Greek carrier Aegean Airlines boosted its first quarter financial performance at an operating level after increasing revenues 17% in the first three months of 2024.

Aegean EBITDA climbed to €33 million ($36 million) from €19 million in the first quarter, while operating losses halved to €7 million compared with the same period last year.

Aegean Airlines Airbus A320


Aegean operated a fleet of 79 aircraft as of the end of March 2024

Net loss, however, widened to €21 million in the first quarter, which the airline says is mainly due to adverse currency movements impacting the valuation of future leases liabilities.

The improved performance was driven by a 17% jump in revenues to €269 million, delivered off the back of an 11% increase in passenger numbers for the quarter to 2.9 million.

Aegean Airlines chief executive Dimitris Gerogiannis says: ”Aegean’s effort to soften the seasonality impact is visible in its international network capacity investment as well as in the revenue and passengers’ growth.

”Once more in the seasonally weakest quarter, Aegean delivered higher EBITDA profitability, demonstrating its resilience, its adaptability and its competitive cost structure.”

He says the airline is focusing its growth for the key summer season on adding routes and frequencies from its Athens and Thessaloniki bases. 

”We continue to see strong demand for the summer period,” says Gerogiannis. “Nevertheless, it is still too early to estimate the overall outcome of the summer season which typically shapes our results.”