PRESS RELEASE. Nine Month 2015 Financial Results. Net earnings of 81.9m Consolidated revenue up 8% 17% rise in traffic to more than 9m passengers

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1 PRESS RELEASE Nine Month 2015 Financial Results Net earnings of 81.9m Consolidated revenue up 8% 17% rise in traffic to more than 9m passengers Kifissia, 26 November 2015 AEGEAN announces Nine Month 2015 results with consolidated revenue at 792.2m, 8% higher versus Total number of passengers carried rose by 17% to 9.2m as the company invested more capacity, increasing frequencies as well as adding new destinations. Net earnings after tax increased 4% to 81.9m. During the third and most important quarter as far as demand seasonality is concerned and despite the significant political and economic challenges facing the country, the Company managed to increase international traffic by 29%, generating 12% higher revenue and improving net earnings by 7% to 67.2m. The main drivers behind the positive traffic performance were increased tourist flows to the country and particularly to Athens, network efficiencies, gradual routes maturity as well as increased connectivity. In addition, the Company managed to boost international traffic to the country s regional airports, where the overall market in terms of tourist arrivals was flat. More specifically, Aegean s international traffic in the two main bases in Rhodes and Heraklion grew more than 30%. Economies of scale and the benefit of lower fuel prices led to unit cost improvement despite the stronger dollar, higher air navigation charges as well as higher VAT by 10ppt in Greece (from 13% to 23%). Cash and cash equivalent, including short term financial investments, reached 302m 1 at Mr. Dimitris Gerogiannis, Managing Director, commented: During 2015 we continued our expansion strategy, having added 40 additional new international destinations following the acquisition of Olympic Air. We improved domestic connectivity, stimulated domestic demand with lower fares and doubled international connecting passengers via our Athens hub in the last three years. The third and most important quarter of the year started with unique challenges given the 1 Including restricted cash, corporate bonds and investments in money market funds 1

2 imposition of capital controls which led to a loss in net bookings. Nevertheless, we executed the delivery of 3 new aircraft despite the extended bank holiday in Greece while net bookings gradually recovered and we have eventually managed to bring results from our investments in new fleet, network expansion and services. Last, we highlight that we have outperformed market growth in all of our main bases in Athens, Rhodes and Heraklion. Consolidated Results million Nine Month 2014 Nine Month 2015 Δ% Revenue % Pre-tax profit for the period % Net profit for the period % Passenger traffic (in,000) Passenger traffic AEGEAN & Olympic Air Nine Month 2014 Nine Month 2015 % Domestic 4,072 4,465 10% International 3,832 4,765 24% Total 7,904 9,230 17% Load Factor 79.0% 77.4% -1.6 Avg number of passengers per flight % Financial statements and Key Performance Indicators are posted on the company s website About AEGEAN ΑEGEAN & Olympic Air carried 10.1 million passengers in During 2014 AEGEAN confirmed its decision to take delivery of 7 brand new A320 aircraft in The 2015 network offers 15m available seats, 2m more than 2014, with flights to 134 destinations (34 domestic and 100 international) to 42 countries. Since June 30, 2010 AEGEAN is a member of STAR ALLIANCE, the strongest airline alliance worldwide. The Company won the Skytrax World Airline award for the best European regional airline in AEGEAN won this award for the 5th year in a row and for the 6th time since

3 AEGEAN at a glance Consolidated results Jan - Jan - Change In millions Sept 2014 Sept 2015 In % Revenue % EBITDAR % Pre-tax earnings for the period % Net earnings for the period % Total number of passengers (in thousands) 7,904 9,230 17% Average number of passengers per flight % Load factor - Scheduled services (RPK/ASK) 79.0% 77.4% -1.6pp Load factor - Scheduled services (Pax/AVS) 78.0% 77.5% -0.5pp Average sector length (km) % RASK (Revenue per ASK, in cents) % Yield (Revenue per RPK, in cents) % CASK (EBITDAR level, in cents) % CASK (EBITDAR level, in cents) - excl. fuel costs % CASK (EBT level, in cents) % CASK (EBT level, in cents) - excl. fuel costs % 3

4 Profit & Loss account Consolidated results Jan - Jan - Change In millions Sept 2014 Sept 2015 In % Revenue Scheduled Services % Charter % Other (ancillary, cargo, executive aviation) % Total revenue % Other operating income % Employee benefits (74.3) (81.7) 10% Aircraft fuel (185.0) (170.4) -8% Aircraft maintenance (60.8) (74.3) 22% Overflight expenses (43.7) (52.6) 20% Ground handling expenses (40.1) (47.7) 19% Airport charges (28.9) (40.7) 41% Catering expenses (16.4) (18.9) 15% Distribution expenses (48.6) (60.5) 24% Marketing and advertising expenses (7.9) (10.5) 33% Other operating expenses (51.3) (49.0) -4% EBITDAR % EBITDAR margin 25.2% 25.2% Aircraft leases (66.4) (79.0) 19% Depreciation (9.5) (11.4) 21% EBIT % EBIT margin 14.9% 13.7% Financial results (3.9) EBT % EBT margin 14.3% 14.5% Income Tax (26.7) (32.8) 23% Net earnings / (loss) after tax % 4

5 Balance Sheet AEGEAN Group Summary In millions Dec 14 Sept 15 Total fixed assets Cash & financial assets Other current assets Total assets Total equity Finance lease liabilities Loans Other Liabilities Total equity and liabilities Cashflow AEGEAN Group Summary In millions Jan Sept 2014 Jan Sept 2015 Net cash flows from operating activities Net cash flows from investing activities (15.3) (38.8) Net cash flows from financing activities (77.8) (57.2) Net (decrease)/ increase in cash and cash equivalents Cash at the beginning of the period Cash at the end of the period Operating figures (AEGEAN & Olympic Air) Jan Sept 2014 Jan Sept 2015 Change In % Capacity ASKs (in millions) 9,562 11,518 20% Total available seats (000) 10,133 11,942 18% Total Block Hours 116, ,264 14% Total Sectors Flown 77,576 86,601 12% Average capacity per flight % Average sector length (km) % Passengers (000) By type of service : Schedule passengers 7,417 8,829 19% Charter passengers % By network : Domestic 4,072 4,465 10% International 3,832 4,765 24% Total number of passengers 7,904 9,230 17% RPKs (in millions) 7,592 8,933 18% Pax/flight % Load factor - Scheduled (Pax/AVS) 78.0% 77.5% -0.5pp Load factor - Scheduled (RPK/ASK) 79.0% 77.4% -1.6pp Detailed financial statements are available at under the investor relations / Financial results section. 5

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