Aegean Airlines Announces Impressive Q1 2023 Results

Aegean Airlines Announces Impressive Q1 2023 Results

DALLASAegean Airlines (A3) has announced its Q1 2023 financial results, with an impressive 90% increase in Consolidated Revenues of €229.1m (US$248m) compared to the same quarter last year.

Overall A3 managed to narrow its pre-tax losses to €18.6m (US$20.2m). This compared to a loss of €48m (US$52m) in Q1 2022 and 2019. However, first quarter EBITDA (earnings before interest, taxes, depreciation, and amortisation) was also positive at €19.3m (US$20.9m). The airline said it was thanks to ‘Increased capacity during the winter period, robust demand, new services and the evolution of fleet upgrade.’

Passenger traffic increased to 2.6 million passengers for the first three months, with a load factor peaking at 82%, up 15% on Q1 2022. The airline said it had seen strong growth on its international network, doubling the number of passengers carried on these routes during the quarter to just over 1.5 million.

Aegean Airlines (SX-DVQ) Airbus A320-232 – Star Alliance Livery. Photo: Francesco R Cecchetti/Airways.

A Positive Outlook

A3 CEO 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”

Moving forward, A3 intends to operate 76 Airbus A320ceo/neo family airliners this summer, offering 18 million seats, two million more than in 2022. It will fly 264 routes to 161 destinations across 46 countries out of eight bases.

Featured Image: Aegean Airlines (SX-NAH) Airbus A321neo. Photo: Alberto Cucini/Airways.

European Deputy Editor
Writer, aviation fanatic, and Airways European Deputy Editor, Lee is a plant geek and part-time Flight Attendant for a UK-based airline. Based in Liverpool, United Kingdom.

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