Aegean Airlines (AEGN) Q1 2025 TU earnings summary

Executive summary

• Revenue rose 14% year-over-year to €306.0 million in Q1 2025, with passenger numbers up 8% to 3.1 million and international traffic up 12%.

• EBITDA reached €43.8 million, the highest in company history for a first quarter, with EBIT losses narrowed to €2.6 million from €7.2 million a year ago.

• Net after-tax loss improved to €6.6 million from €21.0 million in Q1 2024, reflecting strong operational performance in the seasonally weakest quarter.

• Capacity expanded by 11% (ASKs), with load factor at 80.6%.

• Continued investment in winter capacity and network expansion, with 6 new aircraft deliveries scheduled for 2025 and 1.5 million more seats offered than in 2024.

Financial highlights

• Scheduled services revenue increased 12% year-over-year, charter revenue up 28%, and other revenue up 24%.

• EBITDA margin improved to 14.3% from 12.3% in Q1 2024; EBIT margin improved to -0.8% from -2.7%.

• RASK rose 3% to 7.4 euro cents, yield up 4% to 9.2 euro cents, and CASK (excl. fuel) down 5% to 6.0 euro cents.

• CASK (EBT level) decreased 4% to 7.7 euro cents.

• Cash and cash equivalents stood at €796.1 million at quarter-end.

Outlook and guidance

• 2025 seat offering to reach 21.2 million, up 1.5 million from 2024, with network expansion and new routes planned.

• Six new aircraft deliveries scheduled for 2025, including Airbus A321neo, A320neo, and ATR 72-600 models.

• Continued focus on network expansion and strategic destination connectivity.