Aegean Airlines Sa · ATHEX:AEGN
Aegean Airlines Sa — Investor Presentation (April 2024)
27 slides from Aegean Airlines Sa's investor presentation, April 2024
Slide 1: Corporate Presentation
Corporate Presentation April 2024 1
Slide 2: Milestones
Milestones 25 years since the first flight 2022 2019 MRO Facility and Issuance of Simulator and Training 2007 a 7-year Center Investment Agreement to Common Bond announcement. purchase and lease Loan 1999 2003 25 A320 ceo family totaling €200 WiFi on Board service Starts 1st time aircraft finalized.
Slide 3: Growing and Extrovert -> Shift to International
Growing and Extrovert -> Shift to International more than 160 destinations added since IPO in 2007 Revenue by network 20% 23% 56% 44% 2007 2019 2023 77% 80% Domestic International Consistent Growth 2007 2019 2023 €439,9m Revenue €1.308,8m €1.693,1m €83,1m * EBITDA €269,4m €400,4m €35,8m Net Income €
Slide 4: Building growth momentum
Building growth momentum Available Seat Kilometers – (in billion) 20,4 17,2 18,6 16,7 16,4 16,7 14,7 10,7 12,2 10,8 7,2 2013Factor Evolution Load 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 83% 84% 85% 83% 78% 78% 77% 77% 80% 67% 66% 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Passe
Slide 5: Building on Durable Competitive Advantages
Building on Durable Competitive Advantages Delivering on its key strategic priorities Competitive Advantages Strategic Pillars Brand Name Customer Service Star Alliance membership Short Haul Quality Leader Market Development (Incoming/Outgoing) People Development Athens Hub Share Small Airport Slots
Slide 6: Growing Prudently – Consistently to new highs
Growing Prudently – Consistently to new highs Rapidly adapting strategy to address both the challenges and the opportunities 1.693,1 Revenue– (in million) 1.308,8 1.336,8 850,0 Available Seat Kilometers – (in billion) 20,4 18,6 16,7 10,7 Load Factor Evolution 85% 83% 80% 78% Passenger Evolution (in
Slide 7: 30 New Destinations, 180 Total Destinations
30 New Destinations, 180 Total Destinations Strengthen ex-Athens hub and Thessaloniki focused growth • Reinforcing Europe Coverage: Flying to 11 destinations in France, 13 in Germany, 10 in Italy, 10 in Iberic • Focus on increasing schedule density • Investing In Middle East / Gulf : New Tourism Mar
Slide 8: Well Positioned to take advantage of the upgrade in Greece and Athens Destination Attractiveness
Well Positioned to take advantage of the upgrade in Greece and Athens Destination Attractiveness 2021-2023 period -New Upgraded Lounges post pandemic crisis: -2 lounges in Athens Airport. -1 lounge in Thessaloniki Airport. -1 lounge in Larnaca Airport. -Deepening of Loyalty Product with New Partners
Slide 9: 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 and Improving Flows RPKs (in ‘000) ASKs (in mil.) 16.965 20.434 15.768 18.596 16.744 13.327 FY-19 FY-22 FY-23 FY-19 FY-22 FY-23 ↑|27% ↑| 22% ↑|8% ↑| 10% Load Factor Passengers (in ‘000) 14.992 15.695 84
Slide 10: 2023: Delivering Strong Revenues and record financial results
2023: Delivering Strong Revenues (+27 % YoY) and for a 2nd year record financial results (> +58% YoY) Revenue (in € mil) EBITDA (in € mil) 1.693,1 1.308,8 1.336,8 400,4 269,4 274,9 FY-19 FY-22 FY-23 FY-19 FY-22 FY-23 ↑|27% ↑|46% ↑| 29% ↑| 49% Net Profit (in € mil) Pre- tax Profit / (Loss) (in € mil)
Slide 11: Margins being among the top ones in the industry
Margins being among the top ones in the industry EBITDA Margin EBIT Margin EBT Margin 14,6% 23,6% 12,7% 20,6% 20,6% 11,0% 10,6% 9,4% 8,2% FY-19 FY-22 FY-23 FY-19 FY-22 FY-23 FY-19 FY-22 FY-23 Aegean improved its positioning relative to other carriers in terms of margins. Margin improvement as result
Slide 12: Market continues to grow, AEGEAN is growing ahead of market
Market continues to grow, AEGEAN is growing ahead of market Passengers Flights FY % chg ’23/’22 FY % chg ’23/’22 ↑| 7% ↑| 26% ↑| 14% GREEK AIRPORTS AEGEAN GREEK AIRPORTS CAA CAA ↑| 18% AEGEAN ↑| 13% AIA ↑| 24% AIA AEGEAN’s approach Increase productivity Invest in key bases Fleet Efficiency Reduce Se
