Greek airline Aegean on Tuesday announced its financial and operational results for 2024, reporting record-high revenues and passenger numbers despite significant challenges.

The airline recorded consolidated revenue of €1.78 billion, marking a 5 per cent increase compared to 2023.

Passenger traffic reached 16.3 million, a 6 per cent rise, reflecting strong demand from both Greek travellers and international visitors.

However, net income declined by 23 per cent to €129.9 million due to external factors affecting operations.

According to the results, the company operated 19.8 million available seats in 2024, 1.2 million more than in 2023, increasing frequencies and expanding network coverage, particularly during the off-peak months.

Load factor stood at 82.5 per cent for the year. EBITDA reached €405.3 million, a 1 per cent increase, while operating profit (EBIT) stood at €227.1 million, reflecting an 8 per cent decline.

The fourth quarter saw a 7 per cent rise in passenger traffic, with the airline achieving record-high operating profitability despite seasonal weakness.

Revenue for the quarter increased by 10 per cent, and EBIT reached €27.6 million, the highest Q4 level in the airline’s history.

However, a sharp depreciation of the euro against the US dollar from 1.12 on 30 September to 1.04 by 31 December resulted in valuation losses from forward lease obligations, affecting overall post-tax earnings.

Aegean also reported that it faced operational challenges in 2024, including the early inspections of Pratt & Whitney GTF engines, which grounded 8 to 10 aircraft in the second half of the year.

The company explained that this led to restricted capacity growth during peak seasons and increased costs due to additional leasing requirements.

It added that it received compensation from manufacturers, though not enough to fully offset the impact.

Furthermore, the geopolitical crisis in the Middle East also disrupted operations, leading to the suspension of flights to Tel Aviv, Beirut, and Amman from late July until mid-December, reducing international traffic during Q3 and Q4.

Despite these obstacles, Aegean’s financial position remained strong, the company said.

As of December 31, 2024, the airline’s cash, cash equivalents, and financial investments stood at €769.1 million, higher than the previous year, even after repurchasing €85.4 million in warrants from the Greek government.

Net debt, including IFRS 16 operating lease accounting, reached €662.2 million, following the acquisition of seven new aircraft—five A320/321neo and two ATR 72-600.

Looking ahead, Aegean’s board will recommend a dividend of €0.80 per share for 2024. In addition, CEO Dimitris Gerogiannis attributed the airline’s strong performance to its strategic approach.

“The successful execution of our strategy to increase capacity during off-peak months and the desirability of our services for both Greeks and visitors to the country contributed to this excellent performance,” he said.

“Challenges from the restrictions to the Middle East and the continuing effect of the GTF inspection cycle to our costs were and will remain significant for some time,” he added.

He also said that “the strong results of 2024 reconfirm both our competitiveness and solid position within our market“.

Gerogiannis also reaffirmed Aegean’s commitment to fleet renewal and service upgrades, revealing plans for eight additional A321neo aircraft.

“We remain committed to our investment plan focused on fleet renewal and service upgrades to further enhance our competitiveness and overall position,” he stated.

Additionally, the airline has begun expanding its new Maintenance & Training Center, which is now serving external carriers beyond Aegean’s own needs.

For 2025, Aegean plans to offer 21.5 million seats, an increase of 1.8 million over 2024.

Of these, 13 million seats will be allocated to international routes, up by 1.4 million, while 8.5 million will be available on domestic routes, reflecting a 6 per cent increase.

Finally, Aegean mentioned that its management will present and discuss its full-year 2024 financial results during a conference call scheduled for March 18, 2025.