Athens, Greece. Aegean Airlines reported higher revenue and passenger traffic in the first quarter of 2026, but its seasonal loss widened as foreign exchange losses and the Middle East crisis weighed on results.
Revenue and passenger traffic
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. 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.
EBITDA improves in seasonally weak quarter
EBITDA rose 6 per cent to €46.6 million, from €43.8 million, marking a small improvement in what the company described as traditionally the weakest quarter of the year.
Loss after tax widens on foreign exchange valuations
Aegean’s loss after tax widened to €21.7 million, compared with a loss of €6.6 million in the first quarter of 2025.
The company said the larger loss was mainly due to negative foreign exchange valuations of €8.1 million, compared with foreign exchange gains of €8.3 million in the corresponding quarter of 2025.
Middle East disruption and fuel costs
Aegean said March was affected by the suspension of flights to markets in the Middle East and the significant increase in fuel costs, while the positive performance of the first two months helped offset the negative impact.
Chief executive Dimitrios Gerogiannis said the conflict in the Middle East and the subsequent closure of the Strait of Hormuz were significantly burdening fuel prices during 2026. He said Aegean was maintaining flexibility in operational planning to limit the impact on its operating result while supporting its long-term market position and passenger needs.
How do you expect fuel price volatility to affect airlines’ results during 2026?
