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Nine-month and third quarter 2025 trading update
Tuesday, 11-11-2025
Steady growth with new record highs in passenger traffic and Revenue
€1,43 bil. Revenue, 13.2 mil. passengers, €356,6 mil. EBITDA and €148,0 mil. Net Profit for the nine-month period of 2025
Significant improvement in operating profitability also in the third quarter of the year
AEGEAN announces its trading update for the nine-month period and third quarter ending September 30th, 2025.
Consolidated Revenue for the nine-month period of 2025 reached €1,43 bil., 4% higher compared to the same period in 2024. The Group offered 16,0 mil. seats and welcomed 13,2 mil. passengers, an increase of 5%, of which 7,7 mil. passengers to/ from international destinations and 5,5 mil. in the domestic network.
EBITDA reached €356,6 mil., increased by 8% while Profit Before Tax reached €194,7 mil. increased 14% versus the nine-month period of 2024. Net Profit for the nine-month period stood at €148,0 mil., an increase of 12%.
This performance was achieved despite the cost of new regulatory effects from 1/1/2025, which further reduced free historical CO₂ emissions rights, thus increasing the obligation to purchase allowances, as well as due to the use of Sustainable Aviation Fuel (SAF), with a total impact of €32,0 mil. for the nine-month period of 2025. At the same time, the company benefited from lower fuel prices, which served to offset the above impact.
In the third quarter, AEGEAN offered 6,6 mil. available seats, 5% more than in the third quarter of 2024, and welcomed 5,6 mil. passengers, 6% more compared to the same quarter of 2024. Passenger traffic on the domestic network rose by 7%, while international traffic increased by 5%. Load factor stood at 84,3%, slightly improved despite the operation of a higher number of larger-capacity A321neo aircraft, which are being gradually delivered.
Consolidated revenue for the third quarter amounted to €647,1 mil., EBITDA reached €200,4 mil., up 10% and operating profitability (EBIT) stood at €147,7 mil., increased by 8% compared to the respective quarter of 2024. Profit Before Tax for the quarter stood at €128,7 mil., while Net Profit reached €100,4 mil., both recording a 7% decrease mainly due to the effect of the partial recovery of the US dollar which affected the valuation of the future aircraft lease liabilities.
Cash, cash equivalents and other financial assets reached €1.041,6 mil. (1) as of 30.09.2025.
Mr. Dimitris Gerogiannis, AEGEAN’s CEO, commented:
“2025 is shaping up to be another year of solid growth which further validates our positive momentum. Demand for air travel remains robust, supported by strong Greek passengers’ demand as well additional visitors to our country, while passenger goodwill continues to be strengthened through our investments in our product and services.
Once again, our results and our operating and profitability ratios place us among those in the top-tier in the airline sector. Additionally, the success of our recent bond issue, which was well received by the market, further supports our growth potential.
The operational challenges during the summer period, with delays mainly due to air traffic control both in Greece and across Europe, continue to persist. In parallel, it is now a full two years since AEGEAN’s cost structure started to be affected by the mandatory early inspections on the GTF engines of our A320neos. Currently we are at the peak of this cycle, with 12 aircraft temporarily out of operation. As per recent Pratt and Whitney feedback, we estimate that this cycle will continue for approximately 30 more months with a gradual reduction in the number of idle aircraft as of autumn 2026.
Within the context of these significant restrictive effects, the company’s robust results have greater value and are a credit to our people.
For the fourth quarter of 2025, AEGEAN plans to offer 4,9 mil. available seats increased by 9%, enhancing frequency and capacity on both domestic and international routes, while also adding new destinations mainly to the Middle East.”
During 2025, AEGEAN further strengthened its fleet with six (6) new aircraft deliveries, five (5) Airbus A320/321neo and one (1) ATR 72-600. Two of these aircraft, one A321neo and one ATR 72-600, were fully financed through the company’s available cash reserves.
(1) Includes financial assets of €304,2 mil. and restricted cash of €4,6 mil.
