Aegean Airlines Sa · ATHEX:AEGN
Aegean Airlines Sa — Investor Presentation (April 2025)
31 slides from Aegean Airlines Sa's investor presentation, April 2025
Slide 1: Corporate Presentation
Corporate Presentation April 2025
Slide 2: Agenda
AEGEAN AT A GLANCE INVESTMENT THESIS FINANCIAL PERFORMANCE INDUSTRY OVERVIEW APPENDIX
Slide 3: Milestones
Milestones 25 years since the first flight 2022 MRO Facility and 2007 Simulator and Training Agreement to 2019 Center Investment purchase and Issuance of announcement. lease 25 new a 7-year 2024 2003 A320 ceo family Common WiFi on Board service MRO Facility and 1999 1st time aircraft. Bond Loan and
Slide 4: At a Glance – 2024 Key Facts and Figures
At a Glance – 2024 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. 82 A I R CRAF T 16,3 MIL. PA S S E N G E R S BEST RE G I O N A L AIR L I
Slide 5: Aegean Airlines Key Investment Highlights
Aegean Airlines Key Investment Highlights Greece’s flag carrier operating in an attractive and growing market with an increasing international focus; Unparalleled track record of growth and profitability; Hub structure offering unique network synergies; Customer centric approach delivering a differe
Slide 6: Agenda
AEGEAN AT A GLANCE INDUSTRY OVERVIEW INVESTMENT THESIS FINANCIAL PERFORMANCE APPENDIX
Slide 7: Healthy Market Growth
-Favorable macro drivers, Greece showing resilience, regaining its investment grade status; -Major infrastructure investments at airports and hospitality sector set to facilitate tourism growth. Healthy Market -Destination attractiveness, favorable travel and tourism trends; - Attract high-end visit
Slide 8: EU market capacity reaching 2019 levels but GR +28% since 2019
EU market capacity reaching now at 2019 levels but GR +28% since 2019 5.3% European Capacity evolution, Billion Seats CAGR 0% 1,4 1,31 1,3 1,27 1,21 1,22 1,2 1,13 1,06 1,09 1 1 0,96 +6.5% 0,8 0,66 0,57 0,6 0,4 0,2 0 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 5.1% CAGR 90 GREECE Capa
Slide 9: Agenda
AEGEAN AT A GLANCE INDUSTRY OVERVIEW INVESTMENT THESIS FINANCIAL PERFORMANCE APPENDIX
Slide 10: AEGEAN is a resilient, efficient and profitable operator
AEGEAN is a resilient, efficient and profitable operator more than 100 destinations added since IPO in 2007 56% 23% 21% 21% 2007 REVENUE BY NETWORK 2022 2024 2019 DOMESTIC INTERNATIONAL 44% 77% 79% 79% GROWING AND EXTROVERT 2007 CONSISTENT GROWTH 2019 2022 2024 €439,9 Revenue (in mil.) €1.308,8 €1.3
Slide 11: Growing Prudently – Consistently to new highs
Growing Prudently – Consistently to new highs Rapidly adapting strategy to address both the challenges and the opportunities % chg ‘24/’23 +5% Available Seat Kilometers – (in billion) 20.1 21,1 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% 83% 78% 78% 77% 77%
Slide 12: Our hub creates unique network synergies
Our hub creates unique network synergies 162 Total Destinations; Strengthen Athens hub and Thessaloniki focused growth 47 countries • 7 aircraft bases in Greece and abroad 162 • Significant Network synergies out of Athens key destinations hub - more than 50 aircraft based in AIA 32 domestic destinat
Slide 13: 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 14: Star Alliance membership: vote of confidence
Star Alliance membership: vote of confidence • Aegean is a Star Alliance member since 2010 • Τhe largest global airline alliance (25 member airlines) • Providing benefits to both the customers and the company. • Adding value to passengers’ travel experience through: - Access to a worldwide network –
Slide 15: Fleet Program Driving Efficiency / Quality
Fleet Program Driving Efficiency / Quality 34 A320/321 NEO aircraft received + 24 aircraft to be delivered mostly A321 NEO 84 aircraft as of Mar-25 A320 neo family deliveries 34 33 A320 neo family A320 ceo family 2019 1 2020 7 20 14 29 4 A320 neo A321 neo A320 ceo A321 ceo 2021 1 2022 10 2023 9 2024
