Aegean Airlines reported higher revenue and passenger traffic in the first quarter of 2026, although its seasonal loss widened sharply as foreign exchange losses and pressure from the Middle East crisis weighed on the airline’s results.

The group said consolidated turnover rose 5 per cent year-on-year to €320.7 million, compared with €306 million in the first quarter of 2025, while passenger traffic increased 4 per cent to 3.23 million passengers.  

The increase was broadly in line with the rise in seats offered, with the load factor reaching 80.8 per cent, compared with 80.3 per cent in the same period last year. 

At the same time, EBITDA rose 6 per cent to €46.6m, from €43.8m, marking a small improvement in what is traditionally the weakest quarter of the year. 

However, Aegean’s loss after tax widened to €21.7m, compared with a loss of €6.6m in the first quarter of 2025. 

The company said the larger loss was mainly due to negative foreign exchange valuations of €8.1m, compared with foreign exchange gains of €8.3m in the corresponding quarter of 2025.  

Although March was affected by the suspension of flights to markets in the Middle East and the significant increase in fuel costs, Aegean said the positive performance of the first two months helped offset the negative impact. 

This allowed both turnover and EBITDA to rise during the quarter, despite the more difficult operating conditions. 

“The conflict in the Middle East and the subsequent closure of the Strait of Hormuz are significantly burdening fuel prices, creating a difficult environment for the entire aviation industry during 2026,” Aegean chief executive Dimitrios Gerogiannis said. 

“At Aegean, we maintain flexibility in our operational planning, aiming to limit the impact on our operating result, while supporting our long-term market position and the needs of our passengers,” he added. 

Gerogiannis said the impact of higher fuel costs would become more pronounced during the second quarter. 

“It is important to note, however, that despite the uncertainty created by the energy crisis among consumers, demand for the summer season appears to be quite resilient,” he said. 

Despite the difficulties facing the sector, he said the airline remained optimistic about its prospects. 

“Despite the difficulties of 2026, we remain optimistic about Aegean’s prospects,” Gerogiannis said. 

“Consistent investment in a modern, new generation fleet, our strong capital base, our proven ability to adapt and, above all, the quality and development of our people, allow us to meet the challenges and continue our growth path without any problems,” he added. 

During the first quarter, Aegean took delivery of two new A321neo aircraft. 

In total, seven A321neo aircraft are scheduled to be delivered within the first nine months of 2026, as the airline continues to invest in its new-generation fleet. 

The company also said cash, cash equivalents and other financial investments stood at €891.6m at the end of March 2026. 

This followed the repayment, on March 12, of the company’s €200m common bond loan. 

Borrowing liabilities fell to €462.1m at the end of March, from €664.2m at the end of 2025. 

Lease liabilities, meanwhile, rose to €1.05 billion, compared with €971.1m at the end of last year. 

Net debt declined to €624.3m, from €680.2m at the end of December 2025, while the net debt-to-EBITDA ratio improved slightly to 1.5 times, from 1.6 times. 

Excluding leases, Aegean reported net cash of €429.5m, compared with €290.9m at the end of 2025. 

On the operational side, Aegean offered 4.01m seats in the first quarter, up 4 per cent year-on-year. 

Flights also increased 4 per cent to 25,443, while available seat kilometres rose 5 per cent to 4.36bn. 

Revenue passenger kilometres increased 4 per cent to 3.49bn. 

The average number of passengers per flight remained unchanged at 127, while the average flight distance declined slightly to 932 kilometres, from 946 kilometres a year earlier. 

Domestic passenger traffic rose 8 per cent to 1.27m passengers, while international traffic increased 2 per cent to 1.96m passengers. 

Scheduled flight passengers increased 5 per cent to 3.21m, while charter passengers fell 23 per cent to 23,000. 

Revenue from scheduled flights rose 5 per cent to €279.6m, while charter flight revenue dropped 10 per cent to €4.2m. 

Other operating income related to flights increased 3 per cent to €36.9m, while other income rose 44 per cent to €9.3m. 

On the cost side, employee benefits increased 13 per cent to €49.3m, while aircraft maintenance costs rose 12 per cent to €40.2m. 

Ground handling costs were up 7 per cent to €25.1m, airport charges increased 2 per cent to €18.9m, and catering costs rose 4 per cent to €13m. 

Distribution costs increased slightly to €21.2m, while promotion and advertising expenses rose 19 per cent to €6.6m. 

Fuel costs fell 3 per cent year-on-year to €67.8m in the first quarter. 

However, the company said March was affected by a significant increase in fuel costs, with the impact expected to be stronger in the second quarter. 

Meanwhile, the cost of emissions allowances almost doubled, rising 92 per cent to €16.6m, from €8.6m in the first quarter of 2025. 

Overflight fees declined 3 per cent to €16.8m, while miscellaneous expenses fell 31 per cent to €7.7m. 

Lease expenses also dropped sharply, falling 84 per cent to €200,000. 

Depreciation increased 11 per cent to €51.7m, contributing to an operating loss of €5.1m, compared with an operating loss of €2.6m in the first quarter of 2025. 

Financial expenses linked to liabilities and leases rose 4 per cent to €21.5m, while credit interest and financial income fell 15 per cent to €6.3m. 

As a result, the group reported a loss before tax of €28.3m, compared with a loss before tax of €7.5m a year earlier. 

The loss before tax margin stood at 8.8 per cent, compared with 2.4 per cent in the first quarter of 2025. 

AEGEAN also reported tax income of €6.6m, compared with €900,000 in the same period last year. 

The company said the first-quarter results include the full consolidation of its 100 per cent subsidiary ICT, which owns Atcom. 

Atcom’s revenue and profit before tax for the first quarter of 2026 amounted to €5.3m and €600,600, respectively. 

AEGEAN said the full consolidation contributed €3.3m in income and a loss before tax of €172,120 to the group. 

In terms of its balance sheet, total assets increased to €3.34bn at the end of March, from €3.21bn at the end of 2025. 

Total equity rose to €637.9m, from €568.8m, while other short-term liabilities increased to €988.6m, from €781.5m. 

Cash on hand stood at €608.3m, compared with €651.5m at the end of 2025. 

Financial assets stood at €283.3m, down from €300.2m. 

Net cash inflows from operating activities reached €160.4m, compared with €110m in the first quarter of 2025. 

Net outflows from investing activities narrowed to €12.9m, from €51m a year earlier. 

Financing activities recorded net outflows of €200.3m, mainly reflecting the repayment of the bond loan. 

Finally, cash and cash equivalents at the end of March stood at €608.3m, compared with €598.8m at the end of March 2025.