Aegean posts €147.8m profit, warns of Middle East impact on 2026 flights

Greek air carrier Aegean Airlines on Thursday announced its fourth quarter and full year 2025 financial results, reporting higher revenue, profits and passenger numbers as the airline continued its expansion strategy.

The company said that consolidated revenue reached €1.86 billion in 2025, representing an increase of 5 per cent compared with 2024, supported by network expansion and stronger demand during the winter season.

During the year, the airline welcomed 17.3 million passengers in 2025, almost one million more than the previous year.

The group offered 21 million available seats across its network, marking a 6 per cent increase as it expanded capacity on both domestic and international routes.

The company also explained that the expansion of capacity during off peak months helped reduce the extreme seasonality that typically characterises air travel demand.

Load factor during the year stood at 82.5 per cent load factor, reflecting strong demand relative to available capacity.

For the full year, EBITDA reached €421.5 million, highlighting the company’s continued operational performance.

At the same time, pre-tax profits reached €192.1 million, representing an increase of 17 per cent year on year.

The airline also reported net profit of €147.8 million, which was 14 per cent higher compared with 2024.

The company explained that the improved performance was achieved despite additional costs linked to European environmental regulation and aviation fuel requirements.

These costs stemmed from the European emissions framework and the use of Sustainable Aviation Fuel, which burdened the group’s results by €43.3 million in 2025.

At the same time, the airline benefited from lower fuel prices and a stronger euro relative to the US dollar during the year.

In the final quarter of the year, the airline continued its strategy of strengthening activity outside the summer peak season.

During this period, available seats increased by 10 per cent, reflecting further expansion in winter capacity.

Passenger numbers in the fourth quarter rose by 9 per cent compared with the same period in 2024.

Consolidated revenue in the fourth quarter also increased by 7 per cent year on year.

As of December 31, 2025, cash, cash equivalents and financial investments totalled €955.1 million, providing the company with substantial liquidity.

The board of directors will propose a dividend of €0.90 per share to the upcoming annual general meeting.

“2025 was another year of strong performance for Aegean, with growth recorded in passengers, revenue, and profitability,” said Aegean chief executive officer Dimitris Gerogiannis.

“Network expansion, new aircraft deliveries and capacity growth during the off peak months contributed positively in Group’s results, which remain significantly robust for yet another year,” he added.

“The proposed dividend, subject to approval by the annual general assembly, is also reflecting the improved profitability,” Gerogiannis said.

“Looking ahead to 2026,” he continued, “despite the positive momentum in the first two months of the year, the overall environment remains high volatile following the recent developments in the Middle East.”

“The suspension of the flight operations in the region representing approximately 4–5 per cent of the company’s total scheduled activity along with the immediate and pronounced increase on fuel prices are expected to have a notable impact, at least in the first quarter of the year,” Gerogiannis stated.

“The duration of this new conflict in the Middle East remains uncertain; Aegean, having substantial experience in managing similar crises, as well as strong cash reserves and significant levels of fuel hedging contracts in place, will once again demonstrate the resilience and adaptability required to sustain its competitiveness and long term growth prospects,” he explained.

The company also stated that on Thursday, March 12, 2026 it fully repaid its common bond loan issued on March 12, 2019, paying bondholders the total nominal value of the bonds plus accrued interest.

The repayment amounted to €200.3 million paid to bondholders, marking the completion of the company’s bond obligations under that issuance.