend of €0.90 per share reflects improved profitability, subject to shareholder approval.

Financial highlights

• Ended 2025 with €955.1 million in cash and cash equivalents, plus over €155 million in prepaid aircraft delivery payments.

• Repaid a €200 million bond issued in 2019; issued a new €250 million bond last summer.

• Q4 2025 revenue grew 7% year-over-year to €425.6 million, but EBITDA fell 14% and EBIT dropped 58% compared to Q4 2024.

• Net cash flows from operating activities were €279.1 million; cash increased by €186 million during the year.

• Equity stood at €568.8 million at year-end 2025.

Outlook and guidance

• Initial 2026 growth guidance of 6-8% is now uncertain due to Middle East conflict, with affected routes representing 4.5-5% of seats and 6.2-6.5% of ASKs.

• Positive momentum in early 2026, but volatility expected due to Middle East conflict and higher fuel prices.

• Suspension of flights in the Middle East (4-5% of scheduled activity) and higher fuel costs expected to impact Q1 2026.

• Booking flow dropped 8-10% since the conflict began, with normalization dependent on geopolitical developments.

• Strong cash reserves and significant fuel hedging (60% jet fuel, 52% USD for 2026) support resilience.