AEGEAN’s revenue at €816.6M in the 1H2026

AEGEAN’s consolidated turnover was €816.6m, up 4% compared to the corresponding half of 2025. However, revenue growth was not enough to cover strong cost pressures, resulting in EBITDA falling 7% to €145.3m.

At the level of pre-tax results, AEGEAN recorded losses of €5.7 million, against a clearly better picture in the corresponding period of 2025, while after taxes the losses amounted to €3.3 million.

3% increase in passengers

In the first half of the year, the Group transported 7.8 million passengers, registering an increase of 3%, corresponding to the increase in the number of seats offered, which amounted to 9.7 million. The occupancy rate stood at 80.3%.

The performance of the domestic market was particularly positive, where passenger traffic increased by 6%, reflecting the continued momentum of Greek destinations.

On the contrary, abroad passenger traffic remained at the levels of 2025. The picture was affected by geopolitical developments in the Middle East, which from March limited both the ability to operate flights on part of the network and the demand for connecting traffic through Athens airport.

At €98.8 million the EBITDA of the second quarter
In the second quarter of 2026, the picture was improved compared to the full six months. Turnover amounted to €495.8 million, up 3%, while capacity in ASKs remained essentially unchanged.

AEGEAN carried 4.5 million passengers this quarter, an increase of 1%. EBITDA amounted to €98.8 million, while profits after taxes amounted to €18.5 million.

Despite the positive performance of the second quarter, the overall picture of the half was strongly affected by the increase in fuel costs.

€40 million the burden of fuel and pollution

According to management, the net total charge from the increase in fuel price and pollution rights, after the significant benefit from hedging contracts, amounted to €40 million.

In addition, the negative impact from exchange rate valuations was significant. Foreign exchange losses amounted to €14.1m, against gains of €30.6m in the first half of 2025, further weighing on the bottom line.

The key challenge for the company is that average revenue per passenger kilometer has remained essentially flat, without the required increase to absorb rising fuel costs.

Pressure builds up from the jet fuel
The course of fuel costs in the coming months is now of particular importance. As the managing director of AEGEAN, Dimitris Gerogiannis, stated, the price of jet fuel today remains approximately double compared to the beginning of the year.

Under these circumstances, the company is oriented towards a highly disciplined capacity policy for the next 6-8 months in order to adjust its production to market conditions and demand.

This development is a critical factor for AEGEAN’s profitability, as the company is asked to balance between maintaining the dynamics of passenger traffic and the need to limit its exposure to a particularly increased operating cost.

The picture for July-August is positive

Despite the pressures of the first half, the picture at the heart of the summer period was positive. During the two months of July-August, AEGEAN passenger traffic increased by 4.8%, with a balanced increase in both the domestic and the external network.

This development offers a positive signal for demand, without however eliminating the risk created by the rise in fuel costs.

Investments in the fleet continue

Despite the more unfavorable cost environment, AEGEAN continues its investment program to renew and strengthen its fleet. In the first half of the year, it took delivery of five new Airbus A321neos, bringing the total number of Airbus neo family aircraft deliveries to 43. Of these, 21 are A320neo and 22 A321neo.

Two more A321neos are expected to be delivered by the end of September, further enhancing the company’s ability to grow its network and improve fleet efficiency.

Liquidity at €956.1 million

At the same time, the Group’s financial profile remains strong. As of June 30, 2026, cash, cash equivalents and other financial investments amounted to €956.1 million, an increase of €114 million compared to June 2025.

This development is recorded after the payment of a total dividend of €81.1 million for the fiscal year 2025, or €0.90 per share, in May 2026.

Strong liquidity provides AEGEAN with significant approx providing the necessary scope to continue investments in its fleet, network, and services, while simultaneously enabling it to manage an environment of rising costs and geopolitical uncertainty.

According to Mr. Geroyiannis, management remains committed to flexible capacity management as well as continued investment in new aircraft, products, services, and destinations, with the aim of maintaining the Group’s competitive position over the long term.