Despite the volatile geopolitical environment, the airline said it has not yet recorded any significant change in booking trends across its broader domestic and international network.
Aegean Airlines reported revenues of €1.86 billion and net profits of €147.8 million for 2025. Management stressed that the potential impact of developments in the Middle East will depend largely on how long the crisis lasts and how widely it spreads.
For now, demand across the airline’s wider network remains largely stable. According to the company, the effects are mainly limited to specific markets in the Middle East and, to a lesser extent, to their contribution to the airline’s wider network through connecting passenger traffic.
However, fuel prices remain a key uncertainty. While the airline has hedged about 58% of its estimated fuel needs for 2026, the price of aviation fuel surged by roughly 70% immediately after the crisis erupted. The increase could affect the portion of fuel purchases that are not hedged. If prices remain elevated, the company expects its operating costs to rise during 2026.
The expansion of Aegean Airlines’ flight activity in 2025 pushed up spending on several materials and services linked to flight operations, though fuel costs slightly declined.
Fuel expenses reached €369 million in 2025, compared with €372 million in 2024. The decrease was largely due to lower international oil prices, particularly the benchmark Brent crude, which heavily influences aviation fuel markets. The average Brent price stood at around $71.3 per barrel in 2025, down from roughly $83.5 per barrel in 2024, helping contain the airline’s overall fuel bill.
At the same time, 2025 marked the first year of mandatory use of Sustainable Aviation Fuel (SAF) under European regulations, with a 2% blending requirement. Compliance with this rule increased the airline’s costs, with SAF-related spending reaching €22.7 million.
Meanwhile, the cost of carbon emission allowances rose significantly. Aegean Airlines spent €78.35 million on emissions rights in 2025, up from €57.74 million in 2024, reflecting both the increase in flight activity and the higher cost of meeting environmental compliance requirements.
