90% increase in Consolidated Revenue, positive EBITDA for the first time in the seasonally weak first quarter and substantially lower after-tax losses.
- €229,1 mil. Consolidated Revenue, an increase of 90% vs Q1-22 and 33% higher than Q1-19.
- 2,6 mil. passengers, 72% increase compared with Q1-22, 98% more international passengers.
- Positive EBITDA of €19,3 mil., from respective losses of €16,1 mil. in Q1-22.
- €14,4 mil. after-tax loss from €38,5 mil. after-tax loss in Q1-22.
AEGEAN announces its key financial and operating results for the first quarter of 2023. Consolidated revenue reached €229,1 mil. 90% higher than Q1-22 and materially 33% more than the pre-pandemic Q1-19.
Passenger traffic benefited from increased capacity offered as well as strong demand, even during the seasonally weak winter period, recording a 72% increase vs Q1-22. The Group offered 3,2 million seats and welcomed 2,6 million passengers, 1,6 million passengers from/to international destinations. Load factor reached 82%, 15,5 p.p. higher than Q1-22.
Increased capacity during the winter period, robust demand, new services and the evolution of fleet upgrade all contributed to record positive EBITDA for the Group of €19,3 mil. in the seasonally weak first quarter from EBITDA losses of €16,1mil. in Q1-22 and losses of €8,5mil. in Q1-19 respectively.
Losses after tax substantially narrowed to €14,4 mil. from after tax losses of €38,5mil. in Q1-22 and €35,2 mil. in Q1-19.
During Q1-23 AEGEAN recorded robust cash flow generation of €138,6 mil. due also to higher pre-bookings for the summer period. Cash, cash equivalents and other financial investments reached €591,1 mil. on 31.03.23 from 527,9 mil. on 31.12.22, following loans repayment of €68,5 mil.
Mr. Dimitris Gerogiannis, AEGEAN’s CEO, commented:
“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. 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 2023, an investment which resulted in significant traffic growth.
We continue to see strong demand and positive indications for the summer period which as always shapes the full year’s results. At the same time, we opened new destinations and introduce every month new product offerings and targeted services across all travel ribbon, to offer our passengers the option to enhance their travel experience and overall relationship with AEGEAN”.
AEGEAN plans to operate with 76 aircraft in 2023 and offer a total of 18 million available seats, of which 11 mil. seats in its international network, i.e. 2 million more seats than in 2022 and 800 thousand more than in 2019. The network will cover 46 countries, with 264 routes to 161 destinations out of 8 bases.
