AEGEAN Airlines S A : Nine Month 2022 Results & KPIs

Press Release

Third quarter and nine-month 2022 trading update

Strong Profitability and Revenue in the third quarter and nine-month period of 2022.

• €1,02 bn. Consolidated Revenues in the nine-months, an increase of 109% and €571,4 mil. in the third quarter, an increase of 71% compared with 2021.
• €93,2 mil. Net Profit in the nine-months and €120,8 mil. in the third quarter.
• 9,4 mil. Passengers in the nine-months and 4,6 mil. in the third quarter.

Athens, November 10th,2022

AEGEAN announces a trading update for the third quarter and nine-month period ending September 30, 2022.

Robust demand combined with network expansion and fleet growth with new aircraft deliveries contributed to the passenger traffic recovery in the third quarter, with the Group carrying 4,6 mil passengers.

AEGEAN recorded strong profitability driven by higher Load factor at 84%, 14 p.p. higher compared with the same period in 2021 and higher average fares, against a backdrop of extremely high fuel costs and the significant strengthening of the dollar against the euro.

Consolidated revenue for the third quarter reached €571,4 mil., 71% higher with Profit before taxes at €152,1 mil., 158% higher than 2021 on a comparable basis. Net Income reached €120,8 mil. Third quarter performance, in revenues and profitability, is higher than pre-crisis levels with total capacity offered in the period marginally lower in ASK.

Overall, in the nine-month period, Consolidated revenues exceeded €1 bn., 109% higher than 2021, while passenger traffic recorded an 89% increase. Net Income reached €93,2 mil. reversing headline losses of €27,1 mil. in the same period of 2021. It is important to note that including third quarter, total profitability is higher compared also with the pre-crisisnine-month period of 2019. Aegean's effective jet fuel and USD hedging also had significant impact in mitigating the effect of their increasing cost.

As of 30.09.2022, cash and cash equivalents balance was €619,01 mil.

1 Includes financial assets of €50,0 mil.

Mr. Dimitris Gerogiannis, AEGEAN's CEO, commented:

"We are pleased to have successfully navigated multiple challenges, delivering strong profitability and indeed one of the best set of results for our industry, after two extremely difficult years.

Efficient management of our network, fares structure and costs coupled with our people's daily effort to best serve our passengers, contributed to this result.

We are confident that through further developing our competitiveness and through our investment in our new fleet and new services, we will continue to create value for our shareholders and our country and also to offer our staff new opportunities for development, despite the geopolitical and economic headwinds which once again seem to be increasing".

Financial Results and Operating Metrics for the Third quarter and nine-month 2022
	Third quarter	Third quarter	%	Nine months	Nine months	%
(in € mil.)	2021	2022	change	2021	2022	change
Revenue	333,9	571,4	71%	486,8	1.019,5	109%
Pre-tax profit/(loss)
for the period
(Headline)	58,8	152,1	158%	(32,9)	121,4	n.m.
Νon-headline
(exceptional)
income*	62,7	-	-	62,7	-	-
Pre-tax profit/(loss)
for the period	121,5	152,1	25%	29,8	121,4	308%
Net profit/(loss) for
the period	107,2	120,8	13%	28,8	93,2	224%

• Total non-headline (exceptional) income of €62,7 mil which include the state aid amount net of the warrants valuation and a provision related to the restructuring of the fleet was recognized.

		Third quarter			Third quarter			%		Nine months			Nine months			%
		2021			2022			change		2021			2022			change
Total Passengers
('000)	3.318			4.666		41%	4.968			9.396		89%
Load Factor															15,0
(RPK/ASK)	70,3%			83,9%			13,6pp	64,0%			79,0%			p.p.
ASKs (in millions)	4.823			6.136		27%	7.497			12.648		69%

Κey financial and operating metrics as a percentage of the corresponding results for the period of 2019

	2022 as a % of 2019		First Quarter 2022			Second Quarter 2022		Third Quarter 2022			Nine months 2022
	ASKs	73%		84%	97%			88%
	Revenue	70%		94%	111%			99%
	Pre-tax profit for the
	period	-		56%	123%			114%

Aegean at a glance
	(in € mil.)	Q3 2021	Q3 2022	% change	9M 2021	9M 2022	% change
	Revenue	333,9	571,4	71%	486,8	1.019,5	109%
	EBITDA	104,61	197,8	89%	94,51	235,5	149%
	Pre-tax earnings/(Loss)	58,81	152,1	158%	(32,9)1	121,4	-
	Net earnings/(Loss)	51,31	120,8	136%	(27,1)1	93,2	-
	Total passengers
	(in thousands)	3.318	4.666	41%	4.968	9.396	89%
	Average passengers per flight	109	130	19%	93	121	30%
	Load factor - Scheduled services
	(RPK/ASK)	70,3%	83,9%	13,6pp	64,0%	79,0%	15,0pp
	Load factor - Scheduled services
	(Pax/AVS)	71,9%	84,3%	12,4pp	63,7%	78,6%	14,9pp
	Average sector length (km)	891	950	7%	803	913	14%
	RASK
	(Revenue per ASK, in € cents)	7,01	9,6	38%	6,61	8,3	26%
	Yield
	(Revenue per RPK, in € cents)	9,91	11,5	16%	10,31	10,6	2%
	CASK (EBT level, in € cents)	5,81	7,2	24%	7,01	7,4	5%
	CASK (EBT level, in € cents) - excl.
	fuel costs	4,51	5,0	10%	5,91	5,4	-9%

Note:

1 Excluding the impact of non-headline (exceptional) income.

Consolidated Income Statement- Three months ended September 2022

			Q3 2021		Q3 2022	% change
	(in € mil.)					Q3 22 vs Q3 21
	Scheduled Services
	280,2		489,7	75%
	Charter	20,4		33,8	66%
	Other	33,3		47,9	44%
	Total Revenue	333,9		571,4	71%
	Other operating income	96,1		20,2	-79%
	Employee benefits	(21,9)		(39,0)	78%
	Aircraft fuel	(59,6)		(133,2)	123%
	Aircraft maintenance	(49,7)		(52,4)	5%
	Overflight expenses	(17,2)		(23,5)	37%
	Ground handling expenses	(18,7)		(26,9)	44%
	Airport charges	(14,9)		(22,0)	48%
	Catering expenses	(8,6)		(11,0)	27%
	Distribution expenses	(18,4)		(29,2)	59%
	Marketing & advertising expenses	(4,1)		(5,6)	36%
	Other operating expenses	(46,9)		(39,6)	-16%
	Leases	(2,6)		(11,5)	338%
	EBITDA	167,3		197,8	18%
	EBITDA (excluding non-headline (exceptional)
	income)	104,6		197,8	89%
	Depreciation	(34,2)		(33,3)	-2%
	EBIT	133,1		164,5	24%
	EBIT margin	39,9%		28,8%	-
	EBIT (excluding non-headline (exceptional) income)	70,4		164,5	134%
	Financial results
	(11,6)		(12,4)	7%
	Pre-tax Profit/(Loss)	121,5		152,1	25%
	EBT margin	36,4%		26,6%	-
	Pre-tax Profit/(Loss) (excluding non-headline
	(exceptional) income)	58,8		152,1	158%
	Income Tax	(14,4)		(31,2)	117%
	Net Profit/(Loss) after tax	107,2		120,8	13%
	Net Profit/(Loss) after tax (excluding non-
	headline (exceptional) income)	51,3		120,8	136%