Aegean Airlines SA · ATHEX:AEGN
Aegean Airlines SA — Investor Presentation (October 2024)
29 slides from Aegean Airlines SA's investor presentation, October 2024
Slide 1: Corporate Presentation
Corporate Presentation October 2024
Slide 2: Milestones: 25 years since the first flight
Milestones 25 years since the first flight 2022 2019 MRO Facility and 2007 Issuance of Simulator and Training Final agreement to a 7-year Center Investment purchase and lease Common Bond announcement. 25 new A320 ceo Loan 1999 2003 family aircraft. of €200 mil. WiFi on Board service Start 1st time a
Slide 3: At a Glance – 2023 Key Facts and Figures
At a Glance – 2023 Key Facts and Figures AEGEAN delivered strong passenger traffic and profitability, recording one of the best set of results in the sector, within an environment of strong demand but also intense competition, high interest rates as well as higher volatility. 77 A I R CRAF T 15,7 MI
Slide 4: Building on Durable Competitive Advantages
Building on Durable Competitive Advantages Competitive Advantages Strategic Pillars Brand Name Customer Service Star Alliance membership Short Haul Quality Leader Market Development (Incoming/Outgoing) People Development Athens Hub Share Network - Frequency Small Airport Slots Local Aviation Service
Slide 5: Growing market
Growing market International traffic stands at 84% of total traffic. . Total Greek Market Traffic –Total Passengers in All Greek Total Greek Market Traffic –International Passengers Total Greek Market Traffic –Domestic Passengers in Airports (in mil.) in All Greek Airports (in mil.) All Greek Airpor
Slide 6: Greek Market continues to grow in 2024 ahead of other European Markets
Greek Market continues to grow in 2024 ahead of other European Markets Total Greek Market Traffic –Total Passengers in All Greek Total Greek Market Traffic –International Passengers Total Greek Market Traffic –Domestic Passengers in Airports (in mil.) in All Greek Airports (in mil.) All Greek Airpor
Slide 7: AEGEAN is a resilient, efficient and profitable operator
AEGEAN is a resilient, efficient and profitable operator more than 160 destinations added since IPO in 2007 56% 23% 21% 20% 2007 REVENUE BY NETWORK 2022 2023 2019 DOMESTIC INTERNATIONAL 44% 77% 79% 80% GROWING AND EXTROVERT 2007 CONSISTENT GROWTH 2019 2022 2023 €439,9 Revenue (in mil.) €1.308,8 €1.3
Slide 8: Growing Prudently – Consistently to new highs
Growing Prudently – Consistently to new highs Rapidly adapting strategy to address both the challenges and the opportunities Available Seat Kilometers – (in billion) 20,4 16,7 17,2 18,6 16,8 14,7 16,4 10,7 12,2 10,8 7,2 Load Factor Evolution 83% 84% 85% 83% 78% 78% 77% 77% 80% 67% 66% 2013 2014 2015
Slide 9: Our hub creates unique network synergies
Our hub creates unique network synergies 156 Total Destinations; Strengthen Athens hub and Thessaloniki focused growth 47 countries • 7 aircraft bases in Greece and abroad 156 • Significant Network synergies out of Athens key destinations hub - more than 50 aircraft based in AIA 31 domestic destinat
Slide 10: Grow value for our customers
Grow value for our customers Well Positioned to take advantage of the upgrade in Greece and Athens Destination Attractiveness. Offer high-quality services that match traditional Greek hospitality with the demands of modern travelers. -Network creates value to our customers -Underpin our Premium Posi
Slide 11: Fleet Program Driving Efficiency / Quality
Fleet Program Driving Efficiency / Quality 82 AIRCRAFT Following fleet upgrade Airbus A320neo and A321neo aircraft accountedfor more than 50% of 30.06.2024 total activity in terms of hours and passenger-kilometers in 2023. 31 34 A320 neo family A320 ceo family 18 13 29 5 A320 neo A321 neo A320 ceo A
Slide 12: Leveraging our network to boost fleet efficiency
Leveraging our network to boost fleet efficiency AEGEAN invests in 4 Airbus A321neo’s with extended Range Capabilities and a New High Comfort Configuration -Target to serve non-EU markets, mostly to the South and South-East of Greece with a minimum flight time of circa 4 hours and up to 7.5 hours; P
Slide 13: MRO Facility established to provide base maintenance services
MRO Facility established to provide base maintenance services The maintenance repair and overhaul center (MRO), with the development of a technical base of up to 10 bays for various types of aircraft creates a modern integrated ecosystem of aviation support services with a capacity of 85.000 m2 . Th
Slide 14: Flight Training Center JV with CAE
Flight Training Center JV with CAE • Currently 4 simulators are in operation, covering the needs of both AEGEAN and third -party airlines. • Plan to operate 7 simulators • Operational efficiencies and overhead cost savings potential • Additional revenue streams long-term opportunity 14
