Greek carrier Aegean reported a 90% increase in consolidated revenue and first-ever first quarter positive EBITDA.
The €229,1 million in consolidated revenue was 33% higher than Q1 2019 and was based on a 72% year-on-year increase in the passenger number to 2.6 million.
The positive EBITDA of €19,3 million came despite the carrier reporting an after-tax loss of €14,4 million, which all the same was a gain on the loss of €38.5 million in Q1 2022.
The passenger load factor reached 82%, 15.5 percentage points up on Q1-22, with "ioncreased capacity during the winter period, robust demand, new services and the evolution of fleet upgrade all contribut[ing] to record positive EBITDA" for a first quarter.
“We are very pleased with Q1 performance, in the seasonally weakest period of the year, as a result of robust demand but also improved Aegean’s competitiveness in the post pandemic market," said chief executive Dimitris Gerogiannis.
During Q1 2023, the carrier said it recorded "robust cash flow generation of €138.6 million due also to higher pre-bookings for the summer period". Cash, cash equivalents and other financial investments reached €591 million, it said,
"Once again, we supported the extension of the tourism season in our country with our investment in the capacity offered in Athens and Thessaloniki in the first quarter of the 2023, an investment which resulted to significant traffic growth," Gerogiannis added.