Q3 2025 and 9M 2025
Financial Results Presentation
November 2025
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 mil. Net Profit +12% YoY.
€1.041,6 mil. Cash, cash equivalents and other financial assets reached as of 30.09.2025.
6 new aircraft delivered:
5 Airbus A320/321neo
1 ATR 72-600
out of which Cash purchased deliveries
1 A321neo
1 ATR 72-600
Steady growth with new record highs in passenger traffic and Revenue
RPKs (in mil.)
13.364 13.787
12.232
9M-19 9M-24 9M-25
↑| 3%
↑| 13%
ASKs (in mil.)
16.233 16.738
14.438
9M-19 9M-24 9M-25
↑| 3%
↑| 16%
Passengers (in '000)
12.585 13.213
11.633
9M-19 9M-24 9M-25
↑| 5%
↑| 14%
Load Factor
83,9% 82,7% 82,6%
9M-19 9M-24 9M-25
Revenue (in € mil)
1.380 1.434
EBITDA (in € mil)
EBIT (in € mil)
Pre- tax Profit / (Loss)
(in € mil)
Net Profit (in € mil)
1.032
230,8
329,9 356,6
199,5 206,6
121,9
106,6
170,4 194,7
77,1 132,0
148,0
9M-19 9M-24 9M-25
↑| 4%
↑| 39%
9M-19 9M-24 9M-25
↑| 8%
↑| 54%
9M-19 9M-24 9M-25
↑| 4%
↑| 69%
9M-19 9M-24 9M-25
↑| 14%
↑| 83%
9M-19 9M-24 9M-25
↑| 12%
↑| 92%
3
Significant improvement in operating profitability also in the third quarter of
the year
RPKs (in mil.)
5.563 5.620 5.788
Q3-19 Q3-24 Q3-25
↑| 3%
↑| 4%
ASKs (in mil.)
6.699 6.855
6.323
Q3-19 Q3-24 Q3-25
↑| 2%
↑| 8%
Passengers (in '000)
5.642
5.181 5.329
Q3-19 Q3-24 Q3-25
↑ | 6%
↑ | 9%
Load Factor
87,7% 83,9% 84,3%
Q3-19 Q3-24 Q3-25
Revenue (in € mil)
630,8 647,1
EBITDA (in € mil)
EBIT (in € mil)
Pre- tax Profit (in € mil)
Net Profit (in € mil)
512,5
168,1 182,3 200,4
131,3 136,1 147,7
123,7 138,8 128,7
90,2 108,3 100,4
Q3-19 Q3-24 Q3-25
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%
↑| 26%
↑| 10%
↑| 19%
↑| 8%
↑| 12%
↓| 7%
↑| 4%
↓| 7%
↑| 11%
4
AEGEAN Among Top-Tier Performers in the Sector, Driven by Strong
9M & Q3 2025 Results
(in € mil.)
Third Quarter 2024
Third Quarter 2025
%
change
Nine Months 2024
Nine Months 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
4%
Pre-tax Profit/(Loss)
138,8
128,7
-7%
170,4
194,7
14%
Net Profit/(Loss)
108,3
100,4
-7%
132,0
148,0
12%
Strong performance despite:
-New regulations from 1/1/2025 reduced free CO₂ rights.
-Higher costs from SAF use and allowance purchases.
Total impact of these factors amounted to €32.0 mil. for the 9M 2025.
Lower fuel prices helped offset costs.
Company 1
Company 2
20%
17%
EBIT marginsremain robust across the peer group, reflecting solid operational efficiency and disciplined cost management
Calcs based on published financial results analyzed and processed by Aegean
AEGEANAegean
Company 3
Company 4
Company 5
Company 6
Company 7
Company 8
Company 9
Company 10
14%
13%
10%
7%
4%
3%
2%
1%
1%
5
Balance sheet strengtheningCash & Cash Equivalents
(€ mil.)
Debt (€ mil.)
769,1
516,9
1.041,6
FY 2019 FY 2024 9M 2025
663,1
383,6
198,7
FY 2019 FY 2024 9M 2025
(amounts in € mil.)
FY 2019 FY 2024 9M 2025Cash and Cash Equivalents | 517 | 769,1 | 1.041,6 |
Debt | 199 | 383,6 | 663,1 |
Leases (IFRS 16) | 343 | 1.047,6 | 967,4 |
Net Debt/ (Net Cash) incl. leases | 25 | 662,2 | 588,8 |
Net Debt/ (Net Cash) excl. leases | (318) | (385,5) | (378,5) |
EBITDA - 12month trailing 1 | 269 | 405,3 | 432,1 |
Net Debt/EBITDA | 0,1x | 1,6x | 1,4x |
Equity | 328 | 499,4 | 557,2 |
Notes:
1 12-month trailing Earnings/(Loss) before interest, tax, depreciation and amortization (EBITDA), Jan. - Dec. 2024 and Oct. 2024 - Sep. 2025 respectively.
