Aegean Airlines (AEGN) H1 2026 earnings summary

Executive summary

• Revenue for H1 2026 rose 4% year-over-year to €816.6 million, with passenger traffic up 3% to 7.8 million, driven by domestic growth despite Middle East disruptions and higher fuel costs.

• Profitability declined sharply, with a net loss of €3.3 million versus a €47.9–48 million profit last year, mainly due to increased fuel, emission, and operating costs, and adverse FX movements.

• EBITDA for H1 was €145.3 million, down 7% year-over-year, and EBIT margin dropped to 4.7% from 7.5%.

• Five new Airbus A321neo aircraft were delivered in H1, bringing the fleet to 91, but engine inspections and network disruptions reduced operational availability.

• Geopolitical instability and high jet fuel prices, now double those of a year ago, remain major risks impacting operations and demand.

Financial highlights

• Q2 2026 revenue was €495.8 million, up 3% year-over-year; Q2 EBITDA was €98.8–99 million, down 12%; Q2 after-tax profit was €18.5 million, down 66%.

• H1 EBITDA was €145.3 million (down 7%), EBIT fell 35%, and net loss was €3.3 million, mainly due to higher fuel and emission costs and FX losses.

• Cash, cash equivalents, and financial investments totaled €950–956.1 million, up €100–114 million year-over-year, even after repaying a €200 million bond and paying over €80 million in dividends.

• Net debt at June 30, 2026 was €676.4 million; net debt/EBITDA ratio stable at 1.6x.

• Operating expenses rose due to an 11.2% increase in fuel costs and a 100% increase in CO2 emission costs.

Outlook and guidance

• Demand remained strong in July-August, with passenger traffic up 4.8–5% and load factor at 84.6%.

• ASK growth for Q3 is expected at 2.5%, with Q4 capacity expected to be flat; disciplined capacity management will continue due to high fuel costs and uncertain demand.

• Revenue per ASK for Q3 is expected to be marginally higher than last year.

• No ASK growth is expected for 2027; capacity reductions may occur if required by market conditions.

• The Group will focus on cost control, service quality, and continued investment in fleet and product enhancements.