English
Ελληνικά
Fourth Quarter and Full Υear 2025 Results
Thursday, 12-03-2026
Net Profit €147,8 mil., increased by 14% yoy, 17,3 mil. passengers and EBITDA €421,5 mil.
Proposed Dividend 0,90 Euro per share.
AEGEAN announces its operating and financial results for fiscal year 2025, confirming its consistent growth path.
Consolidated Revenue in 2025 reached €1,86 bil., up 5% compared with 2024, driven by network expansion as well as strengthening demand during the winter season.
AEGEAN welcomed 17,3 mil. passengers, nearly 1 mil. more than in 2024. The Group offered 21 mil. available seats, representing a 6% increase, expanding its capacity across its domestic and international network. Capacity growth during the off-peak months contributed to gradually smoothing of the high seasonality. Load factor stood at 82,5%.
For the full year EBITDA reached €421,5 mil. while Pre-tax profits reached €192,1 mil. 17% higher yoy, while Net Profit was €147,8 mil., 14% higher compared with 2024.
The improvement was achieved despite significant additional costs stemming from the European regulatory framework related to emissions and the use of Sustainable Aviation Fuel (SAF), which burdened the Group’s results by €43,3 mil. in 2025. At the same time, the company benefited from lower fuel prices, as well as from the significant strengthening of the euro against the US dollar.
In the fourth quarter, AEGEAN continued its strategy of winter capacity growth, by increasing available seats by 10%, while welcomed 9% more passengers, confirming the gradual strengthening of demand in the seasonally weaker months. Consolidated revenue grew by 7% higher compared with 2024.
As of December 31, 2025, the company’s cash, cash equivalents, and other financial investments stood at €955,1 mil.1
The Board will propose to the upcoming AGM a dividend of €0,90 euro per share.
Mr. Dimitris Gerogiannis, AEGEAN’s CEO, commented:
“2025 was another year of strong performance for AEGEAN, with growth recorded in passengers, revenue, and profitability. Network expansion, new aircraft deliveries and capacity growth during the off-peak months contributed positively in Group’s results, which remain significantly robust for yet another year. The proposed dividend, subject to approval by the Annual General Assembly, is also reflecting the improved profitability.
Looking ahead to 2026, despite the positive momentum in the first two months of the year, the overall environment remains high volatile following the recent developments in the Middle East. The suspension of the flight operations in the region (representing approximately 4–5% of the Company’s total scheduled activity), along with the immediate and pronounced increase on fuel prices, are expected to have a notable impact, at least in the first quarter of the year.
The duration of this new conflict in the Middle East remains uncertain; AEGEAN, having substantial experience in managing similar crises, as well as strong cash reserves and significant levels of fuel hedging contracts in place, will once again demonstrate the resilience and adaptability required to sustain its competitiveness and long-term growth prospects”.
It should be noted that today, Thursday, March 12, 2026, the Company has fully repaid its Common Bond Loan issued on March 12, 2019, paying bondholders the total nominal value of the bonds plus accrued interest, amounting to €200.3 mil.
AEGEAN’s management will host a conference call to present and discuss Full Year 2025 Financial Results on Thursday, March 12, 2026 at 16:00 Athens time/ 14:00 UK time.
Details are available at: http://en.about.aegeanair.com/investor-relations/announcements/announcements/
1Includes financial assets of €300,2 mil. and restricted cash of €3,5 mil.
| (in € mil.) | Fourth Quarter 2024 | Fourth Quarter 2025 | % change | Full Year 2024 | Full Year 2025 | % change |
| Revenue | 397,4 | 425,6 | 7% | 1.777,3 | 1.859,7 | 5% |