Financial Results and Operating Metrics for the Third Quarter & Nine Months 2025
| (in € mil.) |
Third Quarter 2024 |
Third Quarter 2025 |
% change |
Nine months 2024 |
Nine months 2025 |
% change |
| Revenue | 630,8 | 647,1 | 3% | 1.379,9 |
1.434,1 |
4% |
| EBITDA1 | 182,3 | 200,4 | 10% | 329,9 | 356,6 | 8% |
| EBIT | 136,1 | 147,7 | 8% | 199,5 | 206,6 | 4% |
| Pre-tax Profit/(Loss) | 138,8 | 128,7 | -7% | 170,4 | 194,7 | 14% |
| Net Profit/(Loss) | 108,3 | 100,4 | -7% | 132,0 | 148,0 | 12% |
1 Earnings/(Loss) before interest, tax, depreciation and amortization (EBITDA)
| Third Quarter 2024 |
Third Quarter 2025 |
% change |
Nine months 2024 |
Nine months 2025 |
% change |
|
| Total Passengers (‘000) | 5.329 | 5.642 | 6% | 12.585 | 13.213 | 5% |
| RPKs (in mil.) | 5.620 | 5.788 | 3% | 13.364 | 13.787 | 3% |
| ASKs (in mil.) | 6.699 | 6.855 | 2% | 16.233 | 16.738 | 3% |
| Load Factor (RPK/ASK) | 83,9% | 84,3% | 0,4pp | 82,4% | 82,4% | 0,0pp |
Net Debt Analysis
| (in € mil.) |
31.12.2024 |
30.09.2025 |
| Cash and cash equivalents | 769,1 | 1.041,6 |
| Borrowings | 383,6 |
663,1 |
| Lease Liabilities | 1.047,6 |
967,4 |
| Net Debt | 662,2 | 588,8 |
| Net Debt/ (Net Cash) excluding Lease Liabilities | (385,5) |
(378,5) |
| EBITDA1 - 12month trailing | 405,3 | 432,1 |
| Net Debt / ΕBITDA | 1,6x | 1,4x |
1. 12-month trailing Earnings/(Loss) before interest, tax, depreciation and amortization (EBITDA), Jan. - Dec. 2024 and Oct. 2024 - Sep. 2025 respectively.
AEGEAN at a glance
| (in € mil.) |
Third Quarter 2024 |
Third Quarter 2025 |
% change |
Nine months 2024 |
Nine months 2025 |
% change |
| Revenue | 630,8 | 647,1 | 3% | 1.379,9 |
1.434,1 |
4% |
| EBITDA1 | 182,3 | 200,4 | 10% | 329,9 | 356,6 | 8% |
| EBIT | 136,1 | 147,7 | 8% | 199,5 | 206,6 | 4% |
| Pre-tax Profit/(Loss) | 138,8 | 128,7 | -7% | 170,4 | 194,7 | 14% |
| Net Profit/(Loss) | 108,3 | 100,4 | -7% | 132,0 | 148,0 | 12% |
| Total passengers (‘000) |
5.329 | 5.642 | 6% | 12.585 | 13.213 | 5% |
| ASKs (in mil.) | 6.699 | 6.855 | 2% | 16.233 | 16.738 | 3% |
| Average passengers per flight | 128 | 131 | 2% | 127 | 128 | 1% |
| Load factor - Scheduled services (RPK/ASK) |
83,9% | 84,3% | 0,4pp | 82,4% | 82,4% | 0,0pp |
| Load factor - Scheduled services (Pax/AVS) |
84,6% | 84,9% | 0,4pp | 82,7% | 82,6% | 0,0pp |
| Average sector length (km) |
903 | 884 | -2% | 917 | 902 | -2% |
| RASK (Revenue per ASK, in € cents) 2 |
9,4 | 9,4 | 0% | 8,5 | 8,6 | 1% |
| Yield (in € cents) 3 |
11,2 | 11,2 | 0% | 10,3 | 10,4 | 1% |
| CASK (EBT level, in € cents) 4 |
7,4 | 7,6 | 3% | 7,6 | 7,5 | -1% |
| CASK (EBT level, in € cents) -excl. fuel costs 4 |
5,6 | 6,0 | 6% | 5,8 | 5,8 | 1% |
| CASK (EBT level, in € cents)-excl. FX difference4 | 7,6 | 7,6 | 0% | 7,6 | 7,7 | 1% |
| CASK (EBT level, in € cents) -excl. fuel costs and FX difference 4 | 5,8 | 5,9 | 2% | 5,8 | 6,0 | 3% |
