Record sizes showed Aegean Sea in the first quarter of this year, which is traditionally seasonally weak. OUR airlinecompared to the corresponding period in 2022, increase in consolidated turnover by 90%, to 229.1 million euros, which is also an increase of 33% compared to the first quarter of 2019. Also in the first quarter of 2023, the listed company posted a pre-tax profit, financial and investment performance and amortization (Ebitda) of €19.3m out of (losses) -€16.1m and -€8.5m in the first quarter of 2022 and 2019 years respectively. Aegean also reduced its after-tax loss to 14.4 million between January and March, from -38.5 million in the first quarter of 2022 and -35.2 million in the first quarter of 2022 and 2019, respectively.

This improved performance is due to the higher throughput that has been maintained through the winter, increased demand dynamics coupled with new service offerings, and ongoing fleet renewal. But also passenger traffic registered a strong momentum that continued from the previous year and increased by 72% compared to the first quarter of 2022. That is, the group offered 3.2 million seats and transported 2.6 million passengers, of which 1.6 million from and to foreign destinations. The occupancy rate was 82%, an increase of 15.5 percentage points compared to the first quarter of 2022.

In addition, Aegean posted strong net cash flow of EUR 138.6 million thanks to strong summer presales. As a result, cash, cash equivalents and other financial attachments they amounted to 591.1 million euros at the end of March last year, from 528 million at the end of 2022, after paying off loans of 68.5 million euros.

“We are very pleased with the significantly improved first quarter result, which in the weakest period of the year is indicative of the dynamics of demand, as well as Aegean’s competitiveness in a post-pandemic environment. We once again supported her extension of the tourist season in our countrythanks to our significant investments in capacity expansion in Athens and Thessaloniki in the first quarter of 2023, which contributed to a significant increase in traffic.

We continue to see high demand and orders for the summer season, which, as always, will determine the results of the year. At the same time, we are opening new destinations and introducing new products and targeted services every month across the entire travel chain to provide our passengers with opportunities and options that will enhance their travel experience and their relationship with Aegean.

Aegean plans to operate 76 aircraft in 2023 and offer a total of 18 million seats, including 11 million foreign seats, up 2 million from 2022 and 800,000 more than in 2019. The network will cover 46 countries with 264 routes to 161 destinations from a total of 8 bases,” said Aegean CEO Dimitris Geroyannis.