AEGEAN has released a financial summary for the nine months and third quarter ending on September 30, 2024. Over this period, the airline achieved a consolidated revenue of €1.38 million, marking a 4% increase from the previous year. The company managed to offer 15.3 million seats and served 12.6 million passengers, reflecting a 5% growth. International travelers accounted for 7.4 million of these passengers. The airline reported an EBITDA of €330 million, with a pre-tax profit of €170.4 million and a post-tax profit of €132.0 million, which was 23% lower than the previous year.

The first nine months of 2024 were noteworthy for AEGEAN, showcasing robust passenger traffic and revenue, and ranking as the second highest in terms of operating and after-tax profitability. However, the period was not without challenges, including forced early inspections on Pratt & Whitney’s GTF engines that led to the grounding of up to 10 new aircraft, approximately 17% of the jet fleet. This situation hampered capacity expansion and the cost advantages of using these aircraft. Moreover, flight suspensions to and from Tel Aviv and Beirut due to the crisis in the Middle East led to a decrease of 3.5-4.0% in international traffic during the third quarter.

In the third quarter of 2024 alone, AEGEAN made available 6.3 million seats, a 2% increase, and welcomed over 5.3 million passengers. Domestic traffic rose by 6%, while international traffic slightly declined by 3%, primarily due to the halted flights to Israel and Lebanon. The load factor was at 83.9%. The quarter’s consolidated revenue reached €630.8 million with an EBITDA of €182.3 million, a pre-tax profit of €138.8 million, and a post-tax profit of €108.3 million, down 19% from the same quarter the previous year.

Mr. Dimitris Gerogiannis, AEGEAN’s CEO, commented:

“AEGEAN once again demonstrated strong performance despite significant exogenous constraints in its operations and increasing competitors’ capacity in the Greek market. The successful network rescheduling and the agility of our organization have delivered once again very strong set of results comparable with the top performing companies in our industry.

Within the same period, we have continued our investments in developing our value adding content, competitiveness and extroversion through the completion and initiation of operations of our new MRO and Training Centre at Athens International Airport, as well as our minority investment in Volotea and the initiation of our new cooperation.

During the last quarter of the year, we will continue to take deliveries of additional new aircraft, supporting and benefiting from the gradual extension of the tourism season. We expect to deliver once again positive growth rate in traffic and revenue which is already noticeable since October/ November of 2024.
For the fourth quarter AEGEAN plans to offer 4,5 mil. seats, 7% higher than the same period in 2023, increasing frequencies and capacity on both domestic and international routes such as to/from London, Istanbul, Larnaca, Venice, Berlin, Dubai, Naples, Tirana, Belgrade, Sofia as well as launching new routes like Athens-Abu Dhabi and Thessaloniki-Amsterdam.”

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