1 Earnings before interest, tax, depreciation and amortization (EBITDA)
2 Revenue per Available Seat Kilometer, excluding other operating income.
3 Revenue per Passenger Kilometer, excluding other operating income.
4 Cost per Available Seat Kilometer, excluding other operating income.
Consolidated Income Statement - Third Quarter and Nine Months 2025
| (in € mil.) | Third Quarter 2024 |
Third Quarter 2025 |
% change | Nine Months 2024 |
Nine Months 2025 |
% change |
| Scheduled Services | 544,6 | 560,8 | 3% | 1200,4 | 1244,3 | 4% |
| Charter | 26,3 | 25,9 | -2% | 46,1 | 49,7 | 8% |
| Other | 59,9 | 60,4 | 1% | 133,4 | 140 | 5% |
| Total Revenue | 630,8 | 647,1 | 3% | 1.379,90 | 1.434,10 | 4% |
| Other operating income | 5,5 | 10 | 84% | 19,4 | 26,8 | 39% |
| Employee benefits | -62,8 | -63,8 | 2% | -149,5 | -162,2 | 8% |
| Aircraft fuel | -121,7 | -115,3 | -5% | -290 | -281 | -3% |
| Aircraft maintenance | -66,7 | -70,7 | 6% | -155.8 | -168.3 | 8% |
| Overflight expenses | -26,9 | -29,2 | 8% | -66,6 | -70,9 | 7% |
| Ground handling expenses | -32 | -38,7 | 21% | -77,4 | -93,1 | 20% |
| Airport charges | -25,4 | -25,5 | 0% | -66,5 | -64,4 | -3% |
| Catering expenses | -16,9 | -18,4 | 9% | -39,9 | -44,8 | 12% |
| Distribution expenses | -34,7 | -35,9 | 4% | -83 | -86,9 | 5% |
| Marketing & advertising expenses | -5,3 | -6,4 | 20% | -16,6 | -18,8 | 13% |
| Emissions | -24 | -30,8 | 28% | -38 | -52,7 | 38% |
| Other operating expenses | -27,6 | -21,4 | -23% | -102,4 | -111,5 | 9% |
| Leases | -9,9 | -0,6 | -94% | -21,8 | -2,4 | -89% |
| EBITDA | 182,3 | 200,4 | 10% | 329,9 | 356,6 | 8% |
| EBITDA Margin | 28,90% | 31,00% | 23,90% | 24,90% | ||
| Depreciation | -46,2 | -52,8 | 14% | -130,4 | -150,1 | 15% |
| EBIT | 136,1 | 147,7 | 8% | 199,5 | 206,6 | 4% |
| EBIT margin | 21,60% | 22,80% | 14,50% | 14,40% | ||
| Interest and Financial income | 12,5 | 7,2 | -43% | 23,4 | 24,8 | 6% |
| Interest and Financial expense | -18,9 | -22,8 | 21% | -57 | -63,9 | 12% |
| FX difference and other | 9,6 | -3 | - | 6,2 | 27,6 | 347% |
| Share of profit / (loss) in associates | -0,5 | -0,3 | -30% | -1,6 | -0,4 | -76% |
| Pre-tax Profit/(Loss) | 138,8 | 128,7 | -7% | 170,4 | 194,7 | 14% |
| EBT margin | 22,00% | 19,90% | 12,40% | 13,60% | ||
| Income Tax | -30,5 | -28,3 | -7% | -38,4 | -46,7 | 22% |
| Net Profit/(Loss) after tax | 108,3 | 100,4 | -7% | 132 | 148 | 12% |
Note: The results for the nine-month period of 2025 include, for the first time, the full consolidation of the 100% subsidiary ICT, which holds 100% of Atcom. Atcom’s revenue and profit/(loss) before tax (PBT) for the nine-month period of 2025 amounted to €9,8 mil. and €0,9 mil., respectively. The full consolidation had an impact of €6,9 mil. on other income and €8,9 mil. on costs in the consolidated financial statements, due to the different timing of recognition of intercompany transactions between the respective entities.
