Aegean Airlines posts €3.3m first-half loss despite return to profit in second quarter

Athens, Greece. Aegean Airlines returned to profit in the second quarter of 2026 but reported a €3.3 million net loss for the first half, as higher fuel and emissions costs and disruption to its Middle East network affected earnings.

First-half performance

First-half revenue rose 4 per cent to €816.6 million from €787 million a year earlier, while passenger traffic increased 3 per cent to 7.77 million despite four months of flight suspensions across parts of the Middle East.

EBITDA fell 7 per cent to €145.3 million, while EBIT declined 35 per cent to €38.5 million. The company moved from a pre-tax profit of €66 million in the first half of 2025 to a €5.7 million loss.

Net results shifted from a €47.9 million profit in the first half of 2025 to a €3.3 million loss this year.

Second-quarter recovery

The first-half result marked an improvement from the first quarter, when Aegean reported a €21.7 million loss after tax, compared with a €6.6 million loss a year earlier.

Aegean recorded net profit of €18.5 million in the second quarter, returning to profitability, although this was 66 per cent below the €54.5 million reported in the same period a year earlier.

Second-quarter revenue increased 3 per cent to €495.8 million and passenger traffic rose 1 per cent to 4.54 million. EBITDA declined 12 per cent to €98.8 million, while EBIT fell 29 per cent to €43.6 million.

Cost pressures

Aircraft fuel expenses increased 11 per cent to €184.3 million in the first half, while emissions costs doubled to €43.8 million from €21.9 million.

Maintenance expenses rose 15 per cent to €112.1 million and employee costs increased 7 per cent to €105.1 million.

Aegean estimated the net effect of higher fuel prices and emissions allowances at €40 million, after accounting for the benefit of its hedging contracts.