AEGEAN provides a preliminary estimate of First Quarter 2020

Kifissia, 19 May 2020

AEGEAN hosted an analyst call to update on the current situation following the crisis which was caused due to the COVID-19 pandemic and due to travel restrictions imposed by EU member states as of March 2020.

More specifically, traffic in the first quarter of 2020 fell by 15% to 2.1m passengers, driven by March performance where traffic fell by 56% due to the evolving situation caused by the pandemic, reversing the very strong start to the year with 11% and 7% growth recorded in January and February.

Similarly, March revenue performance, with a drop of 59%, has reversed the increase recorded in the first two months of the year. Hence revenue in the First Quarter is estimated to be 15% lower to €146.4m.


Pre-tax loss is estimated at €80m compared to pre-tax loss of €48.7m in the prior year.

First quarter result is expected to be burdened by extra €30m from fuel hedging ineffectiveness, as the suspension of the largest part of network operations in the second quarter resulted to prior hedging positions deemed ineffective for the second quarter of the year.

As a result, pre-tax losses for the quarter, including aforementioned provision, are estimated at € 110m.

http://en.aegeanair.com/-/media/abou...949;ν.pdf