Aegean Airlines Sa · ATHEX:AEGN
Aegean Airlines Sa — Q3 2025 Earnings Presentation
15 slides from Aegean Airlines Sa's earnings presentation, November 2025
Slide 1: Q3 2025 and 9M 2025 Financial Results Presentation
Q3 2025 and 9M 2025 Financial Results Presentation November 2025
Slide 2: 9M-25 Highlights
9M-25 Highlights • €1,43 bil., Consolidated Revenue for the 9M-2025, 4% higher YoY. • 16,0 mil. seats, +5% YoY • 13,2 mil. passengers +5% YoY, • 7,7 mil. passengers to/ from international destinations • 5,5 mil. domestic passengers • €356,6 mil. EBITDA +8% YoY. • €194,7 mil. EBT +14% YoY. • €148,0 m
Slide 3: Steady growth with new record highs in passenger traffic and Revenue
Steady growth with new record highs in passenger traffic and Revenue RPKs (in mil.) ASKs (in mil.) Passengers (in ‘000) Load Factor 13.787 16.738 13.213 13.364 16.233 12.585 83,9% 11.633 82,7% 82,6% 12.232 14.438 9M-19 9M-24 9M-25 9M-19 9M-24 9M-25 9M-19 9M-24 9M-25 9M-19 9M-24 9M-25 ↑| 3% ↑| 3% ↑|
Slide 4: Significant improvement in operating profitability also in the third quarter of the year
Significant improvement in operating profitability also in the third quarter of the year RPKs (in mil.) ASKs (in mil.) Passengers (in ‘000) Load Factor 5.563 5.620 5.788 6.699 6.855 5.642 87,7% 6.323 5.329 83,9% 84,3% 5.181 Q3-19 Q3-24 Q3-25 Q3-19 Q3-24 Q3-25 Q3-19 Q3-24 Q3-25 Q3-19 Q3-24 Q3-25 ↑| 3
Slide 5: AEGEAN Among Top-Tier Performers in the Sector, Driven by Strong 9M & Q3 2025 Results
AEGEAN Among Top-Tier Performers in the Sector, Driven by Strong 9M & Q3 2025 Results Third Quarter Third Quarter % Nine Months Nine Months % (in € mil.) 2024 2025 change 2024 2025 change Revenue 630,8 647,1 3% 1.379,9 1.434,1 4% EBITDA1 182,3 200,4 10% 329,9 356,6 8% EBIT 136,1 147,7 8% 199,5 206,6
Slide 6: Balance sheet strengthening
Balance sheet strengthening Cash & Cash Equivalents Debt (€ mil.) (€ mil.) 1.041,6 663,1 769,1 516,9 383,6 198,7 FY 2019 FY 2024 9M 2025 FY 2019 FY 2024 9M 2025 (amounts in € mil.) FY 2019 FY 2024 9M 2025 Cash and Cash Equivalents 517 769,1 1.041,6 Debt 199 383,6 663,1 Leases (IFRS 16) 343 1.047,6 9
Slide 7: Cash Flow Bridge
Cash Flow Bridge Amounts in € mil. 7 *Pdps: Pre-Delivery payments
Slide 8: Mr. Dimitris Gerogiannis, CEO of AEGEAN, commented:
Mr. Dimitris Gerogiannis, CEO of AEGEAN, commented: “2025 is shaping up to be another year of solid growth which further validates our positive momentum. Demand for air travel remains robust, supported by strong Greek passengers’ demand as well additional visitors to our country, while passenger goo
Slide 9: Appendix
Appendix
Slide 10: Hedging Coverage
Hedging Coverage Managing exposure to reduce volatility on results and target cost certainty Hedging rate % Year Jet Fuel 2025 remaining 68% 2026 52% Hedging rate % Year US dollars 1 2025 53% 2026 41% Note: 1 Including cashflow and non cashflow hedges as % of total USD expenses. 10
Slide 11: AEGEAN at a glance
AEGEAN at a glance Third Nine Nine Third Quarter % % (in € mil.) Quarter Months Months 2025 change change 2024 2024 2025 Revenue 630,8 647,1 3% 1.379,9 1.434,1 4% EBITDA1 182,3 200,4 10% 329,9 356,6 8% EBIT 136,1 147,7 8% 199,5 206,6 4% Pre-tax Profit/(Loss) 138,8 128,7 -7% 170,4 194,7 14% Net Profi
Slide 12: Profit and Loss Account
Profit and Loss Account Third Quarter Third Quarter Nine Months Nine Months % (in € mil.) % change 2024 2025 2024 2025 change Scheduled Services 544,6 560,8 3% 1200,4 1244,3 4% Charter 26,3 25,9 -2% 46,1 49,7 8% Other 59,9 60,4 1% 133,4 140,0 5% Total Revenue 630,8 647,1 3% 1.379,9 1.434,1 4% Other
Slide 13: Balance Sheet Aegean Group
Balance Sheet Aegean Group (in € mil.) 31.12.2024 30.09.2025 Total Fixed Assets 1.812,0 1.888,4 Cash & Cash Equivalents 575,6 732,9 Restricted Cash 2,5 4,6 Financial Assets Available for Sale1 191,0 304,1 Other Current Assets 293,3 386,3 Total Assets 2.874,4 3.316,4 Total Equity 499,4 557,5 Lease Li
Slide 14: Cash Flow Aegean Group - Summary
Cash Flow Aegean Group - Summary (in € mil.) 30.09.2024 30.09.2025 Net cash inflows/(outflows) from operating activities 320,0 297,6 Net cash inflows/(outflows) from investing activities (33,1) (84,8) Net cash inflows/(outflows) from financing activities (231,8) 99,5 Net (decrease)/ increase in cash
Slide 15: Group Operating Figures
Group Operating Figures Third Third Nine Nine % Quarter Quarter Months Months % change change 2024 2025 2024 2025 Capacity ASKs (in millions) 6.699 6.855 2% 16.233 16.738 3% Total available seats (‘000) 6.322 6.655 5% 15.266 16.029 5% Total Block Hours 69.664 70.532 1% 167.471 171.454 2% Total Secto