FY 2025 and Q4 2025
Financial Results Presentation
March 2026
FY-25 Highlights
€1,86 bil., Consolidated Revenue for the FY-2025, 5% higher YoY.
21,0 mil. seats, +6% YoY
17,3 mil. passengers +6% YoY,
10,2 mil. passengers to/ from international destinations
7,1 mil. domestic passengers
€421,5 mil. EBITDA +4% YoY.
€192,1 mil. EBT +17% YoY.
€147,8 mil. Net Profit +14% YoY.
€955,1mil. Cash, cash equivalents and other financial assets reached as of 31.12.2025.
€568,8mil. Equity as of 31.12.2025.
6 new aircraft delivered:
5 Airbus A320/321neo
1 ATR 72-600
2025 was another year of strong performance for AEGEAN
with growth recorded in passengers, revenue and profitability.
RPKs (in mil.)
17.413 18.231
FY-24 FY-25
ASKs (in mil.)
21.126 22.179
FY-24 FY-25
Passengers (in '000)
16.325 17.284
FY-24 FY-25
Load Factor
82,7% 82,5%
FY-24 FY-25
+5% YoY +5% YoY +6% YoY -0,2 pp
Revenue (in € mil)1.777,3 1.859,7
EBITDA (in € mil) Pre- tax Profit / (Loss) (in € mil) Net Profit (in € mil)405,3 421,5
164,0 192,1
129,9 147,8
FY-24 FY-25
FY-24 FY-25
FY-24 FY-25
FY-24 FY-25
+5% YoY +4% YoY +17% YoY +14% YoY
3
Q4 2025 Gradual strengthening of demand in the seasonally weaker months
Fourth Quarter 2024 | Fourth Quarter 2025 | % change | Full Year 2024 | Full Year 2025 | % change | |
Total Passengers ('000) | 3.740 | 4.071 | 9% | 16.325 | 17.284 | 6% |
RPKs (in mil.) | 4.049 | 4.444 | 10% | 17.413 | 18.231 | 5% |
ASKs (in mil.) | 4.893 | 5.441 | 11% | 21.126 | 22.179 | 5% |
Load Factor (RPK/ASK) | 83,1% | 82,0% | -1,1pp | 82,5% | 82,3% | -0,3pp |
(in € mil.) | Fourth Quarter 2024 | Fourth Quarter 2025 | % change | Full Year 2024 | Full Year 2025 | % change |
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 | (6,5) | (2,6) | -59% | 164,0 | 192,1 | 17% |
Net Profit | (2,1) | (0,1) | -94% | 129,9 | 147,8 | 14% |
Cash & Cash Equivalents
(€ mil.)
Debt (€ mil.)
769,1
516,9
955,1
FY 2019 FY 2024 FY 2025
664,2
383,6
198,7
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 | 1.047,6 | 971,1 |
Net Debt/ (Net Cash) incl. leases | 25 | 662,2 | 680,2 |
Net Debt/ (Net Cash) excl. leases | (318) | (385,5) | (290,9) |
EBITDA | 269 | 405,3 | 421,5 |
Net Debt/EBITDA | 0,1x | 1,6x | 1,6x |
Equity | 328 | 499,4 | 568,7 |
5
Cash Flow Bridge
Pdps: Pre-Delivery payments
Financial Investments: including purchase of treasury shares.
Amounts in € mil.
6
Fleet Program Driving Efficiency / Quality
88 aircraft
as of Feb-25
Fleet Evolution
38
A320 neo family
32
Deliveries | Total |
2019 | 1 |
2020 | 7 |
2021 | 1 |
2022 | 10 |
2023 | 9 |
2024 | 5 |
2025 | 5 |
2026 | 7 |
2027 | 5 |
2028 | 2 |
2030+ | 8 |
A320 ceo family
21
A320 neo
17
A321 neo
28
A320 ceo
4
A321 ceo
18
Turboprop (ATR. Dash 8-100)
13
ATR72-600
3
ATR42-600
2
D-100
7
Mr. Dimitris Gerogiannis, CEO of AEGEAN, commented:"2025 was another year of strong performance for AEGEAN, with growth recorded in passengers, revenue, and profitability. Network expansion, new aircraft deliveries and capacity growth during the off-peak months contributed positively in Group's results, which remain significantly robust for yet another year. The proposed dividend, subject to approval by the Annual General Assembly, is also reflecting the improved profitability.
