Aegean Airlines Sa · ATHEX:AEGN
Aegean Airlines Sa — Q1 2026 Earnings Presentation
15 slides from Aegean Airlines Sa's earnings presentation, May 12, 2026
Slide 1: Q1 2026 Financial Results Presentation
Q1 2026 Financial Results Presentation May 2026
Slide 2: Q1-26 Highlights
Q1-26 Highlights • €320,7 mil. Revenue for the Q1-26, 5% higher vs Q1-25. • 4,3 mil. ASKs, 5% higher vs Q1-25. • 3,2 mil. Passengers, 4% higher vs Q1-25. • €46,6 mil. EBITDA, 6% higher vs Q1-25. • €21,7 mil. after-tax losses. • €891,6 mil. Cash, cash equivalents and other financial assets reached as
Slide 3: Modest improvement in EBITDA during the weak first quarter of the year
Modest improvement in EBITDA during the weak first quarter of the year RPKs (in mil.) ASKs (in mil.) Passengers (in ‘000) Load Factor 4.160 4.364 80,6% 80,2% 3.343 3.489 3.093 3.230 Q1-25 Q1-26 Q1-25 Q1-26 Q1-25 Q1-26 Q1-25 Q1-26 +4% YoY +5% YoY +4% YoY -0,3 pp Revenue (in € mil) EBITDA (in € mil) P
Slide 4: Revenue and EBITDA performance in line with the increase in capacity
Revenue and EBITDA performance in line with the increase in capacity First Quarter First Quarter 2025 2026 % change Total Passengers (‘000) 3.093 3.230 4% RPKs (in mil.) 3.343 3.489 4% ASKs (in mil.) 4.160 4.364 5% Load Factor (RPK/ASK) 80,6% 80,2% -0,3pp First Quarter First Quarter (in € mil.) 2025
Slide 5: Balance sheet strengthening
Balance sheet strengthening Cash & Cash Equivalents (€ mil.) Debt (€ mil.) 955,1 891,6 664,2 516,9 462,1 198,7 31/12/2019 31/12/2025 31/3/2026 31/12/2019 31/12/2025 31/3/2026 (amounts in € mil.) 31/12/2019 31/12/2025 31/03/2026 Cash and Cash Equivalents 517 955,1 891,6 Debt 199 664,2 462,1 Leases (I
Slide 6: Cash Flow Bridge
Cash Flow Bridge *Net Capex: Includes purchases of tangible assets and advances for the acquisition of assets. Amounts in € mil. Pdps: Pre-Delivery payments 6
Slide 7: Fleet Program Driving Efficiency / Quality
Fleet Program Driving Efficiency / Quality Total NEO Fleet Evolution Deliveries 2019 1 2020 7 2021 1 2022 10 2023 9 2024 5 2025 5 2026 7 2027 7 2028 2 2030+ 8 88 aircraft as of Apr-26 41 A320 neo family 29 A320 ceo family 18 Turboprop 20 A321 neo – 21 A320 neo 3 A321 ceo – 26 A320 ceo 13 ATR72-600-
Slide 8: Mr. Dimitris Gerogiannis, CEO of AEGEAN, commented:
Mr. Dimitris Gerogiannis, CEO of AEGEAN, commented: “The conflict in the Middle East and the subsequent closure of the Strait of Hormuz have led to a spike in jet fuel prices, creating a challenging environment for the industry throughout 2026. At AEGEAN, we continue to exercise flexibility in our o
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 2026 60% 2027 7% Hedging rate % Year US dollars* 2026 64% 2027 54% Note: Including cashflow and non cashflow hedges as % of total USD expenses 10
Slide 11: AEGEAN at a glance
AEGEAN at a glance First Quarter First Quarter (in € mil.) 2025 2026 % change Revenue 306,0 320,7 5% EBITDA1 43,8 46,6 6% EBIT/(Loss) (2,6) (5,1) 98% Pre-tax Profit/(Loss) (7,5) (28,3) 279% Net Profit/(Loss) (6,6) (21,7) 228% Total passengers (‘000) 3.093 3.230 4% Available Seats (‘000) 3.859 4.008
Slide 12: Profit and Loss Account
Profit and Loss Account (in € mil.) First Quarter First Quarter 2025 2026 % change Scheduled Services 265,5 279,6 5% Charter 4,7 4,2 -10% Other 35,9 36,9 3% Total Revenue 306,0 320,7 5% Other operating income 6,4 9,3 44% Employee benefits (43,5) (49,3) 13% Aircraft fuel (70,0) (67,8) -3% Aircraft ma
Slide 13: Balance Sheet Aegean Group
Balance Sheet Aegean Group (in € mil.) 31.12.2025 31.03.2026 Total Fixed Assets 1.930,3 1.966,4 Cash & Cash Equivalents 651,5 608,3 Restricted Cash 3,5 0,0 Financial Assets Available for Sale 300,2 283,3 Other Current Assets 328,0 483,9 Total Assets 3.213,5 3.341,9 Total Equity 568,8 637,9 Lease Lia
Slide 14: Cash Flow Aegean Group - Summary
Cash Flow Aegean Group - Summary (in € mil.) 31.03.2025 31.03.2026 Net cash flows from operating activities 110,0 160,4 Net cash flows from investing activities (51,0) (12,9) Net cash flows from financing activities (19,4) (200,3) Net (decrease)/ increase in cash and cash equivalents 39,5 (52,7) Cas
Slide 15: Group Operating Figures
Group Operating Figures First Quarter First Quarter 2025 2026 % change Capacity ASKs (in millions) 4.160 4.364 5% Total available seats (‘000) 3.859 4.008 4% Total Block Hours 42.027 43.535 4% Total Sectors Flown 24.434 25.443 4% Average capacity per flight 158 158 0% Average sector length (km) 946