Strong growth prospects for 2025 and historic performance in 2024 were presented by AEGEAN CEO Dimitris Gerogiannis at the annual general meeting of shareholders, held on April 29. With a focus on fleet upgrades, network expansion and improving the passenger experience, the largest Greek airline maintains a steady upward trajectory, despite geopolitical and operational challenges.
Dynamic start to 2025: Passenger growth and new investments
2025 has started positively for AEGEAN, as the first quarter recorded an 8% increase in total passenger numbers (3.1 million) and an impressive 12% increase in international passenger traffic compared to the same period in 2024.
The company plans to offer 21.5 million seats for the whole year, in 47 countries and 249 destinations, with an increase in offered capacity by 1.9 million seats – a performance higher than the European average. This growth is achieved at a time when the industry is facing delays in aircraft deliveries due to limited manufacturer capabilities.
AEGEAN has strengthened its investment program, adding 8 more Airbus A321neo to its existing fleet. In total, the number of new aircraft it has already received reaches 35, while 23 more deliveries remain, of which 4 will be A321LR type, with the ability to fly for up to 7.5 hours.
At the same time, investments continue in the Maintenance and Training Center, which already serves customers from large international groups. A new round of scholarships for aircraft engineer training is already underway, strengthening the human resources and sustainability of the country’s aviation ecosystem.
2024 as a milestone year: Record passengers and turnover
Last year was a milestone for AEGEAN, as it achieved a historic high in passenger traffic and turnover. The company carried 16.3 million passengers, 6% more than in 2023, with an increase of 8% in domestic flights and 4% in the international network. The flight work also increased by 6%, reaching 19.8 million seats offered in 158 destinations, in 47 countries.
Particular importance is attached to the strengthening of activity in the off-peak months, mainly in the fourth quarter, where a 7% increase in passenger traffic and historically high operating profitability was recorded. This is attributed to the capacity expansion strategy and the expansion of demand from both abroad and Greek travelers.
However, 2024 was not without challenges. The need for early checks on Pratt & Whitney GTF engines led to the temporary withdrawal of 8–10 aircraft during the critical summer period. In addition, the geopolitical crisis in the Middle East imposed the suspension of routes to Tel Aviv, Beirut and Amman from the end of July until the end of the year.
Despite the obstacles, the Group’s financial results were strong:
- Turnover: €1.78 billion (+5%)
- EBITDA: €405.3 million (+1%)
- Earnings before tax: €164.0 million
- Net profit: €129.9 million
- Cash: €769.1 million
- Net debt: €662.2 million
- Equity: €499.4 million
The increase in cash was achieved despite the repayment of significant liabilities, including €85.4 million to the State for the redemption of COVID-19 warrants.
Passenger experience and digital transformation in focus
AEGEAN invested significantly in upgrading the passenger experience: installing free Wi-Fi, renewing the cabin and lounge menus, completely renovating the Business Lounges in Athens, Thessaloniki, and Larnaca, as well as strengthening the Miles+Bonus program with new partnerships.
Particular mention was made of the AEGEAN Pass program, which was expanded with new destinations, while the renewed mobile application now offers a friendlier environment and a better user experience at all stages of the journey.
Continuity and renewal strategy
Closing his speech, Dimitris Gerogiannis underlined AEGEAN’s commitment to quality, sustainable development, and the creation of value for passengers, employees, and shareholders:
“We remain committed to constantly raising the bar. To innovate, improve our services, and respond to the evolving needs of our passengers and the demands of the European environment.”
With a plan, liquidity, human resources, and technological renewal, AEGEAN declares itself ready to maintain its leading position in Greek and regional air transport.
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