Looking ahead to 2026, despite the positive momentum in the first two months of the year, the overall environment remains high volatile following the recent developments in the Middle East. The suspension of the flight operations in the region (representing approximately 4-5% of the Company's total scheduled activity), along with the immediate and pronounced increase on fuel prices, are expected to have a notable impact, at least in the first quarter of the year.
The duration of this new conflict in the Middle East remains uncertain; AEGEAN, having substantial experience in managing similar crises, as well as strong cash reserves and significant levels of fuel hedging contracts in place, will once again demonstrate the resilience and adaptability required to sustain its competitiveness and long-term growth prospects."
8
Appendix
Hedging Coverage
Managing exposure to reduce volatility on results and target cost certainty
Year | Hedging rate % Jet Fuel |
2026 | 60% |
2027 | 7% |
Year | Hedging rate % US dollars* |
2025 | 59% |
2026 | 52% |
Note:
Including cashflow and non cashflow hedges as % of total USD expenses 10
AEGEAN at a glance
(in € mil.) | Fourth Quarter 2024 | Fourth Quarter 2025 | % change | Full Year 2024 | Full Year 2025 | % change |
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/(Loss) | (2,1) | (0,1) | -94% | 129,9 | 147,8 | 14% |
Total passengers ('000) | 3.740 | 4.071 | 9% | 16.325 | 17.284 | 6% |
Available Seats ('000) | 4.526 | 4.973 | 10% | 19.793 | 21.002 | 6% |
ASKs (in mil.) | 4.893 | 5.441 | 11% | 21.126 | 22.179 | 5% |
Average passengers per flight | 131 | 131 | 0% | 128 | 129 | 1% |
Load factor- Scheduled Services (Pax/AVS) | 83,1% | 82,0% | -1,1pp | 82,5% | 82,3% | -0,3pp |
Load factor- Scheduled Services (RPK/ASK) | 83,0% | 82,2% | -0,7pp | 82,7% | 82,5% | -0,2pp |
Average sector length (km) | 953 | 956 | 0% | 925 | 915 | -1% |
RASK (Revenue per ASK, in € cents) 2 | 8,12 | 7,82 | -3,7% | 8,41 | 8,38 | -0,3% |
Yield (in € cents) 3 | 9,81 | 9,58 | -2,4% | 10,21 | 10,20 | -0,1% |
CASK (EBT level, in € cents) 4 | 8,43 | 8,08 | -4,2% | 7,77 | 7,66 | -1,5% |
CASK (EBT level, in € cents) - excl. fuel costs 4 | 6,75 | 6,46 | -4,3% | 6,01 | 5,99 | -0,3% |
CASK (EBT level, in € cents)-excl. FX difference4 | 7,94 | 8,07 | 1,6% | 7,69 | 7,78 | 1,2% |
CASK (EBT level, in € cents) -excl. fuel costs and FX difference 4 | 6,27 | 6,46 | 3,1% | 5,92 | 6,11 | 3,2% |
11
Profit and Loss Account
(in € mil.) | Fourth Quarter 2024 | Fourth Quarter 2025 | % change | Full Year 2024 | Full Year 2025 | % change |
Scheduled Services | 343,9 | 366,2 | 6% | 1544,4 | 1610,5 | 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 operating income | 8,8 | 13,7 | 56% | 28,1 | 40,5 | 44% |
Employee benefits | (43,8) | (57,3) | 31% | (193,3) | (219,5) | 14% |
Aircraft fuel | (82,1) | (88,0) | 7% | (372,1) | (369,0) | -1% |
Aircraft maintenance | (46,4) | (51,9) | 12% | (202,1) | (220,2) | 9% |
Overflight expenses | (19,4) | (22,7) | 17% | (86,0) | (93,6) | 9% |