Balance Sheet Aegean Group- Summary
| (in € mil.) | 31.12.2024 | 30.09.2025 |
| Total Fixed Assets | 1.812,00 | 1.888,40 |
| Cash & Cash Equivalents | 575,6 | 732,9 |
| Restricted Cash | 2,5 | 4,6 |
| Financial Assets Available for Sale1 | 191 | 304,1 |
| Other Current Assets | 293,3 | 386,3 |
| Total Assets | 2.874,40 | 3.316,40 |
| Total Equity | 499,4 | 557,5 |
| Lease Liabilities | 1.047,60 | 967,4 |
| Loans | 383,6 | 663,1 |
| Other Non-Current Liabilities | 176,7 | 204,5 |
| Other Current Liabilities | 767,1 | 923,9 |
| Total Equity and Liabilities | 2.874,40 | 3.316,40 |
1 Includes pledged fixed income securities of €27,7 mil. on 31/12/2024.
Cash Flow Aegean Group- Summary
| (in € mil.) | 30.09.2024 | 30.09.2025 |
| Net cash inflows/(outflows) from operating activities | 320 | 297,6 |
| Net cash inflows/(outflows) from investing activities | -33,1 | -84,8 |
| Net cash inflows/(outflows) from financing activities | -231,8 | 99,5 |
| Net (decrease)/ increase in cash and cash equivalents | 55 | 312,3 |
| Cash at the beginning of the period 1 | 706,3 | 769,1 |
| Foreign exchange difference impact in cash | 1,5 | -39,7 |
| Cash at the end of the period 1 | 762,8 | 1.041,6 |
1 Includes restricted cash and Financial Assets Available for Sale.
Group operating figures
| Third Quarter 2024 |
Third Quarter 2025 |
% change | Nine Months 2024 |
Nine Months 2025 |
% change | |
| Capacity | ||||||
| ASKs (in millions) | 6.699 | 6.855 | 2% | 16.233 | 16.738 | 3% |
| Total available seats (‘000) | 6.322 | 6.655 | 5% | 15.266 | 16.029 | 5% |
| Total Block Hours | 69.664 | 70.532 | 1% | 167.471 | 171.454 | 2% |
| Total Sectors Flown | 41.788 | 43.187 | 3% | 99.378 | 103.280 | 4% |
| Average capacity per flight | 151 | 154 | 2% | 154 | 155 | 1% |
| Average sector length (km) | 903 | 884 | -2% | 917 | 902 | -2% |
| Passengers (΄000) | ||||||
| By type of service: | ||||||
| Schedule passengers | 5.158 | 5.481 | 6% | 12.295 | 12.914 | 5% |
| Charter passengers | 171 | 161 | -6% | 290 | 299 | 3% |
| By network: | ||||||
| Domestic | 2.266 | 2.428 | 7% | 5.222 | 5.520 | 6% |
| International | 3.064 | 3.214 | 5% | 7.363 | 7.693 | 4% |
| Total number of passengers | 5.329 | 5.642 | 6% | 12.585 | 13.213 | 5% |
| RPKs (in millions) | 5.620 | 5.788 | 3% | 13.364 | 13.787 | 3% |
| Average passengers per flight | 128 | 131 | 2% | 127 | 128 | 1% |
| Load factor- Scheduled Services (Pax/AVS) | 84,60% | 84,90% | 0,4pp | 82,70% | 82,60% | 0,0pp |
| Load factor- Scheduled Services (RPK/ASK) | 83,90% | 84,30% | 0,4pp | 82,40% | 82,40% | 0,0pp |
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