Aegean Airlines (AEGN) Q4 2025 earnings summary

Executive summary

• Achieved €1.86 billion in revenue for 2025, up 5% year-over-year, with passenger numbers rising 6% to 17.3 million 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.

• Proposed dividend of €0.90 per share reflects improved profitability.

• Fourth quarter saw a 7% revenue increase and 9% more passengers compared to the same period last year.

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.

• Proposed dividend increase to €0.90 per share, totaling €81-82 million if approved.

• Net debt at year-end was €680.2 million; net debt/EBITDA ratio stable at 1.6x.

• Net cash flows from operating activities were €279.1 million; investing activities used €164.5 million.

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.

• If Middle East routes remain suspended, overall activity could be flat year-over-year.

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

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

• Strong cash reserves and fuel hedging expected to support resilience and long-term growth.