AEGEAN has announced its operating and financial results for the Second Quarter and First Half 2026, repprting consolidated revenue for the first half of 2026 amounted to €816.6m, up 4% compared with 2025, reflecting resilient travel demand and revenue per ASK remaining broadly stable, albeit without the increase required to offset higher fuel costs.
Geopolitical developments in the Middle East disrupted parts of the international network, with flights suspended for four months, from March to June, while the particularly sharp increase in fuel costs continued to place significant pressure on profitability.
AEGEAN carried 7.8m passengers in the first half of 2026, representing a 3% increase compared with the first half of 2025, in line with the growth in available seats, which reached 9.7m. Domestic traffic grew by 6% compared with the first half of 2025, supported by continued momentum across Greek destinations. International traffic remained broadly flat, as geopolitical developments in the Middle East from March onwards affected both the ability to operate flights across parts of the network and demand for connecting traffic to and from the region through AEGEAN’s main hub in Athens. The load factor stood at 80.3%.
Second-quarter revenue increased 3% to €495.8m, with capacity in ASKs broadly unchanged. AEGEAN carried 4.5 mil. passengers, up 1%, and reported EBITDA of €98.8m and profit after tax of €18.5m.
EBITDA amounted to €145.3m, 7% lower than in the first half of 2025, while the Group reported a pre-tax loss of €5.7m and a net loss of €3.3m. Revenue growth was not sufficient to offset higher cost pressures, mainly due to higher fuel costs. The overall net impact from higher fuel prices and emissions allowances amounted to €40m, after the significant benefit from hedging contracts. In addition, compared with 2025, results were adversely affected by foreign exchange valuation losses of €14.1m, compared with gains of €30.6m in the first half of 2025.
In the first half of 2026, the Group took delivery of five new Airbus A321neo aircraft, bringing the total number of Airbus neo family deliveries to 43 aircraft, of which 21 are A320neo and 22 are A321neo, and it is expected to take delivery of two more A321neo aircraft by the end of September.
The Group maintained a strong liquidity position, with cash, cash equivalents and other financial investments of €956,1m as at 30 June 2026, higher by €114m compared with 30 June, 2025, following the payment of a total dividend of €81.1m for the 2025 financial year, corresponding to €0,.0 per share, on 5 May, 2026.
Dimitris Gerogiannis, CEO, AEGEAN, commented, “The first half of the year was shaped by the initial impact of the war in the Middle East. The outcome was constrained operations across parts of the network in the area, while higher key input costs weighed on the Company’s financial performance. Yields remained stable but also did not increase to offset the rise in fuel costs.
Demand in July and August has been satisfactory, with AEGEAN recording a 4,8% increase in passenger traffic, with balanced growth across both the domestic and international networks.
The Group remains committed to the flexible management of its capacity, enabling it to respond effectively to market needs and our passengers’ preferences. Given that jet fuel prices remain twice as high as at the beginning of the year, the Company plans to maintain a highly disciplined capacity outlook for at least the next 6–8 months.
The Group continues to invest in new aircraft, the ongoing enhancement of its products and services and the expansion of its network through new destinations, supporting its competitive position and long-term strategy.”
AEGEAN’s management will host a conference call to present and discuss First Half 2026 Financial Results on Tuesday, 15 September 2026 (15:00 Athens time, 13:00 GMT).
Details are available at: http://en.about.aegeanair.com/investor-relations/announcements/announcements/
