Aegean Airlines Reports €129.9M Net Profit for 2024, Proposes €0.80 Dividend per Share

In 2024, Aegean Airlines reported a consolidated revenue of €1.78 billion, marking a 5% increase compared to the previous year. The airline transported 16.3 million passengers, reflecting a 6% rise amid positive demand trends for travel to and from Greece, despite significant challenges. According to its financial results announcement, Aegean offered 19.8 million available seats, an increase of 1.2 million compared to 2023, continuing its expansion strategy by enhancing its network and frequencies, particularly during off-peak months. The load factor reached 82.5%. For the full year, EBITDA amounted to €405.3 million, up 1%, while operating profit (EBIT) stood at €227.1 million, down 8%. Pre-tax profits were €164.0 million, and post-tax profits totaled €129.9 million, 23% lower than in 2023. In Q4, passenger numbers increased by 7%, with record-high operational profitability, reinforcing demand growth even in traditionally slower months. Revenue grew by 10% in the final quarter, and the group recorded historically high EBIT of €27.6 million. However, currency depreciation negatively impacted post-tax profits due to lease liabilities revaluation under IFRS. Despite these challenges, 2024 marked Aegean’s highest-ever performance in passenger traffic and revenue, as well as its second-highest profitability. Challenges included engine inspections on Pratt & Whitney GTF engines, which grounded 8-10 new aircraft and limited growth, especially in summer, alongside geopolitical disruptions affecting routes to Tel Aviv, Beirut, and Amman. Cash and equivalents, including financial investments, stood at €769.1 million as of December 31, 2024, despite paying €85.4 million for warrant buyouts from the Greek government. The company took delivery of seven new aircraft in 2024: five Airbus A320/321 neo and two ATR 72-600s. The board will propose a dividend of €0.80 per share at the next general meeting. Dimitris Gerogiannis, CEO, emphasized the success of Aegean’s off-peak capacity expansion strategy and strong customer response, acknowledging ongoing challenges but reaffirming competitiveness. Aegean plans to offer 21.5 million seats in 2025, up 1.8 million from 2024, with international network capacity increasing by 1.4 million seats and domestic capacity rising by 6%.