AEGEAN: Record profits and passenger growth in the first half of the year
Source: Tornos News
With net profits that soared to €47.9 million, recording more than double the annual increase, and a turnover of €787 million, increased by 5%, AEGEAN closes the first half of 2025 with impressive performance.
The Company continued its dynamic growth in the first half of 2025, offering 9.4 million seats, 5% more than in the first half of 2024, carrying 7.6 million passengers, 4% more than in the corresponding period last year.
Domestic passengers increased by 5% while international passengers increased by 4%, despite the significant lag that resulted in the two-month period of May-June from the non-operation of flights to Israel, Lebanon and Jordan due to geopolitical developments.
Nevertheless, and despite the increase in capacity of a significant number of airlines to Greece, AEGEAN achieved strong financial performance, due to
positive management and maturation of the network,
the gradual use of more aircraft of the larger A321neo version
the improvement of the euro/dollar exchange rate which affects operating costs and the valuation of future aircraft lease obligations.
Specifically, consolidated turnover in the first half amounted to €787 million, recording an increase of 5%. EBITDA increased by 6%, reaching €156.2 million. Pre-tax profit amounted to €66 million, compared to €31.6 million in the first half of 2024, while profit after tax amounted to €47.9 million, from €22.9 million in the corresponding period of 2024.
5.5 million seats in the second quarter
In the second quarter, AEGEAN offered 5.5 million seats, just 2% more than in 2024, mainly due to the loss of markets in the Middle East, with passenger traffic also increasing by 2%. The load factor stood at 81.4%.
Consolidated turnover amounted to €480.9 million, while EBITDA amounted to €112.4 million. Net profit after tax amounted to €54.5 million, up from €43.9 million in Q2 2024.
Cash reserves and readily liquid financial assets increased to €841.9 million as of 30.06.2025 from €769.1 million as of 31.12.2024, despite the payment of a dividend of €72.1 million to shareholders on 26.05.2025. It is noted that the cash reserves do not include the additional cash reserve resulting from the issuance of the new bond loan in early July 2025.
6 new aircraft-“wings” for new remote markets
In 2025, AEGEAN strengthens its fleet with a total of 6 new aircraft, of which three A320/321neo have already been received, while two more Airbus A321neo and a new ATR 72-600 are expected in the last four months of the year.
“The gradual arrival of our six A321 XLR / LR paves the way for a new level of comfort and service to non-EU destinations as well as the addition of new more remote markets and destinations, with a first step as we announced the Indian market from early 2026,” notes CEO, Mr. Dimitris Gerogiannis and adds: “Our steps are careful and consistent, in order to ensure the dynamism and creativity of the organization as well as the stability of our course for our shareholders, our employees and of course our passengers.”
Mr. Gerogiannis said: “In the first half of 2025, AEGEAN presented excellent financial results, despite the significant geopolitical challenges that limited our access to important markets, especially in the second quarter.
Demand for travel to and from Greece remains strong with an increase in travel by both Greeks and our visitors from abroad and with a gradual strengthening of demand even in traditionally weak months.
At the same time, the increasing market capacity of a significant number of airlines creates a highly competitive environment, where passengers have more choices, while product quality is becoming increasingly important as a differentiating factor. In this environment, our investments in training infrastructure and expanding the capabilities of our people, as well as the fact that the 26 Airbus aircraft we expect to receive are all of the larger A321neo version, are important in strengthening our competitiveness.
At the same time, in the next 24-28 months from today, we expect to complete the cycle of early checks of Pratt & Whitney’s GTF engines, gradually returning to production all of the new aircraft we have received, with significant impacts on both the unit cost and the growth potential of our company.”
The original article: belongs to Tornos News .