6
Cash Flow Bridge
*Pdps: Pre-Delivery payments
Amounts in € mil. 7
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 goodwill continues to be strengthened through our investments in our product and services.
Once again, our results and our operating and profitability ratios place us among those in the top-tier in the airline sector. Additionally, the success of our recent bond issue, which was well received by the market, further supports our growth potential.
The operational challenges during the summer period, with delays mainly due to air traffic control both in Greece and across Europe, continue to persist. In parallel, it is now a full two years since AEGEAN's cost structure started to be affected by the mandatory early inspections on the GTF engines of our A320neos. Currently we are at the peak of this cycle, with 12 aircraft temporarily out of operation. As per recent Pratt and Whitney feedback, we estimate that this cycle will continue for approximately 30 more months with a gradual reduction in the number of idle aircraft as of autumn 2026.
Within the context of these significant restrictive effects, the company's robust results have greater value and
are a credit to our people.
For the fourth quarter of 2025, AEGEAN plans to offer 4,9 mil. available seats increased by 9%, enhancing frequency and capacity on both domestic and international routes, while also adding new destinations mainly to the Middle East."
8
Appendix
Hedging Coverage
Managing exposure to reduce volatility on results and target cost certainty
Year | Hedging rate % Jet Fuel |
2025 remaining | 68% |
2026 | 52% |
Year | Hedging rate % US dollars 1 |
2025 | 53% |
2026 | 41% |
Note:
1 Including cashflow and non cashflow hedges as % of total USD expenses. 10
AEGEAN at a glance
(in € mil.) | Third Quarter 2024 | Third Quarter 2025 | % change | Nine Months 2024 | Nine Months 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 | 4% |
Pre-tax Profit/(Loss) | 138,8 | 128,7 | -7% | 170,4 | 194,7 | 14% |
Net Profit/(Loss) | 108,3 | 100,4 | -7% | 132,0 | 148,0 | 12% |
Total passengers ('000) | 5.329 | 5.642 | 6% | 12.585 | 13.213 | 5% |
ASKs (in mil.) | 6.699 | 6.855 | 2% | 16.233 | 16.738 | 3% |
Average passengers per flight | 128 | 131 | 2% | 127 | 128 | 1% |
Load factor - Scheduled services (RPK/ASK) | 83,9% | 84,3% | 0,4pp | 82,4% | 82,4% | 0,0pp |
Load factor - Scheduled services (Pax/AVS) | 84,6% | 84,9% | 0,4pp | 82,7% | 82,6% | 0,0pp |
Average sector length (km) | 903 | 884 | -2% | 917 | 902 | -2% |
RASK (Revenue per ASK, in € cents) 2 | 9,4 | 9,4 | 0% | 8,5 | 8,6 | 1% |
Yield (in € cents) 3 | 11,2 | 11,2 | 0% | 10,3 | 10,4 | 1% |
CASK (EBT level, in € cents) 4 | 7,4 | 7,6 | 3% | 7,6 | 7,5 | -1% |
CASK (EBT level, in € cents) -excl. fuel costs 4 | 5,6 | 6,0 | 6% | 5,8 | 5,8 | 1% |
CASK (EBT level, in € cents)-excl. FX difference4 | 7,6 | 7,6 | 0% | 7,6 | 7,7 | 1% |
CASK (EBT level, in € cents) -excl. fuel costs and FX difference 4 | 5,8 | 5,9 | 2% | 5,8 | 6,0 | 3% |
Notes:
1 Earnings before interest, tax, depreciation and amortization (EBITDA)
2 Revenue per Available Seat Kilometer, excluding other operating income.
3 Revenue per Passenger Kilometer, excluding other operating income.
4 Cost per Available Seat Kilometer, excluding other operating income.
11
Profit and Loss Account
(in € mil.) | Third Quarter 2024 | Third Quarter 2025 | % change | Nine Months 2024 | Nine Months 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 operating income | 5,5 | 10,0 | 84% | 19,4 | 26,8 | 39% |
Employee benefits | (62,8) | (63,8) | 2% | (149,5) | (162,2) | 8% |
Aircraft fuel | (121,7) | (115,3) | -5% | (290,0) | (281,0) | -3% |
Aircraft maintenance | (66,7) | (70,7) | 6% | (155,8) | (168,3) | 8% |
Overflight expenses | (26,9) | (29,2) | 8% | (66,6) | (70,9) | 7% |
Ground handling expenses | (32,0) | (38,7) | 21% | (77,4) | (93,1) | 20% |
Airport charges | (25,4) | (25,5) | 0% | (66,5) | (64,4) | -3% |
Catering expenses | (16,9) | (18,4) | 9% | (39,9) | (44,8) | 12% |
Distribution expenses | (34,7) | (35,9) | 4% | (83,0) | (86,9) | 5% |
Marketing & advertising expenses | (5,3) | (6,4) | 20% | (16,6) | (18,8) | 13% |
Emissions | (24,0) | (30,8) | 28% | (38,0) | (52,7) | 38% |
Other operating expenses | (27,6) | (21,4) | -23% | (102,4) | (111,5) | 9% |
Leases | (9,9) | (0,6) | -94% | (21,8) | (2,4) | -89% |
EBITDA | 182,3 | 200,4 | 10% | 329,9 | 356,6 | 8% |
EBITDA Margin | 28,9% | 31,0% | 23,9% | 24,9% | 15% | |
Depreciation | (46,2) | (52,8) | 14% | (130,4) | (150,1) | |
EBIT | 136,1 | 147,7 | 8% | 199,5 | 206,6 | 4% |
EBIT margin | 21,6% | 22,8% | 14,5% | 14,4% | ||
Interest and Financial income | 12,5 | 7,2 | -43% | 23,4 | 24,8 | 6% |
Interest and Financial expense | (18,9) | (22,8) | 21% | (57,0) | (63,9) | 12% |
FX difference and other | 9,6 | (3,0) | - | 6,2 | 27,6 | 347% |
Share of profit / (loss) in associates | (0,5) | (0,3) | -30% | (1,6) | (0,4) | -76% |
Pre-tax Profit/(Loss) | 138,8 | 128,7 | -7% | 170,4 | 194,7 | 14% |
EBT margin | 22,0% | 19,9% | 12,4% | 13,6% | 22% | |
Income Tax | (30,5) | (28,3) | -7% | (38,4) | (46,7) | |
Net Profit/(Loss) after tax | 108,3 | 100,4 | -7% | 132,0 | 148,0 | 12% |
12
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 Liabilities | 1.047,6 | 967,4 |
Loans | 383,6 | 663,1 |
Other Non-Current Liabilities | 176,7 | 204,5 |
Other Current Liabilities | 767,1 | 923,9 |
Total Equity and Liabilities | 2.874,4 | 3.316,4 |
13
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 and cash equivalents | 55,0 | 312,3 |
Cash at the beginning of the period1 | 706,3 | 769,1 |
Foreign exchange difference impact in cash | 1,5 | (39,7) |
Cash at the end of the period1 | 762,8 | 1.041,6 |
Note: 14
1. Includes restricted cash and Financial Assets Available for Sale.
Group Operating Figures
Third Quarter 2024 | Third Quarter 2025 | % change | Nine Months 2024 | Nine Months 2025 | % change | |
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 Sectors Flown | 41.788 | 43.187 | 3% | 99.378 | 103.280 | 4% |
Average capacity per flight | 151 | 154 | 2% | 154 | 155 | 1% |
Average sector length (km) | 903 | 884 | -2% | 917 | 902 | -2% |
Passengers (΄000) | ||||||
By type of service: | ||||||
Schedule passengers | 5.158 | 5.481 | 6% | 12.295 | 12.914 | 5% |
Charter passengers | 171 | 161 | -6% | 290 | 299 | 3% |
By network: | ||||||
Domestic | 2.266 | 2.428 | 7% | 5.222 | 5.520 | 6% |
International | 3.064 | 3.214 | 5% | 7.363 | 7.693 | 4% |
Total number of passengers | 5.329 | 5.642 | 6% | 12.585 | 13.213 | 5% |
RPKs (in millions) | 5.620 | 5.788 | 3% | 13.364 | 13.787 | 3% |
Average passengers per flight | 128 | 131 | 2% | 127 | 128 | 1% |
Load factor- Scheduled Services (Pax/AVS) | 84,6% | 84,9% | 0,4pp | 82,7% | 82,6% | 0,0pp |
Load factor- Scheduled Services (RPK/ASK) | 83,9% | 84,3% | 0,4pp | 82,4% | 82,4% | 0,0pp |
15
Note:
For comparative purposes, operating data of 2023 and 2024 exclude Animawings due to deinvestment.