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First Quarter 2026 Trading Update
Tuesday, 19-05-2026
4% increase in Passenger Traffic and 5% growth in Revenue
Modest improvement in EBITDA to €46,6 mil. during the weak first quarter of the year
- €320,7 mil. Revenue, an increase of 5% vs. Q1-25.
- 3,2 mil. passengers, 4% increase vs. Q1-25.
- EBITDA of €46,6 mil., from €43,8 mil. in Q1-25.
- €21,7 mil. after-tax loss from €6,6 mil. after-tax loss in Q1-25.
AEGEAN announces its key financial and operating results for the first quarter of 2026.
Consolidated Revenue reached €320,7 mil., 5% higher compared with the first quarter of 2025. Passenger traffic rose by 4%, to 3,2 mil. passengers, in line with the increase in available seat capacity. Load factor stood at 80,8%.
EBITDA reached €46,6 mil., compared to €43,8 mil. in the corresponding period of 2025, while losses after taxes reached €21,7 mil. from losses of €6,6 mil. in the respective period last year. The increase in after-tax losses during the seasonally weak quarter was largely driven by foreign exchange valuation losses amounting to €8,1 mil., compared to gains of €8,3 million in the first quarter of 2025.
Despite the suspension of flights to markets in the Middle East and the sharp increase in fuel costs that burdened March performance, the positive performance recorded during the first two months of the year helped offset the adverse impact, leading to modest growth in both revenue and EBITDA.
During the first quarter of 2026, AEGEAN took delivery of two (2) new A321neo aircraft, with a total of seven (7) A321neo aircraft scheduled for delivery within the first 9 months of the year.
As of March 31st, 2026, Group’s cash, cash equivalents and other financial investments stood at €891,6 mil. following the repayment on March 12th, 2026 of the €200 mil. Common Bond Loan.
Mr. Dimitris Gerogiannis, AEGEAN’s CEO, commented:
“The conflict in the Middle East and the subsequent closure of the Strait of Hormuz have led to a spike in jet fuel prices, creating a challenging environment for the industry throughout 2026. At AEGEAN, we continue to exercise flexibility in our operational planning in order to mitigate the impact on our operating performance, while at the same time supporting our long-term market position and addressing our passenger’s needs.
The impact of increased fuel costs is expected to be more pronounced during the second quarter of the year. Nevertheless, despite the uncertainty generated by the energy crisis and the loss of specific markets, demand for the summer season continues to demonstrate notable resilience.
Despite the challenges in 2026, we remain optimistic about AEGEAN’s prospects. Our consistent investment in a modern new-generation fleet, our strong capital base, our proven ability to adapt, and above all the quality and continuous development of our people, enable us to respond effectively to challenges and to continue to support our growth strategy”.
| (in € mil.) | First Quarter 2025 | First Quarter 2026 | % change |
| Revenue | 306,0 | 320,7 | 5% |
| EBITDA1 | 43,8 | 46,6 | 6% |
| EBIT/(Loss) | (2,6) | (5,1) | 98% |
| Pre-tax Profit/(Loss) | (7,5) | (28,3) | 279% |
| Net Profit/(Loss) | (6,6) | (21,7) | 228% |
Note:
1 Earnings/(Loss) before interest, tax, depreciation and amortization (EBITDA)
| First Quarter 2025 | First Quarter 2026 | % change | |
| Total Passengers (‘000) | 3.093 | 3.230 | 4% |
| RPKs (in mil.) | 3.343 | 3.489 | 4% |
| ASKs (in mil.) | 4.160 | 4.364 | 5% |
| Load Factor (RPK/ASK) | 80,6% | 80,2% | -0,3pp |
Net Debt Analysis
| (in € mil.) | 31.12.2025 | 31.03.2026 |
| Cash and cash equivalents | 955,1 | 891,6 |
| Borrowings | 664,2 | 462,1 |
| Lease Liabilities | 971,1 | 1.053,8 |
| Net Debt | 680,2 | 624,3 |
| Net Debt/ (Net Cash) excluding Lease Liabilities | (290,9) | (429,5) |
| EBITDA1 -12m trailing | 421,5 | 424,3 |
| Net Debt / ΕBITDA | 1,6x | 1,5x |
Note:
1 12-month trailing Earnings/(Losses) before interest, tax, depreciation and amortization (EBITDA), Jan. - Dec. 2025 and Apr. 2025 - Mar. 2026 respectively
AEGAN at a glance
| (in € mil.) | First Quarter 2025 | First Quarter 2026 | % change |
| Revenue | 306,0 | 320,7 | 5% |
| EBITDA1 | 43,8 | 46,6 | 6% |
| EBIT/(Loss) | (2,6) | (5,1) | 98% |
| Pre-tax Profit/(Loss) | (7,5) | (28,3) | 279% |
| Net Profit/(Loss) | (6,6) | (21,7) | 228% |
| Total passengers (‘000) | 3.093 | 3.230 | 4% |
| Available Seats (‘000) | 3.859 | 4.008 | 4% |
| ASKs (in mil.) | 4.160 | 4.364 | 5% |
| Average passengers per flight | 127 | 127 | 0% |
| Load factor- Scheduled Services (Pax/AVS) | 80,3% | 80,8% | 0,5pp |
| Load factor- Scheduled Services (RPK/ASK) | 80,6% | 80,2% | -0,3pp |
| Average sector length (km) | 946 | 932 | -1% |
| RASK (Revenue per ASK, in € cents) 2 | 7,36 | 7,35 | 0% |
| Yield (in € cents) 3 | 9,15 | 9,19 | 0% |
| CASK (EBT level, in € cents) 4 | 7,69 | 8,13 | 6% |
| CASK (EBT level, in € cents) - excl. fuel costs 4 | 6,01 | 6,58 | 9% |
| CASK (EBT level, in € cents)-excl. FX difference4 | 7,89 | 7,95 | 1% |
| CASK (EBT level, in € cents) -excl. fuel costs and FX difference 4 | 6,21 | 6,39 | 3% |
Notes:
1 Earnings before interest, tax, depreciation and amortization (EBITDA)
2 Revenue per Available Seat Kilometer, excluding other operating income, excluding ATCOM.
3 Revenue per Passenger Kilometer, excluding other operating income, excluding ATCOM.
4 Cost per Available Seat Kilometer, excluding other operating income, excluding ATCOM.
Consolidated Income Statement - First Quarter 2026
| (in € mil.) | First Quarter 2025 | First Quarter 2026 | % change |
| Scheduled Services | 265,5 | 279,6 | 5% |
| Charter | 4,7 | 4,2 | -10% |
| Other | 35,9 | 36,9 | 3% |
| Total Revenue | 306,0 | 320,7 | 5% |
| Other operating income | 6,4 | 9,3 | 44% |
| Employee benefits | (43,5) | (49,3) | 13% |
| Aircraft fuel | (70,0) | (67,8) | -3% |
| Aircraft maintenance | (36,0) | (40,2) | 12% |
| Overflight expenses | (17,3) | (16,8) | -3% |
| Ground handling expenses | (23,4) | (25,1) | 7% |
| Airport charges | (18,5) | (18,9) | 2% |
| Catering expenses | (12,4) | (13,0) | 4% |
| Distribution expenses | (20,9) | (21,2) | 1% |
| Marketing & advertising expenses | (5,5) | (6,6) | 19% |
| Emissions | (8,6) | (16,6) | 92% |
| Other operating expenses | (11,1) | (7,7) | -31% |
| Leases | (1,3) | (0,2) | -84% |
| EBITDA | 43,8 | 46,6 | 6% |
| EBITDA Margin | 14,3% | 14,5% | |
| Depreciation | (46,4) | (51,7) | 11% |
| EBIT | (2,6) | (5,1) | 98% |
| EBIT margin | -0,8% | -1,6% | |
| Interest and Financial income | 7,4 | 6,3 | -15% |
| Interest and Financial expense | (20,7) | (21,5) | 4% |
| FX difference and other | 8,3 | (8,1) | - |
| Share of profit / (loss) in associates | 0,0 | 0,1 | 90% |
| Pre-tax Profit/(Loss) | (7,5) | (28,3) | 279% |
| EBT margin | -2,4% | -8,8% | |
| Income Tax | 0,9 | 6,6 | 671% |
| Net Profit/(Loss) after tax | (6,6) | (21,7) | 228% |
Note:
The results for the first quarter of 2026 include the full consolidation of the 100% subsidiary ICT, which owns 100% of the company Atcom. Atcom’s Revenue and Profit before Tax (PBT) for Q1-26 amounted to €5,3 mil. and €600,6 thous. respectively. The full consolidation contributed revenue of €3,3 mil. and Losses before tax of €172.1 thous. to the Group.
Balance Sheet Aegean Group- Summary
| (in € mil.) | 31.12.2025 | 31.03.2026 |
| Total Fixed Assets | 1.930,3 | 1.966,4 |
| Cash & Cash Equivalents | 651,5 | 608,3 |
| Restricted Cash | 3,5 | 0,0 |
| Financial Assets Available for Sale | 300,2 | 283,3 |
| Other Current Assets | 328,0 | 483,9 |
| Total Assets | 3.213,5 | 3.341,9 |
| Total Equity | 568,8 | 637,9 |
| Lease Liabilities | 971,1 | 1.053,8 |
| Loans | 664,2 | 462,1 |
| Other Non-Current Liabilities | 227,9 | 199,6 |
| Other Current Liabilities | 781,5 | 988,6 |
| Total Equity and Liabilities | 3.213,5 | 3.341,9 |
Cash Flow Aegean Group – Summary
| (in € mil.) | 31.03.2025 | 31.03.2026 |
| Net cash flows from operating activities | 110,0 | 160,4 |
| Net cash flows from investing activities | (51,0) | (12,9) |
| Net cash flows from financing activities | (19,4) | (200,3) |
| Net (decrease)/ increase in cash and cash equivalents | 39,5 | (52,7) |
| Cash at the beginning of the period | 575,6 | 651,5 |
| Foreign exchange difference impact in cash | (16,4) | 9,5 |
| Cash and cash equivalents of asset held for sale | - | - |
| Cash at the end of the period | 598,8 | 608,3 |
Group operating figures
| First Quarter 2025 | First Quarter 2026 | % change | |
| Capacity |
|||
| ASKs (in millions) | 4.160 | 4.364 | 5% |
| Total available seats (‘000) | 3.859 | 4.008 | 4% |
| Total Block Hours | 42.027 | 43.535 | 4% |
| Total Sectors Flown | 24.434 | 25.443 | 4% |
| Average capacity per flight | 158 | 158 | 0% |
| Average sector length (km) | 946 | 932 | -1% |
| Passengers (΄000) By type of service: |
|||
| Schedule passengers | 3.063 | 3.207 | 5% |
| Charter passengers | 30 | 23 | -23% |
| By network: |
|||
| Domestic | 1.180 | 1.269 | 8% |
| International | 1.913 | 1.960 | 2% |
| Total number of passengers | 3.093 | 3.230 | 4% |
| RPKs (in millions) | 3.343 | 3.489 | 4% |
| Average passengers per flight | 127 | 127 | 0% |
| Load factor- Scheduled Services (Pax/AVS) | 80,3% | 80,8% | 0,5pp |
| Load factor- Scheduled Services (RPK/ASK) | 80,6% | 80,2% | -0,3pp |
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