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Aegean Airlines Delivers Impressive 2025 Interim Results Amid Operational Headwinds

Aegean Airlines, a leader in the European aviation market, announced robust financial and operational results for the first nine months of 2025. The airline reported consolidated revenue of €1.43 billion, marking a 4% increase year-on-year. This performance was buoyed by carrying 13.2 million passengers—a 5% increase—as it operated 16 million available seats, including 7.7 million international and 5.5 million domestic seats.

Improved Profitability And Operational Efficiency

The carrier’s earnings before interest, taxes, depreciation, and amortization (EBITDA) improved by 8% to reach €356.6 million, while its profit before tax surged by 14% to €194.7 million. Net profit after tax grew 12% to €148 million, underscoring the airline’s effective cost management and operational discipline even in the face of rising regulatory expenses.

Adapting To Regulatory And Market Challenges

Despite an additional €32 million burden from higher regulatory costs—resulting from reduced free CO2 emission allowances and increased use of sustainable aviation fuel (SAF)—Aegean Airlines managed to partially offset these challenges with lower fuel prices. In the third quarter, the airline expanded its capacity by offering 6.6 million seats (a 5% increase) and carried 5.6 million passengers, reflecting a modest load factor improvement to 84.3% thanks to the incremental introduction of larger A321neo aircraft.

Quarterly Results And Market Reactions

In the third quarter alone, consolidated revenue reached €647.1 million with EBITDA climbing 10% to €200.4 million. Although earnings before interest and taxes (EBIT) rose by 8% to €147.7 million, pre-tax and after-tax profits experienced a 7% decline attributed to the partial recovery of the US dollar, which impacted aircraft lease liabilities. As of September 30, 2025, Aegean’s liquidity position was solid, with liquid assets and financial investments amounting to €1.04 billion.

CEO Outlook And Strategic Initiatives

CEO Dimitrios Gerogiannis characterized 2025 as a year of continued growth, emphasizing that robust demand for air travel—driven by both domestic and international markets—remains a key strength. He highlighted that strategic investments in product and service enhancements are reinforcing passenger confidence and supporting improved operational and net profitability metrics across the industry.

Addressing Operational Challenges

Gerogiannis acknowledged the operational complexities faced during the summer months, including air traffic restrictions across Europe and preventative checks on the GTF engines of the airline’s new aircraft. According to the latest updates from Pratt & Whitney, the inspection cycle for these engines is expected to extend for an additional 30 months, with 12 aircraft currently out of service—a figure that should diminish gradually from autumn 2026. Despite these challenges, the commitment of Aegean’s workforce has been praised for its role in reinforcing overall performance.

Outlook For The Fourth Quarter And Fleet Expansion

Looking ahead, Aegean Airlines plans to increase available seats by 9% in the fourth quarter, boosting capacity across both domestic and international routes, and forging new connections to the Middle East. Throughout 2025, the airline also expanded its fleet with six new aircraft, including five Airbus A320/321neo models and one ATR 72-600, with two aircraft financed entirely from free cash flow.

These developments reflect Aegean Airlines’ strategic commitment to growth and operational excellence amid a dynamic global aviation landscape.

Limassol Port Electrification Awaits Grid Connection And EU Funding

Plans to equip Limassol port with shore-side electricity are advancing at the technical level, but unresolved administrative procedures, a pending grid connection and the need to secure European funding continue to delay implementation.

The proposed shore-power system, also known as cold ironing, would allow vessels to connect to electricity while berthed, reducing reliance on onboard engines and cutting emissions and noise in the surrounding area.

Technical Studies Near Completion

Transport Minister Evi Tsolaki said work is progressing through the EU-backed DecarbonLim programme, which is preparing the technical assessment and feasibility study required before construction can begin. The ministry is seeking regular updates from the Cyprus Ports Authority on the studies’ completion timetable.

The initiative also involves Frederick University, Eurogate Container Terminal Limassol, DP World Limassol, the Electricity Authority of Cyprus, the Cyprus Transmission System Operator and Limassol Municipality.

Grid Connection Remains A Key Hurdle

Despite progress on the studies, construction cannot proceed until the project secures a connection to the national transmission network.

Tsolaki said the ministry has requested land from the Department of Lands and Surveys for an electricity substation. Once the site is allocated, the relevant applications can be submitted to the Cyprus Transmission System Operator to advance the grid-connection process.

Until these steps are completed, the project will remain in the preparatory phase, even if the technical studies are finalised.

European Funding Adds Urgency

The feasibility work under DecarbonLim will support an application for construction financing, Tsolaki said. A competitive European funding call is currently open, and the ministry intends to submit an application within the required timeframe.

The funding window has raised concerns in parliament. MP Fotini Tsiridou warned that further delays could undermine Cyprus’ chances of securing EU support, noting that similar port electrification projects elsewhere in the bloc have already received funding.

Speaking to Entrepreneurial Limassol, published by the Limassol Chamber of Commerce and Industry, Tsiridou said she had observed some progress but had yet to receive a formal response to her parliamentary question.

Environmental And Commercial Benefits

Tsiridou argued that shore-side electricity would deliver benefits beyond emissions reductions, including less noise and air pollution for residents near the port.

“Our port should not be disconnected from the rest of the city,” she said, describing shore-power infrastructure as both a necessity and a European obligation.

Across Europe, port electrification is increasingly linked to environmental performance and competitiveness. By allowing compatible vessels to switch off auxiliary engines while docked, shore-power systems can reduce local emissions and noise while supporting wider decarbonisation goals.

Construction Timetable Still Unclear

The Cyprus Ports Authority signed a contract with DBA S.p.A. in July 2025 for a comprehensive study of the system’s technical, economic and environmental requirements. The work was intended to establish the basis for installation and identify any necessary port infrastructure upgrades.

More than a year later, key steps concerning land allocation, grid connection and financing remain unresolved. No timetable has been announced for completing these procedures or submitting the final funding application.

Limassol’s shore-power project therefore remains between planning and implementation. Its next milestones are securing the substation site, progressing the transmission-network application and obtaining construction financing. Until these are in place, the port’s transition to shore-side electricity cannot move into the construction phase.

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