Greek flag carrier Aegean Airlines' parent AEGEAN Group reported a net loss of €6.6 million for the first quarter of the year, improving from €21 million a year prior, despite a seasonally weaker period for the airline.
The company's total revenues climbed 14% to €306 million, supported by scheduled service revenues increasing 12% to €265.5 million, as well as charter revenue up 28% to €4.7 million.
“The first quarter 2025 results validate Aegean's strategy and growth momentum,” said the airline's group CEO Dimitris Gerogiannis. “We strengthened our passenger traffic, especially in international routes and boosted our network by adding more frequencies in winter for the second year to selected destinations.”
Unit revenues were up 3% to 7.4 cents, while unit costs were down 4% to 7.7 cents and, when excluding fuel, down 5% to 6 cents.
Aegean's total passenger numbers were up 8% to 3.1 million for the quarter, with capacity up 11%, though load factor was down 1.1 percentage point to 80.6%.
The company's EBITDA was a positive €43.8 million, up 32%, while EBIT improved from a negative €7.2 million to €2.6 million. “Solid” demand drove these improvements, the company said.
“The continued recovery in local demand, along with the gradual extension of the tourist season—particularly in Athens and Thessaloniki—enable us to operate with improved intensity over a gradually expanding period," added Gerogiannis. "Investing in the winter is costly and requires time to mature but remains essential for AEGEAN and the broader Greek economy.”
He added that the company has six aircraft deliveries scheduled within 2025 in total, including three A321neo, two A320neo, and one new ATR 72-600.
As of the end of March this year, the company had a net debt of €593.8 million, down from €662.2 million at the end of last year, as well as a net debt to EBITDA of 1.4x, compared to 1.6x at the end of 2024.
The company had €598.8 million in cash and cash equivalents as of the end of the quarter.