Greek flag carrier Aegean Airlines swung to a net loss in the first half of 2026, as surging jet fuel prices and geopolitical fallout in the Middle East offset passenger traffic growth and top-line gains.
Financial Performance: Revenue Gains Outpaced by Cost Pressures
For the six months ended June 30, 2026, Aegean generated consolidated revenue of €816.6 million, up 4% year-over-year. However, solid commercial momentum was insufficient to cushion the blow from exogenous headwinds.
Key first-half financial metrics include:
- Net Profit / (Loss): Slipped into the red with a net loss of €3.3 million ($3.8 million), down from a €47.9 million net profit recorded in the prior-year period.
- Pre-Tax Profit / (Loss): Slid to a pre-tax loss of €5.7 million, reversing a €66.0 million profit from H1 2025.
- EBITDA: Decreased 7% year-over-year to €145.3 million.
Operating Impact: Fuel Burn and Emissions Allowances
Direct operational cost escalation weighed heavily on operating margins, driven primarily by energy and compliance expenses. The Athens-based carrier reported that rising jet fuel prices combined with carbon emission allowances (EU ETS) yielded a net adverse impact of €40 million, even after accounting for fuel hedging gains.
Operational passenger metrics maintained positive momentum through the half:
- Passenger Traffic: Up 3% year-over-year, carrying 7.8 million passengers between January and June.
Outlook and Capacity Discipline
Chief Executive Officer Dimitris Gerogiannis noted in a statement that passenger traffic momentum carried into the peak summer season, expanding 4.8% across July and August with balanced load factors across both the domestic and international networks.
Looking ahead, Gerogiannis underscored that Aegean will exercise strict capacity discipline over the next six to eight months as aviation fuel costs remain elevated at roughly double their levels seen at the start of the year.
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