Aegean Airlines Sa · ATHEX:AEGN
Aegean Airlines Sa — Q1 2024 Earnings Presentation
18 slides from Aegean Airlines Sa's earnings presentation, May 2024
Slide 1: Trading Update Presentation
Q1 2024 Trading Update Presentation May 2024
Slide 2: Q1-24 Highlights
Q1-24 Highlights • €268,8 revenue 17% higher, with available seats 10% and passenger traffic 11% higher compared to Q1-23. • RASK growth 5% and Yield growth 4% compared to Q1-23. • Continued cost control; CASK (EBIT level) flattish and CASK (EBIT level) - excl. fuel costs up 2% YoY. • EBITDA €33,2 m
Slide 3: 17% growth in Revenue and improved EBIT in the seasonally weakest 1st quarter
17% growth in Revenue and improved EBIT in the seasonally weakest 1st quarter RPKs (in mil.) ASKs (in mil.) Passengers (in ‘000) Load Factor 3.751 3.056 3.340 2.715 3.015 82,3% 81,6% 81,7% 2.482 2.856 2.525 2.581 Q1-19 Q1-23 Q1-24 Q1-19 Q1-23 Q1-24 Q1-19 Q1-23 Q1-24 Q1-19 Q1-23 Q1-24 ↑| 13% ↑| 12% ↑
Slide 4: AEGEAN carried 2,9 million passengers and recorded an 11% increase in passenger traffic in Q1-24
AEGEAN carried 2,9 million passengers and recorded an 11% increase in passenger traffic in Q1-24 Total Passengers (in ‘000) Domestic Passengers (in ‘000) International Passengers (in ‘000) 2.856 2.581 1.714 1.553 1.142 1.028 Q1-23 Q1-24 Q1-23 Q1-24 Q1-23 Q1-24 ↑| 11% ↑| 11% ↑| 10% 4
Slide 5: AEGEAN maintained its growth trajectory and efficient cost management
AEGEAN maintained its growth trajectory and efficient cost management EBITDA Margin ASKs (in mil.) Passengers (in ‘000) 3.751 3.340 3.015 2.856 12,3% 2.525 2.581 8,4% Q1-19 Q1-23 Q1-24 Q1-19 Q1-23 Q1-24 Q1-19 Q1-23 Q1-24 ↑| 12% ↑| 11% -5,0% ↑| 24% ↑| 13% ↑| 4 p.p. Key financial and operating metrics
Slide 6: Balance sheet strengthening
Balance sheet strengthening Cash & Cash Equivalents Debt (€ mil.) (€ mil.) 709,3 728,9 220,3 218,3 198,7 516,9 FY 2019 FY 2023 Q1 2024 FY 2019 FY 2023 Q1 2024 (amounts in € mil.) FY 2019 FY 2023 Q1 2024 Cash and Cash Equivalents1 517 709 729 Debt2 199 220 218 Leases (IFRS 16) 343 901 971 Net Debt/ (
Slide 7: Cash Flow Bridge
Cash Flow Bridge Amounts in € mil. 7 *Pdps: Pre-Delivery payments
Slide 8: Fleet Program Driving Efficiency / Quality
Fleet Program Driving Efficiency / Quality 29 A320/321 NEO aircraft received + 21 aircraft pending mostly A321 NEO! 79 aircraft Fleet evolution supports growth strategy Deliveries Total 29 34 A320 neo family 2019 1 A320 ceo family 2020 7 17 12 29 5 2021 1 A320 neo A321 neo A320 ceo A321 ceo 2022 10
Slide 9: AEGEAN invests in Airbus A321neo's with extended Range Capabilities and a New High Comfort Configuration
AEGEAN invests in 4 Airbus A321neo’s with extended Range Capabilities and a New High Comfort Configuration -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; indicatively destinations in the Gulf, such as currently ser
Slide 10: Mr. Dimitris Gerogiannis, CEO of AEGEAN, commented:
Mr. Dimitris Gerogiannis, CEO of AEGEAN, commented: “AEGEAN’s effort to soften the seasonality impact is visible in its international network capacity investment as well as in the revenue and passengers’ growth. Once more in the seasonally weakest quarter, AEGEAN delivered higher EBITDA profitabilit
Slide 11: Flying towards the future
Flying towards the future Since its inception in 1999 with only two aircraft, AEGEAN has grown to become Greece’s largest and most successful airline in the past 25 years. “Our aim is to make every passenger feel unique. The journey is always important for us and evolution is always our goal”. 11
Slide 12: Appendix
Appendix
Slide 13: Hedging Coverage
Hedging Coverage Managing exposure to reduce volatility on results and target cost certainty Hedging rate % Year Jet Fuel 2024 57% 2025 31% Hedging rate % Year US dollars 1 2024 50% 2025 27% Note: 1 Including cashflow and non cashflow hedges as % of total USD expenses 13
Slide 14: AEGEAN at a glance
AEGEAN at a glance First Quarter First Quarter (in € mil.) % change 2023 2024 Revenue 229,1 268,8 17% EBITDA 19,3 33,2 72% EBIT (14,7) (7,2) - Pre-tax Profit/(Loss) (18,6) (26,3) - Net Profit/(Loss) (14,4) (21,0) - Total passengers (‘000) 2.581 2.856 11% Average passengers per flight 126 126 0% Load
Slide 15: Profit and Loss Account
Profit and Loss Account First Quarter First Quarter (in € mil.) % change 2023 2024 Scheduled Services 200,0 236,3 18% Charter 2,5 3,6 47% Other 26,6 28,9 8% Total Revenue 229,1 268,8 17% Other operating income 7,9 6,6 -16% Employee benefits (30,5) (38,0) 25% Aircraft fuel (62,8) (65,2) 4% Aircraft m
Slide 16: Balance Sheet Aegean Group
Balance Sheet Aegean Group (in € mil.) 31.12.2023 31.03.2024 Total Fixed Assets 1.474,5 1.571,7 Cash & Cash Equivalents1 576,2 615,2 Financial Assets Available for Sale2 133,1 113,8 Other Current Assets 228,8 256,2 Total Assets 2.412,7 2.556,8 Total Equity 418,8 417,3 Lease Liabilities 901,2 970,7 L
Slide 17: Cash Flow Aegean Group - Summary
Cash Flow Aegean Group - Summary (in € mil.) 31.03.2023 31.03.2024 Net cash inflows/(outflows) from operating activities 138,6 188,6 Net cash inflows/(outflows) from investing activities (3,7) (47,8) Net cash inflows/(outflows) from financing activities (74,9) (123,5) Net (decrease)/ increase in cas
Slide 18: Group Operating Figures
Group Operating Figures First Quarter First Quarter % change 2023 2024 Capacity ASKs (in millions) 3.340 3.751 12% Total available seats (‘000) 3.236 3.549 10% Total Block Hours 33.782 38.306 13% Total Sectors Flown 20.445 22.675 11% Average capacity per flight 158 157 -1% Average sector length (km)