Aegean Airlines Sa · ATHEX:AEGN
Aegean Airlines Sa — Investor Presentation (May 2026)
29 slides from Aegean Airlines Sa's investor presentation, May 2026
Slide 1: Corporate Presentation May 2026
Corporate Presentation May 2026
Slide 2: Aegean at a Glance
AEGEAN AT A GLANCE INVESTMENT THESIS FINANCIAL PERFORMANCE INDUSTRY OVERVIEW APPENDIX
Slide 3: Over 26 years of innovation resilience and growth
Over 26 years of innovation resilience and growth 2007 2023 2019 Agreement to Agreement to lease 2025 purchase and lease Issuance of 1 new Airbus neo 1999 25 new A320 ceo 2016 a 7-year Issuance of 2003 2013 family aircraft. Common Bond Loan Exercise 3 additional a 7-year Start Start of new 1st time
Slide 4: 2025 Performance at a glance
2025 Performance at a glance 17,3 MIL. 22,2 BIL. 225.350 134.371 PA S S E N G E R S A S Ks BLO CK H O U R S FLIG H T S 82,5 % 88 L O A D FAC T O R A I R CRAFT end of year €1.859,7 MIL. €568,7 MIL. EQUITY CO N S O L I D A T E D RE VE N U E €955,1 MIL. €421,5 MIL. CAS H A N D CAS H EBITDA BEST E Q U I
Slide 5: Resilience and competitive strength in a demanding sector landscape
Resilience and competitive strength in a demanding sector landscape Greece’s flag carrier Unparalleled track Hub structure with an increasing record of growth offering unique international focus and profitability network synergies Customer centric Well-invested and Building on aviation approach deli
Slide 6: Industry Overview
AEGEAN AT A GLANCE INDUSTRY OVERVIEW INVESTMENT THESIS FINANCIAL PERFORMANCE APPENDIX
Slide 7: Healthy Greek market growth and strong recovery reaching pre-Covid levels
Healthy Greek market growth and strong recovery reaching pre-Covid levels 2 years earlier than EU Total GR Capacity Evolution +37% since 2019 CAGR-2019 ▲5.3% YoY Δ% ▲8.9% YoY Δ% ▲5.7% YoY Δ% ▲10.6% 82,5M YoY Δ% ▲47.9% 78,1M 71,7M 60,7M YoY Δ% ▲66.0% 64,8M YoY Δ% ▼-56.5% 43,8M 26,4M 2019 2020 2021 20
Slide 8: Investment Thesis
AEGEAN AT A GLANCE INDUSTRY OVERVIEW INVESTMENT THESIS FINANCIAL PERFORMANCE APPENDIX
Slide 9: Proven track record of growth and profitability
Proven track record of growth and profitability more than 100 destinations added since IPO in 2007 56% 23% 21% 21% 2007 REVENUE BY NETWORK 2024 2025 2019 DOMESTIC INTERNATIONAL 44% 77% 79% 79% GROWING AND EXTROVERT 2007 CONSISTENT GROWTH 2019 2024 2025 €439,9 Revenue (in mil.) €1.308,8 €1.777,3 €1.8
Slide 10: Growing Prudently
Growing Prudently Rapidly adapting strategy to address both the challenges and the opportunities % chg ‘25/’24 Available Seat Kilometers – (in billion) +5% 22,2 20,4 21,1 17,2 18,6 16,7 16,4 16,7 14,7 12,2 10,7 10,8 7,2 Load Factor Evolution 83% 84% 85% 83% 83% 83% 78% 78% 77% 77% 80% 67% 66% 2013 2
Slide 11: Our hub creates unique network synergies
Our hub creates unique network synergies A LTA Strengthen Athens hub and Thessaloniki focused growth TROMS O B ODO GREECE ABROAD LULE A OUL U SK E LLE F TE A UME A LARNACA S U N D S VALL TI M R A 3 AIRCRAFT THESSALONIKI 47 ALE SUND K U O P IO 8 AIRCRAFT 7 BERGEN H A UGE SUND O S LO HEL SINK I countr
Slide 12: Grow value for our customers
Grow value for our customers Well positioned to take advantage of the upgrade in Greece and Athens destination attractiveness. Offer high-quality services that match traditional Greek hospitality with the demands of modern travelers. -Network creates value to our customers -Underpin our Premium Posi
Slide 13: Star Alliance membership: vote of confidence
Star Alliance membership: vote of confidence • Aegean is a Star Alliance member since 2010 • Τhe largest global airline alliance (25 member airlines) • Providing benefits to both the customers and the company. • Adding value to passengers’ travel experience through: - Access to a worldwide network –
Slide 14: Fleet Program Driving Efficiency / Quality
Fleet Program Driving Efficiency / Quality Fleet Evolution Total NEO Deliveries 2019 1 2020 7 2021 1 2022 10 2023 9 2024 5 2025 5 2026 7 2027 7 2028 2 88 aircraft 2030+ 8 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 15: Leveraging our network to boost fleet efficiency