Slide 15: Our investments are fully harmonized with the Group's sustainability roadmap
Our investments are fully harmonized with the Group’s wider sustainability roadmap aiming always to achieve strong social, environmental and national positive impact Investments with increased added value, which simultaneously support the extroversion and competitiveness of the Greek aviation indust
Slide 16: Bolstering Growth and Connectivity
BOLSTERING GROWTH AND CONNECTIVITY FINANCIAL INVESTMENT LEVERAGING COMPLEMENTARY STRENGTHS -AEGEAN invests €25M in VOLOTEA -Enhancing AEGEAN’s reach, presence and exposure Participates in a capital increase through convertible debt jointly in Spain, Italy, France; with the existing shareholders of V
Slide 17: 2023: A new historical milestone
2023: A new historical milestone Consolidated Revenue EBITDA Pre-tax Profit Profit after-tax Delivering Strong Revenues +29% +27% COMPARED COMPARED (+27 % YoY) and TO 2019 TO 2022 1.693,1 +49% +46% +101% +52% +115% +58% COMPARED COMPARED COMPARED COMPARED COMPARED COMPARED 1.308,8 1.336,8 for a 2nd
Slide 18: Dynamic Growth in 2023 +22% ASKs | +27% RPK vs '22
Dynamic Growth in 2023 +22% ASKs | +27% RPK vs ’22 Fleet expansion/renewal drives Network Growth RPKs (in mil.) ASKs (in mil.) +10% +8% COMPARED +22% COMPARED TO 2022 COMPARED +27% TO 2022 20.434 TO 2019 COMPARED 18.596 TO 2022 16.965 15.768 16.744 13.327 FY-19 FY-22 FY-23 FY-19 FY-22 FY-23 Passenge
Slide 19: H1-24 Performance
H1-24 Performance RPKs (in mil.) ASKs (in mil.) Passengers (‘000) Load Factor +11% +10% +17% +9% +16% COMPARED +12% COMPARED COMPARED COMPARED COMPARED TO 2019 TO 2023 TO 2019 TO 2023 9.527 10% growth in COMPARED TO 2019 TO 2023 7.741 8.601 82,2% 82,2% 81,4% 7.047 8.114 Revenue and 6.452 6.642 7.255
Slide 20: Balance sheet strength
Balance sheet strength Equity exceeds pre-pandemic Strong Net Cash (excluding leases) & Net Debt (including leases)/EBITDA at 1:2 Cash & Cash Equivalents Debt (excl. Leases) Equity & Financial Assets 814,4 268,2 418,8 384,6 706,3 220,3 220,1 348,1 198,7 328,4 516,9 527,9 FY 2019 FY 2022 FY 2023 H1 2
Slide 21: Our focus remains on maximizing our shareholders value
Our focus remains on maximizing our shareholders value Dividend (amounts in € mil.) 71,4 * 67,6 50,0 50,0 42,9 €376,9 mil returns 39,3 to shareholders 28,6 since listing. 17,9 9,3 FY:08 FY:09 FY:13 FY:14 FY:15 FY:16 FY:17 FY:18 FY:23 Payout Ratio 136% * 89% 73% 61% 62% 65% 63% 40% 40% FY:08 FY:09 FY
Slide 22: Appendix
APPENDIX
Slide 23: Hedging Coverage
Hedging Coverage Managing exposure to reduce volatility on results and target cost certainty Year Hedging rate % Year Hedging rate % Jet Fuel US dollars* 2024 59% 2024 54% 2025 41% 2025 32% Note: Including cashflow and non cashflow hedges as % of total USD expenses 23 Source: Company Information.
Slide 24: AEGEAN at a glance
AEGEAN at a glance (in € mil.) Full Year 2022 Full Year 2023 % change Revenue 1.336,8 1.693,1 27% EBITDA 274,9 400,4 46% EBIT 147,3 246,8 68% Pre-tax Profit/(Loss) 141,3 214,8 52% Net Profit/(Loss) 106,8 168,7 58% Total passengers (‘000) 12.465 15.695 26% Average passengers per flight 123 131 7% Loa
Slide 25: Profit and Loss Account
Profit and Loss Account Full Year Full Year (in € mil.) % change 2022 2023 Scheduled Services 1138,3 1.442,6 27% Charter 70,0 93,8 34% Other 128,5 156,7 22% Total Revenue 1.336,8 1.693,1 27% Other operating income 44,6 31,1 -30% Employee benefits (133,4) (182,3) 37% Aircraft fuel (338,9) (376,9) 11%
Slide 26: Operational expenses – CASK breakdown
Operational expenses – CASK breakdown Full Year Full Year Full Year % change (€ cents.) 2019 2022 2023 23/22 ASKs 18.596 16.744 20.434 22% Employee benefits 0,75 0,80 0,89 12% Aircraft fuel 1,51 2,02 1,84 -9% Depreciation 0,78 0,76 0,75 -1% Aircraft maintenance 0,98 0,84 0,83 -1% Overflight expenses
Slide 27: Balance Sheet Aegean Group
Balance Sheet Aegean Group (in € mil) 31.12.2022 31.12.2023 Tangible assets 281,8 393,8 Right of use assets 745,8 915,8 Other non-current assets 175,7 168,0 Total non-current assets 1.203,3 1.477,6 Cash & Cash Equivalents1,3 462,8 576,2 Financial Assets Available for Sale2 64,2 130,0 Other Current A
Slide 28: Cash Flow Aegean Group- Summary
Cash Flow Aegean Group- Summary (in € mil) 31.12.2022 31.12.2023 Net cash inflows/(outflows) from operating activities 342,5 436,2 Net cash inflows/(outflows) from investing activities (122,2) (157,0) Net cash inflows/(outflows) from financing activities (162,2) (92,1) Net (decrease)/ increase in ca
Slide 29: Slide 29
AEGEAN Airlines — Investor Presentation (October 2024) on 6ix