Aegean Airlines S.A. Q2 2026 Earnings Recap

Aegean Airlines’ broadly flat market reaction of -1.8% reflects a mixed first half: revenue grew, but profitability deteriorated sharply and 2026 capacity growth has been reduced materially from the original plan. Investors appear focused on lower margins, Middle East disruption and fuel-cost pressure despite management’s expectation for slightly higher Q3 revenue per ASK.

Key Takeaways

• Q2 revenue increased 3% to approximately €495–496 million, while EBITDA fell 12% to €99 million, EBIT declined 29% to €44 million and pretax profit dropped nearly 70% to €23 million.
• First-half revenue rose 4% to €817 million, but EBITDA decreased 7% to €145 million; the company reported a €3.3 million after-tax loss versus €48 million profit last year.
• Capacity growth has been scaled back: the initial 2026 ASK growth target of 7–9% has been reduced, with Q3 ASKs expected to rise only 2.5% on average versus the previously indicated 6% summer growth.
• Q3 passenger numbers were up just under 5% through August, supported by the larger A321neo fleet, while management expects revenue per ASK to be marginally above last year.
• Liquidity remained approximately €950–956 million after repaying a €200 million bond and paying slightly over €80 million in dividends; grounded aircraft peaked at 14–15 and is expected to decline substantially by summer 2027, with none remaining by end-2027.