Aegean Airlines announced its first‑half 2026 results on a conference call led by Chairman Eftichios Vassilakis and Deputy CEO Michalis Kouveliotis. Revenue reached EUR 817 million, a 4% increase year‑over‑year, while net income swung to a EUR 3.3 million loss from a EUR 48 million profit in the same period a year earlier.
EBITDA fell 7% to EUR 145 million and operating profit (EBIT) declined 35% versus the prior year. In the second quarter, revenue was EUR 496 million, up 3% YoY, but EBITDA dropped 12% to EUR 99 million and EBIT fell 29% to EUR 44 million. Pre‑tax profit for Q2 was EUR 23 million, roughly 70% lower than a year earlier.
Cash and cash equivalents stood at about EUR 950‑956 million at the end of June, essentially unchanged from year‑end 2025 and roughly EUR 100 million higher than the first half of 2025. The airline repaid a EUR 200 million, seven‑year bond in March and distributed just over EUR 80 million in dividends in May.
Passenger traffic grew 3% YoY to 7.8 million in H1, with Q2 traffic up 1% as available seat kilometres (ASKs) were flat. Fleet disruptions peaked at 14‑15 grounded aircraft between February and April, easing to ten by mid‑summer. The carrier operated 33 A321neo aircraft during the summer, up from 26 a year earlier, and took delivery of five new A321neos in the first half of 2026, four via sale‑leasebacks and one through a JOLCO structure, bringing total accepted aircraft to 43.
Aegean disclosed a EUR 32 million convertible‑debt investment and a EUR 5 million equity stake in Spanish low‑cost carrier Volotea. Fuel hedging covered 65% of 2026 requirements at start‑of‑year price levels, while 15% of 2027 needs are hedged at a roughly 20% premium to 2026 levels.
The stock fell 3.41% in pre‑market trading to $7.76 after the release, later trading at $7.95, up 1.22% from the prior close of $7.86. The shares have risen about 40% over the past six months and trade within a 52‑week range of $5.77 to $8.37.
Guidance for the full year was revised downward. The airline now expects ASK growth of between –1% and +1% for Q4, with no ASK growth anticipated in 2027, compared with an original outlook of 7%‑9% annual growth. Revenue per available seat kilometre (RASK) remained slightly above last year’s level and is expected to hold steady or improve modestly in Q3 2026.
Strategic priorities include early deliveries of A321LR aircraft in early 2027, expansion of airport lounges, enhancement of frequent‑flyer mileage programmes, and weekly route‑by‑route capacity reviews. Older generation aircraft are slated to retire without extensions, with seven expiring within the next 12 months and an additional five to seven in the following two years.
Key valuation metrics showed a price‑to‑earnings ratio of 12.4, a dividend yield of 5.3%—the seventh consecutive year of dividend increases—and a market capitalisation of $13.6 billion. InvestingPro assigned the carrier a financial‑health score of 2.71 out of 5, classifying it as “Good.”
