9M 2023 and Q3 2023 Financial Results Presentation

November 2023

Strong performance and record profitability in 9M-23

Driven by the investment in new destinations, strong capacity growth in international network along with targeted and continuous upgrade in fleet, services and product offered.

RPKs (in '000)

ASKs (in mil.)

Passengers (in '000)

Load Factor

13.065

15.673

84,5%

83,7%

14.438

79,0%

12.232

12.177

11.633

9.980

12.648

9.396

9M-19

9M-22

9M-23

9M-19

9M-22

9M-23

9M-19

9M-22

9M-23

9M-19

9M-22

9M-23

↑| 31%

↑| 24%

↑| 30%

↑| 4,7 p.p.

↑| 7%

↑| 9%

↑| 5%

Revenue (in € mil)

EBITDA (in € mil)

1.331,7

367,4

Pre- tax Profit (in € mil)

Net Profit (in € mil)

1.031,9 1.019,5

230,8 235,5

106,6

217,5

121,4

77,1

170,7

93,2

9M-19

9M-22

9M-23

9M-19

9M-22

9M-23

↑| 31%

↑| 56%

↑| 29%

↑| 59%

9M-199M-229M-23

↑| 79%

↑| 104%

9M-199M-229M-23↑| 83%

↑| 121%

2

Record Q3-23 reflecting robust demand

RPKs (in '000)

ASKs (in mil.)

Passengers (in '000)

Load Factor

6.970

5.940

6.323

6.136

87,7%

85,6%

5.563

5.181

5.473

83,9%

5.140

4.666

Q3-19

Q3-22

Q3-23

Q3-19

Q3-22

Q3-23

Q3-19

Q3-22

Q3-23

Q3-19

Q3-22

Q3-23

↑| 16%

↑| 14%

↑| 17%

↑| 1,8 p.p.

↑| 7%

↑| 10%

↑| 6%

Revenue (in € mil)EBITDA (in € mil)

Pre- tax Profit (in € mil)

Net Profit (in € mil)

653,6

512,5

571,4

227,9

197,8

168,1

123,7

168,8

152,1

120,8 133,6

90,2

Q3-19

Q3-22

Q3-23

Q3-19

Q3-22

Q3-23

↑| 14%

↑| 15%

↑| 28%

↑| 36%

Q3-19Q3-22Q3-23↑| 11%

↑| 36%

Q3-19Q3-22Q3-23

↑| 11%

↑| 48%

3

Market continues to grow

AEGEAN is growing ahead of market

Total Traffic of Greek

Airports

Athens International Airport

Airports under Fraport

AEGEAN

Hellenic Civil Aviation

management*

% change

Authority

2022/2023

Flights

Passengers

Flights

Passengers

Flights

Passengers

Flights

Passengers

% change

% change

% change

% change

% change

% change

% change

% change

1st Quarter

13%

53%

22%

60%

11%

43%

35%

72%

2nd Quarter

3%

14%

12%

23%

3%

10%

20%

28%

3rd Quarter

-2%

8%

10%

16%

2%

5%

13%

17%

9 Months

2%

14%

13%

26%

3%

8%

20%

30%

Rising outbound leisure travel supported by rising local demand, along with robust incoming traffic, further boosted the dynamics in our key hubs in Athens and Thessaloniki, with AEGEAN playing a pivotal role in these developments, given its capacity investment growth and its contribution to the distribution of tourist activity to all of the country's regions.

-AEGEAN's passengers traffic in international network from/to Athens "Eleftherios Venizelos" airport increased by 38% in the 9M period.

-For the same period the increase in international passenger traffic at Thessaloniki's "Makedonia" airport exceeded 45% compared to the previous year for AEGEAN.

*Airports under Fraport management: Aktion, Chania, Corfu, Kavala, Kefalonia, Kos, Mitilini, Mykonos, Rhodes, Samos, Santorini, Skiathos, Thessaloniki, Zakynthos

4

Network expansion new destinations, significant capacity investment with the addition of 3 mil. available seats in 2023 vs 2022, along with robust demand for

Greece, contributed to AEGEAN's strong growth momentum.

Total Passengers (in '000)

Domestic Passengers (in '000)

International Passengers (in '000)

5.473

2.144

3.330

4.666

1.832

2.834

Q3-22

Q3-23

Q3-22

Q3-23

Q3-22

Q3-23

↑| 17%

↑| 17%

↑| 17%

Total Passengers (in '000)

Domestic Passengers (in '000)

International Passengers (in '000)

12.177

4.858

7.319

9.396

3.943

5.453

9M-22

9M-23

9M-22

9M-23

9M-22

9M-23

↑| 30%

↑| 23%

↑| 34%

5

Balance sheet strengthening

Cash & Cash Equivalents

Debt (€ mil.)

(€ mil.)

755,5

268,2

516,9

527,9

220,4

198,7

FY 2019

FY 2022

9M 2023

FY 2019

FY 2022

9M 2023

(amounts in EUR mil.)

FY 2019

FY 2022

9M 2023

Cash and Cash Equivalents1

517

528

755

Debt2

199

268

220

Leases (IFRS 16)

343

737

943

Net Debt/ (Net Cash) incl. leases

25

478

408

Net Debt/ (Net Cash) excl. leases

(318)

(260)

(535)

EBITDA (12-month trailing)

269

275

407

Net Debt/EBITDA

0,1x

1,7x

1,0x

Equity

328

348

525

Notes:

1. Including restricted cash of €8,7 mil. and financial investments of €11,8 mil. in 2019, restricted cash of €1,4 mil. and financial investments of €64,2 mil. in

FY 2022 and restricted cash of €0,5 mil. and financial investments of €175,5 mil. on 30.09.23

6

2. Bond accrued interest accounting treatment

Cash Flow Bridge

Amounts in € mil.

*Pdps: Pre-Delivery payments

7

Mr. Dimitris Gerogiannis, CEO of AEGEAN, commented:

"AEGEAN announces another strong set of results with record profitability, delivering one of the best set of 9M results in our sector. Our network expansion, the significant capacity investment with the addition of 3 mil. available seats in 2023 versus last year, along with robust demand for Greece, contributed to AEGEAN's strong momentum.

At the same time, rising outbound leisure travel supported by local demand, along with robust incoming traffic, further boosted the dynamics in our key hubs in Athens and Thessaloniki, with AEGEAN playing a pivotal role in these developments, given its capacity investment growth and its contribution to the distribution of tourist activity to all of the country's regions.

It is worth noting that following the excellent performance in 2022, a second consecutive record year validates the company's strategy, prospects and relative market position in the post-covid era.

Recent developments in the Middle East, however, demonstrate that we will continue to operate in a dynamic and challenging environment with low forward visibility. Similarly, on the operational front, it is evident that there will continue to be challenges from limits in soft and hard infrastructure as well as supply chain issues that will significantly impact operations.

We are working diligently within the initial budgeted timeframe to launch Training Center and the 3rd Party MRO operations. We have taken delivery of 3 flight simulators and other training equipment and we are gradually building up our capacity with qualified personnel, so as to initiate operation in both units in January 2024."

8

Building on the momentum of the successful growth of the last 18 months, we continue to offer our passengers new options and travel experiences.

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Disclaimer

Aegean Airlines SA published this content on 14 November 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 November 2023 05:34:56 UTC.