Leveraging our network to boost fleet efficiency AEGEAN invests in 4+2 Airbus A321neo’s with extended Range Capabilities and a New High Comfort Configuration -Target to 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;
Slide 16: MRO Facility established to provide base maintenance services
MRO Facility established to provide base maintenance services The maintenance repair and overhaul center (MRO), with the development of a technical base of up to 10 bays for various types of aircraft creates a modern integrated ecosystem of aviation support services with a capacity of 85.000 m2 . Th
Slide 17: Flight Training Center JV with CAE
Flight Training Center JV with CAE • Currently 4 simulators are in operation, covering the needs of both AEGEAN and third -party airlines. • Capacity up to 7 simulators • Operational efficiencies and overhead cost savings potential • Additional revenue streams long-term opportunity
Slide 18: Financial Performance
AEGEAN AT A GLANCE INDUSTRY OVERVIEW INVESTMENT THESIS FINANCIAL PERFORMANCE APPENDIX
Slide 19: 2025: Robust results
2025: Robust results RPKs (in mil.) ASKs (in mil.) Passengers (in ‘000) Load Factor +5% yoy +5% yoy +6% yoy -0,2 p.p. 21.126 22.179 18.231 17.284 82,7% 82,5% 17.413 16.325 The Group achieved record-high Revenues, passenger volumes and EBITDA, along with its FY-24 FY-25 FY-24 FY-25 FY-24 FY-25 FY-24
Slide 20: Strong balance sheet and robust liquidity
Strong balance sheet and robust liquidity Cash & Cash Equivalents Debt (€ mil.) (€ mil.) 955,1 664,2 769,1 516,9 383,6 198,7 FY 2019 FY 2024 FY 2025 FY 2019 FY 2024 FY 2025 (amounts in € mil.) FY 2019 FY 2024 FY 2025 Cash and Cash Equivalents 517 769,1 955,1 Debt 199 383,6 664,2 Leases (IFRS 16) 343
Slide 21: Strong Cash Flow generation
Strong Cash Flow generation Amounts in € mil. Notes: Debt Issuance: €250mio bond issuance and 1 Jolco financing transaction. Capex: includes acquisition of 1x neo aircraft and 1x ATR Pdps: Pre-Delivery payments Financial Investments: including purchase of treasury shares and own bonds. 21
Slide 22: Appendix
AEGEAN AT A GLANCE INDUSTRY OVERVIEW INVESTMENT THESIS FINANCIAL PERFORMANCE APPENDIX
Slide 23: Hedging Coverage
Hedging Coverage Managing exposure to reduce volatility on results and target cost certainty Jet fuel Hedging rate% Year 2026 60% 2027 7% US dollars* Hedging rate% Year 2026 60% 2027 52% Note: Including cashflow and non cashflow hedges as % of total USD expenses 23
Slide 24: AEGEAN at a glance
AEGEAN at a glance Fourth Quarter Fourth Quarter Full Full 2024 2025 % change Year 2024 Year 2025 % change (in € mil.) Revenue 397,4 425,6 7% 1.777,3 1.859,7 5% EBITDA1 75,4 64,9 -14% 405,3 421,5 4% EBIT 27,6 11,6 -58% 227,1 218,2 -4% Pre-tax Profit/(Loss) (6,5) (2,6) -59% 164,0 192,1 17% Net Profit
Slide 25: Profit and Loss Account
Profit and Loss Account Fourth Quarter Fourth Quarter Full Full (in € mil.) 2024 2025 % change Year 2024 Year 2025 % change Scheduled Services 343,9 366,2 6% 1.544,4 1.610,5 4% Charter 11,0 11,8 7% 57,1 61,5 8% Other 42,5 47,7 12% 175,9 187,7 7% Total Revenue 397,4 425,6 7% 1.777,3 1.859,7 5% Other
Slide 26: Balance Sheet Aegean Group
Balance Sheet Aegean Group (in € mil.) 31.12.2024 31.12.2025 Total Fixed Assets 1.812,0 1.930,3 Cash & Cash Equivalents 575,6 651,5 Restricted Cash 2,5 3,5 Financial Assets Available for Sale1 191,0 300,2 Other Current Assets 293,3 328,0 Total Assets 2.874,4 3.213,5 Total Equity 499,4 568,8 Lease Li
Slide 27: Cash Flow Aegean Group - Summary
Cash Flow Aegean Group - Summary (in € mil.) 31.12.2024 31.12.2025 Net cash flows from operating activities 407,5 279,1 Net cash flows from investing activities (118,2) (164,5) Net cash flows from financing activities (230,2) 109,5 Net (decrease)/ increase in cash and cash equivalents 59,1 224,1 Cas
Slide 28: Group Operating Figures
Group Operating Figures Fourth Quarter Fourth Quarter Full Full 2024 2025 % change Year 2024 Year 2025 % change Capacity ASKs (in millions) 4.893 5.441 11% 21.126 22.179 5% Total available seats (‘000) 4.526 4.973 10% 19.793 21.002 6% Total Block Hours 49.469 53.896 9% 216.940 225.350 4% Total Secto
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