First Quarter 2022 Trading Update

Significant revenue recovery and increase in passenger traffic

• Increase in Consolidated Revenues totaling €121 mil. following the gradual decline of the effects of Omicron variant.
• 1,5 mil. passengers travelled with AEGEAN.

AEGEAN announces the financial and operating results for the first quarter 2022, recording a significant increase in Consolidated Revenues which stood at €120,8 mil. in 2022 from €44,3 mil. in the respective quarter in 2021.

In the first quarter of 2022, the Group offered 2,3 mil. seats and carried 1,5 mil. Passengers. Total capacity offered in the first quarter of 2022 corresponded to 74% of the respective capacity offered in the first quarter of 2019, while load factor for the period improved to 66,1% from 47,5% in the first quarter of 2021, however remaining significantly lower compared with the pre-pandemic levels due to Omicron variant, especially in the first two months of the year.

In the first quarter of 2022, which is always weaker due to seasonality, the Losses after Taxes amounted to €38,5 mil. from €44,5 mil. in the first quarter of 2021. It is important to highlight that despite the effects of the pandemic and the significantly increased fuel costs, the Losses were not higher than the ones recorded in the first quarter of 2019.

As of 31.03.2022, cash and cash equivalents balance was €458,8  mil.

Mr. Dimitris Gerogiannis, AEGEAN’s CEO, commented:
“In the period of the year with the lowest demand, with Omicron variant impacting load factors and the price of oil doubled compared to 2019, AEGEAN achieved a reduction in losses compared with 2021 and 2019. It is also important that from February onwards cash flows are positive mainly due to the pre-sales of tickets for the summer period. 

For the summer period, the Group continues the gradual build-up of capacity by adding new destinations and increasing frequencies in the domestic and international network. We remain focused on our investment plan with the delivery of 12 new Airbus 321/320 neo within 2022. The summer season shows a particularly strong dynamic in pre-bookings, with increased load factors that are approaching pre-pandemic levels. Our target for 2022 is to offer new services and more options for our passengers but also to achieve the first profitable year since the pandemic started. Undoubtedly, in an environment with high uncertainty and high fuel costs due to the geopolitical developments, flexibility and adaptability remain key priorities."

Consolidated Results