WOOD Flash – Aegean Airlines: 2Q25 in line; cash flow contracting; guidance encouraging
Aegean's 2Q25 numbers are fully in line with our estimates. The operating cash flow after leases is down by around 30% compared to the previous two years. However, the guidance on the summer sounds optimistic, and offers possible upside for our ASK estimate for 3Q25E. This may, however, may be offset by the RASK being slightly weaker in 3Q25E, reportedly (we have been pencilling it in as flat yoy). The company is guiding for a brisk 9% seat growth in 4Q25E, which could indicate some upside for the traffic level we expect. If this does not prove dilutive for the yields and margins, it could also drive upside for our forecasts. More broadly, the company expects the powder metal engine issue to be resolved in the next 24-28M. Together with the HS+ upgrade and the Advantage engines, this could, gradually, improve the durability and utilisation of the fleet, improving the cost efficiency.Aegean Airlines is an airline carrier based in Greece. Co. is engaged in aviation transportation, providing services that concern the transportation of passengers and commodities in the sector of public aviation transportation inside and outside Greece, conducting scheduled and unscheduled flights. Co. provides full service, premium quality short and medium haul services. Co. maintains a network of 145 destinations, 111 international in 45 countries and 34 domestic destinations. Co. is a member of global airline network, the Star Alliance network.
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