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AEGEAN Reports First Quarter 2023 Net Loss of €14.4 Million on 90% revenue increase to €229.1M

AEGEAN has reported a first quarter net loss of €14.4 million on a year-over-year increase in revenue of 90 percent to €229.1 million. The airline closed the quarter with cash, cash equivalents and other financial instruments totaling €591.1 million.

AEGEAN Airbus A320neo - Courtesy AEGEAN

On Tuesday (May 16, 2023), AEGEAN reported their first quarter financial results for the period ending March 31, 2023. The carrier reported a first quarter net loss of €14.4 million, down from a loss of €38.5 million during the same period last year. AEGEAN’s Q1 revenue increased year-over-year by 90 percent to €229.1 million, which is also 33 percent higher than Q1 2019. During the first quarter, the airline reported robust cash flow generation of €138.6 million, attributable to strong summer pre-bookings. At March 31, 2023, AEGEAN had cash, cash equivalents and other financial instruments totaling €591.1 million, up from €527.9 million at December 31, 2022.

In Tuesday’s announcement, AEGEAN’s CEO, Mr. Dimitris Gerogiannis, said,

“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 the 2023, an investment which resulted to significant traffic growth. We continue to see strong demand and positive indications for the summer period which as always shapes 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 to our passengers the option to enhance their travel experience and overall relationship with AEGEAN.”

AEGEAN's First Quarter 2023 Financial Results - Courtesy AEGEAN

During 2023, AEGEAN plans on operating 76 aircraft from eight bases, offering 18 million available seats, of which 11 million will be offered internationally, 2,0 million more than in 2022. The carrier’s network includes 264 routes across 161 destinations in 46 countries.

Source: AEGEAN


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