AEGEAN continues its upward trajectory in 2025, recording a new performance record despite increased regulatory and operational challenges.
Consolidated turnover for the nine months amounted to €1.43 billion (+4%), with net profits reaching €148 million (+12%) and passenger traffic increasing by 5%, reaching 13.2 million passengers, of which 7.7 million passengers to/from international destinations and 5.5 million passengers on the domestic network. The positions offered were 16 million.
The Group’s EBITDA amounted to €356.6 million, up 8% compared to the corresponding period of 2024, while Profit before Tax amounted to €194.7 million, up 14% compared to the first nine months of 2024. Profit after Tax for the first nine months amounted to €148.0 million, up 12% compared to the previous year.
This performance was achieved despite the burden of regulatory obligations from 1/1/2025, which further reduced free historical CO? emission allowances, increasing their purchase obligation, as well as due to the use of sustainable SAF fuel, with a total burden of €32.0 million for the nine months of 2025. At the same time, the company benefited from lower fuel prices, which balanced the above effect.
In the third quarter, AEGEAN offered 6.6 million available seats, 5% more than the third quarter of 2024, while it carried 5.6 million passengers, 6% more than the third quarter of 2024. Passenger traffic on the domestic network recorded an increase of 7%, while passenger traffic on the international network recorded an increase of 5% compared to the corresponding period of 2024. The load factor was 84.3%, marginally strengthened despite the use of more aircraft of the largest type A321neo, which are gradually being received.
Consolidated revenue for the third quarter amounted to €647.1 million, EBITDA amounted to €200.4 million, up 10%, and EBIT amounted to €147.7 million, up 8% compared to the corresponding quarter of 2024. Pre-tax profit for the quarter and after-tax profit amounted to €128.7 million and €100.4 million, respectively, with a slight decline of 7%, despite the increase in operating profit mainly due to the partial recovery of the dollar in the third quarter, which affected the valuations of future aircraft lease liabilities on the Group’s balance sheet.
Cash, cash equivalents and other financial investments amounted to €1,041.6 million – including financial investments of €304.2 million and restricted deposits of €4.6 million – as of 30.09.2025.
Mr. Dimitris Gerogiannis, CEO, stated in this regard: “2025 is shaping up to be another year of growth and confirmation of our company’s momentum. Demand for air travel remains strong, with increased participation from both Greek passengers and visitors to our country, while passenger confidence is strengthened by steady investments in our product and services.
Once again, the results and indicators of operating and net profitability are particularly positive for the data of our industry. At the same time, the particularly successful and strong acceptance of the recent bond issue by the investment market further strengthens our growth momentum.
The challenges of the operating environment that we faced during the summer period, with delays mainly due to air traffic restrictions in our country and in the rest of Europe, remain. At the same time, we have completed two years with the impact on our costs due to the preventive inspections of the GTF engines of our new aircraft. According to the most recent update from Pratt & Whitney, we estimate that the inspection cycle will take another 30 months to complete. Today, we are at the highest point of the inspection management cycle, with 12 aircraft out of service and we expect a gradual reduction in this number from the fall of 2026.
Within this framework of restrictions, the efforts of our people, combined with the positive results of the company, acquire even greater value.
For the fourth quarter of 2025, AEGEAN plans to offer 4.9 million available seats, an increase of 9%, by enhancing frequency and capacity on domestic and international routes as well as adding new routes mainly in the Middle East.”
During 2025, AEGEAN strengthened its fleet with a total of six (6) new aircraft, five (5) Airbus A320/321neo and one (1) new ATR 72-600. Two of these aircraft, an A321 neo and an ATR72-600, were financed entirely from free cash flow.
