Aegean Airlines (AEGN) Q1 2026 TU earnings summary

Executive summary

• Revenue rose 5% year-over-year to €320.7 million in Q1 2026, with passenger numbers up 4% and capacity (ASKs) up 5%.

• EBITDA increased 6% to €46.6 million, but after-tax losses widened to €21.7 million, impacted by higher fuel costs and foreign exchange losses.

• Strong January and February results offset a challenging March, which saw flight suspensions to Middle Eastern markets and sharply higher fuel prices.

• Load factor remained stable at 80.8%, despite suspension of Middle East flights and fuel price spikes.

• Two A321neo aircraft delivered in Q1 2026, with seven total scheduled for delivery in the first nine months.

Financial highlights

• Revenue: €320.7 million (+5% YoY); EBITDA: €46.6 million (+6% YoY); after-tax loss: €21.7 million (vs. €6.6 million loss in Q1 2025).

• EBIT loss increased to €5.1 million from €2.6 million year-over-year.

• Pre-tax loss rose to €28.3 million from €7.5 million, mainly due to €8.1 million FX losses versus €8.3 million gains last year.

• Cash and financial assets at €891.6 million as of March 31, 2026, after repaying €200 million bond; equity at €637.9 million.

• EBITDA margin stable at 14.5%; CASK (cost per ASK) up 6% to 8.13 euro cents.

Outlook and guidance

• Fuel cost increases expected to have a greater impact in Q2 2026 due to Middle East conflict and energy crisis.

• Demand for the summer season remains resilient despite ongoing energy crisis, regional conflicts, and loss of specific routes.

• Continued investment in fleet modernization and operational flexibility to support long-term growth.