Slide 13: Balance sheet strength: Equity exceeds pre-pandemic
Balance sheet strength: Equity exceeds pre-pandemic Strong Net Cash (excluding leases) & Net Debt (including leases)/EBITDA at 1:1 Cash & Cash Equivalents Debt (€ mil.) Equity (€ mil.) (€ mil.) 709,3 418,8 516,9 527,9 348,1 328,4 268,2 220,3 198,7 FY 2019 FY 2022 FY 2023 FY 2019 FY 2022 FY 2023 FY 2
Slide 14: Cash Flow Bridge
Cash Flow Bridge Amounts in € mil. *Pdps: Pre-Delivery payments 14
Slide 15: Fleet Program Driving Efficiency / Quality
Fleet Program Driving Efficiency / Quality 28 A320/321 NEO aircraft received + 22 aircraft pending mostly A321 NEO! 77 aircraft Fleet evolution supports growth strategy 28 34 Deliveries Total A320 neo family A320 ceo family 2019 1 2020 7 16 12 29 5 A320 ceo A321 ceo 2021 1 A320 neo A321 neo 2022 10
Slide 16: Investment in MRO & Flight Simulator Training center
Investment in MRO & Flight Simulator Training center Add significant value to the local aviation industry by giving our people the opportunity to sharpen their skills and reach their full potential • Leverage on Aegean’s know-how and expertise – Target of fully covering Aegean needs as well as provi
Slide 17: Flight Training Center Partnership with CAE
Flight Training Center Partnership with CAE Dec-23, Initial Operations -up to 7 simulators in 18 months for Airbus A320neo, Boeing 737NG, ATR 72-600 - 3.500 pilots or 42.000 training hours and many more cabin crew members.
Slide 18: Outlook
Outlook • In Q1-24, AEGEAN carried 2,9 mil. passengers, 278 thous. more compared to 2023 and offered approximately 3,5 million seats. • AEGEAN’s winter network included 85 direct connections to international destinations, 10 of which operated for the first-time during winter, including Bilbao, Brati
Slide 19: Appendix
Appendix
Slide 20: Hedging Coverage
Hedging Coverage Managing exposure to reduce volatility on results and target cost certainty Hedging rate % Year Jet Fuel 2024 53% 2025 17% Hedging rate % Year US dollars* 2024 51% 2025 27% Note: Including cashflow and non cashflow hedges as % of total USD expenses 20
Slide 21: AEGEAN at a glance
AEGEAN at a glance Fourth Quarter Fourth Quarter % (in € mil.) Full Year 2022 Full Year 2023 % change 2022 2023 change Revenue 317,4 361,4 14% 1.336,8 1.693,1 27% EBITDA 39,4 33,0 -16% 274,9 400,4 46% EBIT 5,1 (6,9) - 147,3 246,8 68% Pre-tax Profit/(Loss) 19,9 (2,6) - 141,3 214,8 52% Net Profit/(Los
Slide 22: Profit and Loss Account
Profit and Loss Account Full Year Full Year (in € mil.) Fourth Quarter 2022 Fourth Quarter 2023 % change % change 2022 2023 Scheduled Services 269,4 309,5 15% 1138,3 1442,6 27% Charter 14,6 17,8 22% 70,0 93,8 34% Other 33,4 34,2 2% 128,5 156,7 22% Total Revenue 317,4 361,4 14% 1.336,8 1.693,1 27% Ot
Slide 23: 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 24: 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 175,7 165,0 Total non current assets 1.203,3 1.474,5 Cash & Cash Equivalents1,3 462,8 576,2 Financial Assets Available for Sale2 64,2 133,1 Other Current
Slide 25: 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 342,5 433,1 Net cash inflows/(outflows) from investing activities (122,2) (150,9) Net cash inflows/(outflows) from financing activities (162,2) (92,1) Net (decrease)/ increase in
Slide 26: Group Operating Figures
Group Operating Figures Fourth Quarter Fourth Quarter Full Year Full Year % change % change 2022 2023 2022 2023 Capacity ASKs (in millions) 4.096 4.762 16% 16.744 20.434 22% Total available seats (‘000) 3.808 4.290 13% 15.803 18.930 20% Total Block Hours 40.760 47.318 16% 173.914 204.894 18% Total S
Slide 27: Building 57, Athens International Airport, Spata Greece 19019 t. 0030 2103551519
Building 57, Athens International Airport, Spata Greece 19019 t. 0030 2103551519 e. investors@aegeanair.com www.aegeanair.com https://en.about.aegeanair.com/investor-relations