| EBITDA1 | 75,4 | 64,9 | -14% | 405,3 | 421,5 | 4% |
| EBIT | 27,6 | 11,6 | -58% | 227,1 | 218,2 | -4% |
| Pre-tax Profit | (6,5) | (2,6) | -59% | 164,0 | 192,1 | 17% |
| Net Profit | (2,1) | (0,1) | -94% | 129,9 | 147,8 | 14% |
1 Earnings/(Loss) before interest, tax, depreciation and amortization (EBITDA)
| Fourth Quarter 2024 | Fourth Quarter 2025 | % change | Full Year 2024 | Full Year 2025 | % change | |
| Total Passengers (‘000) | 3.740 | 4.071 | 9% | 16.325 | 17.284 | 6% |
| RPKs (in mil.) | 4.049 | 4.444 | 10% | 17.413 | 18.231 | 5% |
| ASKs (in mil.) | 4.893 | 5.441 | 11% | 21.126 | 22.179 | 5% |
| Load Factor (RPK/ASK) | 83,1% | 82,0% | -1,1pp | 82,5% | 82,3% | -0,3pp |
Net Debt Analysis
| (in € mil.) | 31.12.2024 | 31.12.2025 |
| Cash and cash equivalents | 769,1 | 955,1 |
| Borrowings | 383,6 | 664,2 |
| Lease Liabilities | 1.047,6 | 971,1 |
| Net Debt | 662,2 | 680,2 |
| Net Debt/ (Net Cash) excluding Lease Liabilities | (385,5) | (290,9) |
| EBITDA | 405,3 | 421,5 |
| Net Debt / ΕBITDA | 1,6x | 1,6x |
Aegean at a glance
| (in € mil.) | Fourth Quarter 2025 | Fourth Quarter 2025 | % change | Full Year 2024 | Full Year 2025 | % change |
| Revenue | 397,4 | 425,6 | 7% | 1.777,3 | 1.859,7 | 5% |
| EBITDA1 | 75,4 | 64,9 | -14% | 405,3 | 421,5 | 4% |
| EBIT | 27,6 | 11,6 | -58% | 227,1 | 218,2 | -4% |
| Pre-tax Profit/(Loss) | (6,5) | (2,6) | -59% | 164,0 | 192,1 | 17% |
| Net Profit/(Loss) | (2,1) | (0,1) | -94% | 129,9 | 147,8 | 14% |
| Total passengers (‘000) | 3.740 | 4.071 | 9% | 16.325 | 17.284 | 6% |
| Available Seats (‘000) | 4.526 | 4.973 | 10% | 19.793 | 21.002 | 6% |
| ASKs (in mil.) | 4.893 | 5.441 | 11% | 21.126 | 22.179 | 5% |
| Average passengers per flight | 131 | 131 | 0% | 128 | 129 | 1% |
| Load factor- Scheduled Services (Pax/AVS) | 83,1% | 82,0% | -1,1pp | 82,5% | 82,3% | -0,3pp |
| Load factor- Scheduled Services (RPK/ASK) | 83,0% | 82,2% | -0,7pp | 82,7% | 82,5% | -0,2pp |
| Average sector length (km) | 953 | 956 | 0% | 925 | 915 | -1% |
| RASK (Revenue per ASK, in € cents) 2 | 8,12 | 7,82 | -3,7% | 8,41 | 8,38 | -0,3% |
| Yield (in € cents) 3 | 9,81 | 9,58 | -2,4% | 10,21 | 10,20 | -0,1% |
| CASK (EBT level, in € cents) 4 | 8,43 | 8,08 | -4,2% | 7,77 | 7,66 | -1,5% |
| CASK (EBT level, in € cents) - excl. fuel costs 4 | 6,75 | 6,46 | -4,3% | 6,01 | 5,99 | -0,3% |
| CASK (EBT level, in € cents)-excl. FX difference 4 | 7,94 | 8,07 | 1,6% | 7,69 | 7,78 | 1,2% |
| CASK (EBT level, in € cents) -excl. fuel costs and FX difference 4 | 6,27 | 6,46 | 3,1% | 5,92 | 6,11 | 3,2% |
1 Earnings before interest, tax, depreciation and amortization (EBITDA)
2 Revenue per Available Seat Kilometer, excluding other operating income, excluding ATCOM.
3 Revenue per Passenger Kilometer, excluding other operating income, excluding ATCOM.
4 Cost per Available Seat Kilometer, excluding other operating income, excluding ATCOM.
Consolidated Income Statement - Fourth quarter and Full Year 2025
| (in € mil.) | Fourth Quarter 2024 | Fourth Quarter 2025 | % change | Full Year 2024 | Full Year 2025 | % change |
| Scheduled Services | 343,9 | 366,2 | 6% | 1544,4 | 1610,5 | 4% |
| Charter | 11,0 | 11,8 | 7% | 57,1 | 61,5 | 8% |
| Other | 42,5 | 47,7 | 12% | 175,9 | 187,7 | 7% |
| Total Revenue | 397,4 | 425,6 | 7% | 1.777,3 | 1.859,7 | 5% |
| Other operating income | 8,8 | 13,7 | 56% | 28,1 | 40,5 | 44% |
| Employee benefits | (43,8) | (57,3) | 31% | (193,3) | (219,5) | 14% |
| Aircraft fuel | (82,1) | (88,0) | 7% | (372,1) | (369,0) | -1% |
| Aircraft maintenance | (46,4) | (51,9) | 12% | (202,1) | (220,2) | 9% |
| Overflight expenses | (19,4) | (22,7) | 17% | (86,0) | (93,6) | 9% |
| Ground handling expenses | (23,5) | (29,8) | 27% | (100,9) | (122,9) | 22% |
| Airport charges | (17,5) | (21,9) | 26% | (84,0) | (86,3) | 3% |
| Catering expenses | (14,1) | (16,0) | 14% | (54,0) | (60,8) | 13% |
| Distribution expenses | (26,8) | (24,4) | -9% | (109,8) | (111,3) | 1% |
