Kifissia, 25 June 2020

PRESS RELEASE

First Quarter 2020 Trading Update
AEGEAN confirms the financial and operating results for the first quarter 2020, as per
th
preliminary estimate guidance dated May 19 ,2020. Consolidated Revenue for the
first quarter reached €147,0 mil., registering a 15% decline. Passenger traffic reached 2,1 mil., 15% lower, with the company operating 6% fewer flights compared to the same quarter last year. The decline in passenger traffic was driven entirely by March performance, reversing the positive course of the previous two months of the year.

Net Losses for the first quarter of 2020 stood at EUR 85,4 mil. compared to net losses of EUR 35,2 mil. in the same period last year. First quarter 2020 result was burdened with €38,7 mil. due to hedging ineffectiveness deriving mainly from oil derivatives originally in place to hedge volumes which will eventually not be consumed following the suspension of the largest part of network operations in the second quarter.

Mr. Dimitris Gerogiannis, CEO of AEGEAN, commented:
“Over the last four-month period, aviation industry worldwide is experiencing an unprecedented crisis. In June, following some easing signs of the course of the pandemic and the subsequent gradual ease of travel restrictions, we have partially restored our flight operation schedule while a gradual sales recovery was also evident. The next few months will be challenging and uncertain as our operations are directly linked with epidemiological developments”.


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