Aegean posts strong Q1 results and eyes fleet expansion
May 29, 2025
Aegean Airlines has reported a strong start to 2025 welcoming 3.1 million passengers in Q1 and a 14% rise in revenue compared to the same quarter in 2024.
With revenues climbing to €306m, the airline’s boost in passenger traffic and revenue helped the carrier improve its financial performance in what is traditionally the weakest quarter of the year. The carrier’s Q1 results also underpin its commitment to winter capacity growth aimed at gradually reducing the high seasonality of Greece’s tourism sector. “Investing in the winter is costly and requires time to mature but remains essential for Aegean and the broader Greek economy,” said Aegean’s CEO, Dimitris Gerogiannis.
“The gradual extension of the tourist season – particularly in Athens and Thessaloniki enable us to operate with improved intensity over a gradually expanding period,” he continued.
Best quarter on record
Total passenger traffic amounted to 3.1 million passengers in the first three months of the year marking an 8% year-on-year increase. Meanwhile, load factors remained robust at 80.6%, reflecting strong demand across the airline’s network, a reflection of “Aegean’s strategy and growth momentum,” according to Gerogiannis.
“We strengthened our passenger traffic, especially in international routes [which rose by 12%] and boosted our network by adding more frequencies in winter for the second consecutive year to selected destinations,’ he continued.
Complementing the airline’s EBIDTA, which improved by 32% to €43.8 million, representing Aegean’s best first quarter performance on record, was the reduction in operating losses, which narrowed to €2.6 million, down from €7.2 million in Q1 the previous year. Net after-tax losses of €6.6 million also showed significant improvement compared to €21m a year earlier.
Fleet and route expansion
As of 31 March, 2025, Aegean reported €796.1 million in liquidity, bolstered by the fully self-financed acquisition of a new A320neo in March. Looking ahead, Gerogiannis stated the airline is committed to investing in its fleet, “with six aircraft deliveries scheduled within 2025, including three Airbus A321neos, two Airbus A320neos and one ATR72-600. At the same time we are expanding our network with new routes and enhancing connectivity and strengthening our presence in strategic destinations.”
Aegean’s existing fleet is comprised of 20 A320neos, 14 A321neos, four A321s, 28 A320s, two DASH 8 100s, three ATR 42-600s and 12 ATR 72-600s.