| Marketing & advertising expenses | (8,2) | (8,5) | 3% | (24,8) | (27,3) | 10% |
| Emissions | (19,7) | (25,7) | 30% | (57,7) | (78,4) | 36% |
| Other operating expenses | (26,4) | (27,4) | 4% | (90,7) | (86,3) | -5% |
| Leases | (3,0) | (0,7) | -75% | (24,8) | (3,2) | -87% |
| EBITDA | 75,4 | 64,9 | -14% | 405,3 | 421,5 | 4% |
| EBITDA Margin | 19,0% | 15,2% | 22,8% | 22,7% | ||
| Depreciation | (47,8) | (53,3) | 11% | (178,2) | (203,3) | 14% |
| EBIT | 27,6 | 11,6 | -58% | 227,1 | 218,2 | -4% |
| EBIT margin | 7,0% | 2,7% | 12,8% | 11,7% | -8% | |
| Interest and Financial income | 10,7 | 8,6 | -19% | 34,0 | 33,4 | -2% |
| Interest and Financial expense | (20,7) | (22,7) | 9% | (77,7) | (86,6) | 11% |
| FX difference and other | (24,0) | (0,3) | -99% | (17,8) | 27,4 | - |
| Share of profit / (loss) in associates | (0,1) | 0,0 | - | (1,7) | (0,3) | -80% |
| Pre-tax Profit/(Loss) | (6,5) | (2,6) | -59% | 164,0 | 192,1 | 17% |
| EBT margin | -1,6% | -0,6% | 9,2% | 10,3% | ||
| Income Tax | 4,4 | 2,5 | -43% | (34,0) | (44,2) | 30% |
| Net Profit/(Loss) after tax | (2,1) | (0,1) | -94% | 129,9 | 147,8 | 14% |
Atcom’s Revenue and Profit before Tax (PBT) for 2025 amounted to €15,3 mil. and €1,6 mil. respectively. The full consolidation contributed revenue of €10,5 mil. and Profit before tax of €628.9 thous. to the Group.
Balance Sheet Aegean Group - Summary
| (in € mil.) | 31.12.2024 | 31.12.2025 |
| Total Fixed Assets | 1.812,0 | 1.930,3 |
| Cash & Cash Equivalents | 575,6 | 651,5 |
| Restricted Cash | 2,5 | 3,5 |
| Financial Assets Available for Sale1 | 191,0 | 300,2 |
| Other Current Assets | 293,3 | 328,0 |
| Total Assets | 2.874,4 | 3.213,5 |
| Total Equity | 499,4 | 568,8 |
| Lease Liabilities | 1.047,6 | 971,1 |
| Loans | 383,6 | 664,2 |
| Other Non-Current Liabilities | 176,7 | 227,9 |
| Other Current Liabilities | 767,1 | 781,5 |
| Total Equity and Liabilities | 2.874,4 | 3.213,5 |
1 Includes restricted cash and Financial Assets Available for Sale.
Cash Flow Aegean Group - Summary
| (in € mil.) | 31.12.2024 | 31.12.2025 |
| Net cash flows from operating activities | 407,5 | 279,1 |
| Net cash flows from investing activities | (118,2) | (164,5) |
| Net cash flows from financing activities | (230,2) | 109,5 |
| Net (decrease)/ increase in cash and cash equivalents | 59,1 | 224,1 |
| Cash at the beginning of the period1 | 706,3 | 769,1 |
| Foreign exchange difference impact in cash | 3,8 | (38,1) |
| Cash and cash equivalents of asset held for sale |
||
| Cash at the end of the period1 | 769,1 | 955,1 |
1 Includes restricted cash and Financial Assets Available for Sale.
Group operating figures
| Fourth Quarter 2024 | Fourth Quarter 2025 | % change | Full Year 2024 | Full Year 2025 | % change | |
| Capacity |
||||||
| ASKs (in millions) | 4.893 | 5.441 | 11% | 21.126 | 22.179 | 5% |
| Total available seats (‘000) | 4.526 | 4.973 | 10% | 19.793 | 21.002 | 6% |
| Total Block Hours | 49.469 | 53.896 | 9% | 216.940 | 225.350 | 4% |
| Total Sectors Flown | 28.643 | 31.091 | 9% | 128.021 | 134.371 | 5% |
| Average capacity per flight | 158 | 160 | 1% | 155 | 156 | 1% |
| Average sector length (km) | 953 | 956 | 0% | 925 | 915 | -1% |
| Passengers (΄000) By type of service: |
||||||
| Schedule passengers | 3.680 | 4.007 | 9% | 15.974 | 16.921 | 6% |
| Charter passengers | 60 | 64 | 6% | 351 | 363 | 4% |
| By network: |
||||||
| Domestic | 1.497 | 1.585 | 6% | 6.719 | 7.105 | 6% |
| International | 2.243 | 2.486 | 11% | 9.606 | 10.180 | 6% |
| Total number of passengers | 3.740 | 4.071 | 9% | 16.325 | 17.284 | 5,9% |
| RPKs (in millions) | 4.049 | 4.444 | 10% | 17.413 | 18.231 | 5% |
| Average passengers per flight | 131 | 131 | 0% | 128 | 129 | 1% |
| Load factor- Scheduled Services (Pax/AVS) | 83,0% | 82,2% | -0,7pp | 82,7% | 82,5% | -0,2pp |
| Load factor- Scheduled Services (RPK/ASK) | 83,1% | 82,0% | -1,1pp | 82,5% | 82,3% | -0,3pp |
Click the icon of your preferred browser
