Earnings release
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PRESS RELEASE Nine-month and third quarter 2025 trading update 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 Athens, November 11th, 2025 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. 1 Includes financial assets of €304,2 mil. and restricted cash of €4,6 mil.
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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 a dditional 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.
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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% Note: 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 Notes: 1 12-month trailing Earnings/(Loss) before interest, tax, depreciation and amortization (EBITDA), Jan. - Dec. 2024 and Oct. 2024 - Sep. 2025 respectively.
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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% Notes: 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.
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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% 133,4 140,0 5% Total Revenue 630,8 647,1 3% 1.379,9 1.434,1 4% Other operating income 5,5 10,0 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% (290,0) (281,0) -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 (32,0) (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% (83,0) (86,9) 5% Marketing & advertising expenses (5,3) (6,4) 20% (16,6) (18,8) 13% Emissions (24,0) (30,8) 28% (38,0) (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 28,9% 31,0% 23,9% 24,9% Depreciation (46,2) (52,8) 14% (130,4) (150,1) 15% EBIT 136,1 147,7 8% 199,5 206,6 4% EBIT margin 21,6% 22,8% 14,5% 14,4% Interest and Financial income 12,5 7,2 -43% 23,4 24,8 6% Interest and Financial expense (18,9) (22,8) 21% (57,0) (63,9) 12% FX difference and other 9,6 (3,0) - 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 22,0% 19,9% 12,4% 13,6% Income Tax (30,5) (28,3) -7% (38,4) (46,7) 22% Net Profit/(Loss) after tax 108,3 100,4 -7% 132,0 148,0 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.
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Balance Sheet Aegean Group- Summary (in € mil.) 31.12.2024 30.09.2025 Total Fixed Assets 1.812,0 1.888,4 Cash & Cash Equivalents 575,6 732,9 Restricted Cash 2,5 4,6 Financial Assets Available for Sale1 191,0 304,1 Other Current Assets 293,3 386,3 Total Assets 2.874,4 3.316,4 Total Equity 499,4 557,5 Lease Liabilities 1.047,6 967,4 Loans 383,6 663,1 Other Non-Current Liabilities 176,7 204,5 Other Current Liabilities 767,1 923,9 Total Equity and Liabilities 2.874,4 3.316,4 Notes: 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 320,0 297,6 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 55,0 312,3 Cash at the beginning of the period1 706,3 769,1 Foreign exchange difference impact in cash 1,5 (39,7) Cash at the end of the period1 762,8 1.041,6 Note: 1 Includes restricted cash and Financial Assets Available for Sale.
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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) 84,6% 84,9% 0,4pp 82,7% 82,6% 0,0pp Load factor- Scheduled Services (RPK/ASK) 83,9% 84,3% 0,4pp 82,4% 82,4% 0,0pp