Aegean Airlines (AEGN) Q3 2024 TU earnings summary

Executive summary

• Revenue for 9M 2024 reached €1,379.9 million, up 4% year-over-year, with 12.6 million passengers carried, a 5% increase.

• Net profit for 9M 2024 was €132.0 million, a 23% decrease year-over-year, despite record passenger traffic.

• Q3 2024 revenue was €630.8 million, down 3% YoY; net profit for the quarter was €108.3 million, down 19% YoY, impacted by operational constraints and regional instability.

• AEGEAN maintained strong operational performance amid exogenous constraints, supported by network rescheduling and continued investment in competitiveness and expansion.

• Investments continued in fleet expansion, MRO and Training Centre, and a minority stake in Volotea.

Financial highlights

• EBITDA for 9M 2024 was €329.9 million, down 10% year-over-year; EBT fell 22% to €170.4 million.

• EBIT for 9M 2024 was €199.5 million, down 21% YoY; Q3 EBIT was €136.1 million, down 27%.

• Cash and financial assets totaled €762.8 million as of 30.09.24.

• Operating cash flow after leases for 9M 2024 was €293.8 million.

• Net cash flows from operating activities for 9M 2024 were €320.0 million; net cash flows from investing and financing activities were negative.

Outlook and guidance

• Q4 2024 seat offering planned at 4.5 million, 7% higher than Q4 2023, with increased frequencies and new routes including Athens-Abu Dhabi and Thessaloniki-Amsterdam.

• Positive growth in traffic and revenue expected to continue into Q4, supported by new aircraft deliveries and extended tourism season.