Slide 16: 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 17: 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 18: 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. • Capacity up to 7 simulators • Operational efficiencies and overhead cost savings potential • Additional revenue streams long-term opportunity
Slide 19: Bolstering Growth and Connectivity
BOLSTERING GROWTH AND CONNECTIVITY FINANCIAL INVESTMENT LEVERAGING COMPLEMENTARY STRENGTHS -AEGEAN invests €25M in VOLOTEA -Enhancing AEGEAN’s reach, presence and Participates in a capital increase through convertible debt exposure in Spain, Italy, France; jointly with the existing shareholders of V
Slide 20: Agenda
AEGEAN AT A GLANCE INDUSTRY OVERVIEW INVESTMENT THESIS FINANCIAL PERFORMANCE APPENDIX
Slide 21: Record-high passenger traffic and EBITDA in FY
AEGEAN achieved a record-high passenger traffic and EBITDA in FY RPKs (in mil.) ASKs (in mil.) Passengers (in ‘000) Load Factor 21.120 20.087 84,8% 83,5% 82,5% 17.410 18.596 16.704 16.324 15.768 15.463 14.992 FY-19 FY-23 FY-24 FY-19 FY-23 FY-24 FY-19 FY-23 FY-24 FY-19 FY-23 FY-24 + 4% + 5% + 6% + 10
Slide 22: Record EBITDA profitability and top tier margins
Record EBITDA profitability and top tier margins EBITDA Margin EBIT Margin EBT Margin 15% 24% 23% 13% 13% 21% 9% 9% 8% FY-19 FY-23 FY-24 FY-19 FY-23 FY-24 FY-19 FY-23 FY-24 Key financial and operating metrics as a percentage of the corresponding results for the period of 2019. FY 2019 FY 2023 FY 202
Slide 23: Strong Balance sheet
Strong Balance sheet Cash & Cash Equivalents Debt (€ mil.) Equity (€ mil.) (€ mil.) 769,1 706,3 516,9 499,4 418,8 328,4 198,7 220,3 220,1 FY 2019 FY 2023 FY 2024 FY 2019 FY 2023 FY 2024 FY 2019 FY 2023 FY 2024 (amounts in EUR mil.) FY 2019 FY 2023 FY 2024 Cash and Cash Equivalents1 517 706,3 769 Deb
Slide 24: Agenda
AEGEAN AT A GLANCE INDUSTRY OVERVIEW INVESTMENT THESIS FINANCIAL PERFORMANCE APPENDIX
Slide 25: Hedging Coverage
Hedging Coverage Managing exposure to reduce volatility on results and target cost certainty Hedging rate % Year Jet Fuel 2025 59% 2026 15% Hedging rate % Year US dollars* 2025 48% 2026 32% Note: Including cashflow and non cashflow hedges as % of total USD expenses 25
Slide 26: AEGEAN at a glance
AEGEAN at a glance Fourth Quarter Fourth Quarter % Full Year Full Year (in € mil.) 2023 2024 change 2023 2024 % change Revenue 361,4 397,4 10% 1.693,1 1.777,3 5% EBITDA1 33,0 75,4 129% 400,4 405,3 1% EBIT (6,9) 27,6 - 246,8 227,1 -8% Pre-tax Profit/(Loss) (2,2) (6,5) 192% 214,8 164,0 -24% Net Profit
Slide 27: Profit and Loss Account
Profit and Loss Account Fourth Fourth (in € mil.) Quarter Quarter % Full Year Full Year % 2023 2024 change 2023 2024 change Scheduled Services 309,5 343,9 11% 1.442,6 1.544,4 7% Charter 17,8 11,0 -38% 93,8 57,1 -39% Other 34,2 42,5 24% 156,7 175,9 12% Total Revenue 361,4 397,4 10% 1.693,1 1.777,3 5%
Slide 28: Balance Sheet Aegean Group
Balance Sheet Aegean Group (in € mil.) 31.12.2023 31.12.2024 Total Fixed Assets 1.477,63 1.812,0 Cash & Cash Equivalents1,3 576,2 578,1 Financial Assets Available for Sale2 130,03 191,0 Other Current Assets 264,0 293,3 Total Assets 2.447,9 2.874,4 Total Equity 418,8 499,4 Lease Liabilities 901,2 1.0
Slide 29: Cash Flow Aegean Group - Summary
Cash Flow Aegean Group - Summary (in € mil.) 31.12.2023 31.12.2024 Net cash flows from operating activities 436,2 407,5 Net cash flows from investing activities (157,0) (118,2) Net cash flows from financing activities (92,1) (230,2) Net (decrease)/ increase in cash and cash equivalents 187,1 59,1 Ca
Slide 30: Group Operating Figures
Group Operating Figures Fourth Quarter Fourth Quarter % % 2023 2024 change Full Year 2023 Full Year 2024 change Capacity ASKs (in millions) 4.717 4.893 4% 20.087 21.120 5% Total available seats (‘000) 4.266 4.526 6% 18.630 19.790 6% Total Block Hours 46.912 49.469 6% 201.394 216.887 8% Total Sectors
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