Ground handling expenses | (23,5) | (29,8) | 27% | (100,9) | (122,9) | 22% |
Airport charges | (17,5) | (21,9) | 26% | (84,0) | (86,3) | 3% |
Catering expenses | (14,1) | (16,0) | 14% | (54,0) | (60,8) | 13% |
Distribution expenses | (26,8) | (24,4) | -9% | (109,8) | (111,3) | 1% |
Marketing & advertising expenses | (8,2) | (8,5) | 3% | (24,8) | (27,3) | 10% |
Emissions | (19,7) | (25,7) | 30% | (57,7) | (78,4) | 36% |
Other operating expenses | (26,4) | (27,4) | 4% | (90,7) | (86,3) | -5% |
Leases | (3,0) | (0,7) | -75% | (24,8) | (3,2) | -87% |
EBITDA | 75,4 | 64,9 | -14% | 405,3 | 421,5 | 4% |
EBITDA Margin | 19,0% | 15,2% | 22,8% | 22,7% | 14% | |
Depreciation | (47,8) | (53,3) | 11% | (178,2) | (203,3) | |
EBIT | 27,6 | 11,6 | -58% | 227,1 | 218,2 | -4% |
EBIT margin | 7,0% | 2,7% | 12,8% | 11,7% | -8% | |
Interest and Financial income | 10,7 | 8,6 | -19% | 34,0 | 33,4 | -2% |
Interest and Financial expense | (20,7) | (22,7) | 9% | (77,7) | (86,6) | 11% |
FX difference and other | (24,0) | (0,3) | -99% | (17,8) | 27,4 | - |
Share of profit / (loss) in associates | (0,1) | 0,0 | - | (1,7) | (0,3) | -80% |
Pre-tax Profit/(Loss) | (6,5) | (2,6) | -59% | 164,0 | 192,1 | 17% |
EBT margin | -1,6% | -0,6% | 9,2% | 10,3% | 30% | |
Income Tax | 4,4 | 2,5 | -43% | (34,0) | (44,2) | |
Net Profit/(Loss) after tax | (2,1) | (0,1) | -94% | 129,9 | 147,8 | 14% |
12
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 Liabilities | 1.047,6 | 971,1 |
Loans | 383,6 | 664,2 |
Other Non-Current Liabilities | 176,7 | 227,9 |
Other Current Liabilities | 767,1 | 781,5 |
Total Equity and Liabilities | 2.874,4 | 3.213,5 |
13
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 |
Cash at the beginning of the period1 | 706,3 | 769,1 |
Foreign exchange difference impact in cash | 3,8 | (38,1) |
Cash and cash equivalents of asset held for sale | ||
Cash at the end of the period1 | 769,1 | 955,1 |
14
Group Operating Figures
Fourth Quarter 2024 | Fourth Quarter 2025 | % change | Full Year 2024 | Full 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 Sectors Flown | 28.643 | 31.091 | 9% | 128.021 | 134.371 | 5% |
Average capacity per flight | 158 | 160 | 1% | 155 | 156 | 1% |
Average sector length (km) | 953 | 956 | 0% | 925 | 915 | -1% |
Passengers (΄000) | ||||||
By type of service: | ||||||
Schedule passengers | 3.680 | 4.007 | 9% | 15.974 | 16.921 | 6% |
Charter passengers | 60 | 64 | 6% | 351 | 363 | 4% |
By network: | ||||||
Domestic | 1.497 | 1.585 | 6% | 6.719 | 7.105 | 6% |
International | 2.243 | 2.486 | 11% | 9.606 | 10.180 | 6% |
Total number of passengers | 3.740 | 4.071 | 9% | 16.325 | 17.284 | 5,9% |
RPKs (in millions) | 4.049 | 4.444 | 10% | 17.413 | 18.231 | 5% |
Average passengers per flight | 131 | 131 | 0% | 128 | 129 | 1% |
Load factor- Scheduled Services (Pax/AVS) | 83,0% | 82,2% | -0,7pp | 82,7% | 82,5% | -0,2pp |
Load factor- Scheduled Services (RPK/ASK) | 83,1% | 82,0% | -1,1pp | 82,5% | 82,3% | -0,3pp |
15