With a significant increase in passenger traffic, improved financial results, and strengthened liquidity, 2025 began for Aegean Airlines, which announced its financial results for the first quarter of the year. The company, in the traditionally weakest quarter due to seasonality, managed to achieve the highest EBITDA performance in its history, setting positive expectations for the rest of the year.
Specifically, Aegean’s turnover amounted to €306.0 million, recording a 14% increase compared to the first quarter of 2024, while total passenger traffic amounted to 3.1 million passengers, 8% more compared to the corresponding period of the previous year. This increase was even more pronounced in international traffic, which increased by 12%, confirming the gradual lengthening of the tourist season and the company’s strategy to strengthen its presence in international markets.
The load factor stood at 80.6%, while the available capacity increased by 11%, reaching 4.1 billion seat kilometers (ASKs). These indicators highlight the continued strong demand for air travel, both from Greeks and from foreign visitors.
EBITDA jump and high liquidity
Operating results improved significantly, with EBITDA reaching €43.8 million, up 32% compared to the first quarter of 2024 (€33.2 million), while operating losses (EBIT) were limited to €2.6 million from €7.2 million in the corresponding period last year. Losses after taxes amounted to €6.6 million, compared to €21 million in 2024, recording an impressive decrease. A significant contribution to this decrease was also the positive effect of the change in the dollar exchange rate, which favorably affected the valuation of future aircraft lease obligations.
The company maintains high liquidity, with cash, cash equivalents, and other financial investments of €796.1 million at the end of March, despite the delivery of a new Airbus A320neo financed with its own funds in March.
Aegean’s CEO, Dimitris Gerogiannis, stated in this regard:
“The first quarter of 2025 confirms the dynamic course of our figures in accordance with our strategic directions. We further strengthened our passenger traffic, especially abroad, flying for the second year to some specific destinations more in the winter than in the summer, significantly improved our operating results, recording the highest EBITDA performance in our history, while losses in the seasonally weakest quarter of the year were significantly reduced.
The continued recovery in demand from Greek passengers and the gradual extension of the tourist season, especially in Athens and Thessaloniki, allow us to now operate with greater intensity in an extended timeframe. However, it is a fact that investing in the winter is costly, slow to mature but necessary for both our company and the country.
We continue to invest in the fleet, with 6 aircraft deliveries planned for the whole of 2025, including 3 Airbus A321neo, 2 Airbus A320neo and one (1) new ATR 72-600. At the same time, we are expanding our network by adding new routes, strengthening our connectivity and presence in strategic destinations.”
More seats in 2025
Aegean plans to offer 21.2 million seats in 2025, an increase of 1.5 million compared to 2024, while continuing to focus on strengthening its presence in foreign markets, aiming to support Greek tourism and increase the company’s competitiveness.
The dynamic start to the year comes at a time when travel demand remains strong, while the gradual lengthening of the tourist season offers new opportunities for both airlines and the wider tourism sector. Aegean’s strategy to invest in its fleet and network, even in periods of low demand, reflects a long-term approach that can create conditions for sustainable growth for both itself and the Greek economy.
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