Aegean Airlines Airbus A320-232 reg. SX-DNA just landed at Rome Fiumicino International Airport (FCO). Photo: Marco Macca - @aviator_ita

LONDON – Aegean Airlines (A3) announces today via a press release the airline’s financial results for the fourth quarter and fiscal year 2020.

The pandemic’s new waves, as well as new restrictive measures introduced in Europe and Greece, had a significant effect on the Group’s operation and load factors in Q4.

During Q4, the number of sectors flown was 61% lower than in 2019, although passenger traffic was 77% lower and revenues were 74% lower.

Airbus A320 Neo Aegean Photo: John Leivaditis/Airways

Financial Results


Revenues for the FY totaled €415.1m (US$494.36m), compared to €1.3bn (US$1.55bn) in 2019, and the Group transported 5,17 million passengers, down 65% from the 15 million passengers carried in 2019.

Indeed, revenue and passenger traffic fell by 76% in the nine months following April, while load factor dropped from 85% in 2019 to 62% in 2020.

Net losses before taxes totaled €296,8m (US$353.47m) for the FY, while net losses after taxes totaled €227,9m (US$271.41m), compared to €106,7 m (US$127.07m) profit before taxes and €78,5m (US$93.49m) after taxes in 2019.

In response to the crisis, the company took immediate steps to reduce costs, control capital spending, and improve liquidity. On December 31, 2020, cash and cash equivalents totaled €478,4m (US$569.74m).

Passenger traffic


  Fourth Quarter 2019 Fourth Quarter 2020 % Full Year 2019 Full Year 2020 %
Passengers (,000) 3.359 767 -77,2% 14.992 5.177 -65,5%
Flights 25.345 9.876 -61,0% 115.765 54.404 -53,0%
Load Factor (RPK/ASK) 85,8% 57,9% -27,9pp 84,8% 67,4% -17,5pp

The Company expects to receive its 4th Airbus A321 neo, the 9th Airbus A320 neo family aircraft, in May, as part of a 46-aircraft delivery schedule that runs through 2026.

Aegean Airlines Airbus A320-232 reg. SX-DNB taxing to the gate at Dusseldorf International Airport (DUS). Photo: Marco Macca – @aviator_ita

Statement from Aegean


“2020 was undoubtedly the most challenging year in aviation history,” said Dimitris Gerogiannis, CEO of A3. “We have worked hard to address the complexities of this unique time since the beginning of the crisis.”

“We are continuing to improve our resilience and competitiveness, as well as developing new services for our passengers that will be more successful once the restrictions are progressively lifted.”

Gerogiannis also said, “The completion of the upcoming share capital increase is, of course, another critical phase in this process. Restrictions levied across Europe during the second lockdown, which has been in place for six months, have also had a significant impact on the first months of 2021.”

“We anticipate a gradual but substantial recovery in H2 2021 and beyond, assuming the recently strengthened vaccination rate persists and the EU digital green passport is successfully introduced by the end of June.”


Featured image: Aegean Airlines Airbus A320-232 reg. SX-DNA just landed at Rome Fiumicino International Airport (FCO). Photo: Marco Macca – @aviator_ita