Aegean Airlines Sa · ATHEX:AEGN
Aegean Airlines Sa — 9M 2023 Earnings Presentation
19 slides from Aegean Airlines Sa's earnings presentation, November 2023
Slide 1: 9M 2023 and Q3 2023 Financial Results Presentation
9M 2023 and Q3 2023 Financial Results Presentation November 2023
Slide 2: Strong performance and record profitability in 9M-23
Strong performance and record profitability in 9M-23 Driven by the investment in new destinations, strong capacity growth in international network along with targeted and continuous upgrade in fleet, services and product offered. RPKs (in ‘000) Load Factor ASKs (in mil.) Passengers (in ‘000) 15.673
Slide 3: Record Q3-23 reflecting robust demand
Record Q3-23 reflecting robust demand RPKs (in ‘000) ASKs (in mil.) Passengers (in ‘000) Load Factor 6.970 6.323 6.136 5.940 87,7% 85,6% 5.563 5.473 83,9% 5.140 5.181 4.666 Q3-19 Q3-22 Q3-23 Q3-19 Q3-22 Q3-23 Q3-19 Q3-22 Q3-23 Q3-19 Q3-22 Q3-23 ↑| 16% ↑| 14% ↑| 17% ↑| 1,8 p.p. ↑| 7% ↑| 10% ↑| 6% Rev
Slide 4: Market continues to grow
Market continues to grow AEGEAN is growing ahead of market Total Traffic of Greek Airports Airports under Fraport Athens International Airport AEGEAN Hellenic Civil Aviation management* % change Authority 2022/2023 Flights Passengers Flights Passengers Flights Passengers Flights Passengers % change
Slide 5: Network expansion and significant capacity investment
Network expansion new destinations, significant capacity investment with the addition of 3 mil. available seats in 2023 vs 2022, along with robust demand for Greece, contributed to AEGEAN’s strong growth momentum. Domestic Passengers (in ‘000) International Passengers (in ‘000) Total Passengers (in
Slide 6: Balance sheet strengthening
Balance sheet strengthening Cash & Cash Equivalents Debt (€ mil.) (€ mil.) 755,5 268,2 220,4 516,9 527,9 198,7 FY 2019 FY 2022 9M 2023 FY 2019 FY 2022 9M 2023 (amounts in EUR mil.) FY 2019 FY 2022 9M 2023 Cash and Cash Equivalents1 517 528 755 Debt2 199 268 220 Leases (IFRS 16) 343 737 943 Net Debt/
Slide 7: Cash Flow Bridge
Cash Flow Bridge Amounts in € mil. *Pdps: Pre-Delivery payments 7
Slide 8: CEO commentary
Mr. Dimitris Gerogiannis, CEO of AEGEAN, commented: "AEGEAN announces another strong set of results with record profitability, delivering one of the best set of 9M results in our sector. Our network expansion, the significant capacity investment with the addition of 3 mil. available seats in 2023 ve
Slide 9: Building on the momentum of the successful growth of the last 18 months
Building on the momentum of the successful growth of the last 18 months, we continue to offer our passengers new options and travel experiences.
Slide 10: Appendix
Appendix
Slide 11: Record profitability with one of the best set of results in our sector
Record profitability with one of the best set of results in our sector EBITDA Margin EBIT Margin EBT Margin 28% 16% 23% 19% 22% 12% 14% 10% 12% 9M-19 9M-22 9M-23 9M-19 9M-22 9M-23 9M-19 9M-22 9M-23 % change % change % change % change (in € mil.) Q3 2019 Q3 2022 Q3 2023 9M 2019 9M 2022 9M 2023 '23/'1
Slide 12: Hedging Coverage
Hedging Coverage Managing exposure to reduce volatility on results and target cost certainty Hedging rate % Year Jet Fuel 2023 62% 2024 46% Hedging rate % Year US dollars* 2023 61% 2024 62% Note: Including cashflow and non cashflow hedges as % of total USD expenses 12
Slide 13: AEGEAN at a glance
AEGEAN at a glance Third Quarter Third Quarter % Nine Months Nine Months % (in € mil.) 2022 2023 change 2022 2023 change Revenue 571,4 653,6 14% 1.019,5 1.331,7 31% EBITDA 197,8 227,9 15% 235,5 367,4 56% EBIT 164,5 186,2 13% 142,2 253,7 78% Pre-tax Profit 152,1 168,8 11% 121,4 217,5 79% Net Profit 1
Slide 14: Profit and Loss Account
Profit and Loss Account Third Quarter Third Quarter Nine Months Nine Months (in € mil.) % change % change 2022 2023 2022 2023 Scheduled Services 489,7 551,4 13% 869,0 1.133,1 30% Charter 33,8 46,7 38% 55,4 76,1 37% Other 47,9 55,6 16% 95,1 122,6 29% Total Revenue 571,4 653,6 14% 1.019,5 1.331,7 31%
Slide 15: Operational expenses – CASK breakdown
Operational expenses – CASK breakdown Nine Months Nine Months Nine Months % change (€ cents.) 2019 2022 2023 23/22 ASKs 14.438 12.648 15.673 24% Employee benefits 0,74 0,71 0,83 16% Aircraft fuel 1,50 2,01 1,82 -9% Depreciation 0,75 0,74 0,73 -2% Aircraft maintenance 0,97 0,86 0,83 -4% Overflight ex
Slide 16: Operational expenses – CASK breakdown
Operational expenses – CASK breakdown Third Quarter Third Quarter Third Quarter % change (€ cents.) 2022 2023 2019 23/22 ASKs 6.323 6.136 6.970 14% Employee benefits 0,63 0,64 0,78 23% Aircraft fuel 1,55 2,17 1,89 -13% Depreciation 0,58 0,54 0,60 10% Aircraft maintenance 0,98 0,85 0,79 -7% Overfligh
Slide 17: Balance Sheet Aegean Group
Balance Sheet Aegean Group (in € mil.) 31.12.2022 30.09.2023 Total Fixed Assets 1.203,3 1.469,1 1 Cash & Cash Equivalents 463,7 580,0 Financial Assets Available for Sale2 64,2 175,5 Other Current Assets 289,2 294,2 Total Assets 2.020,4 2.518,7 Total Equity 348,1 525,3 Lease Liabilities 737,3 943,4 L
Slide 18: Cash Flow Aegean Group - Summary
Cash Flow Aegean Group - Summary (in € mil.) 30.09.2022 30.09.2023 Net cash flows from operating activities 241,1 396,5 Net cash flows from investing activities (97,6) (107,7) Net cash flows from financing activities (24,3) (59,5) Net (decrease)/ increase in cash and cash equivalents 119,2 229,0 Cas
Slide 19: Group Operating Figures
Group Operating Figures Third Quarter Third Quarter Nine Months Nine Months % change % change 2022 2023 2022 2023 Capacity ASKs (in millions) 6.136 6.970 14% 12.648 15.673 24% Total available seats (000) 5.557 6.388 15% 11.995 14.640 22% Total Block Hours 65.709 69.698 6% 133.154 157.473 18% Total S