Aegean Airlines Sa · ATHEX:AEGN
Aegean Airlines Sa — Aegean Airlines Ord — Q2 2024 Earnings Presentation
19 slides from Aegean Airlines Sa's earnings presentation, Sep 12, 2024
Slide 1: Q2 2024 and H1 2024 Financial Results Presentation
Q2 2024 and H1 2024 Financial Results Presentation September 2024
Slide 2: H1-24 Highlights
H1-24 Highlights • €749,1 mil. revenue 10% higher, with available seats 9% and passenger traffic 9% higher compared to H1-23. • RASK growth 1% and Yield growth 2% compared to H1-23. • Continued cost control; CASK (EBT level) 4% higher and CASK (EBT level) - excl. fuel costs up 5% YoY. • EBITDA €147,
Slide 3: Strong passenger traffic growth and 10% increase in Revenue
Strong passenger traffic growth and 10% increase in Revenue Deliver positive after-tax result in the seasonally weak first half period RPKs (in mil.) ASKs (in mil.) Passengers (in ‘000) Load Factor 9.527 7.741 7.047 8.601 6.669 8.114 7.255 6.452 6.642 82,2% 82,2% 81,4% H1-19 H1-23 H1-24 H1-19 H1-23
Slide 4: In Q2-24 AEGEAN continued to grow by offering 5,4 mil. available seats
In Q2-24 AEGEAN continued to grow by offering 5,4 mil. available seats, 9% more than in Q2-23, with passenger traffic increasing by 8%. RPKs (in mil.) ASKs (in mil.) Passengers (in ‘000) Load Factor 5.782 5.099 5.279 4.688 4.400 82,6% 4.343 82,1% 81,2% 4.187 3.927 4.067 Q2-19 Q2-23 Q2-24 Q2-19 Q2-23
Slide 5: Balanced growth in international and domestic network
Balanced growth in international and domestic network Total Passengers (in ‘000) Domestic Passengers (in ‘000) International Passengers (in ‘000) 4.400 4.067 2.586 2.380 1.814 1.687 Q2-23 Q2-24 Q2-23 Q2-24 Q2-23 Q2-24 ↑| 8% ↑| 8% ↑| 9% Total Passengers (in ‘000) Domestic Passengers (in ‘000) Interna
Slide 6: Result in H1-24 remains strong despite higher competition and cost burdens
Result in H1-24 remains strong despite higher competition and operational and regulatory requirements that burden our cost base. % change % change % change % change (in € mil.) Q2 2019 Q2 2023 Q2 2024 H1 2019 H1 2023 H1 2024 '24/'19 '24/’23 '24/'19 '24/’23 Total Revenue 347,4 449,1 480,3 38% 7% 519,
Slide 7: AEGEAN margins continue to rank high
AEGEAN margins continue to rank high ASKs (in mil.) Passengers (in ‘000) EBITDA Margin 9.527 8.601 20,6% 19,7% 8.114 7.255 6.452 6.642 12,1% H1-19 H1-23 H1-24 H1-19 H1-23 H1-24 H1-19 H1-23 H1-24 ↑| 11% ↑| 9% ↑| 12% ↑| 7,6pp ↑| 17% Key financial and operating metrics as a percentage of the correspond
Slide 8: Balance sheet strengthening
Balance sheet strengthening Cash & Cash Equivalents Debt (€ mil.) (€ mil.) 814,4 706,3 220,3 220,1 198,7 516,9 FY 2019 FY 2023 H1 2024 FY 2019 FY 2023 H1 2024 (amounts in € mil.) FY 2019 FY 2023 H1 2024 Cash and Cash Equivalents1 517 7064 814 Debt2 199 220 220 Leases (IFRS 16) 343 901 1.077 Net Debt
Slide 9: Cash Flow Bridge
Cash Flow Bridge Amounts in € mil. 9 *Pdps: Pre-Delivery payments
Slide 10: Fleet Program Driving Efficiency / Quality
Fleet Program Driving Efficiency / Quality 82 AIRCRAFT 30.08.2024 31 34 17 A320 neo family A320 ceo family TURBOPROP (ATR 42/72-600, DASH 8-100) 18 13 29 5 12 3 2 A320 neo A321 neo A320 ceo A321 ceo ATR72-600 ATR42-600 D-100 48 50 43 38 33 28 19 AIRBUS A320/321 neo +7 8 9 +10 +9 +5 +5 +5 +5 +1 1 +1
Slide 11: CEO commentary by Mr. Dimitris Gerogiannis
Mr. Dimitris Gerogiannis, CEO of AEGEAN, commented: “The result in the First Half of the year remains particularly strong, despite the increase in the capacity offered by the competition but also the significant operational and regulatory requirements that burden our cost base. In fact, given the se
Slide 12: Outlook: Expecting a strong summer season
Outlook Expecting a strong summer season • In Q3-2024, AEGEAN plans to offer the same capacity levels compared to Q3-23, with scheduled capacity to/from Athens to record a 6-7% increase. • Demand continues to remain strong, with load factor exceeding 84% in the July-August period, marginally lower c
Slide 13: Appendix
Appendix
Slide 14: Hedging Coverage
Hedging Coverage Managing exposure to reduce volatility on results and target cost certainty Hedging rate % Year Jet Fuel 2024 69% 2025 41% Hedging rate % Year US dollars 1 2024 53% 2025 32% Note: 1 Including cashflow and non cashflow hedges as % of total USD expenses. 14
Slide 15: AEGEAN at a glance
AEGEAN at a glance Second Second % First Half First Half % (in € mil.) Quarter Quarter change 2023 2024 change 2023 2024 Revenue 449,1 480,3 7% 678,1 749,1 10% EBITDA1 120,2 114,4 -5% 139,5 147,6 6% EBIT 82,3 70,6 -14% 67,6 63,4 -6% Pre-tax Profit/(Loss) 67,3 57,9 -14% 48,7 31,6 -35% Net Profit/(Los
Slide 16: Profit and Loss Account
Profit and Loss Account Second Second % First Half First Half % (in € mil.) Quarter Quarter change 2023 2024 change 2023 2024 Scheduled Services 381,8 419,6 10% 581,7 655,9 13% Charter 26,9 16,1 -40% 29,4 19,8 -33% Other 40,4 44,6 10% 67,0 73,5 10% Total Revenue 449,1 480,3 7% 678,1 749,1 10% Other
Slide 17: Balance Sheet Aegean Group
Balance Sheet Aegean Group (in € mil.) 31.12.2023 30.06.2024 Total Fixed Assets 1.477,63 1.664,6 Cash & Cash Equivalents1,3 576,2 542,0 Financial Assets Available for Sale2 130,03 272,3 Other Current Assets 228,8 315,6 Total Assets 2.412,7 2.794,5 Total Equity 418,84 384,6 Lease Liabilities 901,2 1.
Slide 18: Cash Flow Aegean Group - Summary
Cash Flow Aegean Group - Summary (in € mil.) 30.06.2023 30.06.2024 Net cash inflows/(outflows) from operating activities 356,2 357,2 Net cash inflows/(outflows) from investing activities (92,4) (65,3) Net cash inflows/(outflows) from financing activities (61,3) (192,5) Net (decrease)/ increase in ca
Slide 19: Group Operating Figures
Group Operating Figures Second Second % First Half First Half % Quarter Quarter change 2023 2024 change 2023 2024 Capacity ASKs (in millions) 5.279 5.782 10% 8.601 9.527 11% Total available seats (‘000) 4.945 5.394 9% 8.173 8.941 9% Total Block Hours 53.178 59.497 12% 86.803 97.750 13% Total Sectors