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AEGEAN Airlines Reports First Quarter 2026 Net Loss of €21.7 Million

AEGAEN Airlines has reported a first quarter 2026 net loss of (€21.7) million on a 5.0 percent year-over-year increase in revenue to €320.7 million. 


AEGEAN Reports First Quarter 2026 Financial Results - Courtesy AEGEAN Airlines
AEGEAN Reports First Quarter 2026 Financial Results - Courtesy AEGEAN Airlines

On Tuesday (May 19, 2026), AEGEAN Airlines reported their first quarter financial results for the period ending March 31, 2026.  The carrier reported a first quarter net loss of (€21.7) million on a 5.0 percent year-over-year increase in revenue to €320.7 million.  AEGEAN’s first quarter EBITDA totaled €46.6 million, up from €43.8 million during the same period last year.  The increase in after-tax losses during the seasonally weak quarter was largely driven by foreign exchange valuation losses amounting to €8.1 mil., compared to gains of €8.3 million in the first quarter of 2025.


In Tuesday’s announcement, AEGAEN’s CEO, Mr. Dimitris Gerogiannis, said,


“The conflict in the Middle East and the subsequent closure of the Strait of Hormuz have led to a spike in jet fuel prices, creating a challenging environment for the industry throughout 2026.  At AEGEAN, we continue to exercise flexibility in our operational planning in order to mitigate the impact on our operating performance, while at the same time supporting our long-term market position and addressing our passenger’s needs.


“The impact of increased fuel costs is expected to be more pronounced during the second quarter of the year.  Nevertheless, despite the uncertainty generated by the energy crisis and the loss of specific markets, demand for the summer season continues to demonstrate notable resilience.  Despite the challenges in 2026, we remain optimistic about AEGEAN’s prospects.  Our consistent investment in a modern new-generation fleet, our strong capital base, our proven ability to adapt, and above all the quality and continuous development of our people, enable us to respond effectively to challenges and to continue to support our growth strategy.”


During the first quarter of 2026, AEGEAN took delivery of two new Airbus A321neo aircraft, with a total of seven scheduled for delivery by the third quarter of 2026.  At March 31st, 2026, AEGEAN Group’s cash, cash equivalents and other financial investments totaled €891.6 million.


Founded in 1999, AEGEAN and their Olympic Air subsidiary operate a fleet of 85 aircraft including new Airbus A320neo Family jets, offering service to 162 destinations across 47 countries.  The carrier operates 10 bases in Greece and abroad and is a member of Star Alliance.  Currently, AEGEAN employs over 3,700 team members. 


 

Source: AEGEAN Airlines

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